Subject: "NEPCO Cash".

Body: Rod, We need to make sure Enron Treasury understands the $300 million plus of NEPCO cash will have to flow back in the next year. I have been involved in two situations where some smart people in the treasury functions did not really understand this impact. There is more cash to come from the projects, but for the most part that represents the profits and that cash will not really be ours until we have cleared the retainages and LOC's. If we can get a couple of new projects in NEPCO, we might be able to sustain the balance, but nothing is secure at this time. Keith

Subject: "Anthrax and other Biological Agent Threats".

Body: We understand that the recent cases of Anthrax contamination and the possibility that biological agents such as Anthrax may be used in a terrorist attack are raising great concerns among Enron employees. Many government and commercial facilities in the United States have already received Anthrax threat letters containing powdery substances. Most of these have, however, been determined to be false alarms. We have no reason to believe that Enron has been or will be the target of an Anthrax attack, but we want to provide all employees with background information on Anthrax and up-to-date guidance for handling any possible Anthrax exposures. If you have additional questions or concerns, please contact Corporate Security in Houston at (713) 345-2804 or via email at CorporateSecurity@enron.com. The most important thing to remember is: Do not panic. To infect someone, the Anthrax organism must be rubbed into abraded skin, swallowed, or inhaled as a fine, aerosolized mist. Infection can be prevented after exposure to Anthrax by early treatment with the appropriate antibiotics. Anthrax cannot be spread from one person to another. Following are guidelines for identifying and dealing with suspicious letters or packages: What constitutes a suspicious letter or parcel? (Remember, these are only guidelines. Use your best judgment when determining if a letter or package is suspicious.)

Subject: "Human Rights Watch".

Body: I haven't seen any of the press reports (even though I am in London and I hear that's where they were) but I thought this was a well drafted response. The only additional rumours I have heard indicate that the police may have been rough in their handling of demonstrators outside the fence at the plant construction site. I remember hearing that there were times that the construction workers feared for their lives because of the vehemence of the protesters. I guess that didn't make it into the Human Rights Watch (ever heard of them?) report. Mark

Subject: "Gas Indices".

Body:
= = = = = = = = = = = = = = = = = = IntercontinentalExchange = = = = = = = = = =20 = = = = = = = = = Firm Physical Natural Gas Price Bulletin = = = = = = = = = =20 = = = = = = = = = For Natural Gas Delivered on Friday, December 14, 2001 = = = = = = = = = = = = = = = = = = =20 = = = = = = = = = = = = = = = = = = (Trade Date of Thursday, December 13, 2= 001) = = = = = = = = = = = = = = = = = = = = = = = = = = = =20 Click here to access index history . = = = = = = = =20 = = = = = = = = = = = = = = = = = = * volume represents sell-side only * = = = = = = = = = = = = = = = = = = = = = = = = = = = = =20 Region Hub=09High=09Low=09Wtd Avg Index=09Change ($)=09Vol (mmBtu)=09Hu= b Name=09 LOUISIANA =09=09=09=09=09=09=09 ANR SE=09 $2.4500=09 $2.3400=09 $2.3605=09- = .0729=09 201,300=09American Natural Resources Pipleline Co. - SE= Transmission Pool=09 Columbia Onshore=09 $2.4300=09 $2.3450=09 $2= .3668=09- .0544=09 186,600=09Columbia Gulf Transmission Co. - On= shore Pool =09 Henry Hub=09 $2.5000=09 $2.3700=09 $2.4114= =09- .0849=09 911,000=09Henry Hub - Tailgate, Louisiana =09 NGPL LA=09 $2.4300=09 $2.3300=09 $2.3699=09-= .0687=09 248,300=09Natural Gas Pipeline Co. of America - Louisi= ana Pool =09 Tenn 500L=09 $2.4000=09 $2.2975=09 $2.3386= =09- .0627=09 176,600=09Tennessee Gas Pipeline Co. - Zone L, 500= Leg Pool =09 Tenn 800L=09 $2.4100=09 $2.3000=09 $2.3399= =09- .0534=09 141,600=09Tennessee Gas Pipeline Co. - Zone L, 800= Leg Pool =09 TETCO ELA=09 $2.4600=09 $2.3200=09 $2.3653= =09- .0517=09 180,200=09Texas Eastern - East LA =09 TETCO WLA=09 $2.3800=09 $2.3100=09 $2.3324= =09- .0708=09 91,200=09Texas Eastern - West LA =09 Transco 65=09 $2.5000=09 $2.3400=09 $2.3841= =09- .0887=09 136,800=09Transcontinental Gas Pipeline Corp. - St= ation 65 =09 Trunkline ELA=09 $2.3950=09 $2.3100=09 $2.34= 16=09- .0607=09 98,200=09Trunkline Gas Company - East Louisiana= Pool =09 TxGas SL=09 $2.4100=09 $2.3000=09 $2.3723=09= - .1005=09 220,800=09Texas Gas Transmission Corp. - Zone SL FT P= ool =09 MIDCONTINENT =09=09=09=09=09=09=09 MichCon, citygate=09 $2.6000=09 $2.4650=09 $= 2.5004=09- .0659=09 104,500=09Michigan Consolidated Citygate=09 NGPL Midcont=09 $2.3800=09 $2.3300=09 $2.350= 3=09- .0518=09 152,700=09Natural Gas Pipeline Co. of America - M= id-Continent Pool =09 NGPL Nicor, citygate=09 $2.5000=09 $2.3500=09 = $2.4390=09- .0638=09 805,800=09Natural Gas Pipeline Co. of Ame= rica - Nicor Citygate=09 NGPL NIPSCO, citygate=09 $2.5200=09 $2.4100=09 = $2.4518=09- .0535=09 162,700=09Natural Gas Pipeline Co. of Am= erica - Nipsco Citygate=09 NNG Demarcation=09 $2.4500=09 $2.4000=09 $2.= 4172=09- .0680=09 207,600=09Northern Natural Gas - Demarcation P= ool =09 NORTHEAST =09=09=09=09=09=09=09 Columbia TCO=09 $2.6600=09 $2.5000=09 $2.547= 0=09- .0660=09 483,500=09Columbia Gas Co. - TCO Pool (Appalachia= )=09 Dominion So.Point=09 $2.5900=09 $2.4600=09 $= 2.5012=09- .0867=09 243,700=09Dominion - South Point =09 TETCO M3=09 $2.7900=09 $2.6550=09 $2.6817=09= - .0955=09 158,600=09Texas Eastern - M3 Zone =09 Transco Z-6 (NY)=09 $2.7600=09 $2.6500=09 $2= .6793=09- .1181=09 147,300=09Transcontinental Gas Pipeline Corp.= - Zone 6 (NY)=09 WEST =09=09=09=09=09=09=09 El Paso non-Bondad=09 $2.4700=09 $2.3200=09 = $2.4214=09- .0757=09 205,800=09El Paso - San Juan Basin, Blanco = Pool (non-Bondad)=09 Huntingdon/Sumas=09 $2.6500=09 $2.5800=09 $2= .6124=09+ .0358=09 92,400=09Westcoast Energy & Northwest Pipeli= ne Corp.=09 Opal=09 $2.3500=09 $2.2100=09 $2.3025=09- = .0276=09 167,600=09Opal Plant Tailgate=09 PG?Citygate=09 $3.0300=09 $2.9100=09 $2.9785= =09+ .0701=09 173,000=09PG?- Citygate =09 SoCal Border=09 $2.8000=09 $2.6400=09 $2.712= 8=09- .0007=09 169,500=09Southern California Border Points (Ehre= nberg,Topock,Needles)=09 WEST TEXAS =09=09=09=09=09=09=09 El Paso - Keystone=09 $2.5200=09 $2.3700=09 = $2.4619=09- .0382=09 386,200=09El Paso - Keystone Pool=09 Waha=09 $2.5100=09 $2.3500=09 $2.4506=09- = .0505=09 299,200=09Waha Hub - West Texas =09 = = = = = = = = = = = = = = = = = = Includes all firm physical fixed price t= rades done from 7 AM to 11:30 AM Central Prevailing Time on the trade date = specified for natural gas delivered on the specified date(s). = = = = = = = = = = = = = = = = = =20 = = = = = = = = = IntercontinentalExchange is the world's most liquid = trading platform for over-the-counter energy and metals. Active markets in= clude North American power and natural gas, global crude and refined oil pr= oducts, and precious metals. Traded instruments include forwards, swaps, a= nd options. = = = = = =20 In order to receive the proprietary information contained in this email, yo= u acknowledge and agree that you shall not further disseminate the Intercon= tinentalExchange Market Data contained herein to any person or entity witho= ut the express written consent of IntercontinentalExchange. Furthermore,= you acknowledge that (1) IntercontinentalExchange has exclusive and valuab= le property rights in this data; (2) IntercontinentalExchange's data is bei= ng made available to you only for your own business or personal activities;= and (3) you cannot communicate the data, in any form, to any other person = or entity without the express written consent of IntercontinentalExchange. = =20 This data is provided to you free of charge. 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