IN: Hi Alan: In our ongoing analysis of the MOU, and in our attempt to put together a solution for California, we need to do a reality check on the implied curves the Governor's consultants are using to arrive at their rate proposals. To ensure an "apples to apples" comparison, we're hoping to get our curve data for 24X7 power, averaged on a quarterly basis, from 2001-2010. Hoping that you can get that for us. That possible? Let me know. Thanks a bunch. Best,

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OUT: More Curves

IN: A SUGGESTION FOR POSSIBLE SURVIVAL Dear Mr. Lay, A suggestion that may keep the "wolf from the door". The Enron corporate structure is already very compartmentalized, with many separate companies defining the overall business structure. My suggestion would be to take this concept even further. Reorganize (before bankruptcy) and allow Enron Corp. to be only a holding company with each of its current departmental companies becoming independent "profit center" companies. These new corporations could negotiate independently with creditors, and even authorize the exchanging of their equity for additional credit or refinancing. (Private placements of equity, with a stated goal of bringing these "profit center" companies public, should interest creditors and investment banks.) The creditors could get their assurances. Current stockholders keep their investments in the holding company (with some perceived dilution); And long-term, perhaps, Enron emerges as a mini conglomerate like Tyco. Best wishes, May the Lord be with you and yours, Kerry J Hodgkinson 9011 Hartzog Street Orange, Texas 77632

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OUT: A SUGGESTION FOR POSSIBLE SURVIVAL

IN: January 8, 2002 Dr Kenneth L. Lay Chairman and Chief Executive Officer, Enron USA Dear Ken, RECEPTION on Thursday, 31st January, 2002 Once again, it's Davos time - as you know, this year World Economic Form is holding its annual meeting in New York between 31 January - 4 February 02. As it is a strange and unfamiliar ground for some of us, I thought it appropriate to invite you, on behalf of my brothers, Mohamed and Abdullah, and myself, for a small closed cocktail reception Xenel is holding on Thursday, 31st January at Waldorf Towers between 7.00 pm and 9.45 pm to meet with you to exchange views early on the session. This event will also give us the opportunity to meet, and interact with WEF Council members and its management, Saudi Arabian participants as well as some of our close friends. I very much hope that you will be able to join us for the reception. I look forward to hearing from and seeing you again. Wishing you a very happy and prosperous 2002. Warm personal regards,

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OUT: XENEL RECEPTION

IN: Greetings: Have you seen this? Any view on whether there's a group of economists who think otherwise and might be willing to express their views in a response to this letter? P.S. Talked to Tyson re: trying to get economists back in the middle of this, but I wasn't altogether successful. Best,

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OUT:
Economists letter on FERC and California