Subject: "Risk System Alternatives Next Steps".

Body: I've talked to Lee Ferrell about this, and it sounds to me like there are serious business reasons (i.e., cost and functionality) not to use the ENA system. THe "sharing of resources" issue worries me, but might be solvable if the right people are in Networks instead of ENA. I'll call you tomorrow. DF

Subject: "It's that time again...!".

Body: I do believe if I got just one more vote for the Chairman's Award this year, I just might double my tally of last year (one vote). With such an increase in my voter approval rating I just make have a landslide victory this year! The White House may become an option...

Subject: "Q4 Plan".

Body: Guys, attached you will find the final plan to meet our origination targets for Q4 consistent with our discussions. It is important that we hit our numbers in order for Enron to meet its targets for the year. Regards

Subject: "Distributed Power: The Next Big Investment?".

Body:
Distributed Power: The Next Big Investment? With today's electricity demand expanding beyond the reach of available supply, and nationwide electric deregulation efforts providing inconsistent results, distributed power just may be the next big thing, according to Bear Stearns analyst Robert Winters. With technology-laden, electricity-hungry companies popping up every time you turn around, and blackouts and brownouts occurring more frequently as large power grids are becoming less reliable, the analyst points towards distributed energy services as a possible solution, and maybe the "next big investment opportunity for the coming decade." In Winters' 250 page report, "Distributed Energy Services-The World's Power and Transportation Industries: Set for a Revolution-Part 2," he examines technologies and companies within the distributed energy services sector that might be able to take advantage of the current situation. "Thanks to major technological advances and energy deregulation, a wave of new investment in the power industry has just begun. We believe that this coming era in the power industry could resemble the wave of investments which flooded into the telecommunications industry following the breakup of AT&T in the early 1980's," said Winters. "Companies and municipalities need to find ways to ensure the availability of high quality, reliable power," added Winters. According to his research, microturbines are the best positioned of the "new" technologies that would be able to have an immediate impact on electric generation. He based his recommendation on the fact that microturbines are small, quiet, efficient and very versatile. "They can be used as a main power source, a back-up power source or as an alternative when there is a spike in traditional energy prices," the analyst said. "Microturbines can also be used in remote locations, including developing countries, that do not have access to electricity." Another attractive feature of microturbines is their fuel requirements. The units often use natural gas, but can also use several other fuels as well. In the study, the analyst also examined fuel cells, flywheel technology, and existing reciprocating engines technologies such as diesel engines and Stirling engines, which he noted are enjoying a comeback. In addition to the report, Winters initiated coverage on two distributed energy companies. He labeled Active Power, a company that is pioneering flywheel technology, as a "buy" and Capstone Turbine Corp., a leading manufacturer of microturbines, as "attractive." The companies are in addition to two fuel cell companies he currently follows. Ballard Power is currently a buy, and Plug Power is rated neutral.