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  0

Transmission & Distribution
Enron Transportation Services
Portland General
Total Transmission & Distribution
Wholesale Energy Operations & Services
Americas
  Europe
Global Markets
Industrial Markets
Net Works
  Global Assets
  Retail Risk Management
Other Wholesale
Subtotal
  Global Finance
Global E&P
Prepays
Other
Total Wholesale Energy Ops. & Services
Enron Energy Services

Enron Broadband Services
'porate and Other
Azurix
  Enron Renewable Energy Corp
Clean Fuels
  Enron Investment Partners
Corporate & Other Expenses
Structured Transactions
Reclass from/to Wholesale
Total Corporate & Other
Overview

INCOME BEFORE INT., M.I. & INC. TAXES
Interest Expense, Net
  Dividends on Preferred Stock of Subsidiaries
Minority Interest
PRE-TAX INCOME
Income Tax Expense
NET INCOME - RECURRING
DILUTED EPS
  Recurring
Non-recurring
TOTAL DILUTED EPS

Avg shares outstanding - Diluted
Effective Tax Rate - Recurring Earnings

  .. NP1C.Lok.v.N, .DaUq-742tl903..USt10 e-wigs
3:32 PUA

ENRON
EARNINGS RELEASE - EXTERNAL FORMAT
  (Millions of Dollars. except as noted)

First Quarter

		2001	
		Stock Option	
Plan	Update	Adjustment	Forecast
$ 130.0	$ -	1.8	$ 131.8
100.0	(40.0)	-	60.0
230.0	(40.0)	1.8	191.8

265.5	566.7	5.1	837.3
80.5.	4.5	1.9	86.9
45.0	0.1	1.1	46.2
8.5	(0.2)	0.5	8.8
(4.4)	-
-	0.8	(3.6)
88.1	(43.2)	3.0	47.9
-	(231.0)	-	(231.0)
(0.8)	(30.5)	-	(31.3)
482.3	266.4	12.4	761.2
49.5	(37.5)	0.5	12-5
4.7	10.8	0.4	15.9
(35.1)	20.1	-	(15.0)
105.5	(114.7)	1.2	(8.0)
606.9	145.1	14.5	766.5
48.5	(8.9)	3.9	43.5
(35.0)	-	-	(35.0)
(17.1)	(14.4)	-	(31.5)
(10.0)	(7.0)	0.2	(16.8)
(16.3)	(1.0)	0.2	(17.1)
(0.1)	(1.3)	-	(1.4)
(61.6)	(17.5)	(20.6)'	(99.7)
4.0	0.4	-	4.4
(101.1)	(40.8)	(20.2)	(162.1)
22.4	(22.4)	-	-
771.7	33.0	-	804.7
203.2	5.2	-	208.4
18.4	-	-	18.4
23.8	13.4	-	37.2
526.3	14.4	-	540.7
126.3	3.5	-	129-8
$ 400.0	$ 00.9 $		$ 410.9
			
$ 0.45	$ 0.02 $	-	$ 0.47
$ 0.45	$ 0.02 $	-	$ 0.47
885.0			871.1
24.0%			24.0

  Actual
$ 127.9
  105.3
233.2

137.5
67.7
50.0
(14.2)
67.5

  308.5
104.4
  4.1
(22.9)
29.8
  423.9

11.3
(0.3)

(6.0)
11.9
(3.3)
(0.4)
(35.7)
6.8
(17.4)

  (44.1)

  612.7
161.1
  18.1
34.9
398.6
  72.2
$ 326.4

$ 0.38
$ 0.38

  851.9
1.8.1%

01 vs 00
Growth

-Is,/

81
285

31'
29'

36'
26'.

24'

EXH009-00303


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ENRON
2001 OPERATING & STRATEGIC PLAN
ENRON AMERICAS
SUPPLEMENTAL INFORMATION
  (Millions of Dollars)

Schedule C Reserves - 3/1/01

EES Related:
California Credit
Tariff Adjustment
Potential Adjustments
Volatility

Specific Transactions
Raptor Credit
California Investigation
Gain on Sale of Peakers
HPL

1st Qtr

$ 1,300.0

(455.0) (A)
(320.0)
(288.0)
(150.0)

(37.0)
(50.0)

Reserves Remaining $
ENA 01 overperformance
Total ENA overperformance needed to hit $1.75 EPS
Amount currently short

Current Status: Assumes ENA will hit original 02, 03.& Q4 plan (]BIT $692.4 million)

(A) Assumes 20% recovery on -$570 million of negative CTC and other receivables
(B) Assumes any amount funded with "new money"

(C) New Current Estimate for the year to be completed by end of April

C:\TEMP\C.Lotus.Notes.Data4-7428903.xIsl1Q eamings
2/10/04 3:32 PM

Year

$ 1,300.0

  (455.0)
(320.0)
(400.0)
  - (B)
(150.0)

  (37.0)
(50.0)
400.0
(100.0)

$ 188.0
566.7
(946.0) (C)
$ (191.3)

EXH009-00304


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ENRON
1st Quarter 2001 Reconciliation of ENA Coverage
  (Millions of Dollars, except as noted)

Retail Risk Management
Delay in LDC Sales
PGE Below Plan
Global Assets Below Plan
Global Finance Below Plan
EES Below Plan
EBS Costs
Azurix, EREC, Clean Fuels below plan
EPS increase of $.02
Financing Costs and Other
Total

$ 231.0
115.0
  40.0
43.2
37.5
  9.8
17.3
22.4
22.0.
28.5
$ 566.7

EXH009-00305