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Kenneth L Lay
Chairman of the Board

  Enron Corp.
P.O. Box 1188
  Houston, TX 77251-1188
713-853-6773
Fax 713-853-5313
May 15, 2001 kenneth.layOenron.com

Rocky Emery
Paine Webber, Inc.
Private Client Group
109 N. Post Oak Lane, Suite 150
Houston, TX 77024

RE: Sale of 68,182 shares of Enron Corp. to Company for Repayment of
$4,000,000 LOC plus accrued interest through May 14, 2001

Dear Rocky:

  This letter is your authority to transfer the remaining 2,078 shares of Enron
Corp. stock from the stock option award, Grant #5494, with an exercise date of
8/24/00, 16,806 shares of Enron Corp. stock from the stock option award, Grant
#5108, with an exercise date of 3/23/00, 44,542 shares of Enron Corp. stock
from the stock option award, Grant #5292, with an exercise date of 4/19/00, and
4,756 shares of Enron Corp. stock from stock option award, Grant #5494 with an
exercise date of 4/19/00, in Paine Webber Acct. HM-E01 33-ES to the Enron
Corp. Omnibus Paine Webber Acct. HS-54630-EN by or before Thursday, May
17'.

  Please call Sherrie Gibson at 713/630-0103 should you have any
questions.


~7zr~G'~

CC: Elaine Overturf

Sincerely,

Pam Butler
Joanne Cortez
Sherrie Gibson

EC38648B0050225

=XH063-00328

Endless possibilities."'

GOVERNMENT
EXHIBIT
  4110
  Crim. No. H-04-25 (S-2)