=============
Page 1 of 47
=============



Enron Corp
Earnings Release Details
2nd Quarter 2001

page

' Significant IBIT Variances	1-7
IR Assets and Investments Detail	8
Wholesale Buckets Summary	9
Wholesale Buckets Detail	10 - 19
Business Unit Variance Schedules	20 - 28
Calculation of EPS	29
Interest Expense	30
Dividends on Preferred of Subs	31
Earnings Release Support Pages	32 - 38
Statistical Supplement Pages	39 - 46

Distribution:
Rick Causey
Mark Koenig
Paula Rieker
Liz Ivers
David Leboe
Mark Palmer

cc: Bob Butts
Greg Adams


0

EC 002893216

EXH066-00427

9

GOVERNMENT
EXHIBIT
  4259
  Crim. No. H-04-25 (S-2)


=============
Page 2 of 47
=============


0



Enron Wholesale						
Significant Variances						
(In Millions)							
	22
Qtr	2nd Qtr		1st Qtr	1st Qtr		
	0
2001	2000	Drff	2001	2000	Diff	Comments
Commodity						
Gas trading, excl originations (net of expenses) -						
see summary at (a)	9	233	(224)	409	32	377
Originations						
HPL	13		13	9		9
Other gas originations (less than $1Om)	14	7	7	(4)	9	(13)
Gas Trading	36	240	(204)	414	41	373
Power trading, excl originations (net of expenses) -						
see summary at (b)	295	140	155	109	127	(18)
Originations						
Alberta Power PPA		-	-	25	-	25
Genco	-	11	(11)	-	21	(21)
Pastoria	40	-	40	-	-	
Peakers sale	412	-	412	225	-	225
Psco	12	-	12	-	-	-
Other power originations (less than $1 Om)	31		31	18	2	16
Power Trading	790	151	639	377	160	227
Equity trading (index)	9	11	(2)	1	33	(32)
Metals trading	(9)		(9)	(27)	-	(27)
Interest & FX books (hedge of books)	53	45	8	64	52	12
Global liquids	(104)	15	(119)	44	30	14
EOTT MTM	125	-	125	-	-	-
Crude oil prepayments	(44)	(19)	(25)	(19)	(28)	9
Coal	21	3	18	20	3	17
Paper	13	6	7	16	3	13
S02	4	(7)	11	(6)	4	(10)
Steel	21		21	-	-	-
Weather	9	4	5	9	6	3
Credit adjustment			-	22	5	17
Spread options	(45)	65	(110)	19	24	(5)
Other (including expenses)	(117)	(94)	(23)	(149)	(67)	(82)
Other Trading	(64)	29	(93)	(6)	66	(71)
Total Commodity	762	420	342	785	256	529

Assets and Investments			
Fair value/other portfolio related income -			
see summary at (c)	(58)	(55)	(3)
Earnings on JEDI, JEDI ii, Condor, others (fair value)	82	43	39
Accrual earnings on merchant investments	7	17	(10)
Finance originations	36	43	(7)
Asset selldowns and 125s	40	14	26
Expenses	(14)	(29)	15
Merchant Activity	93	33	60
Asset operations - see summary at (d)	40	27	13
Development and construction	1	(5)	6
Operations and Development	41	22	19
Total Assets and Investments	134	55	79

(3)	20	(23)
7	166	(159)
8	6	2
2		2
(1)	6	(7)
(27)	(43)	16
(14)	155	(169)
78	82	(4)
(5)	(17)	12
73	66	8
59	220	(161)

Total Unallocated Expense (94) (60) (34) (89) (47) (42)

Total Wholesale 802 415 387 755 429 326

sigvar 2Q01, summary

EC 0028932.17

7/11/2001. 9:06 PM

EXH066-00428


=============
Page 3 of 47
=============



Enron Wholesale
Significant Variances
(In Millions)

WHOLESALE DETAILS per above

(a) Gas trading, excluding originations:
Canada (gross margin)
  US (gross margin)
Europe (gross margin)
Gas transport (Europe)
  South America (gross margin)
Retail (gross margin)
  Other (including HPL and expenses)

(b) Power trading, excluding originations:
NA - East (gross margin)
  NA - West (gross margin)
NA - TVA settlement
  South America (gross margin)
Europe (gross margin)
  Retail (gross margin)
Other (including expenses)

(c) Fair value/other portfolio related income (loss):
JEDI NPI
  Heartland Steel
  Raptor notes receivable/hedge
  EOGR exchangeable notes/shares (MTM)
Resco warrants
  Quanta
First World
Kafus
Rhythms (net of hedge amort)
Others (less than $15m)


is



  2nd Qtr 2nd Qtr 1 s0 Qtr 1 st Qtr i
  2001 2000 Oitt 2001 2000 DiH Comments

(5)	18	(23)
167	269	(102)
(30)	(21)	(9)
2	2	-
1	24	(23)
12	-	12
(138)	(59)	(79)
9	233	(224)

363	7	356
334	145	189
5	-	5
173	57	116
(508)	(22)	(486)
(72)	(47)	(25)
295	140	155

7 15	(8)
- (4)	4
36 -	36
- 57	(57)
52	(52)

  (30) 30
(29) 29
  - (125) 125
(101) 9 (110)
(58) (55) (3)

(10)	18	(28)
526	56	470
25	(13)	38
(1)	2	(3)
	2	(2)
(23)	-	(23)
(108)	(33)	(75)
409	32	377

31	(39)	70
445	91	354
(253)		(253)
160	102	58
(208)	10	(218)
(66)	(37)	(29)
109	127	(18)

(33) 25 (58)
(43) (43)
43 43

	26	(26)
	29	(29)
	(23)	23
	17	(17)
30	(54)	84
(3)	20	(23)

EC 002893218

sigvar 2001, summary

2

7/11/2001, 9:06 PM

EXH066-00429


=============
Page 4 of 47
=============



Enron Wholesale
Significant Variances
(In Millions)

WHOLESALE DETAILS per above

(d) Asset operations:
Equity earnings from:
Centragas
  CIESA/TGS
DPC Phase I
Eco Electrica
Korea (SK)
  Other international

Bahia Las Minas
Batangas
Elektro IBIT
Sichuan Jialing
Vengas
CALME operations
APACHI operations
Europe management fees
JEDI management fee
EGEP operations
Expenses
Other


0



  22001tr 220 0tr Ditf 12001st tr 1=1 1 IDill Comments

1	1
11	6 5
13	4 9
1	(1. 2
4	1
6	12 (6)
36	25 11
6	1 5
5	12 (7)
17	24 (7)
7	7 -
4	10 (6)
5	4 1
(1)	2 (3)
	2 (2)
5	5
37	37 -
(68)	(98) 30
(13)	(4) (9)
40	27 13

1	1	-
9	12	(3)
15	16	(1)
6	22	(16)
12	13	(1)
(3)	15	(18)
40	79	(39)
4	3	1
5	12	(7)
32	36	(4)
6	-	6
6	8	(2)
2	3	(1)
(2)	10	(12)
3	2	1
5	5	-
38	34	4
(70)	(112)	42
9	2	7
78	82	(4)

EC 002893219

sigvar 2001, summary

7/11/2001, 9:06 PM

EXH066-00430


=============
Page 5 of 47
=============

						
Enron Corp -						
Significant Variances						
(in Millions)							
	2nd2001tr	
1 220 0tr	
Diff	
12001t,	
120 0tr	
DIH	
Comments
Transportation Services						
Gross margin	121	148	(27)	243	201	42
Operating expenses (incl deprec)	(72)	(93)	21	(124)	(81)	(43)
Equity earnings:						
Citrus	11	9	2	8	6	2
Northern Border	2	2	-	2	2	-
EOTT	1	(2)	3	2	(2)	4
Other	3	1	2	2	1	1
	17	10	7	14	7	7
Other Income:						
Other	11	12	(1)	-	1	(1)
	11	12	(1)		1	(1)
Transportation Services	77	77		133	128	5
						
Portland General Group						
Gross margin	206	179	27	185	195	(10)
Operating expenses (incl deprec)	(148)	(122)	(26)	(118)	(124)	6
Equity earnings	-	1	(1)	-	1	(1)
Other income:						
Customer Choice	-		-		31	(31) Reversal of accrual for program canceled
COLI	4	1	3	(10)	11	(21)
Other	3	3		3	(9)	12
Other income	7	4	3	(7)	33	(40)
Portland General Group	66	62	3	60	105	(45)

EC 002893220

EXH066-00431

sigvar 2001, summary

4 7/11/2001, 9:06 PM


=============
Page 6 of 47
=============



Enron Corp
Significant Variances
(in Millions)

Retail Energy Services
Gross revenues:
  Gas and power sales
Power MTM/Originations
  Facilities services/Outsource and other
International
  Total gross revenues
Cost of sales
  Gas and power sales
Power MTM/Originations
  Facilities services/Outsource and other
International
  Total cost of sales
Gross margin
  Gas and power sales
Power MTM/Orlginations
  Facilities services/Outsource and other
International
  Total gross margin
Operating expenses (Incl deprec)
Minority interests (Omicron, EES)
Gain on sale of Resco warrants
Equity income (loss)
Other Income


0 -



  2nd 2nd Qtr Qtr 1sQtr 1t Qtr l ff
  2001 1 2 2000 Drff 2001 2 2000 Diff Comments

70	114	(44)
156	101	55
215	141	74
116	65	51
557	421	136

  (69) (113) 44
(187) (131) (56)
  (71) (51 (20)
(327) 295 (32)

1	1	
156	101	55
28	10	18
45	14	31
230	126	104
(179)	(91)	(88)
-	1	(1)
20	25	(5)
(13)	(19)	6
2	4	(2)

Retail Energy Services 60 46 14

249	62	187
139	35	104
189	138	51
116	79	37
693	314	379

  (250) (61) (189)
(167) (116) (51)
  (78) _ (57) (21)
(495) (234) (261)

(1)	1	(2)
139	35	104
21	22	(1)
39	22	17
198	80	118
(173)	(95)	(78)

0701 deals include IBM $32, Park Place $15, Home Depot $9

  30 20 10
(15) 2 (17)
  (1) 1
40 6 34

EC 002893221

11

sigvar 2001, summary

5

7/11/2001.9:08 PM

EXH066-00432


=============
Page 7 of 47
=============


0 0 - 0

Enron Corp
Significant Variances
(In Millions)

	2nd Qtr	2nd Qtr		1st Qtr	1st Qtr		
	2001	2000	Duff	2001	2000	Dill	Comments
Broadband Services							
Gross revenues:						
Dark fiber and software sales	2	152	(150)	1	48	(47)
Content services and other	5	(2)	7	64	-	64
Contract originations				4		4
Merchant investments			-	(6)	11	(17)
Trading	9	-	9	20		20
Total gross revenues	16	150	(134)	83	59	24
Cost of sales						
Dark fiber and software sales	(5)	(70)	65	-	(8)	8
Content services and other	(4)	(4)	-	(2)		(2)
Contract originations						
Merchant investments						-
Trading	(13)	-	(13)	(27)	-	(27)
Total cost of sales	(22)	(74)	52	(29)	(8)	(21)
Gross margin						
Dark fiber and software sales	(3)	82	(85)	1	40	(39)
Content services and other	1	(6)	7	62	-	62
Contract originations				4		4
Merchant investments	-	-	-	(6)	11	(17)
Trading	(4)	-	(4)	(7)	-	(7)
Total gross margin	(6)	76	(82)	54	51	3
Operating expenses (incl deprec)	(94)	(85)	(9)	(92)	(51)	(41)
Other income	(2)	1	(3)	3	-	3
	Broadband Services (102)	(8)	(94)	(36)	-	(36)

EC 002893222

sigvar 2Q01. summary

6

7/11/2001, 9:06 PM

EXH066-00433


=============
Page 8 of 47
=============



	2nd Qtr	
2nd Qtr	
i	
1st Qtr	
1st Qtr		
	2001	1
2000	Diff	2001	2000	Di(f	Comments
Corporate and Other						
Corporate (including Co 099)						
Corporate expenses and other	(94)	(35)	(59)	(96)	(55)	(41)
Azurix losses	(31)	(11)	(20)	(32)	(6)	(26)
ECM	(1)	42	(43)	5	7	(2)
EEDC	(2)	(1)	(1)	(1)	-	(1)
	(128)	(5)	(123)	(124)	(54)	(70)
EREC	8	13	(5)	(17)	13	(30)
Clean Fuels operations	11	9	2	(17)	(3)	(14)
Corporate and Other	(109)	17	(126)	(158)	(44)	(114)
						
Total recurring IBIT	793	609	184	795	624	171
Nonrecurring Items (pretax):						
Azurix Impairment	-	-	-			-
SAB 51 gain	-	-	-	-	-	-
Write-off EES costs				-	-	
Nonrecurring Items						
						
						
Total IBIT	793	609	184	795	624	171
Interest expense	215	196	19	201	161	40
Company-obligated preferred of subs	18	21	(3)	18	18	-
Minority interests	30	39	(9)	40	35	5
Pretax earnings	530	353	177	536	410	126
Income tax expense	126	64	62	130	72	58
Income before cumulative accounting changes	404	289	115	406	338	68
Cumulative effect of accounting changes, net of tax	-	-		19	-	19
						
Net income	404	289	116	426	338	87

Enron Corp
Significant Variances
(In Millions)

EC 002893223

sigvar 2001, summary

7 7/11/2001. 9:06 PM

EXH066-00434


=============
Page 9 of 47
=============



Enron Wholesale
Significant Variances
(In Millions)


0




  22001tr 220 0tr Diff 12001tr 120 0tr 1 1 Diff Comments

Assets and Investments						
Income from Merchant Investments						
Fair value/other portfolio related income -			-			
see summary at (c)	(58)	(55)	(3)	(3)	20	(23)
Earnings on JEDI, JEDI II, Condor, others (fair value)	82	43	39	7	166	(159)
Accrual earnings on merchant investments	7	17	(10)	8	6	2
Finance originations	36	43	(7)	2	-	2
Expenses	(14)	(29)	15	(27)	(43)	16
Total Income from Merchant Investments	63	19	34	(13)	149	(162)
Asset selldowns and 125s	40	14	_
26	(1)	6	(7)
Merchant Activity	93	33	60	(14)	155	(169)
Asset operations - see summary at (d)	40	27	13	78	82	(4)
Development and construction	1	(5)	6	(6)	(17)	12
Operations and Development	41	22	19	73	65	8
Total Assets and Investments	134	55	79	59	220	(161)
Total Unallocated Expense	(94)	(60)	(34)	(89)	(47)	(42)
Total Wholesale	802	415	387	756	429	326

EC 002893224

sigvar 21001.xIs, A&I

S

7/11/2001, 5:15 PM

EXH066-00435


=============
Page 10 of 47
=============


0 0 9

Enron Corp.
Wholesale Bucket

			2001 6 uarter			2000 b Quarter			F-	
-00 Comparison
ii	
I I 00.99 comparison I
										_
YTD	2Q		
Subcalettorv	Description	ear	4Q 3Q 2Q	IQ	Year	4Q	3Q	2Q	IQ	Incr Dccr	Incr (Decr)	99 Year	Incr (Deer)
	SUMMARY												
C..nm.ai,y	Gas Tndrng	449.3	- 35.8	413.5	852.8	388.3	183.4	240.0	41.1	1682	(204.2)	187.2	6656
C.-Jay	PowerTnding	1,167.3	- 790.0	377.3	687.6	149.2	237.3	150.8	150.3	866.2	639.2	350,2	337.4
C,-.by	OthcrTradrng	(696)	(63.9)	(57)	81.2	0.4	(13.2)	29.6	64.4	(163.6)	(93.5)-	72.6	8.6
	Commodity Sake & Scrviees	1,547.0	761.9	785.1	1,621.6	537.9	407.5	420.4	255.8	870.8	341.5	610.0	1.011.6
Machna Aarvity	Income from Merchant Invest	406	- - 53.5	(129)	462.3	122.9	171.0	18.6	149.8	(127.8)	34.9	356.7	105.6
Mach- A u,iy	Gains on SM. Gael 123,)	38.4	39.8	(1.4)	248.9	144.9	84.3	141	5.6	18.7	25.7	294.0	(45. 1)
	Merchant Activity	79.0	93.3	(143)	711.2	2678	255.3	32.7	155.4	(109.1)	60.6	650.7	60.5
40c.liwn, Dc.! C.o.u	Arta Opcaions •	118.5	- 40.5	78.0	228.1	549	64.6	26.6	82.0	9.9	13.9	244.4	(16.3)
opa.nooc.Oev AC..oe	Dcvelopmem& Constmetion	(4.0)	0.5	(4.5)	(50.5)	(133)	(153)	(4.8)	(17.1)	179	5.3	(45.9)	(46)
	Operations. Dev & Constr	114.5	41.0	73.5	177,6	41.6	49.3	21.8	64.9	27.8	192	198.5	(20.9)
	Total Assns & Investments	193.5	134.3	59.2	888.8	309.4	304.6	54.5	220.3	(81.3)	79.8	849.2	39.6
E .P...	UnollocatdE.pcnsc	(183.2)	- - (93.7)	(89.5)	(2586)	(69.2)	(821)	(60.0)	(47.3)	(75.9)	(33.7)	(160.8)	(97.8)
	Total Wholesale	1,557.3	802.5	754.8	2,251.8	778.1	630.0	414.9	428.8	713.6	1116% 387.6	90% 1,298.4	953.4 73%

EC 002893225

B,sseo 2Q IM-1.c1.. 2Q111

9

7011120D1. S 10 014

EXH066-00436


=============
Page 11 of 47
=============



Enron Corp.
Wbola.lr Buckets

Subcategorv Description

	GAS TRADING	
NA	(i.r rums	Canada - Gas Trading
NA	O.. I.Jip	Cmdit Reacrw: - Blue Range
NA	c T.wi.S	US -Gn. Trading
NA	Cu. ThJ:1g	South America - Gas Trading
NA	Oh. TwAng	Domestic Amts ("PLILRC)
NA	(i.. T wkng	Bridgdine equity earnings
NA	C.. Tc.d'vy	Gas Origination, JA b.1-1
NA	T.Jiq Eape.w:.	Ga trading capenxy
FUR	Cw. lading	Gas Trading
CUR	(:. Ta I.r	Got Transport Revenue!
EUR	Go. Tnday	Gas Origination
CUR	lading Eapa..c.	Gas trading c4wosvs
SA	O.. L.Jing	Gas Trading
SA	G.. m&iq	Cniaba MTM
SA	lading Up.-	Ga trading espenes
WIISF.tiS G.. Tndiq	Ga Trading - Retail

  s

  2001 b Quarter 2000 b Quarter I F- 01-00 comparison 00-99 compuison l
YTD 2Q
  Year 4Q 3Q 2Q IQ Year 4Q 3Q 2Q IQ Incr Dccr Incr (Deer) 99 Year Incr (Deer)

(14.7) (5.2) (9.5) 9.3 (27.5) 14 17.6 17.8 (50.1)

692.2	166.6	5256	1.056. I	449.2	282.7	268.5	55.7	368.0
(0.6)	0.7	(1.3)	-	-		-	-	(0.6)
(29.9)	-	(29.9)	(58.6)	(26.8)	(296)	(5.4)	3.2	(27.7)
4.7	-	4 7	7.0	4.1	(25)	3.4	2.0	(0.7)
30.9 -	- 26.7	4.2	39.9	15.1	8.6	7.4	8.8	14.7
(189.5)	(1268)	(62 7)	(223.6)	(805)	(58.5)	(50.7)	(33.9)	104.9
NA 493.1	62.0	431.1	830.1	333.6	202.1	240.8	53.6	198.7
(5.0)	(29.6)	24.6	14.2	60.1	(12.5)	(20.9)	(12.5)	28.4
1.4	2.1	(0.7)	9.2	2.3	2.2	2.3	2.4	(3.3)
(29.6)	(10.7)	(18.9)	(20.5)	(7.2)	(4.8)	(4.6)	(3.9)	(21.1)
EUR (33.2)	(38.2)	5.0	2.9	55.2	05.0	(232)	(14.0)	4.0
			8.7	(3:0)	1.9	8.2	1.6	(98)
			17.6	3.3	(14)	15.7		(15.7)
			(6.5)	(0.8)	(4.1)	(1.S)	(0.1)	1.6
EGA			19.8	(0.5)	(3.6)	22.4	1.5	(23.9)
(10.6)	12.0	(22.6)						(10.6)
SEES (10.6)	12.0	(22.6)	-	-	-		-	(10.6)
449.3 -	- 35.8	413.5	852.8	383.3	183.4	240.0	41.1	168.2

POWER TRADING
1
'	
P
-
ast	
394
1	
363.3	
30.8	
137.9	
34.5	
135.7	
6.7	
(39.0)	
426.4
iq
NA P.w.ri
n.	ower
c	.
778
8	333
5	445.3	396.3	104.4	55.8	144.8	91.3	542.7
NA RwnTrading	Power-west	.	.							14
0
NA P.w.nTndiq	Power-SA
t)
TVAS
l
O
h	14.0
3)
(253	4.9	9.1
(2533)	-
4.9	-
4.9	-	-		.
(253.3)
NA Power lndirp
NA Pow.rTndiq	ett
emen
t
cr(
Power Origination. lBWow]	.
762.9 -	- 494.9	268.0	49.8	8.6	8.0	10.5	22.7	729.7
NA Tnd.gI..pen...	Powcrtralingc.penscs	(90.6)	(41.1)	(49.5)	(101.9)	(45.5)	(13.4)	(26.0)	(17.0)	(47.6)
	NA	1,605.9	1,155.5	450.4	487.0	106.9	186.1	136.0	58.0	1,411.9
Ia/R P-crTnJing	Powcr Trading	333.5	173.1	160.4	333.9	79.4	95.2	57.1	102.2	174.2
CUR P..w.r lading	Power Origination IC below)	-
(56
6)	-
(30
8)	-
8)
(25	
(122.2)	
(41.1)	
(396)	
(22.6)	
(18.9)	
(15.1)
FUR TnJiu(Cpen.e.	P.-rim lingc.penses	.
276
9	.
142
3	.
1346	211.7	38.3	55.6	34.5	83.3	159.1
SA P...Tndi.g	EUR
Powcr Trading	.	.	-	(1.6)	(1.4)	(10)	1.2	(0.4)	(0.8)
Sn Touting h pe.we.	Powertrading expenses				(1.5)	(0.2)	(0.9)	(0.3)	. (01)	0.4
	EGA				(3.1)	(1.6)	(1.9)	0.9	(0.5)	(04)
APACIII P.wer I Jiq	Power Trading	-	-	-	-	(4.4)	1.3	2.3	0.8	(3.1)
2
2
MACIII TwAng lapco.ee	Power trading ..pens"				-	9.0
4
6	(6.8)
(5.5)	(0.9)
1.4	(1.3)
(0.5)	.
(0.9)
Jl
W
ISCIiS P
r	EGA
PowerTrading -RcUil	(7155)	(507.8)	(207.7)	(8.0)	.
1.0	30	(22.0)	100	(703.5)
q
.nni
,
I	WHSEES	715.5	(5078)	207 7	8.0	1.0		___j2__22 0	100	(703.5)
	p.,......ein.	1.167.3 -	- 790.0	377.3	687.6 _	_ 149.2	237.3	150.8	150.3	866.2

(22.8)	78.8	(69.5)
	(33.0)	330
(101.9)	130.7	925.4
0.7	-	
5.4	(4.2)	(54.4)
(3.4)		7.0
19.3	104.0	(64.I)
(76.1)	(175.6)	(48.0)
(178.8)	100.7	729 4
(8.7)	5.5	8.7
(0.2)	9.4	(0.2)
(6.1)	(7.4)	(13.1)
(15.0)	7.5	(4.6)
(8.2)	(1.1)	9.8
(15.7)	82.9	(65.3)
1.5	(2.8)	(3.7)
(22.4)	79.0	(59.2)
12.0		
12.0		
409% (204.2) -497%	187.2	665.6
		
356.6	101.4	36.5
189.7	47.8	348 5
4.9		-
	(10)	59
484.4	1251	(75.3)
(15.1)	(808)	(21.1)
1.0195	1921	294.5
116.0	127.7	206.2
	66.1	(66.1)
(82)	(9.0)	(1132)
107.8	184 8	269
(12)	(I.S)	(0.1)
03	(3.4)	19
(09)	(49)	1.8
(2.3)	3.2	(32)
0.9	(74)	7 4
(1.4)	(4.2)	4.2
(485.8)	(180)	100
(4858)	(18.0)	100
510% 639.2 421%	350.2	337.4

)5F%

9M1

EC 002893226

a

D.cbd 2Q 11011 .1.. 2Q111



7111U7001 5 M 1•M

EXH066-00437


=============
Page 12 of 47
=============


1•

Enron Corp.
Wholesale Buckem

	Subcateaorv	escri i
	OTHER TRADING	
NA	Other Tndire	Coal Trading
NA	Other mating	Credit Reserve Adjustment
NA	Odor mating	Amon of HPL FV
NA	Orer Trading	Equity Trading
NA	Oh.'rrad4	Interest & FX Books
NA	Odor Trading	Networks Pvuten gain
NA	Odor Trading	Other Trading
NA	Oil- Trading	Paper Trading
NA	Odor Trading	S02 Trading
NA	Over Trading	Weather Trading
	
Other Trading	& -posits
Interest on Customcri &-posits
NA	Trading Expense.	Other trading eapcnses
		NA
Iid'	Odor T.Jing	Swap Income - ENA
EGF	Trading Egan.e.	Eapenscs
		EGF
Elm	Odor Trading	Form Pnducts T ding
FIM	Odor TnJing	FP Origination - Sundance
VIM	Oil- Trading	Stool Trading
Elm	Odor Trading	SW- Originations - Huntco
Elm	Odor Trading	Stool Origination - Odor
Elm	Trading E.peru.r	Ecpenn:r
		Elm
EGM	Odor Trading	Coal Trading
EOM	Won Trading	Equity Trading
EOM	Odor Trading	Interest & FX Books
EOM	00. Trading	Other Trading
EOM	Odor Trading	502 Trading
IYIM	Oil. Trading	Weather Trading
EOM	Odes trading	Other trading espenre$
ION	Otter lsading	Global Liquids Trading
EOM	Odor Trading	EOTT MTM
EOM	Olhor Trading	Crude Oil Pmpaymcnts
FGM	Trading Erpen.e•	Global Liquids Trading E.pencs
		EGM
• Set NA sad EUR for dam prior to	4Q00

											
	
2001 b uarter
-------	------		
2000 6 Quarter			
0I-00 Comparison	
00-99 comparison
								YTD	2Q		
Year 4Q	3Q 2Q	IQ	Year	4Q	3Q	2Q	IQ	Incr Decr	lncr (Decr)	99 Year	Incr (Decr)
			12.5	-	5.6	3.5	3.4	(6.9)	(3.5)	37.3	(24.8)
			5.0	-	-		5.0	(5.0)	-	49.5	(44.5)
(7.1)	-	(7.1)	(28.4)	(7.1)	(7.1)	(7.1)	(7.1)	7.1	7.1	(28.4)	
			63.5		18.7	114	33.4	(44.8)	(11.4)	54.3	9.2
89
6	40.5	49.1	161.1	64.9	28.7	39.2	293	22.1	1.3	91.2	69.9
.			50.0	50.0		-		-	-		50.0
2
1	1.8	0.3	4.4	4.2	0.5	(0.3)		2.4	2.1	(25)	6.9
.		-	42.8	11.2	22.5	6.2	2.9	(9.1)	(6.2)	21.9	20.9
			(0.3)	-	2.9	(6.9)	3.7	3.2	6.9	(6.8)	6.5
			12.9	-	3.4	3.8	5.7	(9.5)	(38)	13.4	(0.5)
(36.2)	(10.2)	(26.0)	-	-	-	-	-	(36.2)	(10.2)		
(5
3)	(2.7)	(2.6)	(152.0)	(42.1)	(37.2)	(45.2)	(27.5)	67.4	42.5	(155.1)	3.1
.
43.1	29.4	13.7	171.5	81.1	38.0	4.6	47.8	(9.3)	24.8	74.8	96.7
		-	-	(6.6)			6.6	(6.6)		-	-
				(6.6)			6.6	(6.6)			
(7.5)	- - (7.2)	(0.3)		-	-	-	-	(7.5)	(7.2)		
35.7	20.0	15.7						35.7	20.0		-
3.3	- 2.2	1.1	-	-	-		-	3.3	2.2		.
18.6	18.5	0.1	-	-			-	18.6	18.5		
0.2	- 0.2	_						0.2	0.2		-
(20.7)	(18.3)	(2.4)						(20.7)	(183)		
29.6	15.4	14.2						29.6	15.4		
• 41.7	21.4	20.3	46.5	46.5		-		41.7	21.4		46.5
• 10.5	9.2	1.3	0.8	0.8		-		10.5	9.2	-	0.8
• 12.1	4.6	7.5	3.8	3.8				12.1	4.6	-	3.8
• 18.1	10.2	7.9	(0.6)	(0.6)				18.1	10.2		(0.6)
• (2.5)	3.7	(6.2)	6.5	6.5	-	-		(2.5)	3.7	-	6.5
• 17.6	8.9	8.7	6.2	6.2	-	-	-	17.6	8.9	-	62
• (65.0)	(358)	(29.2)	(162)	(162)		-		(65.0)	(35.8)		(162)
(31.5)	(92.5)	61.0	59.8	16.4	(1.8)	14.8	30.4	(76.7)	(107.3)	582	16
125.3	125.3	-				-	-	125.3	125.3	-	.
			(68.3)	(33.7)	(346)		-		-		(68.3)
(30.7)	(15.0)	(15.7)	(51.8)	(149)	(19.3)	(7.7)	(9.9)	(13.1)	(7.3)	(49.3)	(25)
95.6	40.0	55.6	(13.3)	14.8	(55.7)	7.1	20.5	68.0	32.9	8.9	(222)

EC 002893227

  rt,ekm 20 2wt .t . 2tJut
EXH066-00438

71,11101.5 NPM


=============
Page 13 of 47
=============



Enron Corp.
Wholesale Bucket.

Subcaleeorv Descriolion

FUR	Other TrJin	Credit Rcscrve Adjustment
FUR	Odor Tn.Fp	Crude Oil Payaymcnts
CUR	Od- T,Jiry	ETOL
ITIR	Other TrJkp	ETOL Expenses
EIJR	Other Treading	Inlcrest & FX Books
FUR	Other Tndirp	Margaux Corp Financing
FUR	Odv T..4.,	Mcsals Trading
FUR	Ghv ls.di.0	Other Trading
FUR	Other T,Jirp	Spread Options
FUR	Other T.41"	Sutton Bridge
FUR	Odor Tndi%	Teesside Utilities
CUR	Olh u Tr.d.p	Wo.,sh d
CUR	Odor I jugl	CATS settlement interest esp
FUR	Tenting liopm,ae	Oehcr trading expenses
		EUR
SA	Tndiep Erpen.a	Ecprnsca
		EGA
NIWK	Other Trading	Networks Panncm gain
NTWK	Trading F. p-,	Esponws
		NTWK
WI (SLO	T Other Trading	24.7 Crude Trading
WIISI-O	T Odor Tn,Jiry	Crtdc Oil Ptepaymonts
WI/SLOT Tndirp G p.n.e.	Other trading expenses
		WHSLOT
Eli-	0dan F,.& ,4	Transkr ETOL to Retail
		Eli.ns

  INCOME FROM MERCH
NA Fen V.lus i oaeo
NA F.n V.lue raw rrrw
NA L'q. om-FV vehicle.
NA Fqu..m-FVvchick.
NA E4. - IN ..h,,],.
NA Eq...m. FV.ehule
NA F.prwn-FV vehir:k.
NA Slncrao, rnarrnw
NA Errur.a rmgurrHrm
NA Fwncr: arig.n.li.oo
NA F rce.wigin.wwu
Finrcr ,wipino.n.
NA
NA Axrv.l im wn rm,ch ..rvc.r
NA M., P.wtfnhn Rrl.tcl
NA Ours PmiW%, Rel.IJ
NA Odur Pnni4i.. RckrcJ
NA O her Prnrnlo. R.I.1ed
NA Fhpwr. - Mrrch.nr mutt.
NA I:.p.ners - Mon.h.n um'..

TOTAL COMMODITY

!NF INVEST
  Fair value income ID W- owl
Rhythm. FV - reclass
Condor
  1E0I
JEDI 11
Enscrco
Olhcr equity carvings
  Structuring income
Canada
  Motown
Tcnaoka Ckbomc
West QF's
  Accrual income on mach invest
EGF Rcimb orJEDI ENE Puts
ENE puts
  ECT Investments
Other
  Expenses - SA
Expentes - NA
  NA


0- 0

	2001 6 Quarter			2000 6	Quarter			0I-00 Comparison		00-99 comparison	
								YTD	2Q				
Year 4Q	3Q 2Q	IQ	Year	4Q	3Q	2Q	IQ	Inc. Deer	Incr (Deer)		99 Year	Inc. (Decr)	
21.9	-	21.9		-		-	-	21.9	-		104.6	(104.6)	
(10.9)	(6.7)	(4.2)	(55.2)	(8. I)	-	(18.7)	(28.4)	36.2	12.0		(38.4)	(16.8)	
40.5	21 3	19.2	36.7	5.2	141,41	5.1	120	23.4	16.2			36.7	
(17.8)	(10.1)	(7.7)	(13.7)	(1.6)	(3.6)	(5.0)	(3.5)	(9.3)	(5.1)			(13.7)	
14.7	7.0	7.7	366	-	6.4	6.1	24.1	(15.5)	0.9		24.5	121	
		-	(122)	(12.2)		-	-		-			(12.2)	
(35.6)	(8.7)	(26.9)	30.3	3.5	26.8	-	-	(35.6)	(8.7)		-	30.3	
19.1	11.1	8.0	6.0	5.8	(01)	0.1	0.2	18.8	110		9.6	(3.6)	
(26.5)	(45.3)	18.8	(1.5)	(72.9)	(17.9)	65.4	23.9	(115.8)	(110.7)		50.1	(516)	
			0.8	-	-	0.7	0.1	(0.8)	(0.7)		(5.0)	5.8	
	_		(5.2)	(4.1)	(0.3)	(0.4)	(0.4)	0.8	0.4		(13.2)	8.0	
(25.0)	13.9	(38.9)	22.2	222	-	-	-	(250)	13.9		-	22.2	
(14.0)	(14.0)	-		_				(14.0)	(14.0)				
(72.1)	(37.1)	(35.0)	(111.9)	(51.1)	(4.8)	(28.2)	(27.8)	(16.1)	(8.9)		(143.3)	31.4	
(105.7)	(68.6)	(37.1)	(67.1)	(113.3)	20.9	25.1	0.2	(131.0)	(93.7)		(11.1)	(56.0)	
			(4.2)			(2.0)	(2.2)	4.2	2.0			(4.2)	
			(4.2)			(2.0)	(2.2)	4.2	2.0			(4.2)	
10.3	4.1	6.2	54.5	54.5				10.3	4.1		-	54.5	
(21.1)	(7.6)	(13.5)	(37.2)	(26.5)	(5.6)	(5.1)		(16.0)	(2.5)			(37.2)	
(10.8)	(3.5)	(7.3)	17.3	28.0	(5.6)	(5.1)		(5.7)	SDIV/0! 1.6	•DIV/01		17.3	IDrvro!
(28.5)	(11.3)	(17.2)	-				-	(28.5)	(11.3)			-	
(52.0)	(370)	(IS.O)	-					(52.0)	(37.0)		-		
(18.4)	(17.2)	(1.2)						(18.4)	(17.2)				
(98.9)	(65.5)	(33.4)						(98.9)	oDIV/W (65.5)	IDrv10!			SOrv/u.
(22.5)	(11.1)	(11.4)	(23.0)	(3.6)	(10.8)	(0.1)	(8.5)	(13.9)	(11.0)			(230)	
(22.5)	(11.1)	(11.4)	(23.0)	(3.6)	(10.8)	(0.1)	(8.5)	(13.9)	164% (110)	29%		(230)	ODrvm1
(69.6)	(63.9)	(5.7)	81.2	0.4	(13.2)	29.6	64.4	(163.6)	-254% (93.5)	-145%	72.6	8.6	12%
1,547.0	761.9	785.1	1,621.6	537.9	407.5	420.4	255.8	X870.8	340% 341.3	34%	610.0	1,011:6	166%
													
86.5	13.6	72.9	(97.5)	-	(39.2)	(70.1)	11.8	144.8	83.7		(1.2)	(96 3)	
											136.0	(136.0)	
(36.5)	(13.0)	(23.5)	30.5	305	-	-		(36.5)	(130)		-	30.5	
(45.7)	-	(45 7)	203.0	88.3	(209)	25 5	110.1	(181.3)	(25.5)		107	192.3	
(214)	3.1	(24 5)	638	(6.I)	12 8	17.3	39.8	(78.5)	(14.2)		91 5	(27 7)	
(0.5)	0.4	(09)	(6.0)	(3.2)	(3.2)	(0.3)	07	(0.9)	07		(0.5)	(5.5)	
		-	(0.4)	(0.4)	-		-	-			16	(20)	
3.5		3.5				-		3.5			4.6	(4.6)	
6.8	4.6	2.2	43	-	-	4.3	-	2.5	0.3		-	43	
1.4	1.4		12,6	-		12.6		(112)	(112)		1.8	108	
(3.8)	(3.8)	-	20.7		1.5	19.2		(23.0)	(230)			207	
34.0	34.0	-	6.7	-		6.7	-	27.3	273		-	6 7	
3.9		3.9	(14.9)	(15.2)	(136)	8.7	5.2	(100)	(8J)		77.6	(92 5)	
											70	(7 0)	
			(79.2)	-	-		(792)	792	-		(807)	I 5	
											91	(91)	
3.7	3.7		(12.5)	(70)	-	0.5	(60)	9 2	3.2		(2.9)	(96)	
(14)	-	(14)	-	-		_	-	(14)					
(233)	(9.9)	(13.4)	(109.2)	(22.6)	(21.8)	(23.6)	(41.2)	41 5	13 7		(936)	(15 6)	
7.2	34.1	(269)	21.9	643	(84.4)	0 8	412	(34.8)	-14% 33 3	81%	- 1610	(139 I)	xh%

EC 002893228

DcnLn. 20 ](..I v1.. 20111

',X 71111"1.5 MPM

EXH066-00439


=============
Page 14 of 47
=============

.					0	-							
.
Corp.
Enron													
Wholesale Buckets												
-	
			2001 b Quarter			2000 b Quarter			01.00 Comparison	00.99 comparison I
										YTD	2Q		
Subcateaorv	Description	Year	4Q 3Q 2Q	IQ	Year	4Q	3Q	2Q	IQ	Incr Decr	Incr (Decr)	99 Year	Incr (Decr)
													
IVAahw Pmf.r.,Remd	Chowbacu(JEDI mnmclu,)	-	-	-	(1.0)				((.0)	LO		-	(10)
FVK)d-Pm6fw R.6,d	Condor income allocation	12.3	-	123	(74.8)	-	(51.0)	(0.6)	(23.2)	36.1	06	-	(74.8)
FVKMrr Ponlnliu R,61.4	M IM be,". WW ah.re,.ln. p,ncnrw	(287.3)	(133.1)	(154.2)	3.5	3.5	-	-	-	(287.3)	(133.1)		35
FVKkhrl.m.d6,Rc6t.J	Whilcwingcost ofcarrycharge	73.3	367	36.6	(17.3)	(17.3)	-	-	-	73.3	367	-	(17.3)
FVOklrr rmfdk, Rc6.d	whin..int i,r,nr.lh..mn,	(10.7)	(10.7)		-	-	-	-	-	(10.7)	(10.7)		.
FVKIh hnli,lu, Rdad	Condor V Ioeiry	-	-	-	(28.7)	(28.7)		-	-	-	-		(28.7)
FVMM,e, Pnfd., KnI.cJ	EMW warrants MTM	1.8		I '-		-	-	-	-	1.8	-		-
FVA,he,Pnr.11.Rc6mJ	EOG-TRS	(81.5)	(73.6)		110.7	1107	-	-	-	(81.5)	(736)	-	1107
FVA,hn Pmkdi.R.I.tJ	EOG Exchangeable Notes -FV	185.9	55.4	"	(293.0)	(157.8)	(53.3)	(81.9)	-	267.8	1373	-	(293.0)
FVK1Jocl NO..,Rc6.J	EOGR-FV	(154.0)	-	(1540)	245.4	43.1	629	139.4	-	(293.4)	((39A)	43.0	202.4
FVXM-Fodl.d6,Rc6.J	EDGRHdge-FV	33.5	10.0	235	(37.2)	(25.2)	(96)	(2.4)	-	35.9	12.4	-	(372)
FFKhhon P,nlulio Re6t.J	FAS 133 0	4.0	0.2	3 8		-	-		-	4.0	0.2		
l'V O,h., Pmf din R.6,oJ	Flash to actual							(0.1)		0.1	0.1	9.0	(9 I )
FVKah.r Pnfdk, Rel.md	International Cash Management	8.9	6.1	2 8	_				-	8.9	6.1		
FV/Other Pmhlin Rc6kd	JEDI equity can/stock swaps				79.2				79.2	(79.2)		80.6	(1.4)
FVKM. P-144„Re6md	JEDI NPI	(256)	7.4	(33.0)	75.5	48.9	(132)	14.9	24.9	(65.4)	(7.5)	(10.8)	86.3
I'VA)d-Rnrol,Re6tcJ	JILPmortization		-		(2.1)	(0.6)	(0.S)	(0.5)	(0.5)	10	0.5	(6.0)	39
FVKkhr Punfl.,Rc6nJ	Marine,-FV		-	-			-					(90)	9.0
FVA).h.. Pm1i,6, Remcd	Marlin admin lei,,	6.9	39	30	13.8	3.9	3.1	3.8	3.0	0.1	0.1	6.9	6.9
FVK)dar Pnf.lio R...4	NSM Debt writodown	-	-		-		-	-	-	-	-	(7.2)	7.2
FVASJrr P.unG,Rd.,.J	Other cmings	0.9	09		30.2	30.2	(4.1)	3.7	04	(3.2)	(2.8)	(0.1)	30.3
FV/QM Anfdin Rch..J	ENE stock	(4.9)	(I9)	(30)	53.0	12.0	260	15.0	-	(19.9)	(16,9)		53.0
FVKkins PnnrWo, Re6mJ	Pmjcet Funding•imcn,st income		-	-	0.7		0.7	-		-		4.5	(3.8)
FVKM. PNfd.u Rc6.J	ProJcet Glwat wri,cof	-		-		2 3	-	-	(2.3)	2.3		-	-
FVKhh r P.nl:d:, Re6md	Pmjceo To..		-	-	45.3	45.3	-			-	-	-	453
FVKRhcrPnf,fnRc6,d	Repro,IHcdgc	16.8	(40)	20.8	(0.8)	-	(0,8)			16.8	(4.0)		(0.8)
FvAkhe, 1%.j .h., R.6oJ	Raptor interest income	61.5	39.5	220	59.8	49.6	(0.2	-	-	61.5	39.5	-	59.8
FVX),h. R.IneJ	Reclass-Promigaearnings	-	-	-		11.7	(3.6)	(8.1)		8.1	8.1		-
FVKkb.,P,nfnIk,Role4d	Reseoineomc(loss)	-	-	-	101.8	(201 5)	251.3	52.0	-	(52.0)	(52.0)		101.8
IVASM P.nlidw Rcl.lcd	Rhythms - FV		-			121.6	3.4	(125.0)	-	125.0	125.0		-
			-				-			-		34.0	(34.0)
FVKkh., Pmfulot Ro6ad
FVKrtnrPmr"I Relined	Rhythms FV • Wart
Rhythms Fledge -FV								17.1	(17.1)			
FVA)d.rPnfdh,R.l.loJ	Rhythms stock realized loss	-			(142.8)	(120.9)	(21.9)						(142.8)
				-		-				-		((0.6)	10.6
FVAkho,Pnnli,li,.Ro6rod
F'Akher Pnl.lin RulncJ	S&P Hedge-FV
TNPCMTM-NPI	-
(1.4)	(1.4)	-	196.7	196.7				().4)	(1.4)	-	196.7
FVKkrrrPnr.f.R.6wd	TNPCNPIemings	(8.1)	(43)	(3.8)	(8.7)	(6.7)	(2.0)			(8.1)	(4.3)		(8.7)
FVKalor Portfolio RcmnJ	Warburg Dillon Road-Stock Hedge	-			-	-						2.1	(2.1)
			-	-	-	-	-	-	-	-	-	33.8	(33'8)
FVKAIrr Pnf.li. R.W.d
EquFV.d,iche	Wcacs- FX gain
Condor equity earnings	1%.3	92.2	104,1	584	11,9	35.2	(4.6)	15.9	185.0	%.8		58.4
Eq...m • FV .ohi.l.	JEW 11 EES bond scnlmcnt	(I.0)	-	(1.0)	(1.2)			(0.6)	(0.6)	0.2	0.6		(I 2)
Fq.c.m• FV..hkle.	JEDI Pun -FV	-	-	-		-						(3.5)	3.5
I*--IV.chrh.	OtM:rcquity comings	0.3	0.3	-	5.0	3.6	0.2	1.2		(0.9)	(09)		50
A.a..lor on mewh in-ell	Cashco interest incom.	1.9	1.3	0.6	(1.2)	(0.6)	(0.3)	(0.1)	(0.2)	2.2	1.4	22	(3.4)
So,r,vi.0 oo,.K	JEDI Ros.nrduring	(0.3)	-	(0.3)	(0.2)	-	(0. 1)	(0.1)	-	(0.2)	0.1	(17.9)	17 7
So.cwring innonc	Rawhide	0.2	-	0.2		-		-		0.2			
Expm,e.•Mcmh.w innow	E.ponsos-EGF	(II.I) .	(2.9)	(82)	(62.4)	(52.1)	(2.2)	(5.2)	(2.9)	(3.0)	2.3	(392)	(23 2)
	EGF	18.6	22.0	(3.4)	407.5	66.5	230.4	0.8	109.8	. (920)	-14% 21.2	19% 111.8	295 7 264%

0

Rna... 2Q Not A.. 2011



EC 002893229

1/110011. 5 /6 PM

EXH066-00440


=============
Page 15 of 47
=============

																	
	Enron Corp.																
	Whelaale Buckets				
2001 6 Quarter			
2000 6	
Quarter -'			
01.00 Comparison		
00-99 tom xison	
												YTD	2Q				
	Subcateeorv	Description		Year	4Q 3Q 2Q	IQ	Year 4	Q	3Q	2Q	IQ	Incr (Decr)	Incr (Decr)		99 Year	Incr (Decr)	
Elm	FVa116e.IS..snfw Rel-d	AI-ac		6,9	(0.1)	TO						69	(0.1)				
Elm	liapwe. -M..h.m raven																
			EIM	6.9	(01)	70						69	g01V/ol (0.I)	IDIV/)l			IDrvro'
Front	hi, V.k. um-			(02)	(09)	0.7				-	-	(0.2)	(0.9)		-	-	
FIlM	L prn.c.. klach..u mvc.r								_		.						
			EGM	(0.2)	(0.9)	0 7	-	-		-	-	(0.2)	gDIV/0' (09)	IDIV/UI	-	-	DIVIII!
EDk	F..V.I.oi.....	Paladin IV		-		-	(1.5)	1 7	I8	(1.9)	(3. I)	5.0	19		2 5	(4.0)	
FUR	F.:V.h.inu.m	OPET&OSI		1 5	(60)	7.5	23.3	(5.8)	18.3	108	-	(9.3)	(16.8)		-	233	
								-	-	-		-	-		(14.3)	14 3	
EIIR	F.k V.I.elm.m.	. Techboard FV			-	-									-	7
0	
MR	Fape...e.-Mooh..,i....I	E.p.nscs-EUR		(4.9)	-	(4.9)	07	-	-	-	0.7	(5.6)	-			.	
			EUR	(34)	(60)	6
2	22 5	(4 1)	20 1	8 9	(2 4)	(9.9)	4135: (149)	621%	(11 8)	34 3	.741%
CALM	nv..v.I...n....hi..e..	Promigas Divid,ndr o		9.5	6.1	.
3 4	12 9	-	36	8.1	1.2	0.2	(20)		7 9	5 0	
			EGA	95	6 1	3 4	129		3 6	6.1	1,2	02	11% (2.0)	-167%	7.9	5.0	61•..
									-	-	-	-	-		(4.4)	4.4	
EI	F.. V lue l...m.	Fair value income IE below	)		-		-			-		-			4.8	(4.8)	
ICI	Fin.mc..ipn.dxu	Financ,originations		-			-										
I:I	IM.no.- M..lunl n..ea	Esp.ns,s-EI								-			
IDIV/o•	
uDIV O•	
0.4	
(0.4)	
-Uw%
			El					-			-	-			343.6	(343.6)	
Ea	1,4, v.I.. i......	Rhythms FV		-		-									9.8	(9.8)	
Fcl	I.i.V.h.u.nnn	Syamon:FV											IDIVM	gDIV/0!	353
4	4)
(353	-1110%
			ECI												.	.	
NIWK	1..V.6.im..n.	Other		3.1	(0.6)	37	(2.5)	(3.8)	1.3			3.1	(0.6)			(2.5)	
N'I'WK	l:.p.n..-M.nh.n.......	Espcnsut
N	
TWK	(1.1)
0
2	(1.1)
(1 7)	-
3 7	
(2 5)	
(3 8)	_
1.3			(1.1)
2.0	(1.1)
IDIV/ol (1.7)	
IDIV/O!		-
(2 5)	
iDIV/a
				.			-					-	-		(170.5)	1705	
Ilin..	F.u V.lue.nam.	Rhythms IV -selass			-	-
-				-	-				(10.5)	10.5	
rim	Odor P...I'.fu. R.b..J	Rhythms I.dg. amen - red	.,		-		-	-			-	-	-		(14.0)	140	
lain..	00- r...r.lk. R.L/J	D.... Rep write-off		-	-	-			-						(11.8)	118	
Ellen.	O.nr. P nlnlio R.L..J	Reds.. EGF Flash to actual		-											9.2	(9.2)	
I/in..	Od.sr P.nf li. k.1.I.d	Condor equity earnings											-		(2.4)	2.4	
Eli-	pl.. P.atlblin Reland	Pe¢grine reelas.			-										(660)	66.0	
11-	O t- P.nmlw R.L.J	Reclass ECI comp ,.pens.											gDIV/)•	IDIV/01	(266.0)	2660	-ua%
			Elms	40
6	53
5	9)
(12	462.3 122.9	171.0	18.6	149.8	(127.8)	-15% 34.9	33%	356.7	105.6	30%
		Income - Merchant Invest		.
--	.	.											

EC. 002893230

R..kw 20 smn..L. lpn

14

1/I 1/2m1. 7.16 PM

EXH066-00441


=============
Page 16 of 47
=============

	. 0						0										
	Enron Corp.																
	Wholessle Buckets																
					2001 6 Quarter			2000 b	Quarter				01-00 Comparison		OU-99 comparison	
												YTD	2Q				
	Subcaleuorv	Description		Year	4Q 3Q 2Q	IQ	Year	4Q	3Q 2	Q	IQ	Incr Decr	Incr (Dccr)		99 Year	Incr (Decr)	
	GAINS ON SALES																
													_		10.0	(100)	
NA	S.ll&rwm/S.k+	Bammcl Loopcr (125)		-			-	-	-	-	-	"					
NA	setkb,wn./S.k.	Cope) Share monctisuion		1.5	-	1,5						1.5			-	-	
									
-	
-		
-			166	(166)	
NA	41Wwne/S.k.	Porvder River (RS)					-								27,0	(270)	
NA	Sell.krwrWS.k.	Pitttbuq Power Plant															
						
-	
-	
-	
-	
-					27.4	(27.0)	
NA	Selkk.wn.I5.kr	Project Rook (125)								
-		
-	-		17.4	(16.4)	
NA
NA	SetWnwws.kr
Sd16wWS.kr	Wiod Rivcr(123)
Projerl 20/20		-
-	-
-	-	-
79.0	-
-	79.0	-	-	-			-	79.0	
															1.2	(1.2)	
NA	gcII h .m/S.k,	Hanovcr Compnator Sale	NA	-
1.5		-
1.5	-
79.0		790			1.5	.DIV/W	9DIVm1	99.1	(20.1)	-20%
											-	-	-		7.8	(7.8)	
EOF	Selhkooo/S.kc	Poland			-	-		-									
CUE	Srll k nV%.k.	Project Cochise (plang3															
			EGF												78	(7.8)	
								-			-	-			4.8	(4.8)	
EUR
FUR	Srllrkwn./S.kr
xnmwn.rs.k.	Biacrfeld
ETOL(125)		39.8	39.8	-	-
108.1	108.1	-	-	-	39.8	39.8			108.1	
CUR	S.11J.-S.k.	Marti- 11 (125)		(2.9)		(2.9)	36.8	36.8			-	(2.9)	-		-	.36	
							-	-	-		-		-		7.5	(7.5)	
FUR	Soudown./S.k.	Poland			-				-		-	-	-		20	(2.0)	
EUR
FUR	S.Ihbrvnas.k.
Srllrkwm/S.kr	Rivrnide 3 (125)
Sutton Bnd5e 3 (123)			-	-	-
8.7			8.7		(8.7)	(8.7)		-	8 7	
							-		-		-	-			39.0	(39.0)	
FUR	seudrwrWS.k.	Sullon Bnd1c 4 (125)			-	-											
FUR	4llrkw../s.k+	Evpcnscs		-			-								-		
			EUR	36.9	398	(2.9)	1536	144.9		8 7		28.2	.o1Vm! 31.1	4DIV/01	53.3	100.3	n9%.
							-	-	-						(1.6)	1.6	
SA	ScnArtWS+k.	Cuiaba				-											
SA	SeIkk,wra)S.k.	Evpnt t															
			EGA										eDIV/0!	YDIV/(II	(1.6)	1.6	.100 %
Indi.	Selldrwn./S.let																
			EGA										1DIVm!	IDIV/0!			IDIV/0I
CAI-MI,	4IIAvoo./S.k+	Eco Ekclrica				-	0.3		-		0.3	(03)	-			0.3	
						-	7
10		3
5	54		4)
(5	(5.4)			10.7	
C'M.MI'.	5.11&wrr./S.lu.	Hain3		-			.		.			.					
CALM)'.	!klkkr,.n./S.k.	Erpcnsrs															
			EGA				11.0		53	5.4	0.3	(5.7)	-1900% (5.4)	-1000%		11.0	ID)V/or
ArACIII	SaOdnwn.R.le+	Guars (123)													14.0	(140)	
ArACH1	Srndn.ru/S.k.	Espc...s														"	
			EGA										IDIV/01	.DIV/0!	(4 0	(14.0)	too %
1.11 IQ	S.Ildown./S.le.	Guam		-							-		-		0.5	(05)	
EI 190	Se1Wr.n./S.le.	lwly/furk y (123)		-	-		-		-	-			-		89,0	(89 0)	
1':1	S.Ild,wo'S.k+	Eapmtcs															
			El										YDIV/01	eDIV/01	995	(89 5)	•1011::
Fl &CC	Sendown+/S.k+	Poland			-	-	1.3			-	I 3	(1 3)	-			1 1	
EF&CC	scu,krwn./s.k.	India Phnvo 11				-	3 2		-	-	3.2	(3.2)				3 2	
EE&CC	Se116rwnd5.k.	Pucno Rico		-		-	0 8			-	0.8	(0.8)	-			0.8	
tF.CC	S.Ildrwn./S.k.	Guam		-		-				-	-		-		4.0	(40)	
EFACC	Selldnwn./S.k.	Italy/furhoy (125)						-							12.8	(12 8)	
I.Ii&CC'	Selld/nrn./S.k.	Sauna Bndtc (dcf constr rev)	-		-	-	-	-		-	-	-		11 7	(11 7)	
EI:&CC	SotlAoo./S.k.	Teesside (dcf constr rev)													3 4	(34)	
		EE&CC				5.3				5.3	(5.3)	-10n%	0 :	31.9	(266)	
.u•.
		i
l
3		4
38	39
8	4)
(1	248
9	(44
9	84
3	14.1	5.6	18.7	334% 25.7	459%	294.0	(45.1)	.15%
		nc
[G-,in, on 9.la (
12
1)		.	.	.	.	.	.								

EC 002893231

/5

n.cka. 2Q Ntr l.sl.. 2011

0

111112001. 1 16 I'm

EXH066-00442


=============
Page 17 of 47
=============

															
Eaton Corp.															
Wholesale Burkelt															
			2001 b Quarter			2000 6	Quarter				01-00 Comparison		00-99 com aeison	
										YTD	2Q				
Subcateuory	Description	Year 4Q	3Q 2Q	IQ	Year	4Q	3Q	2Q	IQ	Incr (Decr)	Incr (Decr)		99 Year	Incr (Decr)	
ASSET OPERATIONS															
Ear Op_,:_	)EDIIIMgmtFee	10.1	5.0	5.1	21.9	6.6	51	5.1	5.1	(0.I)	(0.1)		20,0	1.9	
r:GF , Oprrniam	Olhrr														
	EGF	10.1	5 0	5.1	21.9	6.6	5.1	5.1	5.1	(0.1)	•2i (0.1)	-2i	20.0	1.9	
EIM Op...k.e.	Garden Slab Paper	12.8	4.0	8.8		-		-		12.8	4.0			-	
Elm Op-urn.	Sndacona	9.5	9.5	-	-	-	-	-	-	9.5	9.5		-	-	
FIM OPpr.rianerp.n.r	E.pensct	(0.3)	(0.2)	(0.1)						(0.3)	(0.2)				
	Elm	22.0	13.3	8.7						22.0	oDlvm! 13.3	IDIV/O!			4DIVAaI
EOM Op-,-	Operations	3.5	4.3	(0.8)	4.3	4.3	-	-	-	3.5	4.3			4.3	
EOM ope..rioa..p.n..	E.prnsrs	(3.7)	(0.7)	(3.0)	(4.3)	(4.3)				(3.7)	(0.7)			(4.3)	
	EOM	(0.2)	3.6	(3.8)						(0.2)	*DIVro• 3 6	aosv/o!			*DJV/O!
Full Op-,,,-	Assets a	11.0	3.1	7.9	33.8	7.5	16.6	7.0	2.7	1.3	(3.9)		(3.0)	36-8	
LUR Op.o.o.u	Enrici	(18.6)	(9.6)	(90)	(23.5)	(6.6)	(5.4)	(7.4)	(4.1)	(7.1)	(2.2)		(9.5)	(14.0)	
FOP Oper.rkw.	Equity Eamings	2.1	(0.2)	2.3	18.4	5.4	4.5	1.5	7.0	(6.4)	(1.7)		18.6	(0.2)	
FUR Op...tke	ManaguncaI Fret	3.0		3.0	10.3	3.7	2.6	1.8	2.2	(I.0)	(I.8)		10.7	(0.4)	
FUR Operation,	Middle East	(15.4)	(15.4)	-		-		-		(15.4)	(15.4)				
FUR opr.d..	Etpcnus	(10.5)	(5.2)	(53)	(80.8)	(304)	(22.6)	(15.0)	(12.8)	17.3	9.8		(50.3)	(30.5)	
	EUR	(28.4)	(27.3)	(1.1)	(41.8)	(20.4)	(4.3)	(12.1)	(5.0)	(11.3)	226% (15.2)	304%	(33.5)	(8.3)	25%
sA Opecnwra	Elrktro IBIT	49.1	17.3	31.8	123.8	42.3	21.7	23.6	36.2	(10.7)	(6.3)		110.6	13 2	
$A Opesakea	Vrngas			-	22.8	22.8	-	-		-			-	22.8	
SA Opaa.rkro.	Operations	(3.3)	((.0)	(2.3)	32.7	16.3	3.2	5.7	7.5	(16.5)	(6.7)		222	10.5	
sA Opmk..	Equity Eamings-TGS/CIESA	20.7	11.5	9 2	37.6	106	8 8	6.0	12.2	2.5	5.5		31.8	5.8	
SA UP-d.-	Equity Earnings-Tunsmdrs	(1.3)	(1. 1)	(0.2)	(10.4)	(9.1)	(13)	-	-	(1.3)	(1.1)		13.4	(238)	
$A Opmtkw	Equity Eamings-Other	(2.5)	(2.2)	(03)	3.3	(2.5)	2.8	1.0	2.0	(5.5)	(3.2)		3.4	(0.1)	
SA Opw.bom	Equity Earnings-CEG/Rio/Gaspan	7.1	3.5	3.6	14.8	4.5	7.1	3.2	-	' 3.9	03		(1.5)	16 3	
SA Opurain..e.pr.,	Eaprnses	(20.6)	(49)	(15.7)	(1061)	(58.I)	(14.8)	(170)	(16.2)	126	12.1		(48)	(101 3)	
	EGA	49.2	23.1	261	1185	26.8	27.5	22.5	41.7	(15.0)	.36% 0.6	1%	(75I	(56.6)	•725:
loth. Opperaiona	Openions	(3.6)	(2.4)	(1.2)	11.4	13	1.9	6.0	2.0	(11.6)	(8.4)		70	4.4	
IoJ. Opa.tinn.	Equity Earrings-Dabhol I	28 5	13.4	15.1	51.3	15A	15.1	4.4	16.4	7 7	90		300	21.3	
ltd. Opcmk.ue.pnar	Esprnus	(24.6)	(14.8)	(98)	(97)	(20)	(2.0)	(3.I)	(2.6)	(189)	(11.7)		(12 3)	2 6	
	EGA	03	(3.8)	4.1	53.0	149	ISO	7.3	15.8	(22.8)	.144% (11 1)	.70%	_ 24 7	28 3	15z
CALME OP,—-	Vrngaa	9.9	43	5.6	289	1.9	8.9	9.7	8.4	(8.2)	(5 4)			28.9	
CAI.ME Or-,kut.	Bah.. Las Minaa	9.6	5.8	3.8	9.5	4.5	06	1.5	2.9	5.2	4.3			9.5	
CALMIi Op.+u.n.	Promigas	3.1	-	3.1	-	-	-			3.1				-	
CAI.MIi Op.r.riana	SECLP	3.9		3.9	2.0	-	-		2.0	1.9			-	2 0	
CALMIt Op.-,-	Operations-Other	(05)	4.6	(5.1)	2.3	(50)	3.1	3.5	0.7	(4.7)	1.1		46.1	(438)	
CAl.ML Op...ri..e.	Equity Eaminp-Other	3.5	42	(07)	141	(LS)	5.8	4.5	5.3	(6.3)	(03)		(1.2)	15.3	
CALME Op..Uan.	Equity Eamings-Eco Elcctrica	6.5	1.0	5.5	22 6	(0.5)	2.3	(1.1)	21.9	(14.3)	2.1		-	22 6	
CAI ME Opnoras.	Equity Eaminp-Crnuagas	2.8	1.4	1.4	36		1 4	1.3	0.9	0 6	0. I		7.9	(4 3)	
CALME Ch-.1i-..prn..	E.prnsrs	(20.6)	(153)	(5 3)	(31.7)	(13.8)	(38)	(3.5)	(10.6)	(6.5)	(II8)		26	(34 3)	
	EGA	18.2	60	122	513	(14.4)	183	I59	315	(29.2)	-93% (99)	-31%	55.4	(41)	a•„
Arnclll Opra.r.un.	Batangas Power	10.4	5.3	5.1	44.5	10.1	11.4	11.5	11.5	(12.6)	(6.2)		10.8	33 7	
4PAC111 Opor.r.w	Hainan	-		-	(0.9	-	(0.1)	3.1	7.9	(11.0)	(3 I)		7.5	3 4	
APAilIl Oprr..M,	Sichuan Ealing	13.4	6 9	6 5	369	179	11 8	72		6 2	(03)		-	36 9	
APACIII (h-a-	Other	(2.7)	(0.9)	(1 8)	36	2.1	06	(1.1)	2.0	(36)	0.2		(37)	7 3	
APACIII Opasn...	Equity Eamings-Other	2.4	1.1	13	4,9	1.4	0 5	I.8	1.1	(0.5)	(07)		4.9	(0 I)	
M•Aaa Or.......	Equity Eamings-SK Enron	15.8	3.8	12 0	23.1	6 6	0 6	34	12.5	(0. I)	0 4		117	11 4	
Arnau op.rakon p.....	Eapcnres	(14.3)	(59)	(84)	(110.3)	(172)	(255)	(28.8)	(388)	533	229		(180)	(92.3)	
	EGA	25.0	103	14.7	13 5	209	(0.7)	(2.9)	(3.8)	31 7	-1134i 13 2	447.	13.2	0 3	2R
ri rrP.,....	Other	-	-	-	(24.8)	(163)	(3.6)	0.2	(5.1)	4.9	(0.2)		(52 4)	27 6	
EI OPar.rn..	Equity Earnings			-	-			-					- 13.2	
(13 2)	
1I )IQ OP—	Wrilcof Herman -.as development costs	-		-	(15.7)	-	-	(15.7)	, ,	15.7	15.7		-	(I5 7)	
LIIIQ Opotk..	Wriecofr.assde:vclupmcnlcosts	(8.7)	(5.2)	(3 5)	(50)		(19)	(08)	(2 3)	(5.6)	(4.4)		(89	3 9	
	El	(8.7)	(5.2)	(3 5)	(45.5)	(163)	(5 5)	(16.3)	(74)	15.0	-203% 11 1	-IS0%	_ (48 1)	2 6	-s
LGFP t!pa..u,..	UP operations	75.0	36.9	38.1	141.6	40.3	30.0	37.4	339	3.7	(0.5)		412	100.4	
L(47e Opdaw...	E.pcnsrt	(44.0)	(21.4)	(22.6)	(84.4)	(3.5)	(208)	(30.3)	(298)	16 1	8.9		(26 7)	(57 7)	
	EGEP	31.0	15.5	I5 5	57.2	369	9 2	7 1	4 1	198	413. 14	205%	14 5	42.7	294%
					~11S,										
e..'..IQ1er1 0..IQnl										EC 002893232		711113001. 5 mom	

EXH066-00443


=============
Page 18 of 47
=============

															
Enron Corp.															
Wholesale Buckets															
			2001 b Quarter			2000 6 Quarter				01-00 Comparison		00-99 com arison	
										YTD	2Q				
Subcateaorv	cri ti		Year 4Q 3Q 2Q	IQ	Year	4Q	3Q	2Q	IQ	Incr Decr	Incr (Deer)		99 Year	Incr (Deer)	
ECU Oper.uu.	Dark fiber & sof.en: sales		- -	-				-	-	-	-		140.0	(140.0)	
113 01-1-	Equity earnings		-	-	-			-			-		2.5	(2.5)	
ECI Opunku.	Epcnten												(1094)	109.4	
		ECI									uDIV/o1	a01v/0!	33 1	(33 >	-IOUs:
Iilum op-w.	COS adjustment												(100)	100	
		Eli,,									ODIVAI!	ODIV/0!	(100)	100	-IM/%
	Asset Op-liens		118.5 40.5	78.0	228.1	54.9	64.6	26.6	82.0	9.9	12% 13.9	17%	244.4	(16.3)	-7%
															
DEVELOPMENT A CONSTRUCTION														
SA tkv&Cun.t	Expenses				(19.6)	(82)	(3.2)	(4.7)	(3.5)	8.2	47		(37.2)	176	
		EGA			(196)	(8.2)	(32)	(47)	(3.5)	8.2	-234% 4.7	.134%	(37.2)	17.6	-47%
kA. DnACaut	Epcnses •				(466)	(22.1)	(8.4)	(11.7)	(44)	16.1	11.7		(9.7)	(36.9)	
		EGA			(46.6)	(22.1)	(8.4)	(I1.7)	(4.4)	161	-366% 11.7	.266%	(9.7)	(369)	ml
CALME Dex A Cuwa	Dev fees		-	-	3.1			2.6	1.1	(3.7)	(2.6)		6.3	(26)	
CAI.ME Dev&Gnut	Eapenses		(6.7) -	(6.7)	(29.2)		(10.5)	(10.3)	(8.4)	12.0	10.3		(13.9)	(15.3)	
(A[A/E D.ACunu	Interest incomc												32	(3.2)	
CALMI: Ise,aGu,.t	Other fee,												3.3	(33)	
		EGA	(6.7)	(6.7)	(25.5)		(10.5)	(7.7)	(7.3)	8.3	-114% 7.7	.105%	(1. 1)	(244)	2211%
APACItI lkvacoat	DonIkes		(5.9)	(5.9)	-			-		(5.9)				.	
APACI II Ikv a Gent	Expenses														
		EGA	(5.9)	(5.9)						(5.9)	/DIV/01	EDIV/0!			aDIV/01
1.1 I3n• a C,-,	Dev nap (sump costs wdtccf0	- -	-									(8.2)	8.2	
III D,v a C.nw	Expenses (inel HQ allot)												(4L41)	41 4	

Duck.,. 7Q 11.1 1 .1.. 201n

EFaCC Dar a Con t
"cc tk a I-
EtACC Den a Curia
FI&CC Ikv a Guns
EF&CC D.AC-
EEaCC Dan A Gnus
EF.CC Dn a Gun
IEaCC Is.v a Gun
EFJCC Dev & Gnus
EUICC Ikv A Gwt
EEACC Ikv a Gurt
UACC D.o a Cnn.t
ErAcc Ikv a C.n.t
EE1CC Ikv a Cmut
EFlCC sari a Coot
EEICC Ik. A C.,,n
Fl"AcC Dev a Gun
EF1CC D.n&C.nu
EFacc IA+ a C-n

NA
NA
EIM
EOM
Eul

El									1DIV/0!
Accrovcn-EE&CC	0.5		0.5	13.8	2.5	5.2	2.7	3.4	(5.6)
Cuiaba-EE&CC	(0.2)	(0.2)	-	0.5	0.2	(1.4)	1.1	0.6	(1.9)
Denser -EE&CC	(0.1)	(0.1)	-	0.2	(06)	0.8	-		(0.1)
Guam-EE&CC	-		-				-		
India Ph;e c I1- EE&CC	0.2	(I 6)	18	10.7	2.9	0.8	3.2	3.8	(6.8)
Nepw-Lagos -EE&CC	4.3	2.9	1.4	2.7	2.7	-	-	-	4.3
Nepw -Other -EE&CC	5.1	4.4	0.7	15.4	3.4	3.4	6.4	0.2	(1.5)
Ncpco - Fountain Valley - EE&CC	6.4	6.4	-	-			-		6.4
Nepco- Goldendalc Fee Pcakcn-EE&CC	2.5	2.5	-	4.0	4.0				2.5
Nepco-Green County -EE&CC	(8.7)	(8.7)		8.4	2.7	2.0	2.6	1.1	(12.4)
Nepw-Panda -EE&CC	21.8	6.1	15.7		-			-	21.8
Nrpco-20011Poekcrs-EE&CC	(4.9)	-	(4.9)	9.2	9.2				(4.9)
Other -EE&CC	(1.6)	(1.6)		(L6)	(49)	(49)	6.2	2.0	(9.8)
Poland -EE&CC		-		0,2		(1.1)	1.3		(I.3)
Puerto Rico -EE&CC	(5.0)		(5.0)	(28.4)	(6.4)	(3.6)	(54)	(13.0)	13.4
Sutton Bridge - EE&CC	-	-	-	8.0	1.2	5.6	1.2		(1.2)
Turkey (eenst,)-EE&CC	(2.1)	-	(2.1)	(1.9)	(1.9)		-		(2.1)
We,tinghuusc seulcmcm- EEBCC				-	-				'

  /7

_ EDIV/0I	(49.6)	49.6 -100%
(2.7)	6.2	7.6
(1.3)	4.9	(44)
(0.1)	4.6	(44)
	1.9	(1.9)
(4.8)		10.7
2.9	-	2.7
(2.0)	13.5	1.9
6.4		
2.5	-	40
(II.3)		8.4
6.1		

(7.8)
(I 3)
54
(12)

E pent. - EE&CC	(9.6)	(9.6)							(96)	(96)
EE&CC	8.6	01	81	41.2	170	6.8	19.3	1.9	(8.8)	463% (18.8)
Development & Construction	(4.0)	0.5	(4.5)	(50.5)	(13.3)	(15.3)	(4.8)	(17.1)	17.9	.105% 5.3
										
TOTAL ASSETS & INVESTMENTS	193.5	134.3	59.2	888.8	309.4	304.6	54.5	220.3	(8(.3)	.37% 79.8
										
Unallocated Expenses. NA	(91.6)	(48.9)	(42.7)	(170.6)	(27.5)	(630)	(47.4)	(32.7)	(11.5)	(I S)
Unallocated Epensrs . SA	(8.4)	(3.2)	(5.2)	-	-			-	(8.4)	(3.2)
UnallowudEtpcnns-EIM	(36.4)	(15.3)	(21 I)		-		-		(364)	(153)
Unalloca6d Expenses;-EGM	(14.8)	(8.6)	(62)	(161)	(161)	-	-		(148)	(86)
Unallocated Expenses -EUR	(32.0)	(177)	(143)	(71.9)	(256)	(191)	(126)	(146)	(48)	(SI)
TOTAL UNALLOCATED	(183.2)	(93.7)	(89..5)	(258.6)	(69.2)	(82.1)	(60.0)	(47.7)	(75.9)	160% (37.7)
										
TOTAL WHOLESALE	1,557.3	802.5	754.8	2,251.8	778.1	630.0	414.9	428.8	713.6	166% 387.6

		9.2	
	9.0	(10.6)	
	2.3	(2 1)	
	1.3	(297)	
	5.3	2.7	
	(03)	(16)	
	3.0	(30)	
919%	517-	(10 5)	.2Ux
.31%	(45.9)	(4.6)	1o .
34%	849.2	39.6	5%
	(1252)	(454)	
		(161)	
	(356)	(363)	
71%	(160.8)	(97.8)	61%
90%	1,298.4	953.4	7J%

EC 002893233 „tt.24011F..FM

EXH066-00444


=============
Page 19 of 47
=============

0

Enron Corp.
Wholesale Bucket.

	Subcateuorv	Description
	JAI GAS ORIGINATIONS-NA
NA	O. intiau (Cmm.dky)	APEA
NA	Oikinnin.. (Cmnudny)	BPA
NA	Oigintim. (Ctmtad.ly)	Canada
NA	O.i inaian. (Conarodity)	Et-
NA	O pirntiwu (Camntmkty)	Formosa
NA	Orirwlioeo (Commdily)	Ft. lames
NA	Drip- n(Cummdiy)	FP&L
NA	Oryin.liom (Cmm.nlily)	FX loss
NA	Oigkut:n (CwmnJiy)	HPL
NA	Origwtiw (C.mnnkty)	1M Hub,,
NA	Origintim. (C.-.h,y)	Mess
NA	o.i muion. (G.mndily)	Me.oco
NA	oaeinliatt. (C.nm.aty)	Other Origination
NA	1]iain.oan. lummdiy)	Palm Springs/S. San Francisco
NA	Ortginbn (C.nmsnky)	Peoples
NA	Origina.w (C.mnodiy)	Pilkinglon
NA	Onluutou (Crnnmdity)	Qudited.
NA	Otigintion (Commdny)	Wallop EMC
NA	Qigirwiau (co'no- iy)	Wilton Center
		NA
	131 POWER ORIGINATIONS-NA
NA	Originawu(Cam.diy)	Alberta Power PPA
NA	Origindnu(Cnmmdity)	Arcor .
NA	Origowkn (Cumndily)	Blue Dog Turbine
NA	Orignt:u.lcmmm,.Jiy)	BP Capital
NA	O(ginninm (Coorndity)	Cactus
NA	Onginniau (c.madily)	Calgary Co-op
NA	Oiginti_ (C.madity)	Central Maim Power
NA	Oripulwu (CommJity)	Doyle distributable cash
NA	Oylmiau (C.unmdity)	Duke (New Albany)
NA	Oigiutiau (C.unmdny)	DW R
NA	Oriliul.n (C.mm.dny)	Gcnco
NA	Otigintiau (Gmmdiy)	Cmnco-Peekcn Transaction
NA	Oigiutiw.< (Cnn.mdiy)	Inlergen
NA	4isin.ti_ (Cann.dity)	LV Cmgcn Turbine
NA	Oigin.tinu (c..-day)	Nnu
NA	Oiputim. (C.mm.diy)	Omaha Public Power Dirtrict
NA	Oigirwi.n (Cnmmduy)	Other Originations
NA	O.ig.ntiwu (C.mrndity)	Parlor.
NA	Oilinot.n (Co. ooet y)	Peakem sale
NA	Oigin on. (C.wm.dny)	Psco
NA	Qyinti.m. (Cwnndity)	United Illuminating
		NA
	IC) POWER ORICINATIONS - EUR
CUR	Oilint.n (C.mndcy)	Ecurn, Transponation
CUR	Oipmo- CC.-4q)	Other Onginations
CUR	Ongintwn L.pen...	E.p.nscs

CUR

Iluck<t. 2Q Ilmt.el.. IQ--I


a- 0

	200) 6 Quarter			2000 b	usher		01-00 Com asison	00-99 eom arison
						YTD	2Q	
Year	4Q 3Q 2Q	IQ	Year	4Q 3	Q 2Q	IQ _ Incr Decr	Incr (Decr)	99 Year Incr (Decr)
								5.0 . (5.0)
								7.0 (7.0)
			20.4	5.7	4.6 3.8	6.3 (10.1)	(3.8)	11.7 8.7
								10.1 (10.1)
2.5	2.5	-	-			2.5	2.5	.
								I.) (I.I)
								8.3 (8.3)
(10.4)		U.	-	-	-	(10.4)		
21.1	12.6	ba			-	- 21.1	12.6	
5.8	5.8			-	-	- 5.8	5.8	
4.3	1.9	24		-		4.3	1.9	-
2.3	2.3	-		-		2.3	2.3	
4.3	1.6	2.7	19.5	94	4.0 3.6	2.3 (1.8)	(2.0)	15.5 4.0
								8.0 (80)
						-		14.0 (14.0)
1.0	-	1.0		-	- -	- 1.0	-	
								6.9 (69)
								7.9 (7.9)
								
30.9	26.7	42	39.9	15.1	8.6 7.4	8.8 14.7	193	104.0 (64.1)

25.0		25.0	- 25.0
2.2	2.2		- - - 2.2
3.5	3.5		- 3.5
2.0	2.0		- - 2.0
LS	L5		1.5
3.0	-	3.0	- - 30
1.3	-	13	- - 1.3
3.0	3.0	-	- - - - - 3.0
7.0	7.0	-	- - - 7.0
			31.6 - 10.5 21.1 (31.6)
3.S	-	3.5	- - - - - 3.5
8.6	86	-	- - - 8.6
5.0	-	50	- - - - 5.0
2.0	2.0	-	- - - 20
55	06	49	182 86 8.0 - 1.6 3.9
40.3	40.3	-	- - - - 403
637.5	4122	2253	- - - - 637.5
12.0	12.0		- - - - - 12.0
762.9	4949	2680	49.8 8 6 8.0 10.5 22.7 729.7



2.2
3.5
2.0
1.5

3.0
70
(10.5)

  8.6
2.0
06
403
  412.2
120
484.4


5.5 (5.5)
406 (9.0)
49,0 (49.0)


  182
300 (300)
125 1 (75 3)
963 (96 3)
(302) 302
661 (661)

EC 002893234

71.1121)(11 III-I'M

EXH066-00445


=============
Page 20 of 47
=============



Loran Corp.
Whoksde Burkets

Subcateuorv	Description
IDI FAIR VALUE INCOME • NA
NA fob V.L- kr.rn.	Ania Power
NA F.ir V.h- income	Alam.c C'ogenwotion F V
NA f b V.k. i o.oa	Amcrican Coal
NA For V.Ww i..o.arn	Black Mountain FV
NA F.r V.hr k.wme	Bona: Tent
NA F.r V.lue boon..	Brigham
NA F.b Vduo i...tr	CYtada FV
NA F.. V.I. br.m.	Canfrbre Riw rsido IPC
NA Fob V.1. bro.	Cariam FV
NA Tao V.1W I...rc	Calalytia FV
NA F.o VA. isome	City Forest FV
NA Fob V.k. non.	Costilla f V
NA 1.1. Vol.. .corn	Cyprus Expl FV
NA hit V.I.. I.-	East Coal Power FV
NA F.. VA. W-	Eag. FV
NA F.. V.hr k.a..n.	First Wotld FV
NA hi, V.hr boom.	Hanorer Compressor FV
NA Fur VA. on-	Hcanland Stool FV
NA F.. Vdw bow.	Hedge Performance FV
NA F.b V.kr boon..	Hedge Performance FV (Raptor)
NA F.. V.W. bon.	Hughes Rawlcr
NA Fak V.I. Io.a	HV Minor
NA F.. V.k. b...r.	Kafus FV
NA F.b V.I.- iaom.	KCS
NA F.. V.I.- loon,.	Linda Oil ,
NA F.. V.h. brume	Manner IV
NA F.b V.I. i-	Merlin
NA Fm, VA. ooo,oo	NSM FV
NA Fob V.I. b....m.	Onto Falls FV
NA Fb V.L. Ir..-	Other - FV
NA F.. V.l.a I-	Papicr Mason FV
NA Fir V.I.. b....w	QuaIitcclt FV
NA fob V.I. ir....	Quanta FV
NA F.. V.I. bounce	Rccoo/Kefw F V
NA F.. V.I. Icon.	Structured ercdil FV
NA P.1. V.I. i.:n..	Vrnoco FV
	NA

  IEI FAIR VALUE INCOME • El
El F.b V.I.i..mw NSM fV

EI

			to						(a
									
	2001 b Quarter			2000 6 Quarter				11.00 Comparison	00-99 com uison
							YTD	2Q	
Year 4Q	3Q 2Q	IQ	Year 4Q	3Q	2Q'	IQ	Incr Decr	Incr (Decr)	99 Year Incr (Decr)
									
-	-	-	60.9 -	60.9					60.9
7.3	-	73	-				7.3		
			(37)	(3.7)					(3.7)
									7.3 (7.3)
1.1	1.1	-	(2.6) -	(2.6)	-	-	1.1	1.1	- A2 .6)
			(5.5) -	(5.5)		-			(5.5)
			2.3 -	1.4	0.9	-	(0.9)	(0.9)	(1.6) 3.9
			(42.8) _	(37.8)		(5.0)	5.0		(2.2) (40,6)
			0.1	-	0.1	-	(0.1)	(0.1)	(5.6) 5.7
4.9		4.9	69.8	69.8	-		4.9		16.5 53.3
(0.7)	(0.7)	_	(1.0)		(1.0)	_	0.3	0.3	- (1.0)
									(8.0) 8 0
(3.2)	(3.2)	-	- -	-			(3.2)	(3.2)	(5.0) 5.0
3.2	5.2				-	-	5.2	5.2	4.4 (4.4)
			(37.4) -	(37.9)	0.5		(0.5)	(0.5)	10.8 (48.2)
			(21.6)	(20.8)	(29.6)	28.8	0.8	29.6	96.8 (118.4)
(0.2)	4.9	(5.1)				_	(0.2)	4.9	
(42.9)		(42.9)	(9.1) -	(4.8)	(4.3)	_	(38.6)	4.3	6.7 (15.8)
(2.1)		(2.1)	(17,1) -	(I.1)	(2.0)	(14.0)	13.9	2.0	(105.9) 88.8
111.2	-	111.2	-		-		111.2		-
			(5.6)	-	(5.6)	_	5.6	5.6	(56)
			11.7 -	10.2	1.3		(1.5)	(1.5)	11.7
			(118.0)	(65.9)	(28.7)	(23.4)	52.1	28.7	47.8 (165.8)
6.7	6.7						6.7	6.7	
0.3	0.3	-	1.2 -		1.2	-	(0.9)	(0.9)	- 1 2
3.7	3.7		(0.2)	(2.5)	2.3		1.4	1.4	14.7 (14.9)
			(15.8)	(5.5)	(10.3)		10.3	10.3	- (15.8)
									(106) 10.6
			(6.7)	(6.7)				-	(2.7) (4.0)
(6.3)	(5.5)	(0.8)	6.2	- 3 3	3.1	(0.2)	(9.2)	(8.6)	(12) 7.4
0.4	-	0.4	(2.8)	- (3.8)	1.0		(0.6)	(1.0)	10.3 (13.1)
									(67.7) 677
			25.6	_	_	25.6	(25.6)	_	3 4 20.2
									(4.8) 48
									(7.8) 7.8
1.1	1.1		14.6	13.8	0.8		0.3	0.3	1.2 134
86.5	13.6	72.9	(97.5)	(392)	(70.1)	11.8	144.8	83.7	(12) (963)
									
									(44) 44
									(4.4) 4.4

EC 002893235

/I

B.k- IQ 1101 1.. 2Q-1

7.r Il1ODl, f 16 PM

EXH066-00446


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Page 21 of 47
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Enron Corp
Onion Transportation Services (EGPG4)
Detailed Variation Analysis
2nd Quarter
  6 Mo Ended Jun. 30 Second Quarter First Quarter
  2001 2000 Incr (Deal 2001 2000 loci (Deal 2001 2000 Incr (Deci)

R.vewres									
NNG	2&29	2674	(4 5)	107.9	121.6	(13.7) 1	175 0	165 6	9 2 A
TW	105.2	62.6	226	466	43.3	3.3 J	556	393	193 0
Other Ops	6.2	16	66	(37)	08	(45) K	119	0.6	111 C
	398.3	371.6	24.7	1506	1657	(14.9)	2455	2059	39.6
Cost of Sates									
NNG	32.3	11.1	21.2	296	103	193 L	27	0 6	19 0
TW	-	11.7	(11.7)	-	77	(77) M		4 0	(4.0)
Other Ops	0.1			at				
-	
	32.1	22.8	9.6	297	ISO	I1.7	2 7	48	(2.1)
Gross Ma									
NNG	250.6	276.3	(257)	783	111 3	(330)	1723	1650	7.3
TW	105.2	706	341	46 6	35 6	110	116	35.3	23.3
Dow P/L Ope	6 1	1 6	a s	(3.8)	0.6	(161	11 9	0 8	I1 I
	3639	348.8	11.1	1211	1477	1266)	242.8	201.1	417
n" Expanses find taxes)									
NNG	118.4	111.1	7 3	53.2	57 5	(4.3) N	652	536	11 6 E
TW	33.1	16.6	14.3	16	9.6	(20) N	25.5	92	163 F
EOTT	05	03	0.2	05	0.1	04		02	102)
Other Ops	9.0	11.0	(1,2)	(62)	84	(146) 0	160	26	134 0
NNG • depreciation	232	22.8	0.1	lie	11.7	(0.1)	116	11.1	0.5
TW-deprecation	9.6	99	-	s.0	5.0	-	48	4.8	-
Other Opt - depredation	06		0.6	03		0 3 P	0 3	-	03
	1954	173.5	21.6	720	92 3	(2031 .	123.4	81.5	419
Operating Income	168.5	175.0	(6.5)	49.1	55.4	(6.3)	1194	1190	(02)
E Eami s									
NNQ (Traithla:.r, Ov.rthrust)	3 2	1 9	1.3	2 0	1.0	1.0	12	0.9	0 3
CiSue	193	15.5	3.8	112	90	22	8.1	6.5	16
Northam Border	40	34	0 6	2.2	12	0 5	1 6	1.7	0.1
EOTT	3.6	(39)	7.5	1.2	(1.8)	3 0	2 4	(21)	4 5 H
Other
TOTAL	
301	
let	
13.2	
16.6	
9.9	
6.7	
135	
70	
6 5
Gains on Sales									
NNG (Onrthmst/Kingman Land/Zavals)	-	1.0	(1.0)	-	10	(1 0)		-	-
NNG (Gome2)	0 6		06	0 8	-	0 6	-		-
TW(Burton Fists)	(01)	-	(0.1)				(a I)	-	(0 ))
MI. Belvieu sale	0.0		0 8	0 8		08			
	1,3	1.0	03	1.4	10	04	10.11		(01)
Other Income									
Interest Income	0.2	06	(0.6)	0.1	0 5	(04)	0./	03	(02)
TW apaula6w deal-FAS 133 adoption	0,1	-	0.)	-	-	-	0.1	-	0.1
NNG sp.cWative deal-FAS133 adoption	0.7		07	0 1		01	0 6	-	06
NNGC(AC9rossup				(0.1)		(01)	01	-	0.)
NNO Ov.rih-s12000		1.0	(I. 0)		0 1	(01)		0 9	(0.9)
NNG Conoco 2000	-	(2.0)	2.0	-	120)	20	
-		
ENA swap 2000		14.7	(147)		14.7	(14.7)	-		.
EOTT	0.0		9.0	9.0		9 0 O			-
Other	04	(2.3)	27	06	12.3)	31	(04)		(04)
TOTAL	10.4	12.2	(1.8)	9 9	110	(1.11	0 5	1 2	(071
(BIT	2103	205.)	52	770	77.3	(03)	133.3	1276	5.5
NNO	113 9	1576	(437)	165	555	(390)	974	102.1	(4.7)
TW	622	42.2	200	339	20.9	130	28.3	213	70
Citrus	193	15.5	30	II)	9.0	21	82	65	1.7
EOTT	12.3	(3.2)	15.5	102	(13)	115	21	(1.9)	40
Other Op.	26	(7.0)	96	53	(68)	121	(271	(02)	(25)
TOTAL BIT	2103	205.1	5.2	77.0	77,3	(03)	1333	127.8	5 5
Interest Es nse									
In)on3rd path debt	16.8	204	(16)	94	99	(05)	94	105	(1.1)
Other trade interest	(0.2)	-	(02)	(02)	-	(02)			
Capitalised interest	(0.3)	102)	(01)	(03)	(Oil	(02)		(01)	01
InLap - trade	18.3	20.2	(1.9)	6.9	9.8	10.9)	94	104	(10)
Interco interest (.m(--p	41.7	(59.7)	101 A	531	(29.5)	826 _	1114)	130 21	!-80
	60o	(39.51	99.5	62.0	119,7)	a17_	, (20)	fits)	178

AO

0


0

EC 002893236

EXH066-00447


=============
Page 22 of 47
=============

0	0	
Enron Corp		
Enron Transportation Services (EGPGS)		
Deleted Variation Analysis		
2nd Quarts		

A Increase due to higher transportation rates and entitlement units, partially offset by rate case adjustment recorded in 2000.
B Increase due to higher sales volumes and prices as well as increased transportation volumes
C Increase due to revenues earned on services provided to EOTT and Mont Belvieu Storage (Co 1A1) now in ETS roilup from Clean Fuels
D Increase due to increase in gas prices.
E Increase due to higher SBA (system balancing agreement) expense, pipeline refunds in 2000 and timing of OSM expense.
F Increase due to higher gas sales. partially offset by net over-retention.
G Increase due to costs associated with services provided to EOTT and bonus expense of $1 5mm. consulting fees of $t 0mm and ex-pat deferred bonus payment of $1 2mm
H EOTT MLP

20
I Decrease primarily due to 2001 operational sales of $27.7M less then 2000 inventory sales of $51 2M partially offset by increased storage revenues of $4.9M and commodity & reservation revenues of $1.6M
J Increase due to higher transportation and sales revenue.
K Reclassification in 2nd Otr of EPSC (Co. 1195) 1st 0tr revenues against O&M. partially offset by MI Belvieu Storage (Co JAI). now in ETS roilup from Clean Fuels.
L Increase due to higher cost of volumes sold.
M Cost of sales reclassed to O&M (fuel) for current year. (Corp. Acdg considered immalenel to restate prior year to O&M )
N Decrease due to O&M timing. .
0 Reclassification in 2nd Otr of Enron Pipeline Services Co 1st Otr revenues against 0&M (should have zero profit since it is a services co). plus 2000 additional O&M charges for bonuses/comp plans.
P Includes ML Belvieu Storage (Co. JAI). now in ETS roilup from Clean Fuels-
0 Partial reversal of distribution reserve.

EC 002893237

2!

EXH066-00448


=============
Page 23 of 47
=============



Enron Corp
Portland General (PGE4)
Detailed Variation Analysis
2nd Quarter
  6 Mo Ended June 30 Second Quarter First Quarter
  2001 2000 Incr (Deer) 2001 2000 Incr (Decr) 2001 2000 Incr (Deft)
IBIT

Gross revenues
PGG Retail & Other
PGG Wholesale
Gross revenues

Cost of sales
PGG
Other
Cost of sales

Gross margin

Operating expenses
DD&A (ind fair value)
Taxes. other
Equity in earnings of unconsol
Other income. net
  Customer Choice
TOLI
  BPC stock sale
Stock agreement
  Onleda leasing rental Income
AFUDC equity
  Other

657.7	532.5	125.2	370.7	2494	121.3	287.0	283.1	3.9
939.9	295.9	644.0	460.0	181.9	278.1	479.9	1140	365.9
1.597.6	828.4	769.2	830.7	431.3	399.4	766.9	397.1	369.8
(1.205.8)	(453.9)	(751.9)	(624.1)	(251.4)	(372.7)	(581.7)	(202.5)	(379.2)
(1.205.8)	(453.9)	(751.9)	(824.1)	(251 4)	(3727)	(581.7)	(202.5)	(379.2)
391.8
e	374.5	17.3	206.6	1799	26.7 K	185.2	194.6	(9.4) A
(1267)	(120.7)	(8.0)	(765)	(61.3)	(15.2) L	(50.2)	(59.4)	9.2 B
(106.0)	(92.5)	(13.5)	(54.7)	(462)	(85) M	(51.3)	(46.3)	(5.0) C
(34.2)	(33.2)	(1.0)	(17.4)	05.3)	(2.1) N	(16.8)	(17.9)	11
	2.5	(2.5)	-	1.2	(1.2) 0	-	1.3	(1.3) D

-	31.0	(31.0)	-	- -	31.0	(31.0)
(8.2)	11.3	(17.5)	42 0.6	3.6 P (10.4)	10.7	(21.1)
	5.7	(5.7)		- -	5.7	(5.7)
•	(11.5)	11.5	- -	-	(11.5)	11.5
4.0			1.5	2.5		2.5
2.8			1.6	1.2	-	1.2
(0.6)	05	(1.1)	(0.4) 3.4	(3.8) 0 (0.2)	(2.9)	2.7
IBIT 124.9	167.6	(42.7)	64.9 62.3	(0.5) 60.0	105.3	(45.3)

Less redass of gain on Seneca
  Adjusted IBIT 124.9 167.6 (42.7)

Interest Expense

  64.9 62.3 (0.5) 60.0 105.3 (45.3)

tnt on 3rd party debt 37.1 31.2 5.9 18.2 16.7 1.5 18.9 14.5 A IA
Other trade interest - 4.8 (4.8) - 1.5 (1 5) - 3.3 (3.3)
Capitalized interest (1.4) (1.4) (0.7) (0.8) 0.1 (0.7) (0.6) (0.1)
  Int exp - trade 35.7 34.6 1.1 17.5 174 0.1 18.2 17.2 1.0

Interco interest (inc)/exp (10.5) (1.0) (9.5) (4.4) (0.5) (39) (6.1) (0.5) (5.6) J
25.2 33.8 (8.4) 13.1 16.9 (3.8) 12.1 18.7 (4.6)

10
A Gross margin decreased due to significantly high cost market combined with lower hydro generation and higher gas prices and S8.8mm trading reserve.
B Decrease due to capitalization of delivery system costs and lower restoration costs of ($6)mm. ($4)mm Corp lower O/H. (S3 8)mm employee benefit costs, and S2.4mm 2000 Colslrip cost of sale provision,
offset by higher energy efficiency expenditures of $ 1.4mm and S5mm non-recurring NEIL refunds.
C Deprec/Amort expense increased $5 mm due to S5mm lower credit amor8zations resulting from Sept. 2000 Trojan b/s offset.
D Decrease due to Seneca partnership terminated in 2000
E Decrease due to reversal of purchase accounting reserve for Customer Choice recorded in 2000.
F TOLI loss due to market downturn
G Increase in Other, Net due to non-recurring 2000 Y2K amortization of S2mm and Simm AFDC Equity.
H Interest paid on trading deposits $2.6mm. S1.8mm more debt outstanding at higher interest
I Lower commercial paper outstanding compared to 2000
J No current year interest on PGH borrowings from Corp., except interest Income on merger obligation (resulting from 9/00 Trojan offset) and Oneida balance outstanding.

20
K Increase due to wholesale sales at higher prices offset by higher cost of sales and lower hydro generation.
L O&M increase due to higher maintanence costs of S3mm, energy efficiency costs of S2.5mm capitalized in 2000. increase Corp O/H S2.7mm (01 catch up). SB 1149 costs $1.Smm,S3.4mm termination fee to GATX Capital Corp.,
increase from prior year purchase ecdg for merger MOU S3.4mm, offset by lower 15D restoration costs of $I mm.
M Deprc(Amort expense Increased due to S2mm lower credit amortization from 9/00 Trojan B/S offset. S3mm Oneida leasing portfolio. S3.4mm new power cost adjustment mechanism. & l12mm`tower DSM bond amort. offset by S2.2mm deferral Senate Bill 1149 expense
.
N Increase due to adjustment for miscellaneous other taxes.
O Seneca partnership terminated in 2000.
P TOLI gain - upturn In market.
0 Decrease due to S4.2mm partial Sullivan reserve reversal in 2000, offset by S1.erran merger receivable Interest income. ~~
  EC 002893238

EXH066-00449


=============
Page 24 of 47
=============


0 a- 0

Enron Corp
Retail Energy Services (RETAIL4)
Detailed Variation Analysis
2nd Quarter

IBIT

Gross revenues
Gas sales
Power sales
Originations
EFS
Outsource/EAM/Other
Enron Direct Canada
EES Europe (100%)
Total Gross revenues

  6 Mo Ended June 30 Second Quarter First Quarter
  2001 2000 Incr (Decry 2001 2000 Incr (Deer) 2001 2000 Inu (Deer)

  316.8 175 4 143.4
0.4 0.3 0.1
  295.9 135.7 160.2
363.4 270.3 93.1
39.3 8.5 30.8
  4.6 4.6
227.6 144.2 83.4
1,250.0 734.4 515.6

69.8	1135	(43.7)
0.2	03	(0.1)
156.6	100.6	56.0
1872	137.1	50.1
27.5	4 0	23.5
4.6		4.6
111.5	6` ..	462
557.4	420 a	136.6

249.0	61.9	187.1
0.2	-	0.2
139.3	35.1	104.2
1762	1332	43.0
11.8	4.5	7.3
116.1	78.9	37.2
692.6	313.6	379.0

Cost of sales									
Gas	(319.4)	(174.3)	(145.1)	(69.3)	(113.0)	43.7	(250.1)	(61.3)	(1888)
Power	(0.4)	-	(0.4)	-	-		(0.4)		(0.4)
EFS	(316.1)	(235.3)	(80.8)	(162.6)	(121.3)	(41.3)	(153.5)	(114.0)	(39.5)
Outsource/EAM/Other	(38.5)	(11.7)	(26.8)	(253)	(9.9)	(154)	(13.2)	(1.8)	(11.4)
Enron Direct Canada	(2.3)	-	(2.3)	(2.3)		(2.3)		-	-
EES Europe (100%)	(146.3)	(108.2)	(38.1)	(68.7)	(51.0)	(17.7)	(77.6)	(57.2)	(20.4)
Total cost of sales	(823.0)	(529.5)	(293.5)	(328.2)	(295.2)	(33.0)	(494.8)	(234.3)	(260.5)
Gross margin									
Gas sales	(0.6)	1.1	(1.7)	0.5	0 5	0.0	(1.1)	0.6	(1.7)
Power sales	-	0.3	(03)	02	0.3	(0.1)	(0.2)	-	(0.2)
Originations (granted from Wholesale EES)	295.9	135.7	160.2	156.6	1006	56.0 F	139.3	35.1	104.2 A
Facilities Services	47.3	35.0	12.3	24.6	15.8	8.8	22.7	19.2	35
Outsource & Other	0.8	(3.2)	4.0	2.2	(5.9)	8.1 G	(1.4)	2.7	(4.1)
Enron Direct Canada	2.3	-	2.3	2.3	-	2.3	-	-	-
EES Europe (100%)	81.3	36.0	45.3	42.8	143	285 H	38.5	21.7	16.8 B
Total Gross margin	427.0	204.9	222.1	229.2	125.6	103.6	197.8	79.3	118.5
									
Operating expenses	(323.8)	(164.1)	(159.7)	(165.4)	(80.5)	(84.9) I	(158.4)	(83.6)	(74.8) C
Deprec&amort	(19.1)	(17.3)	(18)	(103)	(82)	(2.1)	(88)	(9.1)	0.3
Taxes, other	(8A)	(4.5)	(3.9)	(3.0)	(1.9)	(1.1)	(54)	(2.6)	(2.8)
Equity in Unconsol. Affiliates	(28.2)	(17.0)	(11.2)	(13.3)	(189)	5 6 J	(149)	1 9	(16.8) D
Gain on sale of Resco warrants	50.0	45.0	5.0	20.0	250	(50) K	30.0	200	100 E
Other income, net	2.0	4.5	(2.5)	26	4 6	(2.0)	(0.6)	(01)	(0.5)
IBIT before Min. Int.	99.5	51.5	48.0	59.8	45.7	14.1	397	5.8	33.9
Minority Interest in EES		0.3	(0.3)		0.1	(0.1)		0 2	(0.2)
Total IB1T	99.5	51.8	47.7	59.8	45.8	14.0	39.7	6.0	33.7
									
Interest Expense									
Int on 3rd party debt	(0.8)	1.2	(2.0)	(09)	1.3	(22)	0.1	(0.1)	02
Other trade interest	0.5	-	0.5	0 2	-	0 2	0.3	-	0 3
Capitalized interest	(1.7)	(0.4)	(1.3)	(1 7)	(0.3)	(14)		(0.1)	0.1
Int exp - trade	(2.0)	0.8	(2.8)	(2.4)	1.0	(3.4)	0.4	(0.2)	06
Interco interest (inc)/exp	13.6	5.1	8.5	11.8	5 1	6.7	1.8		1.8
	11.6	5.9	5.7	9.4	6.1	3 3	2.2	(0.2)	2.4

0

.? 3

EC 002893239

EXH066-00450


=============
Page 25 of 47
=============



Enron Corp
Retail Energy Services (RETAIL4)
Detailed Variation Analysis
2nd Quarter

10
A Mark to Market (Gas and Power) gross margin represents origination on deals closed in the quarter. Significant deals closed in 1001 include: Quaker Oats 523.6mm, JC Penney 57.6mm. Saks 54.2mm, Verizon $7.5mm,
  Maine Electricity Consumer Cooperative 520.6mm, OCM BOCES 311.2mm, Owens Illinois 57.4mm, Ohio MSG $5.2mm. Pilkington OSM 54.2mm and OCM NYSEG $4.6mm. The remainder of the margin relates to Mass Market Gas 515.4mm
and other deals totalling 527.5mm.
B Change in Europe's margin reflects an increase of 323mm reflecting the growth in Europe's retail business. This increase is offset by 56mm of ETOL margin included in 1000, versus $0 ETOL margin In 1001. ETOL was transferred to
Wholesale n 4000.
C Operating expense increased as follows: Europe 57mm. EFS 3 5mm, 2000 bonus underaccrual 510mm, IBM IT costs 57mm, commissions 56mm. payroll and other employee-related expenses 520mm, bad debt expense 55mm, legal 54mm and
other Outside Services of 516mm.
D Equity loss in earnings of TNPC was 514.9mm in 1001. No equity loss was recorded in 1000. 51.9mm in 2000 reflects Europe ETOL equity earnings.
E Gain on sale of TNPC warrants in 1001 represents a larger amount of warrants monetized versus prior year.

20
F Includes commodity and DSM origination on deals. Significant deals closed n the quarters include: IBM restructuring $31.9 mm. Park Place Entertainment $14.4 mm. Home Depot $9.1, Harrah's 55.Bmm,
gas deals $20 mm, and other deals totalling approx. 547mm.
  Also includes $33.9 mm gain recognized in connection with the monetization of "A" and "C" Interest in LE Heston LLC (Eli Lilly LLC); and ($5.1) 01 Quaker topside redass from Cost of Sales .
G Includes Energy Asset Management (EAM) activities: EAM value changes. Asset OPS. and IPT call center services.
H Reflects Europe's continued growth in the retail/outsource business. Significant deal signed in 02: Sainsbury 56 mm. Prior year includes ($11 mm) of losses related to ETOL. ETOL not pail of EES Europe in 2001.
I Operating expenses increased versus prior year 02 as follows: Europe 59 mm, IBM/IT services 513mm. bonus $10 mm, commissions $10 mm. salaries/severance/other employee related expenses $35 mm;
also 2000 Includes a $16 mm allocation of expenses out of EES Retail to Wholesale EES for risk management support services; no allocation made n 02 2001.
J Equity loss n earnings of TNPC was 513.3mm n 2001 and 51e.5mm in 2000.
K Monetization of TNPC warrants (Raptor note).

EC 002893240



EXH066-00451


=============
Page 26 of 47
=============

S										
Enron Cap										
Enron Broadband Services (EBS)										
Detailed Variation Analysis										
2nd Quarter										
	6 Mo Ended June 30	Second Quarter		First Quarter		
	2001	2000	Incr (Decr)	2001	2000 Incr (Decr)	2001 2000	Incr (Deer)	
IBIT										
Gross revenues										
Dark fiber sales	2.7	189.9	(187.2)	2.2	152.4	(150.2) A	0.5	37.5	(37.0) A	
Software sales		10.0	(10.0)		-	-	-	10.0	(10.0) B	
Merchant Investments	(6.2)	7.2	(13.4)	(0.6)	(4.2)	3.6	(5.6)	11.4	(17.0) C	
Content Services	58.7	0.4	58.3	0.1	0.2	(0.1)	58.6	0.2	58.4 D	
Contract Originations	3.8	2.1	1.7	-	2.1	(2.1)	3.8	-	3.8 E	
Trading	29.3	-	29.3	9.2	-	9.2	20.1		20.1	
Europe	5.4		5.4	5.4	-	5.4	-	-		
Other	5.2		5.2	(0.5)	-	(0.5)	5.7		5.7	
Total Gross revenues	98.9	209.6	(110.7)	15.8	150.5	(134.7)	83.1	59.1	24.0	
Cost of sales										
Dark fiber sales	(4.7)	(78.2)	73.5	(4.6)	(70.4)	65.8 A	(0.1)	(7.8)	7.7	
Software sales	-	-		-	-		-	-		
Merchant Investments	
-	
-		
-		
-	
-			
Content Services	(1.6)	(3.8)	2.2	(1.6)	(3.8)	2.2	-		-	
Contract Originations										
Trading	(40.0)	-	(40.0)	(13.4)	-	(13.4)	(26.8)		(28.8)	
Europe	(4.3)	-	(4.3)	(4.3)	-	(4.3)	-			
Other	(0.3)	(0.4)	0.1	1.9	(0.4)	2.3	(2.2)		(2.2)	
Total cost of sales	(50.9)	(82.4)	31.5	(22.0)	(74.6)	52.6	(28.9)	(7.8)	(21.1)	
Gross margin										
Dark fiber sales	(2.0)	111.7	(113.7)	(2.4)	82.0	(84.4)	0.4	29.7	(29.3)	
Software sales	-	10.0	(10.0)	-		-	-	10.0	(10.0)	
Merchant Investments	(6.2)	7.2	(13.4)	(0.6)	(4.2)	36	(56)	11.4	(17.0)	
Content Services	57.1	(3.4)	60.5	(1.5)	(3.6)	2.1	58.8	0.2	58.4	
Contract Originations	3.8	2.1	1.7	-	2.1	(2.1)	38	-	3.8	
Trading	(10.7)	-	(10.7)	(4.2)	-	(42)	(6.5)	-	(8.5)	
Europe	1.1	-	1.1	1.1		1.1	-	-		
Other	4.9	(0.4)	5.3	1.4	(0.4)	1.8	3.5		3.5	
Total Gross margin	48.0	127.2	(79.2)	(6.2)	75.9	(82.1)	54.2	51.3	2.9	
										
Operating expenses	(142.7)	(121.3)	(21.4)	(73.1)	(74.3)	1 2	(696)	(47.0)	(22.6) F	
Deprec&amort	(30.5)	(112)	(19.3)	(16.5)	(8.3)	(8.2) G	(14.0)	(2.9)	(11.1) 0	
Taxes, other	(12.2)	(4.6)	(7.8)	(4.1)	(2.8)	(1.5) I	(8.1)	(2.0)	(6.1) H	
Other income, net	0.4	1.6	(1.2)	(2.1)	1.3	(3.4) J	2.5	0.3	2.2	
1817	(137.0)	(8.3)	(128.7)	(102.0)	(8.0)	(94.0)	(35.0)	(0.3)	(34.7)	
Interest Expense										
Int on 3rd party debt	20	-	2.0	0.9	-	0.9	1.1	-	1.1	
Other trade interest	-	0.1	(01)	-	0.1	(01)	-	-	-	
Capitalized interest	(7.8)		(7.8)	(1.1)		(1.1)	(8.7)		(6.7)	
Int exp - trade	(5.8)	0.1	(5.9)	(0.2)	0.1	(0.3)	(5.6)	-	(5.6)	
Interco interest (inc)/exp	2.2	9 1	(69)	2.3	61	(3.8)	(0.1)	3.0	(3.1)	
	(3.6)	9.2	(12.8)	2.1	8.2	(4.1)	(5.7)	3.0	(8.7)	

A Fiber routes were essentially complete at year-end.
B Software sale to Inktomi in 2000.
C Decrease due primarily to decline In Avid, Equinix and Mshow investments.
0 Monetization of additional portion of Content Services business $58M.
E Global Crossing S2.2M. Compaq SI.6M
F Headcount Increased to 970 from 690
G Assets placed in service in last half of 2000
H Increase primarlty due to higher payroll taxes (increased headcount) and ad valorem taxes.
I Increase primarily due to higher ad valorem taxes.
J Equity in affiliates of $(0.S)M in 2001 vs. SI.OM in 2000. and return of equipment to Cisco $(1.2)M.

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Corporate Staff and Service Group Analysis
Corporate Staff & Services Groups - Costs Retained
  (In eIousands at dollars, txcept headeount)



Executive
Legal
Risk Assessment & Controls
Accounting
Tax
SAP ISC
Strategic Sourcing
Investor Relations
Government Affairs
Public Affairs
Property Services & Aviation
Corporate Development
Human Resources
Community Relations
Benefit Plans
  Allocation of stock option charge
Amortization
IT costs - moved to ENW in 2001
Interest income

Six Months

Second Quarter

	First Quarter	
2001	2000	Variance
(10.3)	(5.6)	(4.7)
(2.9)	(2.2)	(0.7)
0.9	(0.1)	1.0
(3.9)	(3.6)	(0.3)
(4.4)	(2.1)	(2.3)
(1.9)	(1.9)	-
(2.0)	(0.4)	(1.6)
(1.1)	(0.9)	(0.2)
(3.1)	(0.1)	(3.0)
(2.2)	(3.6)	1.4
(1.1)	(1.7)	0.6
(1.3)	(1.0)	(0.3)
(5.1)	(3.0)	(2.1)
(2.3)	(2.2)	(0.1)
(36.5)	(13.1)	(23.4)
	10.9	(10.9)
(16.3)	(14.0)	(2.3)
	(9.4)	9.4
5.2	12.6	(7.4)

2001	2000	Variance
(15.8)	(12.6)	(3.2)
(6.1)	(3.7)	(2.4)
1.5	(0.6)	2.1
(8.4)	(7.9)	(0.5)
(7.5)	(5.0)	(2.5)
(5.6)	(2.0)	(3.6)
(4.0)	(2.4)	(1.6)
(1.8)	(1.7)	(0.1)
(5.0)	(2.2)	(2.8)
(11.0)	(9.9)	(1.1)
(2.4)	0.1	(2.5)
(2.1)	(1.5)	(0.6)
(7.3)	(7.3)	-
(3.8)	(5.3)	1.5
(41.7)	(22.7)	(19.0)
	21.8	(21.8)
(34.8)	(32.0)	(2.8)
-	(12.1)	12.1
5.6	13.4	(7.8)

2001	2000	Variance
(5.5)	(7.0)	1.5
(32)	(1.5)	(1.7)
0.6	(0.5)	1.1
(4.5)	(4.3)	(0.2)
(3.1)	(2.9)	(0.2)
(3.7)	(0.1)	(3.6)
(2.0)	(2.0)	
(0.7)	(0.8)	0.1
(1.9)	(2.1)	0.2
(8.8)	(6.3)	(2.5)
(1.3)	1.8	(3.1)
(0.8)	(0.5)	(0.3)
(22)	(4.3)	2.1
(1.5)	(3.1)	1.6
(5.2)	(9.6)	4.4
	10.9	(10.9)
(18.5)	(18.0)	(0.5)
	(2.7)	2.7
0.4	0.8	(0.4)

EBS costs	(12.1)	-	(12.1)	(7.4)	-	(7.4)	(4.7)	-	(4.7)
Special payments	(11.4)	-	(11.4)	(10.4)	-	(10.4)	(1.0)	-	(1.0)
Azura related	(1-1)	(8.0)	6.9	(1.1)	-	(1.1)	-	(8.0)	8.0
Xcelerator	(2.3)	-	(2.3)	(2.3)	-	(2.3)	-	-	-
Other	(11.8)	12.6	(24.4)	(10.0)	16.3	(26.3)	(1.8)	(3.7)	1.9
Total Corporate costs retained		.0			)	(57.2)			
Azurix	(62.9)	(16.8)	(46.1)	(31.4)	(10.8)	(20.6)	(31.5)	(6.0)	(25.5)
Structured Transactions	4.3	49.2	(44.9)	(0.5)	42.4	(42.9)	4.8	6.8	(2.0)
EREC	(9.3)	25.3	(34.6)	7.5	13.4	(5.9)	(16.8)	11.9	(28.7)
Clean Fuels	(6.4)	5.7	(12.1)	10.7	9.0	1.7	(17.1)	(3.3)	(13.8)
Enron Investment Partners	(3.3)	(1.6)	(1.7)	(1.9)	(1.2)	(0.7)	(1.4)	(0.4)	(1.0)
Total Corporate Other - recurring		)							

M IMI $:M PM

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EC 002893242

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S 0. 0

Enron Col
EREC EREC+ERECMIN
Detailed Variation Analysis
2nd Quarter

EREC EREC+ERECMIN
Gross Margin
Trent Mesa
Montford
German Sub --Tacke"
Lake Benton II
Other

Op Costs & Expenses ,
Equity in Unconsol Subs
  Qualified Facility Partnerships
Other
Other Income (excl Min Int)
  IBIT- EREC
EREC - Minority Interest

6 Mo Ended June 30	Second Quarter		First Quarter	
2001	2000	ncr (Decr)	2001	2000	Incr (Decr)	2001	2000 Incr (Decr)
							
11.4	-	114	8.2	-	8.2 E	32	-	3.2 A
5.1	-	5.1	1.7	-	1 7 E	3.4	-	3.4 A
19.7	13.8	5.9	20.7	6.2	145 F	(1.0)	7.6	(86) S
	18.7	(18.7)		157	(15.7) E	-	30	(3.0) A
2.6	7.7	(5.1)	1 9	5.2	(3.3) 1	0.7	2.5	(1.8)
38.8	40.2	(1.4)	32.5	27.1	5.4	C3	_1 3.1	(6.8)
(50.0)	(31.3)	(18.7)	(275)	(18.4)	(9.1) G	(22.5)	(12.9)	(9.6) C
3.0	16.4	(13.4)	3.4	45	(11) H	(0.4)	11.9	(12.3) D
(0.1)	0.3	(0.4)	-	0.3	(0.3)	(0.1)	-	(0.1)
(1.0)	0.3	(1.3)	(0.9)	(0.1)	(0.8)	(0.1)	04	(0.5)
(9.3)	25.9	(35.2)	7.5	13.4	(5.9)	(16.8)	12.5	(29.3)
	06	(0.6)					0.6	(0.6)
_(9.3)	26.5	(35.8)	7.5	13.4	(5.9)	(16.8)	13.1	(29.9)

1Q
A Project gross margin increased due to Trent Mesa and Montford projects in America during 2001 offset by Lake Benton 11 in 2000.
B Europe gross margin decreased due to lower turbine sales in 2001.
C Operating costs and expense increased primarily due to higher GSA costs in Europe.
D Qualified Facility Partnership income decreased due to 1999 Income being recorded in 2000 with no similar activity in 2001 and a build-up of reserves in 2001 due to utilities not paying on energy contracts.
20
E Project gross margin decreased due to percent of completion on Trent Mesa and Montford projects in America during 2001 vs 100% Lake Benton II project sale In 2000.
F Europe gross margin increased due to more turbine sales In 2001.
G Operating costs and expense increased due to higher GSA costs In Europe, primarily related to outside services.
H Qualified Facility Partnership income decreased due to 1999 income being recorded In 2000 with no similar activity in 2001 and a build-up of reserves in 2001 due to utilities not paying on energy contracts.
I Other lower due to higher warranty/teething costs and PanAero settlement of $1.2m in 2000 with no similar activity in 2001.

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Enron Corp
Clean Fuels
Detailed Variation Analysis
2nd Quarter

Clean Fuels
Revenues
Cost of Sales
Reversal against charge to reflect losses on contracted MTBE production
Op Costs & Expenses
Other income find Min Int)
  I81T - CF

6 Mo Ended June 30	Second Quarter		First Quarter	
2001 2000 Incr (Decr)	2001	2000 Incr (Deer)	2001	2000 Incr (Decr)
				
111.8 113.4	(1.6)	73.9	58.5	154	D 37.9	54.9	(17.0) A
(76.6) (77.8)	1 2	(43.5)	(35.7)	(7.8)	D (33.1)	(42.1)	9.0 A
- 15.4	(15.4)	-	7.7	(7.7)	B -	7.7	(7.7) B
(41.7) (45 - .	4.0	(19.8)	(21.7)	1.9	C (21.9)	(24.0)	2.1 C
0.2 0 : J	10.2)	0.1	0.2	(0.1)	0.1	0.2	(0.1)
(6.3) 5.	112.0)	10.7	9.0	1.7	(17.0)	(3.3)	(13.7)

A Primarily due to lower volumes as a result of the plants being non-operational for half of quarter.
B Reserve was fully utilized at end of second quarter 2000.
C Decrease due to Mt Belvieu Storage (co 1A1) moving to ETS roll-up.
D Primarily due to higher product price, mostly offset by lower volumes as a result of the plants being non-operational for half of quarter.

0

1; 8

EC 002893244

EXH066-00455


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ENRON CORD
  I CALCULATION OF EARNINGS PER SHARE

Numerator:
Basic
  Income before cumulative effect of accounting changes
Preferred stock dividends:
  Series J Second Preferred Stock
Series B Convertible Preferred Stock
  Income available to common shareholders before cumulative
effect of accounting changes
  Cumulative effect of accounting changes
Income available to common shareholders
Diluted
  Income available to common shareholders
  Effect of assumed conversion of dilutive securities:
Series J Second Preferred Stock (a)
  Series B Convertible Preferred Stock (a)
  Income before cumulative effect of accounting changes
Cumulative effect of accounting changes
  Income available to common shareholders after
assumed conversions

  Denominator:
Denominator for basic earnings per share - weighted-average shares
Effect of assumed conversion of dilutive securities:
  Series J Second Preferred Stock (a)
Series B Convertible Preferred Stock (a)
Stock options
  Forward Contracts
  Dilutive potential common shares
  Denominator for diluted earnings per share - adjusted
weighted-average shares and assumed conversions
Basic earnings per share:
  Before cumulative effect of accounting changes
Cumulative effect of accounting changes
  Basic earnings per share

Diluted earnings per share:
  Before cumulative effect of accounting changes
Cumulative effect of accounting changes
Diluted earnings per share

3 - months ended
June 30,
  2001 2000

$ 404.0 S 288.9

(4.0)	(4.3)
(16.4)	(16.4)
	
383.6	268.2
	
S 383.6 S	268.2
S 383.6 S	268.2
4.0	4.3
16.4	16.4

  404.0 288.9

S 404.0 S 288.9

757.3	733.4
32.0	34.9
50.0	50.0
22.9	43.9
28.9	-
133.8	128.8

  891.1 862.2

S 0.51 S 0.37
S - S -
S 0.51 S 0.37

S 0.45 S 0.34
S - S -
S 0.45 S 0.34

(a) The Series J Second Preferred Stock and the Series B Convertible Preferred Stock are both
dilutive in the second quarters of 2001 and 2000.



6 - months.ended
June 30,
  2001 2000

S 810.0 S 626.6
(8.1) (8.7)
(32.7) (32.9)
769.2 585.0
19.0
S 788.2 S 585.0

S 769.2 $ 585.0

  8.1 8.7
32.7 32.9
810.0 626.6
19.0 -

S 829.0 S 626.6

754.6	728.0
32.6	34.9
50.0	50.0
27.4	44.1
16.9	-
126.9	129.0

881.5 857.0

S 1.02 S 0.80
S 0.03 S -
S 1.04 S 0.80

S 0.92 S 0.73
S 0.02 S -
S 0.94 S 0.73

EC 002893245

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EXH066-00456


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Intexp 2g01 als. interest

Enron Corp.
Interest Expense
(esSons of Doessi

Interest on third party debt
Co 99 only
Interest on long-term debt
Interest on short-term debt
Other Interest • Inter Company
Interest rate swaps

Corp & IVEST4E (excluding Co 99)
Elims (ENRON4E)
ECM (Corp)
EREC
Clean Fats
ETS-(NNGIrWP)
EOTT
PGE
EGPG
EGEPG
Wholesale:
North Amefca(EGSVC)
WHOLE4E
Enron - Europe(ECINT)
Global Assets
CALME
APACHI
South America
San Juan
India
EGBLM(Global Markets)
ECMGR(Wholesa)e)
EENGC
Industrial Markets (EIM)
MoleselsOther
WholesalsEES

EBS
EES(Relail)
Total 3rd Party
Capitalized Interest
EGPG
PGE
North America
EGBLM(Global Markets)
Middle East
Global Assets
CALME
APACHI
ESA
India
El HO(CRPINT)
EBS
EES
CORP
EREC
Clean Fuels
Total Capitalized Interest
Amort of debt discount
Discount on assigned receivables

Total Intercompany Interest
Total Interest Expense

ff

		2000 Actuate				2001 Actuate		2nd Qtr
tat Otr	2nd Qtr	3rd Qtr	4th cur	Year	1st Otr	2nd Qtr 3rd Otr 4th Otr	Year	Variance
								
100.6	101.7	99.9	125.2	427.3	67.4	67.3	154.7	(11.4)
1.9	1.1	(2.8)	6.1	6.3	2.4	4.7	7.1	3.6
0.1	2.3	(2.4)	-	-	33.6	42.2	76.6	39.9
6.6	16.6	7.6	(4.0)	26.7	(15.2)	(36.0)	(53.2)	(63.6)
109.0	120.7	102.3	127.3	469.3	96.2	96.2 -	194.4	(24.6)
26.2	13.8	(1.2)	(11.91	26.0	110.91	(0.6)	(11.6)	(14.4)
•	-	14.3	(19.2)	14.91	(0.6)	33.0	32.4	33.0
(0.4)	29.7	62.3	10.3	161.9	74.5	77.1	161.9	47.4
0.6	1.6	0.8	2.1	6.2	1.0	0.6	1.6	40.9)
•		(0.2)	(0.1)	(0.3)	(0.1)	(0.2)	(0.3)	(0.2)
10.6	9.9	9.6	9.5	39.4	9.4	9.4	16.6	(0.6)
•	-				-	0.2	0.2	0.2
17.6	19.2	10.4	18.0	72.4	16.9	18.3	37.2	0.1
				•		(0.3)	(0.3)	10.31
0.3	-	6.1	14.8	21.2	0.2	10.0	10.2	10.0
		(3.2)	-	(3.2)	(1.0)	-	(1.0)	.
4.7	(1.1)	14.0	22.6	40.2	6.4	16.0	20.4	16.1
.					13.6	16.0	31.9	16.0
0.6	(0.3)	0.2	2.0	2.4				0.3
0.7	2.2	4.6	4.1	11.6				(2.2)
(1.6)	(3.1)	6.9	3.6	4.9				3.1
0.2	0.2	0.3	-	0.7	-			(0.2)
•	0.1	1.9	1.3	3.3		-		(0.1)
-	-	0.1	6.7	6.9	0.6	0.3	0.9	0.3
2.2	4.2	4.2	6.9	17.6	11.7	10.7	22.4	6.6
		-	0.3	0.3				
						(4.0)	(4.0)	(4.0)
						(24.2)	(24.2)	(24.2)
-		-		-		0.2	0.2	0.2
7.1	2.2	34.0	61.3	104.6	30.7	26.0	66.7	23.8
•	0.1	0.1	0.6	0.9	1.1	0.9	2.0	0.9
(0.1)	1.3	5.4	(1.3)	5.3	0.6	(0.7)	(0.2)	(2.0)
169.9	197.4	245.1	266.7	669.7	212.7	259.9	472.6	62.6
(0.1)	(0.1)	(0.3)	(0.2)	(0.7)		(0.3)	(0.3)	(0.2)
(0.6)	(0.6)	(1.0)	(1.0)	(3.4)	(0.7)	(0.7)	(1.4)	0.1
(9.21	17.3)	0.1	0.6	114.9)	0.1		0.1	7.3
•	-		(0.3)	(0.3)	(0.6)	(0.1)	(0.6)	(0.1)
						(0.2)	(0.2)	(0.2)
-						0.1	0.1	0.1

•	-	(1.5)	(0.1)	(1.9)
-	(1.1)	(0.61	(1.0)	(3.0)
•	(2.1)	1.4	(0.3)	(1.0)
(0.3)	(0.4)	11.6)		(2.3)
(0.7)	0.9	0.2		0.4
•			(25.6)	(26.6)
(0.1)	(0.3)	0.4	-	
(2.2)	(1.5)		(1.0)	(4.7)
(0.1)	(0.1)	0.2		
(12.3)	(13.1)	12.7)	(29.2)	(57.3)
3.7	1.7	4.4 ,	4.6	19.3

				
	6.5			6.6
161.3	196.6	247.4	234.0	636.2
161.3	196.6	247.0	234.0	83 7.8

		1.4
		2.1
		0.4
		(0.9)
116.711 (1.2)	(79)	(1.2)
• (1.7)	(1.7)	1(1.4)
(6.6) (4.6)	(13 0)	(4.6)
• (0.1)	(0.1)	1.4
		0.1
16.31 46.71 -	(26.01	4.4

  4.6 6.0 10.8 1.3
(42.2) (12.) (49.7)
  201.2 216.0 419.2 19.6
201.2 216.0 416.2

30


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EC 002893246

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EXH066-00457


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Enron Corp.					
Dividends on Preferred of Subs					
(Millions of Dollars)					
(Preliminary)		2000 Actuals		
	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year
IVEST:					
Enron Capital Trust I (1 P1) - TOPrS	4.2	4.1	4.1	4.2	16.6
Enron Capital Trust 11(964) - TOPrS	3.0	3.0	3.1	3.0	12.1
Enron Capital Trust III (970) - ACTs	3.2	3.3	-	-	6.5
Enron Capital LLC (579) - MIPS	4.3	4.2	4.3	4.3	17.1
Enron Capital Resources LP (655) - MIPS	1.7	1.7	1.7	1.7	6.8
Organizational Partner, Inc (604)	0.4	0.4	0.4	0.4	1.6
	16.8	16.7	13.6	13.6	60.7
PGE	0.6	0.6	0.5	0.6	2.3
EEC (445)	-	2.1	4.4	2.1	8.6
EGBLM(Global Markets)	-	2.4	1.2	1.9	5.5
EGA(37T)	-	-		-	-
Rounding entry	0.7	(0.7)		(0.1)	(0.1)
Total Dividends on Pref of Subs	18.1	21.1	19.7	18.1	77.0
	18.1	21.1	20.4	18.1	77.7

31

Intexp 2g01.xls, div on pref




2001 Actuals

1st Qtr	2nd Qtr 3rd Qtr 4th Qtr	Year
		
4.2	4.1	8.3
3.0	3.0	6.0
4.3	4.3	. 8.6
1.7	1.7	3.4
0.4	0.4	0.8
13.6	13.5 -	27.1
0.6	0.6	1.2
2.2	2.2	4.4
1.9	1.9	3.8
(0.3)	-	(0.3)
18.0	18.2 - -	36.2
18.0	18.2	.36.2

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_	ENRON CORP. -	-				
	Table I - Earnings Summary					
	(Unaudited: in millions, except per share data)				
		Quarter En	ded		Six Months Ended
		June 30,			June 30,	
		2001	2000		2001		2000
							
							
		Revenues						
							
	Transportation and Distribution:						
	Transportation Services $	150 $	166	$	396	$	372
	Portland General	831	431		1,598		828
	Wholesale Services	48,478	15,967		96,984		28,296
	Retail Energy Services (a)	557	420		1,250		734
	Broadband Services	16	151		99		210
	Corporate and Other (including intercompany eliminations)	28	(249)		(138)		(409)
	Total Revenues $	50,060 $	16,886	$	100,189	$	30,031
							
							
	After tax results						
							
	Net income excluding nonrecurring items $	404 $	289	$	810	$	627
	Non-recurring item:						
	Cumulative effect of accounting changes	-	-		19		-
	Net income $	404 $	289	$	829	$	627
							
							
	Eamings per share (diluted) (b)						m
							
	EPS (diluted) excluding nonrecurring items $	0.45 $	0.34	$	0.92	$	0.73
	Non-recurring item:						
	Cumulative effect of accounting changes	-	-		0.02		-
	EPS (diluted) $	0.45 $	0.34	$	0.94	$	0.73
	Average shares outstanding (diluted) (b)	891.1	862.2		881.5		857.0

(a) See Table 3b, note b.
(b) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the
first two quarters of 2000 and 2001. The average number of diluted shares outstanding
reflect the impact of equity-related commitments that would be dilutive if funded at Enron's
current share price. These commitments begin to settle in 2003.

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  0


  0



  Second Quarter 2001
ENRON CORP.
Table 2a - Results by Segment
(Unaudited: in millions, except per share amounts)

IBIT:
Transportation and Distribution:
  Transportation Services
Portland General
Wholesale Services
Retail Energy Services
Broadband Services
Corporate and Other
  IBIT
Interest and Related Charges, net
Dividends on Preferred Securities
of Subsidiaries
Minority Interests
Income Tax Expense
Net Income
Preferred Dividends (a):
Second Preferred Stock
Series B Preferred Stock
Earnings on Common Stock

Average Number e' . --~. -res Used:
Basic
  Diluted (b)

Earnings per Common Share:

  Non-
Recurring Recurring Total

$ 77 $	- $ 77
65	- 65
802	- 802
60	- 60
(102)	- (102)
(109)	- (109)
793	- 793
215	- 215
18	- 18
30	- 30
126	- 126
404	- 404
4	- 4
17	- 17
$ 383 $	- $ 383
	
	757.3
891.1	- 891.1

  Basic $ 0.51
Diluted $ 0.45 $ - $ 0.45

(a) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the second quarter of 2001.
(b) The average number of diluted shares outstanding reflect the impact of equity-related commitments that would
be dilutive if funded at Enron's current share price. These commitments begin to settle in 2003.

0

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Second Quarter 2000
ENRON CORP.
Table 2b - Results by Segment
(Unaudited: in millions, except per share amounts)

  Non-
Recurring Recurring Total

IBIT:			
Transportation and Distribution:			
Transportation Services	$ 77 $	$	77
Portland General	62	-	62
Wholesale Services	415	-	415
Retail Energy Services (a)	46	-	46
Broadband Services	(8)	-	(8)
Corporate and Other	17		17
IBIT	609	-	609
Interest and Related Charges, net	196	-	196
Dividends on Preferred Securities			
of Subsidiaries	21	-	21
Minority Interests	39	-	39
Income Tax Expense	64		64
Net Income	289	-	289
Preferred Dividends (b):			
Second Preferred Stock	4	-	4
Series B Preferred Stock	17		17 M
Earnings on Common Stock	$ 268 $	- $	268
			
Average Number of Shares Used:			
Basic			733.4
Diluted	862.2	-	862.2
Earnings per Common Share:			
Basic		$	0.37
Diluted	$ 0.34 $	- $	0.34

(a) See Table 3b, note b.
(b) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the second quarter of 2000.


  0

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Six Months 2001
ENRON CORP.
Table 2c - Results by Segment
(Unaudited: in millions, except per share amounts)


  is



IBIT:
Transportation and Distribution:
  Transportation Services
Portland General
Wholesale Services
Retail Energy Services
Broadband Services
Corporate and Other
  IBIT
Interest and Related Charges, net
Dividends on Preferred Securities
of Subsidiaries
Minority Interests
Income Tax Expense
Net Income Before Cumulative Accounting Change
Cumulative Effect of Accounting Change, net of tax
Net Income
Preferred Dividends (a):
Second Preferred Stock
Series B Preferred Stock
Earnings on Common Stock

Average Number of Shares Used:
Basic
  Diluted

Earnings per Common Share:
Basic
  Diluted

Non-
Recurring Recurring Total

$ 210 $		$	210
125			125
1,557			1,557
100			100
(137)			(137)
(267)			(267)
1,588	-		1,588
416			416
36			36
70			70
256			256
810	-		810
-	19		19
810	19		829
8			8
33			33
$ 769 $	19	$	788
			
			754.6
881.5	881.5		881.5
			
		$	1.04
$ 0.92 $	0.02	$	0.94

0

(a) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first two quarters of 2001.

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Six Months 2000
ENRON CORP.
Table 2d - Results by Segment
(Unaudited: in millions, except per share amounts)

Non-
Recurring Recurring Total


  Is

WIT:			
Transportation and Distribution:			
Transportation Services	$ 205 $	- $	205
Portland General	167	-	167
Wholesale Services	844	-	844
Retail Energy Services (a)	52	-	52
Broadband Services	(8)	-	(8)
Corporate and Other	(27)	-	(27)
IBIT	1,233	-	1,233
Interest and Related Charges, net	357	-	357
Dividends on Preferred Securities			
of Subsidiaries	39	-	39
Minority Interests	74	-	74
Income Tax Expense	136	-	136
Net Income	627	-	627
Preferred Dividends (b):			
Second Preferred Stock	8	-	8
Series B Preferred Stock	33	-	33
Earnings on Common Stock	$ 586 $	- $	586
			
Average Number of Shares Used:			
Basic			728.0
Diluted	857.0	-	857.0
Earnings per Common Share:			
Basic		$	0.80
Diluted	$ 0.73 $	- $	0.73

(a) See Table 3b, note b.
(b) The Second Preferred Stock and the Series B Preferred Stock are both dilutive in the first two quarters of 2000.

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  0



	ENRON CORP.		
	Table 3a - Business Highlights-	- - -	
	(Unaudited)		
	Quarter Ended	Six Months Ended
	June 30,	June 30,	
	2001 2000	2001	2000
Transportation Services				
(In Millions)			
Net Revenues	$ 121 $ 148	$ 364 $	349
Operating Expenses	54 76	161	141
Depreciation and Amortization	17 17	34	33
Equity in Earnings	16 10	30	17
Other, net	11 12	11	13
IBIT	$ 77 $ 77	$ 210 $	205

Total Volumes Transported (BBtu/d) (a)

Northern Natural Gas	2,908	3,237	3,327	3,691
Transwestern Pipeline	1,973	1,606	1,859	1,584
Florida Gas Transmission	1,574	1,591	1,404	1,571
Northern Border Pipeline	2,303	2,429	2,396	2,447
Portland General				
(In Millions)				
Revenues $	831 $	431	$ 1,598	$ 828
Purchased Power and Fuel	624	252	1,206	454
Operating Expenses	94	76	161	154
Depreciation and Amortization	55	46	106	92
Other Income, net	7	5	-	39
IBIT $	65 $	62	$ 125	$ 167
Retail Customers (end of period, thousands)	728	726	728	726
Electricity Sales (Thousand MWh)				
Residential	1,548	1,480	3,719	3,841
Commercial	1,785	1,769	3,605	3,641
Industrial	1,139	1,235	2,339	2,404
Total Retail	4,472	4,484	9,663	9,886
Wholesale	3,035	4,909	5,774	9,190
Total Sales	7,507	9,393	15,437	19,076

(a) Reflects 100% of each entity's throughput volumes.

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		ENRON CORP.				
		- Business Hig
Table
3b	hlights			
		-
-
(Unaudited)				
		Quarter Ended		Six Months Ended
		June	30,		June 30,
		2001	2000		2001	2000
	Wholesale Services					
	(In Millions)					
	Commodity Sales and Services	$ 762 $	420	$	1,547	$ 676
	Assets and Investments	134	55		193	275
	Unallocated Expenses	(94)	(60)		(183)	(107)
	IBIT	$ 802 $	415	$	1,557	$ 844
	Commodity Sales and Services					
	Physical Volumes (BBtue/d)					
	Gas:
North America	
24,585	
22,438		
25,913	
21,523
	Europe and Other	7,290	3,593		7,991	3.031
		31,875	26,031		33,904	24,554
	Transportation Volumes	458	595		482	526
	Total Gas Volumes	32,333	26,626		34,386	25,080
	Crude Oil and Liquids	10,054	5,048		8,454	5,591
	Electricity (a)	31,337	15,056		28,595	13,613
	Total Physical Volumes (BBtue/d)	73,724	46,730		71,435	44,284
						
	Electricity Volumes (Thousand MWh)					
	United States	212,464	124,089		408,527	226,992
	Europe and Other	72,704	12,912		109,043	20,756
	Total	285,168	137,001		517,570	247,748
	Financial Settlements (Notional)(BBtue/d)	258,443	152,627		280,447	147,247
						
	Retail Energy Services					
	Revenues (in millions) (b)	$ 557 $	420	$	1,250	$ 734
	IBIT (in millions) (b)	60	46		100	52
	Total Contract Value (in billions)(c)	7.2	3.8		13.1	7.5
	Broadband Services					
	Revenues (in millions)	$ 16 $	151	$	99	$ 210
	IBIT (in millions)	(102)	(8)		(137)	(8)
	Terabytes Delivered (d)	98,478	13,692		141,878	19,697

(a) Represents electricity volumes, converted to BBtue/d.
(b) Beginning in 2001, risk management activities associated with Enron's North American retail customers are managed
by Wholesale Services. Prior to the restatement, Retail Energy Services' reported revenues and recurring IBIT
  were $840 million and $24 million, respectively, for the second quarter of 2000 and $4,615 million and $103 million,
respectively, for the full year 2000. Restated full year 2000 revenues and recurring IBIT were $1,766 million
  and $111 million, respectively.
(c) Represents customers' estimated future expenditures related to new contracts.
(d) Unit of measurement for data delivered, equal to one trillion bytes.


  is

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0 0- 0

SELECTED FINANCIAL DATA
Enron Coro. and Subsidiaries

			1999					2000					2001	
(in Millions Except Per Share Amounts	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st Qtr	2nd Qtr	Year
Revenues, Net of Intercompany														
Transportation and Distribution														
Transportation Services	$ 178	$ 121	$ 160	$ 175	$ 634	$ 202	$ 163 $	126	$ 201	$ 692	$	247 $	148 'S	395
Portland General	299	296	407	377	1,379	397	382	663	608	2,050		686	787 '	1.473
Wholesale Services (l)	6,691	8,702	10.841	9,938	36,172	12,162	15,632	28,445	39,201	95,440.		48,407	48,616 '	97.023
Retail Energy Services 11)	188	157	181	321	847	288	409	513	452	1,662		642	283 '	925
Broadband Services	-	-	-	-	-	59	151	135	63	408		85	15 '	100
Exploration and Production (21	149	175	105	-	429		-	-	-	-			-	
Corporate and Other	127	221	141	162	651	37	149	125	226	537		62	211	273
Total	7,632	9,672	$ 11,835	10,973	$ 40,112	13,145	$ 16.886	30,007	40,751	$ 100 789		50129	50060	100,189
Net Income														
Income (Loss) Before Interest, Minority Inlrests and Income Taxes													~	
Transportation and Distribution														
Transportation Services	$ 126	$ 72	$ 85	$ 97	$ 380	$ 128	$ 77 $	83	$ 103	$ 391	$	133 $	77 ' $	210
Portland General	92	56	52	105	305	105	62	74	100	341		60	65 '	125
Wholesale Services (1)	328	363	375	233	1,299	429	415	630	778	2,252		755	802	1,557
Retail Energy Services (1)	(39)	(33)	(15)	37	(50)	6	46	27	32	111		40	60 .	100
Broadband Services	-	-	-	-	-	-	(8)	(20)	(32)	(60)		(35)	(102)'	(137)
Exploration and Production 121	12	20	33		65		-			-		-	-	
Corporate and Other	14	9	23	1	17	44	17	128	134	289		158	109 '	267
IBIT - Recurring	533	469	507	475	1,982	624	609	666	84	2,46		795	93	1,588
Non-Recurring Items (See Analysis of Reported Earnings)			13		13				264	264				
Total IBIT	533	469	520	473	1,995	624	609	666	83	2,482		9	793	1,588
Interest and Related Charges, net	175	175	187	119	656	161	196	247	234	838		201	215 '	416
Dividends on Company-Obligated Preferred Securities of Subsidiaries	19	19	19	19	76	18	21	20	18	77		18	18	36
Minority Interests	33	23	38	41	135	35	39	35	45	154		40	30 '	70
Income Tax Provision (Benefit)	53	30	14	35	104	72	64	72	226	434		130	126 '	256
Net Income Before Cumulative Changes	253	222	290	259	1,024	338	289	292	60	979		406	404	810
Cumulative Effect of Accounting Changes, net of tax	131				131							19		19
Net Income	122	222	290	259	893	338	289	292	60	9		4	404	829
Preferred Stock Dividend (3)	4	19	19	24	66	20	21	21	21	83		20	21	41
Earnings on Common Stock	$ 118,	203	$ 271	$ 235	827	318	$ 268	271	39	896	$	405 $	383	788
Earnings Per Share 141														
Basic	0 17	0 29	0 38	$ 0 33	1 17	0 44	0.37	0 31	005	122		0 54	0 51	1 04
Diluted														
Recurring	$ 0 34	$ 0 27	$ 0 27	$ 031	$ 1 18	$ 0 40	$ 0 34 $	0 34	$ 0 41	$ 1 47	$	0 47 $	0 45 $	0 92
Non-Recurring Items (See Analysis of Reported Earnings)	(0181		0 08		(008				036	(035)		0 02		0 02
Reported	0 16	$ 0 27	$ 0 35	$ 031	$ 1 10	$ 0 40	$ 0 34 $	0 34	$ 005	$ 1 12		0 49 $	0 45 $	0 94
Depreciation, Depletion and Amortization														
Transportation and Distribution														
Transportation Services	$ 17	$ 17	$ 18	$ 14	$ 66	S 16	$ 17 $	16	$ 18	$ 67	$	17 S	17 $	34
Portland General	46	48	43	44	181	46	46	60	59	211		51	55	106
Wholesale Services	57	70	71	96	294	75	85	89	94	343		92	109	201
Retail Energy Services	6	4	9	10	29	9	9	10	10	38		9	10	19
Broadband Services	-	-	-	-	-	3	8	52	14	77		14	16 '	30
Exploration and Production 121	82	89	42	-	213	-	-	-	-	-		-	-	
Corporate and Other	7	8	42	30	87	23	27	29	40	119		30	33	63
Total	$ 215	$ 236	$ 225	$ 194	$ 870	172	$ 192 $	256	$ 235	$ 855	$	213	240	453

11) Boorserg in 2001, risk management xewties assoaated with Ervon's real customers are managed by Wholesale Services Prior period Wholesale Sconces and Retail
Energy Services artnotrds have been restated
(2) Reflects omits of Enron Oil S Gas trough August 16, 1999. the date of the share exchange transaction, following this date the res is of the exploration and production
operations in Inca and Chins are included in Wholesale Services.
(3) The Second Preferred Stock and the Series B Preferred Stock are both dtutive in the Arst hot quarters of 2000 and both antidlutive in the fourth quarter The Second
Preferred Stock is ditutive for the year-to-date 2000, write the Series B Preferred Stock is anldlubve for the same period The Second Preferred Stock and the Series 8
Preferred Stock are both dlubve in the Arst two quarters of 2001.
(4) A4usted to reflect two-for-one corman stock split elective August 13, 1999.

39

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•- !

ANALYSIS OF REPORTED EARNINGS i
Enron Corp. and Subsidiaries

				1999				2000				2001	
In Millions, Except Per Share Amounts		1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr 3rd Qtr 4th Qtr	Year		1st Qtr	2nd Qtr	Year 1
Diluted Earnings Per Share - Recurring (1)	$	0 34	$ 027 $	0.27	$ 0 31	$ 1.18	$ 0.40	$ 0.34 $ 0 34 $ 0.41 $	1.47	$	0.47	$ 0.45 $	092,
Non-Recurring Earnings (Loss) Items Per Share p)													

Charge to reflect impairment by Azurix of certain assets		
-	
-	
-				
- - (0.41)	
(0.40)		
-	
-	i
-
Gain on The New Power Company, net		-	-	-	-	-		- 0.05	0.05			•	
Gain on sale of subsidiary stock		-	-	0.44	-	0.45	-	- - -	-		-		
Charge to reflect losses on impairment of MTBE assets		-	-	(036)	-	(0.36)	-	- -	-		-		
Cumulative effect of accounting changes (2)		(0.18)	-	-		(017)	-	- - -	-		0.02		0 02
Total Non-Recurring Earnings (Loss) Items Per Share		(0.18)	-	0 08	-	(0.08)	-	- - (0.36)	(0.35)		0.02	-	0 02
Reported Diluted Earnings Per Share •	$	016	$ 0.27 $	0 35	$ 031	$ 1.10	$ 0.40	$ 0.34 $ 0 34 $ 0.05 S	1.12	$	0 49	$ 0.45 $	0.94.
Average Number of Common Shares Used In Diluted Computation (tpp)		744.6	771 1	781.1	7791	7690	851.9	8622 869.6 787.7	8139		871.6	891 1	881 5 .
Non-Recurring Earnings (Loss) Items - After tax (4)													
Charge to reflect impairment by Azurix of certain assets	$	-	$ - $	-	$ -	$ -	$ -	$ - $ - $ (326) $	(326)	$	•	$ - $	
- r
Gain on The New Power Company, net				-	-	-	-	- 39	39		-	-	,
Gains on sales of subsidiary stock				345	-	345	-	-	-		-		
Charge to reflect losses on impairment of MTBE assets			-	(278)		(278)		- - -	-		-		
Cumulative effect of accounting changes (2)		(131)		-	-	(131)	-	- -			19	-	19
Total Non-Recurring Earnings Loss Items - After tax	$	131	$ - $	67	$ -	$ 64	$ •	$ - $ • $ 267 $	287	$	19	$ - $	19
Non-Recurring Earnings (Loss) Items - Pretax													i
Charge to reflect impairment by Azurix of certain assets	$	-	$ - $	-	$ -	$ -	$ -	$ - $ - $ (326) $	(326)	S	•	$ - $	'
Gain on The New Power Company, net		-	-	-	-	-	-	- 62	62			-	
Gains on sales of subsidiary stock		-	-	454	-	454	-	- - -	-		-	-	
Charge to reflect losses on impairment of MTBE assets		-	-	(441)	-	(441)		- - -			-	-	-
Cumulative effect of accounting changes (2)		(200)	-	-	-	(200)	-	- - -	-		31		31
Total Non-Recurring Earnings (Loss) Items - Pretax	$	200	$ - $	13	$ -	$ 187	$ -	$ - $ - $ 264 $	264	S	31	$ $	31

(1) A lusted to reeecl two-for-one common stock split effective August 13.1999,
(2) 1999 primarily due to the adoption of an accounting prorwuncemenl ie,iring that costs for all star)-up activities and organization costs be expensed as incurred. 2001 due to the adoption of an accounting pronouncement
regriring the measuremerd of all derivative instrrsnenb at fair value
(3) to 2001, he average rwnber of diluted shares outstanding reflect the impact of equity instruments indexed to Erron corrosion stock The eg.ily instruments, which terminate begmng in 2003, were originated in conjunction
with oft-balance sheet structures.
(4) Except where a specific tax isle applied, assumes a 35% tax rate.

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CAPITAL STRUCTURE AND STATISTICS
Enron Corp. and Subsidiaries

			1Yae					suvw				'-'	•~
On Millions Except Per Share Amounts	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year		1st off	r 2nd Qtr
Common Shares Outstanding (1)													
Average, Basic	6834	7080	714 1	7153	7053	722.5	7334	7412	747.6	136.2		7515	7573
Average, Diluted	7446	771 1	781 1	779 1	769.0	8519	8622	869.6	787.7	8139		871.6	8911
End of Period. Dilated	7644	7790	781 1	783.2	783.2	861.3	858.3	812.3	791.1	824.5		8742	9008
Market Price Per Share (end of period) in	S 32.125 S	40.875 $	41063 S	44 375 S	44 375 $	74.875 $	64 500 $	87.645 $	83.125 $	83.125	$	58.100 S	49 000
Dividends Per Share													
Cumulative Second Preferred Convertible Stock ('Series J') (2) (3) (4)	S 3 413 S	3 413 S	3 413 $	3 413 $	13 652 $	3.413 $	3.413 $	3.413 S	3413 $	13.652	S	3.413 S	3 413
Junior Convertible Preferred Stock ('Series A') (s)	-	59 150	59 233		118 383		-		-	-			-
Junior Manditoriy Convertible Preferred Stock ('Series B') (4) (5)	-		4 333	65.000	69 333	65.000	65 000	65.000	65 000	260 000		65.000	65 000
Common Stock (1)	0 125	0125	0 125	0 125	0.500	0 125	0125	0.125	0.125	0.500		0 125	0 125
Company-Obigated Preferred Securities of §ubsidiaries													
8% Cumulative Preferred ('Series 9) (3)	0.500	0.500	0 500	0 500	2000	0 500	0 500	0500	0 500	2.000		0.500	0 500
9% Cumulative Preferred ('Series A') i	0.563	0 563	0 563	0.563	2 252	0 563	0 563	0.563	0.563	2 252		0 563	0 563
8.57% Cumulative Preferred	2.142 500	2.142.500	2.142 500	2.142.500	8.570 000	2.142.500	2.142 500	2,142 500	2.142 500	8.570 000		2,142.500	2,142.500
7 39% Cumulative Preferred	1,847 500	1,847 500	1.847.500	1,847 500	7,390.000	1,847.500	1,847.500	1.847 500	1.847.500	7,390 000		1.847.500	1,847 500
8.30% Trust Originated Preferred ('Serves T')(3)	0 519	0 519	0 519	0 519	2076	0 519	0 519	0 519	0 519	2076		0.519	0 519
8.125% Trust Originated Preferred ('Series R') (3)	0508	0 508	0508	0 508	2.032	0508	0508	0.508	0.508	2.032		0.508	0508
7.1% Qrmuitive Preferred	19.878	19 878	19 878	19 878	79 512	19 878	19878	19.878	19.878	79512		19 878	19 878
Adjustable Rate Trust Securities 181	13 653	12.968	13 177	14 430	54 228	16.105	11.691	-	-	27.796			
7.75% Cumulative Preferred	1.938	1.938	1938	1.938	7.750	1938	1938	1.938	1.938	7.752		1938 .	1 938
LNG Power If. L.L.C Preference Units							18.125	18.125	18.125	54 375		18 125	18125

Capital Structure

Total Debt $	9.419 $	8.979 $	8.592 $	8,152 S	8.152	$ 10,172 $	11,697 $	13,781 $	10,229 $	10,229	S 11,922	n/a
Percent	44 1	415	414	38.5	38.5	43 7	46.3	495	40.9	40.9	44 2	n/a
Minority Interests S	2.125 S	2.475 $	1.822 $	2.430 $	2.430	$ 1,872 $	1,893 $	1,889 $	2,414 $	2,414	$ 2,418	n/a
Percent	99	114	8 8	115	11.5	8.0	7.5	6.8	9.7	9.7	9 0	n/a
Company-Obigaled Preferred Securities of Subsidiaries $	1,001 $	1,001 $	1.001 S	1,000 S	1,000	$ 1,099 $	899 $	904 $	904 S	904	$ 904	n/a
Percent	47	46	48	4.7	4.7	47	36	32	3.6	3.6	33	n/a
Shareholders' Equity $	8,824 $	9.206 $	9,345 $	9.570 $	9,570	$ 10,140 $	10,769 $	11,276 $	11,470 $	11.470	$ 11,727	n/a
Percent	413	425	450	453	453	436	426	405	458	450	435	n/a
	Annual	Date	Optional	Redemption			Securities			
PREFERRED STOCK	Dividend Rate	Issued	Call Date	Price	Authorized		Original Issue	Outstanding at 6f3N2001	
Enron Corp, Second Preferred Stock ('Series J ') (21 (31 (4) $	13 65	8/83	8/93 $	100	1,370.000		2,396.455		1,162.649	
Enron Corp. Junior Manditoriy Convertible Preferred Stock ('Series B') (4) (s)	6500%	9/99	We	4.000	250.000		250.000		250,000	
Preferred Securities of Subsidiary Companies										
Enron Capital L.L.C. ('Series C) (3)	8.000%	11/93	(1/98	25	9.200,000		8,550,000		8,550.000	
Enron Capital Resources. L P ('Series A') (3)	9000%	7194	8199	25	3.000,000		3.000,000		3,000.000	
Enron Equity Corp	8.570%	12/94	12/99	100,000	880		880		880	
Enron Equity Corp	7.390%	4/96	4/01	100.000	150		150		150	
Enron Capital Trust I ('Series T') (3)	8300%	11/96	12/01	25	8.000.000		8,000,000		8.000.000	
Enron Capital Trust ii ('Series R')(3)	8125%	1/97	3/02	25	6,000.000		6,000,000		6,000,000	
Private Placement	7.100%	3/97	4/02	n/a 0)	20,000		20.000		20,000	
Enron Capital Trust III (el	Variable	6/97	Vanabb	1,000	200.000		200.000			
Portland General Electric Company	7750%	6/93	n/a	100	30,000.000		300,000		300000	
LNG Power Ii, L L C. Preference Units	6740% tel	3100	rr/a	1.000	105.000		105.000		105.000	
11) Adjusted to retied teowfor-one common dock spi .aecboe August 13, 1999				(51 On September 24. 1999, one sure of Sums B Am Mau tody Corwer06k Preferred Stock was issued n eecb.pe for each shoe of	
(2) Each share is coneeetble into 27.304 shoes of Boron common dock d lhe holder's option	folowirg M cal by Boron o 1993 (adjusted for common		Series A Arior Voting Comer" Preferred Stow. Each shoe of Suite 8 a marrdsorh corwerkbte ieo 200 shoes of Erron
 common	
dock spa e0edre August 13. 1999) The dwidend it equel to err. higher of i I O.SO per .her. or eu egwdere diNd.rd oral wend be pad d ere sham.		dock on Jeerary 15. 2003					
had bean converted				16)	Redeemed Am 4. 2000					
(31 Pmdc sty traded on ft New York Stock Exchange				(7)	Redemption price tries bred on orpnd new meorss				
(4) The Second Preferred Stock and eu Swims B Preferred Stock we both dkrtive n he lad he* goiters of 2000 and both rbdkbve n he fourth quarter	(9)	mace rate it 6 74% ircre.ang to 179%,					
The Second Preferred Stock is dkbn for the yew-to-dole 2000. while the Series B Preferr	ed Stock is w*dkh.e far era same period The Second							
Preferred Stock and the Series BPref.rr.d Stock we both dkrtive inch id two graders of 2ool.								EC 002893257



EXH066-00468


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•				0	-				0
CONSOLIDATED BALANCE SHEET									,
Enron Corp. and Subsidiaries									,
		1999				2000			2001
In Millions	3131	6130	9/30	12131	3131	6/30	9/30	12131	3/31
Current Assets									i
Cash and cash equivalents $	296 $	286 $	316 $	288 $	466 $	718 $	697 $	1,374	$ 1.086
Trade and other receivables, net	3,534	3,522	3.851	3.548	4,352	6,269	7,675	12,270	11,310
Assets from price risk management activities	1,554	1.756	2,156	2.205	3.139	5.696	7,294	12,018	12,672
Inventories	458	557	613	598	437	571	1,942	953	650
Other	603	772	631	616	939	1,116	1,198	3,766	3,449
Total Current Assets	6,445	6,893	7,567	7,255	9,333	14.370	18,806	30,381	29,167
Investments and Other Assets									i
Investments in and advances to unconsolidated equity affiliates	4,632	4.779	4,968	5,036	6,020	5,621	5,376	5,294	5.694
Assets from price risk management activities	2,271	2,364	3,052	2,929	3,428	5,228	7,367	8,988	9,998
Goodwill	2,690	2,696	2.636	2.799	2,905	3,408	3,646	3.638	3,609
Other	5,076	5,599	5,578	4,681	5,101	5,728	6,348	5,459	7,217
Total Investments and Other Assets	14,669	15,438	16,234	15,445	17,454	19,985	22,737	23,379	26,518
Property, Plant and Equipment, at cost	17,197	17,507	12,924	13,912	14,012	14,682	15,133	15,459	15,297
Less accumulated depreciation, depletion and amortization	5,612	5,691	3,149	3,231	3,315	3,471	3,680	3,716	3,722
Net Property. Plant and Equipment	11.585	11,816	9,775	10.681	10.697	11,211	11.453	11,743	11.575
Total Assets $	32,699 $	34,147 $	33,576 $	33.381 $	37,484 $	45,566 $	52,996 $	65,503	$ 67.260
Current Liabilities									
Accounts payable $	2,694 $	2,603 $	2,281 $	2,154 $	2,914 $	4,400 $	5,390 $	9,777	$ 8,686
Liabilities from price risk management activities	1,542	2,386	2,829	1,836	2,697	4,292	6,187	10,495	10,840
Short-term debt	-	-		1,001	1,884	1,486	3,117	1.679	2,159
Other	1,408	1,457	1,559	1.768	1,695	2,044	2,408	6.455	5,885
Total Current Liabilities	5,644	6,446	6,669	6,759	9,190	12.222	17,102	28,406	27,570
Long-term Debt	9,419	8,979	8,592	7,151	8,288	10,211	10,664	8,550	9,763
Deferred Credits and Other Liabilities									
Deferred income taxes	2,194	2.352	1,908	1,894	1,791	1,678	1,565	1,644	1,625
Liabilities from price risk management activities	1.852	2,068	2.521	2,990	3.510	5.525	7.314	9,423	10.472
Other	1,640	1,620	1,718	1,587	1,594	2,369	2,282	2,692	2,781
Total Deferred Credits and Other Liabilities	5,686	6,040	6,147	6,471	6,895	9,572	11,161	13.759	14,878
Minority Interests	2,125	2,475	1,822	2,430	1.872	1,893	1,889	2,414	2.418
Company-Obligated Preferred Securities of Subsidiaries	1.001	1,001	1,001	1.000	1,099	899	904	904	904
Shareholders' Equity									
Cumulative second preferred convertible stock	131	131	130	130	129	127	127	124	121
Junior voting convertible preferred stock	1,000	1.000	1.000	1,000	1,000	1,000	1,000	1,000	1,000
Common stock	6,249	6,588	6.640	6,637	7,041	7,665	8,003	8,348	9,513
Retained earnings	2,256	2.369	2,537	2,698	2,922	3,101	3,277	3.226	3,525
Cumulative foreign currency translation adustmenl	(711)	(760)	(653)	(741)	(756)	(861)	(958)	(1,048)	(1,193) ,
Common stock held in treasury	(50)	(1)	(1)	(49)	(16)	(84)	(18)	(32)	(1,082) i
Restricted stock and other	51	121	108	105	180	179	155	148	157
Total Shareholders' Equity	8,824	9,206	9,345	9,570	10,140	10,769	11,276	11.470	11,727

  EC 002893258
I

  I

EXH066-0046


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Page 44 of 47
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CONSOLIDATED STATEMENT OF CASH FLOWS
Fnron Cnm and Suhsidiari•s


lln Millionsl	
3131	YTO 1999
6130 9130	
IgLU_	
3131	YTD 2000
6130 9130	
12131	YTD 2001
3131
Cash Flows From Operating Activities									
Reconciliation of net income to net cash provided by (used in) operating activities									
Net income	$ 122	$ 344 $	634	$ 893	S 338 $	627 S	919 $	979	$ 425
Cumulative effect of accounting changes	131	131	131	131	-	-	-		(19)
Depreciation, depletion and amortization	215	451	676	870	172	364	620	855	213
Impairment of long-lived assets (including equity investments)	-	-	441	441	-		-	326	-
Deferred income taxes	2	(11)	(38)	21	30	31	22	207	113
Gains on sales of non-merchant assets	(12)	! 12)	(461)	(541)	(18)	(90)	(135)	(146)	(32)
Changes in components of working capital	(556)	ii	(1,072)	(1,000)	(313)	(524)	(188)	1.769	(599)
Net assets from price risk management activities	(518)	' 4l	55	(395)	(52)	(799)	(952)	(763)	(270)
Merchant assets and investments:									
Realized gains and losses on sales	(22)	(161)	(252)	(756)	(31)	29	15	(104)	26
Proceeds from sales	26	561	708	2,217	199	553	683	1,838	135
Additions and unrealized gains	(135)	1829)	(657)	(827)	(517)	(1,095)	(1,414)	(1,295)	(74)
Other operating activities	87	150	208	174	265	357	530	1,113	382
Net Cash Provided by (Used In) Operating Activities	660	38	43	1,228	457	547	100	4,779	464
Cash Flows From Investing Activities									
Capital expenditures	(519)	(969)	(2,022)	(2,363)	(496)	(1,009)	(1,549)	(2,381)	(382)
Equity investments	(409)	(648)	(718)	(722)	(316)	(390)	(870)	(933)	(716)
Proceeds from sales of non-merchant assets	43	138	245	294	17	105	222	494	339
Acquisition of subsidiary stock	-	-		-	1485)	(485)	(485)	(485)	
Business acquisitions, net of cash acquired	(38)	(40)	(213)	(311)	(144)	(358)	(773)	(777)	(33)
Other investing activities	201	340	447	405	69	111	147	182	332
Net Cash Used in Investing Activities	1.130	1859	3155	3507	1493	(2,254)	(3,602)	(4,264)	11,124)
Cash Flows From Financing Activities									
Issuance of long-term debt	114	1,301	1,570	1,776	1,361	2,479	2,725	3,994	1,747
Repayment of long-term debt	(68)	(645)	(1,417)	(1,837)	(393)	(431)	(545)	(2,337)	(996)
Net increase (decrease) in short-term borrowings	1.119	128	2,038	1,565	962	1.301	1,694	(1,595)	799
Net issuance (redemption) of company-obligated preferred securities of subsidiaries		-	-	-	105	(95)	(95)	(96)	
Issuance of common stock	839	889	889	852	179	264	182	307	119
Issuance of subsidiary equity		513	513	568	-	-		500	-
Dividends paid	(113)	(227)	(346)	(467)	(156)	(265)	(396)	(523)	(143)
Net (acquisition) disposition of treasury stock	119	181	223	139	70	(129)	354	327	(226)
Other financing activities	35	68	67	140	-	107	8	6	
Net Cash Provided by Financing Activities	1,975	2.2Z?	3,122	2,456	2,128	3,231	3,911	571	1,300
Increase (Decrease) in Cash and Equivalents	185	175	205	177	178	430	409	1.086	(288)
Cash and Cash Equivalents, Beginning of Period	111	111	111	111	288	288	288	288	1,374
Cash and Cash Equivalents. End of Period	296	286	316	288	466	71	697	1.374	1,086
Capital Expenditures									
Transportation and Distribution									
Transportation Services	$ 25	$ 50 $	66	$ 120	$ 10 $	2 S	33 $	71	$ 60
Portland General	29	60	128	196	31	78	130	199	54
Wholesale Services	278	610	1,035	1,216	317	523	862	1,280	145
Retail Energy Services	22	34	49	64	17	30	40	70	12
Broadband Services			-	-	71	219	280	436	84
Exploration and Production	92	180	227	226	-	-	-		
Corporate and Other	73	35	517	541	50	157	204	325	27
Total	519	969	2.022	2.363	496	1,009	1.549	2,381	8
Equity Investments -									
Transportation and Distribution									
Transportation Services	S	S - $		$	$ - $	. $	. $	1	S 3
Portland General	-	-	-	-	-		-	-	
Wholesale Services	381	6A7	709	712	304	372	848	911	388
Retail Energy Services	-	-			-	-		-	-
Broadband Services	-		-		-		-		
Exploration and Production									
Corporate and Other	28	1	9	10	12	18	22	21	325
Total	409	64	71	722	316		70	93	71




i
i
I

EC 002893259.

EXH066-00470


=============
Page 45 of 47
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SELECTED FINANCIAL AND OPERATING HIGHLIGHTS
?__. _._r_.1_. _..J 111.1_1 L..1~.. T...w..w......61ww C.....L.e..

IOIIS VI Iat11111 a11V VIstri u on - I fans o on .I

In Millions, Except Where Noted	clwl..c	a

1st Qtr		

2nd Qtr	
1999
3rd Qtr		

4th Qtr	

Year	

1st Qtr		

2nd Qtr	
2000
3rd Qtr		

4th Qtr	

Year		

1st Qtr	
2001
2nd Qtr		

Year
																				
Transportation Services
Gross Margin
Operating Expenses
Depreciation and Amortization
Equity in Earnings of Unconsolidated Affiliates
Other
net	
$	
181
61
17
8
15	
$	
124
65
17
8
22	
$ 145
64
18
14
8	
$	
176
74
14
8
1	
$ 626
264
66
38
46	
$ 201
65
16
7
1	
$	
148
76
17
10
12	
$ 119
63
16
28
15	
$	
182
76
18
18
(3)	
$ 650
280
67
63
25	
$	
243
107
17
14
-	
$ 121
54
17
16
11	
$	
364
161
34
30
11
,
Reported Income Before Interest and Taxes	$	126	$	72	$ 85	$	97	$ 380	$ 128	$	77	$ 83	$	103	$ 391	$	133	$ 77	$	210
																				
Northern Natural Gas (100%. Owned)
Transportation Revenues
Average Transportation Rate (per MMBIu)
Grs Transportation BBlu/d	
$
$	
140
0.35
4,464	
$
$	
87
0 27
3.553	
$ 86
$ 0.27
3.525	
$
$	
137
0 40
3.738	
$ 450
$ 0.32
3,820	
$ 164
$ 0.44
4,147	
$
$	
69
0 23
3.237	
$ 77
$ 0 28
3.009	
$
$	
136
040
3,728	
$ 446
$ 0 34
3.529	
$
$	
170
0 50
3,750	
$ 76
$ 0 29
2,908	
$
$	
246
0 42
3,327
																				
Transwestern Pipeline (100% Owned)
Transportation Revenues
Average Transportation Rate (per MMBIu)
Gas Transportation BBtu/d	
$
$	
35
0.28
1,393	
$
$	
35
0.27
1,419	
$ 36
$ 0 25
1,575	
$
$	
36
0 27
1,460	
$ 142
$ 0 27
1,462	
$ 36
$ 0.24
1,566	
$
$	
36
0.25
1,606	
$ 39
$ 0 24
1,746	
$
$	
40
0.25
1,715	
$ 151
$ 025
1.657	
$
$	
41
0.26
1,744	
$ 45
$ 0.25
1,973	
$
S	
86
0.26 '
1,859
																				
Florida Gas Transmission (50% Owned)
Transportation Revenues
Average Transportation Rate (per MMBtu)
Gas Transportation 68Iu/d	
$
$	
75
0 68
1,225	
$
$	
76
0.54
1,546	
$ 78
$ 0 47
1,659	
$
$	
76
0.54
1,538	
$ 305
$ 056
1.495	
$ 76
$ 0 54
1,563	
$
$	
77
0 53
1,591	
$ 78
$ 0.51
1,649	
$
$	
77
0.66
1,270	
$ 308
$ 056
1,501	
$
$	
80
0 72
1.234	
$ 87
$ 061
1574	
$
$	
167
0 66
1,404
																				
Northern Border Pipeline (8% Owned)
Transportation Revenues

Gas Transportation (BBtuld)
Rate Der 100 Dekatherm Miles	
$


$	
74

2.388
0 037	
$


$	
73

2,405
0 037	
$ 74

2.419
$ 0.036	
$


$	
78

2,406
0 036	
$ 299

2,405
$ 0 037	
$ 76

2,464
$ 0041	
$


$	
77

2,429
0.041	
$ 78

2,420
$ 0 040	
$


$	
79

2,460
0 040	
$ 310

2,443
$ 0.041	
$


$	
77

2,490
0 037	
$ 77

2,303
$ 0 037	
$


$	
154
i
2,396
0 037

EC 002893260



EXH066-00471


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Page 46 of 47
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												i

SELECTED FINANCIAL AND OPERATING HIGHLIGHTS												i
Transportation and Distribution - Portland General Electric												
			1999					2000				2001	
In Millions Except Where Noted	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	Year
Revenues (Portland General Group)													
Residential	$ 134	$ 98	$ 86	$ 120	$ 438	$ 135	$ 99	$ 90	$ 124	$ 448	$ 134	$ 98	$ 232
Commercial	89	86	96	96	367	92	92	102	102	388	94	90	184
Industrial	36	39	46	52	173	46	51	56	55	208	48	47	95 ;
Accrued (Collected) Revenues	10	6	7	3	26	3	2	9	-	14	-	-	- I
Retail Revenues	269	229	235	271	1004	276	244	257	281	1058	276	235	511
Wholesale	25	62	166	102	355	114	182	466	409	1,171	480	587	1,067
;
Other	5	5	6	4	20	7	5	6	9	27	11	9	20
Total Revenues	299	296	407	377	1.379	397	431	729	699	2,256	767	831	1.598
Purchased Powers Fuel	100	119	241	179	639	202	252	522	485	1,461	582	624	1,206
Operating Expenses	70	79	74	81	304	78	76	85	82	321	67	94	161
Depreciation & Amortization	46	48	43	44	181	46	46	60	59	211	51	55	106
Other Income (Expense)	9	6	3	32	50	34	5	12	27	78	7	7	-
Income Before Interest and Taxes	92	$ 56	$ 52	$ 105	$ 305	$ 105	$ 62	$ 74	$ 100	341	$ 60	65	125
													
Operating Statistics (Portland General Electric)													;
Retail Customers (End of Period. Thousands)	708	711	714	719	719	724	726	722	725	725	727	728	728
Electricity Sales (Thousand MWh)													
Residential	2,342	1,618	1,440	2,004	7,404	2,361	1,480	1,444	2,148	7.433	2,171	1.548	3.719
Commercial	1,816	1,746	1,951	1,879	7.392	1.872	1,769	1,964	1,922	7.527	1,820	1,785	3.605
Industrial	1,020	1,083	1,162	1,198	4,463	1.169	1,235	1,249	1,259	4.912	1200	1,139	2,339
Total Retail	5,178	4,447	4,553	5,081	19.259	5,402	4.484	4,657	5,329	19,872	5.191	4,472	9,663
Wholesale	1,338	3,053	4,921	3,300	12,612	4,281	4,909	5,703	3,655	18,548	2 739	3,035	5,774
Total Sales	6,516	7.500	9,474	8,381	31,871	9,683	9,393	10,360	8,984	38.420	7,930	7,507	15,437
Average Billed Revenue (~ per kWh)													
Residential	5.73	6 08	6 04	5 99	591	5 72	6.69	6 23	5.77	6.03	617	627	6.21
Commercial	4.91	492	487	512	497	491	520	519	531	5.15	516	504	5.10
Industrial	3 49	3 63	396	4 32	3 88	3.93	4.13	4.48	4 37	4.23	400	4 21	4.10
Total Retail	500	503	501	5 27	5 08	5 05	540	5 33	5.27	5 25	5 32	5 25	5.29
Wholesale	1 88	2 03	3 37	3 11	2 82	266	3 71	8.17	11.19	6.31	17 52	1934	18 48
Total Sales	4.36	3.81	415	4 42	418	400	4.51	6.89	7.68	5 77	9 67	1104	1034
Resource Mix													
Coal	18%	12%	14%	16%	15%	13%	7%	9%	14%	11%	16%	12%	14%
Combustion Turbine	4%	6%	8%	14%	8%	10%	6%	14%	17%	12%	17%	17%	17%
Hydro	13%	10%	5%	8%	9%	8%	7%	4%	6%	6%	6%	7%	6%
Total Generation	35%	28%	27%	38%	32%	31%	20%	27%	37%	29%	39%	36%	37%
Firm Purchases	47%	61%	61%	56%	57%	62%	74%	63%	53%	63%	53%	58%	56%
Secondary Purchases	18%	11%	12%	6%	11%	7%	6%	10%	10%	8%	8%	6%	7%
Total Resources	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
Average Variable Power Cost (Mills/kWh)													
Generation	80	8.7	101	115	113	121	145	151	160	145	240	196	222
Firm Purchases	16.7	16.8	303	250	232	233	250	501	430	349	912	1117	1016
Secondary Purchases	15.0	. 18.5	220	27 4	197	255	746	1266	2266	1236	1739	1772	1753
Total Average Variable Power Cost	150	15.5	247	207	200	208	269	488	52 1	372	719	836	776
													I
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EC 002893261
													



EXH066-00472


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Financial Settlements (Notlonal)(BBtueld) 95,151

Interests and Income Taxes
i	
$ 232 $	
88	
$ 169 $	
121	
$ 610	
$ 256 $	
420	
$ 407	
$ 539	
$ 1,622	
$ 785	
$ 762 $	
1.547
ces (1)
Commodity Sales and Serv	136	325	240	149	850	220	55	305	309	889	59	134 '	193
Assets and Investments
l
d E	(40	(50)	(34)	(37	(161	(47)	(60)	(82)	70	259	(89)	94	(183)
xpenses
locate
Una		363	$ 375 $	233	$ 1
299	$ 429 $	415	$ 630	$ 778	$ 2,252	$ 755	$ 802 $	1.557
Reported WIT	$ 328 S				.								
												i	
Physical Volumes (BBtueld)													
Gas:
North America	
13,042	
12,513	
13,321	
14,625	
13,380	
20,606	
22.438	
24,625	
28.410	
24.033	
27,256	
24,585 '	
25.913
Europe and Other	1,799	1,223	1,640	1,630	1.572	2,469	3,593	3,605	4,866	3,637	8,699	7,290 ,	7.991
Total Physical Sales Volumes	14.841	13,736	14.961	16,255	14.952	25.075	26.031	26,230	33,276	27,670	35,955	31,875
5
'	33,904
8
ortation Volumes
Trans	556	513	537	693	575	456	595	618	925	649	506	4
8	4
2
p
Total Physical Gas Volumes	15,397	14,249	15,498	16,948	15,527	23,531	26,626	28,848	34,201	28,319	36,461	32,333.	34,386
Crude Oil and Liquids	4.284	8,822	4.699	6,824	6,160	6,134
12
170	5,048
15
056	5,754
18
857	7,406
23
068	6,088
17
308	6,836
822
25	10.054
31
337 '	8,454
595
28
Electricity (2)	9,594	10,637	12,406	10,306	10,742	,	,	,	,	,	,	,	,
Total Physical Volumes	29,275	33,708	32,603	34,078	32,429	41,835	46,730	53,459	64,675	51,715	69.119	73,724	71,435
Electricity Volumes (Thousand MWh)	
962
85	
94
966	
111
336	
254
88	
518
380	
102.903	
124,089	
162,963	
188,832	
578,787	
196,063	
212.464 '	
408,527
United Slates
Europe and Other	,
384	,
1,833	,
2,795	,
6,564	,
11,576	7.844	12.912	10,525	23,389	54,670	36,339	72.704 '	109.043
Transaction Volumes Marketed	86,346	96,799	114,131	94818	392.094	110,747	137,001	173,488	212.221	633.457	232,402	285.168	517.570

SELECTED FINANCIAL AND OPERATING HIGHLIGHTS

Wholesale Services 1999 2000 2001 .
In Millions, Except Where Noted 1st Qtr 2nd Qtr 3rd Qtr 4th Our Year 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr 2nd Qtr ' Year
Income Before Interest, Minority

141.865 - 152,627 212,174 276,865 196.148

7

Retail Energy Services			1999					2000				NO	
In Millions, Except Where Noted	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	Year
Revenues(i)	$ 181	$ 161	$ 202	$ 332	S 876	$ 314	$ 420	$ 535	$ 497 $	1,766	$ 693	$ 557 , $	1,250
WIT (recurring) Ill	$ (39)	$ (33)	$ (15)	$ 37	$ (50)	$ 6	$ 46	$ 27	$ 32 $	Ill	$ 40	$ 60 $	100
Total Contract Value (In Billions) (3)	$ 1 7	$ 1 7	$ 2 5	$ 2 6	$ 8 5	$ 3 7	$ 3 8	$ 41	$ 4 5 $	161	$ 5 9	$ 7 2 $	131

							
Broadband Services 1999			2000				2001 '	
In Millions, Except Where Noted 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr	Year	1st Qtr 2nd Qtr	3rd Qtr	4th Qtr	Year	1st Qtr	2nd Qtr	Year
	-	$ 59 $ 151	$ 135 $	63 $	408	$ 83	$ 16 $	99
Revenues - -
- -	-	$ - $ (8)	$ (20) $	(32) S	(60)	$ (35)	S (102) S	(137)
IBIT
-	-	005 13692
6	19.446	33.263	72.406	43,400	98,478	141.878
Terabytes Delivered (4) -		,						
(1l Beginning in 2001, risk management activities associated wih Error's retail cuslomers are maruged by Wholesale Services Prior period Wholesale Services and R.Iat Energy Services amounts have been restated.
-					
12) Represents electricity volumes. converted to BBtre/d.							
(3) Represent, customers' esimated fuka..openi lures related to new contacts.							
(4) Unit o1 measurement for data delivered, equal to anm trillion bytes.							

EC 002893262

  46
EXH066-00473