ft

Transmlssleui & Dlst,lhutlon
  * Enrori Transportation Swvices
  Portland General
Total Tr~ismlsslon & Distribution

Wholesale Energy OperatIons & Seivices
  Americas
  Europe
  Global Markets
  Industrial Markets
  Net Woriw
  Global Assets
  Other Wbofesale
   Subtotal
  Global Finance
  Global E&P
  Retail Risk Management
  Prepeys
  Other
Total Wholesale Energy Opt & Services

Enron Energy Services

Eurorl Broadband Services    *.

Corporate and Other
  Atwix
  Enmn RenewebJe Energy Corp
  Clean Fuels
  Enron lrNosbnent Partners
  Coo,ornte & Other Expenses
  Structured Transactions
  Reclass lronvto Whole sale
Total Corporate & Other

	   ENRON
EARNINGS RELEASE - EXTERNAL FORMnr
      ~Atns Cf Genii. ixceM Ubsed)

2001

Ftrst Quarter

Plan      Update     Poncast

$

$  130.0
   100.0
   230.0


   2855
   80.5
   45,0
     as
     (4.4)

     (0.8)
   482.3
   49.5
     4.?
     V.-

   (30.1)
   105.5
   608.8

   48.5

   (35.0)

A

 *  411.1)
 *  . (10.0)
     (15.3)
     10.11
     (61.8)
      40

r -     -
     (101.1)

Overview

      A


(43.81
(43.S).


545.2
  4.5
  0.1
  0.2 -.

(43.2)
(17.8j
489.0
(37.5)
  10.3.
(195.0)-

(115.7)
160.3

  (8.9)


    4,

(14.4)
  (8.O~
  0.2
  (0.0)
(20.0)


(43.1)

22.4

      INCOME BEFORE 1211., tiLl. & INC. TAXES
	Interest Expense, Net
	Dividends on Preferred Stock of Subsldlafles
	Minoilty interest
      PRETAX INCOME
	income Tax Expense
      NET tNCOME - RECURRING

      DILUTED ePa
 -     Racuning
 *     Nori-rectirring
      mIAL DILUTED EPa

      Avg shares ouLstandin~ * D~tuied
      Effective Tax Rate - -Remirfing Eam~ngs
      CtOOtJP.WchaJtOALS.flTcfl~c8IjfljoiCt,3Ot.45I1.4 Cl
      Afl2jDl incaS na

    771:7
    203.2
    18,4
    238
    529.2
    128.3
$   400.0


A   0.45

1   0.46

    885.0
    24.0%

    13.0~
     5.2

    13.4
    14.4
     35
S   10.9

$  KISO.O

       58.2
     188.2


    810.7
 *   83.0
     45.1
       8.7
       C4.4)
     449
     (18.0)
    971.4
  * A2.0
     15.0
    (195.8)
  V  (35.1)
 *   (10.1)
    7571

     39.6
  *  (38.0)-


    f31.5).
     (18.8)
     (16.1)
     (10)
     (81.6)
     - 4.0

    (144.2)

       0.0

    804.?

    208.4
  * tlS.A
     37.2
    540.7.
    -izs:s
 $  410.9

$*  0.02    $   0.41

    0.02    S.  OAT
	  A     57~j


	      *24 0%

    2000      OlveGO
   Actual     Growth

  $  127.9
-t   105.3
     233.2

-20%

      137.5 i
      67.1
      50.0

      (14.2)
      87.5

*.    308.6
      1044
       4.1

     (22.9)
      29.8
     423.9
.4

      11.3

      (0.3)

I

     * (8.0)
       11.9
       (3.3)
 *     (0.4)
     * (35.7)
       8.8
     (114)
       $4.1)


     812.7

     181.1
       18.1
       34.9 ~
     398.6
       72.2
   $ 326.4
  a

 *  $   0.38
 4

    1   038

	851.9
    ~
	    '4

-I. -

79%

250%


31%.
29%
4--


38%

28%


24%

								F0001942468

4

Ito VERNMENT
I   EXHiBIT
U    4474      U





				4     4

				    ENRON
		  2001 cjPERATING & STRATEGIC PLAN - FC.~IECAST
		   INCOME BEFORE INTEREST & TAXES DYBUS1MHSS UNIT
			      (MWouolDoflrs,.notnne0

Subtotal Tmnsn,Isslon 6 DIstilbuilon

Plan

Anerlcas
Europe

Otba: Mauiwis
WidufliaI thartbte
Net Wdrks
Sic bat Assets
Oilier WtiSeute
 Sub total

Global FMance
£GEP

LEa Wholesale books
Pri~ays
SkUCLUVAd TrafisacUons & Oilier
 Sitlotal Wholesale

Enrort Tranapoctadon Servioes
Po~tlrnd Gerer2J


293
Annh
EREC
Clean Fuels
Enron Invesimeot PanDers
Corporate and Oilier
OvtrAen
Income before lot £ Inc taxes
Financing Related Expense
Inwme Tv SAP tOSS
TOTAL NET 04COME-R~CURR1NG
Antl.dlIutlvo ~mterred dividends
TOTAL NET tNCOME.R~CURRING
t'4oci.Pecurrtng Net lnwmo
TOTAL NET INCOME

OJLIJTED EPS
 Reairrlng
 Non-recuning
TOTAL DILUTED EPS


Mg amires otatstandtog - DIluted
		 V

	      4

Effecvve mx Rate: RecuMng EamIn~s

$     957.9
      347.8
      270.0
       ea.o

      103.6
      278.9


    tO 16.1

  Eftct of
'Asset Sales
  Timing

		Othir          Other
Adjusted   - Adjustments..  Adjustments.
Forecast       Original     Incremental

	 -     $    851.t    $   1.059,2
	 -          347A
	 -          270.0        '(100.0)
		     83.0
		    tots
		    328,2
___________          13.11  ___________

51.3


51.3

160.0         -  -
	  7,--
 4.1            15.3

2,067 A

 180.0

  20.0

(62.3)

		Total
	      Adjusted
	      Forecast

$    4144Z   $
	-         3475

100.0

878.4         (44.2)

	      (90.0)

(200.0)

      (168,3)
      293.2
    2,305,7

      390.0
      100.0
      490.0

      269.0

      (6~.0)
      (75.4)
      (10.0)

      (30.6)

       (0.6)
      (226.6)


    2,826.6
      623A
      480.8
$   1,5224


    1.5224


    1 522.4


S

S      111


       531.0

       88.8


       eta
       91.8


       10.0
       ISA
       294.6

       (25.5)
5      (50.7)

       (BO.7I

(188.3)

 293.2
2,372,3

(145.0)

531A

390.0

191.2

       531.8

       269.0
       (65.0~

       (75.4)
       (10.0)

       (305)

	(0.5)
       (228.6)


     2,815.0
       918.0

       455.3

£    1,441.7

     1,441.7

==4=s =-j~
$     (009)  $      162

$     (009)  S      162

883.0

885.0

      (44.0)

      (25.0)
      (17.3)
       (8.0)


   *  (33.0)


   -  384.t


       87.4
$     276.7

      276.7


      .276.?


$      032

$      0.32


       8850

24.0%           24.0% '   ..'   24.0%

(1342)

	2 70,0
	63.0
	103.8

	245.4


      2,899.8

	NA
	20.0

	(200.0)
  . .   (168.3)

 *    . 145.2
 *    2,769.5

	       390.0

	       191.6
	       581.6
	       226.0
.25.0          (65.0)
   -           (92.7)
   -           (18.0)

	       (30.6)
   *            (0.5)

	       (flOA)

		50.0

	      3,128.9
	      1,091.2
	       488.8
	 $    1,547.1

       (31.0)
       90.0

       (50.2)
       1762
       (54.11
$    (1714)


     (171.3)

1,547.1

     rIrisi        1,847.1


$     (019)   5      176

$     (0.19) . $     1.75'


       8555       .  885.0

24.0%

240%

CtOCWbiO.*0CAtS.II~r~,M*S,tM~.,flg, tMVaO~
dfl±IU*328AV

EC001942469

4..





				 ENRON    £          -
		 2001 uPERATING & STRATEGIC PLAN- FU.ECAST
		  rNOoME BEFaRE JNTERES1' & TAXES BY BUSINESS UNIT
			     o~ran e4 Dollars, except as netedi
						     I

Amerkas
Euro9e
Global Mar*ets
IndustrIal Markets
Net Worics
Global fleets
Other Wholesale
  Subtotal

Global flnanve
EGEP
EES Wholesale books
Pr4uays
Siruclured Tmnsadions & Other
  Subtotal Wholesale

Enron Trensportauon SeMces
Portland General
  Subtotal TransmIssion & DistrIbution
EES
ESS
AzurIx
EREC
a.sn rues
Enron hwbllsnt Partners
Coi'porato and Other
    POW

Income before Ant £ Inc Taxes
FinancIng Related Expoflso
ln~rne Tat Ex~onse
TOTAL NET ItECOME.RECURRING
AfltlsdlluUve prufetmd dividends
TOTAL NET INCOME-RECURRING
Non.Re~ning Net lrtwmo
TOTAL NET INCOME

OILUTED EPS
  RecurrIng
  Non*recurrlng
TOTAL DILUTED EPS

      Plan

   $   957.9.
       341'S
       210.0,
  4     etc
       iota
       275.9

  -Ma'
      2,018.1

       160.0
	 4.7


       (168.3)
       293.2
      2,305.7


       100:0
       490,0
       289.0

       (M~0)

	(15,4)
       (10.0)
       (30.61

	(0,6)

       (226.6)


      2,826.6
       822.4
       400.5
* S   1,52±4

      1.52±4


  $     1.71

Avg Shares outStanding . Diluted


Effective Tax Rote - I~ecunti,g Fomings

636.0


24.0%

  Forecast

$    957;9
     34Th.

     27'0.0
       63.0
     103.6
     328.2
       ra. n*
    2,067A

     180.0

       20.0

  Effectef    ,~
  Asset Sales     Ad)ustsd
  Timing        ____________


:8


       51.3


       51.3


       16.3
4-


4


     ~ 68.8


  .~   91.8     _________


       91.5

 (188,3)
 293.2
2,112.3

 390.0
 191.8
 561,8

 289.0

 ~85.0)
 (15.4)

 (1 0.0)
 (30.6)
  (0.5)

 (226.8)

      30.0              -
      ISSA'        ~2.815.0

      294.6          ~ia.o
		     455.3
S     (60.1)    S   1.441.?


   - . (80.7)-      1,441.7


    * (80,7)    '4  1.441.?


5     (009)     $     162

$     (6,09) .  $     1.62
	      C


      8650            8550


      )4 0%

   Other
AN$istments-
 * Ojiginal

S    1059.2

&
     (100.0)


      (82.8)


 -    876.4

   Other
A4ustnie~ts-
Incremental

$ ~  (144.2)


      100.0-
	   -'I -
	 - '4

 Total
A4LIStOd
Fomeast

       $ -  1,872.9
	     ~4t8
	     270.0
		-r
	     63.0

	     103.6
	     245.4
V -      .   (IA)

(44.2)

(90.0) 1

(200.0)

(145.01
531.4

	      (44.0)

	      (25 .9)

	      (17.3)
	   I
	      (8.0)


	     (33.0)


	     set'.


	      87.4
	     276.7

	     27'S 7


	     276 7


	$     032


	   S.

24,0%         24.0%.

(242.4)

28.0

     <2.899.6

	 70.0
	 20.0
	(200.0)

	(168.3)
	'40.0
      2,881.3

	390.0
	191.8 *.
	581.8
	225.0

	(65.0)

	(92.7)
	(18.0)
      * (30.6)

	 (0.5)

      AISO.e)

	156.2
~     3,128.0

     ' 1,0932
	488.6
  $   1,547.1


      1,547.1


      1,547.1

      (31.0)
      198.2~ ___________


      (50.2)
      175.2

.W!IAI
$    (171.3)

     (171.3)


$     (0.19)  S     135

	      $1.75

   V
SQ.0

686.0

	  (
24.0%          240%

CWOCWJ.w.dr..000b1S-flnpwF. W%.MYSLJI~I .4I~10f
d~I2dQPg1SAg

												  EC 001942470

.5





		   v-v.:
			     4.


				 ENRON
		 2001 OPERATING & STRATEGIC PLAN~
			   ENRON AMERICAS
		       SUPPLEMENTAL INFORMATION
			       (MarIons of Doflaru)    .


					tat Qtr

				       $           1,100.0

						   (400.0) (a
						   (150.0)
						   (192.0)


						   (75.0)


						   (225.0)
						   401.2

				       $           545.2

ScJiedute C Reserves - 3t1~O1

Specific Reserves -
  California Credit
  Specific Transacflons
  Volatility
Gain on Sale of Pealcers
Raptor Credit
HPL
EES Tariff
Overperformanco-ENA

Available for Earnings

To cover overview & additional EPS

Net remaining (Raptor cover, etc.)

				  (645.2

			       $

							   Year

							$  1I100.ot

							    (400.0)
							    (150,0)
							       -  (b
							    430.0


							    (100.0)

							    (225.0)
							    498.0

							$  1,153.0

							    (915.0)

							$   238.0

 Current Status: Assumes ENA will hit original 02. 03 & 04 plan (IBIT $692.4 mil!ian)


									 4.
 a) Assumes 30% recovery on -$550 million at negative Cit receivable.
 b) Astumes any amount txrnd~d wit "new moneys


							   .4

														  k


C;OOCUME-1~sgd~wattOCAtS-t\Twp'west 64.11 lb MEL 4S01 t)isl 01,

4P12,tl 9.28 Mi
									     4

									    .5. -


						      EC 001942471
						       4, .+

 p  *. -