EN RON
~ EARNINGS RELEASE - EXTERNAL PORMA1
	   fWrons d DOn, Eie~I *1 noted;

			      Be    Quint

 tianamlaslgo & Ohe.trlbullon
   Baron True~ortaflon SeMcoa
   Portland Genewi
 Total transn~lsalon & DIstrIbutIon

 Whoiaaah. Energy Operations & Services
   -Ca'
   timpe
   Global Mastic
   IndustrIal Martels
   Nit Works
   EROS..
   Global Assets
   Retail Plok Managam ant
   Oilier WWesale
    Subtotal
   Global Finance
   Global ar
   Pie pays
   0th ii
 *Tobl'fiheIesaI~ ~nergv Ops. & Srvlcn

 Even Energy Services

 Edron Broadband Services

 Corporate Md 051cr

   Boron Ron dwable Energy Corp
   Clean Fuels
   Enroti tme$tmept Ponners
   Corporate S Other Expenses
   Structured Tmnaacllorii
   Rhciass ftomnflo Wholesale
 Total Corporate & Other

 Overview

 INCOME BEFORE NT., Mi. & INC. TAXES
   lntere.t Expense. Wet
   DMdenda on Preferred Stoct of SubsIdIaries
 * Mlrto4ly Interest
 PRE-TA3( INC QAE
   Incont Ta,( Expense
 NEl' INO0ME~ RECURRING

 ou.uTeo E~8
  RocuMn~
  Non-mcunhrig
 TOTAL DILUTeD EPS

 Avg Mwus ouuIw,dino . Diluted
 Srodive Tax Rate- Recurvfrlo Earrvngs

2001

Plan       lit CE      Wails      Forneit

$   75.6


   294.1

    54.6
    10.8
    (3.8)
    '4.5
    85.9


   530.3
    39,9
    04
   (343)
4   44.0
   587.5-

 5   767
     577
    134.4


    -959.5
     98,0
     54.6
     10;?
     (3.9)
     (4.8)
     41,?
    (600.0)
-'JUL
    SSGJ
     25.2
     13.5
   * (35.0)

    601.1

50.5        49.0

	    (18.0)

(19.5)
 0.2
 (2.0)
 (0.1)
(82.4)y

4.2

(   (15.3)
     its
     2.?
     (0.1)
    (95.9)

4.2

(100.2)      (101.5]

  * ISA

   558.5
    98.6*
    I?.?
    2±4
   458.6
   110.3
$  349.5

   no-C

   748.0
   201.2
    18,2
    40.4
   aLl
   117,2
$  371.5

$    2.0
     7.3
     9.3


    (5.7)


    (OS)
     5.3


     Ii


     1.7
    (7.5)

   115.8)

$   TEl
    65.0
   1437


   963.6
    98.0
    54,0
    10.7
    (411
     0.6
    41.7
   (600.0)
   (18.3)

    25.2
    16.5
   (42.6)
   (49.21
   485,3

    49.0

(85.0) ..     (100.0)    ~. I

 -   4.


(1.4)

  (25.5)
 *  12.9
 *  21
    (1.6).
  (95.0) -
    4.2

	 -  (102.91

	    284.6
It?      7  759.7
10.7        211.9
	     18.2~.
	     40,4
	    489.2
	 -  117A
	 *  $71.5

     1.0
     02
4    08

$   039    8   0.42   $

S   ~

085.0
24.031

$   0.42

*   OAR

    894,0
    24.0%
  I

* 889,0
24.091

		       .J.p.d Og..mn4u@l'I
in.., I ~) PM

%~ir4' :0WA4fS

-'4

							  EC 001942761
	    b     -

A

1~
    r

 2000
 Actual

$   77.3
    6±0
   139.3


   3$1.2
    64.6
    (3.6)

    (1.8)
    192.
    $4.3


   455.0
    2t8'~
    7.0
   (17.6)
   (34.4)
   430.9

   33.5

* ctt~o
 ore'-


    3%


   WI,'

  110%

(to)

(10,8)
11.4

	9.0
       (1.2)
      (34.2)
   -.  42A

       46.9


   -'~-608A
      186.6
       20.6

      35343
       64.4
   $  195,9


A


      692.2
      182%

25%

9%;


36%


IC'.

4





4

increase 288 loss to $ 100MM

      ENROll
Changes -2nd Qtr 2001
   As of 611912001
     (Millions of Collars)

	    Old Value

		 (15.0)

Offset Prepay Expense with upside through 8)31

4.

14mw Value

    (100.0)

(23.5)

(7.6)

* Difference

    .(85.O)

      16.0

Increased Wholesale loss - TNPC Warrants/Raptor

Overview

Net Potential Downside
		     4.

Increased Avg Shares Outstanding
 (added $1 .0MM to overview to achieve EPS.
   of $0.4158 - rounded to $0.42)~

WCapomtMCPGTh,\Clp'OTk'CS1~2odQlqFch1 %.I9.ds]dwirs
engso, ~flPN

							     S


													*...........
													  .4      .v..

								A..
								  4,


										    EC 001942762
									     .5

(10.0)

204.8

1661

284.6

167.1

(10.0)

60.0

 1.0:

892.0

894.0

2.0

	      V.

4.

  4


Si


A?