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  9a

Tranamlealon & Distrfbutlon
Enron Transportation Sen'icas
Porsar d General
Total Transmission & Dlstr(hut(on
Wholesale Energy Operatlona & Services
Americas
  Europe
Global MarkeLs
Industrial Maritets
Net Works
  Glottal AgsmL
  Rpta11 Rtak Management
Other Who(a:ate
Subtotal
  Gtohaf F(nance
Global E&P
Prepays
Other
Total Wholesale Energy Op.. 8 Services
Enron Energy Services

Enron Broadband Servlcaa
Corporate and Other
AZUriX
  Enron Renewable Energy Carp
Clean Fuels
  Enron Investment Partner
Corporate & Other Expenses
Slnuctuntd Transactions
Rectass (rarrVto Wholesale
Total Corporate & Other
Overvle+r

INCOME BEFORE INT., M.l. & INC. TAXES
Interest Expense, Net
  DIvidonds on Preferred Stock of Subsidiettes
Mlno1Iy Interest
PRE-TAX INCOME
Income Tax Expense
NET INCOME - RECURRING
DILUTED EPS
  R.ecuning
Non-recuning
TOTAL t31LUTED EPS

Avq .hared outstanding - Di(u(.d
EffecWe Tay Rate - Recurrtng E+minpa

oJC.^..~a+acw[nuT*r can,..1 of `. •-I I rhea .qa 4a 4u. i2l
ul4an 4'u vw

ENRON
CARNINGS RELEASE -EXTERNAL FORMA,
  (Ntilllone of p. fw'l, .yco0( Is rtolnd)

First Quarter

		2001	
		Stock Option	
Plan	Update	Ad)ustment	Forecast
S 130.0	S -	1.8	S 131-8
100,0	(40.0)		e0.n
230,0	(40,01	1,8	181.8

255.5	565.7	5.1	837 3
60.5	4.5	1.9	86.9
45.0	0.1	1.1	46.2
8.5	(0.2)	0.5	8.3
(4.4)		0.8	(3.6)
88.1	(43.2)	3.0	47.9
	(231,0)	-	(231.0)
o.e	5)		(31.3)
482.3	266.4	12.4	761.2
49.5	(37.5)	0.5	12.5
4.7	10.8	0.4	15.9
(35.1)	20.1		(15.0)
105.5	(114.7)	1.2	
608.9	145.1	14,7	766.5
48.5	(8.9)	9.9	43.5

(35.0) - - (35.0)

(17.1)	(14,4)	-	(31.5)
(10.0)	(7.0)	0.2	(18.8)
(16.3)	(1.0)	0,2	
'
(17,1)
(0.1)	(1,3)	-	(1.4)
(61.6)	(17.5)	(20,6)	(29,7)
4,0	0.4	-	4.4
(10LT)	(40.8)	(30.2)	(162.1)
22.4	22.4		
771.7	3J.0		804.7
203.2	5.2	-	208.4
18.4	-	-	19.4
23.8	13.4	-	37.2
526.3	14.4	-	540.7
126.3	35		123.8
S 400.Q	~-- 0~9 -	S -	5 410.9
			
s 0.45	S 0.02	S -	5 0.47
S 0.45	7 0.02	5	5 0.47
884.0			871. i
24.0%			2a.0°s

(a.3)

  (6.17)
11.9
(3.3)
(0,4)
  (35,7)
6,8
(17.4)
(44.1)


  612.7
161.1
  18.1
34.9
398.8
  72.2

S 326.4

5 0.38
S 0.38

  4.51.8
18.1 %

at!.

2851/.

X17.
29'/.
50%
ZEN,

EC 001942427

  2000 01 va ao
Actual Growth
5 127.9
  105.3
2 -18Y.
137,5
  67.7
50.0
(j42)
67.5

  308.5
104,4
  4.1
(22.9)
29.8
429.9

11.3

H009-00175


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Page 2 of 7
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ENRON
2001 OPERATING & STRATEGIC PLAN
ENRON AMERICAS
SUPPLEMENTAL INFORMATION
  (Millions of Dollars)

  1st Qtr

  Schedule C Reserves - 3/1 /01
EES Related:
  California Credit
Tariff Adjustment
Potential Adjustments
Volatility
  Specific Transactions
Raptor Credit
California Investigation
Gain on Sale of Peakers
HPL

  Reserves Remaining
ENA Q1 overperformance
  .Total ENA overperformance needed to hit $1.75 EPS
Amount currently short

$ 1,300.0

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

(37.0)
(50.0)

$

Year
S 1,300.0

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

  (37.0)
(50.0)
400.0
(100.0)

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

  Current Status: Assumes ENA will hit original 02, Q3 & Q4 plan (IBIT $692.4 million)
(A) Assumes 20% recovery on -$570 million of negative CTC and other receivables
(B) Assumes any amount funded with "new money'
  (C) New Current Estimate for the year to be completed by end of April

C.i000UM£-Ikudw.ALOC.ALS-IIT-INAA wfmtQ-xt.Wnic. (3)
4412M 7:04 PM

EC 001942428

XH009-00176


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Page 3 of 7
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ENRON .
  1st Quarter 2001 Reconciliation, of ENA Coverage
  (Millions of Dollars, except as.noted)

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

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

EC 001942429

XH009-00177


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=============

Corporate Staff and Service Group Analyzis
Corporate Staff & ServIces Groups • Costs Retained
  (In tnaa;inds d W+eara, 8a0 opt haaacoLni)

  First Querter
2001 2000 Verlanc.

Execullve	(11.3) •	(5,6)	(5.7)
Legal	(2.9)	(2.2)	(0.7)
Risk Assessment 8 Gonirota	0.9	(0.1)	1.0
Accounting	(3.9)	(3.6)	(0.3)
Tax	(4.4)	(2,1)	(2,3)
SAP ISC	(t,9)	(1.9)	-
Slralegic Sourcing	(2.0)	(0.4)	(1.6)
Investor Relations	(1.1)	(0.9)	(0.2)
Government Afreirs	(3.1)	(0.1)	(3,0)
Public A(lalrs	(2.2)	(3.6)	1,4
Property Servlcos &AvlaUbn "	(1.))	(1,7)	0,6
Cor~ara(e Oevelopment.	(1.3)	(1.0)	(0.3)
Human Roscurces	(5.1)	(3,0)	(2.1)
Commun)ty Relatlone	(2.3)	(2,2)	(0,1)
8.n.f)I Plans - $&a rashc od'.slock, 37.1 bonus accrual	(30.9)	(13.1).	(17.8)
AIlocaUon of stock option charge	-	10,9	(10.9)
Reslrlcled stock hedge lose	(5,6)	-	(5.6)
AmortiZallons	(16.3)	(14,0)	(2.3)
(T costs - tlming of alioca(lon .in 2000, moved la ENW In 2001	-	(9,4)	9.4
Intereallncome	5.2	12.6	(7.4)
EBS costs	(4.7)	-	(4.7)
EREC adjustment	-		
Azurix adjuslmeni			8,0
Other	(5,7)	(3 7)	(2.0)
ota or rate coa a rot'a n.			~• )
			
Asurix	(31.5)	(6.0)	(25.5)
Structured Transacliona	4.4	6.8	(2.4)
EREC	(16,8)	11.9	(28.7)
Chart Fuels	(17.1)	(3.3)	(13,8)
Enron Invostment Partners	(1.4)	(0.4)	(1.0)
			
Total o ora a r-.r urr n8	1 62A)		
			

412.61 roe fW
O.l C.th e•~{w0PN'.6CVICUn1:P76~.r Q,fw1.M1UP,/~c. r.• •~tl.l ab

EC 001942430

H009-00178


=============
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=============

CORPORATE & OTHER
FIRST QUARTER 2001 FORECAST
  (in millions)

Flash

Plan 61.1

Cost Centac variances -

Executive	4.4
Human:Resources & Click @ Home	3.7
Benefits	3.5
Ananlyst & Associates	1.9
Public Affairs '	(4.0)
Depr.eclation	(2.0)
ENW allocations	(3.7)
Interest Income	(5.6)
	(1,6)
Restricted stock hedge loss	5.6
EBS allocetlon relief	8.6
EBS costs	4.7
Stock option allocations	21.4
Other	0.1
Forecast	99.7

4412np01 1 Dt~E
0;\Corpor.~a~4RV+'.CtpSC0AOt200 i V e1 OIt~t4a~cn~jlcrw,c rnv.rb~gsten (a

EC 001942431

XHO09-00179


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		ENRON			
2001	optKArING &	,STRATEGIC PLAN - FORECAST		
INCO	ME BEFORE INTEREST & TAXES BY BUSINESS UNIT		
	(1AWOo	d oolu 4,x:83 a. -	Ad)		
		Et1 ct or			Total
		A tat Sales	A4jusled	Other	Adjusted
	Plan	Tlmlnf? _	Forecast Adjuelmenta_	Poroca31
Americis	S 957.9	5	3 957,9 S	946.0	5 1.903.9
Europe	347,6	-	347,6	-	347,6
Gtob3l Markets	270.0		270.0		270.0
Industrial MarN.la	43,0	-	63.0	-	63.0
Nat Wor1t9	103.8	-	103.8	-	103.8
Global Asaeta	276.9	51.3	32'3.2	(B2.B)	2.45.4
Other VVnclosale	10.1)		(3 1)		-
Subtotal	2.016.1	51.3	2.067.4	863.2	2,93x].6
Global Finance	180,0	-	160,0		160.0
EGEP	4.7	15.3	20.0		20.0
Retail Risk Managamenl	-	-	-	(231,0)	(231.0)
Prepays	(168.3)		(168.3)		(168.3)
Structured Traneactiona & Otter	233,2	-	293.2 485.0)	106.2
Subtotal WhdldsaIa	2.305.7	68.6	2.372.3	447.2	2,819,5
Enron Transportation Servscee: .	390.0		390.0	-	390.0
Porll2nd General	100.0	91,8	191.8	-	191.8
SubtoLaiTransmissior & Oiatribution	490.0	91,8	581.8		581.8
EES	269.0		269.0	(44,0)	225.0
ESS	(65.0)		(65,0)		(65.0)
Azurix	(75,4)	-	(75,4)	(17.3)	(92.7)
EREC	(10,0)		(10.0)	(13.0)	(18,0)
Clean Fuels	(30.6)				(30.6)
Enron investment Partners "	(0.5)	-	(0.5)	-	(0.5)
Corporate and Other	(226.6)	-	(228,6)	(84.0)	(290.6)
Overview	(30.0)	30.0			
Income before Inn & Inc Tax..	2,626.6 '	188.4	2,815.0	313.9	3,129.9
Financing Related Expense	623.4	294,6	918.0	175,2	1,093.2
Income Tax Expense	490.8	(25.5)	
455,3 -	
33.3	
488.8
TOTAL NET INCOME-RFCURRINO	$ 1,522-4	$ (80.7)	S 1,3.41.7 S	105.4	S 1,5-17.1
AnIIdIItItWe pref.rr.ddlvad.nd					
TOTAL NET INCOME-RECURRING	1,522.4	(60.7)	1,4A1.7	106.4.	1,547.1
Non-Recurring Net Incotr e .					
TOTAL NET INCOME	1,522.4	(80.7)	1x14.1,1	106.4	1,647,1
' DILUTED EPS					
Recurring	S 1.71	S (0.09)	S 1.62 S	0.13	E 1.75
than-recurring					
TOTAL DILUTED EPS	S 1.71	5 `0.09)	S 1.1;2 5	0.13	S 1.75
A'. arerei outstanding • Ollured ,,	805 0	ae_.0	891 a	gas 0	845,0
EOecN. Tax Rate -Bueertln0,dai*!no, '	2+ 0'4	24 OY,	2+0.,	24 011	:=Ax
O,Cu..e...GaO..W~1'GT°.^ST,n~'Ypar-l,,Iw•,..,~...,I	.,.~rrr....C... its	-			E
.
					C
001942432

H009-00180


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Page 7 of 7
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E-NRON
2001 OPERATING & STRATEGIC PLAN -FORECAST
INCOME BEFORE INTEREST & TAXES BY BUSINESS UNIT
  (.wl~rru ot Ddmrt, .caps aA naiad)

		Effect of		O1hor	Otrier	Total
		Asset Sales	Adjusted	Adjustments-	Ad)uslmentA-	Ad)ustad
	Plan	7fminp	Forocaat	Original	Incremental	Forecast
						
Americas	S 957,9	S	S 957,9	5 1,059.2	S (113.2)	S 1,903.0
Eurape	347,6	-	347.6			347.6
Global Mar"(,	270.0	-	270.0	(100.0)	100,0	270.0
toduetrial Markets	63.0	-	62.0		-	63.0
Net Works	103,6		103.8	-	-	103.8
Global Aaaet.:	276.9	51.3	329.2	(82.5)	-	245,4
Other Wttobaalo	(3 1)		{0.1)			(3.11
Subtotal	',016.1	51.3	2.067.4	876.4	(13,2)	2,930.5
Global F(nanca	160,0		160.0		-	160.0
EGEP	4.7	13,3	20.0	-		20.0
Retail RJsk Management			-	(200,0)	(31.0)	(231,0)
Prepeya	(168,3)	-	(168.3)		-	(168.3)
Structured Trenssct(one b Other	293.2		293.2	(185.0)		108.2
Subtotal Whele6ala	2,305.7	68.5	2,372.3	491,4	(44.2)	2.819.5
Enron Transportallon Services	390.0	-	390.0		-	390~-
Pordard General	100.0	91.8	191.8			191.8
Subtotal Tran:m(aion & Diatr:bulion	490.0	91,8	581,8		-	58.1.8
EES	269.0	-	269.0	(44.0)	-	225.0
E03	(65.0)	-	(85.0)	(25.0)	25.0	(65,0)
,A ur1x	(75,4)	-	(75.6)	(17.3)	-	(92.7)
EEC	(10.0)	-	(10.0)	(8,0)		(19,0)
Clean Fuels	(30.6)	-	(30.61	-	-	(30.8)
Enron Investment Partnera	(0.5)		(0.5)	-	-	(0.5)
Corporate and Other	(226,6)		(226.6)	(22.0)	(31.17)	(290,8)
Ovorvluw	(30 0)	30.0				
Income b.forv Inl & Inc Taxes	2,626.6	168.4	2,815,0	364.1	(50.2)	3,128.9
Fjr-ancinq Related Expensu	523.4	296.8	919.0	-	175.2	1.093.2
Income Tax Expense	480.8	(26.5)	455.3	87.4	(56.1)	486.6
TOTAL NET INCOME-RECURRING	S 1,522.4	5 (80.7)	5 1,441.7	S 278.7	S (171.3) .	S 1.547.1
Antl.dllullye preferred dividends	-		-	-		
TOTAL NET INCOME-RECURRING	1,522,4	(80.7)	1,441.7	278.7	(171 .3)	1,567.1
Non-Recurring Net Income	-	-			-	-
TOTAL NET INCOME	1,522.4	(80.7}	1,441,7	276.7	(171.3)	1,5A7,1
OILUTED EPS						
Recurring	S 1,71	S (0.09)	S 1.62	S 0.32	S (0.19)	5 1,75
Non-recurring					-	
TOTAL 0ILUTl:DEPS	S 1.71	5 (0.09}	S 1 62	S 0.22	S )0.19)	S 1,75
						
Ar9 ]narei outslanaing -Olutee .	. 9e5,0	e05,0	995.0	995.0	885.0	zv,:•
EHecdve Tsx Raw . Rec urine Earnings	Z%.e'4	.4 01:	2•E. e':	2A 0%	24.04	

  N.irr'LA-•. u~orv...~ „1
riL0~, 110.E
  EC 001942433

.H009-00181