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Confidential

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  Enron Corp.
3rd Quarter 2001 Financial Review

September 7, 2001

GOVERNMENT
EXHIBIT
  2306
  Crim. No. H-04-25 (S-2)



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EXH012-00700


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ENRON
EARNINGS RELEASE - EXTERNAL FORMAT
  11a6n+N oNa...o.01 a. "door
90

Current Forecast and
Hard Look

			Third Quarter 2001		
				.r		6140.
		Latest	Hard Look	(Under)	Transactions	(Additional
	Plan	For.cut	through 1130	Forecast	Identified	Required)
Transmission & Distribution						
Enron Transportation Services	$ 6I.7	f 61.7	f 030	f 1.3	f -	f 1.3
Portland General		(2.6)	(2.6)			
Total Transmission A Distribution	$1.7	79.1	60.4	1.3		1.3
Wholesale Energy Operations A Services						
Americas	115.0	165.9	51.6	(131.2)	136.2	2.0
Europe	80.2	93.9	(160.2)	(254.t)	254.1	-
CATS/Margaus	-	(13.7)	(13.7)	-		
Global Markets	65.3	65.3	(102.6)	(1662)	170.0	1.0
Industrial Markets	22.7	22.7	114 7)	(37.4)	37.1	-
Nat Works	56.4	(81)	(130)	(49)	-	(49)
EEOS -	13.5	13.5	3.5	((0.0)		(10.0)
Enron Prncpal Inv slments	-	(71.0)	(105.4)	(33.6)	-	(33.6)
Other Wholesale	0.5	(16.5)	(17.9/	i./		1.4
Subtotal	121.4	271.1	(372.1)	(643.6	697.7	(46.1
Global Fnanc.	409	56.5	(22.3)	(786)	35.0	(438)
Global E&P	0.1	15.2	10.4	(4.0)		(46)
Prepays	(44.7)	(55.6)	(55.6)	-	-	-
Other	85.5	31.5	31.5			
Total Wholesale Energy Op.. A Service.	806.	265.6	471.9	(721.4)	632.7	94.7
Global Assets	60.4	(7.1)	(7.9)	-	66.0	66.0
Enron Energy services	67.0	$1.0	(99.7)	(180.1)	160.7	-
Enron Broadband Services	(36.4)	(01.0)	(107.8)	(16.6)		(16.9)

Corporate and Other
Arurrs
  Enron Renewable Energy Corp
Clean Fuels
  Enron Investment Partners
Corporate 6 Olhar Erans.s
Structured Transactions

Told Corporal. A Other

Overview
INCOME BEFORE INT., M.I. A INC. TAXES
  Interest Ewers.. Net
  Dividends on Prat.rr.d Stock of Subsidiaries
Mnorly Interest
PRE-TAX INCOME
Income Tss opens.
NET INCOME - RECURRING
Non-r.eurdng loss
TOTAL NET INCOME

(207)	(2)0)	(21.0)	-	-
02	5.0	9.6	39	- 3.6
(46)	(15.4)	((.5)	13.9	- 13.9
(0.1)	(.6	1.6	-	-
(86.5)	4(155)	(1(5.9)	-	-
LS	4.0	4.0		-
107.1	(110.6)	/123.0)	11.0	17.6
16.0	645.0		(646.0)	(646.0)
606.6	601.0	(726.6)	(1,630.6)	648.4 (662.1)
66.1	201.1	201.1		-
(7.9	20.4	20.4	-	- -
17.5
476.2	33.2
- 646.3	13.2
(066.6	
(1,630.6	
646.4 062.1
114.0	",	1236.:0	(367-4)	203.4
1
-
36-1.2	16.2	6 (748.2	f 1,163.1 f	
6.6
8 6
1441
	(643.1)	(643.6)	-	-

  361.2 !f. ,39 . ,183.

DILUTED EPS			
R.culrng	f 0.41 f 0.45	f (052) f	(1.27) f 070 f (0.57)
Nonascunng
TOTAL DILUTED EPS	0.71
~.--.	0.71
~	
- Tests 0•
Avg Shar.a oWlandlg - Diluted	e.50 013.5	913.5	913.S 913S 9135
EO.cav. Tu R.1. - R.-ire E.nng.	240% 240%	240%	24.0% 240% 240%

rw.nuuw ~~

302000
Actual
S 63.0
73.9
166.9

349.9
sty
(I1 e)
7.0
69

  403.6
2.9
9.3
  (26.7)
205.0
604.

35.6
21.0
(20.0)

(243)
33
(6.1)
(100.1)

  127.1
666.4
2470
  19.7
35.5
364.2
  72.5
2911.7

f 0 34
9 0.34
  6695
109%

EXH012-00701


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Transmission A Distribution
Enron Transportation Services
Portend General
Total Transmission 4 Dish utIon
Wholesale Energy Operations A, Services
Americas
Europe

  CATSIMargaua
Global Markets
Industrial Markets
Net Works
  EEOS
Enron Principal Invesbnents
Other Wholesale
  Subtotal
Global Finance
Global E&P
Prepays
Other
Total Wholesale Energy Opt. A, Servtcss'
Global Assets
Enron Energy Servkes
Enron Broadband Senkes
Corporate and Other
Azuria
  Enron Renewable Energy Cory
Clean Fuels
  Enron Investment Partners
Coporate 6 Other Expenses
Structured Transactions
Redass konNo Wholesale
Total Corporate A Other
Overvlew
INCOME BEFORE WT., M.t. A INC. TAXES
Interest Expense. Net
  Dividends on Preferred Stock 01 Subsidiaries
Minority Interest
PRE-TAX INCOME
Inane Tax Expense
NET INCOME-RECURRING
Hon-e.curring loss
TOTAL NET INCOME

DILUTED EPS
Reaming
Non-few"
TOTAL DILUTED EPS

Avg shares outstanding - Diuled
Effects. Tax Roe- Renaming Eanlrps

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  ENRON
EARNINGS RELEASE - EXTERNAL FORMAT Hard Look Changes
  (.wa+.r Ones.. mace r rei.d) Ba4 to $130

  Third Quarter 2001
Hard Look Herd Look
  through 624 erau6h a730 Change Cormwds
f 630 S 83.0 S -
  (2 8) (26)
$0.4 80.4

(763)	51.8	1270	Gas Trading 622.5Mk1, Power Trading. S89 6MM, Orig 518MM.
			Tads Risk Mgnd ($2.Ok14)
(167.0)	(160.2)	8 8	UK Power To" $2.4MM. UK Confl Power Trading S2.4MM.
			Gas Trolling $1.6MM. Assets (St SMM), Metals (S1.4MM),
			Eastern ($ 1.3MM), Expense Reduction $5.2MM
(13.7)	(13.71	
-	
(993)	(1029)	136)	Crde 8 Products IS5. 1MM), Financial Trading S1.7MM
(209)	(147)	6 2	Sleet Trading
(1301	(130)	.	
13.5	3.5	(10.0)	
(85.8)	(105.4)	(196)	AMPS (SlO.OMM).Hanover(SIO.OMM)
(19.7)	117.0)	1.e	Pro)ed George
(482.21	(372.7)	109.5	
(22.3)	(22.3)	-	
104	104		
(55.8)	(558)	-	
(31.6)	(31.5)		
(581.41	(471.01	108.5	
(1.6)	(7.8)		
400.7)	(98.7)		
(187.6)	(187.8		

(21.0)	(21.0)	-
5.0	98	30
		
(110.3)	(110.3)	-
1120.0)	(123.0)	3.8
(843.2)	(729.8)	113.4
201.1	201,1	-
20.4	204	
33.2	332	
(1,001.8)	1904.5)	113.4
(263.5)	(235 3)	27.2
S (834.4)	f (748.21	f 802
(111.1)	4643.8	37.7
(1,51 .0)	1302.1	123.8

S (0911 f (0.821 1 009
76 0.71 0.04
  N.1 1 1.63 0.13
9135 913S 9135
24.0% 24.0% 240%

TNPC $3.40 to $4 00-525MM, EBS Reduced Credit Losses-S33MI

EXH012-00702


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Transmission t Distribution
Enron Transportation Services
Portland General
Total Transmission 9, Distribution
Wholesale Energy Operations 8 Services
Americas
  Europe
CATS/Margaux
Global Market
Industrial Markets
Net Works
  EEOS
Enron Principal Investment
Retail Risk Management
Other Wholesale
  Subtotal
Global Finance
Global EiP
Prepays
Other
Total Wholesale Energy Ops. a Services
Global Assets
Enron Energy Services
Enron Broadband Services
Corporals and Other
Azurix
  Enron Renewable Energy Corp
Clean Fuels
  Corporate & Other Expenses
Total Corporate & Other
Overview
INCOME BEFORE INT., M.I. A INC. TAXES
Interest Expense. Net
  Dividends on Pretend Stock of Subsidiaries
Minority Interest
PRE-TAX INCOME
Income Tax Expense
NET INCOME -RECURRING
DILUTED EPS
  Recurring
Non-recuning
TOTAL DILUTED EPS
Avg shares outstanding -Diluted
Effective Tax Rate - Reaming Earnings

o ~cs..wer.ncMenrw ns~ s},rrras ..per a o+..rc
oeer

  ENRON
EARNINGS RELEASE - EXTERNAL FORMAT Forecast Changes
  PAM" of Wlan. e.`ei a .(SO B/24 to &30

  Third Quarter 2001

Forecast 9124 Forecast 8130 Change Continents
$ 81.7 $ 81.7 $ -
  (2.6) (2.6)
70.1 72.1

183.2	165.8	2.8
93.9	93.9	-
(13.7)	(137)	
-
65.3	65.3	-
22.7	22.7	-
(6.1)	(8.1)	-
13.5	13.5	-
(71.8)		
(16.5)	(16.5)	-
266.5	271.1	2.6
56.5	565	-
15.2	15.2	-
(55.8)	(55.6)	-
131.5)	(31.5)	
252.9	255.5	2.6
(7.8)	(7.6)	-
81.0	61.0	
(91.0)	(91.0)	-
(21.0)	121.0)	
5.9	5.9	
415.4)	(15.4)	-
(110.3)	(110.3)	
(140.91	(140.61	
645.0	645.0	
798.4	$01.0	2.6
201.1	201.1	-
20.4	20.4	
33.2	33.2	
543.7	546.3	2.6
130.5	131.1	0.6
111 413.2	f 415.2 6	2.0
$ 0.45	$ 0.45 $	- -
(0.75)	(0.71)	0.04 New Power Co. Increase to $4.00. Reduced EBS Credit Losses
$ (0.30)	$ rossl 9	0.04
913.5	9135	913.5
240%	240%	24.0%

EXH012-00703


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ENRON
3rd Quarter 2001
Effect of Non-Recurring Items
  (Millions of Dollars)

Recurring Earnings

REQUIRED NON-RECURRING ITEMS:
Azurix 3rd Q asset sales (N. America & Brazil)

EBS
Severance
Inventory

New Power Co. @ $4.00/share'
  Total Required Non-Recurring Items
Subtotal -Total Earnings

OPTIONAL ITEMS:
EBS
  Write-down content
Credit Losses
Azurix - 4th Q asset sales (all but Wessex & BA)
Total Optional Non-Recurring Items
Total All Potential Non-Recurring Earnings
Total Earnings After All Non-Recuring Items

Assuming not covered with recurring earnings

  Non-Recurring

Pre-tax	After-tax	
Amount	Amount	EPS
$ 546.3	$ 415.2	$ 0.45
(137.0)	(137.0)	(0.15)
(50.0)	(32.5)	(0.04)
(54.0)	(35.1)	(0.04)
305.0	198.3	0.22
(546.0)	402.9	0.45
0.3	12.3	-

(160.0)'	(104.0)	(0.11)
(117.0)	(76.1)	(0.08)
61.0	61.0	(0.07)
338.0	241.1	0.26
884.0	643.9	(0.71)
$ 337.7	5 228.7	5 0.26

EXH012-00704


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Transportation & Distribution
3rd Quarter 2001
  $ in millions

ETS					
			Hard Look Through 8130		
	2nd Current				Over I i(Under)
	Estimate	NNG	TW Other Ops	Total	2CE 2000 Act
Revenues	$ 131.7	$ 75.7	$ 49.9 $ 6.1	$ 131.7	$ - $ 129.8
Cost of Sales			- -	-	- 10.2
Gross Margin	131.7	75.7	49.9 6.1	131.7	- 119.6
Operating Expenses	76.9	65.6	10.9 0.4	76.9	- 79.3
Operating Income	54.8	10.1	39.0 5.7	54.8	- 40.3
Equity Earnings					
Trailblazer, Overthrust	0.9	-	- 0.9	0.9	- 1.0
Citrus	9.8	-	- 9.6	9.6	- 19.4
Northern Border	2.8		- 2.8	2.8	- 2.2
EOTT	4.3	-	- 4.3	4.3	- 5.0
Gains on Sales	-	-	- -	-	- -
Other Income	9.3	0.1	- 10.5	10.6	1.3 15.1
IBIT	8 .7	~~	9.0 X3.8.	$ '~83.0	1.3 X3.0

Note: Hard look is defined here as the most accurate estimate of earnings and expenses for the entire quarter, considering all probable increases and decreases



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EXH012-00705


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Transportation & Distribution
3rd Quarter 2001
  $ in millions

Portland General

3rd Quarter

  Hard
Look
  through
2nd CE 8130

  Over I
(Under)
2CE 2000

Revenues	813.6	813.6	- 728.6
Cost of Sales	788.8	788.8	- 522.5
Gross Margin	24.8	24.8	- 206.1
Operating Expenses	(30.7)	(30.7)	- (144.7)
Other Income	3.3	3.3	- 12.5
WIT	2.6	(2.6	73.9

Note: Hard look is defined here as the most accurate estimate of earnings and expenses for the entire quarter, considering all probable Increases and decreases

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EXH012-00706


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Wholesale Services
3rd Quarter 2001
  $ In millions

Americas

3rd Quarter

  Overage I
Hard Look (Additional
  through Over / Transactions Required
  2nd CE 8130 (Under) 2CE Identified Earnings) 2000 Act

IBIT $ 185.8 $ 51.6 $ (134.2) $ 136.2 $ 2.0 $ 346.9

Detail of 3rd Qtr Items

Trading	
Gas	$ (27.8) $ -
Power	180.6 -
Other	73.5 -
Total Trading	226.3 -
Originations	21.9 136.2 (A)
Assets & Investments	(0.2) -
Expenses	(196.4) -
IBIT	$ 51.6 $ 136.2

n (A) See detail on following page

O Note: Hard look is defined here as quarter-to-date earningsllosses combined with the estimated expenses for the full quarter
v
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EXH012-00707


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Wholesale Services
3rd Quarter 2001
  $ In millions

Americas - Detail of Originations

Deal Amount
Vitro $ 14.0

Central Maine Power 5.0

Miracle I Cornhusker 6.4
EES VPP 5.0

PSCo. 4.7
Project Moore (Finance) 2.0
Project Periscope (Gas) 2.0
Pastorla Reserve 2.0

CNR (Exec/Finance) 2.0
Las Vegas 1.7

Other 91.4
Total $ 136.2

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EXH012-00708


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Wholesale Services
3rd Quarter 2001
  $ In millions
Europe
  3rd Quarter
  Overage I
Hard Look (Additional
through Over I Transactions Required
  2nd CE 8130 (Under) 2CE Identified Earnings) 2000 Act
WIT $ 80.2 $ (173.9) $ (254.1) $ 254.1 $ - $ 51.5

Detail of 3rd Qtr Items

Trading	
Gas	$ (9.4) $ -
Power	(16.6) -
Metals	9.4 -
Other	16.4 -
Total Trading	(0.2) -
Originations	- 254.1 (A)
Assets & Investments	(7.2) -
Expenses	(166.5) -
IBIT	$ (173.9) $ 254.1

(A) See detail on following page

Note: Hard look is defined here as quarter-to-date earnings/losses combined with the estimated expenses for the full quarter

EXH012-00709


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Wholesale Services
3rd Quarter 2001
  $ in millions

Europe - Detail of Originations

Deal Amount

J Block $ 8.0

TPL Gas Package 5.0

BOC Power Connection 7.0
HEW I Veag 10.0
Kemper 5.0

Anker Coal 1 2.0
PTAH 10.0

Other 207.1
Total

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EXH012-00710


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Wholesale Services
3rd Quarter 2001
  $ In millions

Global Markets

3rd Quarter

  Overage I
Hard Look (Additional
  through Over I Transactions Required
  2nd CE 8130 (Under) 2CE Identified Earnings) 2000 Act

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IBIT $ 65.3 $ $ (168.2) $ 170.0 $ 1.8 $ (116

Detail of 3rd Qtr Items

Trading	
Crude & Products	$ (48.9) $ -
Coal	2.5 -
Weather	2.5 -
Financial	3.0 -
Other	0.7 -
Total Trading	(40.2) -
Originations	- 170.0 (A)
Assets & Investments	2.0 -
Expenses	(64.7) -
IBIT	$ (102.9) $ 170.0

(A) See detail on following page
Note: Hard look is defined here as quarter-to-date earnings/losses combined with the estimated expenses for the full quarter

EXH012-00711


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Wholesale Services
3rd Quarter 2001
  $ in millions

Global Markets - Detail of Originations

Deal	Amount
GAF ! Farmland	$ 50.0
Pier IX	35.0
EcoElectrica	35.0
Equistar l Lyondell	10.0
WesUake - polypropylene	6.0
WesUake - HOP to ethane spread	6.0
Formosa	5.0
Anker	5.0
Other	18.0
Total	$ 170.0

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EXH012-00712


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Wholesale Services	
3rd Quarter 2001	
$ in millions	
Industrial Markets	
3rd Quarter	
	Overage I
Hard Look	(Additional
through Over I Transactions	Required
2nd CE 8130 (Under) 2CE Identified	Earnings) 2000 Act
IBIT $ 22.7 $ (14.7) $ (37.4) $ 37.4	$ - $ -

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Detail of 3rd Qtr Items

Trading	
Pulp & Paper	$ (0.1) $
-
Lumber	(1.2) -
Steel	7.8 -
Europe	0.1 -
Total Trading	6.6 -
Originations	- 37.4 (A)
Assets & Investments	
Garden State Paper	(1.4) -
Stadacona	3.2 -
Other	0.6 -
Total Assets & Investments	2.4 -
Expenses	(23.7) -
IBIT	$ (14.7) $ 37.4

(A) See detail on following page

Note: Hard look is defined here as quarter-to-date earningsllosses combined with the estimated expenses for the full quarter

EXH012-00713


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Wholesale Services
3rd Quarter 2001
  $ in millions

Industrial Markets - Detail of Originations

Deal	Amount
S&M	$ 4.5
Mondadori	0.4
Greif Brothers	0.5
CosipaNoest	1.0
Cosipa Slabs	3.0
Steel Dynamics	2.0
Atlas	7.0
Pope & Talbot	3.0
National Steel	0.3
Delurco-UK	2.0
Other	13.7
Total	$ 37.4

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EXH012-00714


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Wholesale Services
3rd Quarter 2001
  In millions
Principal Investments
  3rd Quarter
  Overage I
Hard Look (Additional
through Over I Transactions Required
  2nd CE 8130 (Under) 2CE Identified Earnings) 2000 Act
WIT 71.8) $ (105.4) $ (33.6) $ - $ (33.6) $ -
Detail of 3rd Qtr Items

Assets & Investments

  Public Portfolio (59.8) (A) -
Private Valuation (32.3) (A) -
Asset I Accrual Margin (7.5) (A) -
Total Assets & Investments (99.6) -

Expenses (5.8) -
JBIT $ (105.4) $ -

(A) See detail on following page

Note: Hard look is defined here as the most accurate estimate of earnings and expenses for the entire quarter, considering all probable increases and decreases

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EXH012-00715


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Wholesale Services

3rd Quarter 2001

$ in millions

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Principal Investements - Detail

Public Portfolio

  Hanover Compressor Common $ (35.0)
Copel $ (19.0)
Paladin (6.4)
Other 0.6

Total $ 59.8

Private Valuation

AMPS	(10.0)
Visual Bridge (leC)	(9.5)
Solo Energy	(5.7)
Financial Settlements Matrix	(3.5)
Aristasoft	(3.0)
Mshow	(2.9)
IAM.COM	(1.0)
Hornbeck-Leevac Merlin Loan	$ 3.3
Venoco	1.1
Other	(1.1)
Total	$ (32.3)
Asset/Accrual Margin	
Facility Costs	(7.5)
Total	$ (7.5)

EXH012-00716


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Wholesale Services
3rd Quarter 2001
  $ In millions

Global Finance

3rd Quarter

  Hard Look
  through Over I
2nd CE 8130 (Under) 2CE
IBIT $ 56.5 $ (22.3) $ (78.8)

  Overage I
(Additional
Transactions Required

identities Earnings) 2000 Act
$ 35.0 $ (43.8) $ 2.9

Detail of 3rd Qtr Items

JEDI Management Fees	$ 5.0 $ -
Condor	(2.8) -
Stock Book	(20.0) -
Raptor	- 35.0 (A)
Other	(0.5) -
Total Assets & Investments	(18.3) 35.0
Expenses	(4.0) -
IBIT	$ (22.3) $ 35.0

  (A) Currently unable to recognize this income due to market conditions of New Power Company stock. Looking for possible structured solutions to cover this shortfall
T
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EXH012-00717


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Page 20 of 31
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Broadband Services
3rd Quarter 2001
  $ In millions

EBS

  3rd Quarter
  Overage I
Hard Look (Additional
through Over! Transactions Required
  2nd CE 8130 (Under) 2CE Identified Earnings) 2000 Act
IBIT $ (91.0) $ (107.8) $ (16.8) $ - $ (16.8) $ (20.0)

Detail of 3rd Qtr Items

Trading	
Bandwidth	$ (8.8) $ -
Dram Chips	0.1 -
Advertising	- -
Other	3.6 -
Total Trading	(5.1) -
Expenses	(102.7) -
[BIT	$ (107.8) $ -

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EXH012-00718


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Page 21 of 31
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Corporate Staff Functions
Corporate Staff Costs Retained '
Third Quarter 2001
(In thousands of dollars)

						July	Aug & Sept	Total
		Plan	Change	2nd CE		Actuals	Estimate	Estimate
	Executive	4,283	1,000	5,283	(1	1,554	3,729	5,283
	Legal	2,445	-	2,445		152	2,293	2,445
	Risk Assessment & Control	348	300	648	(2	330	318	648
	Accounting & Tax	7,577	-	7,577		3,195	4,382	7,577
	SAP ISC	2,316	-	2,316		40	2,276	2.316
	Strategic Sourcing	1.711	-	1,711		381	1,330	1,711
	Investor Relations	759	-	759		172	587	759
	Corporate Development	871	1,500	2,371		674	1,697	2,371
	Human Resources	411	1,000	1,411		(814)	2,225	1,411
	Community Relations	1,808	-	1,808		582	1.228	1,808
	Benefits	9,778	7,600	17,378	(3	3,999	13,379	17,378
	Analyst & Associates	-	3,000	3,000	(4	1,055	1,945	3,000
	Public Affairs	11,329	3.000	14,329	(2	5,230	9,099	14,329
	Administrative Services	559	4.000	4,559	(2	3,869	690	4,559
	Risk Management	608	-	608		(490)	1,098	608
	Xceleralor	-	2,000	2,000		609	1,391	2,000
	Amortizations	28,908	-	28,908		6,629	22,279	28,908
	EBS transfers	-	5,000	5,000		1,035	3,965	5,000
	Other	10,242	3,500	13,742	(5	2,830	10,912	13,742
	Costs Retained at Corporate	83,953	31,900	115,853 ,		31,032	84,821	115,853
	1) Increase due to increased corporate	aviation usage.						
	2) Increased in 3rd quarter due to timing of Items. Estimate for the total year is on	plan.			
	3) Increase due to timing of benefits recognized in 2nd quarter.					
rT								
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4) Increase In amount retained at Corporate due to fewer participants	
resulting In lower billing	
s to business units.	
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EXH012-00719


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Page 22 of 31
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Cash Flow

EXH012-00720


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Enron Corp
2001 Cash Flow Estimate

	June YTD	3rd Quarter	4th Quarter	
	Actuals	Estimate	Estimate	Full Year
Funds Flow from Operations	1,804.4	147.2	948.4	2,900.0
Changes In Working Capital	(3,142.3)	476.7	693.2	(1,972.4)
Cash Flow from Operations	(1,337.9)	623.9	1,641.7	927.6
Proceeds from Sale of Assets	1,423.2	293.8	296.8	2,013.7
Capital Exp & Equity Investments	(2.583.4)	(496.1)	(650.0)	(3,729.4)
	(1,160.2)	(202.3)	(353.2)	(1,715.7)
Cash Flow	(2,498.1)	421.5	1,288.5	(788.1)
Cash Flow from Financing				
Increasel(Dec) in Debt	2,251.2	(775.7)	(1,149.7)	325.8
Dividends Paid	(256.4)	(143.1)	(138.8)	(538.2)
Other Financing	(24.3)	-	1.5	(22.8)
	1,970.6	(918.8)	(1,287.0)	(235.2)
Increasel(Decrease) In Cash Balances	(527.5)	(497.2)	1.5	(1,023.3)
Opening Debt Balance	10,229.5	12,812.1	12,034.3	10,229.5
increase from Cash Flow	2,251.2	(775.7)	(1,149.7)	325.8
Other Changes	331.4	(2.1)		329.3
Ending Debt Balance	12,812.1	12,034.3	10,884.6	10,884.6

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EXH012-00721


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Page 24 of 31
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Transportation & Distribution

  Enron Corp
Funds Flow from Operations
2001 Third Quarter

  3rd Quarter 2001 Estimate
June YTD Current Identified
Actuals View * Transactions Total

Sept YTD

Enron Transportation Services	162.7	73.4	- 73.4	236.1
Portland General Group	113.8	25.1	- 25.1	138.9
	276.5	98.6	- 98.6	375.0
Wholesale	832.2	(379.9)	500.0 120.1	952.4
Enron Energy Services	49.2	70.5	- 70.5	119.6
Enron Global Assets & Services	33.9	(2.1)	- (2.1)	31.8
Enron Renewable Energy	7.1	12.4	- 12.4	19.5
Clean Fuels	48.3	0.7	- 0.7	49.0
Corporate & Other	606.4	(153.0)	- (153.0)	404.2
Total	1,804.4	(352.8)	600.0 147.2	1,951.6

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Based on view of funds flow without any prepays, overviews or any other major transaction, and allocation of May's Credit-Link-Note
Scheduled prepay


EXH012-00722


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Page 25 of 31
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Transportation & Distribution
Enron Transportation Services
Portland General Group

Wholesale

Enron Energy Services

Enron Global Assets & Services
Enron Renewable Energy

Corporate & Other
Total

Enron Corp
Changes in Working Capital
  2001 Third Quarter

  3rd Quarter 2001 Estimate
June YTD Current Identified
  Actuals View * Transactions Total

  (38.8)
(240.6)

(279.4)
(2,245.6)

(156.1)
(76.7)
(118.0)

  (19.5)

49.5
33.5

  83.0
(997.3)

  (1.8)
(50.8)
96.9
27.2


1,325.0 f~

49.5
33.5

83.0
327.7

(1.8)
(50.8)
96.9
27.2

  (403.1) (5.5) - (5.5)
(3,142.3) (848.3) 1,325.0 476.7

Based on current view of working capital without any major transactions included
$500 AIR sale and $480 LC posted in place of cash margin currently on deposit

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Co

  Sept YTD
Estimate

10.7
(207.0)

  (196.4)
(1,918.0)

  (157.9)
(127.5)
(21.2)

  7.7

  (252.4)
(2,665.6)

EXH012-00723


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Page 26 of 31
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Enron Corp
Cash Flow From Operating Activities
2001 Third Quarter

			3rd Quarter 2001		
	June YTD	Current	Identified		Sept YTD
	Actuals	View	Transactions	Total	Estimate
Transportation & Distribution					
Enron Transportation Services	123.9	122.9	-	122.9	246.8
Portland General Group	(126.8)	58.6	-	68.6	(68.1)
	(2.9)	181.6	-	181.6	178.7
Wholesale	(1,413.4)	(1,377.2)	1,825.0	447.8	(965.6)
Enron Global Assets & Services	(107.0)	68.7	-	68.7	(38.3)
Enron Energy Services	(42.8)	(52.9)	-	(62.9)	(95.7)
Enron Renewable Energy	(110.9)	109.3	-	109.3	(1.6)
Clean Fuels	28.8	27.9	-	27.9	56.7
Corporate & Other	203.3	(158.5)	-	(158.5)	44.9
Total	(1,337.9)	(1,201.1)	1,826.0	623.9	(714.0)

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EXH012-00724


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Page 27 of 31
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Enron Corp
Cash Flow from Investing Activities
2001 Third Quarter YTD vs Full Year Plan

		June YTD	3rd Qtr	Sept YTD	Full Year
		Actuals	Estimate	Estimate	2001 Plan
	Transportation & Distribution				
	Enron Transportation Services	(79.9)	(56.6)	(136.5)	(150.1)
	Portland General Group	(96.0)	(48.7)	(146.8)	- (1)
		(177.9)	(105.3)	(283.2)	(150.1)
	Wholesale				
	Enron America	(1,167.6) (2)	39.8	(1,127.8)	(395.9)
	Europe	(20.5)	(26.6)	(47.1)	(161.9)
	CATS & Margaux	(126.1)	(12.1)	(138.1)	-
	Middle East	(2.0)	-	(2.0)	-
	Enron Global Markets	(74.9)	(6.2)	(81.1)	(77.2)
	Enron Industrial Markets	(229.0)	(3.8)	(232.8)	(446.0)
	Enron Networks	(62.2)	(34.6)	(96.8)	(131.5)
	EEOS	(4.4)	(1.5)	(5.9)	(5.5)
	Enron Broadband Services	(100.0)	(39.0)	(139.0)	(750.4)
	Enron Global Finance	(1.2)	0.2	(1.0)	-
	Enron Global Exploration & Product (4.9)	(0.6)	(5.5)	(1.6)
		(1,792.8)	(84.4)	(1,877.2)	(1,970.0)
	Enron Global Assets & Services	(104.7)	(136.3)	(241.1)	(328.7)
	Enron Energy Services	(35.1)	(16.7)	(51.7)	(123.7)
	Enron Renewable Energy	(26.2)	(78.8)	(105.0)	(23.9) 111
	Clean Fuels	(4.9)	(0.2)	(5.1)	(17.8)
	Corporate & Other	(441.8) (3)	(74.5)	(516.2)	(1.202.0) (4)
					
C	Total	(2,583.4)	(496.1)	(3,079.5)	(3,816.2)
=
0					
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4=	111
Plan anticipated sale In first half of 2001				
W	(2)
June YTD includes $347 related to Sithe Intangibles and $487 for Sithe restructuring		
N	(3)
June YTD includes $326 for Azurix privatization end $78 for Enron Building South		
"L	(4) Plan assummed repurchase of Rawhide for $740			

EXH012-00725


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Page 28 of 31
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Enron Corp
Proceeds on the Sale of Assets
2001 Third Quarter YTD vs Full Year Plan

  June YTD 3rd Qtr Sept YTD Full Year
Actuals Estimate Estimate 2001 Plan

		Transportation & Distribution				
		Enron Transportation Services	3.4	150.0 (1)	153.4	7.5
		Portland General Group	-	-	-	1,600.0 (2)
			3.4	150.0	153.4	1,607.5
		Wholesale				
		Enron America	1,217.2 (3)	38.1	1,255.4	818.0 (4)
		Enron Global Markets	10.2	(10.2)	-	-
		Enron Principal Investing	-	104.9	104.9	-
		Enron Broadband Services	15.9	0.1	16.1	67.2
		Enron Global Exploration & Production	2.0	0.0	2.0	600.0 (5)
			1,245.4	133.0	1,378.4	1,485.2
		Enron Global Assets & Services	85.8	10.8	96.6	3,068.4 (6)
		Enron Energy Services	50.0	(0.0)	50.0	83.0
		Enron Renewable Energy	-	-	-	700.0 (7)
		Clean Fuels	-	-	-	-
		Corporate & Other	38.6	-	38.6	-
		Total	1,423.2	293.8	1,716.9	6,944.1
	(1)	EOTT FAS140				
M	(2)	Planned sale of PGE Is 1st Qtr 2001				
C-31	(3)	Sale of Peakers $846, HPL $326 and Pastoria $45				
C=	(4)	Includes planned sale of Peakers for $600				
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to	
(5)	
Planned sale of EGEP India Assets				
	Is)	Includes planned sale of Elektro $2,000, Gas LDCs $470, Hainan $152 and Copel $135.			
N	(7)	Planned Sale				

EXH012-00726


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Page 29 of 31
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Includes ONLY Banking Activity Monitored In Houston

Net Cash Source I (Use)
Quarter to Date and Month to Date
  3rd Quarter 2001

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	Total	September		
	Q3 to Date	Through 915	August	July
Enron Transportation Services	97.6	(2.0)	28.3	71.3
Portland General Electric	-	-	-	-
Total Distribution	97.6	(2.0)	28.3	71.3
Enron North America	(78.5)	133.9	(76.7)	(135.7)
Enron South America	-	-	-	-
Total Americas	(78.5)	133.9	(76.7)	(135.7)
Europe	(77.2)	(17.9)	(123.0)	63.7
Global Markets	(32.8)	(34.4)	40.0	(38.4)
Industrial Markets	(6.3)	1.2	2.9	(10.4)
Networks	(67.3)	(2.3)	(33.7)	(31.3)
Other	(1.3)	-	(1.1)	(0.2)
Total Traditional Wholesale	(263.4)	80.5	(191.6)	(152.3)
Enron Broadband Services	(49.1)	(1.9)	(32.8)	(14.4)
EGEP	(3.9)	0.4	(4.7)	0.4
Other Wholesale (EE&CC)	160.7	1.6	72.2	86.9
Total Wholesale	(155.7)	-	(156.9)	(79.4)
Enron Energy Services	(139.5)	11.8	(59.3)	(92.0)
Enron Global Assets	150.9	0.3	87.3	63.3
Corp'	(128.9)	(79.6)	(802.7)	753.4

Other

Total Enron (175.6) 11.1 903.3 716.6

ONLY includes cash movement monitored from Houston.
Does NOT Include Canada, London or any other banking center.
Certain items such as payroll that is paid by Corp on behalf of a business unit has NOT been allocated to the
business units.

EXH012-00727


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Page 30 of 31
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Capital Deployed

EXH012-00728


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Page 31 of 31
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Enron Corp
Total Capital Deployed
2001 June Year-to-Date

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Transportation & Distribution
Enron Transportation Sevices
Portland General Group

Wholesale
Americas
Enron Global Markets
  Enron Europe
Middle East (Europe)
  Global Exploration & Production
Enron Global Finance
  Enron Industrial Markets
EEOS
  Enron Broadband Services
Enron Net Works
Wholesale - Other
Wholesale - EES
Eliminations & Other

Enron Energy Services
Enron Global Assets
Enron Renewable Energy Corp

Corporate & Other'

Total

	As of June 30, 2001		As of Dec 31, 2000
June 2001	Off Balance	Total Cap Deployed	Total Cap Deployed
Capital Deployed	Sheet Assets"	Incl. Off BIS	Incl. Off B/S
			
2,663.8	-	2,663.8	2,697.0
3,443.3	-	3,443.3	3,180.6
6,107.1	-	6,107.1	5,877.6
5,566.5	19.0	5,585.5	2,812.0 (1)
651.6	-	651.6	714.0
1,280.6	361.0	1,641.6	1,655.5
22.8	-	22.8	49.6
432.1	-	432.1	449.0
2,228.5	-	2,228.5	1,428.5 (2)
443.7	-	443.7	(54.0)
8.1	-	8.1	158.0
963.0	92.0	1,055.0	938.0
202.9	-	202.9	(7.0)
932.4	-	932.4	- (3)
1.7	-	1.7	6.3
12,733.8	472.0	13,205.8	8,150.0
747.2	102.0	849.2	1,732.0
6,893.9	153.0	7,050.0	6,995.1
653.2		653.2.	544.0
2,133.6	1,450.0	3,583.6	4,919.4
			
29,268.9	2,177.0	31,448.9	28,218.0

Corporate & Other includes Azurix. HPL Fair Value and Clean Fuels.
" OH balance sheet capital includes contingent equity. FAS 125/146. corporate guarantees, and residual value guarantees as of 12/31/00.

(1) Impact of margin activity.
(2) includes N/R from sale of JEDI shares previously owned by Enron.
(3) Included in EES-Retail.

EXH012-00729