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Confidential

  Enron Corp.
3rd Quarter 2001 Financial Review

  September 7, 2001

EXH012-00730



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				ENRON			Current Forec	ast and
		EARNINGS RELEASE-EXTERNAL FORMA.
(Mma seIOse.,s
m m'n d)
e.Q		Hard Lo	o	
				,
S					
				Third Quarter 2001				302000
					over I		Overage		
			Latest	Hard Look	(Under)	Transactions (Additional		
		Plan	Forecast	tivouoh 130	Forecast	Identified	Reoulr.d)		Actual
	Transmission i Distribution								
	Enron Transportation Services	$ 81.7	S 81.7	S 83.0	S 1.3	S - S	1.3		S 930
	Portland General		(2.6)	R.6)					73.9
	Total Transmission & Distribution	51.7	71.1	80.4	1.3		1.3		156.9
	Wholesale Energy Operations i Services								
	Americas	166.6	185.8	51.6	(134.2)	1362	2.0		349.9
	Europe	80.2	93.9	(160.2).	(254.1)	254.1	-		51.5
	CATSIMargaux	-	(13.7)	(13.7)	-	-	-		-
	Global Madrets	85.3	65.3	(102.9)	(168.2)	170.0	1.0		(11.6)
	Industrial Markets	22.7	22.7	(14.1)	(37.4)	37.4	-		-
	Net Works	66.4	(8.1)	(13.0)	(4.9)	-	(4.9)		7.0
	EEOS	13.6	13.5	3.5	(10.0)	-	(10.0)		6.6
	Enron Principal Investments	-	(71.8)	(105.4)	(33.6)	-	(33.8)		-
	Other Wholesale	0.6	(16.5)	(17.9)	(1.4)	(1.41		
	Subtotal	424.4	271.1	(772.7)	(043.0)	$17.7	(18.1)		403.1
	Global Finance	40.9	60.6	(22.3)	(78.6)	35.0	(43.8)		2 0
	Global E&P	0.4	15.2	10.4	(4.8)	-	(4.8)		9.3
	Prepays	(44.7)	(55.8)	(55.8)		-	-		(26.7)
	Other	85.5	(31.5)	(31.6)					205.0
	Total Wholesale Energy Ops. & Services	506.5	255.5	(471.1)	(727.4)	$32.7 (94.7)		594.1
	Global Assets	60,4	(7.8)	(7.0)	-	55.0	55.0		35.6
	Enron Energy Services	67.1	$1.0	(08.7)	(160.7)	160.7	-		27.0
	Enron broadband Services	(36.4)	(11.0)	(107.8)	(16,8)		(16.8)		(20.0)
	Corporate and Other								
	Azurix	(20.7)	(21.0)	(21.0)	-				(24.3)
	Enron Renewable Energy Corp	0.2	5.9	9.6	3.9	-	3.9		3.3
	Clean Fuels ,	(4.6)	(15.4)	(1.5)	13.9		13.9		(6.1)
	Enron Investment Partners	(0.1)	1.6	1.6	-	-			-
	Corporate & Other Expenses	(68.5)	(115.9)	(116.9)					(100.1)
	Structured Transactions	4.5	4.0	4.0	-	-	-		
	Total Corporate & Other	(107.2)	(140.6)	(123.0)	17.8		17.8		(127.2)
	Overview	26.0	645.0		(645.01	(645.0)		
	INCOME BEFORE INT., M.t. & INC. TAXES	508.9	601.0	(721,0)	(1,630.6)	$48.4	(682.4)		666.4
	Interest Expense, Net	88A	201.1	201.1	-	-	-		2470
	Dividends on Preferred Stock of Subsidiaries	17.6	20.4	20.4	-	-	-		197
	Minonty interest	17.5	33.2	33.2					35.5
	PRE-TAX INCOME	475.2	546.3	(984.5)	(1,530.8)	840.4	(612.4)		364.2
	Income Tax Expense	114.0	131.1	(236.3)	(367.4)	203.6 (163.8)		72.5
	NET INCOME - RECURRING	$ 361,2	$ 415.2	S (740.2)	$ (1,163.4)	S 644.8	S (519.6)		f 291.1
	Non-recurring loss	-	(643.9)	(643.1)		-	-		-
	TOTAL NET INCOME	f 361.2	$ (220.7)	f (1.392.1)	f. (1,163.4)	f 644.8 $18.6		$ 291.7
	DILUTED EPS								
	Recurring	S 0.41	S 0.45	$ (0.82)	$ (1.27)	$ 0.70	S (0.57)		S 0.34
C7	Non-recurring		0.71	(0.71)	-	-			-
	TOTAL DILUTED EPS	S 0.41	(0.26)	$ (1.53)	$ (1.27)	$ 0,70	f (0.57)		S 0.34
									
Q	Avg shares oubtandng -Diluted	665.0	913.5	913.5	913.5	913.5	913.5		069.6
-.l									
to	E0ecIve Tax Rate. Recurring Earnings	24.0%	24.0%	21.0%	24.0%	24.0%	240%		19.9%
									
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EXH012-00731