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Kenneth L Lay
Chairman of the Board
Enron Corp.
  ® P.O. Box 1188
  Houston, TX 77251-1188
713-853-6773
Fax 713-853-5313
  June 29, 2001 kenneth.lay@enron.com

Rocky Emery
Paine Webber, Inc.
Private Client Group
109 N. Post Oak Lane, Suite 150
Houston, TX 77024

RE: Sale of 85,616 shares of Enron Corp. to Company for Repayment of
$4,000,000 LOC plus accrued interest through June 27, 2001

Dear Rocky:

  This letter is your authority to transfer 2,310 shares of Enron Corp. stock
from the stock option award, Grant #8781, with an exercise date of 5/04199 in
Paine Webber Acct. HM-E0133-ESfito the Enron Corp. Omnibus Paine Webber
Acct. HS-54630-EN by or before F d.ay, July 2, 2001. The remaining 83,074
shares will be delivered in certificate form directly to Enron Corp.

  Please call Sherrie Gibson at 713/630-0103 should you have any
questions.

Sincerely,



CC: Elaine Overturf
Pam Butler
Joanne Cortez
Sherrie Gibson

EC38648B0050205

  6-ct7'h /

Endless possibilities."'

XH063-00324


GOVERNMENT
EXHIBIT
  4106
  Crim. No. H-04-25 (S-2)