Organizational Update ,
 As everyone is surely aware after last night's going away party, John Forney 
is heading back to Houston to trade the Short Term Entergy market.  Bill 
Williams III will be assuming responsibility for the Real Time desk and will 
report to Greg Wolfe.  There are three major areas of responsibility that 
Greg and Bill will be focussing on in 2001.  The first is the management of 
EPMI's physical power flows.  This entails checking out with counterparties, 
handling cuts, and ensuring that all of our risk and settlement systems 
reflect the proper information.  The second area is trading done by the Real 
Time group.  Each day, our Real Time desk combs the market looking for 
attractive trading opportunities.  The third area is the Services Desk.  The 
Services Desk provides scheduling and settlements services to customers who 
don't have the staff or systems to do it themselves.  We have seen our 
Services business grow dramatically this year.

Greg Wolfe will be ultimately responsible for the efforts of the Real Time 
desk and our Services business.  Les Rawson will continue in his role on the 
Services desk and will report to Greg.  Bill Williams will be responsible for 
the day to day operations of the Real Time desk.  Greg will continue to work 
closely with the middle market group and will maintain some of his coverage 
responsibilities.  Chris Foster will continue to manage the Middle Market 
group.
portland.desk@enron.com