Las Vegas CoGen

Guys, I have explained the strategy/tactics that have lead to this position
in some detail. In my opinion the company is not at risk and potentially ENA
could create significant value from a project that we have very little
invested. I understand the construction risk on the bid as much as anyone
and we have no intention of lifting their offer. As far as EECC involvement,
as I had mentioned, Coleman was a part of all these discussions. I will
argue that Mike and the ENA deal team made the right call necessary to
maximize return in the short run for Enron without investing significant
dollars or taking significant risks.

Obviously, I was unsuccessful in explaining such a sophisticated strategy.

Regards
Delainey

---------------------- Forwarded by David W Delainey/HOU/ECT on 09/26/2000
07:01 PM ---------------------------

Dick Westfahl@ENRON_DEVELOPMENT
09/26/2000 09:30 AM
To: Dave Delainey
cc: Larry L Izzo/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Las Vegas CoGen

Dave:

See attached memo.

Thanks,

Dick