EnBW

Following are translations of the various letters sent between Enron and EnBW
since our claim for damages dated February 18, 2000:

1. EnBW response dated February 23, 2000

2. Addtional EnBW response dated February 25, 2000

3. Our response sent February 28, 2000, refusing delivery at alternative
delivery point (for lack of sufficient transmission capacity) and invitation
to meet on March 8, 2000.

4. EnBW response accepting invitation dated February 29, 2000

We are in the process of reviewing all telephone conversations, e-mails and
facsimiles between Enron and EnBW since June 1999 up to February 2000, in
order to establish the meaning and construction of the Force Majeure Clause
in the Master Agreement and theTerms and Conditions of the Transaction
Agreement. This review is structured along the attached checklist and
conducted today by outside counsel in our London offices. We will prepare a
report and risk analysis in preparation of the meeting with EnBW on March 8,
2000.

Michael