Guaranty Agreement - Alcoa Power Generating, Inc. / ENA

Yesterday we entered into a financial power transaction with Alcoa Power
Generating, Inc. (Janelle Scheuer-trader) for the month of December. The
trade/confirm is subject to the reciept of a guaranty from Alcoa, Inc., as
well, they have requested a gty from Enron Corp. The guaranty amount that
Alcoa originally had in mind was $1,800,000; however, after a discussion with
Richard Totten at Alcoa, we concluded that $5,000,000 would be more
appropriate so that we can add on additional trades if need be. Please
forward a copy of our guaranty format (outgoing and incoming) to the
attention of the following people:

Tom Seligson (atty) thomas.seligson@alcoa.com
Richard Totten (credit) richard.totten@alcoa.com 412-553-3304
Jim Nixon james.nixon@alcoa.com 865-594-4756

Since this transaction has already closed, could you please add this to your
list of high priorities. FYI - I will likely pursue both ISDA and EEI agmts
with the cp.

Thanks in advance for your immediate attention.

Ed Sacks