Brattle Group report on Japanese Electricity Market

Gentlemen,

In relation to the planned visit to London, Washington DC and Houston by Nick
O'Day and myself over the next week to discuss regulatory issues in Japan and
our plan for a competitive Japanese market, please find attached the latest
draft of the report produced by the Brattle Group. We are very interested in
hearing your comments on the ideas in this paper and how they relate to
Enron's experience and policy in general.

Best regards
Mark Crowther
Public Affairs
Enron Japan