Documents Containing Enron's Position on Goverance

Sergio:

Attached are a few documents that set out Enron's position on governance
issues. Each document is somewhat case specific (eg. GridFlorida focuses on
the governance problems in Florida, etc) but you will see our general
position from each document. As you will see in the GridFlorida pleading, we
urge FERC to order Florida to implement a governance structure similar to
that in PJM, which has worked quite well over the past couple of years. In
the California White Paper, we focus on the problems with the stakeholder
board which has since been disbanded and replaced with a board chosen by the
California government. In the last California protest, we focus on the
problems with the California government putting in their own board.

Please let me know if you have any questions or if you need other documents.

Sarah

GridFlorida Final:

White paper filed in California, prepared by Frontier Economics and Tabors
Caramanis. See page 32, section 5, which discusses governance issues.

California pleading regarding the recent changes in the California ISO's
board of directors.