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Date: Thu, 26 Oct 2000 16:00:00 -0700 (PDT)
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NOTE FROM THE EDITORS
The AmeriFlash Newsletter would like to keep you informed on global wholesa=
le=20
news as well, so we have added business highlights from Enron's original=20
electronic newsletter, GlobalFlash, which was created by Enron Europe.

"What's on your Mind?"
If you have ideas or suggestions please forward them to Michelle Vitrella o=
r=20
Kathie Grabstald.=20

FINAL DAY FOR THE PULSE

Today is the final day to provide feedback through the annual employee surv=
ey=20
-- The Pulse.  As of Thursday morning, 56.5% of the ENA/EGM/EIM employees=
=20
have taken part in the survey, which is an improvement from last year's=20
participation rate of 49%.  However, we are behind the company average and=
=20
most of the other business units.  Please take a few minutes today to provi=
de=20
much needed and confidential comments regarding Enron and your work=20
environment.  The Pulse survey is located on the Enron intranet at=20
survey.enron.com.

If you like competition, here is how the ENA/EGM/EIM participation rate=20
stacks up against the other business units:

Enron Energy Services 96.88%
Enron Wind  89.96%
Enron India  89.47%
Net Works  77.78%
EE&CC   73.88%
NEPCO   64.37%
Enron South America 63.74%
Corporate Staff  63.52%
Company Average 61.10%
ENA/EGM/EIM  56.50%
Enron Broadband 55.89%
ETS (formerly GPG) 55.52%
Enron Europe  44.36%
APACHI  29.66%

Log on to survey.enron.com and make your opinions known.  =20

BUSINESS HIGHLIGHTS

OIL PRODUCTS
Congratulations to the US Oil Products Trading Team!  On October 4, 2000 th=
ey=20
successfully completed a deal with a volume of 2,400,000 barrels with a=20
Notional Value of $80,640,000.  This is the highest Notional Value associat=
ed=20
with an EOL trade.

Kudos again for another great deal. They have done another large=20
crack-spread, this time for 100,000 barrels per month for calendar 2001. Th=
is=20
trade notionally values out at over $40 million and is the second largest=
=20
transaction conducted to date on EOL.

STEEL
Steel Trading and Origination teams, headed by Greg Hermans and Tim=20
Battaglia, respectively, have already defined a Hot-Rolled coil financial=
=20
product.  The contract has been drafted and is currently being discussed wi=
th=20
customers.

Financial Hot Rolled Steel will be posted on EnronOnline, allowing the stee=
l=20
industry to hedge their price exposure for the first time in history. The=
=20
access to hedging products will help the steel industry manage technicaliti=
es=20
and smooth cash flow.  Over time, forward price curves with transparent=20
pricing should allow the steel industry to also benefit from improved acces=
s=20
to capital.

The next challenge will be to educate the steel industry about financial=20
swaps and derivatives as risk management tools.  The $300 billion steel=20
market should provide an excellent growth opportunity for Enron.

PRINCIPAL INVESTMENTS
FuelCell Energy, Inc. recently announced that it has entered into an allian=
ce=20
with ENA.  FuelCell Energy and Enron will work together to develop and mark=
et=20
FuelCell Energy's Direct FuelCellc (DFCc) products.  In connection with the=
=20
alliance, Enron has invested $5 million in the common stock of FuelCell=20
Energy.  Additionally, FuelCell Energy will issue warrants enabling Enron t=
o=20
purchase up to 1.3 million shares of FuelCell Energy common stock. =20

Fuel cell developer Dais-Analytic Corp. also announced an alliance with ENA=
. =20
As part of this alliance, Enron has made an equity investment in=20
Dais-Analytic and will support market development, distribution and other=
=20
field services for Dais-Analytic's fuel cell, humidity control and related=
=20
products. =20

ENA RESEARCH GROUP
What does the FX and Sovereign Risk Group within ENA=01,s Research Departme=
nt=20
do?  We provide forecasts of foreign exchange rates as well as revenue and=
=20
cost escalators corporate wide for project valuation.  We advise the FX and=
=20
interest rate desks on Central Bank policies of the G3.  In addition, we=20
provide sovereign risk analysis on countries important to Enron's various=
=20
business units upon request, as well as provide services related to the=20
global macroeconomic outlook.  Our sovereign risk analysis is used in the=
=20
development of the E-ratings in cooperation with the Risk Assessment and=20
Control Group.  We have recently developed a presentation on =01&Fundamenta=
ls of=20
Non-ferrous Metals=018 as well as one on "Sovereign Risk=018.  We also advi=
se the=20
fundamental analysis group within Enron Global Markets.=20

What=01,s new from the Country Risk and Foreign Exchange Team? On October 1=
3th,=20
2000, we launched a new product called the Enron =01&International Monitor,=
=018 an=20
international economic review that will be published each Friday by the FX=
=20
and Sovereign Risk Group.  The purpose of this product is to inform the=20
foreign exchange traders as well as management about important internationa=
l=20
economic events and their impact on currency and financial markets.  Specia=
l=20
emphasis is placed on potential central bank policy changes and the impact=
=20
these changes have on interest rates and currencies.  We also monitor other=
=20
key markets, with a special focus on oil, and its impact on consumer,=20
producer and equity prices. The International Monitor can be found on the E=
NA=01,
s web site, by accessing=20
http//ecthou-webcl1.nt.ect.enron.com/research/ForeignExchange/FXMain.htm.

Please email Leann Walton if you would like to receive the International=20
Monitor weekly by email, or if you would like us to email you the first two=
=20
issues.  Visit our web site at http://home.ect.enron.com/ - Select=20
Departments / Research.  You will find also many useful links to other web=
=20
sites here relevant to Enron=01,s businesses.

NEWS FROM GLOBALFLASH

Enron Launches Financial Plastics & Petrochemicals Derivatives on EnronOnli=
ne
Enron is to start trading a new range of financial swap contracts for the=
=20
plastics and petrochemicals industry on www.enrononline.com, the company=01=
,s=20
free, real-time Internet-based trading platform. This is the first time tha=
t=20
these derivative products, designed to help clients better manage the price=
=20
volatility which characterises the multi-billion dollar industry, have been=
=20
made available on the Internet in Europe.

Gas Deliveries in Germany
Since 1 October 2000, Enron has been the first and only non-incumbent playe=
r=20
to be able to serve customers within Germany by delivering gas to three loc=
al=20
utilities, those of Heidelberg, T_bingen, and Bensheim.  Carsten Haack who=
=20
closed the first deal with Heidelberg and was in charge of negotiation of t=
he=20
transport did mention that the procedures are still complicated and lengthy=
=20
and that the terms and conditions for future agreements will need to be=20
easier, more transparent and standardised. Helge-J_rgen Beil from the=20
Frankfurt office who closed the gas deals with the municipalities of T_bing=
en=20
and Bensheim said that these deliveries are encouraging but do not guarante=
e=20
the future yet.   Another positive aspect is that Enron's continental gas=
=20
trading team was able to do the first gas trade within Germany with some of=
=20
the gas Heidelberg contracted for but could not take on.

Liquid Fuels Group Launches Tanker Freight Forwards
Scott Moncrieff, a director in the group, has with his team introduced tank=
er=20
freight forward contracts on to EnronOnline, to offer a standardised hedgin=
g=20
contract in today's highly volatile tanker market, currently worth in exces=
s=20
of US$ 10 billion per annum.

And on the Dry-Side......
Pierre Aury, Chris Connelly and their team introduced a similar on-line=20
forward freight swap in June and to date, have traded contracts with a=20
notional value of US$ 8 million, equivalent to 20 million metric tonnes of=
=20
combined physical and financial contracts.  The routes are  from Colombia a=
nd=20
South Africa to Rotterdam, which are key routes for coal transport.

WELCOME

Transferred Into ENA/EIM/EGM
ENA =01) Johnny R. Palmer/Staffing Resources, Anna Briggs/Principal Investi=
ng,=20
Carol Coats/Human Resources
EGM =01) Andrea Hauser/US-GP Products Trading

New Hires ENA/EIM/EGM
ENA =01) David Jones/East Origination, Marnie Lamb/Merchant Finance, Mathew=
-Joy=20
Noveena/Tax, Reynaldo Romero/Gas Assets Oper Mgmt, Mary Symes/West=20
Origination-Portland=20
EGM =01) Brad Lawson/Financial Operations, Sandeep Ramachandran/Weather Tra=
ding

IN THE NEWS

=01&Enron delivered very strong earnings growth again this quarter, further=
=20
demonstrating the leading market positions in each of our major businesses,=
=018=20
said Kenneth L. Lay, chairman and CEO of Enron. =01&Our wholesale and retai=
l=20
energy businesses have achieved record-setting levels of physical deliverie=
s,=20
contract originations and profitability. We operate in some of the largest=
=20
and fastest growing markets in the world, and we are very optimistic about=
=20
the continued strong outlook for our company.=018  --- from Enron's 3rd Qua=
rter=20
Earnings Press Release

NUGGETS & NOTES

=01&I=01,m looking for some high velocity capital.=018  -  Brian Redmond,=
=20
President/HPL, Managing Director/Assets/Upstream Origination-ENA

=01&Can I get this NOW?=018 - Gary Hickerson, Managing Director/Equity Trad=
ing-EGM

"I like the innovative ways that Enron does things. They take a refreshing=
=20
approach to the stagnant steel industry." - Kevin O'Donnell, Director/Steel=
=20
Trading

CONTEST

The cut off date for The Name This Newsletter Contest is Friday, November 3=
. =20
Keep the ideas coming!

TEASER

In your cellar there are three light switches in the OFF position. Each=20
switch controls 1 of 3 light bulbs on the floor above.  You may move any of=
=20
the switches but you may only go upstairs to inspect the bulbs one time.  H=
ow=20
can you determine the switch for each bulb with one inspection? Please send=
=20
answers to michelle.vitrella@enron.com, the winner will receive AMC Movie=
=20
passes.