UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2000 Commission File Number 1-12473 ENRON CAPITAL TRUST I (Exact name of registrant as specified in its charter) Delaware 76-0518948 (State or other jurisdiction of (I.R.S. Employer Identification incorporation or organization) Number) Enron Building 1400 Smith Street Houston, Texas 77002 (Address of principal executive (Zip Code) offices) (713) 853-6161 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] As of September 30, 2000, the Registrant had an aggregate of 8,000,000 8.30% Trust Preferred Securities and 247,440 8.30% Trust Common Securities outstanding. 1 of 10 ENRON CAPITAL TRUST I TABLE OF CONTENTS Page No. PART I. FINANCIAL INFORMATION ITEM 1. Financial Statements Income Statement - Three Months Ended September 30, 2000 and 1999 and Nine Months Ended September 30, 2000 and 1999 3 Balance Sheet - September 30, 2000 and December 31, 1999 4 Statement of Cash Flows - Nine Months Ended September 30, 2000 and 1999 5 Notes to Financial Statements 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8 PART II. OTHER INFORMATION ITEM 1. Legal Proceedings 9 ITEM 2. Changes in Securities 9 ITEM 3. Defaults upon Senior Securities 9 ITEM 4. Submission of Matters to a Vote of Security Holders 9 ITEM 6. Exhibits and Reports on Form 8-K 9 SIGNATURES 10 PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS ENRON CAPITAL TRUST I INCOME STATEMENT (In Thousands) (Unaudited)

Three Months Ended ~~Six~~Nine Months Ended ~~June~~September 30, ~~June~~September 30, 2000 1999 2000 1999 Revenues from Partnership Preferred Securities $4,~~279~~278 $4,~~279~~278 $812,~~557~~835 $812,~~557~~835 Net Income $4,~~279~~278 $4,~~279~~278 $812,~~557~~835 $812,~~557~~835 The accompanying notes are an integral part of these financial statements.

PART I. FINANCIAL INFORMATION - (Continued) ITEM 1. FINANCIAL STATEMENTS - (Continued) ENRON CAPITAL TRUST I BALANCE SHEET (In Thousands) (Unaudited)

~~June~~September 30, December 31, 2000 1999 ASSETS Investment in Limited Partnership Interest $206,186 $206,186 Partnership Distributions Receivable 4,278 - Total Assets $~~206~~210,~~186~~464 $206,186 LIABILITIES AND SHAREOWNERS' EQUITY Current Liabilities Trust Distributions Payable $ 4,278 $ - Shareowners' Equity Trust Preferred Securities - authorized, issued and outstanding 8,000,000 shares, $25 liquidation value $200,000 $200,000 Trust Common Securities - authorized, issued and outstanding 247,440 shares, $25 liquidation value 6,186 6,186 Total Shareowners' Equity $206,186 206,186 Total Liabilities and Shareowners' Equity $210,464 $206,186 The accompanying notes are an integral part of these financial statements.

PART I. FINANCIAL INFORMATION - (Continued) ITEM 1. FINANCIAL STATEMENTS - (Continued) ENRON CAPITAL TRUST I STATEMENT OF CASH FLOWS (In Thousands) (Unaudited)

~~Six~~Nine Months Ended ~~June~~September 30, 2000 1999 CASH FLOW FROM OPERATING ACTIVITIES: Reconciliation of Net Income to Net Cash Provided by Operating Activities Net Income $812,~~557~~835 $812,~~557~~835 Increase in Partnership Distributions Receivable (4,278) - Net Cash Provided by Operating Activities 8,557 812,~~557~~835 CASH FLOW FROM INVESTING ACTIVITIES: Net Cash Provided by (Used in) Investing Activities - - CASH FLOW FROM FINANCING ACTIVITIES: Dividends Paid (8,557) (812,~~557~~835) Net Cash Used in Financing Activities (8,557) (812,~~557~~835) Increase (Decrease) in Cash and Cash Equivalents - - Cash and Cash Equivalents, Beginning of Period - - Cash and Cash Equivalents, End of Period $ - $ - SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Dividends Declared $ 4,278 $ - The accompanying notes are an integral part of these financial statements.

PART I. FINANCIAL INFORMATION - (Continued) ITEM 1. FINANCIAL STATEMENTS - (Continued) ENRON CAPITAL TRUST I NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION The condensed financial statements included herein have been prepared by management without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these statements reflect all adjustments (consisting only of normal recurring entries) which are, in the opinion of management, necessary for a fair statement of the financial results for the interim periods. Certain information and notes normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although management believes the disclosures are adequate to make the information presented not misleading. These condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in Enron Capital Trust I Form 10-K for the year ended December 31, 1999. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Enron Capital Trust I (the "Trust") is a statutory business trust created under the Delaware Business Trust Act. Ownership of the assets of the Trust is evidenced by an aggregate of 8,000,000 8.30% Trust Preferred Securities (the "Trust Preferred Securities"), which are listed and traded on the New York Stock Exchange under the symbol "ENE PrT", and 247,440 8.30% Trust Common Securities (the "Trust Common Securities" and, together with the Trust Preferred Securities, the "Trust Securities"), all of which are owned by Enron Corp. ("Enron"). The Trust's sole assets are 8,247,440 8.30% Partnership Preferred Securities ($25 liquidation amount per security) representing an 85% limited partnership interest in Enron Preferred Funding, L.P. (the "Partnership"). The Trust and the Partnership are consolidated subsidiaries of Enron for financial accounting purposes. 2. DESCRIPTION OF THE PARTNERSHIP The general partner of the Partnership is Enron, which owns a 15% general partnership interest in the Partnership. Since completion of the offering of the Trust Preferred Securities on November 21, 1996, the assets of the Partnership have been invested primarily in a $181,926,000 principal amount 7.75% Subordinated Debenture due 2016 of Enron (the "Enron Debenture") and $29,108,000 principal amount 7.75% Debentures due 2016 (the "Subsidiary Debentures" and, together with the Enron Debenture, the "Debentures") of each of Enron North America Corp. and Enron Pipeline Company, each of which is a wholly-owned subsidiary of Enron. The obligations under the Subsidiary Debentures are guaranteed by Enron. In addition to the Debentures, the Partnership owns an aggregate of approximately $2,500,000 in short-term, investment grade debt securities (the "Eligible Debt Securities") as of September 30, 2000 and December 31, 1999. 3. SUMMARIZED FINANCIAL INFORMATION OF THE PARTNERSHIP Summarized financial information for the Partnership, accounted for by the equity method, is as follows (in thousands):

~~June~~September 30, December 31, Balance Sheet 2000 1999 Current Assets $ 27,~~500~~159 $ 2,503 Noncurrent Assets 240,142 240,142 Current Liabilities 4,278 - Partners' Capital ~~242~~243,~~642~~023 242,645

Three Months Ended ~~Six~~Nine Months Ended ~~June~~September 30, ~~June~~September 30, Income Statement 2000 1999 2000 1999 Revenues $4,~~691~~659 $4,~~682~~686 $914,~~378~~037 $914,~~372~~058 Net Income $4,~~691~~659 $4,~~682~~686 $914,~~378~~037 $914,~~372~~058

PART I. FINANCIAL INFORMATION - (Concluded) ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. ENRON CAPITAL TRUST I Results of Operations and Changes in Cash Flows Third Quarter 2000 vs Third Quarter 1999 For the quarter ended September 30, 2000, distributions totaling $4.2 and $0.1 million, respectively, were declared to the holders of the 8,000,000 Trust Preferred Securities and to the holder of the 247,440 Trust Common Securities. These distributions were paid in the subsequent month. On the quarter ended September 30, 1999, the holders of the 8,000,000 Trust Preferred Securities were paid quarterly cash distributions totaling $4.2 million. On the same date, the holder of the 247,440 Trust Common Securities was paid quarterly cash distributions totaling $0.1 million. On October 2, 2000 and September 30, 1999, the Trust received quarterly distributions from the Partnership of $4.3 million related to the Trust's limited partnership interest. Nine Months Ended September 30, 2000 vs. Nine Months Ended September 30, 1999 For the nine months ended September 30, 2000, distributions totaling $12.4 and $0.4 million, respectively, were declared to the holders of the 8,000,000 Trust Preferred Securities and to the holder of the 247,440 Trust Common Securities. $8.3 and $0.3 million of these distributions were paid by September 30, 2000. The remaining $4.2 and $0.1 million distributions declared were paid in October 2000. For the nine months ended September 30, 1999, the holders of the 8,000,000 Trust Preferred Securities were paid cash distributions totaling $12.4 million. For the nine months ended September 30, 1999, the holder of the 247,440 Trust Common Securities was paid cash distributions totaling $0.4 million. On October 2, 2000 and September 30, 1999, the Trust received distributions from the Partnership totaling $12.8 million related to the Trust's limited partnership interest. PART II. OTHER INFORMATION ENRON CAPITAL TRUST I ITEM 1. Legal Proceedings None. ITEM 2. Changes in Securities None. ITEM 3. Defaults upon Senior Securities None. ITEM 4. Submission of Matters to a Vote of Security Holders None. ITEM 6. Exhibits and Reports on Form 8-K (a) Exhibits None. (b) Reports on Form 8-K None. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. ENRON CAPITAL TRUST I (Registrant) Date: November 13, 2000 By: BEN GLISAN, JR. Name: Ben Glisan, Jr. Title: Regular Trustee

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