Press Release

ENRON AND OWENS CORNING SIGN MORE THAN $1 BILLION LONG-TERM ENERGY OUTSOURCE AGREEMENT

HOUSTON – Two experts in the field of energy conservation - Enron Energy Services, a subsidiary of Enron, and Owens Corning – announced today a more than $1 billion ten-year outsource agreement for total energy management services at 20 of Owens Corning’s major manufacturing facilities located throughout the United States. The agreement is an innovative approach through which Enron and Owens Corning will jointly implement an energy savings program designed to decrease energy consumption and lower costs for Owens Corning.

Through the agreement, Enron will:

• supply or manage all energy commodity requirements including electricity and natural gas;

• mitigate risks of price volatility using Enron’s expertise in managing large commodity portfolios; and

• design, build and finance certain energy infrastructure projects.

“Enron’s ability to provide nationwide energy price risk management, construction management for energy related assets, as well as furnish capital, uniquely positions us to reduce Owens Corning’s energy costs in a deregulating market,” said Lou Pai, chairman and chief executive officer of Enron Energy Services. “This transaction continues an emerging trend of manufacturing companies seeking Enron’s expertise and capability to manage their energy requirements and provide reliable supply and stable prices in an unpredictable energy market.”

Glen Hiner, chairman and chief executive officer of Owens Corning said, “As the leading provider of insulating systems, our company has a unique understanding of the benefits of energy conservation. We have selected Enron because they can address the volatility we are facing nationwide, and also provide the capital necessary to further drive down our energy consumption and costs.”

Owens Corning is a world leader in building materials and glass fiber composites systems. The company had 1998 sales of $5 billion and employs approximately 20,000 worldwide. For more information, please visit Owens Corning’s Web site at www.owenscorning.com.

Enron is one of the world’s leading electricity, natural gas and communications companies. The company, which owns approximately $34 billion in energy and communications assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Enron’s Internet address is /corp, and the stock is traded under the ticker symbol, “ENE.”

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For additional information please contact:

Peggy Mahoney

Enron

713-345-7034

Bill Hamilton

Owens Corning

419-248-6190