Financials

Financial Summary (`000 $) 2001 2002 2003 2004 2005 2001 2002 2003 2004 2005 MW (Yr 2000: 6,865MW): 7,478 9,694 13,444 16,444 19,444 Net Income: 103,156 141,851 219,722 348,736 453,721 EPS ($): 2.06 2.84 4.39 6.97 9.07 CAGR: 38% 46% 50% 45% Market Cap: 2,090,907 3,306,516 5,889,929 10,750,580 16,085,038 P/E: 20.27x 23.31x 26.81x 30.83x 35.45x Number of 50,000,000 50,000,000 50,000,000 50,000,000 50,000,000 Outstanding Shares

Valuation Summary (`000 $)

5 Year Pro-forma (`000 $)

Debt Financing (`000 $)

Funding for Development Projects Sources & Uses (`000 $) Sources Total Equity: 2,090,907 Bond Proceeds: 2,148,251 Total: 4,239,158 Uses Enron: 1,312,000 FPL: 2,927,158 Total: 4,239,158 Funding for Development Projects Beginning of Year 2001 2002 2003 2004 2005 Capital Expenditure: 187,725 1,531,750 2,212,500 1,650,000 1,650,000 Less Cash Generated: 160,222 219,133 318,219 520,102 Less Project Debt Proceeds: 111,435 865,700 1,327,500 990,000 990,000 Net Capital Needs: 74,290 505,828 665,867 341,781 139,898 (Total: 1,727,663)