1. Enron Generation Overview
September 25, 2000
Confidential & Proprietary
Management Presentation
Enron Generation Overview

2. Table of Contents - Peakers
Generation Overview
Key Sales Points
Development History
Equipment Overview
Infrastructure Overview
Construction Overview
Contract Terms (EPC) & Warranty Provisions
Performance Results
Interconnection Agreements
Gas Supply & Transportation
Review of Power Markets
Control Area Status
Expansion / Conversion Details
O&M Costs
State/Local Taxes
Legal/Lease Structures

3. Gleason Overview
Project Gleason

4. Gleason Overview
Generation Overview
The plant is a 546 MW (nominal) natural gas-fired, simple cycle power generation facility (the “Gleason Plant”) owned by Gleason Power I, L.L.C., an indirect wholly owned subsidiary of Enron North America
The Gleason Plant is located on an approximate 60 acre tract of land at 1156 James Mill road in Gleason, Tennessee
The plant is located in the TVA subregion of SERC

5. Gleason Overview
Key Sales Point
The Gleason Plant has a “first-mover advantage opportunity” in a key Midwest market
Plant provides geographic diversification with critical mass
Target markets have historically experienced extreme power price volatility due to tight reserve margins, transmission constraints, and susceptibility to outages of large-scale units
Ideally suited to capitalize on gas/power arbitrage opportunities
Expansion potential at existing sites
Conversion capability to combined cycle at all sites

6. Development/Construction Overview
Gleason Overview
Development/Construction Overview
See Mitch for Timeline or Map

7. Gleason Overview
Equipment Overview
The Gleason Plant consists of one Westinghouse Model 501 FC gas turbine and two Westinghouse Model 501 FD gas turbines, rated at 182 MW and 182 MW, respectively (nominal)
At 90 degrees Fahrenheit and at full operation, the Gleason Plant is able to achieve a net heat rate of approximately 10,900 Btu/kWh (HHV)

8. Gleason Overview
Performance Results
Add Mitch Robinson

9. Infrastructure Overview
Gleason Overview
Infrastructure Overview
Add map of site

10. Gleason Overview
Contract Terms
May be taken out since it’s not relevant for Wheatland plant

11. Interconnection Agreements
Gleason Overview
Interconnection Agreements
The Gleason Plant is interconnected to a 500 kV TVA line that traverses the site

12. Gas Supply & Transportation
Gleason Overview
Gas Supply & Transportation
The Gleason Plant is permitted to use only natural gas as its fuel source
The plant is interconnected to a interstate natural gas pipeline system which traverses the site and is owned and operated by ANR Pipeline Company (“ANR”)
Gleason Power I, L.L.C. and ANR each own, operate and maintain specified portions of the interconnection facilities as defined in the facilities agreement
The term of each of these agreements ends on February 28, 2010.
The interruptible transportation service agreement and the interruptible gas parking and lending service agreement will continue on a month-to-month basis after February 28, 2010, until terminated by either party

13. Power Markets Opportunities
Gleason Overview
Power Markets Opportunities
Gleason Power I, L.L.C. is qualified as a exempt wholesale generator (“EWG”) under the Public Utilities Holding Company Act of 1935, thus the plant has the authority to sell energy and capacity at market-based rates
The Plant’s location in TVA and its access to the eastern U.S. electricity market provides sales opportunities in the wholesale power markets

14. Control Area Status The control area is designated ENGL
Gleason Overview
Control Area Status
The control area is designated ENGL
The Gleason Plant has been designated a control area in accordance with NERC policy

15. Expansion/Conversion Details
Gleason Overview
Expansion/Conversion Details
The Gleason Plant has been designed to facilitate a future plant expansion or conversion to combined-cycle
An interconnect request for conversion has been filed with TVA
The stated net heat rate will go from 10,900 Btu/kWh to ______
The stated net output of the plant will go from 546 MW (nominal) to _____
The conversion of the Gleason plant will take approximately _____
Water availability?
Permit timeline estimate?

16. Gleason Overview
O&M Costs
Variable O&M ($/MWh) of $1.50 includes estimates on water costs and variable maintenance expenditures
Fixed O&M ($000) of $1,242 includes estimates of payroll expenses and other fixed O&M
Major Maintenance ($/Start/Turbine) of $3,000 includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year
Estimated Owner’s Expense ($000) of $322 includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses
Property Tax Liability ($000) of $92 may vary based on abatement programs and other local issues

17. Gleason Overview
State/Local Taxes

18. Legal/Lease Structures
Gleason Overview
Legal/Lease Structures
See Stuart Zisman

19. Wheatland Overview
Project Wheatland

20. Wheatland Overview
Generation Overview
The plant is a 508 MW (nominal) natural gas-fired, simple cycle merchant generation facility (the “Wheatland Plant”)
Owned by West Fork Land Development Company, L.L.C., a direct, wholly-owned subsidiary of Enron North America
Located on an approximate 60-acre tract of land at 480 North Hall Road in Wheatland, Indiana
Southern ECAR subregion of ECAR

21. Wheatland Overview
Key Sales Point
The Wheatland Plant has a “first-mover advantage opportunity” in a key Midwest market
Plant provides geographic diversification with critical mass
Target markets have historically experienced extreme power price volatility due to tight reserve margins, transmission constraints, and susceptibility to outages of large-scale units
Ideally suited to capitalize on gas/power arbitrage opportunities
Expansion potential at existing sites
Conversion capability to combined cycle at all sites

22. Development/Construction Overview
Wheatland Overview
Development/Construction Overview
See Mitch for Timeline or Map

23. Wheatland Overview
Equipment Overview
Consists of four Westinghouse Model 501 D5A gas turbines, each rated at approximately 127 MW (nominal)
At 90 degrees Fahrenheit and at full load, the Wheatland Plant is able to achieve a net heat rate of approximately 11,500 Btu/kWh, HHV, and a net capacity of approximately 480 MW
Approximately 450 gpm water usage during operation. Water is supplied by an owned lake, adjacent to the site

24. Wheatland Overview
Performance Results
See Mitch Robinson

25. Infrastructure Overview
Wheatland Overview
Infrastructure Overview
Add map and 100 feet overview of facility, pipeline, water

26. Wheatland Overview
Contract Terms
May be taken out since it’s not relevant for Wheatland plant

27. Interconnection Agreements
Wheatland Overview
Interconnection Agreements
Interconnected to two 345 kV lines. The plant has an interconnect agreement with both Cinergy Services Inc. (“Cinergy”), and Indianapolis Power & Light (“IPL”). With the dual interconnect, the plant has the option of dispatching into the Cinergy or IPL systems
Both Cinergy and IPL allow scheduling of energy into and out of each control area, giving the Wheatland Plant the option of generating power or filling the scheduled energy delivery from the market when market economics warrant. This enables playing day ahead vs intra-day hourly market to maximize optionality
This added flexibility ensures that the plant is reserved for operation only during periods of economic dispatch

28. Gas Supply & Transportation
Wheatland Overview
Gas Supply & Transportation
Permitted to use natural gas as its fuel source
Interconnected to Midwestern Gas Transmission Company (“Midwestern Gas”), a natural gas pipeline system owned by Tennessee Gas Pipeline Company
The term of the interruptible gas transportation agreement and associated transportation rate began on April 1, 2000, continues through March 31, 2008 and will continue on a month-to-month basis until terminated upon thirty days notice by either party
Gas can be purchased at Chicago city-gate hub or from Gulf Coast

29. Power Markets Opportunities
Wheatland Overview
Power Markets Opportunities
West Fork Land Development Company, L.L.C., is qualified as an EWG, and has the authority to sell energy and capacity at market-based rates. The Wheatland Plant’s location in Southern ECAR, and its access to the eastern U.S. electricity market will provide sales opportunities in the wholesale power markets.

30. Wheatland Overview
Control Area Status
The control area is designated ENWI and ENWC. The Wheatland Plant has been designated as two control areas in accordance with NERC policy
What is the benefit of having control area?

31. Expansion/Conversion Details
Wheatland Overview
Expansion/Conversion Details
The Wheatland Plant has been designed to facilitate a future expansion or conversion to combined-cycle
The stated net heat rate will go from 11,500 Btu/kWh to ______
The stated net output of the plant will go from 508 MW (nominal) to ____
The conversion of the Gleason plant will take approximately _____
Water availability?
Permit timeline estimate?

32. Wheatland Overview
O&M Costs
Variable O&M ($/MWh) of $3.00 includes estimates on water costs and variable maintenance expenditures
Fixed O&M ($000) of $1,516 includes estimates of payroll expenses and other fixed O&M
Major Maintenance ($/Start/Turbine) of $1,500 includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year
Owner’s Expense ($000) of $306 includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses
Property Tax Liability ($000) of $203 may vary based on abatement programs and other local issues

33. Wheatland Overview
State/Local Taxes
See Patrick Malloy’s Group

34. Legal/Lease Structures
Wheatland Overview
Legal/Lease Structures
See Stuart Zisman

35. Project Lincoln Center
Lincoln Center Overview
Project Lincoln Center

36. Lincoln Center Overview
Generation Overview
The plant is a 656 MW (nominal) natural gas-fired, simple cycle power generation facility (the “Lincoln Energy Center”)
Owned by Des Plaines Green Land Development, L.L.C., an indirect wholly owned subsidiary of Enron North America
The Lincoln Energy Center is located on 50 acres of land at South Kankakee Street in Manhattan, Illinois
The site sits directly across from the Commonwealth Edison Wilton Center substation (“ComEd Substation”)

37. Lincoln Center Overview
Key Sales Point
The Lincoln Center Plant has a “first-mover advantage opportunity” in a key Midwest market
Plant provides geographic diversification with critical mass
Target markets have historically experienced extreme power price volatility due to tight reserve margins, transmission constraints, and susceptibility to outages of large-scale units
Ideally suited to capitalize on gas/power arbitrage opportunities
Flexible gas arrangements in Chicago area allow access to ANR Pipeline Company and Northern Border Pipeline Company
Expansion potential at existing sites
Conversion capability to combined cycle at all sites

38. Development/Construction Overview
Lincoln Center Overview
Development/Construction Overview
NEPCO, an indirect wholly owned subsidiary of Enron Corp., designed and constructed the facility
See Mitch for Timeline or Map

39. Lincoln Center Overview
Equipment Overview
The Lincoln Energy Center consists of eight General Electric Model 7EA gas turbines, each rated at approximately 82 MW (nominal)
At 90 degrees Fahrenheit and at full operation, the plant is able to achieve a net heat rate of approximately 11,900 Btu/kWh (HHV)

40. Lincoln Center Overview
Performance Results
(See Mitch Robinson)

41. Infrastructure Overview
Lincoln Center Overview
Infrastructure Overview
Add map of site

42. Lincoln Center Overview
Contract Terms
Do we want to include specifics about the Com Ed contract?

43. Interconnection Agreements
Lincoln Center Overview
Interconnection Agreements
The Lincoln Energy Center is interconnected directly to the ComEd Substation at the 345 kV level
The ComEd Substation has five transmission lines to which it is connected: three 345 kV lines (ComEd) and two 765 kV lines (AEP)
Each of the 765 kV lines has significant available transmission capacity during periods of peak load
In addition to the direct access to Commonwealth Edison's service territory, the ComEd Substation has direct access to eastern markets (such as AEP) via the 765 kV line

44. Gas Supply & Transportation
Lincoln Center Overview
Gas Supply & Transportation
The term of the interruptible gas transportation agreement began on March 1, 2000 and continues until February 28, 2002
The plant is interconnected to a natural gas pipeline system owned by Northern Border Pipeline Company (“Northern Border”)
Des Plaines Greenland Development, L.L.C. and Northern Border each own, operate and maintain specified portions of the interconnection facilities as defined in the interconnect agreement

45. Power Market Opportunities
Lincoln Center Overview
Power Market Opportunities
Des Plaines Green Land Development, L.L.C. is qualified as an EWG, and has the authority to sell energy and capacity at market-based rates
Pursuant to a limited-term contractual agreement, the owner of the Lincoln Energy Center will be obligated to sell capacity and energy to a third party

46. Lincoln Center Overview
Control Area Status
The control area is designated ENLC. The Lincoln Energy Center has been designated a control area in accordance with NERC policy
Control Area designation is valuable for point to point power sales, scheduling of power, and parking and hubbing

47. Expansion/Conversion Details
Lincoln Center Overview
Expansion/Conversion Details
The Lincoln Energy Center has been designed to facilitate a future expansion or conversion to combined-cycle
The stated net heat rate will go from 11,900 Btu/kWh to ______
The stated net output of the plant will go from 656 MW (nominal) to ____
The conversion of the Gleason plant will take approximately _____
Water availability?
Permit timeline estimate?

48. Lincoln Center Overview
O&M Costs
Variable O&M ($/MWh) of $2.00 includes estimates on water costs and variable maintenance expenditures
Fixed O&M ($000) of $1,449 includes estimates of payroll expenses and other fixed O&M
Major Maintenance ($/Start/Turbine) of $1,000 includes estimated accrual for future major maintenance on a per turbine basis, assuming 100 starts/year
Owner’s Expense ($000) of $401 includes estimates of insurance, utilities, interconnection fees, gas pipeline metering costs and miscellaneous expenses
Property Tax Liability ($000) of $334 may vary based on abatement programs and other local issues

49. Lincoln Center Overview
State/Local Taxes
See Patrick Malloy’s Group

50. Legal/Lease Structures
Lincoln Center Overview
Legal/Lease Structures
See Stuart Zisman