1. Enron Generation Overview
May 11, 2000
Confidential & Proprietary
Presentation to FPL Group, Inc.
Enron Generation Overview

2. Generation Summary
Enron North America (“ENA”) will have in excess of 3,000 MWs of gas-fired, peaking electrical power in the Southeast and Midwest power markets by the Summer of 2000:
Midwest Region: - 1,153 MWs in merchant capacity in Illinois and Indiana
Southeast Region: - 1,914 MWs in merchant capacity in Mississippi and Tennessee
ENA has additional opportunities in operation and in advanced stages of development throughout the US and near the Canadian border:
Western Region: MW combined cycle for ‘03 COD in Bakersfield, California MW qualified facility with merchant peaker expansion of 220 MW for early ‘02 COD in Las Vegas, Nevada
Midwest Region: MW peaker for Summer ‘01 COD near Sarnia, Ontario (Port Huron, MI)

3. 1999 and 2000 Merchant Peaker Projects
1999 Projects Brownsville, Tennessee 492 MW ISO SERC 1999 Summer Caledonia, Mississippi 498 MW ISO SERC 1999 Summer New Albany, Mississippi 391 MW ISO SERC 1999 Summer
2000 Projects Manhattan, Illinois 650 MW ISO MAIN 2000 Summer Gleason, Tennessee 533 MW ISO SERC 2000 Summer Wheatland, Indiana 503 MW ISO ECAR 2000 Summer
3,067 MWs positioned in multiple high value energy markets:
TVA-SERC, CINergy-ECAR, ComEd-MAIN
Access to:
55% of total US electricity demand
80% of Eastern Interconnect
Proximity to:
Multiple major interstate gas pipelines
34 electric transmission systems
Several power trading hubs, including: TVA-CBOT, CINergy-Nymex, ComEd-CBOT

4. Location of Enron Assets
NPCC
MAPP
Sarnia (320)
Manhattan (650)
MAIN
MAAC
ECAR
WSCC
SPP
Wheatland (503)
LV Cogen (270)
Pastoria (750)
Gleason (533)
Brownsville (492)
New Albany (391)
Caledonia (498)
SERC
ERCOT
Enron
In Operation
Under Construction
Development

5. Location of Enron/All FPL Assets
FPL Energy Maine Assets:
Indian Stream (88)
Hydro Units (285)
South Portland (42)
Yarmouth (610)
Wiscasett (101)
Fort Fairfield (31)
Total = 1,157 MW
Everett, WA (248)
Helix, OR (25)
MAPP
West Bend, WI (30)
NPCC
Bellingham, MA (150)
in Development (500) Total = 650
Clear Lake, IA (42)
Sarnia (320)
MAAC
Manhattan (650)
WSCC
MAIN
Richmond, VA (665)
in Development (171)
Total = 836
FPL Energy PJM Assets:
Sayrevelle, NJ (150)
Philadelphia, PA (50)
Frackville, PA (4)
Edensburg, PA (9)
Montgomery, PA (11)
Total = 224 MW
Assets in Development:
Philadelphia, PA (750)
SPP
ECAR
Reno, NV (16)
Wheatland (503)
Hurt, VA (32)
Pastoria (750)
LV Cogen (270)
Gleason (533)
Gaffney, SC (50)
Brownsville (492)
New Albany (391)
Holtville, CA (49))
Paris, TX (990)
Caledonia (498)
FPL Energy CA Assets:
Bakersfield, CA (44)
Harper Lake, CA (80)
Stockton, CA (22)
Calistoga, CA (40)
China Lake, CA (4)
Altamont Pass, CA (145)
Tehachapi, CA (180)
Total = 515 MW
SERC
ERCOT
McCamey, TX (75)
FPL Assets
In Operation
Under Construction
Development

6. Stock Performance Comparisons (As of May 10, 2000)
Current P/E Forward P/E*
Calpine
AES
Enron
FPL
* Source: Bloomberg as of May 10, 2000

7. Portfolio Comparison
* FPL Development includes balance of 44 GE 7FA’s plus 10 Enron GE LM 6000’s

8. Development Expertise
Enron’s Development Expertise:
Development and construction of first 1,431 MW’s was completed in eleven months
Experienced development team focused on additional potential plant sites
Enron could contribute 10 to 12 GE LM 6000’s for immediate development
FPL’s Development Expertise:
Broad geographic focus increases brown-field development opportunities
Extensive power plant operational skills
FPL could contribute 44 GE 7FA turbines for immediate and future development

9. Transaction Rationale
Unparalleled scale and scope
Complimentary capabilities provides for world class GenCo
Provides for multiple expansion and maximum value
Ability to structure/manage near term earnings profile
Creates national portfolio with good asset and fuel mix
Augments ENA’s power trading and marketing network
Positions FPL Energy to maintain 15,000 MW target by 2005

10. Keys to Success + World class GENCO ENRON FPL
Capabilities Enron FPL Genco
National Power/Gas Trading and Marketing  
Technology Infrastructure  
Construction and development backlog   
Existing asset base   
Management/lead sponsorship  
Operations  
World class GENCO +
ENRON
FPL