1. NewCo’s Generation Overview
July 2000
Confidential & Proprietary
Internal Presentation
NewCo’s Generation Overview

2. NewCo Objectives
To create a national generation company that will initally have:
6,865 MW’s of net operating capacity
4,798 MW’s in the latter stages of development
8,050 MW’s in turbines que spots
19,713 MW’s of total capacity
NewCo will embody
Enron’s “trading and marketing” expertise;
FPL Energy’s “operational and asset management” expertise

3. Business Model
Bring together the strengths of two well managed and respected energy companies
Focus solely on the domestic electricity generation markets
Maximize greenfield development of highly efficient, gas-fired generating technology and leverage a unique wind asset position
Active risk management of asset and commodity positions
Opportunistically pursue accretive acquisitions

4. NewCo’s Growth Strategy
NewCo’s growth strategy will be fueled by capitalizing on the significant opportunities creates in the deregulated power market.
Through NewCo’s backlog of turbines, the primary means of growth will be the development of MW’s on a national basis
The secondary means of MW growth will be through accretive acquisitions on a regional basis
NewCo will maintain a focus on asset optimization to enhance the portfolio’s value

5. Strong Parent Company Sponsorship
Enron:
FPL Energy:

6. NewCo Core Strengths Assets: Development Team Turbines
NewCo will control in excess of 6,865 MW’s with 4,798 MW’s in the latter stage of development and 8,050 MW’s in turbine que spots
Development Team
NewCo will have a development team comprised of developers and asset/technical experts from both parent companies
Turbines
NewCo will have 44 7FA GE turbines to be used in its development efforts

7. NewCo Strengths Sites: Regional Diversification:
NewCo will have over 2 dozen sites in various stages of the permitting and siting processes
Regional Diversification:
NewCo will have assets in the WSCC, SERC, ECAR, MAIN and Nepool regions
Marketing and Trading:
Risk Management

8. NewCo Portfolio Breakdowns

9. Location of NewCo’s Assets
FPL Energy Maine Assets:
Hydro Units (373)
Yarmouth (610)
Wiscasset (101)
Fort Fairfield (31)
Total = 1,115 MW’s
Everett, WA (248)
Helix, OR (25)
MAPP
West Bend, WI (30)
NPCC
Clear Lake, IA (42)
Sarnia (320)
Bellingham, MA (150)
Bellingham, MA (500)
MAAC
Manhattan (650)
Providence, RI (500)
WSCC
MAIN
Richmond, VA (665)
Richmond, VA (171)
Total = 836 MW’s
SPP
ECAR
Wheatland (503)
FPL Energy PJM Assets:
Sayrevelle, NJ (150)
Delaware Co, PA (50)
Delaware Co., PA (MH) (750)
Philadelphia, PA (750)
Total = 1,700 MW’s
Hurt, VA (32)
Pastoria (750)
LV Cogen (270)
Gleason (533)
Gaffney, SC (50)
Brownsville (492)
New Albany (391)
Paris, TX (990)
Caledonia (498)
FPL Energy CA Assets:
Harper Lake, CA (80)
Calistoga, CA (40)
China Lake, CA (4)
Altamont Pass, CA (145)
Tehachapi, CA (180)
Total = 449 MW’s
Pecan, TX (250)
SERC
ERCOT
McCamey, TX (75)
FPL Assets
In Operation
Under Construction
Development

10. NewCo’s 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
FPL’s Development Expertise:
Broad geographic focus increases brown-field development opportunities
Extensive power plant operational skills
FPL will contribute 44 GE 7FA turbines for immediate and future development

11. Transaction Rationale
Unparalleled scale and scope
Complimentary capabilities provides for world class GenCo
Provides for multiple expansion and maximum value
Creates national portfolio with good asset and fuel mix

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

13. NEWCO (20,000+ MWs) ENRON FPL LENDERS, DEBT HOLDERS INVESTORS
Peakers, Development Projects & Turbines (Total 5,000+ MWs) Sites, People, 3-year toll
Projects, Development & Turbines (Total 15,427 MWs) Sites, People
$/Note/Equity Services Agreements
$/Note/Equity Services Agreements
Shares
NEWCO (20,000+ MWs) $
LENDERS, DEBT HOLDERS
INVESTORS $
Notes

14. NewCo’s Development Sites
Enron Sites:
SERC: 5 sites
ECAR: 2 sites
SPP: 6 sites
MAIN: 3 sites
NEPOOL: 1 site
FPL Energy Sites:

15. Trading and Marketing Org. Chart

16. Construction Management Org. Chart

17. Comparables to NewCo