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Enron Generation Overview: Expanding Gas-Fired Power Capacity in Multiple Markets

This presentation provides an overview of Enron's generation assets, including the expansion of gas-fired power capacity in the Southeast and Midwest power markets by the summer of 2000. It also highlights additional development opportunities throughout the US and near the Canadian border. The presentation includes information on Enron's merchant peaker projects and its position in high-value energy markets.

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Enron Generation Overview: Expanding Gas-Fired Power Capacity in Multiple Markets

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  1. 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: - 750 MW combined cycle for ‘03 COD in Bakersfield, California - 50 MW qualified facility with merchant peaker expansion of 220 MW for early ‘02 COD in Las Vegas, Nevada • Midwest Region: - 320 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. NPCC MAPP MAAC MAIN ECAR WSCC SPP SERC ERCOT Location of Enron Assets Sarnia (320) Manhattan (650) Wheatland (503) LV Cogen (270) Pastoria (750) Gleason (533) Brownsville (492) New Albany (391) Caledonia (498) Enron In Operation Under Construction Development

  5. FPL Energy Maine Assets: Indian Stream (88) Hydro Units (285) South Portland (42) Yarmouth (610) Wiscasett (101) Fort Fairfield (31) Total = 1,157 MW MAPP NPCC MAAC WSCC MAIN Richmond, VA (665) in Development (171) Total = 836 ECAR SPP FPL Energy PJM Assets: Sayrevelle, NJ (150) Philadelphia, PA (50) Frackville, PA (4) Edensburg, PA (9) Montgomery, PA (11) Total = 224 MW 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 Assets in Development: Philadelphia, PA (750) SERC ERCOT Location of Enron/All FPL Assets Everett, WA (248) Helix, OR (25) West Bend, WI (30) Bellingham, MA (150) in Development (500) Total = 650 Clear Lake, IA (42) Sarnia (320) Manhattan (650) 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) 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 56.90 44.99 AES 31.73 24.88 Enron 59.80 53.28 FPL 11.70 11.19 * 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. 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 Transaction Rationale

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

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