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July 2000

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

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July 2000

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

  12. Capabilities Enron FPL NewCo 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

  13. ENRON FPL 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 NEWCO (20,000+ MWs) $ Shares LENDERS, DEBT HOLDERS INVESTORS $ Notes

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

  15. Trading and Marketing Org. Chart

  16. Comparables to NewCo

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