1 / 6

July 6, 2000

July 6, 2000. Confidential & Proprietary. Genco Overview. What is Genco?. Genco is Enron’s merchant generation and today includes the six “peaker” plants located in the Southeast and Midwest having total generation capacity of 3,094 MW’s (ISO)

brone
Télécharger la présentation

July 6, 2000

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. July 6, 2000 Confidential & Proprietary Genco Overview

  2. What is Genco? • Genco is Enron’s merchant generation and today includes the six “peaker” plants located in the Southeast and Midwest having total generation capacity of 3,094 MW’s (ISO) • Potential additions to Genco include the Moore Project, Pastoria, LV Cogen II and other merchant development sites • Enron is not the natural long term holder of Genco’s assets. Currently, we are pursuing several options • Create JV with third party utility with subsequent IPO • Outright sale of merchant generation to third party • Enron would maintain access to MW’s through multi-year (S-T) tolling arrangement

  3. Genco’s Peaker Projects 1999 Projects Brownsville, Tennessee 494 MW ISO SERC Caledonia, Mississippi 504 MW ISO SERC New Albany, Mississippi 396 MW ISO SERC 2000 Projects Manhattan, Illinois 656 MW ISO MAIN Gleason, Tennessee 536 MW ISO SERC Wheatland, Indiana 508 MW ISO ECAR • 1999 Projects were complete and operational in the Summer of 1999 • 1,394 MWs total output at ISO • 2000 Projects are complete and operational • 1,700 MWs total output at ISO

  4. NPCC MAPP Manhattan (656) MAAC MAIN ECAR SPP Wheatland (508) Gleason (536) Brownsville (494) New Albany (396) SERC Caledonia (504) ERCOT Location of Genco’s Peakers • 3,094 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 • 3 gas supply basin • 34 electric transmission systems • Several power trading hubs, including, • TVA-CBOT • CINergy-Nymex • ComEd-CBOT

  5. Genco’s Value Maximization Options • Joint Venture with NewCo IPO: • Frees up capital invested in assets • Limits exposure to back end power prices/risks • Captures high P/E stock market currently affords IPP’s • Provides manageable equity investment in growth generation company • Creates opportunity for Enron to provide ancillary services to NewCo • Sale to Third Party: • Frees up capital invested in peakers • Limits exposure to back end power prices/risks

  6. Enron FPL Contributing: Contributing: Peakers (3,094 MWs) Generating assets (3,771 MWs) Moore Project PDA (452 MWs), LV (216 MWs) and Project's in advance development (3,406 MWs) Pastoria (750 MWs) (developments) 31 GE 7FA turbines (7,750 MWs) LM 6000 turbines (6+ turbines, 300 MWs) Development sites Development sites People (including 800 - 1000 operating staff) People (including plant staff) ROFR on development ROFR on development Temporary credit support Temporary credit support Receiving: Receiving: Stock/cash/note Stock/cash/note 3-year toll on peakers; ROFR on some % of Fuel/Power Services Agreement for technical support Services Agreement for trading systems and QF restructurings Potential Genco JV Structure ENRON FPL Peakers, Development Projects & Turbines (Total 5,000 MWs) Sites, People, 3-year toll Projects, Development Projects & 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

More Related