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September 21, 2000

September 21, 2000. Confidential & Proprietary. Management Presentation Enron Generation Overview. Table of Contents - Peakers. Generation Overview Key Sales Points Development History Equipment Overview Infrastructure Overview Construction Overview

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September 21, 2000

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  1. September 21, 2000 Confidential & Proprietary Management Presentation Enron Generation Overview

  2. Table of Contents - Peakers • Generation Overview • Key Sales Points • Development History • Equipment Overview • Infrastructure Overview • Construction Overview • Contract Terms (EPC) & Warranty Provisions • Performance Results • Interconnection Agreements • Gas Supply & Transportation • Review of Power Markets • Control Area Outline • Expansion / Conversion Details • O&M Costs • State/Local Taxes • Legal/Lease Structures

  3. Gleason Overview Project Gleason

  4. Gleason Overview Generation Overview • 546 MW (nominal) natural gas-fired, simple cycle power generation facility (the “Gleason Plant”) owned by Gleason Power I, L.L.C.

  5. Gleason Overview Key Sales Point • Gleason:

  6. Gleason Overview Development/Construction Overview

  7. Gleason Overview Equipment Overview • The Gleason Plant consists of one Westinghouse Model 501 FC gas turbine and two Westinghouse Model 501 FD gas turbines, rated at 182 MW and 182 MW, respectively (nominal) • At 90 degrees Fahrenheit and at full operation, the Gleason Plant is able to achieve a net heat rate of approximately 10,900 Btu/kWh (HHV)

  8. Gleason Overview Infrastructure Overview

  9. Gleason Overview Contract Terms

  10. Gleason Overview Performance Results

  11. Gleason Overview Interconnection Agreements • The Gleason Plant is interconnected to a 500 kV TVA line that traverses the site

  12. Gleason Overview Gas Supply & Transportation • The Gleason Plant is permitted to use natural gas as its fuel source. • The plant is interconnected to a natural gas pipeline system which traverses the site and is owned and operated by ANR Pipeline Company (“ANR”) • Gleason Power I, L.L.C. and ANR each own, operate and maintain specified portions of the interconnection facilities as defined in the facilities agreement • Gleason Power I, L.L.C. and ANR each own, operate and maintain specified portions of the interconnection facilities as defined in the facilities agreement • The term of each of these agreements ends on February 28, 2010. • The interruptible transportation service agreement and the interruptible gas parking and lending service agreement will continue on a month-to-month basis after February 28, 2010, until terminated by either party.

  13. Gleason Overview Review of Power Markets

  14. Gleason Overview Control Area Outline • The control area label is ENGL • The Gleason Plant has been designated a control area in accordance with NERC policy

  15. Gleason Overview Expansion/Conversion Details • The Gleason Plant has been designed to facilitate a future plant expansion or conversion to combined-cycle. An interconnect request for conversion has been filed with TVA

  16. Gleason Overview O&M Costs • Estimated Variable O&M ($/MWh): $1.50 • Estimated Fixed O&M ($000): $1,242 • Major Maintenance ($/Start/Turbine): $3,000 • Estimated Owner’s Expense ($000): $322 • Property Tax Liability ($000): $92

  17. Gleason Overview State/Local Taxes

  18. Gleason Overview Legal/Lease Structures

  19. Wheatland Overview Project Wheatland

  20. Wheatland Overview Generation Overview • 508 MW (nominal) natural gas-fired, simple cycle power generation facility (the “Wheatland Plant”) owned by West Fork Land Development Company, L.L.C. • The Wheatland Plant is located on an approximate 60-acre tract of land at 480 North Hall Road in Wheatland, Indiana

  21. Wheatland Overview Key Sales Point • Wheatland:

  22. Wheatland Overview Development/Construction Overview

  23. Wheatland Overview Equipment Overview • The Wheatland Plant consists of four Westinghouse Model 501 D5A gas turbines, each rated at approximately 127 MW (nominal) • At 90 degrees Fahrenheit and at full operation, the Wheatland Plant is able to achieve a net heat rate of approximately 11,500 Btu/kWh (HHV)

  24. Wheatland Overview Infrastructure Overview

  25. Wheatland Overview Contract Terms

  26. Wheatland Overview Performance Results

  27. Wheatland Overview Interconnection Agreements • The Wheatland Plant is interconnected into two 345 kV lines, one of which is owned by Cinergy and the other is owned by IPL • The Wheatland Plant has an interconnect agreement with both Cinergy Services Inc. (“Cinergy”). and Indianapolis Power & Light (“IPL”) • Both Cinergy and IPL allow scheduling of energy into and out of each control area, giving the Wheatland plant the option of generating power or filling the scheduled energy delivery from the market when market economics warrant • This added flexibility ensures that the plant is reserved for operation only during periods of economic dispatch

  28. Wheatland Overview Gas Supply & Transportation • The Wheatland Plant is permitted to use natural gas as its fuel source • The plant is interconnected to Midwestern Gas Transmission Company (“Midwestern Gas”), a natural gas pipeline system owned by Tennessee Gas Pipeline Company • The term of the interruptible gas transportation agreement and associated transportation rate began on April 1, 2000, continues through March 31, 2008 and will continue on a month-to-month basis until terminated upon thirty days notice by either party

  29. Wheatland Overview Review of Power Markets

  30. Wheatland Overview Control Area Outline • ENWI and ENWC. The Wheatland Plant has been designated as two control areas in accordance with NERC policy

  31. Wheatland Overview Expansion/Conversion Details • The Wheatland Plant has been designed to facilitate a future expansion or conversion to combined-cycle

  32. Wheatland Overview O&M Costs • Estimated Variable O&M ($/MWh): $3.00 • Estimated Fixed O&M ($000): $1,516 • Major Maintenance ($/Start/Turbine): $1,500 • Estimated Owner’s Expense ($000): $306 • Property Tax Liability ($000): $203

  33. Wheatland Overview State/Local Taxes

  34. Wheatland Overview Legal/Lease Structures

  35. Lincoln Center Overview Project Lincoln Center

  36. Lincoln Center Overview Generation Overview • 656 MW (nominal) natural gas-fired, simple cycle power generation facility (the “Lincoln Energy Center”) owned by Des Plaines Green Land Development, L.L.C., an indirect wholly owned subsidiary of Enron North America • The Lincoln Energy Center consists of eight General Electric Model 7EA gas turbines, each rated at approximately 82 MW (nominal) • The Lincoln Energy Center is located on 50 acres of land at 27155 South Kankakee Street in Manhattan, Illinois • The site sits directly across from the Commonwealth Edison Wilton Center substation (“ComEd Substation”)

  37. Lincoln Center Overview Key Sales Point • Pull from Investment Merits slide

  38. Lincoln Center Overview Development/Construction Overview • NEPCO, an indirect wholly owned subsidiary of Enron Corp., designed and constructed the facility

  39. Lincoln Center Overview Equipment Overview • The Lincoln Energy Center consists of eight General Electric Model 7EA gas turbines, each rated at approximately 82 MW (nominal) • At 90 degrees Fahrenheit and at full operation, the plant is able to achieve a net heat rate of approximately 11,900 Btu/kWh (HHV)

  40. Lincoln Center Overview Infrastructure Overview

  41. Lincoln Center Overview Contract Terms

  42. Lincoln Center Overview Performance Results • (See Mitch Robinson)

  43. Lincoln Center Overview Interconnection Agreements • The Lincoln Energy Center is interconnected directly to the ComEd Substation at the 345 kV level • The ComEd Substation has five transmission lines to which it is connected: three 345 kV lines and two 765 kV lines • Each of the 765 kV lines has significant available transmission capacity during periods of peak load • In addition to the direct access to Commonwealth Edison's service territory, the ComEd Substation has direct access to eastern markets (such as AEP) via the 765 kV line

  44. Lincoln Center Overview Gas Supply & Transportation • The term of the interruptible gas transportation agreement began on March 1, 2000 and continues until February 28, 2002 • The plant is interconnected to a natural gas pipeline system owned by Northern Border Pipeline Company (“Northern Border”) • Des Plaines Greenland Development, L.L.C. and Northern Border each own, operate and maintain specified portions of the interconnection facilities as defined in the interconnect agreement

  45. Lincoln Center Overview Review of Power Markets • (See Mitch Robinson)

  46. Lincoln Center Overview Control Area Outline • ENLC. The Lincoln Energy Center has been designated a control area in accordance with NERC policy • Control Area designation is valuable for point to point power sales, scheduling of power, and parking and hubbing

  47. Lincoln Center Overview Expansion/Conversion Details • The Lincoln Energy Center has been designed to facilitate a future expansion or conversion to combined-cycle

  48. Lincoln Center Overview O&M Costs • Estimated Variable O&M ($/MWh): $2.00 • Estimated Fixed O&M ($000): $1,449 • Major Maintenance ($/Start/Turbine): $1,000 • Estimated Owner’s Expense ($000): $401 • Property Tax Liability ($000): $334

  49. Lincoln Center Overview State/Local Taxes

  50. Lincoln Center Overview Legal/Lease Structures

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