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March 28, 2000

March 28, 2000. Confidential & Proprietary. Enron Generation Overview. 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:

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March 28, 2000

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  1. March 28, 2000 Confidential & Proprietary Enron Generation Overview

  2. 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 • Southeast Region: 340 MWs (170 net) in Georgia under L-T toll with a third party • 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 ‘02 COD in Bakersfield, California 50 MW qualified facility with merchant peaker expansion of 220 MW for early ‘02 in Las Vegas, Nevada • Midwest Region: 300 MW (150 net) peaker for Summer ‘01 near Chicago, Illinois 320 MW peaker for late ‘01 COD near Sarnia, Ontario (Port Huron, MI)

  3. 1999 and 2000 Merchant Peaker Projects 1999 Projects Brownsville, Tennessee 492 MW ISO SERC Caledonia, Mississippi 498 MW ISO SERC New Albany, Mississippi 391 MW ISO SERC 2000 Projects Manhattan, Illinois 650 MW ISO MAIN Gleason, Tennessee 533 MW ISO SERC Wheatland, Indiana 503 MW ISO ECAR • 1999 Projects were complete and operational in the Summer of 1999 • 1,381 MWs total output at ISO • 2000 Projects are under construction • Commercial operation by the Summer of 2000 • 1,686 MWs total output at ISO

  4. NPCC MAPP Manhattan MAAC MAIN ECAR SPP Wheatland Gleason Brownsville New Albany SERC Caledonia ERCOT Location of Enron’s Merchant Peakers • 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 • 3 gas supply basin • 34 electric transmission systems • Several power trading hubs, including, • TVA-CBOT • CINergy-Nymex • ComEd-CBOT

  5. NPCC ERCOT ECAR SERC WSCC MAIN MAPP MAAC SPP Location of Enron Assets Chicago (300) Sarnia (320) Manhattan (650) Wheatland (503) LV Cogen (270) Pastoria (750) Gleason (533) Brownsville (492) New Albany (391) Caledonia (498) Enron Doyle (340) City (Capacity, MW) In Operation Under Construction Development

  6. NPCC MAPP MAIN MAAC SERC ECAR ERCOT WSCC SPP Location of Combined Enron/Orion Assets Carr Street (105) 72 Hydro Plants(661 MW) Niles (246) Elrama (487) 32 Gowanus GT (494) Chicago (300) Sarnia (320) Manhattan (650) Avon Lake (739) Astoria (1090) 16 Narrow GT (271) Wheatland (503) W. Pittsburgh (338) Brunot Island (234) Springdale (570) LV Cogen (270) Pastoria (750) Gleason (533) Brownsville (492) New Albany (391) Caledonia (498) Orion/Enron Doyle (340) City (Capacity, MW) In Operation Under Construction Development

  7. ENA’s extensive trading and marketing information led to key site locations ENA’s gas and power capabilities enhance strategic locations First mover advantage – permitting, local support in taxes, expedited permitting process, and access to turbines, transmission lines and pipelines Portfolio approach provides economy of scale and lower operating costs Operational assets in Midwest and Southeast locations with additional development opportunities are key component to a national GenCo Advantages of ENA’s Generation Assets

  8. Portfolio Comparisons

  9. Stock Performance Comparisons

  10. Scale and scope Complimentary capabilities provides for world class Genco and optimal IPO platform Provides for multiple expansion Ability to structure/manage near term earnings profile New Assets Diversifies portfolio Identified credit profile rated BB+/Ba2 Transaction Rationale

  11. Capabilities Enron Orion Genco Power and gas marketing   Construction and development backlog   Existing asset base    Management/lead sponsorship   Operations   Keys to Success World class GENCO ENRON + ORION

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