Project Wheatland

1. Wheatland Overview Project Wheatland

2. Wheatland Overview Generation Overview • 508 MW (nominal) natural gas-fired, simple cycle merchant generation facility (the “Wheatland Plant”) • Owned by West Fork Land Development Company, L.L.C., a direct, wholly-owned subsidiary of Enron North America • Located on an approximate 60-acre tract of land at 480 North Hall Road in Wheatland, Indiana • Southern ECAR subregion of ECAR

3. Wheatland Overview Key Sales Point • General to all peakers • Specific to Wheatland

4. Wheatland Overview Development/Construction Overview • Constructed by NEPCO and achieved commercial operation in June 2000 • Add important timeline

5. Wheatland Overview Equipment Overview • Consists of four Westinghouse Model 501 D5A gas turbines, each rated at approximately 127 MW (nominal) • At 90 degrees Fahrenheit and at full load, the Wheatland Plant is able to achieve a net heat rate of approximately 11,500 Btu/kWh, HHV, and a net capacity of approximately 480 MW • Approximately 450 gpm water usage during operation. Water is supplied by an owned lake, adjacent to the site

6. Wheatland Overview Performance Results • See Mitch Robinson

7. Wheatland Overview Infrastructure Overview • Add map and 100 feet overview of facility, pipeline, water

8. Wheatland Overview Contract Terms • May be taken out since it’s not relevant for Wheatland plant

9. Wheatland Overview Interconnection Agreements • Interconnected to two 345 kV lines. The plant has an interconnect agreement with both Cinergy Services Inc. (“Cinergy”), and Indianapolis Power & Light (“IPL”). With the dual interconnect, the plant has the option of dispatching into the Cinergy or IPL systems • 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 enables playing day ahead vs intra-day hourly market to maximize optionality • This added flexibility ensures that the plant is reserved for operation only during periods of economic dispatch

10. Wheatland Overview Gas Supply & Transportation • Permitted to use natural gas as its fuel source • 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 • Gas can be purchased at Chicago city-gate hub or from Gulf Coast

11. Wheatland Overview Review of Power Markets • West Fork Land Development Company, L.L.C., is qualified as an EWG, and has the authority to sell energy and capacity at market-based rates. The Wheatland Plant’s location in Southern ECAR, and its access to the eastern U.S. electricity market will provide sales opportunities in the wholesale power markets.

12. Wheatland Overview Control Area Outline • ENWI and ENWC. The Wheatland Plant has been designated as two control areas in accordance with NERC policy • What is the benefit of having control area?

13. Wheatland Overview Expansion/Conversion Details • The Wheatland Plant has been designed to facilitate a future expansion or conversion to combined-cycle • Heat Rate - Mitch • Output - Mitch • Water Availability - Mitch • Permit Timeline Estimate - Mitch

14. 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

15. Wheatland Overview State/Local Taxes

16. Wheatland Overview Legal/Lease Structures