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May 8, 2000

May 8, 2000. Confidential & Proprietary. Presentation to FPL Group, Inc. Enron Generation Overview. Generation 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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May 8, 2000

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  1. May 8, 2000 Confidential & Proprietary Presentation to FPL Group, Inc. Enron Generation Overview

  2. Generation 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 - 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 COD in Las Vegas, Nevada • Midwest Region: - 240 MW (120 net) peaker for Summer ‘01 COD near Chicago, Illinois - 320 MW peaker for Summer ‘01 COD near Sarnia, Ontario (Port Huron, MI)

  3. 1999 and 2000 Merchant Peaker Projects 1999 Projects Brownsville, Tennessee 492 MW ISO SERC 1999 Summer Caledonia, Mississippi 498 MW ISO SERC 1999 Summer New Albany, Mississippi 391 MW ISO SERC 1999 Summer 2000 Projects Manhattan, Illinois 650 MW ISO MAIN 2000 Summer Gleason, Tennessee 533 MW ISO SERC 2000 Summer Wheatland, Indiana 503 MW ISO ECAR 2000 Summer • 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 • 34 electric transmission systems • Several power trading hubs, including: TVA-CBOT, CINergy-Nymex, ComEd-CBOT

  4. NPCC MAPP MAAC MAIN ECAR WSCC SPP SERC ERCOT Location of Enron Assets Chicago (240) 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

  5. FPL Energy Maine Assets: Indian Stream (88) Hydro Units (285) South Portland (42) Yarmouth (610) Wiscatt (101) Fort Fairfield (31) Total = (1,157) MAPP NPCC MAAC WSCC MAIN Richmond, VA (665) in Development (171) Total = (836) ECAR SPP FPL Energy PJM Assets: Sayrevelle, NJ (150) Philadelphia, PA (50) Fackville, PA (4) Edensburg, PA (9) Montgomery, PA (13) Total = (226) FPL Energy CA Assets: Bakersfield, CA (44) Harper Lake, CA (80) Stockton, CA (22) Calistoga, CA (40) China Lake , CA (4) Altamont Pass, CA (145) Tehachapi, CA (181) Total = (516) SERC ERCOT Location of FPL Unregulated Assets Everett, WA (248) Helix, OR (25) West Bend, WI (30) Clear Lake, IA (42) Bellingham, MA (150) in Development (500) Total = (650) Reno, NV (16) Hurt, VA (32) Gaffney, SC (50) Assets in Development: Philadelphia, PA (750) Holtville, CA (49) Paris, TX (990) McCamey, TX (75) FPL Assets City (Capacity, MW) In Operation Under Construction Development Purchased

  6. MAPP NPCC MAAC WSCC MAIN ECAR SPP SERC FPL Florida Assets: Cape Canaveral (804) Cutler (215) Fort Myers (1,179) Manatee (1,625) Martin (2,581) Port Everglades (1,662) Riviera (573) St. Johns River (254) St. Lucie (1,553) Sanford (934) Turkey Point (822) Lauderdale (1,700) Putnam (498) Other (Nuclear) (1,386) Total = (15,786) ERCOT City (Capacity, MW) In Operation Under Construction Development Purchased Location of FPL Regulated Assets Juliette, GA (658) Unregulated Assets

  7. FPL Energy Maine Assets: Indian Stream (88) Hydro Units (285) South Portland (42) Yarmouth (610) Wiscatt (101) Fort Fairfield (31) Total = (1,157) MAPP NPCC MAAC WSCC MAIN Richmond, VA (665) in Development (171) Total = (836) ECAR SPP FPL Energy PJM Assets: Sayrevelle, NJ (150) Philadelphia, PA (50) Fackville, PA (4) Edensburg, PA (9) Montgomery, PA (13) Total = (226) FPL Energy CA Assets: Bakersfield, CA (44) Harper Lake, CA (80) Stockton, CA (22) Calistoga, CA (40) China Lake , CA (4) Altamont Pass, CA (145) Tehachapi, CA (181) Total = (516) SERC FPL Florida Assets: Cape Canaveral (804) Cutler (215) Fort Myers (1,179) Manatee (1,625) Martin (2,581) Port Everglades (1,662) Riviera (573) St. Johns River (254) St. Lucie (1,553) Sanford (934) Turkey Point (822) Lauderdale (1,700) Putnam (498) Other (Nuclear) (1,386) Total = (15,786) ERCOT Location of All FPL Assets Everett, WA (248) Helix, OR (25) West Bend, WI (30) Bellingham, MA (150) in Development (500) Total = (650) Clear Lake, IA (42) Reno, NV (16) Hurt, VA (32) Assets in Development: Gaffney, SC (50) Philadelphia, PA (750) Holtville, CA (49)) Paris, TX (990) Juliette, GA (658) McCamey, TX (75) FPL Assets City (Capacity, MW) In Operation Under Construction Development Purchased

  8. FPL Energy Maine Assets: Indian Stream (88) Hydro Units (285) South Portland (42) Yarmouth (610) Wiscatt (101) Fort Fairfield (31) Total = (1,157) MAPP NPCC MAAC WSCC MAIN Richmond, VA (665) in Development (171) Total = (836) ECAR SPP FPL Energy PJM Assets: Sayrevelle, NJ (150) Philadelphia, PA (50) Fackville, PA (4) Edensburg, PA (9) Montgomery, PA (13) Total = (226) FPL Energy CA Assets: Bakersfield, CA (44) Harper Lake, CA (80) Stockton, CA (22) Calistoga, CA (40) China Lake , CA (4) Altamont Pass, CA (145) Tehachapi, CA (181) Total = (516) SERC FPL Florida Assets: Cape Canaveral (804) Cutler (215) Fort Myers (1,179) Manatee (1,625) Martin (2,581) Port Everglades (1,662) Riviera (573) St. Johns River (254) St. Lucie (1,553) Sanford (934) Turkey Point (822) Lauderdale (1,700) Putnam (498) Other (Nuclear) (1,386) Total = (15,786) ERCOT Location of Enron/FPL Assets Everett, WA (248) Helix, OR (25) West Bend, WI (30) Bellingham, MA (150) in Development (500) Total = (650) Chicago (240) Clear Lake, IA (42) Sarnia (320) Manhattan (650) Reno, NV (16) Wheatland (503) Hurt, VA (32) Pastoria (750) LV Cogen (270) Assets in Development: Gleason (533) Gaffney, SC (50) Philadelphia, PA (750) Brownsville (492) New Albany (391) Holtville, CA (49)) Paris, TX (990) Caledonia (498) Juliette, GA (658) Doyle (340) McCamey, TX (75) FPL Assets City (Capacity, MW) In Operation Under Construction Development Purchased

  9. Stock Performance Comparisons (As of May 8, 2000) Current P/E Forward P/E* Calpine 55.63 43.98 AES 34.83 27.37 Enron 60.40 53.81 FPL 11.68 11.18 * Source: Bloomberg as of April 25, 2000

  10. Portfolio Comparison

  11. Unparalleled scale and scope Complimentary capabilities provides for world class GenCo Provides for multiple expansion and maximum value Ability to structure/manage near term earnings profile Creates national portfolio with good asset and fuel mix 50% more MWs than nearest unregulated competitor Transaction Rationale World class GENCO ENRON + FPL

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