Confidential Proprietary July 14 2000 Internal Presentation New

Confidential & Proprietary July 14, 2000 Internal Presentation New. Co Overview Roadshow. ppt. Peakers. ppt

CONFIDENTIAL Table of Contents 1. Executive Summary 2. Existing Asset Profile and Development Pipeline 3. Financial Summary 4. Next Steps 2

CONFIDENTIAL 1. Executive Summary 3

CONFIDENTIAL Executive Summary Mission Statement u To establish the premier North American energy company involved in the businesses of: · Development, acquisition, ownership, and operation of electric power generation facilities · Optimization of generation portfolio through active risk management of assets and commodity positions 4

CONFIDENTIAL Executive Summary Keys to Success World Class Capabilities ENA FPLE New. Co National power/gas trading, risk management Trading technology Construction and development backlog Existing asset base Management/lead sponsorship Operations ENA + FPLE World Class GENCO 5

CONFIDENTIAL Executive Summary Business Model u Combine physical and intellectual assets from FPL Energy (“FPLE”) and Enron North America (“ENA”) u Rapid growth through greenfield development utilizing combustion turbine position u Employ Enron’s model for risk management and trading u Supplement growth by pursuing strategic acquisitions u Retain, attract and grow intellectual capital u Leverage sponsors’ expertise to supplement New. Co resources 20, 000+ MW by 2005 6

CONFIDENTIAL Executive Summary New. Co’s Growth Story Target five year EPS compounded annual growth rate of 25 -30% Net Income 5 -yr. CAGR 31% 7

CONFIDENTIAL Executive Summary Transaction Overview ENRON Operating Assets (3, 094 MW) Advanced Development (1, 423 MW) Up to 6 Turbines (300 MW) 24 Development Sites People Development ROFR Three-year Toll Temporary Credit Support Shares INVESTORS $ FPL Energy $/Note/Equity Services Agreements Fuel/Power ROFR Operating Assets (3, 881 MW) Advanced Development (3, 905 MW) 31 Unallocated CTs (7, 750 MW) 10 Development Sites People Development ROFR Temporary Credit Support $ NEWCO Debt Holders Notes 8

CONFIDENTIAL Executive Summary Capability Sources ENA FPLE New Hires Outsource Comments Executive Management A A B - - Development A A B - - Power/Gas Trading, Risk Management A B C B Asset Management - A B - - Operations B A B B FPLE to supplement Finance A A B - - Technical Support C A - B FPLE to supplement Construction Management A A B B FPLE to supplement Legal B B B A - Information Management B B B A FPLE & ENA to supplement Human Resources B B A A FPLE to supplement ENA Back-office support Note: Primary Source = A, Secondary Source = B, Tertiary Source = C 9

CONFIDENTIAL Executive Summary Parent Company Sponsorship Enron FPL · Unparalleled capabilities in power and gas trading, marketing and risk management · Most Innovative Company - five years in a row (Fortune Magazine) · World class operator and manager of generation facilities · Competitive development infrastructure that includes commercial talent, identified sites and secured equipment Benefits · · · Realize value in unregulated generation businesses Accelerate the attainment of critical mass Diversify generation portfolio mix Complement existing competencies New investor base 10

CONFIDENTIAL Executive Summary Domestic Portfolio Comparables 11

CONFIDENTIAL Executive Summary Comparable Stock Prices Current P/E Forward P/E* Calpine 76. 51 58. 31 Dynegy 60. 60 29. 78 AES 43. 37 33. 63 Enron 57. 50 51. 16 FPL 13. 04 12. 13 * Source: Bloomberg as of July, 12, 2000 12

CONFIDENTIAL 2. Existing Asset Profile and Development Pipeline 13

CONFIDENTIAL Existing Asset Profile and Development Pipeline Company Profile u National generation company that initially has: · 6, 975 MW of net operating capacity in all nine NERC regions · 5, 328 MW in late stages of development (2001 -2003) · 7, 750 MW in turbine queue spots (2003 -2004) · 20, 053 MW of total capacity by 2005 u New. Co embodies: · ENA’s trading, marketing and risk management expertise · FPL Energy’s development, operational and asset management expertise 14

CONFIDENTIAL Existing Asset Profile and Development Pipeline New. Co’s Existing Assets (6, 975 Net Operating MW) Maine Assets: Hydro Units (373) Yarmouth (654) Wiscasset (101) Fort Fairfield (31) Total = 1, 159 MW Helix, OR (25) MAPP Lake Benton, MN (104) NPCC Clear Lake, IA (42) MAAC Manhattan, IL (656) WSCC Bellingham, MA (150) MAIN SPP Wheatland, IN (508) ECAR Ashland, VA (665) MAAC Assets: Sayreville, NJ (150) Delaware Co, PA (50) Gleason, TN (536) Brownsville, TN (494) Gaffney, SC (50) New Albany, MS (396) Paris, TX (990) CA Assets: Harper Lake (80) Altamont Pass (161) Tehachapi (180) Total = 421 MW Caledonia, MS (504) SERC Mc. Camey, TX (75) ERCOT New. Co Fuels Natural Gas (62%) Wind (7%) Oil (23%) Hydro (6%) Wood (1%) Solar (1%) 15

CONFIDENTIAL Existing Asset Profile and Development Pipeline New. Co’s Existing Assets 16

CONFIDENTIAL Existing Asset Profile and Development Pipeline Development Assets u Major Equipment Secured · 47 GE 7 FA and up to 6 LM 6000 combustion turbines (11, 750 MW combined cycle capacity) · GE 7 FA ship dates: 2001 (9), 2002 (14), 2003 (12), and 2004 (12) · LM 6000 ship date: 2001 · FPLE to contribute executed master steam turbine agreement; HRSG agreement is executed u Substantial Development Talent · Forty-five (45) (30 -FPLE/15 -ENA) developers working in all NERC regions · ENA and FPLE possess complementary regional staffing · Parent company to commit technical expertise 17

CONFIDENTIAL Existing Asset Profile and Development Pipeline u Advanced Development Projects (5, 328 MW) · ENA controls three projects totaling 1, 423 MW in operation by 2003 · FPLE controls ten projects totaling 3, 905 MW in operation by 2003 · Very high probability of success u Thirty-four (34) Greenfield Sites · ENA controls 24 sites · FPLE controls 10 sites u Development Acquisition (15, 000 MW) · FPLE is actively pursuing acquiring greenfield sites and third party development rights 18

CONFIDENTIAL Existing Asset Profile and Development Pipeline Development Asset Location Everett, WA (500) MAPP NPCC Sarnia, ON (453) Bellingham, MA (500) MAAC Providence, RI (500) WSCC MAIN SPP ECAR Ashland, VA (170) MAAC Assets: Pastoria, CA (750) Marcus Hook, PA (750) Philadelphia, PA (750) Las Vegas, NV (270) Bastrop, TX (250) ERCOT SERC Greenfield Sites SERC - 7 Sites ECAR - 2 Sites Development Assets (MW) In Operation: 976 MW (2001)* In Operation: 2, 520 MW (2002)* In Operation: 1, 498 MW (2003)* * 485 MW in Wind Assets to come on line in 2001. * Additional 1, 700 MW in queue spots for 2002. * Additional 6, 000 MW in queue spots for 2003 & 2004. SPP - 6 Sites MAIN - 3 Sites WSCC - 9 Sites Nepool - 2 Sites PJM - 3 Sites ERCOT - 2 Sites 19

CONFIDENTIAL Existing Asset Profile and Development Pipeline Portfolio Breakdown 20

CONFIDENTIAL 4. Financial Summary 21

CONFIDENTIAL Financial Summary Five Year Proforma (Millions) 2001 2002 2003 2004 2005 EBITDA $ 541 $ 499 $ 505 $ 560 $ 572 Net Income $ 106 $ 94 $ 111 $ 166 $ 197 After-Tax Cash Flow $ 180 $ 156 $ 168 $ 292 $ 316 Existing Assets with Development Pipeline EBITDA $ 561 $ 718 $1, 010 $1, 338 $1, 597 Net Income $ 133 $ 159 $ 200 $ 305 $ 389 After-Tax Cash Flow $ 206 $ 253 $ 300 $ 487 $ 547 22

CONFIDENTIAL Financial Summary Valuation Summary (Millions) *Prior to IPO 23

CONFIDENTIAL Financial Summary Debt Financing ENA Tranche 1 Amount (MM) Term (yrs) Tranche 2 Tranche 3 Total $ 50 $ 210 $ 475 $ 735 3 10 20 Treasury Rate 6. 80% 6. 50% 6. 20% 6. 33% Spread 2. 25% 4. 50% 5. 00% 4. 67% All-in Coupon Rate 9. 05% 11. 00% 11. 20% 11. 00% FPLE Merchant Assets Amount (MM) Contract Assets Total $ 659 $ 875 20 20 Treasury Rate 6. 50% 6. 20% 6. 33% Spread 3. 00% 2. 50% 2. 72% All-in Coupon Rate 9. 50% 8. 70% 9. 04% Term (yrs) $ 1, 534 24

CONFIDENTIAL Financial Summary Capital Requirements (Millions) • Capital Expenditures 2001 2002 2003 2004 2005 ($ 193) ($ 1, 524) ($ 2, 488) ($ 1, 650) • Cash Flow from Operations $206 $ 253 $ 300 $ 487 $ 547 • Debt Proceeds $135 $ 960 $ 1, 851 $ 1, 163 $ 1, 155 • IPO Proceeds $500 • Net Capital Sources/(Uses) $ 148 ($ 311) ($ 337) $0 $ 52 • Cumulative Capital $ 648 $ 337 $0 $ 52 $0 Capital needs funded from internally generated cash, debt and IPO proceeds 25

CONFIDENTIAL 5. Next Steps 26

CONFIDENTIAL Next Steps Issues u Transaction Terms • • Development non-compete Fuel/Power ROFR Valuation Support services agreements Non-core assets Wind assets New. Co headquarters location u Schedule • Negotiation, documentation and due diligence • FERC filing schedule • Transaction schedule u Investment Bank Feedback • • Use of proceeds JV formation and IPO timing Historical operating and financial information Target debt rating 27

CONFIDENTIAL Next Steps Schedule Public Holidays 28