Annual Wind Volumes

I know Wiese has already talked to each of you about this, but I wanted to
make sure both of you understand the REC situation for Green Mountain. Using
the current load profile, here is a summary of the annual mwhrs (and REC's)
we are obligated to deliver to Green Mountain:

If the plant comes on line by 11/1/2001, and there is still a 75 MW
transmission constraint, Enron Wind is contractually obligated to sell the
following quantities in 2001:

Nov-01 29,160
Dec-01 27,396
Total for 2001 56,556

If all transmission constraints are removed prior to 2002, the most Enron
Wind is obligated to provide is 475,000 credits. Therefore, we will
definitely be short REC's in 2002. The current pricing model assumes that we
will only receive 360,000 REC's in 2002 (75 MW constraint exists for the
entire year). Any incremental REC's are purchased at $3.50 for both years.

E