Moore Power Project

Without Detroit Edison, the Moore Power Project involves development of the
project to supply merchant peak power to the Ontario market starting November
1, 2000. Permitting and interconnect agreements would be completed to
interconnect to MECS as well as Ontario Hydro SERVCO, however, the execution
of the Detroit Edison interconnection agreement would be deferred
(optionality maintained). Interconnection would be made to Ontario Hydro for
November 1, 2000.

There are three project scenarios going forward:
1. Develop the project and maintain 100% Enron interest
2. Develop the project and sell part or all of equity
3. Sell turbines, and possibly developed site (separate from turbines)

Here is the action being taken at this time:
1. Stop work order and request of all consultants to provide the following:
- Confirmation of costs to date on permitting and preliminary engineering
(just an update of our weekly cost tracking system)
- Provide costs to completion (permit approval), and schedule
- EPC schedule for a November 1, 2000 start date, and critical path
- Costs for the further technical support we require with interconnects etc.
The above will be linked in with the payment/decommissioning schedule for the
turbines, and interconnect studies/agreement costs (including gas agreements)
to come up with a total activities, cost and schedule projection to
completion of permitting (at approval) and interconnection agreements,
linking that to the schedule for a November 1, 2000 start-up.
2. Compilation of all data on the Ontario market, to provide a picture of
generation type availabilites, hourly demand trends for each month of the
year, peak demands for 1998 and 1999 and growth pattern. historical
generation on the margin, imports/exports, reserve margins, purchased reserve
support, monthly supply guaranteed at $.038/kWhr and implications on OPGI
drive to push spot market up during certain months, etc.
3. Confirmation of ICF Kaiser timing and costs for an Ontario market analysis
and price curve projection preparation as support to a pitch document to
potential equity participants.
4. Structuring in Houston have been asked to make an assessment of an Ontario
"bid curve" based on NY West, and MECS/ECAR curves, winter peak dynamics, new
market opening volatility (using other market examples), Ontario import
capabilites etc. We will also provide the appropriate supply/demand
information to them. They will have to support curves into RAROC.

Summarizing the timing:
1. Define costs and schedule to "develop" project to point of sale; (Jan 26)

2. Confirm potential of Ontario market, and link to structuring's "curve"
projection (Jan 28)
During this time, seek commitment to re-initiate permit and technical support
work to complete the permitting phase.

3. Have ICF Kaiser prepare market price assessment (kick off Jan 28)

4. Prepare information memorandum in support of the project as potential core
to a pitch book to potential equity participants
(dash type data but with just general financials assumptions plus details on
market) (Feb 9 first draft)
During this time re-assess interest in developing the asset on our own, or in
seeking equity participants, or in selling the turbines on their own prior to
completing the information memorandum.