ALSTOM captured an opportunity

Mike/Jeff,

These types of opportunities will continue to come up. We could certainly
handle the 13MW and it would be interesting to pursue. We have also seen
another opportunity to merchant finance a power plant for another new
entrant. As you can imagine, if we passed these to EPower they are not
likely to get done.

any thoughts?

Joe

Joseph P. Hirl
Enron Japan Corp.
81 3 5219 4500
81 3 5219 4510 (Fax)
www.enron.co.jp
----- Forwarded by Joseph P Hirl/AP/Enron on 06/01/2001 12:06 AM -----

Takumi Ariga
05/30/2001 10:11 AM

To: Joseph P Hirl/AP/ENRON@ENRON
cc:
Subject: ALSTOM captured an opportunity

= Confidential =

Joe,

This is an updated information about ALSTOM's latest activity.

Referring to Enron Japan-ALSTOM Japan Coorporation Meeting for Vendor Finance
at Enron Japan, ALSTOM found an opportunity.

Customer:

Goodyear Tire & Rubber Co. (Hyogo Pref. 60 Hz)
Facility:
- Heavy C firing steam generator without electrcity generation
- Electricity consumtpion 2 MW.
- In terms of permits and land, although further investigation is required,
in general, it seems acceptable so far.

ALSTOM's proposal to Goodyear Tire & Rubber
- Heavy Oil Firing 15 MW Gas Turbine Co-generation system
(Goodyear tire & Rubber has no money to invest).
- 2 MW for factory and 13 MW for market
- 15-18 months for delivery (estimated)
- Plant cost: 13-15 M$ (estimated)

Next Action required
- EJ to let ALSTOM know deal structure

Issues:
(1) If Enron Japan wants to pursue this opportunity, EJ to respond to them in
a timely manner, since ALSTOM made an effort to find the opportunity that the
GT may be able to dispatch electricity next year as per EJ's request.
(2) As per Enron Japan's restructuring, if Enron Japan does not want to
pursue the opportunity, there may be two options:
- To explain the situstion to ALSTOM and to be prepared for positive
relationship discontinued (potentially possible)
- To transfer this project E-power by saying, for example, physical asset
related projects are now handled by E-power.

Please advise me of your comments on the above.

Thanks and regards,

******************************
Takumi Ariga
Enron Japan Corp.
Tel: 03-5219-4500
Fax: 03-5219-4510
Email:takumi.ariga@enron.com