Calpine: Deal Summary

Thomas,

Here is a Calpine deal summary.

ENA would sell four LM-6000 turbines to Calpine.
Calpine would be responsible for permitting, constructing, financing and
operating the peaking power plant in Eastern PJM.
ENA would enter into a short-terrm tolling agreement to buy power from
Calpine for 3 or 5 years.
Work needed to be done :
- getting VOM for LM-6000 from EE&CC.
- getting flat capacity payment ($/kw/month) for 3 and 5 years from
Structuring group, based on VOM, dispatch, and cite of the plant.
- building 20 year economic model to understand Calpine position.

Money making scenario: We buy power from Calpine at lower price than that of
ENA curve.

I think it will be helpful if Scott or Thomas call EE&CC to get VOM ASAP, so
that we can talk to Structuring group. If someone just needs to have Eastern
PJM curve, we can try to get from Structuring group. Thank you.

Jinsung Myung
(Ext: 37330)