TECO from credit

---------------------- Forwarded by Donald M- ECT Origination Black/HOU/ECT
on 03/08/2000 12:36 PM ---------------------------
From: Christopher Smith on 03/08/2000 07:37 AM
To: Donald M- ECT Origination Black/HOU/ECT@ECT
cc: Randy Petersen/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
Subject: TECO

Don, per your request attached is the model I created to value the
transaction. This model was created utilizing the Origination/Structuring
model as a starting point. I have used EPMI/ENA's power and fuel curves as
opposed to the company's base case pricing scenario. I have also used a
mortgage style debt amortization based on $118MM of funded debt. Attached is
a memo that touches on the transaction, the value of the price risk
management contracts, financial results, and some closing comments.

Regards,

Christopher