Enron - PGT Payout Table

Did I send this to you already ?
---------------------- Forwarded by Barry Tycholiz/CAL/ECT on 11/27/2000
10:32 AM ---------------------------

Barry Tycholiz
11/23/2000 03:51 PM
To: Bradb@calpine.com
cc:
Subject: Enron - PGT Payout Table

Brad, further to our conversation of yesterday morning, please find attached
Enron's payout table and alternative payout table regarding the permanent
assignment of PGT capacity.

The onus will be on Enron to deliver long dated capacity to Calpine and we
will begin working on this immediately.

Below is a summary of some of the key next steps. Please review and we can
discuss on Monday the numbers and final steps as required.

ENA and Calpine will formalise % discount, volume grid, lump sum $ amount or
annuity amount.
As discussed our cost of funds implied will be LIBOR + 200 basis points. ( to
be confirmed ).
ENA will raise a precedent agreement with option language in favor of Calpine
which allows you to request that the period 2 volume be no less than the
period 1 volume and up to the total delivered volume of 67,500 based on the
agreed to % discount as referenced in point #1.
ENA will forward the draft precedent agreement which will include the
necessary conditions precedent required and with the general commercial terms
as agreed per items above (ETA - Tues/Wed).
ENA will provide a bid to Calpine on Monday afternoon with a number on the
Spark Spread proposal.
Contact name @ Trans Canada and ANG is Kay Coad Ph: 403-267-2480.

I trust the information as provided above is consistent with our previous
discussions. Please contact me once you have had a chance to review.

Regards,

BT