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