Scott,

Here is a Calpine update. 

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.
 - Profit generator: We buy power from Calpine at lower price than that of 
ENA bid curve.

Work needed to be done :
 - getting VOM for LM-6000 from Scot Chambers.
 - getting flat capacity payment ($/kw-mo period) for 3 and 5 years from 
Structuring group, based on VOM, heat rate, gas curve, dispatch, and location 
of the plant.
 - building 20 year economic model to understand Calpine position. 

While we are waiting for VOM from Scot Chambers, we will use VOM number from 
other LM-6000 deal (please see attached email sent to Structuring group by 
Ben). As soon as we hear from Structuring group, I will give you indicative 
numbers. Sorry for the delay. Thank you.

Jinsung Myung
(Ext: 37330)

PS: If someone needs to have just Eastern PJM curve, we can try to get from 
Structuring group. Richard Park told me about PJM curve but I am not sure 
what exactly this is for.

---------------------- Forwarded by Jinsung Myung/Corp/Enron on 02/23/2000 
09:57 AM ---------------------------


Benjamin Rogers@ECT
02/23/2000 09:13 AM
To: Claire Broido/HOU/ECT@ECT, Jinsung Myung/Corp/Enron@Enron
cc: Thomas M Suffield/Corp/Enron@Enron 

Subject: 

Claire:
Here is the information for the Calpine project that we talked about 
yesterday and that Jim Simpson sent you the e-mail about.  

Hypothetical 4 LM 6000 Peaking Project in Eastern PJM
VOM:  $2.23
H.R. 10,5000
Gas Curve: Transco Zone 6
Power Curve: East Hub Curve in PJM
Commercial Operations Date: 6/1/01

We are looking for a 3 and 5 year capacity number ($/kw-mo.) one number for 
each time period.  Please let me know if you need any more information 
regarding the project.  Thanks for your help.
Ben