IN: Jennifer, attached is a summary model of the Ft. Pierce evaluation using Enron's curves. Please note that there are two scenarios provided, based on a best case and worst case pipeline demand charge scenario. The spread option model was dispatched based on the same assumptions as utilized by the gas group in developing their pipeline cost assumptions. I've tried to add notes to the models outlining potential areas of additional value as there are some unique characteristics of this deal that should provide additional value to the project. I'll be over to help review the cash flow model. Thanks for everyone's help (Edith/Charlie)

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OUT: Ft. Pierce Evaluation

IN: <<IPW092401.pdf>> Good Morning, Attached, please find the latest issue of our Independent Power Weekly. Also note that there is a replay available of our conference call, which took place last week. The dial-in number is 402/220-7493. The PIN # is 7493. The call featured Judah Rose from ICF Consulting. Topics discussed included: 1. Recent trends in the US power market; 2. Their impact on the generation supply chain; and, 3. The relationship between GDP and power demand. A copy of the slides that accompanied Judah's presentation is available upon request. Summary: 1. IPP's Fall 5.1% Last week our our IPP composite declined 15.4%, outperforming the NASDAQ (-15.7%), but underperforming the S&P 500 (-11.1%). NRG Energy, which was down 8.8%, was the strongest generator in the group. International Power was the weakest performer, declining 30.5%. 2. Generation Oriented Utilities Fall 6.9% Our universe of generation oriented utilities fell 6.9%, outperforming all the major market indices. DTE Energy, which was down 2.7%, was the strongest performer in the group. PPL was the weakest performer, declining 13.5%. 3. IPPs Trading 24% Below Private Market Asset Value Importantly, our analysis indicates that all the major US IPPs are now trading at or below the private market values of their assets. As a group, the major IPPs are trading at a 24% average discount to their private market asset values. NRG Energy and Reliant Resources are trading at the most significant discounts to their private market values-33% and 34%. 4. Disparity Between Public and Private Market Valuations is Unsustainable We believe this situation is unsustainable and envision 3 scenarios that could play out. 1. Stock prices may simply rebound correcting the valuation disparity; 2. IPPs limit the amount of capital allocated to new plant construction and pursue share buybacks or acquisitions of other IPPs; or, 3. Traditional utilities (both domestic and foreign) or other entities from outside the industry pursue acquisitions of IPPs. Regards,

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OUT: CSFB Independent Power Weekly--Issue #44

IN: Sally, I was part of the employee breakfast this morning and thought it went well. As an idea, my group (Laura Johnson) publishes the Enron Net Works News intranet site. I know you've got an article out there already. Would you like to use ENN as a forum for answering some of the questions or perhaps making a statement about "leadership"? I'll be glad to send Laura your way and hold up the current publication so your message is timely to the troops. Rich Hall

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OUT: Employee Breakfast - ENN Article?

IN: Attached for your review and comment, please find Defendant's proposed discovery requests: <<discovery requests.doc>> <<med.rel.doc>> Christine Neely, Secretary to Lynn Paul Mattson and Kristen L. Brightmire Doerner, Saunders, Daniel & Anderson, L.L.P. Information in this message may be privileged or confidential. Information is intended for the sole use of the addressee. No consent is given for unauthorized viewing or distribution. - discovery requests.doc - med.rel.doc

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OUT:
Casey v. NEPCO