Spreadsheet: louise_kitchen__24292__Asset Marketing WIP Report (5-18-01)
Sheet: Americas

Asset Marketing Group
Weekly Update
Americas
Project | Description | Size | Working Group
Project Name: | Overview: | Sale Price ($[NAME]) | [NAME]
Alamac | Sale of 2 coal plants in North Carolina | $20 - $30 | [NAME]
ENE Banker: | Action Items: |  | [NAME]
None | Sold plants to AIG on May 16, 2001.  [NAME] and [NAME] are looking at the plants.  Will soon be starting formal auction process to capture 90% of upside with sale. |  | [NAME]
ENE O/S Legal: |  |  | [NAME]
Bracewell & Patterson |  | Basis ($[NAME]) | Ozzie Pagan
Counterparty Banker: | Update: | 7.5
N/A
Counterparty O/S Legal: |  | Implied Gain ($[NAME])
N/A |  | $12.5 - $22.5
Project Name: | Overview: | Sale Price ($[NAME]) | [NAME]
Cornhusker | Sale of our 100% interest in Texas QF plant. | 250 - 260 | [NAME]
ENE Banker: | Action Items: |  | [NAME]
None | In early discussions with El Paso.  Issues on sale include East Coast Power problems with El Paso, and Brazos arbitration. |  | [NAME]
ENE O/S Legal: |  | Basis ($[NAME]) | [NAME]
Le Boeuf | Update: | 239
Counterparty Banker: | Received early indications of interest from El Paso that are encouraging.  El Paso conducting site visits and completing additional due dili.  [NAME] continue to work process them.
N/A |  | Implied Gain ($[NAME])
Counterparty O/S Legal: |  | 2001-11-21 00:00:00
N/A
Asset Marketing Group
Weekly Update
Americas
Project | Description | Size | Working Group
Project Name: | Overview: | Sale Price ($[NAME]) | [NAME]
Vitro | Sell 50% - 80% of our interest in Mexican project. | $52 - $57 (80%) | [NAME]
ENE Banker: | Action Items: |  | [NAME]
Soc Gen | Proposal and marked up documents received from ENEL 3/1/01. Received follow up proposal on 4/09/01. Meeting with ENEL on 5/2/01. Tactebel submitted preliminary bid on 4/12/01. Binding bid is due 5/7/01. Will be working with both counterparties over coming week. |  | [NAME][NAME]              Jon Hoff
ENE O/S Legal: |  |  | [NAME]
Bracewell & Patterson |  |  | [NAME]
Counterparty Banker: |  | Basis ($[NAME]) | [NAME]
ENEL (West LB), Tractebel-None |  | 42
Counterparty O/S Legal: | Update:
ENEL (Fulbright), Tractebel ([NAME]) | Tractebel raised bid to $15MM.  Confident that we can get them to $16MM. Negotiating docs with them.  Also testing internal appetite to actually sell down our position by looking at other structures.  Running into accounting issues. | Implied Gain ($[NAME])
 |  | $10 - $15
Project Name: | Overview: | Sale Price ($[NAME]) | [NAME]
New Albany | Sale of New Albany Peaker | 150 | [NAME]
ENE Banker: | Action Items: | ($405/kw) | [NAME]
None | Looking for feedback from NRG and [NAME].  Pull together list of bidders.
ENE O/S Legal: |  | Basis ($[NAME])
Andrews & Kurth | Update: | 145
Counterparty Banker: | Duke, [NAME] and [NAME] now have [NAME]  Will either mover forward with one of these counterparties this week, or will begin formal auction process. Still waiting to hear from NRG.  [NAME] has deferred its interest. | ($390/kw)
N/A
Counterparty O/S Legal:
N/A |  | Implied Gain ($[NAME])
 |  | 5
Asset Marketing Group
Weekly Update
Americas
Project | Description | Size | Working Group
Project Name: | Overview: | Sale Price ($[NAME]) | [NAME]
Michigan Power-Motown | Reviewing near-term options with Michigan QF asset. | 45 | [NAME]
ENE Banker: | Action Items: |  | [NAME]
None | This QF asset has existing restructuring opportunities. This asset is also a candidate for QF Fund or eventual sale.  In discussions with Consumers Electric for reverse toll (term sheet sent 4/30/01). Issues exist with Consumers over refund of past capacity changes.  Our exposure is approximately $8 million; value is net of $8 million. |  | [NAME]                 [NAME]
ENE O/S Legal: |  | Basis ($[NAME]) | [NAME]
None |  | 52
Counterparty Banker:
N/A
Counterparty O/S Legal: | Update: | Implied Gain ($[NAME])
N/A | Sent updated term sheet to Consumers 5/08/01. | -8
 | In conversations with Consumers on reverse toll.
Project Name: | Overview: |  | [NAME]
QF Fund | Evaluating new financing/funding options for existing QF's, and QF's to be purchased. | $400 - $700 | [NAME]
ENE Banker: | Action Items:
N/A | Working with ENA Treasury and LJM to determine market for QF Fund (closest proxy is Turbo Park) to hold QF assets off-balance sheet and off-credit for 3 to 5 years.  Focus is on flexibility, cost of funds, and term.
ENE O/S Legal:
N/A | Update:
Counterparty Banker: | Met with LJM.  Interest in Motown but not [NAME].  May be able to structure a "fund" to purchase additional QFs.  Will be limited in its flexibility.
N/A
Counterparty O/S Legal:
N/A
Asset Marketing Group
Weekly Update
Americas
Project | Description | Size | Working Group
Project Name: | Overview: |  | [NAME]
Mission Bid | [NAME] is auctioning 8 Non-California QF assets. |  | [NAME]
ENE Banker: | Action Items: |  | [NAME]
None | Included in Mission's assets are Saguaro in which ENA owns a 15% interest, and EcoElectrica, in which EGA and EGM own 50% interest.  We are on the bid and offer on these two assets, and are evaluating the other six assets, including Brooklyn Navy Yard. |  | [NAME]          [NAME]
ENE O/S Legal:
LeBoeuf, Andrews & Kurth | Update:
Counterparty Banker: | Made round II on all of the assets.  Completing site visits and contract review.
CSFB
Counterparty O/S Legal:
N/A
Project Name: | Overview: | Sale Price ($[NAME]) | [NAME]
Doyle | [NAME] to maximize value. | $5 - $6
ENE Banker: | Action Items:
None | The value proposition with [NAME] includes:
ENE O/S Legal: | 4 Effect Payout of Output Bonus ($1.75 MM) | Basis ($[NAME])
King & Spalding | 4 Resolve outstanding Unit 1 claim ($2- $6 MM) | N/A
Counterparty Banker: | 4 Selldown of equity ($3 - $4 MM)
N/A
Counterparty O/S Legal: | Update:
N/A |  | [NAME] ($[NAME])
 |  | N/A