Location of Enron Assets NPCC MAPP Chicago (240) Sarnia (320) Manhattan (650) MAIN MAAC ECAR WSCC SPP Wheatland (503) LV Cogen (270) Pastoria (750) Gleason (533) Brownsville (492) New Albany (391) Caledonia (498) SERC ERCOT Doyle (340) Enron City (Capacity, MW) In Operation Under Construction Development

Location of Combined Enron/Reliant Assets MAPP NPCC McHenry (500) Chicago (240) Sarnia (320) MAAC Hope (500) Manhattan (650) WSCC MAIN Aurora (924) SPP ECAR JDA (700, 250) Shelby County (340) Wheatland (503) Pastoria (750) LV Cogen (270) Details for plants in PJM area: - Shawville, Pa (603) - Portland, Pa (570) - Gilbert Project, NJ (538) - Sayreville, NJ (453) - Conemaugh, Pa (291) - Keystone, Pa (291) - Titus, Pa (274) - Werner, NJ (212) - Seward, Pa (196) - Glen Gardner, NJ (160) - Warren, Pa (139) - Hunterstown, Pa (60) - Wayne, Pa (56) - Mountain, Pa (40) - Tolna, Pa (40) - Piney, Pa (27) - Hamilton, Pa (20) - Orrtana, Pa (20) - Shawnee, Pa (20) - Deep Creek, Md (18) Total MWs = 4,028 MW Etiwanda (1,046) Gleason (533) El Dorado (246) Brownsville (492) - Ellwood (53) Coolwater (658) JDA (530) New Albany (391) Mandalay (560) Caledonia (498) Desert Basin SERC Generating (560) Ormond Beach (1,500) ERCOT Doyle (340) Reliant/Enron City (Capacity, MW) In Operation Development Purchased Under Construction Channelview (780) Sabine (50) Details for plants for HL&P: - W.A. Parish (3,654) - Cedar Bayou (2,260) - P.H. Robinson (2,213) - Limestone (1,532) - T.H. Wharton (1,254) - S.R. Bertron (844) - Greens Bayou (760) - Webster (387) - Deepwater (178) - San Jacinto (162) - H.O. Clarke (78) Total MWs = 13,322 MW Osceola (460) South Texas (770) Titusville (619)

Portfolio Comparisons

Stock Performance Comparisons (As of April 25, 2000) 100 200 300 400 500 600 700 Apr-99 May-99 Jun-99 Jul-99 Aug-99 Sep-99 Oct-99 Nov-99 Dec-99 Jan-00 Feb-00 Mar-00 Apr-00 Relative Performance (Base 100, April 9, 1999) Enron Calpine AES REI DJ Utility Current P/E Forward P/E* Calpine 51.60 36.70 AES 44.25 28.28 Enron 59.00 52.60 REI 13.07 11.63 * Source: Bloomberg as of April 25, 2000

1999 and 2000 Merchant Peaker Projects 1999 Projects Brownsville, Tennessee 492 MW ISO SERC 1999 Summer Caledonia, Mississippi 498 MW ISO SERC 1999 Summer New Albany, Mississippi 391 MW ISO SERC 1999 Summer 2000 Projects Manhattan, Illinois 650 MW ISO MAIN 2000 Summer Gleason, Tennessee 533 MW ISO SERC 2000 Summer Wheatland, Indiana 503 MW ISO ECAR 2000 Summer 3,067 MWs positioned in multiple high value energy markets: TVA-SERC, CINergy-ECAR, ComEd-MAIN Access to: 55% of total US electricity demand 80% of Eastern Interconnect Proximity to: Multiple major interstate gas pipelines 34 electric transmission systems Several power trading hubs, including: TVA-CBOT, CINergy-Nymex, ComEd-CBOT

Generation Summary Enron North America (“ENA”) will have in excess of 3,000 MWs of gas-fired, peaking electrical power in the Southeast and Midwest power markets by the Summer of 2000: Midwest Region: - 1,153 MWs in merchant capacity in Illinois and Indiana Southeast Region: - 1,914 MWs in merchant capacity in Mississippi and Tennessee - 340 MWs (170 net) in Georgia under L-T toll with a third party ENA has additional opportunities in operation and in advanced stages of development throughout the US and near the Canadian border: Western Region: - 750 MW combined cycle for ‘03 COD in Bakersfield, California - 50 MW qualified facility with merchant peaker expansion of 220 MW for early ‘02 COD in Las Vegas, Nevada Midwest Region: - 240 MW (120 net) peaker for Summer ‘01 COD near Chicago, Illinois - 320 MW peaker for Summer ‘01 COD near Sarnia, Ontario (Port Huron, MI)