1. Enron Corp. Board of Directors Presentation
May 1, 2001
Confidential & Proprietary
Enron Corp. Board of Directors Presentation
Southwest Power L.L.C. – Las Vegas Cogeneration, L.L.C.
222MW Power Plant Expansion

2. Southwest Power Overview
Existing Power Plant
Las Vegas Cogeneration (LVC1) began commercial operation in May 1994 as a QF
Capable of generating an average of 51 MW
Provides 45 MW of on-peak capacity and energy to Nevada Power Company (NPC) under a PPA through May 2024
Thermal host is a 12-acre tomato greenhouse
Southwest Power created by ENA to acquire LVC1 on August 31, 1999
Southwest Power funded by non-recourse project debt ($54.9MM) and Enron/JEDI equity ($24MM).
LVC1 repowered by replacing existing LM 6000 PA with a state-of-the-art LM 6000 PC in December 1999, reducing the heat rate and increasing capacity
Excess energy is available for merchant sales, dispatched by EPMI West Power Trading
Value Proposition
Continued strong industry demand for properly developed merchant generation projects in Western System Coordinating Council
LVC1 is located in North Las Vegas, Nevada in rapid-growth load center that is short energy
LVC11 is a 222 MW gas-fired generating facility under development to consist of two, two-on-one combined cycle units (4 LM6000 PC’s) yielding a projected heat rate of 7,800 Btu/kwh (HHV)
Expansion project located adjacent to LVCI utilizing similar LM6000 technology.
Long-term tolling agreement with Allegheny Energy Supply will fix revenue stream for 15 years.
ENA intends to finalize development, commence construction and divest prior to commercial operations.

3. Transaction Sources and Uses
Development Overview
Actual/Expected Date
Site: Zoned Industrial and City of North Las Vegas approved plan: August 23, 2000
Air Permit Issued to LVCI as operator of expansion: November 15, 2000
Water: City of North Las Vegas issued invoice for interconnection fees: January 31, 2001
Wastewater Permit Issued by City of North Las Vegas: March 29, 2001
EPC Contract: Modern Continental, fixed price turnkey guaranteed by
A-rated bonding and includes customary financeable terms and conditions: March 29, 2001
Firm Transmission: Point to Point (Mead) transmission with Nevada Power: April 20, 2001
Electrical Interconnect – Nevada Power’s 138kv substation at site expected: April 27, 2001
Gas Interconnect – Southwest Gas to design, build and operate 12” lateral
From the Kern River Pipeline to LVCII Facility expected: April 27, 2001
Water/Wastewater Definitive Agreement executed and approved: April 27, 2001
Notice to Proceed May 1, 2001
Commercial Operations September 1, 2002
Development Timeline
Transaction Sources and Uses
Sources Uses
JEDI II $ 99.8MM EPC $154.3MM
ENA $ 99.8MM Owner’s Cost $ MM
TOTAL: $199.7MM Contingency $ 10.2MM
Other Costs $ 26.3MM
TOTAL: $199.7MM

4. Strategy and Recommendation
Tolling Agreement
Exit Strategy
Finalize development, commence construction and then divest prior to commercial operations.
The expansion project, combined with the existing QF asset will be attractive to numerous generation companies:
Proven reliable LM6000 technology
100% controlling interest
Location in fast-growing load pocket in short region
15 year fixed-price tolling agreement
Pro-Forma economics are superior to those of Fountain Valley Power, which was recently sold to Black Hills Energy Capital.
Expressions of interest from Black Hills, Northland Power, Delta Power, Energy Investors Fund, Calpine.
Counterparty:
Allegheny Energy Supply
Capacity Payment
$12.15/kw month
Variable O&M Payment
$3.71/mwh escalating at CPI
Term
15 Years
Delivery Point
Busbar
LD’s COD
$40,000/Day
Guaranteed Availability
90% (avg.) / 95% (peak month)
Steady State Heat Rate
7,800 Btu/kWh
Credit Rating
BBB+
Recommendation
Approve $199.7 MM to finance construction of Southwest Power expansion (LVCII) subject to:
Execution of definitive tolling agreement with Allegheny Energy Supply Company
Receipt of Electrical Transmission Agreement Confirmation
Execution of Southwest Gas Interconnection Agreement
Execution of Water/Wastewater Agreement
Execution of Nevada Power Interconnection Agreement