Enron Mail

From:jinsung.myung@enron.com
To:edith.cross@enron.com
Subject:Calpine update/status
Cc:claire.broido@enron.com, benjamin.rogers@enron.com
Bcc:claire.broido@enron.com, benjamin.rogers@enron.com
Date:Wed, 23 Feb 2000 04:01:00 -0800 (PST)

Edith,

Attached is a draft term sheet which Scott will propose to Calpine. See also
below email for the summary of the deal. Please call me if you have any other
question.

Jinsung (Ext: 37330)


---------------------- Forwarded by Jinsung Myung/Corp/Enron on 02/23/2000
11:54 AM ---------------------------


Jinsung Myung
02/23/2000 10:17 AM
To: Scott Healy/HOU/ECT@ECT
cc: Thomas M Suffield/Corp/Enron@Enron, Benjamin Rogers/HOU/ECT@ECT, Richard
Park/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Tom Swank/HOU/ECT@ECT

Subject: Calpine update/status

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