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					May 8, 2000                       Confidential & Proprietary




Presentation to FPL Group, Inc.

Enron Generation Overview
                                                                                            CONFIDENTIAL

    Overview of Enron’s Generation


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 ‘02 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)




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                                                                                   CONFIDENTIAL

Overview of Enron’s Generation


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

                                                                                             3
                                                                                                                     CONFIDENTIAL

          Overview of Enron’s Generation


      Location of Enron Assets



                                                                                                                                   NPCC

                                                                   Chicago (240)
                                                   MAPP                                       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




                                                                                                                                          4
                                                                                                                                                                                             CONFIDENTIAL

                          Overview of Enron’s Generation


                    Location of FPL Unregulated Assets
                                                                                                                                                           FPL Energy Maine Assets:

                          Everett, WA (248)                                                                                                                  Indian Stream (88)
                                                                                                                                                             Hydro Units (285)
                                                                                                                                                             South Portland (42)
                                                                                                                                                             Yarmouth (610)
                                                                                                                                                             Wiscatt (101)
                                                                                                                                                             Fort Fairfield (31)
                                                                                                                                                             Total = 1,157 MW
                            Helix, OR (25)
                                                                                       MAPP                                    West Bend, WI (30)
                                                                                                                                                                                                 NPCC
                                                                                                                                                                                                            Bellingham, MA (150)
                                                                                                                                                                                                            in Development (500)
                                                                                                             Clear Lake, IA (42)                                                                            Total = 650 MW
                                                                                                                                                                                      MAAC

                                    WSCC                                                                                       MAIN                        Richmond, VA (665)
                                                                                                                                                           in Development (171)
                                                                                                                                                ECAR       Total = 836
                            Reno, NV (16)                                                                    SPP

                                                                                                                                                                                                  FPL Energy PJM Assets:
                                                                                                                                                                        Hurt, VA (32)                Sayrevelle, NJ (150)
                                                                                                                                                                                                     Philadelphia, PA (50)
                                                                                                                                                                                                     Fackville, PA (4)
                                                                                                                                                                 Gaffney, SC (50)
                                                                                                                                                                                                     Edensburg, PA (9)
                                                                                                                                                                                                     Montgomery, PA (13)
                                                                                                                                                                                                     Total = 226 MW
                                                                                                                                                                                                  Assets in Development:

                                Holtville, CA (49))                                        Paris, TX (990)                                                                                            Philadelphia, PA (750)
                                                                                                                                                    SERC

FPL Energy CA Assets:                                                                          ERCOT
Bakersfield, CA (44)
Harper Lake, CA (80)                                                        McCamey, TX (75)
Stockton, CA (22)
Calistoga, CA (40)                              FPL Assets
China Lake , CA (4)
Altamont Pass, CA (145)
Tehachapi, CA (181)                                   City (Capacity, MW)
Total = 516 MW
                                                      In Operation
                                                      Under Construction
                                                      Development
                                                      Purchased




                                                                                                                                                                                                            5
                                                                                                 CONFIDENTIAL

Overview of Enron’s Generation


Location of FPL Regulated Assets


                                  MAPP
                                                                                                      NPCC




                                                                                          MAAC

    WSCC                                               MAIN

                                                 SPP          ECAR




                                                                                                    FPL Florida Assets:
                                                               SERC                                 Cape Canaveral (804)
                                                                                                    Cutler (215)
                                         ERCOT                       Juliette, GA (658)             Fort Myers (1,179)
                                                                                                    Manatee (1,625)
                                                                                                    Martin (2,581)
                                                                                                    Port Everglades (1,662)
       Unregulated Assets                                                                           Riviera (573)
                                                                                                    St. Johns River (254)
                                                                                                    St. Lucie (1,553)
            City (Capacity, MW)                                                                     Sanford (934)
            In Operation                                                                            Turkey Point (822)
                                                                                                    Lauderdale (1,700)
            Under Construction                                                                      Putnam (498)
            Development                                                                             Other (Nuclear) (1,386)
                                                                                                    Total = 15,786 MW
            Purchased




                                                                                                                   6
                                                                                                                                                                                             CONFIDENTIAL

                          Overview of Enron’s Generation


                    Location of All FPL Assets
                                                                                                                                                           FPL Energy Maine Assets:

                          Everett, WA (248)                                                                                                                   Indian Stream (88)
                                                                                                                                                              Hydro Units (285)
                                                                                                                                                              South Portland (42)
                                                                                                                                                              Yarmouth (610)
                                                                                                                                                              Wiscatt (101)
                                                                                                                                                              Fort Fairfield (31)
                                                                                                                                                              Total = 1,157 MW
                            Helix, OR (25)
                                                                                       MAPP                                    West Bend, WI (30)
                                                                                                                                                                                                 NPCC
                                                                                                                                                                                                            Bellingham, MA (150)
                                                                                                                                                                                                            in Development (500)
                                                                                                             Clear Lake, IA (42)                                                                            Total = 650 MW
                                                                                                                                                                                      MAAC

                                    WSCC                                                                                       MAIN                        Richmond, VA (665)
                                                                                                                                                           in Development (171)                    FPL Energy PJM Assets:
                                                                                                                                                ECAR       Total = 836
                            Reno, NV (16)                                                                    SPP                                                                                      Sayrevelle, NJ (150)
                                                                                                                                                                                                      Philadelphia, PA (50)
                                                                                                                                                                                                      Fackville, PA (4)
                                                                                                                                                                                                      Edensburg, PA (9)
                                                                                                                                                                            Hurt, VA (32)             Montgomery, PA (13)
                                                                                                                                                                                                      Total = 226 MW
                                                                                                                                                                                                   Assets in Development:
                                                                                                                                                                  Gaffney, SC (50)
                                                                                                                                                                                                        Philadelphia, PA (750)




                                Holtville, CA (49))                                        Paris, TX (990)                                                                                          FPL Florida Assets:
                                                                                                                                                    SERC                                            Cape Canaveral (804)
                                                                                                                                                                                                    Cutler (215)
FPL Energy CA Assets:                                                                          ERCOT                                                   Juliette, GA (658)                           Fort Myers (1,179)
Bakersfield, CA (44)                                                                                                                                                                                Manatee (1,625)
                                                                            McCamey, TX (75)                                                                                                        Martin (2,581)
Harper Lake, CA (80)
Stockton, CA (22)                                                                                                                                                                                   Port Everglades (1,662)
Calistoga, CA (40)                              FPL Assets                                                                                                                                          Riviera (573)
China Lake , CA (4)                                                                                                                                                                                 St. Johns River (254)
Altamont Pass, CA (145)                                                                                                                                                                             St. Lucie (1,553)
Tehachapi, CA (181)                                   City (Capacity, MW)                                                                                                                           Sanford (934)
Total = 516 MW                                        In Operation                                                                                                                                  Turkey Point (822)
                                                                                                                                                                                                    Lauderdale (1,700)
                                                      Under Construction                                                                                                                            Putnam (498)
                                                                                                                                                                                                    Other (Nuclear) (1,386)
                                                      Development
                                                                                                                                                                                                    Total = 15,786 MW
                                                      Purchased




                                                                                                                                                                                                            7
                                                                                                                                                                                                        CONFIDENTIAL

                          Overview of Enron’s Generation


                    Location of Enron/FPL Assets
                                                                                                                                                                      FPL Energy Maine Assets:

                           Everett, WA (248)                                                                                                                            Indian Stream (88)
                                                                                                                                                                        Hydro Units (285)
                                                                                                                                                                        South Portland (42)
                                                                                                                                                                        Yarmouth (610)
                                                                                                                                                                        Wiscatt (101)
                                                                                                                                                                        Fort Fairfield (31)
                                                                                                                                                                        Total = 1,157 MW
                             Helix, OR (25)
                                                                                            MAPP                                    West Bend, WI (30)
                                                                                                                                                                                                            NPCC
                                                                                                                                                                                                                       Bellingham, MA (150)
                                                                                                                                                                                                                       in Development (500)
                                                                                                                  Clear Lake, IA (42)     Chicago (240)                                                                Total = 650
                                                                                                                                                                    Sarnia (320)
                                                                                                                                                                                                 MAAC
                                                                                                                                Manhattan (650)

                                        WSCC                                                                                        MAIN                              Richmond, VA (665)
                                                                                                                                                                      in Development (171)                    FPL Energy PJM Assets:
                                                                                                                                                       ECAR           Total = 836
                             Reno, NV (16)                                                                        SPP                                                                                            Sayrevelle, NJ (150)
                                                                                                                                  Wheatland (503)                                                                Philadelphia, PA (50)
                                                                                                                                                                                                                 Fackville, PA (4)
                                                                                                                                                                                                                 Edensburg, PA (9)
                    Pastoria (750)     LV Cogen (270)                                                                                                                                Hurt, VA (32)               Montgomery, PA (13)
                                                                                                                                                                                                                 Total = 226 MW
                                                                                                                                                    Gleason (533)                                             Assets in Development:
                                                                                                                                                                             Gaffney, SC (50)
                                                                                                                                              Brownsville (492)                                                    Philadelphia, PA (750)


                                                                                                                                              New Albany (391)
                                     Holtville, CA (49))                                        Paris, TX (990)                                   Caledonia (498)                                              FPL Florida Assets:

                                                                                                                                                                    Juliette, GA (658)                         Cape Canaveral (804)
                                                                                                                                                       SERC                                                    Cutler (215)
FPL Energy CA Assets:                                                                               ERCOT                                                                                                      Fort Myers (1,179)
                                                                                                                                                               Doyle (340)                                     Manatee (1,625)
Bakersfield, CA (44)
                                                                                 McCamey, TX (75)                                                                                                              Martin (2,581)
Harper Lake, CA (80)
Stockton, CA (22)                                                                                                                                                                                              Port Everglades (1,662)
Calistoga, CA (40)                                   FPL Assets                                                                                                                                                Riviera (573)
China Lake , CA (4)                                                                                                                                                                                            St. Johns River (254)
Altamont Pass, CA (145)                                                                                                                                                                                        St. Lucie (1,553)
Tehachapi, CA (181)                                        City (Capacity, MW)                                                                                                                                 Sanford (934)
Total = 516 MW                                             In Operation                                                                                                                                        Turkey Point (822)
                                                                                                                                                                                                               Lauderdale (1,700)
                                                           Under Construction                                                                                                                                  Putnam (498)
                                                                                                                                                                                                               Other (Nuclear) (1,386)
                                                           Development
                                                                                                                                                                                                               Total = 15,786 MW
                                                           Purchased




                                                                                                                                                                                                                       8
                                                                                                                                                                         CONFIDENTIAL

                                                       Overview of Enron’s Generation

                                                       Stock Performance Comparisons (As of May 5, 2000)
                                                 700


                                                                               Current P/E         Forward P/E*

                                                 600        Calpine               55.63                 43.98
                                                            AES                   34.83                 27.37
                                                            Enron                 60.40                 53.81
Relative Performance (Base 100, April 9, 1999)




                                                 500
                                                            FPL                   11.68                 11.18

                                                 400




                                                 300




                                                 200




                                                 100




                                                   0
                                                   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

                                                  * Source: Bloomberg as of May 5, 2000
                                                                                           Enron     Calpine       AES       FPL      DJ Utility

                                                                                                                                                                                   9
                                                                             CONFIDENTIAL

Overview of Enron’s Generation


                                   Portfolio Comparison
                 32,000


                 28,000


                 24,000
 Capacity (MW)




                 20,000


                 16,000


                 12,000


                  8,000


                  4,000


                       0
                           Enron       FPL     Enron/FPL   Calpine   AES
           Development     1,370      1,947      3,317     8,018      0
           Construction    1,681       990       2,671     5,176     1,842
           Operation       1,438      19,445    20,883     3,355     8,989




                                                                                      10
                                                                       CONFIDENTIAL

    Overview of Enron’s Generation


Transaction Rationale

•     Unparalleled scale and scope

•     Complimentary capabilities provides for world class GenCo

•     Provides for multiple expansion and maximum value

•     Ability to structure/manage near term earnings profile

•     Creates national portfolio with good asset and fuel mix




      ENRON             +            FPL                          World class
                                                                   GENCO



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