Subject: Calpine Indicative Pricing
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked]
Date: Wed, 23 Feb 2000 09:24:00 -0800 (PST)

Scott,

Structuring got back to us with some issues we need to clarify to get the 
pricing from a trader.

Capacity
 - Will Calpine be able to get manufacturer's guarantee for net capacity (or 
can we re-sell turbines to third party?)
 - Is it "unit contingent call" or there will be a "liquidated damage 
protection" within the tolling agreement?

Nodal pricing
 - What is the exact name of substation in eastern PJM? Structuring could not 
find "Parlin" in eastern PJM (even within eastern PJM, there will a 
substantial pricing differential among different bus points).

Gas delivery point

Actually, it is really hard to get the number by today since a trader who 
will give pricing is not here today. If we don't hear from you or/and if you 
don't decide yet about above issues, we will make assumptions as follow;

- Capacity: 180 MW out of 4 LM-6000 turbine with manufacturer's guarantee and 
with term of liquidated damage protection included.
- Exact substation: East Hub in PJM
- Gas delivery point: Transco Zone 6

We will try to get the pricing hopefully by tomorrow. Please call me at 
713-853-7330, if you have any question. Thank you.

Jinsung