Message-ID: <12916244.1075840039333.JavaMail.evans@thyme>
Date: Wed, 3 Oct 2001 14:42:37 -0700 (PDT)
From: stewart.rosman@enron.com
To: mike.swerzbin@enron.com
Subject: Valuation Overview
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MWHRs =  4 Years and 1 quarter Flat so that equals approximately 37,250 Hours

The difference between 102 (the new amount) and 94.5 (the old average flat amount) = 7.5 MW * 37,250 HRs = 279,375 MWhrs

I was under the impression that a 100 MW flat amount would equal $3 million value (a $16 difference between market and $21.50).  This would indicate the 102 equals a $4,100,000 valuation.  As to the discount in value due to the flexibility and delivery point I am looking to you for leadership.  If my assumptions are wrong then let me know.

Stewart