AES CORPORATION. North America East Business Review. Dan Rothaupt Vice President, North America East

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1 AES CORPORATION North America East Business Review Dan Rothaupt Vice President, North America East May 9, 2006

2 North America East Business Portfolio Contract Generation Competitive Supply 100% 100% 100% Beaver Valley Pennsylvania Pulverized Coal (125MW) 1985 Thames Connecticut CFB Coal (208MW) 1990 AES Eastern Energy New York Pulverized Coal (1,268MW)

3 North America East Business Portfolio Contract Generation 100% 67% 100% 100% 100% Warrior Run Maryland Hemphill New Hampshire Ironwood Pennsylvania Red Oak New Jersey Puerto Rico CFB Coal (205MW) 2000 Biomass (16MW) 2001 CCGT (710MW) 2001 CCGT (832MW) 2002 CFB Coal (454MW)

4 North America East Revenue Model Revenue by Customer Type (2005) Contracts with regulated utilities 46% Eastern Energy hedged 31% 2005 Revenues 88% contracted or hedged 12% unhedged (spot sales) Long-term contracts with Williams 11% Eastern Energy unhedged 12% 3

5 North America East Revenue Model Contract Generation Beaver Valley 2016 West Penn Power Hemphill 2006 Public Service of NH Ironwood 2021 Williams Energy Trading Puerto Rico 2027 Puerto Rico Power Authority Red Oak 2022 Williams Energy Trading Thames 2015 Connecticut Light and Power Warrior Run 2030 Potomac Edison Competitive Supply Top 10 Eastern Energy Counterparties: Credit Suisse First Boston J. Aron Constellation Detroit Edison JP Morgan Morgan Stanley Erie County Kaleida Health Merrill Lynch Coral 4

6 North America East Contract Maturity Profile 4,000 Contains Forward Looking Statements Gross MW Contracted or Hedged 3,500 3,000 Contract Generation Competitive Supply (1) 2,500 2,000 1,500 1, (1) Competitive Supply hedge amounts as of March 31,

7 North America East Fuel Sourcing Strategy Eastern Energy Coal Other North America East Coal Natural Gas Sourced From Northern Appalachian (Pennsylvania, West Virginia) Northern Appalachian (Maryland) Williams (tolling agreement) Transportation Method Rail (CSX and Norfolk Southern) Barge/Truck Rail/Barge Truck Pipeline Key Suppliers Foundation Consol Peabody Foundation Americoal Rosebud ICG Williams 6

8 North America East Generation KPIs Provide Clean, Reliable, Affordable Energy Contains Forward Looking Statements Key Performance Indicator (KPI) Safety Excellence Leading indicators Identifying and reporting near misses Safety walks Lagging Indicators OSHA metrics (recordables, Lost Work Day Case, DART rate) Environmental Excellence Emissions rate % SO 2 removal Operational Excellence Reliability Financial availability factor (FAF) Equivalent forced outage factor (EFOR) Low cost Non-Fuel O&M ($/KW-yr) Efficiency Heat rate (BTU/KWh) 7

9 North America East Safety Performance OSHA Recordable Incident Rate Getting Better Recordable incident rate is improving as a result of: Implementation of proactive safety activities Near miss identification Safety walks Additional awareness and emphasis put on safety from all levels of the company through activities such as the Safety Day Ongoing safety audits U.S. generation industry average for Source: EEI 8

10 North America East Emissions Performance Contains Forward Looking Statements Eastern Energy s Emissions Rate (lbs/mmbtu) Getting Better E 2008E Environmental emission rate improvements include: Past Improvements 1999: SCR installed at Somerset 2001: SCR installed on one unit at Cayuga Ongoing scrubber improvements at Somerset and Cayuga NO X reduction combustion improvements at Westover Planned Improvements 2006: Multi-pollutant control project at Greenidge Multi-pollutant control project at Westover being evaluated SO 2 NO X 9

11 North America East Financial Availability 100% 95% 90% 85% 80% Financial Availability Factor 95.1% 94.9% 95.1% (1) Financial availability factor (FAF) is stable Five plants had FAF greater than 97% in 2005 Ongoing FAF improvement efforts include: Attacking identified reliability issues Formation of knowledge based task forces Increased awareness through reliability risk assessments Application of best practices standards (1) Excludes the utility line outage at Thames 10

12 North America East Operations Cost $50 $40 $30 $20 $10 $0 $ Non-Fuel O&M Cost $/kw-yr in 2002 dollars $33.15 Getting Better Recent increase due to $37.74 (1) major outages in conjunction with operational reliability activity spending $ Global Sourcing efforts being expanded further Other cost initiatives include: Heat rate awareness Ash management Coal and limestone sourcing (1) Excludes the utility line outage at Thames 11

13 Red Oak Operational Improvement Applied problem solving tools to plant trips and aborted starts Root cause analysis Logic reviews Measured start reliability and equivalent start ratio to focus team efforts Improved preventative / predictive maintenance practices through Reliability Centered Maintenance techniques Fine-tuned engines through increased process knowledge & experience Strengthened technical and business skills of plant personnel through training and Users Groups 100% 90% 80% Financial Availability 98.40% 95.96% 96.72%

14 Warrior Run Operational Improvement 100% Financial Availability Adopted root cause analysis Applied corrective and preventative practices Expanded outage scope to address reliability risks Conducted reliability risk audits Implemented activities that remedied the risks Conducted situational what if training and drills 95% 90% 85% 80% 4% 3% 2% 1% 0% Added scheduled outage time to repair generator issue Equivalent Forced Outage Rate (EFOR) Getting Better

15 Optimizing Eastern Energy Dispatch decisions Coal transportation Outage coordination Scrubbing capability Allowance purchase and sales Hedging term (credit & credit quality) Control technology capex Coal quality and costs Full allowance cost accounting Fuel flexibility capability 14

16 Optimizing Eastern Energy AES Eastern Energy 15

17 Limited Merchant Exposure Hedged With Credit-Worthy Customers % Contracted/Hedged 100% 80% 60% 40% 20% 0% 89% AES Eastern Energy Contracting Strategy Contains Forward Looking Statements Hedge Metrics (1) Hedge % by Counterparty Credit (2006) (1) 76% 74% 50% 77% 73% 72% 47% % Unrated 24% BBB+ 11% BBB Volume based Margin based 61% A+ (1) As of March 31,

18 Emission Allowance Strategy: Selling to our Hedges Contains Forward Looking Statements Early installation of environmental controls High SO X removal efficiency at Somerset and Cayuga Continuing environmental investments Our long position has allowed us to sell inventory in excess of our forward sales opportunistically Policy of selling allowances above our forward energy sales or selling to the hedge Active management of our allowance position based on market prices for energy, fuel and allowances Eastern Energy emission allowance sales 2005: $41 MM 1Q06: $37 MM Active management of emission controls in response to real time allowance markets 17

19 Eastern Energy Business Sensitivities Contains Forward Looking Statements Simplified Wholesale Gross Margin Sensitivities (1) (2Q-4Q 2006) Natural Gas Sensitivity: $7 MM change in gross margin per $1 mmbtu change in price of natural gas Coal Sensitivity: $1 MM change in gross margin per $0.10/mmbtu change in price of coal SO 2 Sensitivity: $2 MM change in gross margin per $100/ton change in SO 2 allowance price Weather Sensitivity: $2 MM change in gross margin per 0.25 mmbtu/mwh change in Market Implied Heat Rate (1) Sensitivities reflect impact on unhedged gross margin as of March 31,

20 North America East Strategy Initiatives Strategic Issues Continued Air Emission Control Spending Contains Forward Looking Statements Greenidge retrofit; evaluating Westover retrofit Consider longer-term hedging and contracting strategies Maximize value of emission credits Fuel Flexibility Consider strategic alternatives for long-term supply Test burns underway Investments underway Strategic Opportunities Strong Demand in Puerto Rico Platform expansion opportunities New York Growth Platform expansion opportunities 19

21 North America East Growth Opportunities Contains Forward Looking Statements Platform Expansion Puerto Rico II: 500MW coal-fired plant Potential brownfield projects in NY Red Oak II peaker Greenfield Participate in selective opportunities PJM, Florida and Ontario Acquisitions Potential acquisition of solid fuel generation Opportunity to leverage AES capabilities in life extension and environmental retrofit Adjacent Markets Early stage of evaluation Waste coal opportunities Coal gasification Leverage experience with diverse technologies including CFB 20

22 North America Competitive Supply Financial Overview (US$ Million) Revenue $459 $447 $544 Gross Margin $110 $85 $145 Income Before Tax & Minority Interest $65 $61 $142 Distributions to AES Corporation $121 $101 $104 Note: Information is presented on an AES basis and is unaudited. Certain intercompany transactions may not be eliminated. 21

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