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Northern Border Partners

Bob Hill

Vice President Marketing

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Northern Border Partners

Wisconsin

Northern Border Project 2000


  Pz

Lake
Michigan

Chicago

  JOlet~

Illinois

A Delivery Points

Indiana

• 34-mile extension from Manhattan, IL
to North Hayden, IN

• Capacity of 544 MMcf/d
• Ventura take-away 198 MMcf/d
• Serve 5 shippers under 10-year
contracts
• Capital cost $94 Million
• Certificate awarded March 2000

• Rate impacts within FERC guidelines
for Rolled-in Rates

  Strategically positions NBPL to
Indiana industrial markets and for
future projects to the East

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Northern Border Partners

NBPL Rate Case

• Filed May 1999
• Primary Issues:

-- Rate of return o n equity
- Depreciation rates
- Form of tariff
- Rate design

• December 1999 - Effective subject to refund
• June 7, 2000 settlement in principle
• Drafting stipulation and tariff sheets


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Northern Border Partners

Bighorn Gas Gathering, L.L.C.

Expands NBP's Diversification Into Non-Regulated
Fee for Service Areas

• Financial I ownership:
  - $52.7 million for 39% equity interest Montana
- Subsidiaries of CMS Energy Corp. and
  Enron Corp. hold remaining ownership
interests

• Facilities: Wyoming
- 92 miles of gathering pipeline.
  - Commenced work on the $17.8 million
Western Header Extension
  - Contracts: Reserve dedication agreements
  covering 680,000 acres 1999 Construction
  Western Header Project ,`
Future Expansion .....
• Interconnects: Fort Union Gas Gathering ~j
- Connects directly to Fort Union
  - Indirectly can reach CIG, WIC, Overthrust,
Trailblazer, KN Energy and Kern River
  I
L7-r

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Northern Border Partners

Project 20120

  Purchase 100% of Enron North America's (ENA's) interest
in the following entities for approximately $204 MM

- Enron Midstream Services, L.L.C.

• Enron Midstream Services Gathering Laterals

  • Bighorn Gas Gathering L.L.C.
- ECT Powder River L.L.C.

• Fort Union Gas Gathering L.L.C.

- ECT Wind River L.L.C.

• Lost Creek Gathering L.L.C.

• Acquiring ENA Denver personnel to manage and grow
these assets and pursue other investments in the Rockies

10% 148

33% 103

35% 120

• NBP & ENA will jointly provide gathering services to producers in Wyoming

  Investment in the Powder River and Wind River Basins furthers NBP's commitment
to grow and diversify with non-regulated energy assets


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X0004

Ownership Interest Pipeline Miles
100% 187

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