Subject: Deal Update
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Mon, 21 May 2001 19:39:00 -0700 (PDT)

- No significant change in margin or hotlist summary

Las Vegas:  Allegheny, Black Hills, Northland Power are on dealbench reviewing data, info memo and purchase and sale agreement.  
Process: review docs and data, visit site, negotiate purchase and sale - still on track for June 30 signing and August 31 funding.

Roseville: Exercised option for $6MM of ERC's from Georgia Pacific.  Working on development agreement and initial CEC application.

AMPS: Last week received complete emissions data on units.  Pursuing deals to install, sell or lease first 2 units.  Most likely structure: Site owner contributes site and pays 20% of costs and get 20% of margin associated with selling energy into merchant market.  Currently in discussion with 6 industrials and 8 utilities.  Oregon Steel is in the lead - they are spending $ on permitting and engineering at their site in Portland (unfortunately the site is near my house so I may protest!).

Blue Dog: $3.5MM of income recognition for turbine sale has moved to Q2 from Q3.

Tolls to Generators: Reliant did not lift our 100MW Mid-C offer. but they are still working on it - they had VAR constraints.  We are also showing synthetic tolls to other generators that expressed interest in our LV toll:  Duke, Constellation, Cinergy, NRG, Dynegy and Allegheny.  While these companies lead with assets, they also have trading functions that seem willing to get long through a PPA.

DWR: Still working through credit and financial info.  Their bid is still there and in the money, but has fallen $2-$3/MWh due to the falling prices in the west.