Sorry for the delay...


Las Vegas:
Signed up.  Only condition is HSR.  The team is putting together a transition plan to deal with communications,  ongoing development, bank interfaces and closing schedules.  

Saguaro:
Submitted non-binding low bid last week to acquire Mission's 50% interest.  Waiting for Jeff Donahue to work out the engagement letter with CSFB for the more likely scenario (selling our 15% interest).  I spoke with him Friday and he was going to deal with it today.  (This episode was pretty silly - after Andy requested his group's involvement I sent Andy a draft, then sent drafts to Donohue, Metts, Glisan, then called Donahue, Metts, Miller, etc.)

Longview:
Finalized info memorandum - will send out to market later this week.  McCook still interested but slow.  Development is going well but slower than expected.  Viable EPC Contractor is Modern Continental - Karen Barbour from RAC and Jake Thomas visited them in Boston and gained some new respect for their people, experience, approach, credit, etc.  We will likely need a DASH for late July to put deposits down on additional equipment.  I still see this as a Q4 $15MM deal without taking any construction risk.

Munis: 
Mcdonald did a small term deal in NP15 - interestingly it was an index deal through the muni (Shasta) to an industrial (Kanauf) with whom we executed a financial swap - orig approx $400M.

Renewables: 
Air Force deal was booked to Foster because a mid-marketer worked with Elliot to close the deal and also some of the credits we sold had been banked by Foster from last year.   This is OK with me as long as all of the other wind stuff gets properly credited to orig (anything with ENE Wind, Cinergy, enXco, Pacificorp, Montana, putting a site to munis, etc.).  No need to referee!

AMPS: We pulled the plug on the Oregon site.  We are about to do the same with the Utah site.  Will continue to support Brett if he needs it.

Montana: another meeting went well - we are hiring bond and tax counsel to work on the structure.  Still looks like a $500MM prepay tied to a portfolio of assets and contracts.  Their bid is $40 escalated at cpi for 500MW 7X24 for 10 years starting 7/1/02.  Montana should trade at a discount to Mid-C so this is transactable if we can make the stars line up.   At their request, we are responding to a Montana Power RFP for renewables (Enron Wind has two sites and we are partnering with them in a RFP response).  



Chris Calger
503-464-3735