Gross Margin to Date:
Pastoria 			$41MM
PSCo (Fountain Valley):		$5MM  ($12MM more will be recognized Q3).
Turbine Swap:			$3.7MM ($2.1MM to Jacoby)
DWR:				$7MM
Other:				$1MM
				$57.7MM

Hotlist Summary:
PSCo, Q3			$12MM
DWR, Q2			$10MM
Various Commodity:		$10MM
Las Vegas, Q3			$20MM
Blue Dog Sale, Q3		$3.5MM
Saguaro Sale, Q3		$5MM
Longview, Q4			$15MM
				$75.5MM

Total Forecast:			$133.2MM



Deal Update:

Las Vegas:  Completed final review of Allegheny toll, waived management out. Approved and executed bridge loan.  Gave notice to proceed to EPC contractor.  Received preliminary, non-binding bids from Northland Power (NP) and Black Hills (BH) for implied promote of $20MM and $30MM, respectively.  Updating data room and will start parallel process: negotiate with NP/BH and start broader auction process.  Told NP/BH that the race is on - the earlier they sign binding agreement, the less competition they have - expect June 30 with closing August 31.

Saguaro:  CSFB is selling Mission's 50% interest in Saguaro.  We have agreed to piggyback on the investment bank's process in order to sell our 15% interest.  Binding bids are due June 8 - expect Q3 close.

Palo Alto:  Got 25MW Flat NP-15 term sale done - orig only $100K, but desk,credit and customer happy.

DWR: Waiting on pro-forma financials and new agreement between DWR and PUC that better secures credit.  Bonds just got approved - 90 day wait.  Negotiating EEI for short term deals as well.  DWR bid has $80MM over mid, but I appear to be only one that thinks we should do a term deal with DWR.  I will stay on top of this - these guys are the new big player in the market.

Roseville: RAC has recommended approval and we are circulating for signature.  Payment of $6MM to Georgia Pacific for ERC's due next week.  Balance of $43MM to be spent over next 18 months.  Calpine and Allegheny want to buy in - its a little early, but we might explore that in Q4 or Q102.

Roseville Prepay:  Someone else (Calpine or Duke) was more aggressive on the NP-15 term commodity offer so we are out - our best offer was mids+$5; someone else offfered at our mids.  We are trying to see if we can partrner with the winner since our bid for cash may be higher.

Reliant: Potential Sale of a 4.5 Year 100MW Peak Mid-C Daily Call Option:  Fixed monthly capacity payment with strike equal to Sumas X 10.5.  We are close on this and might close Monday.

Chris