Michael,  Wanted to follow up our conversation today with a note summarizing 
EPMI's thoughts.  I know neither of us thought that Garrard Hassan's analysis 
would drag on this long (since end of November) so I thought it would be 
appropriate to re-address where we are.  At this point, I think EPMI is 
looking for two things from EWC:

1) We understand EWC's concern with Garrard Hassan and the affect their 
estimates for wind speed have on the economics of the Indian Mesa project, 
but EPMI needs EWC to place a deadline on when EWC will have enough 
information in order to sign the agreements.  My expectation is this should 
be in the next two weeks (after another meeting with Garrard Hassan)?

The reason for this request is that opportunities for EPMI to resell some of 
its renewable energy position (should EWC sign the agreement) are now 
starting to appear in the market and those opportunities will be lost if EPMI 
is unable to consummate.  Also, as you know, the power market is volatile and 
any large movement could quickly kill the economics of our PPA from Indian 
Mesa.  Lastly,  EPMI will soon need to make decisions regarding dedicating 
time and money in preparation for accepting and managing the intermittent 
wind power.  Bottom line is that the deal's value will start to decay the 
longer delay in EWC's signing.  

2) EPMI expects EWC to not compete with EPMI on renewable energy 
opportunities in Texas (specifically the Austin Energy RFP).  EPMI has in 
good faith negotiated this agreement with EWC and needs to be able to pursue 
these opportunities with EWC's cooperation in anticipation that EPMI will 
have a signed PPA from Indian Mesa. 

At your earliest convenience could you please give me a call to address these 
concerns.

Thanks, - Mike