Potentially, but we would need to both repermit the site (air, minor site plan modifications, etc.), and have FPL agree to the equipment change without us loosing our position in the interconnect queue. We will do some further investigation and get back to you.

Regards,

Ben

-----Original Message-----
From: Kitchen, Louise 
Sent: Tuesday, August 21, 2001 8:14 AM
To: Jacoby, Ben
Subject: RE: Follow-up to this mornings meeting


Thanks only question would be - can you not use any of our turbines (how long would repermiting take?)

-----Original Message-----
From: Jacoby, Ben 
Sent: Monday, August 20, 2001 11:14 AM
To: Kitchen, Louise
Subject: Follow-up to this mornings meeting


Louise:

Apologies, but I forgot to mention a couple items on Florida on this morning's call.

With respect to our Florida development book, and the Midway site in particular, we have 4 value propositions that we're working on. We talked about the first one, which relates to the sale of the development asset (with a target gross sales price of $13 million). The others are as follows:

1. Leverage site positions to bid into FPL's recently announced 1,700MW RFP.
2. Leverage site positions to negotiate third party long term tolling contracts for unit contingent power. 
3. Leverage site positions to build a merchant power plant.

On item 1, we have been speaking with FPL for some time, and we think we may have a competitive advantage (because of the number and maturity of our development assets) to offer a unit contingent contract to FPL, or simply a sale of one or more sites. If we were awarded a contract, we could go in the market, buy turbines, and flip the package (a la LV Cogen). Heather Kroll and I are working on this together.

On item 2, I was contacted by Williams a couple of weeks ago. They indicated they were interested in a 10 to 15 year tolling contract off our Midway site. We have since signed a confidentiality agreement, and are discussing indicative terms. As with item 1, if we negotiated a deal with Williams, we could go in the market, buy turbines, and flip the package. Aquila is also a prospect for this type of deal, as they are seeking long term tolling positions in the state. I have brought Heather into this deal as well.

On item 3, last week Kevin indicated he has renewed interest in Florida. Duran and I will try to figure out this week exactly what this means.

Please let me know if you have any questions.

See you tomorrow.

Ben