Louise,

A DASH should hit your desk tomorrow.  We are requesting an additional $9MM to increase our exposure to $25MM.  This will cover us through 10/31 which should give us enough time to close the sale.  The exposure is as follows:

GE Gas Turbine:	$10.2MM
Alstom Steam		$7.0MM
Nooter/Eriksen HRSG:	$2.5MM
Engineering:		$2.2MM
Gas Interconnect:	$0.9MM
Soft Costs/IDC:		$2.7MM		

The development in general has gone very well.  We believe that the remaining development risk is low and manageable.  The info memorandum has lots of details.  The preliminary, non-binding, indicative notional bids are as follows:

NRG:		$25-$30MM
McCook:	$20MM
Calpine:		$18MM
PPL Global:	$15MM
AES:		$11MM
El Paso:	$10MM
Sempra:	$3MM

Williams and Allegheny showed us tolling bids.  Williams was below our desk mid ($5.50/kwmonth); Allegheny was not economic for our asset, but above our desk mid ($8.25/kwmonth).  We are countering to both with desk offers.

Nothing yet out of Duke or Dynegy, but they say they are working on it.  Everybody else is out (Mirant, Constellation, Entergy, FPL, PG&E, Orion, PSEG, Tractabel).

I am obviously available at your convenience to discuss.

Regards,

Chris Calger
503-464-3735