John and Carey,

I attach an outline of the report we are aiming to produce on the current 
regulations governing the construction, ownership and operation of IPPs and 
associated facilities in Japan so far as they relate to EPower's activities. 
The outline also includes an implementation schedule. As previously 
mentioned, the aim is to have the report together with recommendations 
completed by mid next month.

The response to the review from EPower has been very positive so far. We are 
receiving assistance from all quarters within the company. Initial 
indications are that EPower already has a good amount of the primary 
information necessary for the review in some form or other. However, to date 
there appears to have been limited analysis of that information by EPower to 
determine the implications for project costs and schedules and how to 
minimize potential delays. The report will aim address these issues. 



I would welcome any comments you may have.

kind regards