Rick, I attach a copy of a report the regulatory group prepared for John 
Sherriff on EPower's projects. 

The conclusions reached are consistent with our initial estimates. EPower has 
adopted best case scenario timelines for their projects. The likely scenario 
is that unless there are significant and immediate changes to the current 
regime for power plant development in Japan, EPower's greenfields projects 
may not come on line before 2011. The brownfields sites avoid some of the pre 
development issues, but in other respects are no less problematic.
The paper sets out 9 possible steps to assist EPower to reduce the time and 
costs associated with the approval process and transmission access.
The first is one previously mentioned  - leverage existing relationships 
within METI, with local Governors and within senior levels of the LDP to form 
a central organization with responsibility for coordinating and streamlining 
the regulatory process for new entrants. We would anticipate that the central 
organization would have delegated representatives in local METI branches and 
prefectural governments.
Others include lobbying for equal status for independent power projects under 
the Electricity Law and looking at the possibility of inviting utilities to 
participate as project equity partners in some or all of EPower,s projects.


kind regards