qf projects summary projects owned trs foe structure total return swap friend enron result continued ownership portland general two current east project companies motown cornhusker motown consists two 50 interests trs 56 million balance sheet 2 million michigan power 129 mw power plant fully contracted power 20 years 14 remaining years fixed cost gas ppa deep money versus cost generate even swapped gas 2015 dynegy operates managing general partner mgp operator fair performance record best michigan currently entering qf stranded cost filings time near propose restructuring waited 9 months doug clifford origination purchase attempting purchase dynegy interest high book value accrual based proposed restructuring take form upfront payment return option provide power market approach gives consumer bbb credit much needed cash time significantly underrecovering due increased fuel costs set fuel recovery rates consumer like many utilities hard time seeing exposure purchased power cost certainty volume term see regulatory filing complications current stranded cost filings amended ppa non unit contingent power short fill long term contract power desk desk takes obligation generation investments provides full backstop pricing ownership plant swapped gas either float past swapped gas contract differences years gas desk ppa desk contract securitized capital markets term ppa 1 05 dscr 75 bps consumer current corporate bonds plant essentially becomes 0 npv machine power desk significant optionality call market rather plant 20 years term swapped gas plant called desk sell gas market profit fairly easy see increased value project currently project financed 1 5 dscr 14 years lots cash desk significant optionality always matched cost supply plant plant gains efficiency due revised insurance reserves etc longer required due removal project financing difficulties dynegy consumers consumers rational dynegy either must sell play along current operational project management issues dynegy caused may make interest available ada 29 mw plant fully contracted power 20 years enron mgp ge operates us 50 owned coned fixed gas 2008 would propose restructuring time michigan power would leave consumers one unrestructured ppa currently revisiting buying comed interest cornhusker trs 206 24 balance sheet 100 interest single 250 mw plant texas small coop litigious plant rather spectacular failures pictures make engineers floor shudder would glad pass along ppa requires 60 availability significantly money capacity payments reduced essentially impossible reach loss failures related westinghouse 501 f carl tricoli spent first 7 months upto february trying sell project coop spent last month determining coop never buy project expensive lender taking last stab restructuring proposal coming month upon appraisal coop intentions potentially enter sell mode el paso indicated interest project already ex citizen employee attempted restructure time ago sell closing 9 30 01 apologize delay getting info call questions chuck