west power orig update las vegas allegheny bid strong required financing 45 days unacceptable black hills bid clean purchase sale markup bid implies 35 mm gain ena 10 mm go calpers since investor lv 1 going board thursday want execute early next week close aug 31 try get higher bid northland week 40 mm gain require two week financing secure 10 mm non refundable deposit sign northland close july either case accounting may require us recognize income quarter las vegas fair market value investment rac requires dash sell asset size circulate wednesday thursday one long shot deal proposing allegheny tear existing 15 year toll backed las vegas project enter 15 year firm energy sale epmi palo verde value deal may excess 100 mm since market fallen much would merchant asset would sold near cost achievable would significantly riskier current plan would probably require board approval value makes worth exploring amps continue push geneva steel oregon steel permitting info west power markets fallen economics marginal best friday curves suggested value 10 mm vs cost 17 mm imperfect put swaption would cost 4 mm eroding value spoke brett wiggs friday forwarded technical specs reviewed different deal structures might work dwr announced thursday signed definitive long term deals honor approx 6 500 mw long term non binding agreements principle renegotiated prices fallen much dwr signed master agreement short term deals tim want execute litigation risk anything time generator tolls interest fallen due rapid drop power prices still talking 6 7 parties dont think anything get done soon munis mcdonald got small term sale done np 15 city lassen approx 600 k orig new marketing initiatives negotiating 3 generator service agreements mostly small plants coming line year entrepreneurs behind deals shell shocked low prices many already committed capital montana state forced divestiture generation retail load short starting july 1 2002 governor office asked us bring 700 mw 10 year solution willing issue 500 mm bond prepay buydown part energy basic play swap epmi mid c position state position ppl package renewables sell state prepaid ppa long shot interesting ca industrials group industrials want buy 800 mw np 15 delivered 5 years part negotiated settlement ca gov affairs working core non core structure state would potentially lead open access industrial load pay big exit fee cover stranded costs incurred past 12 months