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Enron Mail |
Gross Margin to Date:
Pastoria $41MM PSCo (Fountain Valley): $5MM ($12MM more will be recognized Q3). Turbine Swap: $3.7MM ($2.1MM to Jacoby) DWR: $7MM Other: $1MM $57.7MM Hotlist Summary: PSCo, Q3 $12MM DWR, Q2 $10MM Various Commodity: $10MM Las Vegas, Q3 $20MM Blue Dog Sale, Q3 $3.5MM Saguaro Sale, Q3 $5MM Longview, Q4 $15MM $75.5MM Total Forecast: $133.2MM Deal Update: Las Vegas: Completed final review of Allegheny toll, waived management out. Approved and executed bridge loan. Gave notice to proceed to EPC contractor. Received preliminary, non-binding bids from Northland Power (NP) and Black Hills (BH) for implied promote of $20MM and $30MM, respectively. Updating data room and will start parallel process: negotiate with NP/BH and start broader auction process. Told NP/BH that the race is on - the earlier they sign binding agreement, the less competition they have - expect June 30 with closing August 31. Saguaro: CSFB is selling Mission's 50% interest in Saguaro. We have agreed to piggyback on the investment bank's process in order to sell our 15% interest. Binding bids are due June 8 - expect Q3 close. Palo Alto: Got 25MW Flat NP-15 term sale done - orig only $100K, but desk,credit and customer happy. DWR: Waiting on pro-forma financials and new agreement between DWR and PUC that better secures credit. Bonds just got approved - 90 day wait. Negotiating EEI for short term deals as well. DWR bid has $80MM over mid, but I appear to be only one that thinks we should do a term deal with DWR. I will stay on top of this - these guys are the new big player in the market. Roseville: RAC has recommended approval and we are circulating for signature. Payment of $6MM to Georgia Pacific for ERC's due next week. Balance of $43MM to be spent over next 18 months. Calpine and Allegheny want to buy in - its a little early, but we might explore that in Q4 or Q102. Roseville Prepay: Someone else (Calpine or Duke) was more aggressive on the NP-15 term commodity offer so we are out - our best offer was mids+$5; someone else offfered at our mids. We are trying to see if we can partrner with the winner since our bid for cash may be higher. Reliant: Potential Sale of a 4.5 Year 100MW Peak Mid-C Daily Call Option: Fixed monthly capacity payment with strike equal to Sumas X 10.5. We are close on this and might close Monday. Chris
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