BUFFALO POWER COMPANY

1
BUFFALO POWER COMPANY

• July 22, 2003

2
Oregon Trail Energy Project

• Buffalo Power Company, LLC
• High Plains Transmission, LLC

3
Oregon Trail Energy Project

• Project Objective
• Provide new merchant transmission and power
  from Wyomings Powder River Basin, thereby
  contributing to economic development in Wyoming

4
High Plains Transmission, LLC

• 2,000 megawatts of transmission capacity
  extending from near Glenrock, Wyoming,
• to the Ben Lomond substation north of
• Salt Lake City

5
Buffalo Power Company

• Situated to Baseload Powder River Basin Gas

6
Buffalo Power Company

• Glenrock, Wyoming
• 1100 MW per Day
• 138,000 Dths per Day
• Planned Interconnections w/ TCGS FUGGS

7
Buffalo Power Company Important Dates

• Estimated Closure of Power Sales Agreements
  Fall, 2003
• Estimated Closure of Gas Supply Agreements
  Fall, 2003
• Estimated Plant Start Date Early 2006

8
Securing Gas Supply Plant Perspective

• Long Term Supply
• Availability Every Day
• Swing Capability

9
Securing Gas Supply Producer Perspective

• Long Term Market
• Portfolio Diversification
• Baseload Market
• Avoided Transportation Issues/ Costs

10
Gas Supply PricingBPC will pay Market Price

• Cheyenne Hub Price
• Less Transport from Glenrock
• Plus Demand / Call / Swing Premium

11
Oregon Trail Energy Project Buffalo Power
Company

• Good for Wyoming
• Good for Producers
• Good for U S

12
BUFFALO POWER COMPANY

• July 22, 2003