Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who started this subject	8/8/2002 2:04:59 PM
From: MAELING	Read Replies (1) of 18998

Here's another problem you got shorting EP: thedesertsun.com CalEnergy hopes to build big geothermal plant at Salton Sea Post or read comments in our online forums By Jake Henshaw Desert Sun Sacramento Bureau August 3, 2002 -------------------------------------------------------------------------------- SACRAMENTO -- CalEnergy Operating Corp. wants to build the state’s first large geothermal plant in 16 years near the south end of the Salton Sea. The California Energy Commission is in the process of reviewing the application for a 185-megawatt geothermal plant. The company has asked the commission to place its application, which was filed last week, on a fast track for approval, so a permit could be issued in six months. The normal review period is a year. "Obviously there is a need for more energy in California, especially renewable power such as ours," said CalEnergy spokesman Mark Reinders. The commission staff has 30 days to review CalEnergy’s application for expedited review and notify the company, said Roger Johnson of the commission staff. Reinders said he expects his company track record to help it qualify for the expedited review. CalEnergy already operates 10 smaller geothermal units with a total generating capacity of 330 megawatts. The largest existing plant is 49 megawatts. "The key element is we are already there as a proven element in the Imperial Valley," Reinders said. The proposed new $350 million plant would be the first large geothermal plant built in the state since 1986, according to the Energy Commission. Reinders said the proposed plant would be one of the largest geothermal plants in the world. It would add 80 employees to the company’s current 200 workers at the Imperial County site. If plans for the new facility proceed on schedule, the plant should be operating in the first quarter of 2005, said Vince Signorrotti, director of real estate assets. He said CalEnergy has a contract to sell 170 megawatts of power from the new plant to the Imperial Irrigation District, which also provides electric power. Right now 12 percent of California’s electricity comes from renewable sources like geothermal. The governor has set a goal of 20 percent by 2010. ----------------------------------------------- So Mr. Buffett is doing a 50:50 deal with EP to build a $350 million geothermal power plant. (NB. they've already contracted to sell the power to IID.) Mr. Buffett is partners with EP, are you that brave?

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