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Clean Renewable Energy Bonds Susan Pettit Principal, Government Relations February 9, 2005

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Clean Renewable Energy Bonds Susan Pettit Principal, Government Relations February 9, 2005

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    1. Clean Renewable Energy Bonds Susan Pettit Principal, Government Relations February 9, 2005

    2. 2003 Comparison of Capital Cost of Generation Resources

    3. Renewable Portfolio Standards (RPS)

    4. Nameplate Capacity All Generation Sources

    5. Nameplate Capacity Renewable Generation

    6. Co-op Green Power All systems All systems

    7. Municipal Revenue Bond

    8. Clean Renewable Energy Bond

    9. Key Features of the Bond Eligible resources include: Wind Closed-loop biomass Open-loop biomass (including livestock waste) Geothermal Solar Municipal solid waste (including landfill gas and trash combusion) Small irrigation power Hydropower

    10. Key Features of the Bond Available to cooperatives, cooperative lenders, government bodies, Indian tribes $800 mill. in authority over two years $300 mill. minimum reserve for co-ops Up to 15 years in term as determined by a formula

    11. Key Features of the Bond 95% of proceeds must be spent within five years You may reimburse yourself for project costs incurred up to 18 months prior to bond issuance Board action -- official intent to reimburse -- required prior to and after incurring the expense

    12. Regulations -- Notice 2005-98 April 26, 2006 deadline Application must include engineers certification Allocation smallest to largest $ request Credit rate tied to corporate AA bonds Question related and subordinate facilities?

    13. Look Ahead Expires January 1, 2008. Must begin immediately to extend and possibly expand.

    14. CREBS vs the PTC Is the CREB as valuable as the PTC for wind?

    15. Other Financing Considerations REPI Section 9006 Grants Renewable Energy Credits State incentives

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