LS Power

1. LS Power Company Overview & Overland Intertie Project April 2009

2. LS Power • LS Power is a power generation, transmission and investment company Power Generation Transmission Investment • Over 20,000 MW of development, construction, or operations experience • Active development of renewable and fossil generation resources • Designated to build 200+ miles of 2x345 kV in Texas to support renewable resources • Active development of transmission infrastructure • Over $4 billion in private equity capital dedicated to energy sector • Acquired ~12,000 MW of power generation Functional Expertise Project Development Licensing & Environmental Regulatory & Transmission Power Marketing Project Finance Construction & Operations

3. Development Philosophy • Meet the needs of our customers • Safe, reliable and competitive energy • Renewable and fossil power generation • Transmission infrastructure • Safe and protective of the environment • Modern designs with advanced technologies • Tailor projects sensitive to the locality and region • Work with communities • Projects that fit with community plans and goals • Encourage using local subcontractors and hiring local workers Plum Point Groundbreaking Ceremony

4. Cottage Grove 245 MW Whitewater 245 MW Lockport 200 MW Mid-Michigan 750 MW West Deptford 1,200 MW Kendall 1,160 MW White Pine 1,600 MW Nova Energy 600 MW Apex 531 MW Plum Point 665 MW Plum Point Expansion 665 MW Arlington Valley Solar 250 MW Pattilo Branch 1,200 MW Blackhawk 230 MW West Georgia 664 MW Batesville 837 MW Developed Longleaf 1,200 MW Mustang 487 MW Under Development Pin Oak Creek 1,200 MW Acquired Sandy Creek 900 MW Generation Project Portfolio

5. Transmission Development • Transferable Expertise & Skill Set • Project Management • Permitting/Regulatory • Real Estate Acquisition • Community Relations • Off-take Structuring • Financing • Construction/Operations Management • Streamlined Internal Development Process • Well Capitalized & Respected in Investment Community • Long-Term View of the Markets • Cost Competitive • Flexibility in Project Approach

6. Transmission Projects Overland Intertie Southwest Intertie Southern Nevada Intertie Cross Texas

7. Texas Cross Texas • LS Power affiliate – Cross Texas Transmission, LLC • Selected as Transmission Service Provider by PUC thru competitive process • ~250 miles of 345 kV transmission line • ~$400 million investment • Part of larger 2,300 mile ERCOT CREZ The ROW routes shown on this diagram are for illustrative purposes only and may not depict the actual route that could eventually be selected. The substation locations may also be modified.

8. Southwest Intertie Project (SWIP) Idaho Midpoint Nevada Proposed Thirtymile Harry Allen • LS Power affiliate – Great Basin Transmission, LLC • 515-mile long 500 kV AC line • Runs between southern Idaho and southern Nevada • ~2,000 MW of transfer capability • Permitting and design nearly complete • Target in service 2010/2011 The ROW routes shown on this diagram are for illustrative purposes only and may not depict the actual route that could eventually be selected. The substation locations may also be modified.

9. Southern Nevada Intertie Project (SNIP) Nevada Harry Allen Eldorado • LS Power affiliate – Great Basin Transmission, LLC • 50-60 mile long 500 kV line running between southern Nevada and CAISO • ~2,000 MW of transfer capability • Strengthens the connection between Southern Nevada and Southern California • Applications filed with Bureau of Land Management and Public Utilities Commission of Nevada 4Q08 • Target in service 2012 The ROW routes shown on this diagram are for illustrative purposes only and may not depict the actual route that could eventually be selected. The substation locations may also be modified.

10. Overland Intertie Project Idaho Wyoming Midpoint Proposed Medicine Bow Proposed Chugwater • LS Power Affiliate – Jade Energy Associates, LLC • ~560-mile long AC or DC line running between southeast Wyoming and southern Idaho • ~2,000-3,000 MW of transfer capability • Project provides path to market for high capacity factor wind resources in WY • Complimentary to other proposed transmission projects in the west • BLM application filed Feb. 2009 • Target in service 2014 The ROW routes shown on this diagram are for illustrative purposes only and may not depict the actual route that could eventually be selected. The substation locations may also be modified.

11. Overland Intertie Project - Location Preliminary Route

12. Overland Intertie Project - Benefits • In combination with SWIP provides economical access to market for eastern Wyoming wind resources • 515-mile SWIP is an advanced project with early in-service date, allowing permitting resources to remain focused on Overland • Multi-billion dollar direct investment in transmission and wind generation infrastructure in Wyoming • Wyoming tax revenues during construction and operation • Wyoming job creation during construction and operation • Improved electric system reliability in the West • CO2 Reduction

13. Marketing Transmission Capacity • SWIP Open Season 1 • Responses received Dec 2008 • Substantial interest • Completing evaluations • Expanded Interest • Federal support for renewables and transmission • RPS expansions • Advancement of renewable projects and complimentary transmission projects • Many unsolicited requests • SWIP Open Season 2 (includes Overland Intertie) • In response to expanded interest • Announcement in April 2009 • Bidders conference May 2009 • Responses due Summer 2009

14. Open Season Overview • Long term PTP transmission rights • Up to 1,850 MW of capacity available • Available capacity will be reduced by contracts secured under OS1 • Terms including market-based pricing will be negotiated • Flexibility on contract structure, balancing authority, path • Any remaining capacity will be available under OATT

15. Contact Information LS Power Development, LLC 400 Chesterfield Center, Suite 110 St. Louis, MO 63017 636-532-2200 Mark Milburn Asst. Vice President mmilburn@lspower.com Adam Gassaway Market Analyst agassaway@lspower.com