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<br />~ CJ <br />C": <br />'~ ~ <br /> <br />! <br />I <br /> <br />Executive Summary <br />Page 2 <br /> <br />The Project is being funded with private capital. In August of <br />1988, DRC executed an agreement with Western States Water & Power, <br />Inc. (WSWP), a Colorado for-profit corporation which: <br /> <br />1. Grants WSWP an exclusive lease of all uncommitted water and <br />hydropower developed by the Project. <br /> <br />2. Grants WSWP the right to obtain financing for the Project. <br /> <br />3. Grants WSWP the right to store and lease water in the <br />reservoir. <br /> <br />4. Reserves to the not-for-profit corporation a maximum of 32,000 <br />acre feet of water annually from the project for local, <br />municipal, agricultural and industrial use. <br /> <br />5. Grants the not-for-profit corporation a share in the annual net <br />pre-tax profits derived from water leases. <br /> <br />6. Grants the not-for-profi t corporation a share in the annual net <br />pre-tax profits derived from hydropower sales from the Project. <br /> <br />Upon execution of the agreement with DRC a variety of studies and <br />analyses of the proposed project were conducted by WSWP. As a <br />result of these studies, preliminary modifications of the project <br />were made and detailed financial analyses prepared. At this time <br />it was determined that the Project would be re-configured in order <br />to take advantage of a window of opportunity in the generation of <br />hydropower. Because of near term short-fall in united States' <br />electrical generating capacity, the project was re-configured to <br />include substantial pumped storage electrical generating features. <br />As a result of that modification, the general project design <br />elements determined to be the most appropriate for the Project <br />were: <br /> <br />* <br /> <br />Reservoir storage capacity <br />Dam height <br />Reservoir surface area <br />Firm annual water yield <br />Land required <br />Railroad relocation <br />Conventional hydropower <br />Peaking hydropower <br /> <br />800,000+ ac ft <br />250 feet <br />8,400 acres <br />400,000 ac ft <br />9,075 acres <br />30 miles <br />36 MW <br />1000-2500 MW <br /> <br />** <br /> <br />* Additional water is available if other storage facilities are <br />developed. <br /> <br />** Up to 8,000 MW could be developed on this site, subject to <br />market capabilities. <br />