TWO ELK GENERATING FACILITY

FACT SHEET

• The Two Elk Generating Facility is a 280 MW (net) waste coal fired electric generating facility located in Campbell County Wyoming, being developed by Two Elk Generation Partners Limited Partnership, a subsidiary of North American Power Group, Ltd. This important location near low-cost fuel supplies with reasonable proximity to significant electric loads, and utilization of waste material in an environmentally acceptable manner provides the Project with a competitive advantage in the regional electricity market, portions of which are currently in transition or have achieved full deregulation.

• The Project will utilize non-commercial coal from the Black Thunder Coal Mine. The Project design employs a standard balanced draft single pulverized coal broiler coupled with the latest, technologically advanced emissions control systems consisting of: full flue gas desulfurization, oxides of nitrogen removal using selective catalytic reduction equipment, and pulse jet baghouse for particulate matter removal. The Project expects to consume approximately 1.8 million tons of waste coal annually, material which is currently being reclaimed by the mine. The Project will employ dry cooling, substantially reducing water consumption in the region. The Project has perfected ten (10) water well permits with the State and expects to develop two (2) wells for Project water use, projected to be approximately 200 gallons per minute at full operations.

• Key permits have been secured from the Wyoming Department of Environmental Quality, the State of Wyoming Industrial Siting Council and the Federal Energy Regulatory Commission. Secondary permits for transmission interconnection routes are in process with the U.S. Forest Service.

• Bechtel Power Corporation has been selected as the Project's Engineering, Procurement and Construction Contractor with the expectation of commencing construction in fall 2001 with a completion in 32 months. The Project's construction workforce is expected to peak at approximately 700 professional, technical and craft personnel in the 2001-2003 period of construction.

• The Two Elk Generating Facility will employ a permanent operations and maintenance staff of approximately 60 technical, administrative and operational professionals. The completed facility will contribute substantial tax benefits, commerce and infrastructure improvement to Campbell County and the surrounding region.

• North American Power Group, Ltd. is a specialized power development corporation, with headquarters in Denver Colorado and offices in California and Texas. North American Power Group owns and operates six power plants in California and is involved in advanced development of four planned power projects in Colorado and two (2) additional power projects in Wyoming.