project inga recap follow recap california project ace fundamental position coal generation gas margin market attractive fundamentals ace economics range scenarios forward srac rates also appears attractive however due uncertainty california market deal team needs resolve issues 1 2 minimum returning final approval timing risk price execute 30 40 day call deal purchase keep competition bay buy time work market partner risks market risk approach cal edison cdwr structure close deal enables ace sell directly cdwr credit worthy counter party term least cal edison starts honouring qf contract ace current pay basis partner risk approach constellation co managing partner ace price structure buyout interest ace swap pennsylvania california project positions follow following actions taken timing risk greg blair initiated discussions last night seller advisor chase purchase option close late april expect hear back ahlstrom seller today friday deal team notify office chairman discover ahlstrom bottom line option premium expiration date strike price market risk partner risk greg blair terry donovan put messages millenium ace manager constellation get things moving cdwr edison deal see structure deal get control ace substantive progress either front reported regards mike j miller