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Energy Facility Project Drivers Wyoming Pipeline Authority July 2006

Energy Facility Project Drivers Wyoming Pipeline Authority July 2006. Markets 70% Power Generation, Hydrocarbon, Basic Chemicals 20% Cement, Minerals & Metals 10% Advanced Materials & Specialty Chemicals Distribution West & Upper-Midwest Billings, Vancouver WA Bismarck

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Energy Facility Project Drivers Wyoming Pipeline Authority July 2006

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  1. Energy Facility Project DriversWyoming Pipeline AuthorityJuly 2006

  2. Markets 70% Power Generation, Hydrocarbon, Basic Chemicals 20% Cement, Minerals & Metals 10% Advanced Materials & Specialty Chemicals Distribution West & Upper-Midwest Billings, Vancouver WA Bismarck 10% annual growth Product Process Facility Capital Projects Up to $250MM Facility Revamp & Expansion Pilot & Demonstration Plants Technology Support – Not a Driver History Hydrocarb, Power & Metals - ’87 Intl Process Technology - ’96 Specialty Chem - WA in ’97 ND & MN - ’04 “Leader of Industry Followers” UniField Profile

  3. 25 Yr Market Profiles • Petroleum Refining • Industrial/Commercial • Power Generation • Oil & Gas

  4. WY & Dakotas Fossil Resources No Markets Market Access Impediments Open to Development WA, OR, UT & Idaho Few Fossil Resources Hydro & Wind Mod to Large Markets Less Open to Development Montana Fossil Resources No Markets Long Distance to Markets Less Open to Development Regional Profile

  5. Petroleum Refining • 1970’s: Arab Oil Embargo - Bought Coal, Oil Shale & started SynFuels. • 1980’s – 90’s: EPA Solid Waste Mandates – Cleanup, Closures & Consolidation – Adapted Gasification & Sold Coal Reserves. • 2000 - 04: EPA Air Mandates - Low Sulfur Diesel & Gasoline Investment – Higher Natural Gas & Hydrogen Demand – Tighter Fuel Supplies & Higher Prices – Ethanol Production & Blending. • 2004 - 05: Political Instabilities - Higher Crude & Fuel Prices – Coker Upgrades & Conserv – Consider Coke Gasific – Ethanol Speculation • 2006 - 10: Better Syn-Crude Supply – Crude Unit Upgrades - Higher Fuel & Coke Supply in Rockies – Liquid Pipeline Expansions – Start of Gasification & Cellulose Ethanol Projects.

  6. Industrial & Commercial • 1970’s – 80’s: Large Central Stations – Low Power Prices - Small Coal-fired Plants Closed & Low Cogeneration Starts - Conversion from Coal to Gas – Low Capital Spending. • 1990’s - 02: Low Gas Supply & CAA Compliance – Industrials Convert from Gas to Coal – PRB Coal Development & Prices Increase - Rail Transportation Tightens – High International Capital Spending. • 2003 - 05: High Fuel & Power Prices – Some Convert from Coal to Coke – Aluminum & Metals Move Offshore - Wind, Biomass & Solar Considered – Unprecedented Industrial Spending. • 2006 - 10: Fuel & Power Prices, Tight Transport & Global Warming Concern – Coal Cogeneration at all Scales – Green Buildings, LEED & EnergyStar Increase - CHCP, Solar & Conservation Projects – Tighter Money Supply & Lower Commodity Prices – Higher Imports.

  7. Power Generation • 1970’s - 90: Low Gas Prices & Large Central Plants – High Installation of Gas Plants - Low Installation of Coal-fired Plants – Coal CFB Commercialization. • 1990’s - 02: Low Gas Supply & CAA Compliance – PRB Coal Compliance Coal Conversions – Low New Plant Construction. • 2002 - 05: Blackouts - High Power Prices & Higher Gas Plant Install - Enron Cancellation of Gas Projects – Housing Construction & Gas Prices Continue – Coal Plant Construction Increase – IGCC & Super Criticals Commercialized. • 2006 - 10: High Power Prices, Tight Transmission & Global Warming Concern – Continued Gas Projects & Low Coal Power Acceptance – Continued High Gas Prices - Increased IGCC, SC, CO2 Capture & Gasification – Transmission Constrained.

  8. Oil & Gas • 1980 - 2000: Low Gas Prices – Low onshore E&D – Development of EOR, CO2 cycling & CBM Extraction. • 2000 - 02: Low Gas Supply – Increased Gas Prices & Technology Deployment. • 2003 - 05: Continued High Gas Prices & Initiation of CO2 Sequestration – Increased Production & EOR Demand –Increased interest in CO2 Capture. • 2006 - 10: Tight Power Transmission, Rail & Low Coal Generation Acceptance– Stranded Coal, Coke & Lignite – High Oil & Gas Prices – EOR, Merchant & Refinery Gasification, Pre & Post Combustion CO2 control – Pipeline Capacity Expansion.

  9. Capital Technology Production Scale Site Escalation Market Timing Lead-times Project Duration Infrastructure Utilities, Transportation & Interconnect Air permitting & Water availability Construction & Operating labor Finance Margin Term Interest rate Project Drivers

  10. General 2006 – 10 Outlook • Low Acceptance of Coal-fired Power & Global Warming Concern – Increased interest in CO2 Control – Technology Investment. • Tight Power, Rail & Pipeline Transmission - Continued High Fuel Prices - Stranded Coal, Crude, Coke & Lignite Assets – Project Investment. • Tightened International Money Supply • High Fuel & Power Prices – Increased Imports & Interest Rates – Softening in Demand, Greater Commodity Supply – Lower Margins - Decreased Technology & Projects Investment. * Contingent on Political Stability

  11. Thank You.

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