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Great Basin Transmission Announces Open Season for the Southwest Intertie Project

Great Basin Transmission Announces Open Season for the Southwest Intertie Project

November 06, 2008

Great Basin Transmission, LLC (“GBT”) announces today an Open Season to receive proposals for the purchase of long-term point-to-point transmission rights on the Southwest Intertie Project (“SWIP”). Successful bidders in the Open Season will secure firm transmission rights to support financing of new generation resources and to allow existing generation resources to transport their output to attractive liquid markets in the West.

The SWIP is a proposed above-ground 500 kilovolt (“kV”) alternating current (“AC”) transmission line stretching over 500 miles between southern Idaho and southern Nevada. As much as 1,850 megawatts (“MW”) of north-to-south transmission capacity and 1,850 MW of south-to-north transmission capacity will be available for purchase during the Open Season.

The SWIP will provide a new energy pathway connecting the existing high voltage transmission infrastructure near Twin Falls, Idaho and the existing systems in northern Nevada and the Las Vegas area. It will provide direct interconnection and/or viable access to multiple transmission providers in the West which may include Arizona Public Service, Idaho Power, Los Angeles Dept. of Water and Power, Nevada Power (NV Energy), PacifiCorp, Salt River Project, Sierra Pacific Power (NV Energy), Southern California Edison, and Western Area Power Administration.

The SWIP is being developed in phases and is well advanced such that the first phase connecting southern Nevada with northern Nevada is expected to begin construction in 2009 and achieve commercial operation as early as 2010. The next phase reaching to southern Idaho is expected to achieve commercial operation as early as 2011.

GBT is developing the SWIP in response to the growing needs of the Desert Southwest and the Northwest. The SWIP will provide economic, environmental and reliability benefits for the West. The SWIP will also provide an important pathway for renewable energy resources to reach major load centers.

GBT will conduct the Open Season in a transparent and nondiscriminatory manner. Entities wishing to secure long-term point-to-point transmission rights on the SWIP may submit proposals for consideration. To ensure a fair and open process, generation affiliates of GBT will not submit proposals in the Open Season. GBT will hold a conference for potential bidders in Las Vegas on November 18, 2008, to provide a description of the SWIP and key information about the Open Season process. GBT staff will be available at the conference to answer questions and receive feedback from potential bidders. The specific time and location details for the conference will be posted on the SWIP Open Season website.

For more details regarding the SWIP and the Open Season please visit the dedicated website at: http://www.SWIPOS.com. Any party interested in participating in the Open Season is encouraged to register at the website to ensure they receive all communications related to the Open Season. Questions may be submitted via e-mail at SWIP@SWIPOS.com.

GBT is a single purpose company formed to develop, finance, construct, own, and operate the SWIP. GBT is owned by DLS Power Holdings, LLC, a joint venture between LS Power and Dynegy. For more information on LS Power and Dynegy please visit https://www.lspower.com and http://www.dynegy.com.

Cautionary Statement Regarding Forward-Looking Statements

Some information in this news release may be forward-looking. Implicit in that information are assumptions and expectations which, although considered reasonable by us, may prove to be incorrect. Actual future outcomes and results are subject to a number of risks and uncertainties, and could differ materially from what is currently proposed or planned as described herein. You should not place undue importance on forward-looking information. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time.

ABOUT LS POWER:

Founded in 1990, LS Power is a premier development, investment, and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions. Since inception, LS Power has developed or acquired 47,000 MW of power generation, including utility-scale solar, wind, hydro, battery energy storage, and natural gas-fired facilities. Additionally, LS Power Grid has built 780+ miles of high-voltage transmission, with 350+ miles and multiple grid infrastructure projects currently under construction or development. LS Power actively invests in and scales businesses that are accelerating the energy transition, including electric vehicle charging, demand response, microgrids, renewable fuels and waste-to-energy platforms. Over the years, LS Power has raised $54 billion in debt and equity capital to support North American infrastructure. For information, please visit www.LSPower.com.