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Exhibit 4

Exhibit 4
Analysis of Continued Operation using Existing Turbines
Price of electricity (per kWh) $ 0.0588
Output (kWh/yr) 55,500,000
Investment in substation $ 400,000
Net scrap value of a turbine in 2006 $ 1,200
Gross scrap value of turbine in 2016 $ 256
Inflation rate 2.50%
Discount rate 10%
Period 1 2 3 4 5 6 7 8 9 10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Revenue 3,344,985 3,428,610 3,514,325 3,602,183 3,692,238 3,784,544 3,879,157 3,976,136 4,075,539 4,177,428
Costs
Operations & Routine Maint. 1,107,500 1,135,188 1,163,567 1,192,656 1,222,473 1,253,035 1,284,360 1,316,469 1,349,381 1,383,116
Plant, substation & Edison fees 190,500 195,262 200,144 205,148 210,276 215,533 220,922 226,445 232,106 237,908
Land Rent 87,000 89,175 91,404 93,689 96,032 98,433 100,893 103,416 106,001 108,651
Insurance 240,000 246,000 252,150 258,454 264,915 271,538 278,326 285,285 292,417 299,727
Property tax 134,800 138,170 141,624 145,165 148,794 152,514 156,327 160,235 164,241 168,347
Management 106,100 108,752 111,471 114,258 117,115 120,042 123,043 126,120 129,273 132,504
Depreciation 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Total 2,065,900 2,112,548 2,160,361 2,209,370 2,259,604 2,311,095 2,363,872 2,417,969 2,473,418 2,530,253
Pretax Profit 1,279,085 1,316,062 1,353,964 1,392,813 1,432,633 1,473,449 1,515,285 1,558,167 1,602,121 1,647,174
Tax @40.7% 520,588 535,637 551,063 566,875 583,082 599,694 616,721 634,174 652,063 670,400
After tax profit 758,497 780,425 802,900 825,938 849,551 873,755 898,564 923,993 950,058 976,774
Depreciation 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000
Cash flows from operations 958,497 980,425 1,002,900 1,025,938 1,049,551 1,073,755 1,098,564 1,123,993 1,150,058 1,176,774
Annual turbine overhaul 205,000 210,125 215,378 220,763 226,282 231,939 237,737 243,681 249,773 256,017
Free cash flow 753,497 770,300 787,522 805,175 823,270 841,817 860,827 880,313 900,285 920,758
Salvage value of turbines (after tax) 69,836
Land restoration cost (after tax) (908,378)
Total free cash flow 753,497 770,300 787,522 805,175 823,270 841,817 860,827 880,313 900,285 82,216
Present value (discounted at 10%) $4,715,520.36

Exhibit 5

Exhibit 5
Valuation of Canyon Wind Project Redevelopment by RHK Energy Consulting, Inc.
Site developed in 2006 with 20 Geneal Electric 1.5 megawatt SLE model turbines with 77 meter rotor diameters on 65 meter towers.
Assumptions and Results ($ in thousands)
Capacity Financing
Turbine capacity (mw) 1.5 Minimum IRR to equity 15%
Number of turbines 20 1st year interest coverage (times) 1.75 (Op. income/interest)
Total capacity (mw) 30 1st year interest expense 2,669
Hours per year 8,760 Debt sources
Gross production/yr (mWh/yr) 262,800 Rate Term (yrs) % Total debt
Rated capacity factor 49.0% Senior debt 7.0% 15 67%
Production before site adjustments 128,772 PTC debt 6.5% 10 33%
Site adjustments 13,818 Weighted-average interest rate 6.835%
Net adjusted annual production 114,954 Maximum debt $ 39,043
Net capacity factor 43.74% Senior debt 26,159
Development costs PTC debt 12,884
Equipment life (yr.s) 20 Compensating balance reqm't 2,366
Salvage value in 20 yrs. - 0 Tax rate (federal & state) 40.7%
Cost per turbine & tower delivered 1,843 Depreciation 5 year MACRS
Total turbine & tower cost 36,860 Production tax credit (cents/kwh) 1.90
Installation costs 8,060 PTC COLA 2.05%
Fees & expenses 7,921
Total development costs $ 52,841 Project Valuation
Power selling prices Equity financing 26,828
Purchase power agreement (yrs.) 15 Senior debt financing 26,159
PPA price ($/kWh) 0.0588 PTC debt financing 12,884
Sales in yrs. 16-20 at market Total project value 65,871
Increase in market price per year 2.5% Developer profit $ 13,030
Cash flows to equity 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Net production (MW) 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949
PPA sales price ($/kWh) 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0852 0.0873 0.0895 0.0917 0.0940
Operating revenue ($ millions) 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 9,789 10,034 10,285 10,542 10,805
Other revenues 152 152 152 152 152 152 152 152 152 152 111 111 111 111 100 34 34 34 34 34
Total revenue 6,911 6,911 6,911 6,911 6,911 6,911 6,911 6,911 6,911 6,911 6,870 6,870 6,870 6,870 6,859 9,823 10,068 10,319 10,576 10,839
Total operating expenses 2,241 2,243 2,529 2,545 2,559 2,352 2,350 2,350 2,347 2,348 2,285 2,283 2,280 2,278 2,276 2,390 2,426 2,462 2,499 2,537
Operating income 4,670 4,668 4,382 4,366 4,352 4,559 4,561 4,561 4,564 4,563 4,585 4,587 4,590 4,592 4,583 7,433 7,642 7,857 8,077 8,302
Debt service 4,664 4,664 4,664 4,664 4,664 4,664 4,664 4,664 4,664 4,664 2,872 2,872 2,872 2,872 2,872 0
Pretax cash flow to equity 6 4 (282) (298) (312) (105) (103) (103) (100) (101) 1,713 1,715 1,718 1,720 1,711 7,433 7,642 7,857 8,077 8,302
Tax calculation
Operating income 4,670 4,668 4,382 4,366 4,352 4,559 4,561 4,561 4,564 4,563 4,585 4,587 4,590 4,592 4,583 7,433 7,642 7,857 8,077 8,302
Depreciation & Amort. 26,704 13,673 8,267 5,021 5,021 2,596 159 159 159 159 159 159 159 159 159 159 159 159 159 159
Interest expense 2,669 2,534 2,390 2,236 2,072 1,896 1,709 1,509 1,296 1,068 824 681 528 363 188 0 0 0 0 0
Taxable income (24,702) (11,538) (6,275) (2,891) (2,741) 67 2,693 2,893 3,110 3,337 3,602 3,747 3,904 4,070 4,236 7,274 7,483 7,698 7,918 8,143
Tax (10,054) (4,696) (2,554) (1,177) (1,116) 27 1,096 1,178 1,266 1,358 1,466 1,525 1,589 1,656 1,724 2,961 3,046 3,133 3,223 3,314
Production tax credit 2,184 2,229 2,274 2,321 2,369 2,417 2,467 2,517 2,569 2,622 0 0 0 0 0 0 0 0 0 0
FCF to equity 12,244 6,929 4,546 3,199 3,172 2,285 1,267 1,237 1,203 1,162 247 190 129 64 (13) 4,472 4,596 4,724 4,854 4,988
Equity investment for 15% IRR $ (26,828)
Depreciation calculations
Asset basis 60,329 60,329 60,329 60,329 60,329 60,329 60,329
MACRS depreciation rate 44.00% 22.40% 13.44% 8.06% 8.06% 4.04%
Depreciation 26,545 13,514 8,108 4,863 4,863 2,437 0
Amortizaztion calculations
Asset basis 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175
20 yr. SL amort. 159 159 159 159 159 159 159 159 159 159 159 159 159 159 159 159 159 159 159 159
Tax shield with incentives 10,868 5,565 3,365 2,044 2,044 1,057 65 65 65 65 65 65 65 65 65 65 65 65 65 65
Value of tax shield with incentives 18,672
Normal depreciation
Asset basis 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505
dep = 20 yr 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175
Tax shield without incentives 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292 1,292
Value of tax shield without incent 8,089
value from depreciation incentive 10,583 39%
value to Equity 26,828
Debt service calculations
Sr. Debt interest 1,831 1,758 1,680 1,597 1,508 1,412 1,310 1,200 1,083 958 824 681 528 363 188
Sr. Debt principal pmt. 1,041 1,114 1,192 1,275 1,364 1,460 1,562 1,672 1,789 1,914 2,048 2,191 2,344 2,509 2,684
Sr. Debt Service 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872 2,872
Ending Sr. Debt Principal 25,118 24,004 22,812 21,537 20,172 18,712 17,150 15,478 13,690 11,776 9,728 7,537 5,193 2,684 (0)
PTC Debt interest 837 775 709 639 564 484 399 309 212 109
PTC Debt principal pmt. 955 1,017 1,083 1,153 1,228 1,308 1,393 1,484 1,580 1,683
PTC Debt Service 1,792 1,792 1,792 1,792 1,792 1,792 1,792 1,792 1,792 1,792
Ending PTC Debt Principal 11,929 10,912 9,830 8,676 7,448 6,140 4,747 3,263 1,683 0
Production tax credit calculations
Tax credit rate (cents/kWh) 1.9000 1.9390 1.9787 2.0193 2.0607 2.1029 2.1460 2.1900 2.2349 2.2807
Tax credit 2,184 2,229 2,274 2,321 2,369 2,417 2,467 2,517 2,569 2,622
value from PTC 11,758 44% 83%
Value to Equity 26,828
PPA Price
13.03 0.0559 0.0588 0.0617
41.55% 5.2 8.5 11.8
43.74% 9.5 13.0 16.5
45.93% 13.9 17.5 21.2

NPV without incentives

Exhibit 5
Valuation of Canyon Wind Project Redevelopment by RHK Energy Consulting, Inc.
Site developed in 2006 with 20 Geneal Electric 1.5 megawatt SLE model turbines with 77 meter rotor diameters on 65 meter towers.
Assumptions and Results ($ in thousands)
Capacity Financing
Turbine capacity (mw) 1.5 Minimum IRR to equity 15%
Number of turbines 20 1st year interest coverage (times) 1.75 (Op. income/interest)
Total capacity (mw) 30 1st year interest expense 2,669
Hours per year 8,760 Debt sources
Gross production/yr (mWh/yr) 262,800 Rate Term (yrs) % Total debt
Rated capacity factor 49.0% Senior debt 7.0% 15 67%
Production before site adjustments 128,772 PTC debt 6.5% 10 33%
Site adjustments 13,818 Weighted-average interest rate 6.835%
Net adjusted annual production 114,954 Maximum debt $ 39,043
Net capacity factor 43.74% Senior debt 26,159
Development costs PTC debt 12,884
Equipment life (yr.s) 20 Compensating balance reqm't 2,366 RE 15% WE 40.73%
Salvage value in 20 yrs. - 0 Tax rate (federal & state) 40.7%
Cost per turbine & tower delivered 1,843 Depreciation 5 year MACRS RD 6.84% WD 59.27%
Total turbine & tower cost 36,860 Production tax credit (cents/kwh) 1.90
Installation costs 8,060 PTC COLA 2.05% WACC 8.51%
Fees & expenses 7,921
Total development costs $ 52,841 Project Valuation
Power selling prices Equity financing 26,828
Purchase power agreement (yrs.) 15 Senior debt financing 26,159
PPA price ($/kWh) 0.0588 PTC debt financing 12,884
Sales in yrs. 16-20 at market Total project value 65,871
Increase in market price per year 2.5% Developer profit $ 13,030
Cash flows to equity 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Year 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Net production (MW) 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949 114,949
PPA sales price ($/kWh) 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0588 0.0852 0.0873 0.0895 0.0917 0.0940
Operating revenue ($ millions) 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 6,759 9,789 10,034 10,285 10,542 10,805
Other revenues 152 152 152 152 152 152 152 152 152 152 111 111 111 111 100 34 34 34 34 34
Total revenue 6,911 6,911 6,911 6,911 6,911 6,911 6,911 6,911 6,911 6,911 6,870 6,870 6,870 6,870 6,859 9,823 10,068 10,319 10,576 10,839
Total operating expenses 2,241 2,243 2,529 2,545 2,559 2,352 2,350 2,350 2,347 2,348 2,285 2,283 2,280 2,278 2,276 2,390 2,426 2,462 2,499 2,537
Operating income 4,670 4,668 4,382 4,366 4,352 4,559 4,561 4,561 4,564 4,563 4,585 4,587 4,590 4,592 4,583 7,433 7,642 7,857 8,077 8,302
Depreciation 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175
Earnings before taxes 1,495 1,493 1,207 1,191 1,177 1,384 1,386 1,386 1,389 1,388 1,410 1,412 1,415 1,417 1,408 4,258 4,467 4,681 4,901 5,127
Taxes 608 608 491 485 479 563 564 564 565 565 574 575 576 577 573 1,733 1,818 1,905 1,995 2,087
NI 886 885 716 706 698 821 822 822 824 823 836 837 839 840 835 2,525 2,649 2,776 2,907 3,040
OCF 4,062 4,060 3,891 3,881 3,873 3,996 3,997 3,997 3,999 3,998 4,011 4,012 4,014 4,015 4,010 5,700 5,824 5,951 6,082 6,216
Development costs 52,841
NPV of FCF (12,915.3570519149)
Depreciation calculations
Asset basis 60,329 60,329 60,329 60,329 60,329 60,329 60,329
Amortizaztion calculations
Asset basis 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175
Normal depreciation
Asset basis 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505 63,505
dep = 20 yr 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175 3,175

amortization schedule

N
N 15
r 7%
Loan amount 26,159.00 PMT $2,872.12
year beginning PMT interest amortization balance end
1 26,159.00 $2,872.12 1,831.13 $1,040.99 25,118.01
2 25,118.01 $2,872.12 1,758.26 $1,113.86 24,004.16
3 24,004.16 $2,872.12 1,680.29 $1,191.83 22,812.33
4 22,812.33 $2,872.12 1,596.86 $1,275.25 21,537.07
5 21,537.07 $2,872.12 1,507.60 $1,364.52 20,172.55
6 20,172.55 $2,872.12 1,412.08 $1,460.04 18,712.51
7 18,712.51 $2,872.12 1,309.88 $1,562.24 17,150.27
8 17,150.27 $2,872.12 1,200.52 $1,671.60 15,478.67
9 15,478.67 $2,872.12 1,083.51 $1,788.61 13,690.06
10 13,690.06 $2,872.12 958.30 $1,913.81 11,776.25
11 11,776.25 $2,872.12 824.34 $2,047.78 9,728.47
12 9,728.47 $2,872.12 680.99 $2,191.12 7,537.34
13 7,537.34 $2,872.12 527.61 $2,344.50 5,192.84
14 5,192.84 $2,872.12 363.50 $2,508.62 2,684.22
15 2,684.22 $2,872.12 187.90 $2,684.22 (0.00)