Mr. Bowden then stated that he had one other small item to raise for Board consideration. He said that the staff had been considering preparing a lecture series for the members of the Board of Directors in conjunction with their regularly scheduled meeting. He asked whether the Board members would be interested in hearing a well-known outside speaker on topics of interest to members of the Board, such as the comprehensive strategy. He said that such lectures might be given within the framework of a dinner to be held the night before a Board meeting. The Board members concurred that this was a good idea and that it should be pursued. (All officers and employees of the Corporation left the meeting except for Mr. Bowden, Mr. Cox, Mr. Lessey, Mr. Miller, Mr, Gambino, and Ms. Fox.) Great Plains Coal Gasification Project Mr. Schroeder stated that Mr. Miller had done preliminary work concerning evaluation of the Great Plains Coal Gasification project. Mr. Miller stated that he and his staff had prepared an analysis of the possibility of abandonment for the Great Plains project based on an evaluation of possible future oil prices and the ability of sponsors to use future tax benefits. Mr. Miller anticipated that the sponsors would [ He said that his staff's evaluation showed [ 24-125 0-83--25 Mr. Bowden inquired if the Great Plains sponsors could [ ] Mr. Miller replied in the negative. Mr. Miller stated that the staff had gone as far in its analysis as it could without Chairman Noble stated that, as he understood it, according to Mr. Miller's numbers, the Great Plains project was [ observed that [ ] He ] Chairman Noble commented that the staff could prepare a much better evaluation if it were able to analyze the sponsor's books. He noted that the Department of Energy does not have the capability to analyze the numbers as the Corporation does. Therefore, he suggested that the Corporation work jointly with DOE to prepare an analysis. Mr. Schroeder agreed that the Corporation should offer to assist DOE in its analysis. He added that it is not the proper place of the Corporation to comment on which agency should have authority for Great Plains. Mr. Bowden stated that the Corporation has a Memorandum of Understanding with the Department of Energy, and, therefore, it would be readily possible to work jointly on an analysis with them. Mr. Cox stated that he believed that such an endeavor was permitted by the Energy Security Act. Mr. Thompson stated that, in his opinion, the Corporation should share its expertise with the Department of Energy. Mr. Wilkins commented that the Corporation's hands are tied except to help with an evaluation of the numbers. The Board members then concurred that the Corporation would provide such assistance as appropriate to the Department of Energy concerning evaluation of the Great Plains Coal Gasification project. The following documents were considered during the closed session: (1) Description of Present Withholdings and Recommendations for Release (2) Hampshire Project Maturity Review (3) Breckinridge Project Maturity Review (4) North Alabama Project Maturity Review (5) Scrubgrass Project Strength Review (6) New England Energy Park Project Strength Review (7) KILnGAS Project Strength Review (8) Cottonwood Wash Project Strength Review (9) ENPEX/SYNTARO Project Strength Review (10) Keystone Project Strength Review (11) North Alabama Project Strength Review (14) Paraho Ute Project Strength Review (15) Sunnyside Project Strength Review (16) Forest Hill Project Strength Review (17) Chaparrosa Project Strength Review (18) Draft Competitive Solicitation for Eastern Province Bituminous Coal Gasification Projects (19) Draft Competitive Solicitation for Eastern Region of the Interior Province Bituminous Coal Gasification Projects (20) Draft Competitive Solicitation for Western Subbituminous Coal Gasification Projects (21) Draft Competitive Solicitation for Eastern Province and Eastern Region of the Interior Province Bituminous Coal Gasification Projects The meeting was adjourned at 5:00 p.m. Edward F. Cox Vice President and General Counsel and Secretary |