CES Acquisition Corp.

In February 2001, Energy Spectrum invested in CES Acquisition (“CES”), an infrastructure development company with an emphasis on projects in power generation. Energy Spectrum’s equity enabled CES to acquire the independent power business of Montana Power Company. CES’ assets included ownership interests in five power plants with net interests of 438 MW of generation. In July 2005, Energy Spectrum sold its interest in CES as part of a recapitalization of the Company.