Northland Power Inc

NPI-T

(A Top Pick May 20/05. Down 18% not including distributions.) Has continued to increase its distributions. Expect their Quebec wind farm will be coming on stream next year and are looking for big things.

(A Top Pick May 20/05. Up 4.5%.) Moving into wind power and the economics on wind power is very attractive because of their contracts with the Quebec government. Can see distribution increases coming here.

A sleepy utility type trust. A gas fired co-generation producing power and steam operation based largely in Ontario. Excited about their inclusion of wind power into their assets. They will be put up in rural Quebec.

In a sector that is most sensitive to interest rates.

9% distribution. A conservative buy. Has one of the best purchase agreements with Hydro 1. Has a long term stable gas supply contract. Higher efficiency turbines and will be able to sell excess hydro.

Only owns one facility. Has a good power purchase agreement and good gas contract. Stable distribution.

Has one of the best hydro purchase agreements with Hydro One. Good gas supply. Buy for yield, not growth.

Excellantly structured between gas price and electricity values. Fully valued now.

(Was a top pick on Aug 13 up 7%) Still likes.

Good relationships in selling their power. Probably fully priced now.

Best long term contract with Ontario Hydro for sale of power.