Northland Power Inc

There may be some further interest-rate sensitivity but you are getting close to the point where the interest-rate cycle is likely to turn and this would take off. You’ll not only have good yield, but good capital appreciation. This one is probably one of the better names.

Originally started off with one gas generated facility but has expanded into wind power. Likes management.

This would be one of his top names in power trusts, but he is negative on this sector. Expects a couple of more are right increases. Good management. Fairly conservative payout ratio of about 85%.

Very stable trust. Started with gas fired hydro plant but have diversified into wind power with a large project in Quebec. Good management and very stable prospects going forward. There won't be a lot of growth but he likes it.

The power sector is probably the most defensive and lowest risk as cash flow is usually contracted out for 20/30 years. The sector has high payout ratios, high debts and not much growth potential. If you can get it at a 7/7.5% yield you won't lose much.

Great management team. Pretty good assets. A slow growth story. Has competition with the bonds that are yielding as much or more so can’t see where the growth would come from. Probably one of the better ones in this sector.

(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.