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Clarus Morning Mail

Friday October 24/08

The North American Electric Reliability Corp. released its annual Long Term Reliability Assessment report for more transmission to assist in improving reliability and integrating projected new power generation facilities including wind, solar and nuclear, According to the assessment, new generation supply is expected to surpass transmission development by almost two times. Transmission line miles in total are forecasted to increase 9.5 % in the U.S and 7.4% in Canada by 2017 VS16.6% increase in summer peak demand.

The U.S. power grid needs investment of hundreds of Billions of dollars over the next 25 years to help ensure reliability. Transmission lines are the critical link between ger=neration and customers. Merchant transmission companies like Tonbridge seek to accelerate the approval and construction process by assuming and tackling development risk commercially. Taking this approach can drastically reduce project lag times. TBZ has indentified several opportunities beyond the MATL project. Over the next five years, we expect the company o have built 2-3 additional projects and to have two or more under construction. Given the endemic lack of transmission in North America we expect regulators to continue to support TBZ’s growth Prospects. We view additional project announcements as a near term catalyst for the story. We reiterate our Spec buy recommendation and $0.70 target price