Exhibit 2

Revised Cost Effectiveness Analysis for

Dry Flue Gas Desulfurization at

Sooner Units 1 and 2 and Muskogee Units 4 and 5

Option 2

Sooner 1 &2 Sooner 1&2 Muskagee 4&5 Muskagee 4&5

S&L Fox S&L Fox

Heat Input (MMBtu/hr) 5,116 5,116 5,480 5,480

Capacity (MW) 570 570 572 572

Vendor Quote 70,500,000 70,500,000 71,200,000 71,200,000

Dry FGD System 86,859,600 86,859,600 86,741,200 86,741,200

Fabric Filter 46,335,000 46,335,000 45,872,900 45,872,900

Ash Recycling System - DFGD Contractor's 

Scope 11,116,900 11,116,900 12,102,900 12,102,900

Waste Ash and Fly Ash Handling System 14,265,600 14,265,600 14,311,500 14,311,500

Ash Recycling - BOP Scope 955,600 955,600

Flue Gas System 42,463,000 42,463,000 52,238,200 52,238,200

Mechanical - Balance of Plant 6,891,300 6,891,300 6,201,400 6,201,400

Electrical:Auxiliary Power and Balance of Plant 

Electrical Work 41,935,100 41,935,100 37,923,600 37,923,600

Controls & Instrumentation 5,088,500 5,088,500 5,088,500 5,088,500

Civil Work 3,597,400 3,597,400 3,597,400 3,597,400

Removal & Relocation of Existing Equipment & 

Infrastructure 2,047,600 2,047,600 4,134,800 4,134,800

Manhour Productivity Factor -14,276,530 -14,918,100 OK

Vendor Discount Equipment -3,525,000 -3,560,000 OK

Optimizing Design Vendor Scope -8,734,800 -9,073,560 OK

Subtotal Equipment Material & Labor Costs 261,555,600 235,019,270 268,212,400 240,660,740

Other Costs 61,016,900 61,016,900 63,987,800 63,987,800

Overtime Inefficiency -9,518,000 -9,945,000 OK

BOP Contractor's General & Admin -7,408,600 -7,855,500

Spare Parts, Special Tools % Consumables 794,000 794,000 807,000 807,000

Freight, Duties & Taxes 1,936,000 1,936,000 2,136,900 2,136,900

 325,302,500 281,839,570 335,144,100 289,791,940

Total Indirect Costs 48,090,100 48,090,100 49,601,900 49,601,900

Engineering/Procurement -12,205,338 -12,354,495 OK

Construction Management 0 0 Revised to include construction management

Startup & Commissioning Craft Support -3,273,900 -3,417,600 OK

Operator Training & Manuals -900,300 -939,800 OK

Owner's Cost -16,265,125 -16,757,205 OK

Revised Total Indirect Costs 48,090,100 15,445,437 49,601,900 16,132,800

Escalation 46,602,900 0 63,277,100 0 OK

Contingency 58,673,400 2,115,000 63,104,100 2,136,000 OK

Bond Cost 4,786,700 0 5,111,300 0 OK

AFUDC 101,133,800 0 118,148,300 0 OK
Reduction in Cost Due to Smaller Scrubber -8,982,000 -9,241,822 3% reduction based on S&L IPM spreadsheet

Total Project Cost 584,589,400 290,418,007 634,386,800 298,818,917

CRF 0.1036 0.0727 0.1036 0.0727 30 yrs & 6.01%

Annual Capital 60,563,462 21,121,133 65,722,472 21,732,103

Variable O&M 19,899,400 19,899,400 21,292,200 21,292,200

Fixed O&M 8,027,400 8,027,400 8,439,200 8,439,200

Indirect O&M 5,174,200 5,174,200 7,146,400 7,146,400

Total O&M 33,101,000 33,101,000 36,877,800 36,877,800

Lime 0 0

Water 0 0

FGD Waste Disposal Cost 0 0

Bag & Cage Replacement Cost -218,548 -152,160 OK

Auxiliary Power -5,368,400 -5,886,800

Property Taxes -5,000,914 -4,026,815 OK

Insurance -61,776 -70,469 OK

Revised O&M 33,101,000 22,451,362 36,877,800 26,741,556

Total Annual Cost ($) 93,664,462 43,572,495 102,600,272 48,473,659

SO2 Emission Reduction (ton/yr) 13,930 13,930 13,799 13,799

Revised Emission Reduction (ton/yr) 15,860 15,989

S&L Cost Effectiveness ($/ton) 6,724 7,435

Revised Cost Effectiveness ($/ton) 2,747 3,032

Revised (AFUDC, escalation, contingency) 3,684 4,134

Cost ($/kw) 513 255 555 261

Cost ($/kw) Utility Comparison 343 364