Document:

<PAGE>   1

                                                                 EXhibit 10.5(b)

                             AMENDMENT NO. 1 TO THE
                       OWNERSHIP AND OPERATION AGREEMENT

      This Amendment No. 1, dated as of October 11, 1991, is made to that
certain Ownership and Operation Agreement entered into as of May 6, 1981,
("Ownership Agreement") by THE MONTANA POWER COMPANY, FIRST TRUST COMPANY OF
MONTANA, PUGET SOUND POWER AND LIGHT COMPANY, PUGET COLSTRIP CONSTRUCTION
COMPANY, THE WASHINGTON WATER POWER COMPANY, PORTLAND GENERAL ELECTRIC COMPANY,
and PACIFIC POWER & LIGHT COMPANY.

      1. All terms defined in the Ownership Agreement shall have the same
meanings when used in this Amendment No. 1.

      2. The Ownership Agreement is hereby amended, effective as of May 6, 1981,
as follows:

            (a) The first paragraph of Page 1 of the Ownership Agreement is
      deleted and the following paragraph is inserted in lieu thereof:

            "This Agreement is made as of the 6th day of May, 1981, by and
            between the following parties: THE MONTANA POWER COMPANY, a Montana
            corporation ("Montana"); PUGET SOUND POWER & LIGHT COMPANY, a
            Washington corporation ("Puget"); THE WASHINGTON WATER POWER
            COMPANY, a Washington corporation ("Water Power"); PORTLAND GENERAL
            ELECTRIC COMPANY, an Oregon corporation ("Portland"); and PACIFIC
            POWER & LIGHT COMPANY, now PACIFICORP, a Maine corporation
            ("Pacific"):"

            (b) The third paragraph of Page 1 of the Ownership Agreement is
      deleted and the following paragraph is inserted in lieu thereof:

            "WHEREAS, Montana has duly revoked and terminated its grantor trust
            with First Trust Company of Montana as Trustee, and Puget's
            wholly-owned subsidiary, Puget Colstrip Construction Company, has
            been merged into Puget."

            (c) Subsection 1(c) is deleted and the following Subsection is
      inserted in lieu thereof:

            "(c) "Coal Supplier" shall mean WESTERN ENERGY COMPANY, a Montana
            corporation, or its successor under the Coal Supply Agreement."
<PAGE>   2

            (d) Subsection 1(1) is deleted and the following Subsection is
      inserted in lieu thereof:

            "(1) "Owners" means Montana, Puget, Water Power, Portland, and
            Pacific and shall include their successors and assigns of an
            ownership interest in the Project or any part thereof."

            (e) Subsection 1(o) is deleted and the following Subsection is
      inserted in lieu thereof:

            "(o) "Project Agreements" means this Agreement together with the
            following agreements as entered into relating to Colstrip Units #3
            and #4:

                  (i)   Coal Supply Agreement (including Amendments), Colstrip
                        Units #3 and #4 Steam Electric Generating Project,
                        between Owners and Western Energy Company (the "Coal
                        Supply Agreement");

                  (ii)  Colstrip Project Transmission Agreement (the
                        "Transmission Agreement");

                  (iii) Common Facilities Agreement;

                  (iv)  Coal Transportation Agreement.

            (f) Subsection 2(a) is deleted and the following Subsection is
      inserted in lieu thereof:

            "(a) The Project and each part thereof shall be owned by the Owners
            as tenants in common, with each Owner's respective undivided
            interest initially being in the following percentage:

<TABLE>
<S>                                       <C>
                        Montana           30%
                        Puget             25%
                        Portland          20%
                        Water Power       15%
                        Pacific           10%"
</TABLE>

            (g) The first sentence of Subsection 12(a) is deleted and the
      following sentence is inserted in lieu thereof:

            "Each Project User agrees to order an amount of coal sufficient to
            generate the minimum energy required by Section 13(d) of this
            Agreement and to timely provide the Operator with its coal delivery
            schedules to be furnished to the Coal Supplier under Section 3 of
            the Coal Supply Agreement."

                                       2
<PAGE>   3

            (h) The first sentence of Subsection 12(f) is deleted and the
      following sentence is inserted in lieu thereof:

            "(f) Operator shall, pursuant to the procedures established by the
            Committee, prepare a "Distribution Notice" to be provided to the
            Coal Supplier pursuant to subsection 7.2 of the Coal Supply
            Agreement."

            (i) Subsection 12(h) is deleted and the following Subsection is
      inserted in lieu thereof:

            "(h) Annually the Operator shall compute price adjustments for Btu
            content of coal pursuant to Section 8 of the Coal Supply Agreement
            and furnish notification thereof to each Project User and to Coal
            Supplier."

            (j) Subsection 12(i) is deleted and the following Subsection is
      inserted in lieu thereof:

            "(i) Each Project User shall pay before delinquency its Project
            Share of the Fixed Charge payable under Section 7 of the Coal Supply
            Agreement. Each Project User shall pay before delinquency the
            Commodity Charge payable under Section 7 of the Coal Supply
            Agreement for coal ordered by such Project User. Any additional
            payments to or credits from the Coal Supplier (e.g., under
            subsection 7.5, 7.8 or 8.3 of the Coal Supply Agreement) shall be
            equitably allocated among the Project Users taking into account all
            pertinent factors. Such factors may include, but are not necessarily
            limited to, the amounts of coal ordered by each Project User, the
            amounts of coal delivered under subsection 4.1 of the Coal Supply
            Agreement for use in a generating plant other than the Project, the
            amount by which each Project User's orders for coal exceed or are
            less than such Project User's Project Share of the minimum annual
            tonnage under subsection 7.8 of the Coal Supply Agreement, any
            release under subsection 7.8(d) of a Project User's contracted
            minimum tonnage of coal, sales of coal to third parties and force
            majeure under Section 10 of the Coal Supply Agreement."

            (k) The second sentence of Subsection 17(a) is deleted and the
      following sentence is inserted in lieu thereof:

            "The Committee shall be composed of five (5) members."

                                       3
<PAGE>   4

            (l) Section 33 is deleted.

            (m) The title to Section 34 is deleted and the following title is
      inserted in lieu thereof:

            "33. Miscellaneous"

            (n) Exhibit A attached to this Amendment No. 1 is substituted for
      Exhibit A referenced in Subsection 1(n).

            (o) The Table of Contents, signature pages, and acknowledgment pages
      of the Ownership Agreement are amended to reflect the insertions,
      deletions and revisions accomplished in this Amendment No. 1.

      3. The Ownership Agreement, as amended by this Amendment No. 1, remains in
      full force and effect.

      IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 1
in several counterparts.

                                        THE MONTANA POWER COMPANY

                                        By  /s/ Robert J. Labrie
                                            ------------------------------------
                                        Its Executive Vice President
                                            ------------------------------------

                                                 [ILLEGIBLE INITIALS AND DATES]

Attest:

/s/ John Carl
----------------------------------
Secretary

                                        PUGET SOUND POWER & LIGHT COMPANY

                                        By
                                            ------------------------------------
                                        Its
                                            ------------------------------------

Attest:

----------------------------------
Secretary

                                       4
<PAGE>   5

            (l) Section 33 is deleted.

            (m) The title to Section 34 is deleted and the following title is
      inserted in lieu thereof:

            "33. Miscellaneous"

            (n) Exhibit A attached to this Amendment No. 1 is substituted for
      Exhibit A referenced in Subsection 1(n).

            (o) The Table of Contents, signature pages, and acknowledgment pages
      of the Ownership Agreement are amended to reflect the insertions,
      deletions and revisions accomplished in this Amendment No. 1.

      3. The Ownership Agreement, as amended by this Amendment No. 1, remains in
      full force and effect.

      IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 1
in several counterparts.

                                        THE MONTANA POWER COMPANY

                                        By
                                            ------------------------------------
                                        Its
                                            ------------------------------------

Attest:

----------------------------------
Secretary

                                        PUGET SOUND POWER & LIGHT COMPANY

                                        By  /s/ [ILLEGIBLE]
                                            ------------------------------------
                                        Its Vice President
                                            ------------------------------------

Attest:

/s/ D. Watson
----------------------------------
Secretary

                                       4
<PAGE>   6

                                        THE WASHINGTON WATER POWER COMPANY

                                        By  /s/ [ILLEGIBLE]
                                            ------------------------------------
                                        Its VICE PRESIDENT POWER SUPPLY
                                            ------------------------------------

Attest:

/s/ [ILLEGIBLE]
----------------------------------
Secretary

                                        PORTLAND GENERAL ELECTRIC COMPANY

                                        By
                                            ------------------------------------
                                        Its
                                            ------------------------------------

Attest:

----------------------------------
Secretary

                                        PACIFICORP, doing business as
                                        PACIFIC POWER & LIGHT COMPANY

                                        By
                                            ------------------------------------
                                        Its
                                            ------------------------------------

Attest:

----------------------------------
Secretary

                                       5
<PAGE>   7

                                        THE WASHINGTON WATER POWER COMPANY

                                        By
                                            ------------------------------------
                                        Its
                                            ------------------------------------

Attest:

----------------------------------
Secretary

                                        PORTLAND GENERAL ELECTRIC COMPANY

                                        By  /s/ Peggy Y. Fowler
                                            ------------------------------------
                                        Its Vice President
                                            ------------------------------------

Attest:

/s/ Anne M. Wilmot
----------------------------------
Secretary

                                        PACIFICORP, doing business as
                                        PACIFIC POWER & LIGHT COMPANY

                                        By
                                            ------------------------------------
                                        Its
                                            ------------------------------------

Attest:

----------------------------------
Secretary

                                       5
<PAGE>   8

                                        THE WASHINGTON WATER POWER COMPANY

                                        By
                                            ------------------------------------
                                        Its
                                            ------------------------------------

Attest:

----------------------------------
Secretary

                                        PORTLAND GENERAL ELECTRIC COMPANY

                                        By
                                            ------------------------------------
                                        Its
                                            ------------------------------------

Attest:

----------------------------------
Secretary

                                        PACIFICORP, doing business as
                                        PACIFIC POWER & LIGHT COMPANY

                                        By  /s/ Robert M. Smith
                                            ------------------------------------
                                        Its Sr. Vice President
                                            ------------------------------------

Attest:

/s/ Sally A. Nofziger
----------------------------------
Secretary

                                       5
<PAGE>   9

STATE OF MONTANA              )
                              )     ss.
COUNTY OF BUTTE-SILVER BOW    )

      On this 17th day of December, 1986, before me, the undersigned, a Notary
Public in and for the State of Montana, personally appeared Robert J. Labrie,
known to me to be the Executive Vice President of THE MONTANA POWER COMPANY and
acknowledged to me that he executed the within instrument on behalf of that
corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                              /s/ Helen M. Terpin
                                              ----------------------------------
                                              Notary Public in and for the State
                                                      of Montana
                                              Residing at Butte, Montana
                                              My Commission expires May 3, 1987

STATE OF WASHINGTON     )
                        )     ss.
COUNTY OF KING          )

      On this _______ day of ______________, 198_, before me, the undersigned,
a Notary Public in and for the State of Washington, personally appeared
_________________________, known to me to be the __________________________ of
PUGET SOUND POWER & LIGHT COMPANY and acknowledged to me that he executed the
within instrument on behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                          --------------------------------------
                                          Notary Public in and for the State
                                                of Washington
                                          Residing at __________________________
                                          My Commission expires _______________

                                       6
<PAGE>   10

STATE OF MONTANA              )
                              )     ss.
COUNTY OF BUTTE-SILVER BOW    )

      On this _____ day of _____________, 198_, before me, the undersigned, a
Notary Public in and for the State of Montana, personally appeared
____________________________, known to me to be the _______ of THE MONTANA POWER
COMPANY and acknowledged to me that he executed the within instrument on behalf
of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                            ------------------------------------
                                            Notary Public in and for the State
                                                of Montana
                                            Residing at Butte, Montana
                                            My Commission expires ______________

STATE OF WASHINGTON     )
                        )     ss.
COUNTY OF KING          )

      On this 14th day of September 1987, before me, the undersigned, a Notary
Public in and for the State of Washington, personally appeared R. G.
[ILLEGIBLE], known to me to be the Vice President Power Systems of PUGET POWER &
LIGHT COMPANY and acknowledged to me that he executed the within instrument on
behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                              /s/ Jane K. Stordahl
                                              ----------------------------------
                                              Notary Public in and for the State
                                                      of Washington
                                              Residing at Redmond, Washington
                                              My Commission expires 3/1/89

                                       6
<PAGE>   11

STATE OF WASHINGTON     )
                        )     ss.
COUNTY OF SPOKANE       )

      On this 6th day of January, 1987, before me, the undersigned, a Notary
Public in and for the State of Washington, personally appeared W. L. Bryan,
known to me to be the Vice President of THE WASHINGTON POWER COMPANY and
acknowledged to me that he executed the within instrument on behalf of that
corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                            /s/ [ILLEGIBLE]
                                            ------------------------------------
                                            Notary Public in and for the State
                                                of Washington
                                            Residing at Spokane, WA
                                            My Commission expires 11/17/88

STATE OF OREGON         )
                        )     ss.
COUNTY OF MULTNOMAH     )

      On this ____ day of ____________, 198_, before me, the undersigned, a
Notary Public in and for the State of Oregon, personally appeared
_________________________, known to me to be the _____________________ of
PORTLAND GENERAL ELECTRIC COMPANY and acknowledged to me that he executed the
within instrument on behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                              ----------------------------------
                                              Notary Public in and for the State
                                                   of Oregon
                                              Residing at ______________________
                                              My Commission expires ____________

                                       7
<PAGE>   12

STATE OF WASHINGTON     )
                        ) ss.
COUNTY OF SPOKANE       )

      On this ______ day of ____________, 198_, before me, the undersigned, a
Notary Public in and for the State of Washington, personally appeared
_______________________, known to me to be the _______________________ of THE
WASHINGTON WATER POWER COMPANY and acknowledged to me that he executed the
within instrument on behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                              ----------------------------------
                                              Notary Public in and for the State
                                                      of Washington
                                              Residing at ______________________
                                              My Commission expires ____________

STATE OF OREGON         )
                        )     ss.
COUNTY OF MULTNOMAH     )

      On this 11th day of October, 1991, before me, the undersigned, a Notary
Public in and for the State of Oregon, personally appeared Peggy Y. Fow1er known
to me to be the Vice President of PORTLAND GENERAL ELECTRIC COMPANY and
acknowledged to me that he executed the within instrument on behalf of that
corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                              /s/ William A. [ILLEGIBLE]
                                              ----------------------------------
                                              Notary Public in and for the State
                                                      of Oregon
                                              Residing at Portland _____________
                                              My Commission expires 3/14/92

                                       7
<PAGE>   13

STATE OF OREGON         )
                        )     ss.
COUNTY OF MULTNOMAH     )

      On this 9th day of February, 1987, before me, the undersigned, a Notary
Public in and for the State of Oregon, personally appeared Robert M. Smith,
known to me to be the Sr. Vice President of PACIFIC POWER & LIGHT COMPANY and
acknowledged to me that he executed the within instrument on behalf of that
corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                              /s/ Hilda V. Hambach
                                              ----------------------------------
                                              Notary Public in and for the State
                                                      of Oregon
                                              Residing at Portland, Oregon
                                              My Commission expires 9-28-90

                                       8
<PAGE>   14

                                                         Page 1 of 2
                                                         Exhibit A
                                                         Colstrip Units #3 & 4#
                                                         Ownership and Operation
                                                               Agreement
                                                         Revised: 8/29/84

                                  REAL ESTATE
                     (As Depicted for Illustrative Purposes
                              on the Attached Map)

Parcel No. 2      (Real property on which Cooling Towers for Units 3 & 4 are
                  located)

            A tract of land situated in the E1/2NE1/4 of Section 34 and the
            W1/2NW1/4 of Section 35, T2N, R41E, P.M.M. and being depicted on
            Certificate of Survey No. 34153 as Parcel "2". Containing in all
            26.694 acres.

Parcel No. 3      (Real Property on which a Portion of the Coal Storage and Ash
                  Holding Area is located)

            A tract of land situated in the E1/2SE1/4 of Section 34 and the
            SW1/4 of Section 35, T2N, R41E, P.M.M. and being depicted on
            Certificate of Survey No. 34152 as Parcel "3". Containing in all
            85.705 acres.

Parcel No. 4      (Real property on which Project 3 & 4 Generation Units are
                  located)

            A tract of land situated in the NE1/2 and the SE1/4 of Section 34,
            T2N, R41E, P.M.M. and being depicted on Certificate of Survey No.
            29931 Amended as Parcel 4 and filed under Document #37265.
            Containing in all 20.809 acres.

All of the above documents are filed with the Clerk and Recorder of Rosebud
County, Montana.
<PAGE>   15

                                 [MAP OMITTED]<PAGE>   1

                                                                 Exhibit 10.5(c)

                             AMENDMENT NO. 2 TO THE
                       OWNERSHIP AND OPERATION AGREEMENT

      This Amendment No. 2, effective as of JULY 13, 1998 (the data signed by
the last signing party), is made to that certain Ownership and Operation
Agreement entered into as of May 6, 1981, as amended by Amendment No. 1 dated
as of October 11, 1991, ("Ownership Agreement") by THE MONTANA POWER COMPANY,
PUGET SOUND POWER AND LIGHT COMPANY, now PUGET SOUND ENERGY, INC., THE
WASHINGTON WATER POWER COMPANY, PORTLAND GENERAL ELECTRIC COMPANY, and PACIFIC
POWER & LIGHT COMPANY, now PACIFICORP.

      All terms defined in the Ownership Agreement shall have the same meanings
when used in this Amendment No. 2.

      WHEREAS, the last paragraph of Section 24 of the current Ownership
Agreement provides that certain transfers or assignments of an interest in the
project may not be made unless simultaneously the Owner's or Project User's
rights under the Project Agreements which relate to such interest are similarly
transferred or assigned to the same Person or Persons, and such Person or
Persons have assumed in writing all the duties and obligations of the Owner or
Project User making such transfer or assignment under the Project Agreements
which relate to the interest being transferred or assigned.

      WHEREAS, because the definition of "Project Agreements" includes the
Colstrip Protect Transmission Agreement (Transmission Agreement), this
"simultaneous transfer" provision essentially requires for certain transfers or
assignments that any Owner or Project User selling all or a part of its interest
in Units 3&4 to simultaneously sell its corresponding interest in the Colstrip
Project Transmission System (Transmission System).

      WHEREAS, in order to recognize functional unbundling between generation
and transmission as required by Federal Energy Regulatory Commission (FERC)
regulations, and to allow an Owner or Project User to sell or transfer all or a
part of its interest in Units 3&4 without selling or transferring its
corresponding interest in the Transmission System as required by this
"simultaneous transfer" requirement, the parties agree to amend the first
sentence an the last paragraph of Section 24 of the Ownership Agreement and to
add a new second sentence, by inserting the following underlined language so
that paragraph reads as follows:

            No transfer or assignment of any interest in the Project or any part
            thereof pursuant to subsections (d), (e), (f) or (g) above may be
            made unless simultaneously the Owner's or Project User's rights
            under the Project Agreements (except for the Transmission Agreement)
            which relate to such interest are similarly transferred or assigned
            to the same Person or Persons, and such Person or Persons have
            assumed in writing all the duties and obligations of the Owner or
            Project User making such transfer or assignment under the Project
            Agreements (except for the Transmission Agreement which relate to
            the interest being transferred or assigned. An Owner or Project User
            may transfer all of its rights to the Project and all Project
            Agreements (except for the Transmission Agreement) and retain all of
            its right, title and interest in and to the Transmission System and
            the Transmission Agreement. Transfers or assignments shall not
            relieve any Owner or Project User of any obligation hereunder,
            except to the extent agreed in writing by all other Project
<PAGE>   2

            Users. Any attempted or purported transfer made other than in
            accordance with this Section 24 either voluntarily or by operation
            of law shall be void and of no effect.

      NOW, THEREFORE, the parties mutually agree to amend the Ownership
Agreement as follows:

      1. The last paragraph of Section 24 is deleted and the following paragraph
is inserted in lieu thereof:

            No transfer or assignment of any interest in the Project or any part
            thereof pursuant to subsections (d), (e), (f) or (g) above may be
            made unless simultaneously the Owner's or Project User's rights
            under the Project Agreements (except for the Transmission Agreement)
            which relate to such interest, are similarly transferred or assigned
            to the same Person or Persons, and such Person or Persons have
            assumed in writing all the duties and obligations of the Owner or
            Project User making such transfer or assignment under the Project
            Agreement (except for the Transmission Agreement) which relate to
            the interest being transferred or assigned. An Owner or Project User
            may transfer all of its rights to the Project and all Project
            Agreements (except foe the Transmission Agreement) and retain all of
            its right, title and interest in and to the Transmission System and
            the Transmission Agreement. Transfer or assignments shall not
            relieve any Owner or Project User of any obligation hereunder,
            except to the extent agreed in writing by all other Project Users.
            Any attempted or purported transfer made other than in accordance
            with this Section 24 either voluntarily or by operation of law shall
            be void and of no effect.

      2. The Ownership Agreement, as amended by Amendment No. 1 and this
Amendment No. 2, remains in full force and effect.

      IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 2
in several counterparts.

                                             THE MONTANA POWER COMPANY

                                        By:  /s/ [ILLEGIBLE]
                                             -----------------------------------
                                        Its: EXEC. V.P.
                                             -----------------------------------

ATTEST:

/s/  [ILLEGIBLE]
----------------------------------
Secretary
<PAGE>   3

                                             PUGET SOUND POWER & LIGHT COMPANY,
                                             now PUGET SOUND ENERGY, INC.

                                        By:  /s/ [ILLEGIBLE]
                                             -----------------------------------
                                        Its: Vice President, Energy Supply
                                             -----------------------------------

ATTEST:

/s/ [ILLEGIBLE]
----------------------------------
Secretary

                                             THE WASHINGTON WATER POWER COMPANY

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------
ATTEST:

----------------------------------
Secretary

                                             PORTLAND GENERAL ELECTRIC COMPANY

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------

ATTEST:

----------------------------------
Secretary

                                             PACIFIC POWER & LIGHT COMPANY,
                                             now PACIFICORP

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------

ATTEST:

----------------------------------
Secretary
<PAGE>   4

STATE OF MONTANA              )
                              ) ss.
County of Butte-Silver Bow    )

      On this 22nd day of June, 1998, before me, the undersigned Notary Public
in and for the State at Montana, personally appeared Arthur K. Neill, known to
me to be the Exec. Vice President of THE MONTANA POWER COMPANY and acknowledged
to me that he executed the within instrument on behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                          /s/ Susan Hawke
                                          -------------------------------------
                                          Notary Public for the State of Montana
                                          Residing at Butte, Montana
                                          My Commission expires 6/1/2000

STATE OF WASHINGTON     )
                        ) ss.
County of King          )

      On this 13th day of July, 1998, before me, the undersigned Notary Public
in and for the State of Washington, personally appeared William A. [ILLEGIBLE],
known to me to be the Vice President, Energy Supply of PUGET SOUND POWER & LIGHT
COMPANY, now PUGET SOUND ENERGY, INC. and acknowledged to me that he executed
the within instrument on behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                               /s/ [ILLEGIBLE]
                               -------------------------------------------------
                               Notary Public for the State of Washington
                               Residing at 5615 Evergreen Pt Rd, [ILLEGIBLE], WA
                               My Commission expires 10/17/98
<PAGE>   5

                                             PUGET SOUND POWER & LIGHT COMPANY,
                                             now PUGET SOUND ENERGY

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------

ATTEST:

----------------------------------
Secretary

                                             THE WASHINGTON WATER POWER COMPANY

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------

ATTEST:

----------------------------------
Secretary

                                             PORTLAND GENERAL ELECTRIC COMPANY

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------

ATTEST:

----------------------------------
Secretary

                                             PACIFIC POWER & LIGHT COMPANY,
                                             now PACIFICORP

                                        By:  /s/ [ILLEGIBLE]
                                             -----------------------------------
                                        Its: VICE PRESIDENT
                                             -----------------------------------

ATTEST:

/s/ [ILLEGIBLE]
----------------------------------
Asst. Secretary
<PAGE>   6

STATE OF OREGON         )
                        ) ss.
County of Multnomah     )

      On this 10th day of July 1998, before me, the undersigned Notary Public in
and for the State of Oregon, personally appeared Donald N. Furman, known to me
to be the Vice President of PACIFIC POWER & LIGHT COMPANY, now PACIFICORP and
acknowledged to me that he executed the within Instrument on behalf of that
corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

---------------------------------
             OFFICIAL SEAL                 /s/ JENNIFER A. WORLTON
[SEAL]    JENNIFER A. WORLTON              -------------------------------------
          NOTARY PUBLIC-OREGON             Notary Public for the State of Oregon
         COMMISSION NO. 313097             Residing at Multnomah County
MY COMMISSION EXPIRES JUN 1, 2002          My Commission expires _______________
---------------------------------
<PAGE>   7

                                             PUGET SOUND POWER & LIGHT COMPANY,
                                             now PUGET SOUND ENERGY

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------

ATTEST:

----------------------------------
Secretary

                                             THE WASHINGTON WATER POWER COMPANY

                                        By:  /s/ Jon E. Eliassen
                                             -----------------------------------
                                        Its: Sr Vice President & CFO & Treasurer
                                             -----------------------------------

ATTEST

/s/ [ILLEGIBLE]
----------------------------------
Secretary

                                             PORTLAND GENERAL ELECTRIC COMPANY

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------

ATTEST:

----------------------------------
Secretary

                                             PACIFIC POWER & LIGHT COMPANY,
                                             now PACIFICORP

                                        By:
                                             -----------------------------------
                                        Its:
                                             -----------------------------------

ATTEST:

----------------------------------
Secretary
<PAGE>   8

STATE OF WASHINGTON     )
                        ) ss.
County of Spokane       )

      On this 29th day of June, 1998, before me, the undersigned Notary Public
in and for the State of Washington, personally appeared Jon E. Eliassen, known
to me to be the Sr. Vice President, CFO & Treasurer of THE WASHINGTON WATER
POWER COMPANY and acknowledged to me that he executed the within instrument on
behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

      [NOTARIAL SEAL]                  /s/ Sue Miner Sue Miner
                                       -----------------------------------------
                                       Notary Public for the State of Washington
                                       Residing at Spokane
                                       My Commission expires 10-14-99

STATE OF OREGON         )
                        ) ss.
County of Multnomah     )

      On this __ day of __________, 1998, before me, the undersigned Notary
Public in and for the State of Oregon, personally appeared
_________________________________________________, known to me to be the
_______________________ of PORTLAND GENERAL ELECTRIC COMPANY and acknowledged to
me that he executed the within instrument on behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                           -------------------------------------
                                           Notary Public for the State of Oregon
                                           Residing at _______________________
                                           My Commission expires _____________
<PAGE>   9

            Users. Any attempted or purported transfer made other than in
            accordance with this Section 24 either voluntarily or by operation
            of law shall be void and of no effect.

      NOW, THEREFORE, the parties mutually agree to amend the Ownership
Agreement as follows:

      1. The last paragraph of Section 24 is deleted and the following paragraph
is inserted in lieu thereof:

            No transfer or assignment of any interest in the Project or any part
            thereof pursuant to subsections (d), (e), (f) or (g) above may be
            made unless simultaneously the Owner's or Project User's rights
            under the Project Agreements (except for the Transmission Agreement)
            which relate to such interest, are similarly transferred or assigned
            to the same Person or Persons, and such Person or Persons have
            assumed in writing all the duties and obligations of the Owner or
            Project User making such transfer or assignment under the Project
            Agreements (except for the Transmission Agreement) which relate to
            the interest being transferred or assigned. An Owner or Project User
            may transfer all of its rights to the Project and all Project
            Agreements (except for the Transmission Agreement) and retain all of
            its right, title and interest in and to the Transmission System and
            the Transmission Agreement. Transfers or assignments shall not
            relieve any Owner or Project User of any obligation hereunder,
            except to the extent agreed in writing by all other Project Users.
            Any attempted or purported transfer made other than in accordance
            with this Section 24 either voluntarily or by operation of law shall
            be void and of no effect.

      2. The Ownership Agreement, as amended by Amendment No. 1 and this
Amendment No. 2, remains in full force and effect.

      IN WITNESS WHEREOF, the Parties hereto have executed this Amendment No. 2
in several counterparts.

                                             THE MONTANA POWER COMPANY

                                        By:  /s/  Arthur K. Neill
                                             -----------------------------------
                                        Its: EXEC. V.P.
                                             -----------------------------------

ATTEST:

/s/ [ILLEGIBLE]
----------------------------------
Secretary
<PAGE>   10

STATE OF MONTANA              )
                              ) ss.
County of Butte-Silver Bow    )

      On this 22nd day of June, 1998, before me, the undersigned Notary Public
in and for the State of Montana, personally appeared Arthur K. Neill, known to
me to be the Exec. Vice President of THE MONTANA POWER COMPANY and acknowledged
to me that he executed the within instrument on behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                          /s/ [ILLEGIBLE]
                                          --------------------------------------
                                          Notary Public for the State of Montana
                                          Residing at Butte, Montana
                                          My Commission expires 6/1/2000

STATE OF WASHINGTON     )
                        ) ss.
County of King          )

      On this __ day of _________, 1998, before me, the undersigned Notary Pubic
in and for the State of Washington. personally appeared _________________, known
to me to be the _________ of PUGET SOUND POWER & LIGHT COMPANY, now PUGET SOUND
ENERGY and acknowledged to me that he executed the within instrument on behalf
of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                       -----------------------------------------
                                       Notary Public for the State of Washington
                                       Residing at _____________________________
                                       My Commission expires ___________________
                                        PUGET SOUND POWER & LIGHT COMPANY,
                                        now PUGET SOUND ENERGY

<PAGE>   11

                                   By:  ________________________________________

                                   Its: ________________________________________

ATTEST:

___________________________________
Secretary

                                        THE WASHINGTON WATER POWER COMPANY

                                   By:  ________________________________________

                                   Its: ________________________________________

ATTEST:

___________________________________
Secretary

                                        PORTLAND GENERAL ELECTRIC COMPANY

                                   By:  /s/ Walter E. Pollock
                                        ----------------------------------------
                                   Its: Senior Vice President
                                        ----------------------------------------

ATTEST:

/s/ [Illegible]
-----------------------------------
Secretary

                                        PACIFIC POWER & LIGHT COMPANY,
                                        now PACIFICORP

                                   By:  ________________________________________

                                   Its: ________________________________________

ATTEST:

___________________________________
Secretary
<PAGE>   12

STATE OF WASHINGTON  )
                     ) ss.
County of Spokane    )

      On this ___ day of ______________, 1998, before me, the undersigned Notary
Public in and for the State of Washington, personally appeared
______________________, known to me to be the __________________________ of THE
WASHINGTON WATER POWER COMPANY and acknowledged to me that he executed the
within instrument on behalf of that corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

                                       _________________________________________
                                       Notary Public for the State of Washington
                                       Residing at _____________________________
                                       My Commission expires ___________________

STATE OF OREGON      )
                     ) ss.
County of Multnomah  )

      On this 30 day of June, 1998, before me, the undersigned Notary Public in
and for the State of Oregon, personally appeared Walter E. Pollock, known to me
to be the Senior Vice President of PORTLAND GENERAL ELECTRIC COMPANY and
acknowledged to me that he executed the within instrument on behalf of that
corporation.

      IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial
Seal the day and year in this certificate first above written.

===================================    /s/ Karen J. Lewis
           OFFICIAL SEAL               -----------------------------------------
[SEAL]     KAREN J. LEWIS              Notary Public for the State of Oregon
       NOTARY PUBLIC - OREGON          Residing at Portland, Oregon
       COMMISSION NO. 038220           My Commission expires 10/20/98
MY COMMISSION EXPIRES OCT. 20, 1998
===================================

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