PR 72 05 BONNEVILLE POWER ADMINISTRATION FOR IMMEDIATE RELEASE: WEDNESDAY, Aug. 24, 2005 Contact: Mike Hansen | , BPA (503)-230-5131     Armstrong named BPA chief financial officer PORTLAND, Ore. - The Bonneville Power Administration announced today that David J. Armstrong has been selected to be the agency's new chief financial officer. Armstrong, who began his new job on Monday, was previously the manager of the agency's power trading floor. "I'm pleased that we have someone with Dave's skills in the critical role of CFO," said BPA Administrator Steve Wright. "Dave has broad experience across our business that will help him serve internal clients and represent the agency with constituents from Wall Street to utilities to the board of Energy Northwest. He will be able to help lead the agency's efforts as we continue to focus on cost management and efficiency." Armstrong began his BPA career in 1980 as a power load forecaster. In the intervening years, Armstrong has been BPA's corporate and capital risk manager. He spent 12 years working on BPA's wholesale power rates and five years in power marketing. "Dave is a great fit for CFO," said Chief Operating Officer Ruth Bennett. "He is well grounded in agency finance, once having led development of the agency's overall financial strategy, as well as in related operational areas such as risk and the trading floor. He has a unique combination of experience that will serve BPA and the region well." Armstrong's CFO responsibilities include assuring sound financial management across BPA and ongoing access to capital; maintaining positive relationships with BPA's financial partners (including customers, the U.S. Department of Energy, the U.S. Treasury, rating agencies and investment banks); and providing a financial perspective to BPA strategy development. "I'm excited about the opportunity to continue improving BPA's financial management and finding even better ways to deliver value to the region's electric ratepayers," said Armstrong. Armstrong, 50, has bachelor's and master's degrees in economics from the University of Washington and lives in the Portland area. For a photograph of Armstrong, go to www.bpa.gov/corporate/BPAnews/2005/Dave_Armstrong.jpg Submitted for distribution on 08-24-2005 at 2:54 PM

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