The Millennium Bulk Terminals (Millennium) is a proposed coal export facility located on the Columbia River in Longview Washington. The Lighthouse Resources operated facility would provide an alternative to export Powder River Basin (PRB) coal which currently is exported via western Canadian ports. Since its proposal almost seven years ago the project has been held up by stiff legal challenges from state agencies Native American tribes and environmental groups and remains in the permitting phase. With significant permitting risk attached to the development of this project it was not included as part of our recent base case forecast. However with its state EIS released in April we consider it prudent to examine the potential impact of the project.