Question-and-Answer Session
Operator
(Operator instructions) Our first quarter comes from Brian Chin with Citigroup.
Brian Chin - Citigroup
Hi good morning.
Bruce Williamson
Hi Brian.
Brian Chin - Citigroup
Quick question on just clarity on the LS Power transaction that is pending. If I remember right on the second-quarter slides there was an assumption that the transaction could close in the third quarter, and I think you mentioned now its fourth-quarter. Can you just give us a little bit more update on what's going on there?
Bruce Williamson
We expect -- I think we've always said we expected to close in the fourth quarter. There was a possibility of the third quarter, but it was dependent on getting all the regulatory approvals as well as all the required contract assignments and other conditions precedent. We got HSR approval, I believe, in the middle part or so of the third quarter. FERC approval came in the fourth quarter, and now we are in the process of completing the remaining conditions precedent, contract assignments and things like that.
Brian Chin - Citigroup
Okay, that's helpful. Secondly, on one of your slides, I think it's slide five or six, you indicated a net benefit in selling options. Can you just give us a sense of how material that net benefit from selling options was in the West and the Northeast?
Holli Nichols
The way we manage it Brian is on a consolidated portfolio basis, and on a net basis the premiums for either selling or buying option was single digits far less than $5 million, and so that's how we've managed that.
Brian Chin - Citigroup
Okay, and then one last question, and I'll jump back in the queue. The interpretation of the first -- I think it's in the first paragraph of the press release, it's depending on how you read it you could use the contract that you monetized is being related to assets in the Midwest or not. Was the contract that you monetized related to the LS Power assets that were sold or were they completely separate from those assets?
Bruce Williamson
Completely separate from those assets.
Brian Chin - Citigroup
Right. Thanks a lot.
Bruce Williamson
Okay.
Operator
Neel Mitra with Simmons & Co. Your line is open.
Neel Mitra - Simmons & Co.
Hi good morning.
Bruce Williamson
Hi, how are you?
Neel Mitra - Simmons & Co.
Can you comment more on the sale of the Midwest contract as far as what the contract you sold was, was it your First Energy utility contract or something else, and also if the contract was in the money, how did the sale of the contract now lower guidance for 2010 from the last quarter?
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