Puerto Rico Electric Power Authority

Weekly Cash Flow Forecast - Week ended 2/9 - 5/18/18

($USD millions, unless otherwise noted)

($ in millions) Actual Actual Actual Actual Actual Actual Actual 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Week ending 12/22 12/29 01/05 01/12 01/19 01/26 02/02 02/09 02/16 02/23 03/02 03/09 03/16 03/23 03/30 04/06 04/13 04/20 04/27 05/04 05/11 05/18

RECEIPTS

Customer collections $ 35.9 $ 14.3 $ 16.5 $ 24.6 $ 23.5 $ 28.5 $ 112.5 $ 25.0 $ 19.4 $ 19.7 $ 20.3 $ 20.1 $ 20.2 $ 20.1 $ 20.8 $ 20.8 $ 20.9 $ 28.0 $ 28.0 $ 31.2 $ 41.4 $ 48.0

FEMA Reimbursements (A)

 - - 63.2 9.7 27.0 23.2 22.0 33.0 22.0 67.7 38.4 68.3 45.0 57.3 40.1 31.9 289.8 47.6 112.5 39.9 31.4 32.0

Transfer from PREPA Insurance Account - - - - - - - - - - - - - - - - 12.5 12.5 12.5 12.5 - -

Other - - - - - - - - - - - - - - - - - - - - - -

Total Receipts $ 35.9 $ 14.3 $ 79.6 $ 34.4 $ 50.4 $ 51.7 $ 134.5 $ 57.9 $ 41.4 $ 87.5 $ 58.7 $ 88.4 $ 65.2 $ 77.3 $ 60.9 $ 52.7 $ 323.2 $ 88.0 $ 153.0 $ 83.6 $ 72.8 $ 80.1

INELIGIBLE USES

Estimated Gross Overtime - (5.6) - (4.8) - (3.0) - (3.5) - (3.5) - (3.5) - (3.5) - (3.5) - (3.5) - (3.5) - (3.5)

Contract Labor - Title III - - - (2.0) - (0.3) - - (3.0) (3.0) (1.9) (1.9) (1.9) (1.9) (1.9) (1.9) (1.9) (1.9) (1.9) (1.9) (1.9) (1.9)

Emergency Spend (A)

 - - (15.4) (9.7) (50.3) - (40.0) (20.8) (22.0) (67.7) (38.4) (68.3) (45.0) (57.3) (40.1) (31.9) (292.8) (50.6) (144.5) (43.9) (34.6) (35.4)

Substation Repairs - - - - - - - - - - - - - - - - (12.5) (12.5) (12.5) (12.5) - -

Ineligible Uses $ - $ (5.6) $ (15.4) $ (16.5) $ (50.3) $ (3.3) $ (40.0) $ (24.3) $ (25.0) $ (74.2) $ (40.3) $ (73.7) $ (46.9) $ (62.7) $ (42.0) $ (37.3) $ (307.2) $ (68.5) $ (158.9) $ (61.8) $ (36.5) $ (40.8)

Receipts Excess (Shortfall) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 13.2 $ 18.4 $ 14.7 $ 18.3 $ 14.7 $ 18.9 $ 15.4 $ 16.0 $ 19.6 $ (5.9) $ 21.8 $ 36.3 $ 39.3

OPERATING RESERVE FUND / OPERATING ACCOUNT

Beginning Balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 158.0 $ 176.4 $ 191.1 $ 209.4 $ 168.8 $ 156.6 $ 113.7 $ 78.1 $ 25.7 $ (12.8) $ (68.0) $ (77.8)

Operating Account Balance - - - - - - - - - 144.8 - - - - - - - - - - - -

Receipts - - - - - - - - - 87.5 58.7 88.4 65.2 77.3 60.9 52.7 323.2 88.0 153.0 83.6 72.8 80.1

Ineligible Uses - - - - - - - - - (74.2) (40.3) (73.7) (46.9) (62.7) (42.0) (37.3) (307.2) (68.5) (158.9) (61.8) (36.5) (40.8)

Eligible Use (Shortfall) - - - - - - - - - - - - - (55.3) (31.2) (58.3) (51.6) (71.9) (32.6) (77.1) (46.0) (59.5)

Loan Repayments - - - - - - - - - - - - - - - - - - - - - -

Ending Balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 158.0 $ 176.4 $ 191.1 $ 209.4 $ 168.8 $ 156.6 $ 113.7 $ 78.1 $ 25.7 $ (12.8) $ (68.0) $ (77.8) $ (98.0)

OPERATING ACCOUNT (PRE-CLOSING)

Beginning Balance $ 275.1 $ 242.2 $ 208.1 $ 259.9 $ 219.9 $ 187.0 $ 187.5 $ 233.2 $ 190.4 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 

Pre-Closing

Receipts 35.9 14.3 79.6 34.4 50.4 51.7 134.5 57.9 41.4 - - - - - - - - - - - - -

Ineligible Uses - (5.6) (15.4) (16.5) (50.3) (3.3) (40.0) (24.3) (25.0) - - - - - - - - - - - - -

Eligible Uses (see below) (68.9) (42.8) (18.2) (62.8) (33.1) (47.8) (38.1) (76.5) (62.0) - - - - - - - - - - - - -

Proceeds Transferred to Restricted Accounts - - 5.8 5.0 - - (10.8) - - - - - - - - - - - - - - -

Post-Closing

Residual Cash Flow - - - - - - - - - - - - - - - - - - - - - -

Ending Balance (B) $ 242.2 $ 208.1 $ 259.9 $ 219.9 $ 187.0 $ 187.5 $ 233.2 $ 190.4 $ 144.8 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

OPERATING ACCOUNT + OPERATING RESERVE FUND $ 242.2 $ 208.1 $ 259.9 $ 219.9 $ 187.0 $ 187.5 $ 233.2 $ 190.4 $ 144.8 $ 158.0 $ 176.4 $ 191.1 $ 209.4 $ 168.8 $ 156.6 $ 113.7 $ 78.1 $ 25.7 $ (12.8) $ (68.0) $ (77.8) $ (98.0)

ELIGIBLE USES

Power purchase - AES $ - $ (13.7) $ - $ - $ (13.7) $ - $ (13.9) $ - $ (22.6) $ (12.5) $ (12.5) $ - $ (12.5) $ - $ - $ (4.8) $ (3.6) $ (3.6) $ - $ (7.6) $ (5.7) $ (5.7)

Power purchase - EcoElectrica (31.0) - - - - - - (24.1) - (26.5) - (28.4) - (28.8) - (7.2) (7.2) (7.2) (7.2) (6.2) (6.2) (6.2)

Power purchase - Renewable sources - - - - - - - - (11.4) - - - - - - - - - - - - -

Fuel purchase - Fleet and storage (0.5) - - (0.4) (0.1) - - - (3.2) (1.5) - - (1.5) - - - (1.5) - - - (1.5) -

Fuel purchase - Freepoint - - (4.6) (9.2) (4.4) (9.0) (4.4) (9.0) (4.4) (9.2) (4.6) (9.6) (10.0) (23.1) (9.6) (4.9) (22.7) (29.0) (9.7) (16.4) (12.0) (10.3)

Fuel purchase - Puma (15.9) (9.6) (5.6) (12.0) (9.8) (15.9) (10.8) (7.3) (9.8) (6.4) (11.2) (4.5) (9.1) (6.9) (9.2) (7.3) (4.8) (2.3) (2.3) (10.9) (6.8) (6.8)

LNG purchase - Fenosa (11.1) - - (13.9) - - - (16.0) - - (11.1) - (15.1) (4.6) (4.6) (4.6) (4.6) (6.3) (6.3) (6.3) (6.3) (6.3)

Estimated Payroll - (7.8) - (7.8) - (7.8) - (7.8) - (7.8) - (7.8) - (7.8) - (7.8) - (7.8) - (7.8) - (7.8)

Social security - (2.8) - (2.5) - (2.4) - (2.0) - (2.0) - (2.0) - (2.0) - (2.0) - (2.0) - (2.0) - (2.0)

Payroll taxes - (0.6) - (0.6) - (1.8) - (1.1) - (1.1) - (1.1) - (1.1) - (1.1) - (1.1) - (1.1) - (1.1)

Contributions to employee benefit programs - (5.0) - (5.3) - (5.3) - (5.5) - (5.5) - (5.5) - (5.5) - (5.5) - (5.5) - (5.5) - (5.5)

Medical benefit costs - (1.0) (3.8) (9.0) - - (1.8) - (3.6) (1.8) (3.6) (5.8) - - - (5.8) - - - (5.8) - -

Workers compensation / disability funding - - - (3.4) - - - - - (6.0) - - - - - - - - - - - -

Contract Labor - Other - - - (0.0) - - - - (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5)

Insurance premiums - - - (0.9) - - - - (0.4) - - - (1.5) - - - - - - - - (0.3)

Maintenance Disbursements - - - (0.6) (1.0) (1.5) - - (3.2) (3.2) (4.5) (4.5) (4.5) (4.5) (4.5) (3.9) (3.9) (3.9) (3.9) (4.2) (4.2) (4.2)

Employee expense reimbursements - - - - - - - (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4) (0.4)

Additional accounts payable (2.4) - - (2.6) (5.1) (3.0) (4.0) (3.3) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4) (2.4)

Other (8.1) (2.3) (4.2) 5.3 1.1 (1.2) (3.2) - - - - - - - - - - - - - - -

Eligible Uses $ (68.9) $ (42.8) $ (18.2) $ (62.8) $ (33.1) $ (47.8) $ (38.1) $ (76.5) $ (62.0) $ (86.8) $ (50.8) $ (72.5) $ (57.5) $ (87.7) $ (31.2) $ (58.3) $ (51.6) $ (71.9) $ (32.6) $ (77.1) $ (46.0) $ (59.5)

SEGREGATED ACCOUNT

Beginning Balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 213.2 $ 162.4 $ 89.9 $ 32.4 $ - $ - $ - $ - $ - $ - $ - $ -

Borrowings - - - - - - - - - 300.0 - - - - - - - - - - - -

Eligible Disbursements - - - - - - - - - (86.8) (50.8) (72.5) (57.5) (87.7) (31.2) (58.3) (51.6) (71.9) (32.6) (77.1) (46.0) (59.5)

Ending Balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 213.2 $ 162.4 $ 89.9 $ 32.4 $ - $ - $ - $ - $ - $ - $ - $ - $ -

Eligible Use (Shortfall) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ (55.3) $ (31.2) $ (58.3) $ (51.6) $ (71.9) $ (32.6) $ (77.1) $ (46.0) $ (59.5)

LOANS OUTSTANDING

Beginning Balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0

Initial Draw - - - - - - - - - 300.0 - - - - - - - - - - - -

Periodic Loan 1 - - - - - - - - - - - - - - - - - - - - - -

Periodic Loan 2 - - - - - - - - - - - - - - - - - - - - - -

Repayments - - - - - - - - - - - - - - - - - - - - - -

Ending Balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0 $ 300.0

Residual Cash Flow $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 

LOAN DRAW ASSUMPTIONS

Eligible Uses Subsequent Consecutive Four Weeks $ 267.6 $ 228.7 $ 227.7

Eligible Use Variance % 15% 15% 15%

Allowed Draw Amount $ 307.7 $ 263.0 $ 261.8

Less: Segregated Account Unrestricted and Uncommitted Cash - (32.4) -

Draw Amount $ 307.7 $ 230.6 $ 261.8

Commitment $ 300.0 $ 300.0 $ 300.0

(A) Federal funding may be available to defray approximately $28.6 million of state match assumed in this forecast based on the latest budget bill.

(B) As of February 2, 2018 PREPA's General Fund operating cash balance was $233.2 million, which excludes $59.2 million in FEMA Emergency Accounts, $32.6 million in Construction and Other Restricted Funds and $18.3 million in the PREPA Insurance Account. The remaining $31.8 million of Insurance Proceeds are 

 anticipated to be received in the PREPA Insurance Account during the week of February 9, 2018.

Case:17-03283-LTS Doc#:2523-4 Filed:02/16/18 Entered:02/16/18 04:21:17 Desc:

Exhibit 1 (Revised Budget) to Exhibit C (Proposed Order) Page 1 of 1