Individual	Owner	Scenarios

IOUs	Only	cash	flow	case	combines	the	NGS	ownership	of	APS,	NV	Energy,	and	TEP.		

Capital	Recovery	rates	are	applied	to	annal	book	value	to	represent	revenue	requirements	for	individual	owners	and	total	plant	s

LADWP	Capital	Recovery	rates	assumed	to	equal	SRP	Cash	Flow	Case	rates	to	facilitate	Total	Plant	Scenario	below	which	assume

NPV	$	millions

Existing	

Plant

Increm.	

Plant BAU SNCR SCR

BOR	Share	Only 24% 7.00% 2.4% 6.5% $																			1,826 $								 60 $						136

SRP	Only 22% 7.00% 7.0% 7.0% $																			1,728 $								 54 $						125

IOUs	Only 33% 7.00% 14.9% 14.9% $																			2,796 $								 88 $						265

LADWP 21% 7.00% 7.0% 7.0%

100%

Total	Plant	Scenarios

Scenarios	assume	LADWP's	share	of	NGS	is	either	fully	owened	by	another	publicly	owned	utility	(POU)	or	an	investor	owned	ut

Capital	Recovery	rates	are	weighted	averages	from	the	Individual	Owner	Scenarios	above,	modified	based	on	the	assumption	tha

NPV	$	millions

Existing	

Plant

Increm.	

Plant BAU SNCR SCR

100% 7.00% 8.5% 9.5% $																			7,766 $		 8,021 $			8,414

Total	Plant	w	DWP	Share	to	POU $						255 $						648

NPV	$	millions

Existing	

Plant

Increm.	

Plant BAU SNCR SCR

100% 7.00% 10.2% 11.2% $																			7,915 $		 8,174 $			8,613

Total	Plant	w	DWP	Share	to	IOU $						259 $						698

NPV	by	Case

	($	million)

NPV	by	Case

	($	million)

SCR	NPV

Vs.	BAU	NPV

($	million)

SCR	NPV

Vs.	BAU	NPV

($	million)

Cash	Flow	Case

Share	

of	Plant

Discount	

Rate

Capital	Recovery	

Rates

Incremental	NPV	2012-2036

Case	Vs.	BAU

($	million)

Total	Plant	w	DWP	

Share	to	IOU

Share	

of	Plant

Discount	

Rate

Capital	Recovery	

Rates

Total	Plant	w	DWP	

Share	to	POU

Share	

of	Plant

Discount	

Rate

Capital	Recovery	

Rates

NPV	of	Total	Plant		Cases	Based	on	LADWP	Share	Assumed	to	be	Owned	by

($	million)
$7,766	 $8,021	 $8,414	

$7,915	 $8,174	

	$-

	$1,000

	$2,000

	$3,000

	$4,000

	$5,000

	$6,000

	$7,000

	$8,000

	$9,000

	$10,000

BAU SNCR SCR

($	million)

Total	Plant	w	DWP	Share	to	POU Total	Plant	w	DWP	S


ndividual	owners	and	total	plant	scenarios	due	to	borrowing	costs	&	allowed	rate	of	return,	as	applicable	(IOUs)

ant	Scenario	below	which	assumes	another	POU	obtains	the	DWP	share	of	NGS

Low	

Market BAU SNCR SCR

$/AF	

Change	in	

CAP	Rate	

(SCR)

%	Change	

in

CAP	Rate	

(SCR)

%	Change	in

CAP	Rate	

(SNCR)

%	Change	in

SRP	Rate	

(SCR)

$							151 $			32.69 $			34.35 $				37.34 $						8.40 14.5% 5.2%

$									 87 $			34.91 $			36.58 $				39.72 0.66%

$									 78 $			38.78 $			40.65 $				46.14

ty	(POU)	or	an	investor	owned	utility	(IOU)	and	all	other	Shares	continue	at	current	ownership	percentages

fied	based	on	the	assumption	that	LADWP's	share	is	fully	owned	by	either	a	POU	or	an	IOU

Low	

Market BAU SNCR SCR SNCR SCR

$			 8,439 $			35.64 $			37.37 $				41.25 $						1.73 $						5.60

$							673 4.9% 15.7%

Low	

Market BAU SNCR SCR SNCR SCR

$			 8,523 $			36.46 $			38.24 $				42.61 $						1.78 $						6.15

$							608 4.9% 16.9%

NPV	by	Case

	($	million)

NPV	by	Case

	($	million)

Vs.	BAU	NPV

($	million)

DATE	OF	MARKET	PRICES	RUNNING	IN	MODEL

Vs.	BAU	NPV

($	million)

2018	Incremental	

$/MWh	for	Total	

Plant	Cost

2018	Incremental	

$/MWh	for	Total	

Plant	Cost

	%	Greater	than	BAU	

>>	

	%	Greater	than	BAU	

>>	

2018	Total	Cost	of	Power

by	Cash	Flow	Case	

($/MWh)

2018	Total	Cost	of	Power

by	Cash	Flow	Case	

($/MWh)

Impact	of	SCR	(or	SNCR)	Incremental	Costs	in	2018	

on

Estimated	2018	CAP	Energy	1	Water	Pumping	Rate	

and	SRP	Average	Electric	Rate

2018	Total	Cost	of	Power

by	Cash	Flow	Case	

($/MWh)

ental	NPV	2012-2036

Case	Vs.	BAU

($	million)

sumed	to	be	Owned	by	POU	or	IOU
2012	YTD	AVG	11/27/12

$8,439	 $8,613	 $8,523	

SCR Low	Market

Total	Plant	w	DWP	Share	to	IOU
0.5

0.6

0.7

0.8

0.9

1

BOR Only 35 Yr NPVs 
0

0.1

0.2

0.3

0.4

0.5

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

BOR Only 25 Yr NPVs 













E C/R

Energy Strategies

E.N. 1109

FOUR CORNERS POWER PLANT SCR COST ECONOMIC ANALYSIS

Item Description Units Inputs Source Information & Comments User Notes

Base Case Plant as of 2011

Capital Expense (CAPEX) Base Capital refers to plant already in service as of 2009 & expected investment by 2011. Does NOT include life extending investments

Installed Cost (2009) $0 $ 1,776,816,350 FERC F-1 2009

Accumulated Depreciation $0 $ 623,898,593 Calculated: Annual Depreciation Expense x Years in Service

Years In Service Yrs 37.0 Calculated: "Plant Profile". Avg plant installed life through 2009

Estimated Useful Life Yrs 60 Estimated based on years necessary for plant in service to deplete to near zero with life of pollution controls investments

Remaining Useful Life Yrs 23 Calculated: Estimate Useful Life - Years In Service

Annual Depreciation Expense $0 $ 43,397,584 Calculated: Installed Cost / Estimated Useful Life. Results in straight line depreciation expense

Starting Ratebase $0 $ 1,152,917,757 Calculated 2010 Ratebase

Rate Base escalator test % 0% Escalation factor to test sensitivity of higher starting rate base for BAU Case & by connection all retrofit cases as well Currently disabled

INSERT > > Estimated Additional CAPEX $ $0 Annual Plant in Service "adder" starting in 2012. Proxy for Life Extension investments annualized

Net Energy Produced MWh/Yr 16,951,775 Based on 2011 EIA Data as filed by SRP

Net Plant MW 2250

SNCR

CASE 'ON / OFF' SWITCH on Type "OFF" to switch off this Case's incremental costs Using switch will replace CAPEX and OPEX with $0 - effectively removing the case

Capital Expense (CAPEX) Units Selected 1,2,3, Reports out the units selected for SNCR comparison

"ON" or blank on Unit 1 1, $0 $ 13,066,667 NA See "Project Cost Data" tab for inputs

"ON" or blank on Unit 2 2, $0 $ 13,066,667 NA See "Project Cost Data" tab for inputs

"ON" or blank on Unit 3 3, $0 $ 13,066,667 NA See "Project Cost Data" tab for inputs

Total $ 39,200,000

Amortization Period

20 year period 20 Basis for straight line depreciation expense. Creates annual depreciation expense. See depreciation table tabs

30 year period 30 Basis for straight line depreciation expense. Creates annual depreciation expense. See depreciation table tabs

Cost Estimate Error Percentage 0% User defined % + or - original cost estimate User defined adjustor to baseline 2012$ cost estimates. Adjusts all costs equally.

20 Year Amortization

Depreciation Expense 

Unit 1 $ per Year $ 757,392 Calculated value See "Depreciation Worksheet" tab

Unit 2 $ per Year $ 735,332 Calculated value See "Depreciation Worksheet" tab

Unit 3 $ per Year $ 780,114 Calculated value See "Depreciation Worksheet" tab

Total $ 2,272,839

Operating Expense (OPEX)

Unit 1 $0 $ 6,333,333 See "Project Cost Data" tab

Unit 2 $0 $ 6,333,333 See "Project Cost Data" tab

Unit 3 $0 $ 6,333,333 See "Project Cost Data" tab

Total $ 19,000,000

Plant Efficiency Impacts

Reduction in Output Due to Project Percentage 0% Reduction in plant efficiency (MWh output) by percentage Currently disabled

Capital Equipment Installation Schedule

2018 Compliance Year

Unit Number

Unit 1 SNCR & SCR Year 2017 Year adjustments must be combined with manipulation of Cash Flow sheets

Unit 2 SNCR & SCR Year 2016 Year adjustments must be combined with manipulation of Cash Flow sheets

Unit 3 SNCR & SCR Year 2018 Year adjustments must be combined with manipulation of Cash Flow sheets

SCR Base Case + Selective Catalytic Reduction

DATA INPUT FIELDS INDICATED BY THIS COLOR

ASSUMPTIONS AND DATA INPUTS

Capital Expense (CAPEX) & Operating Expense (OPEX)

Table of Assumptions

09000064811c2027

Input Table
E C/R

Energy Strategies

E.N. 1109

FOUR CORNERS POWER PLANT SCR COST ECONOMIC ANALYSIS

Item Description Units Inputs Source Information & Comments User Notes

DATA INPUT FIELDS INDICATED BY THIS COLOR

ASSUMPTIONS AND DATA INPUTS

Unit Cost $,MWh, S Line Depreciation $ 3.53 Based on units selected at left. Non-discounted cash flows & unit specific incremental costs. No change in net MWh produced. Result from "Summary Sline Dep" tab

Unit Cost $,MWh, Accel Depreciation $ 2.92 Based on units selected at left. Non-discounted cash flows & unit specific incremental costs & MWh production Result from :Summary Accel Dep" tab

Capital Expense (CAPEX) Units Selected 1,2,3, Reports out the units selected for SCR for this cash flow Users selection via "ON" switch are confirmed here & also reported on summary tabs

"ON" or blank ON Unit 1 1, $0 $ 137,527,000 Per Mar 3, 2011 estimates by A. Lee, EPA Switch allows user to remove unit from case. See "Project Cost Data" tab for estimate

"ON" or blank ON Unit 2 2, $0 $ 188,585,000 Per Mar 3, 2011 estimates by A. Lee, EPA Switch allows user to remove unit from case. See "Project Cost Data" tab for estimate

"ON" or blank ON Unit 3 3, $0 $ 170,294,000 Per Mar 3, 2011 estimates by A. Lee, EPA Switch allows user to remove unit from case. See "Project Cost Data" tab for estimate

Total $ 496,406,000 Non-escalated dollars per price estimate. Model escalates cost per unit to install year

Estimated Useful Life 20 For purposes of depreciation expense calculation & ratebase cost recovery

Cost Estimate Error Percentage 0% User defined Currently disables

20 Year Amortization

Depreciation Expense 

Unit 1 $ per Year $ 7,971,574 Calculated value See "Depreciation Worksheet" tab

Unit 2 $ per Year $ 10,612,704 Calculated value See "Depreciation Worksheet" tab

Unit 3 $ per Year $ 10,166,997 Calculated value See "Depreciation Worksheet" tab

Total $ 28,751,275

Operating Expense (OPEX)

Unit 1 $0 $ 3,982,000 Per Mar 3, 2011 estimates by A. Lee, EPA See "Project Cost Data" tab for inputs

Unit 2 $0 $ 3,982,000 Per Mar 3, 2011 estimates by A. Lee, EPA See "Project Cost Data" tab for inputs

Unit 3 $0 $ 3,982,000 Per Mar 3, 2011 estimates by A. Lee, EPA See "Project Cost Data" tab for inputs

Total $ 11,946,000

Plant Efficiency Impacts

Reduction in Output Due to Project Percentage 0.00% Reduction in plant efficiency (MWh output) by percentage. Based on S&L Study User defined "efficiency penalty" for SCR. Creates higher lower net MWh production.

Power cost already included in O&M. Net MWh not reduced to prevent double counting of power impact

Baghouse Incremental to SCR

Capital Expense (CAPEX) Units Selected 1,2,3, Reports out the units selected for Incremental baghouse for this cash flow

"ON" or blank on Unit 1 1, $0 $ 220,359,000 Data Source: Salt River Project Navajo Generating Station - Units 1, 2, 3 SCR and Baghouse Capital Cost Estimate Report, Table 9-3, SL-010214, Revision D, August 17, 2010. See "Project Cost Data" tab for inputs

"ON" or blank on Unit 2 2, $0 $ 205,111,000 Data Source: Salt River Project Navajo Generating Station - Units 1, 2, 3 SCR and Baghouse Capital Cost Estimate Report, Table 9-3, SL-010214, Revision D, August 17, 2010. See "Project Cost Data" tab for inputs

"ON" or blank on Unit 3 3, $0 $ 161,341,000 Data Source: Salt River Project Navajo Generating Station - Units 1, 2, 3 SCR and Baghouse Capital Cost Estimate Report, Table 9-3, SL-010214, Revision D, August 17, 2010. See "Project Cost Data" tab for inputs

Total $ 586,811,000

Estimated Useful Life 20 Basis for straight line depreciation expense. Creates annual depreciation expense. See "Depreciation Worksheet" tab

Cost Estimate Error Percentage 0% User defined % + or - original cost estimate

20 Year Amortization

Depreciation Expense 

Unit 1 $ per Year $ 13,156,009 Calculated value See "Depreciation Worksheet" tab

Unit 2 $ per Year $ 11,888,993 Calculated value See "Depreciation Worksheet" tab

Unit 3 $ per Year $ 9,921,454 Calculated value See "Depreciation Worksheet" tab

Total $ 34,966,456

Operating Expense (OPEX)

Unit 1 $0 $ 3,098,720 SRP Aug 2010 Cost Estimates, Sargent & Lundy; Table 9-2. Conceptual O&M Costs (on a per Unit Basis) See "Project Cost Data" tab for inputs

Unit 2 $0 $ 3,098,720 SRP Aug 2010 Cost Estimates, Sargent & Lundy; Table 9-2. Conceptual O&M Costs (on a per Unit Basis) See "Project Cost Data" tab for inputs

Unit 3 $0 $ 3,098,720 SRP Aug 2010 Cost Estimates, Sargent & Lundy; Table 9-2. Conceptual O&M Costs (on a per Unit Basis) See "Project Cost Data" tab for inputs

Total $ 9,296,160

Plant Efficiency Impacts

Reduction in Output Due to Project Percentage 0% Reduction in plant efficiency (MWh output) by percentage 

Capital Equipment Installation Schedule

Unit 1 Baghouse Year 2016

Unit 2 Baghouse Year 2015

Unit 3 Baghouse Year 2017

Table of Assumptions

09000064811c2027

Input Table
E C/R

Energy Strategies

E.N. 1109

FOUR CORNERS POWER PLANT SCR COST ECONOMIC ANALYSIS

Item Description Units Inputs Source Information & Comments User Notes

DATA INPUT FIELDS INDICATED BY THIS COLOR

ASSUMPTIONS AND DATA INPUTS

Variable Sensitivity

Power Forecast Forward Electricity Price Projections Selectors

User Defined Change over selected Case 0% Allows user to increase or decrease either price forecast by a percentage selected by the user incremental to the forecast 

Coal Cost Fuel Expense Sensitivity Expiry

User Defined Incremental Cost 2019 0% Date of current contract expiration per ASU NGS Study Report Feb 12, 2012

Increase relative to increases projected by EIA 2011 Reference Case applied to 2010 coal cost for NGS

Associated with revised coal lease and royalties agreements between the Nation and Peabody passed through to NGS

Includes change in cost associated with the commodity coal contract between Peabody & NGS

Land & Lease Cost NGS Site Lease with Navajo Nation 2019

Increased annual site lease cost $ 15,000,000 Date per ASU NGS Study Report Feb 12, 2012

Other Lease & Land Cost Escalation 2019 $ - Applied on 2019

Table of Assumptions

09000064811c2027

Input Table
E C/R

Energy Strategies

E.N. 1109

FOUR CORNERS POWER PLANT SCR COST ECONOMIC ANALYSIS

Item Description Units Inputs Source Information & Comments User Notes

DATA INPUT FIELDS INDICATED BY THIS COLOR

ASSUMPTIONS AND DATA INPUTS

Carbon adder impacts only BAU, LNB and SCR cases. Market cases are not impacted

Base Cost Impact Check $ 7,766 Undiscounted $ Start Carbon Tax in 2013

CO2e Compliance Cost $ 37.68 $ 5,688 33.95

Implementation Year Year $ 8,454 52.35

Coal as % of market purchased power 60.00% $ 12,602 79.95

Compliance Cost Curve

Year 1 $ per ton/year $ - Cost is levelized in model to one value for each year. Individual yearly CO2 values can be added later

2014

Additional Factors (Hg, Ash below not in use)

Table of Assumptions

09000064811c2027

Input Table
E C/R

Energy Strategies

E.N. 1109

FOUR CORNERS POWER PLANT SCR COST ECONOMIC ANALYSIS

Item Description Units Inputs Source Information & Comments User Notes

DATA INPUT FIELDS INDICATED BY THIS COLOR

ASSUMPTIONS AND DATA INPUTS

General

Annual Percentage 3.00% Estimated User defined

Capital Expense (CAPEX) Percentage 3.00% Estimated User defined

Operating Expense (OPEX) 

Fuel Cost (coal) Percentage Annual % EIA Reference Case Coal Year Over Year % Increase

Non-fuel Variable O&M Percentage 3.00% Estimated User defined

Maintenance Expense Percentage 3.00% Estimated User defined

Inflation Adjustment

Factors used to account for time between

year of cost estimate and 2012

2010 2010 to 2012 Factor 1.07 Federal Reserve Bank CPI Calculator. Escalation from cost est year to install year$ occurs on "Depreciation Worksheet" tab

2011 2011 to 2012 Factor 1.03 Federal Reserve Bank CPI Calculator. Escalation from cost est year to install year$ occurs on "Depreciation Worksheet" tab

2012 2012 to 2012 Factor 1.00 Federal Reserve Bank CPI Calculator. Escalation from cost est year to install year$ occurs on "Depreciation Worksheet" tab

BOR Plant 24.3% Percentage of total plant owned

Discount Rate Percentage 7.00% EPA cost modeling guidance

Return on BAU Capital Percentage 2.44% AWSA Repayment on CAP Assets: 3.342% on 73% and 0% interest on remainder

Return on Incremental Capital Percentage 6.53%

6.53% Average of bond rates reported by CAWCD; Feb 2012 Letter to EPA Historical rates on prior issues were 5.4% to 7.65%

SRP Plant 21.7% Percentage of total plant owned

Discount Rate Percentage 7.00% Discount Rate stated by SRP in Stakeholder Q&A documented from March 3, 2011 meeting 9.13%

Return on BAU Capital Percentage 7.00% Rate suggested for capital recovery by SRP in 2008 BART filing

Return on Incremental Capital Percentage 7.00% Rate suggested for capital recovery by SRP in 2008 BART filing

Investor Owned Utilities 32.8% Percentage of IOU plant ownership in 2012

Share of Plant

Arizona Public Service Percentage 14.0% Share of plant

NV Energy Percentage 11.3% Share of plant

Tucson Electric Power Percentage 7.5% Share of plant

Equity

Arizona Public Service Percentage 54.6% Reported capital structure 2011

NV Energy Percentage 39.8% Reported capital structure 2011

Tucson Electric Power Percentage 35.2% Reported capital structure 2011

Debt

Arizona Public Service Percentage 45.4% Reported capital structure 2011

NV Energy Percentage 60.2% Reported capital structure 2011

Tucson Electric Power Percentage 64.8% Reported capital structure 2011

6.80% Calculated WACC for IOU Owners

Discount Rate Percentage 7.00% Estimated applicable discount rate

Return on BAU Capital Percentage 14.95% Estimated applicable capital recovery rate for existing plant investment 

Return on Incremental Capital Percentage 14.95% Estimated applicable capital recovery rate for incremental investment

Post Tax Pre-Tax Inputs. The weighted Pre-Tax ROR is only used in the BAU Case

Equity 45% 26% 10.21% Weighted Average Approved ROEs for IOU Owners

Debt 55% 6.27% 6.27% Weighted Average Rate of Interest on Debt in Capital Structure as reported 2011

14.95%

Pre-Tax (applied to Book Value)

Inflation 

Financial Inputs

Table of Assumptions

09000064811c2027

Input Table
E C/R

Energy Strategies

E.N. 1109

FOUR CORNERS POWER PLANT SCR COST ECONOMIC ANALYSIS

Item Description Units Inputs Source Information & Comments User Notes

DATA INPUT FIELDS INDICATED BY THIS COLOR

ASSUMPTIONS AND DATA INPUTS

Combined Plant (LADWP Allocation)

LADWP Ownership Percentage 21.2% Percentage of total plant owned

Public Utility takes LADWP Share 42.9% Combined POU Share 

Discount Rate Percentage 7.00% Estimated applicable full plant discount rate

Return on BAU Capital Percentage 8.50% Estimated applicable capital recovery rate for existing plant investment 

Return on Incremental Capital Percentage 9.49% Estimated applicable capital recovery rate for incremental investment

Investor Owned Utility takes LADWP Share 54.0% Combined IOU ownership percentage after DWP share taken by IOU

Discount Rate Percentage 7.00%

Return on BAU Capital Percentage 10.18%

Return on Incremental Capital Percentage 11.18%

 1.00

Table of Assumptions

09000064811c2027

Input Table
MWh	per Full	Plant 											16,951,775

Per	Plant	Unit 													5,650,592

CAPEX	Unit	Cost	($/MWh)	Worksheets	

Intall	Years Unit	No. 2012 2013 2014 2015 2016 2017 2018 2019

1 $								1.52 $								1.47 $								1.42

2 $									 2.03 $								1.96 $								1.89 $								1.82

3 $								1.94 $								1.87

1 $								0.14 $								0.14 $								0.13

2 $									 0.14 $								0.14 $								0.13 $								0.13

3 $								0.15 $								0.14

Per	Unit	OPEX $																			- $																			- $																			- $															4,460 $							4,579 $						4,699 $						4,818 $						4,938

Per	MWh/Unit	OPEX $																			- $																			- $																			- $																	0.26 $									 0.27 $								0.28 $								0.28 $								0.29

Per	Unit	OPEX $																			- $																			- $																			- $															7,093 $							7,283 $						7,473 $						7,663 $						7,853

Per	MWh/Unit	OPEX $																			- $																			- $																			- $																	0.42 $									 0.43 $								0.44 $								0.45 $								0.46

SCR Per	MWH $																			- $																			- $																			- $																			- $									 2.30 $								4.03 $								6.15 $								5.98

SNCR per	MWH $																			- $																			- $																			- $																			- $									 0.57 $								1.16 $								1.78 $								1.79

CAPEX,	Depreciation,	&	OPEX	Cost	Estimation	Worksheets	

SCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $			159,431,486 20 $																- $				7,971,574 $												7,972 11.18%

2 2016 4 $			212,254,079 20 $																- $	 10,612,704 $										10,613 11.18%

3 2018 6 $			203,339,942 20 $																- $	 10,166,997 $										10,167 11.18%

SNCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $						15,147,848 20 $																- $							757,392 $															 757 11.18%

2 2016 4 $						14,706,648 20 $																- $							735,332 $															 735 11.18%

3 2018 6 $						15,602,283 20 $																- $							780,114 $															 780 11.18%

Total	Incremental	

Cost

CAPEX	+	OPEX

FULL	PLANT,	DWP	Share	to	IOU

SCR

SNCR

Incremental

$	Per	MWh	Per	

Plant	Unit	Due	to	

Incremental	

CAPEX

SCR

SNCR
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

$								1.36 $								1.31 $								1.26 $								1.21 $								1.15 $								1.10 $								1.05 $								1.00 $								0.94 $								0.89 $								0.84 $								0.79 $								0.73 $								0.68 $								0.63

$								1.75 $								1.68 $								1.61 $								1.54 $								1.47 $								1.40 $								1.33 $								1.26 $								1.19 $								1.12 $								1.05 $								0.98 $								0.91 $								0.84 $								0.77

$								1.81 $								1.74 $								1.67 $								1.61 $								1.54 $								1.47 $								1.40 $								1.34 $								1.27 $								1.20 $								1.14 $								1.07 $								1.00 $								0.93 $								0.87

$								0.13 $								0.12 $								0.12 $								0.11 $								0.11 $								0.10 $								0.10 $								0.09 $								0.09 $								0.08 $								0.08 $								0.07 $								0.07 $								0.06 $								0.06

$								0.12 $								0.12 $								0.11 $								0.11 $								0.10 $								0.10 $								0.09 $								0.09 $								0.08 $								0.08 $								0.07 $								0.07 $								0.06 $								0.06 $								0.05

$								0.14 $								0.13 $								0.13 $								0.12 $								0.12 $								0.11 $								0.11 $								0.10 $								0.10 $								0.09 $								0.09 $								0.08 $								0.08 $								0.07 $								0.07

$						5,057 $						5,177 $						5,296 $						5,416 $						5,535 $						5,654 $						5,774 $						5,893 $						6,013 $						6,132 $						6,252 $						6,371 $						6,491 $						6,610 $						6,730

$								0.30 $								0.31 $								0.31 $								0.32 $								0.33 $								0.33 $								0.34 $								0.35 $								0.35 $								0.36 $								0.37 $								0.38 $								0.38 $								0.39 $								0.40

$						8,043 $						8,233 $						8,423 $						8,613 $						8,803 $						8,993 $						9,183 $						9,373 $						9,563 $						9,753 $						9,943 $			10,133 $			10,323 $			10,513 $			10,703

$								0.47 $								0.49 $								0.50 $								0.51 $								0.52 $								0.53 $								0.54 $								0.55 $								0.56 $								0.58 $								0.59 $								0.60 $								0.61 $								0.62 $								0.63

$								5.81 $								5.64 $								5.47 $								5.31 $								5.14 $								4.97 $								4.80 $								4.63 $								4.46 $								4.29 $								4.13 $								3.96 $								3.79 $								3.62 $								3.45

$								1.81 $								1.83 $								1.85 $								1.87 $								1.89 $								1.91 $								1.92 $								1.94 $								1.96 $								1.98 $								2.00 $								2.02 $								2.04 $								2.05 $								2.07
2035 2036

$								0.58 $								0.52

$								0.70 $								0.63

$								0.80 $								0.73

$								0.05 $								0.05

$								0.05 $								0.04

$								0.06 $								0.06

$						6,849 $						6,969

$								0.40 $								0.41

$			10,893 $			11,083

$								0.64 $								0.65

$								3.28 $								3.12

$								2.09 $								2.11
Annual	MWh 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775

2012 2013 2014 2015 2016 2017 2018 2019

Business	As	Usual	("BAU")	$	per	MWh $												35.92 $												35.89 $												35.87 $												36.06 $												36.25 $												36.45 $												36.46 $												36.38

Market	Cost	Cases	$	per	MWh

Low	Market $																- $																- $																- $																- $												40.16 $												40.16 $												40.16 $												40.16

Mid	Market $																- $																- $																- $																- $												40.16 $												40.16 $												40.16 $												40.93

High	Market $																- $																- $																- $																- $												40.16 $												40.89 $												40.89 $												41.62

SCR Incremental	Cost $	per	MWh $																- $																- $																- $																- $														2.30 $														4.03 $														6.15 $														5.98

SNCR Incremental	Cost $	per	MWh $																- $																- $																- $																- $														0.57 $														1.16 $														1.78 $														1.79

25	YR	NPV	@ Plant	Shutdown	-	Go	to	Market

7% Intall	Yrs.

Low	Market $												35.92 $												35.89 $												35.87 $												36.06 $												36.25 $												37.69 $												38.93 $												40.16

Mid	Market $												35.92 $												35.89 $												35.87 $												36.06 $												36.25 $												37.69 $												38.93 $												40.93

High	Market $												35.92 $												35.89 $												35.87 $												36.06 $												36.25 $												37.93 $												39.42 $												41.62

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$						8,523 3 $							 8,522,956 $							608,881 $							608,391 $							608,020 $							611,198 $							614,502 $							638,897 $							659,905 $							680,822

$						8,801 2 $							 8,801,240 $							608,881 $							608,391 $							608,020 $							611,198 $							614,502 $							638,897 $							659,905 $							693,915

$						8,890 1 $							 8,890,411 $							608,881 $							608,391 $							608,020 $							611,198 $							614,502 $							643,023 $							668,158 $							705,579

25	YR	NPV	@ SCR	Installation

7% Intall	Yrs.

Intall	Yrs. ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

16/17/18 $												35.92 $												35.89 $												35.87 $												36.06 $												38.55 $												40.48 $												42.61 $												42.35

SNCR $												35.92 $												35.89 $												35.87 $												36.06 $												36.82 $												37.61 $												38.24 $												38.17

2012 2013 2014 2015 2016 2017 2018 2019

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$						8,613 1 $							 8,613,236 16/17/18 $							608,881 $							608,391 $							608,020 $							611,198 $							653,415 $							686,269 $							722,277 $							717,981

$						8,174 $							 8,174,469 SNCR $							608,881 $							608,391 $							608,020 $							611,198 $							624,164 $							637,628 $							648,165 $							647,040

SCR	Installation	Premium	(SCR	Cost	-	Market	Cost)

1 $															90,280 Low	Market

2 $											(188,004) Mid

3 $											(277,175) High

$M Case NPV	$	Cost

$						7,915 BAU $							 7,915,103 $										608,881 $										608,391 $										608,020 $										611,198 $										614,502 $										617,935 $										618,071 $										616,630

Incremental	NPV	Above	BAU SCR Low	Mkt Mid	Mkt High	Mkt SNCR

BART 16/17/18 $														698 $														608 $														886 $														975

SNCR 16/17/18 $																	259

Emissions	Control	Retrofit	Cases

FULL	PLANT,	DWP	

Share	to	IOU

16/17/18

BART 16/17/18

BART

SCR $698

Low Mkt $608

Mid Mkt $886

High Mkt $975

 $-

 $200

 $400

 $600

 $800

 $1,000

 $1,200

Axis Title

NPV Difference between BAU & Cases; DWP Share to IOU 

($ million)
			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

$												37.49 $												37.72 $												38.07 $												38.22 $												38.38 $												38.45 $												38.53 $												38.72 $												39.13 $												39.54 $												39.76 $												40.00

$												40.93 $												41.71 $												41.71 $												42.51 $												42.51 $												44.11 $												44.92 $												44.92 $												44.92 $												44.92 $												45.72 $												45.72

$												41.71 $												42.48 $												43.25 $												44.80 $												45.57 $												46.34 $												47.11 $												47.89 $												48.66 $												48.66 $												49.43 $												49.43

$												42.35 $												43.08 $												43.81 $												44.80 $												45.57 $												47.04 $												47.77 $												48.51 $												49.24 $												49.98 $												49.98 $												50.71

$														5.81 $														5.64 $														5.47 $														5.31 $														5.14 $														4.97 $														4.80 $														4.63 $														4.46 $														4.29 $														4.13 $														3.96

$														1.81 $														1.83 $														1.85 $														1.87 $														1.89 $														1.91 $														1.92 $														1.94 $														1.96 $														1.98 $														2.00 $														2.02

$												40.93 $												41.71 $												41.71 $												42.51 $												42.51 $												44.11 $												44.92 $												44.92 $												44.92 $												44.92 $												45.72 $												45.72

$												41.71 $												42.48 $												43.25 $												44.80 $												45.57 $												46.34 $												47.11 $												47.89 $												48.66 $												48.66 $												49.43 $												49.43

$												42.35 $												43.08 $												43.81 $												44.80 $												45.57 $												47.04 $												47.77 $												48.51 $												49.24 $												49.98 $												49.98 $												50.71

($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$							693,915 $							707,008 $							707,008 $							720,604 $							720,604 $							747,797 $							761,393 $							761,393 $							761,393 $							761,393 $							774,989 $							774,989

$							707,008 $							720,101 $							733,193 $							759,379 $							772,471 $							785,564 $							798,657 $							811,750 $							824,842 $							824,842 $							837,935 $							837,935

$							717,958 $							730,337 $							742,715 $							759,379 $							772,471 $							797,390 $							809,849 $							822,308 $							834,768 $							847,227 $							847,227 $							859,686

($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$												43.30 $												43.36 $												43.54 $												43.52 $												43.52 $												43.42 $												43.33 $												43.35 $												43.59 $												43.83 $												43.89 $												43.96

$												39.30 $												39.55 $												39.92 $												40.09 $												40.27 $												40.36 $												40.45 $												40.66 $												41.09 $												41.52 $												41.76 $												42.02

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$							733,969 $							735,102 $							738,099 $							737,820 $							737,701 $							736,030 $							734,527 $							734,910 $							738,905 $							743,078 $							744,014 $							745,145

$							666,199 $							670,502 $							676,670 $							679,562 $							682,613 $							684,113 $							685,781 $							689,335 $							696,501 $							703,845 $							707,951 $							712,253

$										635,473 $										639,461 $										645,312 $										647,888 $										650,623 $										651,807 $										653,159 $										656,397 $										663,247 $										670,275 $										674,065 $										678,051

ases; DWP Share to IOU 
			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775

2032 2033 2034 2035 2036

$												40.14 $												40.30 $												40.47 $												40.76 $												40.95

$												45.72 $												46.52 $												46.52 $												47.32 $												47.74

$												50.20 $												50.20 $												50.20 $												50.98 $												51.62

$												51.45 $												52.18 $												52.18 $												51.45 $												52.11

$														3.79 $														3.62 $														3.45 $														3.28 $														3.12

$														2.04 $														2.05 $														2.07 $														2.09 $														2.11

$												45.72 $												46.52 $												46.52 $												47.32 $												47.74

$												50.20 $												50.20 $												50.20 $												50.98 $												51.62

$												51.45 $												52.18 $												52.18 $												51.45 $												52.11

($000) ($000) ($000) ($000) ($000)

$							774,989 $							788,586 $							788,586 $							802,182 $							809,250

$							851,028 $							851,028 $							851,028 $							864,121 $							875,071

$							872,145 $							884,604 $							884,604 $							872,145 $							883,326

($000) ($000) ($000) ($000) ($000)

$												43.93 $												43.92 $												43.93 $												44.04 $												44.07

$												42.18 $												42.36 $												42.55 $												42.85 $												43.07

2032 2033 2034 2035 2036

($000) ($000) ($000) ($000) ($000)

$							744,762 $							744,586 $							744,622 $							746,593 $							747,074

$							715,041 $							718,035 $							721,242 $							726,384 $							730,036

$										680,523 $										683,201 $										686,093 $										690,918 $										694,254

39310 $88.34 $42.39 $92.68 $42.30 16

8 66.67% 33.33% $73.02 $75.89 2007

39311 $71.04 $38.89 $75.94 $40.00 168 66.67% 33.33% $60.32 $63.96 2007

39312 $71.04 $38.89 $75.94 $40.00 168 66.67% 33.33% $60.32 $63.96 2007

E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

DWP to IOU Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Year No. Starting 2012 NA NA NA NA NA NA 0 1 2 3 4 5 6 7 8 9 10 11 12 13

Year No. Starting 2017 NA NA NA NA 1 2 3 4 5 6 7 8

Year No. Starting 2023 1 2

1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024

Units

NPV

From 2012

a Generation Statistics

b Gross Capacity MW 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409

c Operating Capacity MW 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250

d Efficiency Vs. Base Case Efficiency % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

e Net Generation MWh 423,794,375 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

f Capacity Factor % 86% 89% 89% 89% 82% 83% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

Base Case

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service $000 $ 1,152,918 $ 1,128,337 $ 1,084,940 $ 1,041,542 $ 998,144 $ 954,747 $ 911,349 $ 867,952 $ 824,554 $ 781,157 $ 737,759 $ 694,361 $ 650,964 $ 607,566 $ 564,169

4 Annual Depreciation Expense $000 43,398 43,398 43,398 43,398 43,398 43,398 43,398 43,398 43,398 43,398 43,398 43,398 43,398 43,398 43,398

5 Accumulated Depreciation $000 623,899 667,296 710,694 754,091 797,489 840,887 884,284 927,682 971,079 1,014,477 1,057,874 1,101,272 1,144,670 1,188,067 1,231,465

6 remove connections to POU case from here down

7 Return on Capital

8 Capital Recovery $000 117,401 114,898 110,478 106,059 101,640 97,221 92,802 88,383 83,964 79,544 75,125 70,706 66,287 61,868 57,449

9 $ per MWh 6.78 6.52 6.26 6.00 5.74 5.47 5.21 4.95 4.69 4.43 4.17 3.91 3.65 3.39

10

11 Total CAPEX (Depreciation + Return on Capital) $000 160,798 158,295 153,876 149,457 145,038 140,619 136,199 131,780 127,361 122,942 118,523 114,104 109,685 105,266 100,846

12 $ per MWh 9.79 9.34 9.08 8.82 8.56 8.30 8.03 7.77 7.51 7.25 6.99 6.73 6.47 6.21 5.95

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year) % 0.02 (0.03) -2.1% 0.0% 0.0% 1.1% 1.0% 1.0% 0.0% -0.5% 1.0% 1.0% 1.5% 0.5% 0.5%

16 Fuel Expense $000 217,336 251,483 290,795 305,647 266,476 292,409 330,869 324,012 324,012 324,012 327,440 330,869 334,298 334,298 332,583 336,012 339,441 344,584 346,298 348,012

17 $ per MWh 12.76 14.34 16.51 17.44 16.51 17.80 19.52 19.11 19.11 19.11 19.32 19.52 19.72 19.72 19.62 19.82 20.02 20.33 20.43 20.53

18 3,429 336,012

19 Non-Fuel Operating & Maintenance Expenses 20,058 352,641

20 Operating Expenses

21 Op. Supervision & Engineering $000 10,025 11,620 9,497 10,727 8,644 10,852 10,880 11,207 11,543 11,889 12,246 12,613 12,992 13,381 13,783 14,196 14,622 15,061 15,513 15,978

22 Total Steam/Hydraulic Expense $000 8,067 9,237 11,438 12,545 12,939 12,706 14,638 15,077 15,529 15,995 16,475 16,969 17,478 18,002 18,542 19,099 19,672 20,262 20,870 21,496

23 Electric Expenses $000 901 1,653 2,664 3,128 3,740 3,668 3,764 3,877 3,994 4,113 4,237 4,364 4,495 4,630 4,768 4,912 5,059 5,211 5,367 5,528

24 Misc. Power Expenses $000 13,701 14,805 22,196 16,849 16,924 14,718 15,606 16,074 16,556 17,053 17,564 18,091 18,634 19,193 19,769 20,362 20,973 21,602 22,250 22,918

25 Rents $000 475 479 456 469 458 458 458 472 486 501 516 531 547 563 580 598 616 634 653 673

26 Allowances $000 - - - - - - - - - - - - - - - - - - - -

27 Total Non-Fuel Operating Expenses $000 33,168 37,793 46,250 43,719 42,706 42,403 45,346 46,707 48,108 49,551 51,038 52,569 54,146 55,770 57,443 59,166 60,941 62,770 64,653 66,592

28 1.95 2.15 2.63 2.49 2.65 2.58 2.68 2.76 2.84 2.92 3.01 3.10 3.19 3.29 3.39 3.49 3.59 3.70 3.81 3.93

29 Maintenance Expenses 

30 Supervision & Engineering $000 3,875 4,016 4,239 5,345 7,257 7,984 7,405 7,627 7,856 8,092 8,334 8,584 8,842 9,107 9,380 9,662 9,952 10,250 10,558 10,874

31 Structures $000 1,595 2,101 1,664 2,171 3,135 3,039 2,376 2,447 2,521 2,596 2,674 2,754 2,837 2,922 3,010 3,100 3,193 3,289 3,387 3,489

32 Boiler/Reactor/Reservoirs & Dams $000 30,741 25,723 24,939 27,725 41,809 36,127 46,925 48,332 49,782 51,276 52,814 54,399 56,031 57,711 59,443 61,226 63,063 64,955 66,903 68,910

33 Electric Plant $000 12,623 7,234 4,360 8,992 20,627 16,470 19,044 19,615 20,203 20,809 21,434 22,077 22,739 23,421 24,124 24,848 25,593 26,361 27,152 27,966

34 Misc. Plant $000 4,415 4,769 3,688 3,520 3,782 3,325 6,082 6,265 6,453 6,646 6,846 7,051 7,263 7,480 7,705 7,936 8,174 8,419 8,672 8,932

35 Total Maintenance Expenses $000 53,249 43,843 38,890 47,753 76,610 78,908 81,831 84,286 86,815 89,419 92,102 94,865 97,711 100,642 103,662 106,771 109,975 113,274 116,672 120,172

36 $ per MWh 3.13 2.50 2.21 2.73 4.75 4.80 4.83 4.97 5.12 5.27 5.43 5.60 5.76 5.94 6.12 6.30 6.49 6.68 6.88 7.09

37 Production Costs

38 CO2 cost If Included $ - 303,753 333,119 375,934 397,119 385,792 413,720 458,047 455,005 458,934 462,982 470,580 478,303 486,154 490,710 493,688 501,950 510,357 520,627 527,623 534,777

39 Total Production $ per MWh 17.84 18.99 21.34 22.66 23.90 25.18 27.02 26.84 27.07 27.31 27.76 28.22 28.68 28.95 29.12 29.61 30.11 30.71 31.12 31.55

40

Base Case Total Cost of Electricity

Cost of Electricity $000 574518.6395 616341.7452 608,881 608,391 608,020 611,198 614,502 617,935 618,071 616,630 635,473 639,461 645,312 647,888 650,623

Cost of Electricity $ per MWh 17.84 18.99 21.34 22.66 23.90 34.97 36.36 35.92 35.89 35.87 36.06 36.25 36.45 36.46 36.38 37.49 37.72 38.07 38.22 38.38

BASE

SNCR

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

$Million

09000064811c2027

DWP Share to IOU Full Plant
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

DWP to IOU Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

a Generation Statistics

b Gross Capacity

c Operating Capacity

d Efficiency Vs. Base Case Efficiency

e Net Generation

f Capacity Factor

Base Case

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service

4 Annual Depreciation Expense

5 Accumulated Depreciation

6

7 Return on Capital

8 Capital Recovery

9

10

11 Total CAPEX (Depreciation + Return on Capital)

12

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year)

16 Fuel Expense

17

18

19 Non-Fuel Operating & Maintenance Expenses

20 Operating Expenses

21 Op. Supervision & Engineering

22 Total Steam/Hydraulic Expense

23 Electric Expenses

24 Misc. Power Expenses

25 Rents

26 Allowances

27 Total Non-Fuel Operating Expenses

28

29 Maintenance Expenses 

30 Supervision & Engineering

31 Structures

32 Boiler/Reactor/Reservoirs & Dams

33 Electric Plant

34 Misc. Plant

35 Total Maintenance Expenses

36

37 Production Costs

38 CO2 cost If Included

39 Total Production

40

Base Case Total Cost of Electricity

Cost of Electricity

Cost of Electricity

BASE

SNCR

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

14 15 16 17 18 19 20 21 22 23 24

9 10 11 12 13 14 15 16 17 18 19

3 4 5 6 7 8 9 10 11 12 13

1/1/2025 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409

 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

$ 520,771 $ 477,373 $ 433,978 $ 390,578 $ 347,181 $ 303,783 $ 260,386 $ 216,988 $ 173,590 $ 130,193 $ 86,795

 43,398 43,398 43,396 43,400 43,398 43,398 43,398 43,398 43,398 43,398 43,398

 1,274,862 1,318,260 1,361,656 1,405,055 1,448,453 1,491,850 1,535,248 1,578,645 1,622,043 1,665,441 1,708,838

 53,030 48,611 44,192 39,772 35,353 30,934 26,515 22,096 17,677 13,257 8,838

 3.13 2.87 2.61 2.35 2.09 1.82 1.56 1.30 1.04 0.78 0.52

 96,427 92,008 87,587 83,172 78,751 74,332 69,912 65,493 61,074 56,655 52,236

 5.69 5.43 5.17 4.91 4.65 4.38 4.12 3.86 3.60 3.34 3.08

0.0% 0.0% 0.5% 1.5% 1.4% 0.5% 0.5% 0.0% 0.0% 0.0% 0.5%

 348,012 348,012 349,727 354,870 360,013 361,727 363,442 363,442 363,442 363,442 365,156

 20.53 20.53 20.63 20.93 21.24 21.34 21.44 21.44 21.44 21.44 21.54

 16,458 16,951 17,460 17,984 18,523 19,079 19,651 20,241 20,848 21,473 22,118

 22,141 22,805 23,489 24,194 24,920 25,667 26,437 27,230 28,047 28,889 29,755

 5,694 5,865 6,041 6,222 6,408 6,601 6,799 7,003 7,213 7,429 7,652

 23,605 24,313 25,043 25,794 26,568 27,365 28,186 29,031 29,902 30,799 31,723

 693 714 735 757 780 803 827 852 878 904 931

 - - - - - - - - - - -

 68,590 70,648 72,767 74,950 77,199 79,515 81,900 84,357 86,888 89,495 92,179

 4.05 4.17 4.29 4.42 4.55 4.69 4.83 4.98 5.13 5.28 5.44

 11,201 11,537 11,883 12,239 12,606 12,984 13,374 13,775 14,188 14,614 15,053

 3,594 3,702 3,813 3,927 4,045 4,166 4,291 4,420 4,553 4,689 4,830

 70,978 73,107 75,300 77,559 79,886 82,283 84,751 87,294 89,913 92,610 95,388

 28,805 29,669 30,559 31,476 32,420 33,393 34,395 35,427 36,490 37,584 38,712

 9,200 9,476 9,760 10,053 10,355 10,665 10,985 11,315 11,654 12,004 12,364

 123,777 127,491 131,315 135,255 139,313 143,492 147,797 152,231 156,797 161,501 166,346

 7.30 7.52 7.75 7.98 8.22 8.46 8.72 8.98 9.25 9.53 9.81

 540,380 546,151 553,810 565,075 576,524 584,734 593,138 600,029 607,127 614,438 623,682

31.88 32.22 32.67 33.33 34.01 34.49 34.99 35.40 35.81 36.25 36.79

 651,807 653,159 656,397 663,247 670,275 674,065 678,051 680,523 683,201 686,093 690,918

 38.45 38.53 38.72 39.13 39.54 39.76 40.00 40.14 40.30 40.47 40.76

09000064811c2027

DWP Share to IOU Full Plant
MWh	per Full	Plant 											16,951,775

Per	Plant	Unit 													5,650,592

CAPEX	Unit	Cost	($/MWh)	Worksheets	

Intall	Years Unit	No. 2012 2013 2014 2015 2016 2017 2018 2019

1 $							1.36 $							1.32 $							1.27

2 $							1.81 $							1.76 $							1.70 $							1.64

3 $							1.74 $							1.68

1 $							0.13 $							0.13 $							0.12

2 $							0.13 $							0.12 $							0.12 $							0.11

3 $							0.13 $							0.13

Per	Unit	OPEX $																			- $																			- $																			- $															4,460 $				4,579 $				4,699 $				4,818 $				4,938

Per	MWh/Unit	OPEX $																			- $																			- $																			- $																	0.26 $							0.27 $							0.28 $							0.28 $							0.29

Per	Unit	OPEX $																			- $																			- $																			- $															7,093 $				7,283 $				7,473 $				7,663 $				7,853

Per	MWh/Unit	OPEX $																			- $																			- $																			- $																	0.42 $							0.43 $							0.44 $							0.45 $							0.46

SCR Per	MWH $																			- $																			- $																			- $																			- $							2.08 $							3.67 $							5.60 $							5.46

SNCR per	MWH $																			- $																			- $																			- $																			- $							0.56 $							1.13 $							1.73 $							1.75

CAPEX,	Depreciation,	&	OPEX	Cost	Estimation	Worksheets	

SCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $			159,431,486 20 $																- $				7,971,574 $												7,972 9.49%

2 2016 4 $			212,254,079 20 $																- $	 10,612,704 $										10,613 9.49%

3 2018 6 $			203,339,942 20 $																- $	 10,166,997 $										10,167 9.49%

SNCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $						15,147,848 20 $																- $							757,392 $															 757 9.49%

2 2016 4 $						14,706,648 20 $																- $							735,332 $															 735 9.49%

3 2018 6 $						15,602,283 20 $																- $							780,114 $															 780 9.49%

Total	Incremental	

Cost

CAPEX	+	OPEX

FULL	PLANT,	DWP	Share	to	POU

SCR

SNCR

Incremental

$	Per	MWh	Per	

Plant	Unit	Due	to	

Incremental	

CAPEX

SCR

SNCR
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

$							1.23 $							1.18 $							1.14 $							1.10 $							1.05 $							1.01 $							0.96 $							0.92 $							0.87 $							0.83 $							0.78 $							0.74 $							0.69 $							0.65 $							0.60 $							0.56

$							1.58 $							1.52 $							1.46 $							1.40 $							1.34 $							1.28 $							1.22 $							1.16 $							1.10 $							1.04 $							0.98 $							0.92 $							0.86 $							0.80 $							0.74 $							0.69

$							1.62 $							1.57 $							1.51 $							1.45 $							1.40 $							1.34 $							1.28 $							1.23 $							1.17 $							1.11 $							1.06 $							1.00 $							0.94 $							0.88 $							0.83 $							0.77

$							0.12 $							0.11 $							0.11 $							0.10 $							0.10 $							0.10 $							0.09 $							0.09 $							0.08 $							0.08 $							0.07 $							0.07 $							0.07 $							0.06 $							0.06 $							0.05

$							0.11 $							0.11 $							0.10 $							0.10 $							0.09 $							0.09 $							0.08 $							0.08 $							0.08 $							0.07 $							0.07 $							0.06 $							0.06 $							0.06 $							0.05 $							0.05

$							0.12 $							0.12 $							0.12 $							0.11 $							0.11 $							0.10 $							0.10 $							0.09 $							0.09 $							0.09 $							0.08 $							0.08 $							0.07 $							0.07 $							0.06 $							0.06

$				5,057 $				5,177 $				5,296 $				5,416 $				5,535 $				5,654 $				5,774 $				5,893 $				6,013 $				6,132 $				6,252 $				6,371 $				6,491 $				6,610 $				6,730 $				6,849

$							0.30 $							0.31 $							0.31 $							0.32 $							0.33 $							0.33 $							0.34 $							0.35 $							0.35 $							0.36 $							0.37 $							0.38 $							0.38 $							0.39 $							0.40 $							0.40

$				8,043 $				8,233 $				8,423 $				8,613 $				8,803 $				8,993 $				9,183 $				9,373 $				9,563 $				9,753 $				9,943 $		10,133 $		10,323 $		10,513 $		10,703 $		10,893

$							0.47 $							0.49 $							0.50 $							0.51 $							0.52 $							0.53 $							0.54 $							0.55 $							0.56 $							0.58 $							0.59 $							0.60 $							0.61 $							0.62 $							0.63 $							0.64

$							5.33 $							5.19 $							5.05 $							4.91 $							4.77 $							4.63 $							4.49 $							4.35 $							4.21 $							4.07 $							3.93 $							3.79 $							3.65 $							3.51 $							3.37 $							3.23

$							1.77 $							1.80 $							1.82 $							1.84 $							1.86 $							1.88 $							1.90 $							1.92 $							1.94 $							1.96 $							1.98 $							2.00 $							2.02 $							2.05 $							2.07 $							2.09
2036

$							0.51

$							0.63

$							0.71

$							0.05

$							0.04

$							0.05

$				6,969

$							0.41

$		11,083

$							0.65

$							3.09

$							2.11
Annual	MWh 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775

2012 2013 2014 2015 2016 2017 2018 2019

Business	As	Usual	("BAU")	$	per	MWh $												34.84 $												34.85 $												34.88 $												35.11 $												35.34 $												35.59 $												35.64 $												35.60

Market	Cost	Cases	$	per	MWh

Low	Market $																- $																- $																- $																- $												40.16 $												40.16 $												40.16 $												40.16

Mid	Market $																- $																- $																- $																- $												40.16 $												40.16 $												40.16 $												40.93

High	Market $																- $																- $																- $																- $												40.16 $												40.89 $												40.89 $												41.62

SCR Incremental	Cost $	per	MWh $																- $																- $																- $																- $														2.08 $														3.67 $														5.60 $														5.46

SNCR Incremental	Cost $	per	MWh $																- $																- $																- $																- $														0.56 $														1.13 $														1.73 $														1.75

25	YR	NPV	@ Plant	Shutdown	-	Go	to	Market

7% Intall	Yrs.

Low	Market $												34.84 $												34.85 $												34.88 $												35.11 $												35.34 $												37.11 $												38.66 $												40.16

Mid	Market $												34.84 $												34.85 $												34.88 $												35.11 $												35.34 $												37.11 $												38.66 $												40.93

High	Market $												34.84 $												34.85 $												34.88 $												35.11 $												35.34 $												37.36 $												39.14 $												41.62

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$						8,439 3 $							 8,438,730 $							590,603 $							590,845 $							591,205 $							595,114 $							599,149 $							629,149 $							655,275 $							680,822

$						8,717 2 $							 8,717,014 $							590,603 $							590,845 $							591,205 $							595,114 $							599,149 $							629,149 $							655,275 $							693,915

$						8,806 1 $							 8,806,185 $							590,603 $							590,845 $							591,205 $							595,114 $							599,149 $							633,276 $							663,527 $							705,579

25	YR	NPV	@ SCR	Installation

7% Intall	Yrs.

Intall	Yrs. ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

16/17/18 $												34.84 $												34.85 $												34.88 $												35.11 $												37.43 $												39.26 $												41.25 $												41.06

SNCR $												34.84 $												34.85 $												34.88 $												35.11 $												35.90 $												36.72 $												37.37 $												37.35

2012 2013 2014 2015 2016 2017 2018 2019

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$						8,414 1 $							 8,414,408 16/17/18 $							590,603 $							590,845 $							591,205 $							595,114 $							634,486 $							665,564 $							699,191 $							696,111

$						8,021 $							 8,021,448 SNCR $							590,603 $							590,845 $							591,205 $							595,114 $							608,564 $							622,516 $							633,546 $							633,190

SCR	Installation	Premium	(SCR	Cost	-	Market	Cost)

1 $														(24,322) Low	Market

2 $											(302,606) Mid

3 $											(391,777) High

$M Case NPV	$	Cost Intall	Yrs.

$						7,766 BAU $							 7,766,003 $										590,603 $										590,845 $										591,205 $										595,114 $										599,149 $										603,313 $										604,180 $										603,470

Incremental	NPV	Above	BAU SCR Low	Mkt Mid	Mkt High	Mkt SNCR

BART 16/17/18 $														648 $																	673 $																	951 $														1,040

SNCR 16/17/18 $																	255

Emissions	Control	Retrofit	Cases

FULL	PLANT,	DWP	

Share	to	POU

16/17/18

BART 16/17/18

BART

SCR $648

Low Mkt $673

Mid Mkt $951

High Mkt $1,040

 $-

 $200

 $400

 $600

 $800

 $1,000

 $1,200

$ million

NPV Difference between BAU & Cases; DWP Share to POU 

($ million)
			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

$												36.75 $												37.03 $												37.42 $												37.62 $												37.82 $												37.93 $												38.06 $												38.29 $												38.74 $												39.20 $												39.46 $												39.74

$												40.93 $												41.71 $												41.71 $												42.51 $												42.51 $												44.11 $												44.92 $												44.92 $												44.92 $												44.92 $												45.72 $												45.72

$												41.71 $												42.48 $												43.25 $												44.80 $												45.57 $												46.34 $												47.11 $												47.89 $												48.66 $												48.66 $												49.43 $												49.43

$												42.35 $												43.08 $												43.81 $												44.80 $												45.57 $												47.04 $												47.77 $												48.51 $												49.24 $												49.98 $												49.98 $												50.71

$														5.33 $														5.19 $														5.05 $														4.91 $														4.77 $														4.63 $														4.49 $														4.35 $														4.21 $														4.07 $														3.93 $														3.79

$														1.77 $														1.80 $														1.82 $														1.84 $														1.86 $														1.88 $														1.90 $														1.92 $														1.94 $														1.96 $														1.98 $														2.00

$												40.93 $												41.71 $												41.71 $												42.51 $												42.51 $												44.11 $												44.92 $												44.92 $												44.92 $												44.92 $												45.72 $												45.72

$												41.71 $												42.48 $												43.25 $												44.80 $												45.57 $												46.34 $												47.11 $												47.89 $												48.66 $												48.66 $												49.43 $												49.43

$												42.35 $												43.08 $												43.81 $												44.80 $												45.57 $												47.04 $												47.77 $												48.51 $												49.24 $												49.98 $												49.98 $												50.71

($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$							693,915 $							707,008 $							707,008 $							720,604 $							720,604 $							747,797 $							761,393 $							761,393 $							761,393 $							761,393 $							774,989 $							774,989

$							707,008 $							720,101 $							733,193 $							759,379 $							772,471 $							785,564 $							798,657 $							811,750 $							824,842 $							824,842 $							837,935 $							837,935

$							717,958 $							730,337 $							742,715 $							759,379 $							772,471 $							797,390 $							809,849 $							822,308 $							834,768 $							847,227 $							847,227 $							859,686

($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$												42.08 $												42.22 $												42.47 $												42.52 $												42.59 $												42.56 $												42.54 $												42.64 $												42.94 $												43.26 $												43.39 $												43.53

$												38.53 $												38.83 $												39.24 $												39.45 $												39.68 $												39.81 $												39.96 $												40.21 $												40.68 $												41.16 $												41.44 $												41.74

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000) ($000)

$							713,314 $							715,662 $							719,874 $							720,812 $							721,907 $							721,452 $							721,164 $							722,763 $							727,973 $							733,362 $							735,513 $							737,860

$							653,119 $							658,192 $							665,128 $							668,790 $							672,611 $							674,880 $							677,317 $							681,640 $							689,576 $							697,689 $							702,565 $							707,636

$										623,044 $										627,763 $										634,346 $										637,653 $										641,119 $										643,034 $										645,117 $										649,086 $										656,667 $										664,426 $										668,948 $										673,664

ases; DWP Share to POU 
			16,951,775 			16,951,775 			16,951,775 			16,951,775 			16,951,775

2032 2033 2034 2035 2036

$												39.93 $												40.13 $												40.34 $												40.67 $												40.91

$												45.72 $												46.52 $												46.52 $												47.32 $												47.74

$												50.20 $												50.20 $												50.20 $												50.98 $												51.62

$												51.45 $												52.18 $												52.18 $												51.45 $												52.11

$														3.65 $														3.51 $														3.37 $														3.23 $														3.09

$														2.02 $														2.05 $														2.07 $														2.09 $														2.11

$												45.72 $												46.52 $												46.52 $												47.32 $												47.74

$												50.20 $												50.20 $												50.20 $												50.98 $												51.62

$												51.45 $												52.18 $												52.18 $												51.45 $												52.11

($000) ($000) ($000) ($000) ($000)

$							774,989 $							788,586 $							788,586 $							802,182 $							809,250

$							851,028 $							851,028 $							851,028 $							864,121 $							875,071

$							872,145 $							884,604 $							884,604 $							872,145 $							883,326

($000) ($000) ($000) ($000) ($000)

$												43.58 $												43.64 $												43.71 $												43.90 $												44.00

$												41.95 $												42.18 $												42.41 $												42.76 $												43.02

2032 2033 2034 2035 2036

($000) ($000) ($000) ($000) ($000)

$							738,692 $							739,731 $							740,983 $							744,169 $							745,866

$							711,193 $							714,957 $							718,934 $							724,844 $							729,266

$										676,867 $										680,277 $										683,899 $										689,455 $										693,523

39310 $88.34 $42.39 $92.68 $42.30 16

8 66.67% 33.33% $73.02 $75.89 2007

39311 $71.04 $38.89 $75.94 $40.00 168 66.67% 33.33% $60.32 $63.96 2007

39312 $71.04 $38.89 $75.94 $40.00 168 66.67% 33.33% $60.32 $63.96 2007

E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

DWP to POU Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Year No. Starting 2012 NA NA NA NA NA NA 0 1 2 3 4 5 6 7 8 9 10 11 12 13

NA NA NA NA NA NA

1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024

Units

25 YR NPV

From 2012

a Generation Statistics

b Gross Capacity MW 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409

c Operating Capacity MW 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250

d Efficiency Vs. Base Case Efficiency % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

e Net Generation MWh 423,794,375 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

f Capacity Factor % 86% 89% 89% 89% 82% 87% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

Base Case Plant as of 2011

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service $000 $ 1,152,918 $ 1,128,337 $ 1,084,940 $ 1,041,542 $ 998,144 $ 954,747 $ 911,349 $ 867,952 $ 824,554 $ 781,157 $ 737,759 $ 694,361 $ 650,964 $ 607,566 $ 564,169

4 Annual Depreciation Expense $000 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398

5 Accumulated Depreciation $000 623,899 $ 667,296 710,694 754,091 797,489 840,887 884,284 927,682 971,079 1,014,477 1,057,874 1,101,272 1,144,670 1,188,067 1,231,465

6

7 Return on Capital

8 Capital Recovery $000 752 97,978 95,889 92,201 88,513 84,825 81,137 77,449 73,761 70,073 66,385 62,697 59,009 55,321 51,633 47,945

9 $ per MWh 5.66 5.44 5.22 5.00 4.79 4.57 4.35 4.13 3.92 3.70 3.48 3.26 3.05 2.83

10

11 Total CAPEX (Depreciation + Return on Capital) $000 1,293 141,376 139,287 135,599 131,911 128,223 124,535 120,846 117,158 113,470 109,782 106,094 102,406 98,718 95,030 91,342

12 $ per MWh 8.60 8.22 8.00 7.78 7.56 7.35 7.13 6.91 6.69 6.48 6.26 6.04 5.82 5.61 5.39

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year) % 1.5% -2.5% -2.1% 0.0% 0.0% 1.1% 1.0% 1.0% 0.0% -0.5% 1.0% 1.0% 1.5% 0.5% 0.5%

16 Fuel Expense $000 4,231 217,336 251,483 290,795 305,647 266,476 292,409 330,869 324,012 324,012 324,012 327,440 330,869 334,298 334,298 332,583 336,012 339,441 344,584 346,298 348,012

17 $ per MWh 12.76 14.34 16.51 17.44 16.51 17.80 19.52 19.11 19.11 19.11 19.32 19.52 19.72 19.72 19.62 19.82 20.02 20.33 20.43 20.53

18 3,429 336,012

19 Non-Fuel Operating & Maintenance Expenses 20,058 352,641

20 Operating Expenses

21 Op. Supervision & Engineering $000 10,025 11,620 9,497 10,727 8,644 10,852 10,880 11,207 11,543 11,889 12,246 12,613 12,992 13,381 13,783 14,196 14,622 15,061 15,513 15,978

22 Total Steam/Hydraulic Expense $000 8,067 9,237 11,438 12,545 12,939 12,706 14,638 15,077 15,529 15,995 16,475 16,969 17,478 18,002 18,542 19,099 19,672 20,262 20,870 21,496

23 Electric Expenses $000 901 1,653 2,664 3,128 3,740 3,668 3,764 3,877 3,994 4,113 4,237 4,364 4,495 4,630 4,768 4,912 5,059 5,211 5,367 5,528

24 Misc. Power Expenses $000 13,701 14,805 22,196 16,849 16,924 14,718 15,606 16,074 16,556 17,053 17,564 18,091 18,634 19,193 19,769 20,362 20,973 21,602 22,250 22,918

25 Rents $000 475 479 456 469 458 458 458 472 486 501 516 531 547 563 580 598 616 634 653 673

26 Allowances $000 - - - - - - - - - - - - - - - - - - - -

27 Total Non-Fuel Operating Expenses $000 767 33,168 37,793 46,250 43,719 42,706 42,403 45,346 46,707 48,108 49,551 51,038 52,569 54,146 55,770 57,443 59,166 60,941 62,770 64,653 66,592

28 1.95 2.15 2.63 2.49 2.65 2.58 2.68 2.76 2.84 2.92 3.01 3.10 3.19 3.29 3.39 3.49 3.59 3.70 3.81 3.93

29 Maintenance Expenses 

30 Supervision & Engineering $000 3,875 4,016 4,239 5,345 7,257 7,984 7,405 7,627 7,856 8,092 8,334 8,584 8,842 9,107 9,380 9,662 9,952 10,250 10,558 10,874

31 Structures $000 1,595 2,101 1,664 2,171 3,135 3,039 2,376 2,447 2,521 2,596 2,674 2,754 2,837 2,922 3,010 3,100 3,193 3,289 3,387 3,489

32 Boiler/Reactor/Reservoirs & Dams $000 30,741 25,723 24,939 27,725 41,809 36,127 46,925 48,332 49,782 51,276 52,814 54,399 56,031 57,711 59,443 61,226 63,063 64,955 66,903 68,910

33 Electric Plant $000 12,623 7,234 4,360 8,992 20,627 16,470 19,044 19,615 20,203 20,809 21,434 22,077 22,739 23,421 24,124 24,848 25,593 26,361 27,152 27,966

34 Misc. Plant $000 4,415 4,769 3,688 3,520 3,782 3,325 6,082 6,265 6,453 6,646 6,846 7,051 7,263 7,480 7,705 7,936 8,174 8,419 8,672 8,932

35 Total Maintenance Expenses $000 1,384 53,249 43,843 38,890 47,753 76,610 66,945 81,831 84,286 86,815 89,419 92,102 94,865 97,711 100,642 103,662 106,771 109,975 113,274 116,672 120,172

36 $ per MWh 3.13 2.50 2.21 2.73 4.75 4.07 4.83 4.97 5.12 5.27 5.43 5.60 5.76 5.94 6.12 6.30 6.49 6.68 6.88 7.09

37 Production Costs

38 CO2 cost If Included $ - 6,382 303,753 333,119 375,934 397,119 385,792 401,758 458,047 455,005 458,934 462,982 470,580 478,303 486,154 490,710 493,688 501,950 510,357 520,627 527,623 534,777

39 Total Production $ per MWh 17.84 18.99 21.34 22.66 23.90 24.45 27.02 26.84 27.07 27.31 27.76 28.22 28.68 28.95 29.12 29.61 30.11 30.71 31.12 31.55

40

Base Case Total Cost of Electricity

Cost of Electricity $000 7,766 543,133.2 597,333 590,603 590,845 591,205 595,114 599,149 603,313 604,180 603,470 623,044 627,763 634,346 637,653 641,119

Cost of Electricity $ per MWh 17.84 18.99 21.34 22.66 23.90 33.06 35.24 34.84 34.85 34.88 35.11 35.34 35.59 35.64 35.60 36.75 37.03 37.42 37.62 37.82

SNCR Incremental to Base Case

1 Net Generation MWh 339,035,500 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1 $000 - - - - - 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

5 Unit 2 $000 - - - - 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

6 Unit 3 $000 - - - - - - 15,602 15,602 15,602 15,602 15,602 15,602 15,602

9 Total Incremental Plant in Service $000 - 14,707 29,854 45,457 45,457 45,457 45,457 45,457 45,457 45,457

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value $000 15,148 14,390 13,633 12,876 12,118 11,361 10,603 9,846

14 Annual Depreciation Expense $000 757 757 757 757 757 757 757 757

Ending Book Value 14,390 13,633 12,876 12,118 11,361 10,603 9,846 9,089

15 Accumulated Depreciation $000 757 1,515 2,272 3,030 3,787 4,544 5,302 6,059

16 Unit 2

17 Starting Book Value $000 14,707 13,971 13,236 12,501 11,765 11,030 10,295 9,559 8,824

18 Annual Depreciation Expense $000 735 735 735 735 735 735 735 735 735

Ending Book Value 13,971 13,236 12,501 11,765 11,030 10,295 9,559 8,824 8,089

19 Accumulated Depreciation $000 735 1,471 2,206 2,941 3,677 4,412 5,147 5,883 6,618

2018

$Million

2017

2016

BASE

SNCR

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

09000064811c2027

Total Plant w DWP Share to POU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

20 Unit 3

21 Starting Book Value $000 15,602 14,822 14,042 13,262 12,482 11,702 10,922

22 Annual Depreciation Expense $000 780 780 780 780 780 780 780

Ending Book Value 14,822 14,042 13,262 12,482 11,702 10,922 10,141

23 Accumulated Depreciation $000 780 1,560 2,340 3,120 3,901 4,681 5,461

32 - - - - - - - - - -

33 Total Incremental Depreciation Expense - - - - - 735 1,493 2,273 2,273 2,273 2,273 2,273 2,273 2,273

34

35

36 Return on Capital

37 Book Value $000 233 - - - - - 14,707 29,119 43,229 40,956 38,683 36,410 34,137 31,865 29,592

38 Capital Recovery $000 22 - - - - - 1,396 2,764 4,103 3,887 3,671 3,456 3,240 3,024 2,809

39

40 Total Incremental CAPEX $000 40 - - - - - 2,131 4,256 6,376 6,160 5,944 5,729 5,513 5,297 5,081

41 $ per MWh - - - - - 0.13 0.25 0.38 0.36 0.35 0.34 0.33 0.31 0.30

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1 $000 - - - - - - 7,473 7,663 7,853 8,043 8,233 8,423 8,613 8,803

45 Unit 2 $000 - - - - - 7,283 7,473 7,663 7,853 8,043 8,233 8,423 8,613 8,803

46 Unit 3 $000 - - - - - - - 7,663 7,853 8,043 8,233 8,423 8,613 8,803

49 Total Incremental OPEX $000 215 - - - - - 7,283 14,947 22,990 23,560 24,130 24,700 25,270 25,840 26,410

50 Total Incremental OPEX $ per MWh 0.00 0.00 0.00 0.00 0.00 0.43 0.88 1.36 1.39 1.42 1.46 1.49 1.52 1.56

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX $000 255 - - - - - 9,414 19,203 29,366 29,720 30,074 30,429 30,783 31,137 31,491

54 Unit Cost: Total Incremental $ per MWh 0.00 0.00 0.00 0.00 0.00 0.56 1.13 1.73 1.75 1.77 1.80 1.82 1.84 1.86

55

56

SNCR Total Cost of Electricity

Base Case Cost + Incremental Cost $000 8,021 $ 597,333 $ 590,603 $ 590,845 $ 591,205 $ 595,114 $ 608,564 $ 622,516 $ 633,546 $ 633,190 $ 653,119 $ 658,192 $ 665,128 $ 668,790 $ 672,611 

Base Case Cost + Incremental Cost $ per MWh 35.24 34.84 34.85 34.88 35.11 35.90 36.72 37.37 37.35 38.53 38.83 39.24 39.45 39.68

Incremental to BAU $ per MWh - - - - - 0.56 1.13 1.73 1.75 1.77 1.80 1.82 1.84 1.86

SCR Base Case + Selective Catalytic Reduction + Baghouse

1 Net Generation MWh 339,035,500 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1 $000 - - - - - 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

5 Unit 2 $000 - - - - 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

6 Unit 3 $000 - - - - - - 203,340 203,340 203,340 203,340 203,340 203,340 203,340

9 Total Incremental Plant in Service $000 - - - - - 212,254 371,686 575,026 575,026 575,026 575,026 575,026 575,026 575,026

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value $000 159,431 151,460 143,488 135,517 127,545 119,574 111,602 103,630

14 Annual Depreciation Expense $000 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

Ending Book Value 151,460 143,488 135,517 127,545 119,574 111,602 103,630 95,659

15 Accumulated Depreciation $000 7,972 15,943 23,915 31,886 39,858 47,829 55,801 63,773

16 Unit 2

17 Starting Book Value $000 212,254 201,641 191,029 180,416 169,803 159,191 148,578 137,965 127,352

18 Annual Depreciation Expense $000 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

Ending Book Value 201,641 191,029 180,416 169,803 159,191 148,578 137,965 127,352 116,740

19 Accumulated Depreciation $000 10,613 21,225 31,838 42,451 53,064 63,676 74,289 84,902 95,514

20 Unit 3

21 Starting Book Value $000 203,340 193,173 183,006 172,839 162,672 152,505 142,338

22 Annual Depreciation Expense $000 10,167 10,167 10,167 10,167 10,167 10,167 10,167

Ending Book Value 193,173 183,006 172,839 162,672 152,505 142,338 132,171

23 Accumulated Depreciation $000 10,167 20,334 30,501 40,668 50,835 61,002 71,169

32

33 Total Incremental Depreciation Expense - - - - - 10,613 18,584 28,751 28,751 28,751 28,751 28,751 28,751 28,751

34

35

36 Return on Capital

37 Book Value $000 2,952 - - - - - 212,254 361,073 545,829 517,077 488,326 459,575 430,823 402,072 373,321

38 Capital Recovery $000 280 - - - - - 20,145 34,269 51,805 49,076 46,347 43,618 40,889 38,161 35,432

39

40 Total Incremental CAPEX $000 513 - - - - - 30,758 52,854 80,556 77,827 75,098 72,370 69,641 66,912 64,183

41 $ per MWh - - - - - 1.81 3.12 4.75 4.59 4.43 4.27 4.11 3.95 3.79

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1 $000 - - - - - - 4,699 4,818 4,938 5,057 5,177 5,296 5,416 5,535

45 Unit 2 $000 - - - - - 4,579 4,699 4,818 4,938 5,057 5,177 5,296 5,416 5,535

46 Unit 3 $000 - - - - - - - 4,818 4,938 5,057 5,177 5,296 5,416 5,535

49 Total Incremental OPEX $000 135 - - - - - - 4,579 9,398 14,455 14,813 15,171 15,530 15,888 16,247 16,605

50 Total Incremental OPEX $ per MWh 0.00 0.00 0.00 0.00 0.00 0.00 0.27 0.55 0.85 0.87 0.89 0.92 0.94 0.96 0.98

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX $000 648 - - - - - 35,337 62,251 95,011 92,640 90,270 87,899 85,529 83,159 80,788

54 Unit Cost: Total Incremental $ per MWh 0.00 0.00 0.00 0.00 0.00 2.08 3.67 5.60 5.46 5.33 5.19 5.05 4.91 4.77

55

56

SCR Case Total Cost of Electricity

Base Case Cost + Incremental Costs $000 8,414 $ 597,333 $ 590,603 $ 590,845 $ 591,205 $ 595,114 $ 634,486 $ 665,564 $ 699,191 $ 696,111 $ 713,314 $ 715,662 $ 719,874 $ 720,812 $ 721,907 

Base Case Cost + Incremental Costs $ per MWh 35.24 34.84 34.85 34.88 35.11 37.43 39.26 41.25 41.06 42.08 42.22 42.47 42.52 42.59

Incremental to BAU $ per MWh - - - - - 2.08 3.67 5.60 5.46 5.33 5.19 5.05 4.91 4.77

2018

2017

2016

2016

2018

2017

2017

2016

2018

09000064811c2027

Total Plant w DWP Share to POU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

Baghouse Incremental to SCR

1 Net Generation MWh 339,035,500 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1 $000 - - - - 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120

5 Unit 2 $000 - - - 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780

6 Unit 3 $000 - - - - - 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429

9 Total Incremental Plant in Service $000 - 237,780 500,900 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value $000 263,120 249,964 236,808 223,652 210,496 197,340 184,184 171,028 157,872

14 Annual Depreciation Expense $000 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156

Ending Book Value 249,964 236,808 223,652 210,496 197,340 184,184 171,028 157,872 144,716

15 Accumulated Depreciation $000 13,156 26,312 39,468 52,624 65,780 78,936 92,092 105,248 118,404

16 Unit 2

17 Starting Book Value $000 237,780 225,891 214,002 202,113 190,224 178,335 166,446 154,557 142,668 130,779

18 Annual Depreciation Expense $000 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889

Ending Book Value 225,891 214,002 202,113 190,224 178,335 166,446 154,557 142,668 130,779 118,890

19 Accumulated Depreciation $000 11,889 23,778 35,667 47,556 59,445 71,334 83,223 95,112 107,001 118,890

20 Unit 3

21 Starting Book Value $000 198,429 188,508 178,586 168,665 158,743 148,822 138,900 128,979

22 Annual Depreciation Expense $000 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921

Ending Book Value 188,508 178,586 168,665 158,743 148,822 138,900 128,979 119,057

23 Accumulated Depreciation $000 9,921 19,843 29,764 39,686 49,607 59,529 69,450 79,372

32

33 Total Incremental Depreciation Expense - - - - 11,889 25,045 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966

34

35

36 Return on Capital

37 Book Value $000 3,854 - - - - 237,780 489,011 662,395 627,429 592,462 557,496 522,529 487,563 452,596 417,630

38 Capital Recovery $000 366 - - - - 22,568 46,412 62,868 59,549 56,231 52,912 49,593 46,275 42,956 39,637

39

40 Total Incremental CAPEX $000 670 - - - - 34,457 71,457 97,834 94,516 91,197 87,878 84,560 81,241 77,922 74,604

41 $ per MWh - - - - 2.03 4.22 5.77 5.58 5.38 5.18 4.99 4.79 4.60 4.40

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1 $000 - - - - 3,564 3,656 3,749 3,842 3,935 4,028 4,121 4,214 4,307

45 Unit 2 $000 - - - 3,471 3,564 3,656 3,749 3,842 3,935 4,028 4,121 4,214 4,307

46 Unit 3 $000 - - - - - 3,656 3,749 3,842 3,935 4,028 4,121 4,214 4,307

49 Total Incremental OPEX $000 113 - - - - 3,471 7,127 10,969 11,248 11,527 11,806 12,085 12,364 12,643 12,922

50 Total Incremental OPEX $ per MWh 0.00 0.00 0.00 0.00 0.20 0.42 0.65 0.66 0.68 0.70 0.71 0.73 0.75 0.76

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX $000 783 - - - - 37,927 78,584 108,804 105,764 102,724 99,685 96,645 93,605 90,565 87,525

54 Unit Cost: Total Incremental $ per MWh 0.00 0.00 0.00 0.00 2.24 4.64 6.42 6.24 6.06 5.88 5.70 5.52 5.34 5.16

55

56

Baghouse Total Cost of Electricity

Incremental Cost $000 783 $ - $ - $ - $ - $ 37,927 $ 78,584 $ 108,804 $ 105,764 $ 102,724 $ 99,685 $ 96,645 $ 93,605 $ 90,565 $ 87,525 

Incremental to BAU $ per MWh 0.00 0.00 0.00 0.00 2.24 4.64 6.42 6.24 6.06 5.88 5.70 5.52 5.34 5.16

CASE COMPARISONS

BAU NPV 7,766

Undiscounted 15,967

$ per MWh 37.68

SNCR NPV 8,021

Undiscounted 16,613

$ per MWh 39.20

SCR NPV 8,414

Undiscounted 17,464

$ per MWh 41.21

Baghouse NPV 783

ONLY USED AS INCREMENTAL TO SCR Undiscounted 1,652

$ per MWh 3.90

SCR+Baghouse NPV 9,197

Undiscounted 19,116 Market Prices in 2018 for Full Shutdown. BAU Cost Until Then

$ per MWh 45.11 Market Price in Use During Phased Shutdown Scenarios (Below)

Low NPV 8,439 Low Trend $ - $ - $ - $ - $ 40.16 $ 40.16 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 41.71 $ 42.51 $ 42.51

Undiscounted 17,788 597,333 590,603 590,845 591,205 595,114 599,149 603,313 680,822 680,822 693,915 707,008 707,008 720,604 720,604

$ per MWh 41.97 $ 35.24 $ 34.84 $ 34.85 $ 34.88 $ 35.11 $ 35.34 $ 35.59 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 41.71 $ 42.51 $ 42.51

Mid NPV 8,717 Mid Trend $ - $ - $ - $ - $ 40.16 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 42.48 $ 43.25 $ 44.80 $ 45.57

Undiscounted 18,947 597,333 590,603 590,845 591,205 595,114 599,149 603,313 680,822 693,915 707,008 720,101 733,193 759,379 772,471

$ per MWh 44.71 $ 35.24 $ 34.84 $ 34.85 $ 34.88 $ 35.11 $ 35.34 $ 35.59 $ 40.16 $ 40.93 $ 41.71 $ 42.48 $ 43.25 $ 44.80 $ 45.57

High NPV 8,967 High Trend $ - $ - $ - $ - $ 40.16 $ 40.89 $ 40.89 $ 41.62 $ 42.35 $ 43.08 $ 43.81 $ 44.80 $ 45.57

Undiscounted 19,211 597,333 590,603 590,845 591,205 595,114 599,149 603,313 693,201 705,579 717,958 730,337 742,715 759,379 772,471

$ per MWh 45.33 $ 35.24 $ 34.84 $ 34.85 $ 34.88 $ 35.11 $ 35.34 $ 35.59 $ 40.89 $ 41.62 $ 42.35 $ 43.08 $ 43.81 $ 44.80 $ 45.57

2016

2015

2017

2016

2015

2017

09000064811c2027

Total Plant w DWP Share to POU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

09000064811c2027

Total Plant w DWP Share to POU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

DWP to POU Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

a Generation Statistics

b Gross Capacity

c Operating Capacity

d Efficiency Vs. Base Case Efficiency

e Net Generation

f Capacity Factor

Base Case Plant as of 2011

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service

4 Annual Depreciation Expense

5 Accumulated Depreciation

6

7 Return on Capital

8 Capital Recovery

9

10

11 Total CAPEX (Depreciation + Return on Capital)

12

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year)

16 Fuel Expense

17

18

19 Non-Fuel Operating & Maintenance Expenses

20 Operating Expenses

21 Op. Supervision & Engineering

22 Total Steam/Hydraulic Expense

23 Electric Expenses

24 Misc. Power Expenses

25 Rents

26 Allowances

27 Total Non-Fuel Operating Expenses

28

29 Maintenance Expenses 

30 Supervision & Engineering

31 Structures

32 Boiler/Reactor/Reservoirs & Dams

33 Electric Plant

34 Misc. Plant

35 Total Maintenance Expenses

36

37 Production Costs

38 CO2 cost If Included

39 Total Production

40

Base Case Total Cost of Electricity

Cost of Electricity

Cost of Electricity

SNCR Incremental to Base Case

1 Net Generation

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1

5 Unit 2

6 Unit 3

9 Total Incremental Plant in Service

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value

14 Annual Depreciation Expense

Ending Book Value

15 Accumulated Depreciation

16 Unit 2

17 Starting Book Value

18 Annual Depreciation Expense

Ending Book Value

19 Accumulated Depreciation

2018

2017

2016

BASE

SNCR

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

14 15 16 17 18 19 20 21 22 23 24

1/1/2025 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409

 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

$ 520,771 $ 477,373 $ 433,978 $ 390,578 $ 347,181 $ 303,783 $ 260,386 $ 216,988 $ 173,590 $ 130,193 $ 86,795

$ 43,398 $ 43,398 $ 43,396 $ 43,400 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398

 1,274,862 1,318,260 1,361,656 1,405,055 1,448,453 1,491,850 1,535,248 1,578,645 1,622,043 1,665,441 1,708,838

 44,257 40,568 36,881 33,192 29,504 25,816 22,128 18,440 14,752 11,064 7,376

 2.61 2.39 2.18 1.96 1.74 1.52 1.31 1.09 0.87 0.65 0.44

 87,654 83,966 80,276 76,592 72,902 69,214 65,526 61,838 58,150 54,462 50,774

 5.17 4.95 4.74 4.52 4.30 4.08 3.87 3.65 3.43 3.21 3.00

0.0% 0.0% 0.5% 1.5% 1.4% 0.5% 0.5% 0.0% 0.0% 0.0% 0.5%

 348,012 348,012 349,727 354,870 360,013 361,727 363,442 363,442 363,442 363,442 365,156

 20.53 20.53 20.63 20.93 21.24 21.34 21.44 21.44 21.44 21.44 21.54

 16,458 16,951 17,460 17,984 18,523 19,079 19,651 20,241 20,848 21,473 22,118

 22,141 22,805 23,489 24,194 24,920 25,667 26,437 27,230 28,047 28,889 29,755

 5,694 5,865 6,041 6,222 6,408 6,601 6,799 7,003 7,213 7,429 7,652

 23,605 24,313 25,043 25,794 26,568 27,365 28,186 29,031 29,902 30,799 31,723

 693 714 735 757 780 803 827 852 878 904 931

 - - - - - - - - - - -

 68,590 70,648 72,767 74,950 77,199 79,515 81,900 84,357 86,888 89,495 92,179

 4.05 4.17 4.29 4.42 4.55 4.69 4.83 4.98 5.13 5.28 5.44

 11,201 11,537 11,883 12,239 12,606 12,984 13,374 13,775 14,188 14,614 15,053

 3,594 3,702 3,813 3,927 4,045 4,166 4,291 4,420 4,553 4,689 4,830

 70,978 73,107 75,300 77,559 79,886 82,283 84,751 87,294 89,913 92,610 95,388

 28,805 29,669 30,559 31,476 32,420 33,393 34,395 35,427 36,490 37,584 38,712

 9,200 9,476 9,760 10,053 10,355 10,665 10,985 11,315 11,654 12,004 12,364

 123,777 127,491 131,315 135,255 139,313 143,492 147,797 152,231 156,797 161,501 166,346

 7.30 7.52 7.75 7.98 8.22 8.46 8.72 8.98 9.25 9.53 9.81

 540,380 546,151 553,810 565,075 576,524 584,734 593,138 600,029 607,127 614,438 623,682

31.88 32.22 32.67 33.33 34.01 34.49 34.99 35.40 35.81 36.25 36.79

 643,034 645,117 649,086 656,667 664,426 668,948 673,664 676,867 680,277 683,899 689,455

 37.93 38.06 38.29 38.74 39.20 39.46 39.74 39.93 40.13 40.34 40.67

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602

 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457

 9,089 8,331 7,574 6,817 6,059 5,302 4,544 3,787 3,030 2,272 1,515

 757 757 757 757 757 757 757 757 757 757 757

 8,331 7,574 6,817 6,059 5,302 4,544 3,787 3,030 2,272 1,515 757

 6,817 7,574 8,331 9,089 9,846 10,603 11,361 12,118 12,876 13,633 14,390

 8,089 7,353 6,618 5,883 5,147 4,412 3,677 2,941 2,206 1,471 735

 735 735 735 735 735 735 735 735 735 735 735

 7,353 6,618 5,883 5,147 4,412 3,677 2,941 2,206 1,471 735 0

 7,353 8,089 8,824 9,559 10,295 11,030 11,765 12,501 13,236 13,971 14,707

09000064811c2027

Total Plant w DWP Share to POU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

20 Unit 3

21 Starting Book Value

22 Annual Depreciation Expense

Ending Book Value

23 Accumulated Depreciation

32

33 Total Incremental Depreciation Expense

34

35

36 Return on Capital

37 Book Value

38 Capital Recovery

39

40 Total Incremental CAPEX

41

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1

45 Unit 2

46 Unit 3

49 Total Incremental OPEX

50 Total Incremental OPEX

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX

54 Unit Cost: Total Incremental 

55

56

SNCR Total Cost of Electricity

Base Case Cost + Incremental Cost

Base Case Cost + Incremental Cost 

Incremental to BAU

SCR Base Case + Selective Catalytic Reduction + Baghouse

1 Net Generation

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1

5 Unit 2

6 Unit 3

9 Total Incremental Plant in Service

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value

14 Annual Depreciation Expense

Ending Book Value

15 Accumulated Depreciation

16 Unit 2

17 Starting Book Value

18 Annual Depreciation Expense

Ending Book Value

19 Accumulated Depreciation

20 Unit 3

21 Starting Book Value

22 Annual Depreciation Expense

Ending Book Value

23 Accumulated Depreciation

32

33 Total Incremental Depreciation Expense

34

35

36 Return on Capital

37 Book Value

38 Capital Recovery

39

40 Total Incremental CAPEX

41

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1

45 Unit 2

46 Unit 3

49 Total Incremental OPEX

50 Total Incremental OPEX

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX

54 Unit Cost: Total Incremental 

55

56

SCR Case Total Cost of Electricity

Base Case Cost + Incremental Costs

Base Case Cost + Incremental Costs

Incremental to BAU

2018

2017

2016

2016

2018

2017

2017

2016

2018

 10,141 9,361 8,581 7,801 7,021 6,241 5,461 4,681 3,901 3,120 2,340

 780 780 780 780 780 780 780 780 780 780 780

 9,361 8,581 7,801 7,021 6,241 5,461 4,681 3,901 3,120 2,340 1,560

 6,241 7,021 7,801 8,581 9,361 10,141 10,922 11,702 12,482 13,262 14,042

 - - - - - - - - - - -

 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273

 27,319 25,046 22,773 20,500 18,227 15,955 13,682 11,409 9,136 6,863 4,590

 2,593 2,377 2,161 1,946 1,730 1,514 1,299 1,083 867 651 436

 4,866 4,650 4,434 4,219 4,003 3,787 3,571 3,356 3,140 2,924 2,709

 0.29 0.27 0.26 0.25 0.24 0.22 0.21 0.20 0.19 0.17 0.16

 8,993 9,183 9,373 9,563 9,753 9,943 10,133 10,323 10,513 10,703 10,893

 8,993 9,183 9,373 9,563 9,753 9,943 10,133 10,323 10,513 10,703 10,893

 8,993 9,183 9,373 9,563 9,753 9,943 10,133 10,323 10,513 10,703 10,893

 26,980 27,550 28,120 28,690 29,260 29,830 30,400 30,970 31,540 32,110 32,680

1.59 1.63 1.66 1.69 1.73 1.76 1.79 1.83 1.86 1.89 1.93

 31,846 32,200 32,554 32,909 33,263 33,617 33,971 34,326 34,680 35,034 35,389

1.88 1.90 1.92 1.94 1.96 1.98 2.00 2.02 2.05 2.07 2.09

 $ 674,880 $ 677,317 $ 681,640 $ 689,576 $ 697,689 $ 702,565 $ 707,636 $ 711,193 $ 714,957 $ 718,934 $ 724,844 

39.81 39.96 40.21 40.68 41.16 41.44 41.74 41.95 42.18 42.41 42.76

 1.88 1.90 1.92 1.94 1.96 1.98 2.00 2.02 2.05 2.07 2.09

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340

 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026

 95,659 87,687 79,716 71,744 63,773 55,801 47,829 39,858 31,886 23,915 15,943

 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

 87,687 79,716 71,744 63,773 55,801 47,829 39,858 31,886 23,915 15,943 7,972

 71,744 79,716 87,687 95,659 103,630 111,602 119,574 127,545 135,517 143,488 151,460

 116,740 106,127 95,514 84,902 74,289 63,676 53,064 42,451 31,838 21,225 10,613

 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

 106,127 95,514 84,902 74,289 63,676 53,064 42,451 31,838 21,225 10,613 0

 106,127 116,740 127,352 137,965 148,578 159,191 169,803 180,416 191,029 201,641 212,254

 132,171 122,004 111,837 101,670 91,503 81,336 71,169 61,002 50,835 40,668 30,501

 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167

 122,004 111,837 101,670 91,503 81,336 71,169 61,002 50,835 40,668 30,501 20,334

 81,336 91,503 101,670 111,837 122,004 132,171 142,338 152,505 162,672 172,839 183,006

 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751

 344,570 315,818 287,067 258,316 229,564 200,813 172,062 143,311 114,559 85,808 57,057

 32,703 29,974 27,246 24,517 21,788 19,059 16,330 13,602 10,873 8,144 5,415

 61,454 58,726 55,997 53,268 50,539 47,810 45,082 42,353 39,624 36,895 34,167

 3.63 3.46 3.30 3.14 2.98 2.82 2.66 2.50 2.34 2.18 2.02

 5,654 5,774 5,893 6,013 6,132 6,252 6,371 6,491 6,610 6,730 6,849

 5,654 5,774 5,893 6,013 6,132 6,252 6,371 6,491 6,610 6,730 6,849

 5,654 5,774 5,893 6,013 6,132 6,252 6,371 6,491 6,610 6,730 6,849

 16,963 17,322 17,680 18,038 18,397 18,755 19,114 19,472 19,830 20,189 20,547

1.00 1.02 1.04 1.06 1.09 1.11 1.13 1.15 1.17 1.19 1.21

 78,418 76,047 73,677 71,306 68,936 66,566 64,195 61,825 59,454 57,084 54,714

4.63 4.49 4.35 4.21 4.07 3.93 3.79 3.65 3.51 3.37 3.23

 $ 721,452 $ 721,164 $ 722,763 $ 727,973 $ 733,362 $ 735,513 $ 737,860 $ 738,692 $ 739,731 $ 740,983 $ 744,169 

42.56 42.54 42.64 42.94 43.26 43.39 43.53 43.58 43.64 43.71 43.90

 4.63 4.49 4.35 4.21 4.07 3.93 3.79 3.65 3.51 3.37 3.23

09000064811c2027

Total Plant w DWP Share to POU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

Baghouse Incremental to SCR

1 Net Generation

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1

5 Unit 2

6 Unit 3

9 Total Incremental Plant in Service

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value

14 Annual Depreciation Expense

Ending Book Value

15 Accumulated Depreciation

16 Unit 2

17 Starting Book Value

18 Annual Depreciation Expense

Ending Book Value

19 Accumulated Depreciation

20 Unit 3

21 Starting Book Value

22 Annual Depreciation Expense

Ending Book Value

23 Accumulated Depreciation

32

33 Total Incremental Depreciation Expense

34

35

36 Return on Capital

37 Book Value

38 Capital Recovery

39

40 Total Incremental CAPEX

41

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1

45 Unit 2

46 Unit 3

49 Total Incremental OPEX

50 Total Incremental OPEX

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX

54 Unit Cost: Total Incremental 

55

56

Baghouse Total Cost of Electricity

Incremental Cost

Incremental to BAU

CASE COMPARISONS

BAU

SNCR

SCR

Baghouse

ONLY USED AS INCREMENTAL TO SCR

SCR+Baghouse

Low

Mid

High

2016

2015

2017

2016

2015

2017

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120

 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780

 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429

 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329

 144,716 131,560 118,404 105,248 92,092 78,936 65,780 52,624 39,468 26,312 13,156

 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156

 131,560 118,404 105,248 92,092 78,936 65,780 52,624 39,468 26,312 13,156 0

 131,560 144,716 157,872 171,028 184,184 197,340 210,496 223,652 236,808 249,964 263,120

 118,890 107,001 95,112 83,223 71,334 59,445 47,556 35,667 23,778 11,889 -

 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 -

 107,001 95,112 83,223 71,334 59,445 47,556 35,667 23,778 11,889 - -

 130,779 142,668 154,557 166,446 178,335 190,224 202,113 214,002 225,891 237,780 237,780

 119,057 109,136 99,215 89,293 79,372 69,450 59,529 49,607 39,686 29,764 19,843

 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921

 109,136 99,215 89,293 79,372 69,450 59,529 49,607 39,686 29,764 19,843 9,921

 89,293 99,215 109,136 119,057 128,979 138,900 148,822 158,743 168,665 178,586 188,508

 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966 23,077

 382,663 347,697 312,731 277,764 242,798 207,831 172,865 137,898 102,932 67,965 32,999

 36,319 33,000 29,681 26,363 23,044 19,725 16,407 13,088 9,769 6,451 3,132

 71,285 67,966 64,648 61,329 58,010 54,692 51,373 48,054 44,736 41,417 26,209

 4.21 4.01 3.81 3.62 3.42 3.23 3.03 2.83 2.64 2.44 1.55

 4,400 4,493 4,586 4,679 4,772 4,865 4,958 5,051 5,144 5,237 5,330

 4,400 4,493 4,586 4,679 4,772 4,865 4,958 5,051 5,144 5,237 5,330

 4,400 4,493 4,586 4,679 4,772 4,865 4,958 5,051 5,144 5,237 5,330

 13,201 13,479 13,758 14,037 14,316 14,595 14,874 15,153 15,432 15,711 15,989

0.78 0.80 0.81 0.83 0.84 0.86 0.88 0.89 0.91 0.93 0.94

 84,486 81,446 78,406 75,366 72,326 69,287 66,247 63,207 60,167 57,128 42,199

4.98 4.80 4.63 4.45 4.27 4.09 3.91 3.73 3.55 3.37 2.49

 $ 84,486 $ 81,446 $ 78,406 $ 75,366 $ 72,326 $ 69,287 $ 66,247 $ 63,207 $ 60,167 $ 57,128 $ 42,199 

4.98 4.80 4.63 4.45 4.27 4.09 3.91 3.73 3.55 3.37 2.49

$ 44.11 $ 44.92 $ 44.92 $ 44.92 $ 44.92 $ 45.72 $ 45.72 $ 45.72 $ 46.52 $ 46.52 $ 47.32

 747,797 761,393 761,393 761,393 761,393 774,989 774,989 774,989 788,586 788,586 802,182

$ 44.11 $ 44.92 $ 44.92 $ 44.92 $ 44.92 $ 45.72 $ 45.72 $ 45.72 $ 46.52 $ 46.52 $ 47.32

$ 46.34 $ 47.11 $ 47.89 $ 48.66 $ 48.66 $ 49.43 $ 49.43 $ 50.20 $ 50.20 $ 50.20 $ 50.98

 785,564 798,657 811,750 824,842 824,842 837,935 837,935 851,028 851,028 851,028 864,121

$ 46.34 $ 47.11 $ 47.89 $ 48.66 $ 48.66 $ 49.43 $ 49.43 $ 50.20 $ 50.20 $ 50.20 $ 50.98

$ 47.04 $ 47.77 $ 48.51 $ 49.24 $ 49.98 $ 49.98 $ 50.71 $ 51.45 $ 52.18 $ 52.18 $ 51.45

 797,390 809,849 822,308 834,768 847,227 847,227 859,686 872,145 884,604 884,604 872,145

$ 47.04 $ 47.77 $ 48.51 $ 49.24 $ 49.98 $ 49.98 $ 50.71 $ 51.45 $ 52.18 $ 52.18 $ 51.45

09000064811c2027

Total Plant w DWP Share to POU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

09000064811c2027

Total Plant w DWP Share to POU
E C/R

Energy Strategies

E.N. 1109

FCPP ASSESSMENT MODEL SUMMARY REPORT Exhibit 1

BAU SNCR SCR SCR	+	Baghouse

Market

Low	Trend

$																																																			7,766 $																			8,021 $																			8,414 $																			9,197 $																			8,439

	$	 	$																								255	 	$																								648	 	$																					1,431	 	$																								673	

	%	 3% 8% 18% 9%

$																																																			37.68 $																			39.20 $																			41.21 $																			45.11 $																			41.97

Incremental	to	BAU $																				1.53 $																				3.53 $																				7.43 $																				4.30

NGS	-	Summary	Cost	Comparisons

(2012-2036)	Straight	Line	Depreciation

Per	MWh	Costs	(25	year	non-discounted	$	cost	/	25	year	MWh)

NPV	25	Year	Cost	by	Case	($Million)

Difference	in	Cost	for	Case	vs.	BAU	 Case ($Million)

	$-

	$2,000

	$4,000

	$6,000

	$8,000

	$10,000

	$12,000

BAU SNCR SCR SCR	+	Baghouse

$7,766 $8,021 $8,414

$9,197

25	Yr	Cost	of	Power	by	Case

Assuming	LADWP	Share	Owned	by	Publicly	Owned	Utility

Straight	Line	Depreciation	2012-2036	NPV	($Million)

	$-

	$100

	$200

	$300

	$400

	$500

	$600

	$700

	$800

	$900

	$1,000

BAU SNCR SCR SCR	+	Baghouse

Low	Trend

$-

$255	

$648	

$1,431	

25	Yr	Cost	Incremental	to	BAU

Assuming	LADWP	Share	Owned	by	Publicly	Owned	Utility

Straight	Line	Depreciation	2012-2036	NPV	($Million)

09000064811c2027

Total & DWP as POU Summary
MWh	per Full	Plant 														5,560,182

Per	Plant	Unit 														1,853,394

CAPEX	Unit	Cost	($/MWh)	Worksheets	

Intall	Years Unit	No. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

1 $						1.88 $						1.81 $						1.74 $						1.67 $						1.59 $				1.52 $											1.45 $										1.38 $				1.31 $				1.24 $				1.17 $				1.10 $				1.03 $				0.96 $				0.89 $				0.82 $				0.75 $				0.68 $				0.61 $				0.54

2 $							2.50 $						2.40 $						2.31 $						2.22 $						2.12 $						2.03 $				1.94 $											1.84 $										1.75 $				1.66 $				1.56 $				1.47 $				1.37 $				1.28 $				1.19 $				1.09 $				1.00 $				0.91 $				0.81 $				0.72 $				0.63

3 $						2.39 $						2.30 $						2.21 $						2.12 $				2.03 $											1.94 $										1.85 $				1.77 $				1.68 $				1.59 $				1.50 $				1.41 $				1.32 $				1.23 $				1.14 $				1.05 $				0.96 $				0.87 $				0.78

1 $						0.18 $						0.17 $						0.16 $						0.16 $						0.15 $				0.14 $											0.14 $										0.13 $				0.12 $				0.12 $				0.11 $				0.10 $				0.10 $				0.09 $				0.08 $				0.08 $				0.07 $				0.06 $				0.06 $				0.05

2 $							0.17 $						0.17 $						0.16 $						0.15 $						0.15 $						0.14 $				0.13 $											0.13 $										0.12 $				0.11 $				0.11 $				0.10 $				0.10 $				0.09 $				0.08 $				0.08 $				0.07 $				0.06 $				0.06 $				0.05 $				0.04

3 $						0.18 $						0.18 $						0.17 $						0.16 $				0.16 $											0.15 $										0.14 $				0.14 $				0.13 $				0.12 $				0.11 $				0.11 $				0.10 $				0.09 $				0.09 $				0.08 $				0.07 $				0.07 $				0.06

Per	Unit	OPEX $																				- $																				- $																				- $															4,460 $				4,579 $				4,699 $				4,818 $				4,938 $				5,057 $				5,177 $	5,296 $								5,416 $							5,535 $	5,654 $	5,774 $	5,893 $	6,013 $	6,132 $	6,252 $		6,371 $	6,491 $	6,610 $	6,730 $	6,849 $	6,969

Per	MWh/Unit	OPEX $																				- $																				- $																				- $																		0.26 $							0.27 $						0.28 $						0.28 $						0.29 $						0.30 $						0.31 $				0.31 $											0.32 $										0.33 $				0.33 $				0.34 $				0.35 $				0.35 $				0.36 $				0.37 $				0.38 $				0.38 $				0.39 $				0.40 $				0.40 $				0.41

Per	Unit	OPEX $																				- $																				- $																				- $															7,093 $				7,283 $				7,473 $				7,663 $				7,853 $				8,043 $				8,233 $	8,423 $								8,613 $							8,803 $	8,993 $	9,183 $	9,373 $	9,563 $	9,753 $	9,943 ##### ##### ##### ##### ##### #####

Per	MWh/Unit	OPEX $																				- $																				- $																				- $																		0.42 $							0.43 $						0.44 $						0.45 $						0.46 $						0.47 $						0.49 $				0.50 $											0.51 $										0.52 $				0.53 $				0.54 $				0.55 $				0.56 $				0.58 $				0.59 $				0.60 $				0.61 $				0.62 $				0.63 $				0.64 $				0.65

SCR Per	MWH $																				- $																				- $																				- $																				- $							2.77 $						4.83 $						7.36 $						7.13 $						6.90 $						6.66 $				6.43 $											6.20 $										5.97 $				5.73 $				5.50 $				5.27 $				5.04 $				4.81 $				4.57 $				4.34 $				4.11 $				3.88 $				3.64 $				3.41 $				3.18

SNCR per	MWH $																				- $																				- $																				- $																				- $							0.60 $						1.23 $						1.87 $						1.89 $						1.90 $						1.91 $				1.93 $											1.94 $										1.95 $				1.97 $				1.98 $				1.99 $				2.01 $				2.02 $				2.03 $				2.05 $				2.06 $				2.08 $				2.09 $				2.10 $				2.12

CAPEX,	Depreciation,	&	OPEX	Cost	Estimation	Worksheets	

SCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	

Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $						52,293,527 20 $															- $			2,614,676 $											2,615 14.95%

2 2016 4 $						69,619,338 20 $															- $			3,480,967 $											3,481 14.95%

3 2018 6 $						66,695,501 20 $															- $			3,334,775 $											3,335 14.95%

SNCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	

Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $								4,968,494 20 $															- $							248,425 $														248 14.95%

2 2016 4 $								4,823,781 20 $															- $							241,189 $														241 14.95%

3 2018 6 $								5,117,549 20 $															- $							255,877 $														256 14.95%

IOU	ONLY	Share

Total	Incremental	

Cost

CAPEX	+	OPEX

SCR

SNCR

Incremental

$	Per	MWh	Per	

Plant	Unit	Due	to	

Incremental	

CAPEX

SCR

SNCR

09000064811c2027

IOU ONLY Increm Costs
Annual	MWh 						5,560,182 						5,560,182 						5,560,182

2012 2013 2014

Business	As	Usual	("BAU")	$	per	MWh $												 38.97 $												 38.82 $												 38.67

Market	Cost	Cases	$	per	MWh

Low	Market $																	- $																	- $																	-

Mid	Market $																	- $																	- $																	-

High	Market $																	- $																	- $																	-

SCR Incremental	Cost $	per	MWh $																	- $																	- $																	-

SNCR Incremental	Cost $	per	MWh $																	- $																	- $																	-

25	YR	NPV	@ Plant	Shutdown	-	Go	to	Market

7% Intall	Yrs.

Low	Market $												 38.97 $												 38.82 $												 38.67

Mid	Market $												 38.97 $												 38.82 $												 38.67

High	Market $												 38.97 $												 38.82 $												 38.67

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000)

$								2,874 3 $								 2,873,646 $							 216,664 $							 215,826 $							 215,026

$								2,965 2 $								 2,964,923 $							 216,664 $							 215,826 $							 215,026

$								2,994 1 $								 2,994,171 $							 216,664 $							 215,826 $							 215,026

25	YR	NPV	@ SCR	Installation

7% Intall	Yrs.

Intall	Yrs. ($000) ($000) ($000)

16/17/18 $												 38.97 $												 38.82 $												 38.67

SNCR $												 38.97 $												 38.82 $												 38.67

2012 2013 2014

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000)

$								3,061 1 $								 3,061,176 16/17/18 $							 216,664 $							 215,826 $							 215,026

$								2,884 $								 2,883,630 SNCR $							 216,664 $							 215,826 $							 215,026

SCR	Installation	Premium	(SCR	Cost	-	Market	Cost)

1 $														187,530 Low	Market

2 $																96,253 Mid

3 $																67,005 High

$M Case NPV	$	Cost

$								2,796 BAU $								 2,795,679 $											216,664 $											215,826 $											215,026

Incremental	NPV	Above	BAU SCR Low	Mkt Mid	Mkt

BART 16/17/18 $															265 $																					78 $																		 169

SNCR 16/17/18

Emissions	Control	Retrofit	Cases

IOU	ONLY

16/17/18

BART 16/17/18





















						5,560,182 						5,560,182 						5,560,182 						5,560,182 						5,560,182 						5,560,182

2015 2016 2017 2018 2019 2020

$												 38.74 $												 38.81 $												 38.89 $												 38.78 $												 38.57 $												 41.37

$																	- $												 40.16 $												 40.16 $												 40.16 $												 40.16 $												 40.93

$																	- $												 40.16 $												 40.16 $												 40.16 $												 40.93 $												 41.71

$																	- $												 40.16 $												 40.89 $												 40.89 $												 41.62 $												 42.35

$																	- $															2.77 $															4.83 $															7.36 $															7.13 $															6.90

$																	- $															0.60 $															1.23 $															1.87 $															1.89 $															1.90

$												 38.74 $												 38.81 $												 39.32 $												 39.70 $												 40.16 $												 40.93

$												 38.74 $												 38.81 $												 39.32 $												 39.70 $												 40.93 $												 41.71

$												 38.74 $												 38.81 $												 39.56 $												 40.19 $												 41.62 $												 42.35

($000) ($000) ($000) ($000) ($000) ($000)

$							 215,390 $							 215,796 $							 218,599 $							 220,743 $							 223,310 $							 227,604

$							 215,390 $							 215,796 $							 218,599 $							 220,743 $							 227,604 $							 231,899

$							 215,390 $							 215,796 $							 219,952 $							 223,450 $							 231,430 $							 235,490

($000) ($000) ($000) ($000) ($000) ($000)

$												 38.74 $												 41.58 $												 43.73 $												 46.14 $												 45.70 $												 48.27

$												 38.74 $												 39.41 $												 40.12 $												 40.65 $												 40.46 $												 43.27

2015 2016 2017 2018 2019 2020

($000) ($000) ($000) ($000) ($000) ($000)

$							 215,390 $							 231,185 $							 243,123 $							 256,541 $							 254,098 $							 268,389

$							 215,390 $							 219,147 $							 223,063 $							 226,016 $							 224,941 $							 240,599

$											215,390 $											215,796 $											216,244 $											215,611 $											214,460 $											230,042

High	Mkt SNCR

$																		 198

$																					88





















						5,560,182 						5,560,182 						5,560,182 						5,560,182 						5,560,182 						5,560,182

2021 2022 2023 2024 2025 2026

$												 41.49 $												 41.71 $												 41.74 $												 41.78 $												 41.73 $												 41.68

$												 41.71 $												 41.71 $												 42.51 $												 42.51 $												 44.11 $												 44.92

$												 42.48 $												 43.25 $												 44.80 $												 45.57 $												 46.34 $												 47.11

$												 43.08 $												 43.81 $												 44.80 $												 45.57 $												 47.04 $												 47.77

$															6.66 $															6.43 $															6.20 $															5.97 $															5.73 $															5.50

$															1.91 $															1.93 $															1.94 $															1.95 $															1.97 $															1.98

$												 41.71 $												 41.71 $												 42.51 $												 42.51 $												 44.11 $												 44.92

$												 42.48 $												 43.25 $												 44.80 $												 45.57 $												 46.34 $												 47.11

$												 43.08 $												 43.81 $												 44.80 $												 45.57 $												 47.04 $												 47.77

($000) ($000) ($000) ($000) ($000) ($000)

$							 231,899 $							 231,899 $							 236,358 $							 236,358 $							 245,277 $							 249,737

$							 236,193 $							 240,487 $							 249,076 $							 253,371 $							 257,665 $							 261,959

$							 239,550 $							 243,611 $							 249,076 $							 253,371 $							 261,544 $							 265,631

($000) ($000) ($000) ($000) ($000) ($000)

$												 48.15 $												 48.14 $												 47.94 $												 47.75 $												 47.46 $												 47.19

$												 43.40 $												 43.64 $												 43.68 $												 43.73 $												 43.69 $												 43.66

2021 2022 2023 2024 2025 2026

($000) ($000) ($000) ($000) ($000) ($000)

$							 267,727 $							 267,676 $							 266,551 $							 265,478 $							 263,896 $							 262,370

$							 241,304 $							 242,621 $							 242,863 $							 243,158 $							 242,944 $							 242,785

$											230,672 $											231,913 $											232,080 $											232,299 $											232,009 $											231,775





















						5,560,182 						5,560,182 						5,560,182 						5,560,182 						5,560,182 						5,560,182

2027 2028 2029 2030 2031 2032

$												 41.75 $												 42.04 $												 42.33 $												 42.43 $												 42.54 $												 42.57

$												 44.92 $												 44.92 $												 44.92 $												 45.72 $												 45.72 $												 45.72

$												 47.89 $												 48.66 $												 48.66 $												 49.43 $												 49.43 $												 50.20

$												 48.51 $												 49.24 $												 49.98 $												 49.98 $												 50.71 $												 51.45

$															5.27 $															5.04 $															4.81 $															4.57 $															4.34 $															4.11

$															1.99 $															2.01 $															2.02 $															2.03 $															2.05 $															2.06

$												 44.92 $												 44.92 $												 44.92 $												 45.72 $												 45.72 $												 45.72

$												 47.89 $												 48.66 $												 48.66 $												 49.43 $												 49.43 $												 50.20

$												 48.51 $												 49.24 $												 49.98 $												 49.98 $												 50.71 $												 51.45

($000) ($000) ($000) ($000) ($000) ($000)

$							 249,737 $							 249,737 $							 249,737 $							 254,196 $							 254,196 $							 254,196

$							 266,254 $							 270,548 $							 270,548 $							 274,843 $							 274,843 $							 279,137

$							 269,717 $							 273,804 $							 277,890 $							 277,890 $							 281,977 $							 286,064

($000) ($000) ($000) ($000) ($000) ($000)

$												 47.02 $												 47.07 $												 47.13 $												 47.00 $												 46.88 $												 46.68

$												 43.75 $												 44.04 $												 44.35 $												 44.46 $												 44.59 $												 44.63

2027 2028 2029 2030 2031 2032

($000) ($000) ($000) ($000) ($000) ($000)

$							 261,462 $							 261,738 $							 262,073 $							 261,347 $							 260,684 $							 259,525

$							 243,244 $							 244,888 $							 246,591 $							 247,232 $							 247,936 $							 248,145

$											232,159 $											233,727 $											235,355 $											235,920 $											236,549 $											236,682





















						5,560,182 						5,560,182 						5,560,182 						5,560,182

2033 2034 2035 2036

$												 42.60 $												 42.65 $												 42.81 $												 42.89

$												 46.52 $												 46.52 $												 47.32 $												 47.74

$												 50.20 $												 50.20 $												 50.98 $												 51.62

$												 52.18 $												 52.18 $												 51.45 $												 52.11

$															3.88 $															3.64 $															3.41 $															3.18

$															2.08 $															2.09 $															2.10 $															2.12

$												 46.52 $												 46.52 $												 47.32 $												 47.74

$												 50.20 $												 50.20 $												 50.98 $												 51.62

$												 52.18 $												 52.18 $												 51.45 $												 52.11

($000) ($000) ($000) ($000)

$							 258,656 $							 258,656 $							 263,116 $							 265,434

$							 279,137 $							 279,137 $							 283,432 $							 287,023

$							 290,150 $							 290,150 $							 286,064 $							 289,731

($000) ($000) ($000) ($000)

$												 46.48 $												 46.30 $												 46.23 $												 46.07

$												 44.68 $												 44.74 $												 44.92 $												 45.01

2033 2034 2035 2036

($000) ($000) ($000) ($000)

$							 258,433 $							 257,412 $							 257,024 $							 256,149

$							 248,421 $							 248,767 $							 249,747 $							 250,239

$											236,882 $											237,153 $											238,057 $											238,473























































































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$0.00 $40.50 $0.00 $40.50 0 24 0.00% 100.00%

$75.33 $40.65 $77.94 $35.72 16 8 66.67% 33.33%

$72.67 $39.74 $74.11 $35.92 16 8 66.67% 33.33%

$67.57 $40.01 $70.31 $36.93 16 8 66.67% 33.33%

$88.34 $42.39 $92.68 $42.30 16 8 66.67% 33.33%

$71.04 $38.89 $75.94 $40.00 16 8 66.67% 33.33%

$71.04 $38.89 $75.94 $40.00 16 8 66.67% 33.33%

$112.97 $35.86 $114.99 $37.00 16 8 66.67% 33.33%

$112.29 $34.40 $116.28 $36.00 16 8 66.67% 33.33%

$64.01 $43.74 $71.78 $44.50 16 8 66.67% 33.33%
$0.00 $43.74 $0.00 $44.50

0 24 0.00% 100.00%

$0.00 $44.62 $0.00 $44.750 24 0.00% 100.00%

$66.80 $44.62 $72.10 $44.75 168 66.67% 33.33%

$57.42 $32.87 $63.00 $34.21 168 66.67% 33.33%

$60.29 $33.98 $64.28 $34.30 168 66.67% 33.33%

$55.69 $33.12 $60.60 $33.01 168 66.67% 33.33%

$55.69 $33.12 $60.60 $33.01 168 66.67% 33.33%

$0.00 $42.39 $0.00 $45.890 24 0.00% 100.00%

$57.21 $42.39 $65.25 $45.89 168 66.67% 33.33%

$58.28 $31.23 $64.00 $30.15 168 66.67% 33.33%

$60.35 $33.31 $64.75 $33.96 168 66.67% 33.33%

$61.60 $33.00 $62.08 $33.90 168 66.67% 33.33%

$59.60 $33.12 $60.75 $31.29 168 66.67% 33.33%

$59.60 $33.12 $60.75 $31.29 168 66.67% 33.33%

$0.00 $41.50 $0.00 $37.750 24 0.00% 100.00%

$59.66 $41.50 $62.00 $37.75 168 66.67% 33.33%

$55.34 $31.47 $57.18 $31.00 168 66.67% 33.33%

$48.77 $31.14 $50.50 $30.25 168 66.67% 33.33%

$46.99 $32.23 $49.25 $31.25 168 66.67% 33.33%

$44.82 $31.94 $46.75 $30.75 168 66.67% 33.33%

$44.82 $31.94 $46.75 $30.75 168 66.67% 33.33%

$0.00 $35.00 $0.00 $35.600 24 0.00% 100.00%

$47.99 $35.00 $50.00 $35.60 168 66.67% 33.33%

$49.76 $31.93 $51.00 $28.00 168 66.67% 33.33%

$53.89 $34.93 $55.00 $28.67 168 66.67% 33.33%

$53.89 $34.93 $55.00 $28.67 168 66.67% 33.33%

$51.98 $35.71 $50.75 $28.00 168 66.67% 33.33%

$51.98 $35.71 $50.75 $28.00 168 66.67% 33.33%

$0.00 $41.42 $0.00 $36.750 24 0.00% 100.00%

$55.20 $36.30 $55.00 $29.50 168 66.67% 33.33%

$60.13 $38.60 $59.75 $31.75 168 66.67% 33.33%

$68.77 $41.01 $66.50 $36.50 168 66.67% 33.33%

$76.23 $42.75 $72.00 $36.40 168 66.67% 33.33%

$61.09 $40.71 $58.00 $35.00 168 66.67% 33.33%

$61.09 $40.71 $58.00 $35.00 168 66.67% 33.33%

$0.00 $46.11 $0.00 $43.000 24 0.00% 100.00%

$60.34 $46.11 $57.50 $43.00 168 66.67% 33.33%

$64.09 $38.99 $60.00 $35.25 168 66.67% 33.33%

$61.31 $44.50 $60.75 $38.75 168 66.67% 33.33%

$64.07 $46.73 $60.00 $39.50 168 66.67% 33.33%

$60.70 $45.77 $60.00 $40.00 168 66.67% 33.33%

$60.70 $45.77 $60.00 $40.00 168 66.67% 33.33%

$0.00 $48.35 $0.00 $42.140 24 0.00% 100.00%

$59.06 $48.35 $57.00 $42.14 168 66.67% 33.33%

$57.18 $41.32 $55.00 $26.00 168 66.67% 33.33%

$58.56 $43.29 $55.00 $33.50 168 66.67% 33.33%

$57.28 $41.89 $53.50 $34.35 168 66.67% 33.33%

$57.05 $44.22 $53.00 $36.00 168 66.67% 33.33%

$57.05 $44.22 $53.00 $36.00 168 66.67% 33.33%

$0.00 $48.60 $0.00 $44.460 24 0.00% 100.00%

$60.07 $48.60 $57.15 $44.46 168 66.67% 33.33%
$57.87 $41.91 $54.00 $30.00 16

8 66.67% 33.33%

$57.97 $44.28 $54.30 $34.54 168 66.67% 33.33%

$59.32 $43.42 $55.50 $35.49 168 66.67% 33.33%

$59.93 $50.15 $57.75 $35.00 168 66.67% 33.33%

$59.93 $50.15 $57.75 $35.00 168 66.67% 33.33%

$0.00 $50.25 $0.00 $47.350 24 0.00% 100.00%

$64.07 $50.25 $58.00 $47.35 168 66.67% 33.33%

$62.84 $44.08 $59.40 $37.12 168 66.67% 33.33%

$61.21 $44.78 $61.56 $37.50 168 66.67% 33.33%

$60.56 $46.78 $57.64 $37.08 168 66.67% 33.33%

$58.98 $45.96 $58.00 $38.00 168 66.67% 33.33%

$58.98 $45.96 $58.00 $38.00 168 66.67% 33.33%

$0.00 $44.76 $0.00 $42.000 24 0.00% 100.00%

$52.83 $44.76 $52.75 $42.00 168 66.67% 33.33%

$54.20 $41.44 $54.30 $38.00 168 66.67% 33.33%

$56.36 $41.99 $56.25 $36.50 168 66.67% 33.33%

$56.36 $41.99 $56.25 $36.50 168 66.67% 33.33%

$55.03 $39.32 $53.00 $30.50 168 66.67% 33.33%

$55.03 $39.32 $53.00 $30.50 168 66.67% 33.33%

$0.00 $40.85 $0.00 $38.000 24 0.00% 100.00%

$50.89 $40.85 $52.00 $38.00 168 66.67% 33.33%

$51.36 $35.91 $51.75 $33.50 168 66.67% 33.33%

$52.32 $37.02 $53.00 $32.00 168 66.67% 33.33%

$49.30 $32.44 $50.00 $30.50 168 66.67% 33.33%

$45.51 $30.94 $48.00 $30.50 168 66.67% 33.33%

$45.51 $30.94 $48.00 $30.50 168 66.67% 33.33%

$0.00 $35.66 $0.00 $35.500 24 0.00% 100.00%

$43.26 $35.66 $46.00 $35.50 168 66.67% 33.33%

$45.39 $34.30 $46.25 $33.75 168 66.67% 33.33%

$45.39 $34.30 $46.25 $33.75 168 66.67% 33.33%

$0.00 $37.52 $0.00 $40.000 24 0.00% 100.00%

$41.37 $37.52 $41.00 $40.00 168 66.67% 33.33%

$41.37 $37.52 $41.00 $40.00 168 66.67% 33.33%

$0.00 $41.91 $0.00 $41.750 24 0.00% 100.00%

$45.08 $41.91 $48.50 $41.75 168 66.67% 33.33%

$61.28 $44.68 $62.50 $44.50 168 66.67% 33.33%

$64.28 $50.72 $68.00 $50.00 168 66.67% 33.33%

$64.28 $50.72 $68.00 $50.00 168 66.67% 33.33%

$66.88 $52.31 $67.50 $49.75 168 66.67% 33.33%

$60.82 $47.01 $63.00 $45.75 168 66.67% 33.33%

$0.00 $50.49 $0.00 $48.750 24 0.00% 100.00%

$58.28 $50.49 $59.50 $48.75 168 66.67% 33.33%

$53.52 $42.83 $55.75 $38.50 168 66.67% 33.33%

$57.37 $44.51 $58.75 $43.00 168 66.67% 33.33%

$57.05 $44.36 $57.00 $41.75 168 66.67% 33.33%

$54.30 $42.14 $54.00 $39.50 168 66.67% 33.33%

$54.30 $42.14 $54.00 $39.50 168 66.67% 33.33%

$0.00 $53.91 $0.00 $49.000 24 0.00% 100.00%

$55.07 $53.91 $60.50 $49.00 168 66.67% 33.33%

$57.20 $47.08 $69.00 $48.50 168 66.67% 33.33%

$63.51 $51.59 $70.50 $49.50 168 66.67% 33.33%
$66.66 $53.95 $73.50 $52.25 16

8 66.67% 33.33%

$67.58 $54.53 $73.25 $55.00 168 66.67% 33.33%

$67.58 $54.53 $73.25 $55.00 168 66.67% 33.33%

$0.00 $54.65 $0.00 $55.500 24 0.00% 100.00%

$65.94 $54.65 $67.25 $55.50 168 66.67% 33.33%

$60.02 $45.15 $62.50 $45.50 168 66.67% 33.33%

$60.36 $45.12 $63.50 $45.25 168 66.67% 33.33%

$60.36 $45.12 $63.50 $45.25 168 66.67% 33.33%

$60.13 $47.83 $61.25 $48.50 168 66.67% 33.33%

$60.13 $47.83 $61.25 $48.50 168 66.67% 33.33%

$0.00 $52.75 $0.00 $51.500 24 0.00% 100.00%

$57.87 $52.75 $60.00 $51.50 168 66.67% 33.33%

$0.00 $51.31 $0.00 $49.000 24 0.00% 100.00%

$56.38 $51.31 $56.00 $49.00 168 66.67% 33.33%

$59.67 $50.18 $60.00 $47.50 168 66.67% 33.33%

$58.65 $50.10 $59.00 $48.25 168 66.67% 33.33%

$58.65 $50.10 $59.00 $48.25 168 66.67% 33.33%

$0.00 $55.57 $0.00 $52.000 24 0.00% 100.00%

$62.04 $55.57 $63.75 $52.00 168 66.67% 33.33%

$0.00 $51.01 $0.00 $48.00 168 66.67% 33.33%

$59.80 $51.01 $60.25 $48.00 168 66.67% 33.33%

$64.55 $50.40 $65.00 $45.50 168 66.67% 33.33%

$61.33 $47.24 $59.25 $43.50 168 66.67% 33.33%

$61.33 $47.24 $59.25 $43.50 168 66.67% 33.33%

$0.00 $51.29 $0.00 $48.490 24 0.00% 100.00%

$60.23 $51.29 $60.54 $48.49 168 66.67% 33.33%

$62.23 $51.67 $62.18 $49.75 168 66.67% 33.33%

$62.45 $50.03 $62.74 $49.25 168 66.67% 33.33%

$63.35 $50.19 $63.96 $49.50 168 66.67% 33.33%

$61.96 $48.97 $61.47 $49.25 168 66.67% 33.33%

$61.96 $48.97 $61.47 $49.25 168 66.67% 33.33%

$0.00 $56.54 $0.00 $57.000 24 0.00% 100.00%

$65.82 $56.54 $66.95 $57.00 168 66.67% 33.33%

$68.42 $53.89 $71.75 $54.00 168 66.67% 33.33%

$72.37 $57.86 $80.50 $58.75 168 66.67% 33.33%

$72.37 $57.86 $80.50 $58.75 168 66.67% 33.33%

$70.96 $56.14 $71.00 $57.50 168 66.67% 33.33%

$70.96 $56.14 $71.00 $57.50 168 66.67% 33.33%

$0.00 $61.80 $0.00 $64.500 24 0.00% 100.00%

$70.95 $61.80 $74.00 $64.50 168 66.67% 33.33%

$73.64 $60.67 $79.50 $61.00 168 66.67% 33.33%

$65.06 $57.61 $72.50 $58.00 168 66.67% 33.33%

$65.94 $56.56 $70.50 $57.75 168 66.67% 33.33%

$61.66 $56.70 $65.56 $58.50 168 66.67% 33.33%

$61.66 $56.70 $65.56 $58.50 168 66.67% 33.33%

$0.00 $59.01 $0.00 $59.000 24 0.00% 100.00%

$62.67 $59.01 $68.14 $59.00 168 66.67% 33.33%

$62.82 $52.84 $68.04 $54.75 168 66.67% 33.33%

$65.89 $56.58 $72.63 $58.00 168 66.67% 33.33%

$67.61 $57.98 $75.68 $59.75 168 66.67% 33.33%

$65.64 $58.50 $72.75 $62.50 168 66.67% 33.33%
$65.64 $58.50 $72.75 $62.50 16

8 66.67% 33.33%

$0.00 $59.10 $0.00 $58.500 24 0.00% 100.00%

$69.54 $59.10 $71.50 $58.50 168 66.67% 33.33%

$69.70 $53.87 $74.75 $56.00 168 66.67% 33.33%

$73.90 $57.40 $79.50 $58.00 168 66.67% 33.33%

$73.71 $56.57 $75.50 $57.00 168 66.67% 33.33%

$66.43 $55.48 $66.50 $56.50 168 66.67% 33.33%

$66.43 $55.48 $66.50 $56.50 168 66.67% 33.33%

$0.00 $55.62 $0.00 $53.500 24 0.00% 100.00%

$67.28 $55.62 $69.21 $53.50 168 66.67% 33.33%

$68.65 $53.42 $70.34 $54.00 168 66.67% 33.33%

$68.16 $51.68 $69.25 $51.50 168 66.67% 33.33%

$68.16 $51.68 $69.25 $51.50 168 66.67% 33.33%

$65.35 $50.82 $68.00 $50.00 168 66.67% 33.33%

$65.35 $50.82 $68.00 $50.00 168 66.67% 33.33%

$0.00 $54.72 $0.00 $54.750 24 0.00% 100.00%

$68.42 $54.72 $69.00 $54.75 168 66.67% 33.33%

$68.72 $53.13 $69.50 $52.00 168 66.67% 33.33%

$71.97 $55.90 $73.00 $55.00 168 66.67% 33.33%

$71.68 $56.64 $72.00 $56.25 168 66.67% 33.33%

$68.25 $54.66 $68.50 $55.00 168 66.67% 33.33%

$68.25 $54.66 $68.50 $55.00 168 66.67% 33.33%

$0.00 $60.07 $0.00 $59.750 24 0.00% 100.00%

$70.41 $60.07 $72.00 $59.75 168 66.67% 33.33%

$74.08 $57.42 $76.50 $57.00 168 66.67% 33.33%

$74.50 $56.30 $76.75 $57.75 168 66.67% 33.33%

$74.50 $56.30 $76.75 $57.75 168 66.67% 33.33%

$73.19 $55.60 $76.75 $56.00 168 66.67% 33.33%

$68.29 $56.91 $70.00 $59.25 168 66.67% 33.33%

$0.00 $61.24 $0.00 $64.250 24 0.00% 100.00%

$70.52 $61.24 $74.00 $64.25 168 66.67% 33.33%

$71.75 $58.39 $75.50 $58.75 168 66.67% 33.33%

$73.83 $61.45 $79.69 $63.50 168 66.67% 33.33%

$74.69 $62.95 $79.25 $65.50 168 66.67% 33.33%

$73.82 $64.80 $76.25 $66.75 168 66.67% 33.33%

$73.82 $64.80 $76.25 $66.75 168 66.67% 33.33%

$0.00 $71.65 $0.00 $71.500 24 0.00% 100.00%

$80.19 $71.65 $81.50 $71.50 168 66.67% 33.33%

$80.97 $67.39 $84.25 $69.00 168 66.67% 33.33%

$83.41 $65.45 $85.00 $64.50 168 66.67% 33.33%

$78.30 $61.23 $79.25 $62.00 168 66.67% 33.33%

$72.04 $59.66 $73.75 $60.00 168 66.67% 33.33%

$72.04 $59.66 $73.75 $60.00 168 66.67% 33.33%

$0.00 $66.18 $0.00 $66.000 24 0.00% 100.00%

$76.50 $66.18 $78.25 $66.00 168 66.67% 33.33%

$78.74 $57.62 $82.00 $59.50 168 66.67% 33.33%

$77.74 $58.53 $80.00 $60.00 168 66.67% 33.33%

$77.74 $58.53 $80.00 $60.00 168 66.67% 33.33%

$70.31 $54.00 $70.50 $52.50 168 66.67% 33.33%

$70.31 $54.00 $70.50 $52.50 168 66.67% 33.33%

$0.00 $52.64 $0.00 $54.250 24 0.00% 100.00%
$65.70 $52.64 $66.50 $54.25 16

8 66.67% 33.33%

$71.30 $52.67 $71.75 $53.25 168 66.67% 33.33%

$73.10 $55.00 $74.00 $56.50 168 66.67% 33.33%

$77.21 $56.85 $79.50 $57.75 168 66.67% 33.33%

$75.76 $59.80 $79.25 $62.00 168 66.67% 33.33%

$75.76 $59.80 $79.25 $62.00 168 66.67% 33.33%

$0.00 $71.82 $0.00 $71.500 24 0.00% 100.00%

$82.66 $71.82 $86.50 $71.50 168 66.67% 33.33%

$91.60 $69.76 $95.00 $70.25 168 66.67% 33.33%

$86.95 $65.92 $91.00 $66.50 168 66.67% 33.33%

$79.20 $63.93 $83.25 $67.00 168 66.67% 33.33%

$82.56 $67.72 $84.50 $69.50 168 66.67% 33.33%

$82.56 $67.72 $84.50 $69.50 168 66.67% 33.33%

$0.00 $79.76 $0.00 $78.860 24 0.00% 100.00%

$88.67 $79.76 $90.50 $78.86 168 66.67% 33.33%

$87.27 $75.63 $87.25 $75.00 168 66.67% 33.33%

$82.61 $70.82 $82.50 $70.50 168 66.67% 33.33%

$79.27 $64.99 $79.75 $64.75 168 66.67% 33.33%

$81.64 $67.16 $84.00 $68.00 168 66.67% 33.33%

$81.64 $67.16 $84.00 $68.00 168 66.67% 33.33%

$0.00 $78.82 $0.00 $78.750 24 0.00% 100.00%

$97.99 $78.82 $103.75 $78.75 168 66.67% 33.33%

$89.66 $67.79 $92.50 $66.75 168 66.67% 33.33%

$85.21 $62.82 $86.50 $64.00 168 66.67% 33.33%

$85.42 $63.61 $87.00 $64.50 168 66.67% 33.33%

$85.67 $68.30 $86.00 $70.00 168 66.67% 33.33%

$85.67 $68.30 $86.00 $70.00 168 66.67% 33.33%

$0.00 $71.29 $0.00 $72.000 24 0.00% 100.00%

$89.48 $71.29 $88.75 $72.00 168 66.67% 33.33%

$94.82 $72.01 $95.25 $74.25 168 66.67% 33.33%

$94.00 $72.70 $94.50 $73.50 168 66.67% 33.33%

$86.61 $67.58 $81.50 $66.00 168 66.67% 33.33%

$87.20 $67.30 $83.00 $65.50 168 66.67% 33.33%

$87.20 $67.30 $83.00 $65.50 168 66.67% 33.33%

$0.00 $81.97 $0.00 $77.000 24 0.00% 100.00%

$99.92 $81.97 $96.25 $77.00 168 66.67% 33.33%

$97.38 $70.86 $94.50 $68.00 168 66.67% 33.33%

$90.53 $65.36 $88.25 $59.50 168 66.67% 33.33%

$83.78 $65.94 $82.00 $64.25 168 66.67% 33.33%

$80.82 $67.72 $81.00 $67.00 168 66.67% 33.33%

$80.82 $67.72 $81.00 $67.00 168 66.67% 33.33%

$0.00 $68.34 $0.00 $67.500 24 0.00% 100.00%

$81.11 $68.34 $81.25 $67.50 168 66.67% 33.33%

$81.94 $68.25 $82.50 $64.50 168 66.67% 33.33%

$82.34 $67.21 $82.00 $65.50 168 66.67% 33.33%

$77.75 $64.41 $79.00 $64.00 168 66.67% 33.33%

$78.73 $65.11 $81.00 $64.50 168 66.67% 33.33%

$78.73 $65.11 $81.00 $64.50 168 66.67% 33.33%

$0.00 $67.19 $0.00 $69.000 24 0.00% 100.00%

$84.80 $67.19 $84.25 $69.00 168 66.67% 33.33%

$88.66 $60.75 $86.00 $54.00 168 66.67% 33.33%
$84.45 $59.16 $85.05 $58.00 16

8 66.67% 33.33%

$86.32 $66.50 $90.00 $63.00 168 66.67% 33.33%

$91.61 $73.96 $95.00 $66.50 168 66.67% 33.33%

$91.61 $73.96 $95.00 $66.50 168 66.67% 33.33%

$0.00 $75.80 $0.00 $69.000 24 0.00% 100.00%

$95.78 $75.80 $96.00 $69.00 168 66.67% 33.33%

$100.55 $57.08 $103.75 $48.98 168 66.67% 33.33%

$83.95 $57.75 $87.75 $48.00 168 66.67% 33.33%

$83.95 $57.75 $87.75 $48.00 168 66.67% 33.33%

$73.38 $49.75 $69.00 $41.50 168 66.67% 33.33%

$73.38 $49.75 $69.00 $41.50 168 66.67% 33.33%

$0.00 $42.00 $0.00 $34.000 24 0.00% 100.00%

$0.00 $42.00 $0.00 $34.000 24 0.00% 100.00%

$77.05 $31.00 $73.25 $23.00 168 66.67% 33.33%

$81.76 $21.00 $75.00 $14.00 168 66.67% 33.33%

$79.65 $24.25 $73.00 $18.00 168 66.67% 33.33%

$73.00 $30.00 $72.00 $25.00 168 66.67% 33.33%

$73.00 $30.00 $72.00 $25.00 168 66.67% 33.33%

$0.00 $51.00 $0.00 $41.000 24 0.00% 100.00%

$79.60 $51.00 $74.00 $41.00 168 66.67% 33.33%

$94.02 $48.00 $90.00 $36.00 168 66.67% 33.33%

$91.91 $48.95 $83.00 $38.00 168 66.67% 33.33%

$84.11 $47.25 $76.00 $31.25 168 66.67% 33.33%

$80.82 $43.58 $67.75 $31.50 168 66.67% 33.33%

$80.82 $43.58 $67.75 $31.50 168 66.67% 33.33%

$0.00 $62.00 $0.00 $42.250 24 0.00% 100.00%

$87.47 $62.00 $78.50 $42.25 168 66.67% 33.33%

$99.86 $50.94 $90.75 $33.50 168 66.67% 33.33%

$91.83 $47.26 $88.50 $33.75 168 66.67% 33.33%

$93.25 $45.50 $90.00 $34.74 168 66.67% 33.33%

$96.63 $48.98 $91.00 $34.50 168 66.67% 33.33%

$96.63 $48.98 $91.00 $34.50 168 66.67% 33.33%

$0.00 $74.86 $0.00 $60.000 24 0.00% 100.00%

$101.11 $74.86 $108.00 $60.00 168 66.67% 33.33%

$120.26 $62.65 $130.25 $49.75 168 66.67% 33.33%

$137.61 $69.43 $140.67 $59.64 168 66.67% 33.33%

$139.01 $76.43 $145.00 $65.00 168 66.67% 33.33%

$133.74 $78.31 $135.29 $64.75 168 66.67% 33.33%

$133.74 $78.31 $135.29 $64.75 168 66.67% 33.33%

$0.00 $90.36 $0.00 $87.000 24 0.00% 100.00%

$119.80 $90.36 $122.25 $87.00 168 66.67% 33.33%

$116.36 $70.99 $122.00 $61.25 168 66.67% 33.33%

$112.15 $68.21 $113.00 $58.00 168 66.67% 33.33%

$105.34 $56.31 $106.00 $50.25 168 66.67% 33.33%

$102.18 $58.52 $105.00 $50.50 168 66.67% 33.33%

$102.18 $58.52 $105.00 $50.50 168 66.67% 33.33%

$0.00 $83.16 $0.00 $76.250 24 0.00% 100.00%

$117.56 $83.16 $118.00 $76.25 168 66.67% 33.33%

$133.29 $73.19 $132.00 $64.44 168 66.67% 33.33%

$134.40 $79.20 $132.36 $69.06 168 66.67% 33.33%

$134.40 $79.20 $132.36 $69.06 168 66.67% 33.33%
$0.00 $84.16 $0.00 $76.92

0 24 0.00% 100.00%

$106.99 $84.16 $100.57 $76.92 168 66.67% 33.33%

$0.00 $77.67 $0.00 $66.000 24 0.00% 100.00%

$138.81 $77.67 $134.23 $66.00 168 66.67% 33.33%

$145.05 $71.62 $136.43 $58.79 168 66.67% 33.33%

$126.67 $68.91 $117.79 $57.06 168 66.67% 33.33%

$112.27 $62.46 $110.39 $56.89 168 66.67% 33.33%

$89.18 $58.82 $89.03 $53.92 168 66.67% 33.33%

$89.18 $58.82 $89.03 $53.92 168 66.67% 33.33%

$0.00 $78.25 $0.00 $72.750 24 0.00% 100.00%

$100.96 $78.25 $100.25 $72.75 168 66.67% 33.33%

$102.98 $68.44 $103.00 $66.28 168 66.67% 33.33%

$107.46 $71.13 $106.50 $67.88 168 66.67% 33.33%

$100.02 $69.90 $99.50 $67.03 168 66.67% 33.33%

$100.44 $70.38 $98.75 $68.00 168 66.67% 33.33%

$100.44 $70.38 $98.75 $68.00 168 66.67% 33.33%

$0.00 $75.21 $0.00 $76.500 24 0.00% 100.00%

$95.39 $75.21 $97.25 $76.50 168 66.67% 33.33%

$98.48 $64.79 $102.50 $63.00 168 66.67% 33.33%

$98.25 $63.62 $98.75 $63.25 168 66.67% 33.33%

$98.05 $62.18 $99.50 $62.00 168 66.67% 33.33%

$92.66 $61.73 $91.25 $60.50 168 66.67% 33.33%

$92.66 $61.73 $91.25 $60.50 168 66.67% 33.33%

$0.00 $64.93 $0.00 $64.000 24 0.00% 100.00%

$88.06 $64.93 $91.50 $64.00 168 66.67% 33.33%

$86.07 $57.71 $88.11 $57.00 168 66.67% 33.33%

$86.47 $54.62 $89.06 $53.22 168 66.67% 33.33%

$82.76 $53.06 $82.25 $50.99 168 66.67% 33.33%

$84.99 $55.52 $84.57 $55.00 168 66.67% 33.33%

$84.99 $55.52 $84.57 $55.00 168 66.67% 33.33%

$0.00 $64.25 $0.00 $63.000 24 0.00% 100.00%

$86.84 $64.25 $88.04 $63.00 168 66.67% 33.33%

$90.74 $57.55 $94.00 $54.75 168 66.67% 33.33%

$81.28 $52.24 $83.79 $50.50 168 66.67% 33.33%

$82.08 $52.70 $82.71 $52.00 168 66.67% 33.33%

$77.43 $53.04 $78.89 $51.00 168 66.67% 33.33%

$77.43 $53.04 $78.89 $51.00 168 66.67% 33.33%

$0.00 $59.07 $0.00 $57.250 24 0.00% 100.00%

$79.26 $59.07 $78.11 $57.25 168 66.67% 33.33%

$83.67 $51.70 $84.44 $50.00 168 66.67% 33.33%

$81.06 $49.50 $80.36 $45.25 168 66.67% 33.33%

$81.15 $49.34 $79.14 $47.00 168 66.67% 33.33%

$77.72 $50.68 $76.63 $50.50 168 66.67% 33.33%

$77.72 $50.68 $76.63 $50.50 168 66.67% 33.33%

$0.00 $57.46 $0.00 $55.000 24 0.00% 100.00%

$76.29 $57.46 $75.39 $55.00 168 66.67% 33.33%

$72.66 $47.63 $72.08 $46.66 168 66.67% 33.33%

$69.81 $46.09 $68.54 $44.96 168 66.67% 33.33%

$72.20 $47.61 $70.52 $45.79 168 66.67% 33.33%

$70.34 $47.30 $67.04 $46.38 168 66.67% 33.33%

$70.34 $47.30 $67.04 $46.38 168 66.67% 33.33%
$0.00 $59.87 $0.00 $58.50

0 24 0.00% 100.00%

$77.50 $59.87 $74.21 $58.50 168 66.67% 33.33%

$76.67 $46.99 $75.81 $45.44 168 66.67% 33.33%

$81.34 $47.79 $80.13 $46.50 168 66.67% 33.33%

$81.34 $47.79 $80.13 $46.50 168 66.67% 33.33%

$77.69 $48.41 $74.09 $46.00 168 66.67% 33.33%

$77.69 $48.41 $74.09 $46.00 168 66.67% 33.33%

$0.00 $57.50 $0.00 $55.500 24 0.00% 100.00%

$0.00 $45.59 $0.00 $44.000 24 0.00% 100.00%

$68.09 $45.59 $61.38 $44.00 168 66.67% 33.33%

$65.57 $40.08 $59.71 $39.58 168 66.67% 33.33%

$67.77 $37.29 $58.48 $33.82 168 66.67% 33.33%

$66.12 $38.65 $61.13 $37.50 168 66.67% 33.33%

$66.12 $38.65 $61.13 $37.50 168 66.67% 33.33%

$0.00 $46.72 $0.00 $45.000 24 0.00% 100.00%

$63.55 $46.72 $60.44 $45.00 168 66.67% 33.33%

$61.96 $39.57 $61.00 $37.50 168 66.67% 33.33%

$56.09 $38.27 $56.78 $36.79 168 66.67% 33.33%

$58.08 $39.91 $59.42 $38.61 168 66.67% 33.33%

$56.01 $36.98 $57.27 $34.76 168 66.67% 33.33%

$56.01 $36.98 $57.27 $34.76 168 66.67% 33.33%

$0.00 $44.03 $0.00 $47.000 24 0.00% 100.00%

$57.52 $44.03 $57.75 $47.00 168 66.67% 33.33%

$55.81 $35.83 $56.32 $36.50 168 66.67% 33.33%

$54.79 $36.68 $56.58 $32.50 168 66.67% 33.33%

$55.21 $36.14 $55.19 $34.50 168 66.67% 33.33%

$55.60 $41.15 $52.97 $38.00 168 66.67% 33.33%

$55.60 $41.15 $52.97 $38.00 168 66.67% 33.33%

$0.00 $44.31 $0.00 $40.250 24 0.00% 100.00%

$54.21 $44.31 $51.00 $40.25 168 66.67% 33.33%

$53.41 $36.91 $51.71 $34.25 168 66.67% 33.33%

$53.90 $35.18 $54.84 $33.50 168 66.67% 33.33%

$56.72 $36.72 $55.73 $33.25 168 66.67% 33.33%

$53.37 $38.00 $51.78 $35.00 168 66.67% 33.33%

$53.37 $38.00 $51.78 $35.00 168 66.67% 33.33%

$0.00 $44.42 $0.00 $41.940 24 0.00% 100.00%

$53.04 $44.42 $51.65 $41.94 168 66.67% 33.33%

$57.96 $40.00 $55.95 $35.74 168 66.67% 33.33%

$56.54 $37.71 $55.10 $33.57 168 66.67% 33.33%

$56.14 $38.54 $56.75 $36.50 168 66.67% 33.33%

$55.26 $39.28 $54.77 $36.54 168 66.67% 33.33%

$55.26 $39.28 $54.77 $36.54 168 66.67% 33.33%

$0.00 $40.01 $0.00 $37.750 24 0.00% 100.00%

$53.75 $40.01 $54.26 $37.75 168 66.67% 33.33%

$52.85 $35.35 $52.51 $32.77 168 66.67% 33.33%

$52.01 $34.62 $52.75 $33.26 168 66.67% 33.33%

$50.05 $34.16 $49.90 $33.25 168 66.67% 33.33%

$44.57 $32.43 $41.96 $31.55 168 66.67% 33.33%

$44.57 $32.43 $41.96 $31.55 168 66.67% 33.33%

$0.00 $26.11 $0.00 $24.770 24 0.00% 100.00%

$37.74 $26.11 $35.00 $24.77 168 66.67% 33.33%
$34.63 $26.28 $34.00 $24.50 16

8 66.67% 33.33%

$31.72 $21.63 $33.55 $19.69 168 66.67% 33.33%

$36.95 $23.87 $38.00 $22.89 168 66.67% 33.33%

$42.96 $28.68 $42.24 $25.74 168 66.67% 33.33%

$42.96 $28.68 $42.24 $25.74 168 66.67% 33.33%

$0.00 $34.79 $0.00 $30.530 24 0.00% 100.00%

$44.71 $34.79 $41.31 $30.53 168 66.67% 33.33%

$49.95 $31.92 $49.75 $26.72 168 66.67% 33.33%

$50.40 $31.50 $50.25 $30.25 168 66.67% 33.33%

$52.35 $33.46 $51.09 $30.50 168 66.67% 33.33%

$44.22 $31.92 $43.86 $27.75 168 66.67% 33.33%

$44.22 $31.92 $43.86 $27.75 168 66.67% 33.33%

$0.00 $29.26 $0.00 $26.140 24 0.00% 100.00%

$39.65 $29.26 $40.25 $26.14 168 66.67% 33.33%

$40.92 $27.66 $39.96 $25.84 168 66.67% 33.33%

$42.43 $30.17 $42.50 $27.43 168 66.67% 33.33%

$42.43 $30.17 $42.50 $27.43 168 66.67% 33.33%

$42.05 $31.95 $41.25 $30.30 168 66.67% 33.33%

$34.47 $29.69 $33.38 $27.17 168 66.67% 33.33%

$0.00 $28.93 $0.00 $28.000 24 0.00% 100.00%

$33.69 $28.93 $36.19 $28.00 168 66.67% 33.33%

$30.03 $19.87 $33.15 $21.57 168 66.67% 33.33%

$36.19 $25.83 $38.35 $26.18 168 66.67% 33.33%

$43.05 $31.68 $46.93 $31.61 168 66.67% 33.33%

$46.82 $37.68 $47.19 $36.00 168 66.67% 33.33%

$46.82 $37.68 $47.19 $36.00 168 66.67% 33.33%

$0.00 $41.20 $0.00 $42.250 24 0.00% 100.00%

$43.49 $41.20 $45.25 $42.25 168 66.67% 33.33%

$50.26 $38.52 $47.50 $34.50 168 66.67% 33.33%

$50.26 $38.52 $47.50 $34.50 168 66.67% 33.33%

$40.77 $32.48 $38.08 $28.11 168 66.67% 33.33%

$37.53 $30.02 $36.41 $26.54 168 66.67% 33.33%

$37.53 $30.02 $36.41 $26.54 168 66.67% 33.33%

$0.00 $30.58 $0.00 $27.250 24 0.00% 100.00%

$35.16 $30.58 $34.25 $27.25 168 66.67% 33.33%

$40.90 $30.67 $36.00 $25.04 168 66.67% 33.33%

$44.84 $33.89 $37.05 $23.25 168 66.67% 33.33%

$46.78 $36.95 $44.24 $27.14 168 66.67% 33.33%

$44.56 $33.36 $42.50 $24.83 168 66.67% 33.33%

$44.56 $33.36 $42.50 $24.83 168 66.67% 33.33%

$0.00 $34.74 $0.00 $31.000 24 0.00% 100.00%

$43.30 $34.74 $40.86 $31.00 168 66.67% 33.33%

$47.50 $38.12 $44.25 $33.61 168 66.67% 33.33%

$47.50 $38.12 $44.25 $33.61 168 66.67% 33.33%

$0.00 $38.12 $0.00 $33.610 24 0.00% 100.00%

$39.37 $36.24 $36.58 $32.75 168 66.67% 33.33%

$39.37 $36.24 $36.58 $32.75 168 66.67% 33.33%

$0.00 $36.24 $0.00 $32.750 24 0.00% 100.00%

$45.64 $34.73 $43.75 $30.50 168 66.67% 33.33%

$46.52 $34.29 $42.75 $28.00 168 66.67% 33.33%

$46.71 $35.57 $44.50 $24.79 168 66.67% 33.33%
$45.80 $35.92 $44.25 $22.00 16

8 66.67% 33.33%

$45.20 $35.79 $41.11 $25.50 168 66.67% 33.33%

$45.20 $35.79 $41.11 $25.50 168 66.67% 33.33%

$0.00 $33.91 $0.00 $30.500 24 0.00% 100.00%

$42.58 $33.91 $40.25 $30.50 168 66.67% 33.33%

$42.25 $29.41 $41.25 $23.00 168 66.67% 33.33%

$42.58 $32.97 $41.50 $28.00 168 66.67% 33.33%

$47.73 $37.04 $46.50 $31.00 168 66.67% 33.33%

$47.65 $38.00 $46.25 $32.00 168 66.67% 33.33%

$47.65 $38.00 $46.25 $32.00 168 66.67% 33.33%

$0.00 $38.11 $0.00 $32.250 24 0.00% 100.00%

$50.79 $38.11 $49.72 $32.25 168 66.67% 33.33%

$54.36 $42.62 $55.72 $43.50 168 66.67% 33.33%

$53.44 $44.71 $54.75 $44.21 168 66.67% 33.33%

$51.32 $39.43 $52.74 $39.00 168 66.67% 33.33%

$46.53 $33.04 $47.74 $32.50 168 66.67% 33.33%

$46.53 $33.04 $47.74 $32.50 168 66.67% 33.33%

$0.00 $39.50 $0.00 $38.750 24 0.00% 100.00%

$48.24 $39.50 $49.96 $38.75 168 66.67% 33.33%

$44.33 $34.76 $44.25 $33.50 168 66.67% 33.33%

$44.33 $34.76 $44.25 $33.50 168 66.67% 33.33%

$0.00 $34.76 $0.00 $33.500 24 0.00% 100.00%

$41.84 $31.24 $41.85 $30.93 168 66.67% 33.33%

$41.84 $31.24 $41.85 $30.93 168 66.67% 33.33%

$0.00 $30.49 $0.00 $30.250 24 0.00% 100.00%

$44.07 $30.49 $44.00 $30.25 168 66.67% 33.33%

$50.32 $37.52 $50.79 $35.50 168 66.67% 33.33%

$50.32 $37.52 $50.79 $35.50 168 66.67% 33.33%

$0.00 $39.57 $0.00 $36.980 24 0.00% 100.00%

$39.97 $31.78 $41.24 $29.75 168 66.67% 33.33%

$39.97 $31.78 $41.24 $29.75 168 66.67% 33.33%

$0.00 $31.70 $0.00 $30.820 24 0.00% 100.00%

$42.78 $31.70 $43.94 $30.82 168 66.67% 33.33%

$39.64 $32.07 $43.95 $31.50 168 66.67% 33.33%

$43.30 $35.36 $45.53 $35.00 168 66.67% 33.33%

$43.14 $34.50 $43.25 $32.71 168 66.67% 33.33%

$40.66 $32.82 $40.93 $32.41 168 66.67% 33.33%

$40.66 $32.82 $40.93 $32.41 168 66.67% 33.33%

$0.00 $31.98 $0.00 $31.820 24 0.00% 100.00%

$41.40 $31.98 $44.04 $31.82 168 66.67% 33.33%

$40.71 $30.95 $41.50 $31.00 168 66.67% 33.33%

$40.83 $30.93 $41.55 $29.52 168 66.67% 33.33%

$40.83 $30.93 $41.55 $29.52 168 66.67% 33.33%

$37.38 $28.91 $36.79 $27.13 168 66.67% 33.33%

$37.38 $28.91 $36.79 $27.13 168 66.67% 33.33%

$0.00 $32.41 $0.00 $30.830 24 0.00% 100.00%

$39.10 $32.41 $39.17 $30.83 168 66.67% 33.33%

$38.02 $27.09 $37.88 $27.00 168 66.67% 33.33%

$34.70 $23.26 $35.54 $23.00 168 66.67% 33.33%

$35.65 $24.72 $35.67 $23.50 168 66.67% 33.33%

$31.14 $21.36 $31.45 $20.92 168 66.67% 33.33%
$31.14 $21.36 $31.45 $20.92 16

8 66.67% 33.33%

$0.00 $26.92 $0.00 $25.800 24 0.00% 100.00%

$33.19 $26.92 $33.72 $25.80 168 66.67% 33.33%

$33.61 $25.03 $34.69 $24.50 168 66.67% 33.33%

$36.41 $27.59 $37.40 $27.64 168 66.67% 33.33%

$37.88 $28.20 $39.75 $28.12 168 66.67% 33.33%

$35.29 $26.58 $36.52 $27.00 168 66.67% 33.33%

$35.29 $26.58 $36.52 $27.00 168 66.67% 33.33%

$0.00 $29.95 $0.00 $31.000 24 0.00% 100.00%

$38.32 $29.95 $39.08 $31.00 168 66.67% 33.33%

$36.64 $26.68 $36.72 $27.75 168 66.67% 33.33%

$36.80 $27.84 $36.48 $29.50 168 66.67% 33.33%

$35.44 $27.36 $35.67 $28.42 168 66.67% 33.33%

$33.99 $25.41 $33.51 $27.50 168 66.67% 33.33%

$33.99 $25.41 $33.51 $27.50 168 66.67% 33.33%

$0.00 $26.60 $0.00 $28.000 24 0.00% 100.00%

$35.75 $26.60 $35.20 $28.00 168 66.67% 33.33%

$37.00 $25.70 $39.57 $30.75 168 66.67% 33.33%

$39.91 $29.98 $41.75 $33.75 168 66.67% 33.33%

$39.91 $29.98 $41.75 $33.75 168 66.67% 33.33%

$35.04 $29.31 $35.04 $31.00 168 66.67% 33.33%

$35.04 $29.31 $35.04 $31.00 168 66.67% 33.33%

$0.00 $28.74 $0.00 $30.750 24 0.00% 100.00%

$34.25 $28.74 $35.08 $30.75 168 66.67% 33.33%

$33.91 $27.14 $35.13 $29.25 168 66.67% 33.33%

$32.84 $27.60 $32.28 $29.00 168 66.67% 33.33%

$32.63 $26.65 $32.51 $28.75 168 66.67% 33.33%

$30.77 $25.57 $31.42 $26.75 168 66.67% 33.33%

$30.77 $25.57 $31.42 $26.75 168 66.67% 33.33%

$0.00 $24.18 $0.00 $25.500 24 0.00% 100.00%

$30.19 $24.18 $30.73 $25.50 168 66.67% 33.33%

$29.50 $23.46 $29.77 $25.25 168 66.67% 33.33%

$29.51 $22.65 $29.92 $24.25 168 66.67% 33.33%

$29.12 $20.34 $29.58 $22.75 168 66.67% 33.33%

$27.21 $21.11 $27.32 $22.50 168 66.67% 33.33%

$27.21 $21.11 $27.32 $22.50 168 66.67% 33.33%

$0.00 $20.22 $0.00 $20.250 24 0.00% 100.00%

$27.54 $20.22 $28.11 $20.25 168 66.67% 33.33%

$28.28 $18.44 $27.03 $18.25 168 66.67% 33.33%

$28.60 $17.37 $27.42 $18.00 168 66.67% 33.33%

$28.50 $17.61 $27.83 $17.50 168 66.67% 33.33%

$28.57 $18.75 $28.10 $18.00 168 66.67% 33.33%

$28.57 $18.75 $28.10 $18.00 168 66.67% 33.33%

$0.00 $22.82 $0.00 $23.500 24 0.00% 100.00%

$30.06 $22.82 $31.81 $23.50 168 66.67% 33.33%

$32.55 $22.59 $33.86 $24.75 168 66.67% 33.33%

$32.17 $23.39 $33.75 $25.50 168 66.67% 33.33%

$31.99 $22.66 $32.85 $24.70 168 66.67% 33.33%

$28.31 $21.27 $28.75 $22.25 168 66.67% 33.33%

$28.31 $21.27 $28.75 $22.25 168 66.67% 33.33%

$0.00 $21.78 $0.00 $22.000 24 0.00% 100.00%
$28.70 $21.78 $27.72 $22.00 16

8 66.67% 33.33%

$28.36 $20.68 $28.25 $20.00 168 66.67% 33.33%

$28.60 $20.34 $28.72 $20.25 168 66.67% 33.33%

$28.62 $19.83 $28.42 $20.00 168 66.67% 33.33%

$26.83 $18.16 $27.15 $19.25 168 66.67% 33.33%

$26.83 $18.16 $27.15 $19.25 168 66.67% 33.33%

$0.00 $22.48 $0.00 $21.250 24 0.00% 100.00%

$30.90 $22.48 $30.00 $21.25 168 66.67% 33.33%

$30.72 $20.21 $30.58 $19.92 168 66.67% 33.33%

$29.86 $21.08 $29.93 $20.25 168 66.67% 33.33%

$30.80 $21.21 $31.00 $21.00 168 66.67% 33.33%

$29.87 $23.65 $30.39 $21.25 168 66.67% 33.33%

$29.87 $23.65 $30.39 $21.25 168 66.67% 33.33%

$0.00 $25.41 $0.00 $26.000 24 0.00% 100.00%

$31.09 $25.41 $30.56 $26.00 168 66.67% 33.33%

$27.62 $19.95 $27.63 $20.00 168 66.67% 33.33%

$28.81 $22.16 $29.80 $22.00 168 66.67% 33.33%

$27.74 $17.90 $27.00 $17.75 168 66.67% 33.33%

$26.90 $18.31 $25.85 $18.25 168 66.67% 33.33%

$26.90 $18.31 $25.85 $18.25 168 66.67% 33.33%

$0.00 $26.06 $0.00 $26.250 24 0.00% 100.00%

$30.04 $26.06 $30.00 $26.25 168 66.67% 33.33%

$31.04 $20.01 $31.04 $20.50 168 66.67% 33.33%

$28.09 $18.88 $28.48 $20.25 168 66.67% 33.33%

$28.09 $18.88 $28.48 $20.25 168 66.67% 33.33%

$26.94 $18.08 $27.00 $18.50 168 66.67% 33.33%

$26.94 $18.08 $27.00 $18.50 168 66.67% 33.33%

$0.00 $18.73 $0.00 $18.000 24 0.00% 100.00%

$26.75 $18.73 $26.00 $18.00 168 66.67% 33.33%

$25.33 $21.50 $24.36 $17.75 168 66.67% 33.33%

$24.31 $22.50 $24.75 $21.28 168 66.67% 33.33%

$27.73 $22.25 $27.75 $18.30 168 66.67% 33.33%

$24.91 $19.52 $24.75 $18.21 168 66.67% 33.33%

$24.91 $19.52 $24.75 $18.21 168 66.67% 33.33%

$0.00 $22.00 $0.00 $20.750 24 0.00% 100.00%

$32.86 $22.00 $33.05 $20.75 168 66.67% 33.33%

$30.43 $15.63 $32.22 $15.82 168 66.67% 33.33%

$28.17 $17.00 $27.79 $15.53 168 66.67% 33.33%

$26.97 $15.42 $25.25 $13.75 168 66.67% 33.33%

$26.10 $14.00 $23.03 $13.25 168 66.67% 33.33%

$26.10 $14.00 $23.03 $13.25 168 66.67% 33.33%

$0.00 $17.04 $0.00 $16.500 24 0.00% 100.00%

$26.83 $17.04 $25.25 $16.50 168 66.67% 33.33%

$25.10 $14.59 $24.25 $14.00 168 66.67% 33.33%

$26.46 $15.14 $26.75 $13.50 168 66.67% 33.33%

$28.29 $19.75 $28.50 $18.00 168 66.67% 33.33%

$28.03 $20.30 $26.64 $19.03 168 66.67% 33.33%

$28.03 $20.30 $26.64 $19.03 168 66.67% 33.33%

$0.00 $21.45 $0.00 $18.570 24 0.00% 100.00%

$26.40 $21.45 $26.02 $18.57 168 66.67% 33.33%

$28.21 $18.32 $27.25 $16.66 168 66.67% 33.33%
$30.02 $18.02 $34.61 $18.50 16

8 66.67% 33.33%

$33.11 $18.63 $34.00 $18.75 168 66.67% 33.33%

$34.60 $20.65 $33.19 $19.02 168 66.67% 33.33%

$34.60 $20.65 $33.19 $19.02 168 66.67% 33.33%

$0.00 $28.75 $0.00 $28.000 24 0.00% 100.00%

$41.18 $28.75 $42.00 $28.00 168 66.67% 33.33%

$43.57 $23.60 $42.73 $22.61 168 66.67% 33.33%

$46.64 $24.48 $46.00 $24.00 168 66.67% 33.33%

$46.17 $24.15 $44.25 $20.75 168 66.67% 33.33%

$38.96 $23.14 $38.00 $20.59 168 66.67% 33.33%

$38.96 $23.14 $38.00 $20.59 168 66.67% 33.33%

$0.00 $32.20 $0.00 $32.750 24 0.00% 100.00%

$45.72 $32.20 $46.00 $32.75 168 66.67% 33.33%

$38.41 $20.47 $39.00 $17.71 168 66.67% 33.33%

$34.79 $22.49 $34.25 $18.67 168 66.67% 33.33%

$34.79 $22.49 $34.25 $18.67 168 66.67% 33.33%

$31.89 $19.56 $30.75 $17.62 168 66.67% 33.33%

$31.89 $19.56 $30.75 $17.62 168 66.67% 33.33%

$0.00 $22.89 $0.00 $21.500 24 0.00% 100.00%

$0.00 $22.89 $0.00 $21.500 24 0.00% 100.00%

$28.19 $16.14 $27.36 $15.50 168 66.67% 33.33%

$30.71 $15.53 $28.21 $14.00 168 66.67% 33.33%

$30.71 $15.53 $28.21 $14.00 168 66.67% 33.33%

$28.55 $15.85 $28.25 $13.65 168 66.67% 33.33%

$28.55 $15.85 $28.25 $13.65 168 66.67% 33.33%

$0.00 $20.50 $0.00 $20.500 24 0.00% 100.00%

$31.57 $18.28 $31.00 $17.00 168 66.67% 33.33%

$28.19 $13.49 $27.50 $14.22 168 66.67% 33.33%

$30.36 $9.00 $30.25 $8.19 168 66.67% 33.33%

$27.98 $11.00 $27.50 $8.25 168 66.67% 33.33%

$26.88 $11.00 $26.74 $8.10 168 66.67% 33.33%

$26.88 $11.00 $26.74 $8.10 168 66.67% 33.33%

$0.00 $14.05 $0.00 $10.980 24 0.00% 100.00%

$27.66 $14.05 $26.25 $10.98 168 66.67% 33.33%

$25.51 $11.75 $25.46 $7.83 168 66.67% 33.33%

$24.22 $11.50 $24.00 $9.70 168 66.67% 33.33%

$24.72 $10.75 $24.25 $11.25 168 66.67% 33.33%

$24.11 $12.00 $23.43 $11.50 168 66.67% 33.33%

$24.11 $12.00 $23.43 $11.50 168 66.67% 33.33%

$0.00 $18.09 $0.00 $17.750 24 0.00% 100.00%

$25.21 $18.09 $25.00 $17.75 168 66.67% 33.33%

$27.67 $17.69 $27.75 $16.96 168 66.67% 33.33%

$30.40 $18.75 $29.00 $17.50 168 66.67% 33.33%

$32.33 $18.50 $31.50 $17.25 168 66.67% 33.33%

$31.06 $15.50 $29.35 $13.00 168 66.67% 33.33%

$31.06 $15.50 $29.35 $13.00 168 66.67% 33.33%

$0.00 $22.17 $0.00 $21.500 24 0.00% 100.00%

$31.51 $22.17 $30.00 $21.50 168 66.67% 33.33%

$30.70 $16.88 $30.25 $14.00 168 66.67% 33.33%

$32.06 $20.50 $31.00 $17.00 168 66.67% 33.33%

$30.65 $19.27 $31.25 $19.25 168 66.67% 33.33%
$30.56 $19.75 $30.00 $18.25 16

8 66.67% 33.33%

$30.56 $19.75 $30.00 $18.25 168 66.67% 33.33%

$0.00 $24.00 $0.00 $22.000 24 0.00% 100.00%

$33.87 $24.00 $34.00 $22.00 168 66.67% 33.33%

$36.67 $23.75 $38.25 $22.25 168 66.67% 33.33%

$36.62 $22.33 $38.50 $21.25 168 66.67% 33.33%

$36.62 $22.33 $38.50 $21.25 168 66.67% 33.33%

$33.67 $22.45 $34.89 $23.50 168 66.67% 33.33%

$0.00 $22.45 $0.00 $23.500 24 0.00% 100.00%

$0.00 $22.59 $0.00 $24.750 24 0.00% 100.00%

$31.27 $22.59 $33.14 $24.75 168 66.67% 33.33%

$31.77 $18.27 $33.31 $19.50 168 66.67% 33.33%

$33.25 $17.91 $33.50 $18.38 168 66.67% 33.33%

$31.69 $17.19 $31.97 $16.81 168 66.67% 33.33%

$32.39 $18.00 $33.25 $18.00 168 66.67% 33.33%

$32.39 $18.00 $33.25 $18.00 168 66.67% 33.33%

$0.00 $23.65 $0.00 $22.250 24 0.00% 100.00%

$36.57 $23.65 $38.39 $22.25 168 66.67% 33.33%

$41.20 $21.05 $42.75 $25.58 168 66.67% 33.33%

$44.48 $20.87 $45.25 $25.13 168 66.67% 33.33%

$44.86 $22.21 $45.75 $25.38 168 66.67% 33.33%

$41.06 $21.60 $42.25 $24.00 168 66.67% 33.33%

$41.06 $21.60 $42.25 $24.00 168 66.67% 33.33%

$0.00 $28.15 $0.00 $32.000 24 0.00% 100.00%

$43.56 $28.15 $45.64 $32.00 168 66.67% 33.33%

$47.70 $24.51 $51.00 $27.69 168 66.67% 33.33%

$47.11 $25.32 $47.25 $27.59 168 66.67% 33.33%

$44.81 $22.97 $46.00 $26.00 168 66.67% 33.33%

$43.65 $23.95 $45.00 $25.50 168 66.67% 33.33%

$43.65 $23.95 $45.00 $25.50 168 66.67% 33.33%

$0.00 $31.18 $0.00 $38.500 24 0.00% 100.00%

$44.65 $31.18 $45.75 $38.50 168 66.67% 33.33%

$46.09 $24.50 $49.06 $23.33 168 66.67% 33.33%

$42.52 $22.11 $44.50 $22.77 168 66.67% 33.33%

$42.52 $22.11 $44.50 $22.77 168 66.67% 33.33%

$38.94 $20.80 $39.00 $22.09 168 66.67% 33.33%

$36.25 $20.23 $38.70 $21.25 168 66.67% 33.33%

$0.00 $30.46 $0.00 $29.750 24 0.00% 100.00%

$37.80 $30.46 $39.00 $29.75 168 66.67% 33.33%

$39.28 $21.75 $41.50 $22.01 168 66.67% 33.33%

$38.52 $22.26 $40.49 $22.69 168 66.67% 33.33%

$37.38 $22.69 $42.00 $23.01 168 66.67% 33.33%

$36.14 $24.68 $40.00 $24.94 168 66.67% 33.33%

$36.14 $24.68 $40.00 $24.94 168 66.67% 33.33%

$0.00 $28.70 $0.00 $28.380 24 0.00% 100.00%

$38.32 $28.70 $39.71 $28.38 168 66.67% 33.33%

$41.45 $23.04 $42.90 $23.00 168 66.67% 33.33%

$38.72 $23.16 $40.00 $23.00 168 66.67% 33.33%

$34.93 $22.32 $40.58 $23.00 168 66.67% 33.33%

$32.38 $21.61 $36.95 $22.50 168 66.67% 33.33%

$32.38 $21.61 $36.95 $22.50 168 66.67% 33.33%
$0.00 $25.46 $0.00 $26.00

0 24 0.00% 100.00%

$33.79 $25.46 $37.57 $26.00 168 66.67% 33.33%

$31.58 $19.89 $34.24 $20.75 168 66.67% 33.33%

$31.47 $20.04 $33.65 $20.80 168 66.67% 33.33%

$31.53 $19.66 $34.00 $19.90 168 66.67% 33.33%

$29.44 $19.04 $32.00 $19.50 168 66.67% 33.33%

$29.44 $19.04 $32.00 $19.50 168 66.67% 33.33%

$0.00 $21.58 $0.00 $24.000 24 0.00% 100.00%

$28.28 $21.58 $33.25 $24.00 168 66.67% 33.33%

$27.12 $16.95 $29.38 $18.83 168 66.67% 33.33%

$30.57 $18.70 $32.92 $19.25 168 66.67% 33.33%

$34.08 $19.60 $34.20 $19.00 168 66.67% 33.33%

$33.54 $17.76 $34.00 $18.38 168 66.67% 33.33%

$33.54 $17.76 $34.00 $18.38 168 66.67% 33.33%

$0.00 $22.68 $0.00 $24.250 24 0.00% 100.00%

$32.79 $22.68 $34.25 $24.25 168 66.67% 33.33%

$31.24 $18.67 $34.08 $19.00 168 66.67% 33.33%

$30.32 $17.74 $33.63 $18.75 168 66.67% 33.33%

$30.32 $17.74 $33.63 $18.75 168 66.67% 33.33%

$26.16 $16.65 $28.43 $17.00 168 66.67% 33.33%

$26.16 $16.65 $28.43 $17.00 168 66.67% 33.33%

$0.00 $17.23 $0.00 $19.000 24 0.00% 100.00%

$0.00 $17.23 $0.00 $19.000 24 0.00% 100.00%

$24.36 $14.97 $26.25 $15.25 168 66.67% 33.33%

$25.72 $15.35 $28.25 $15.50 168 66.67% 33.33%

$28.92 $16.10 $30.96 $16.00 168 66.67% 33.33%

$27.63 $17.00 $31.56 $17.00 168 66.67% 33.33%

$27.63 $17.00 $31.56 $17.00 168 66.67% 33.33%

$0.00 $24.27 $0.00 $26.000 24 0.00% 100.00%

$30.73 $24.27 $33.59 $26.00 168 66.67% 33.33%

$26.81 $19.75 $28.93 $17.75 168 66.67% 33.33%

$32.60 $22.63 $36.03 $23.94 168 66.67% 33.33%

$34.75 $21.84 $36.59 $24.00 168 66.67% 33.33%

$36.13 $22.03 $37.50 $22.25 168 66.67% 33.33%

$36.13 $22.03 $37.50 $22.25 168 66.67% 33.33%

$0.00 $26.45 $0.00 $27.500 24 0.00% 100.00%

$36.39 $26.45 $38.85 $27.50 168 66.67% 33.33%

$32.93 $20.05 $37.24 $22.00 168 66.67% 33.33%

$34.02 $20.22 $38.25 $22.39 168 66.67% 33.33%

$30.80 $18.71 $33.38 $21.00 168 66.67% 33.33%

$33.33 $18.95 $33.98 $19.00 168 66.67% 33.33%

$33.33 $18.95 $33.98 $19.00 168 66.67% 33.33%

$0.00 $28.21 $0.00 $27.290 24 0.00% 100.00%

$35.12 $28.21 $34.53 $27.29 168 66.67% 33.33%

$33.08 $22.11 $34.13 $20.25 168 66.67% 33.33%

$32.11 $21.74 $32.78 $20.00 168 66.67% 33.33%

$31.22 $19.93 $34.25 $20.25 168 66.67% 33.33%

$29.98 $21.75 $31.41 $20.00 168 66.67% 33.33%

$29.98 $21.75 $31.41 $20.00 168 66.67% 33.33%

$0.00 $19.61 $0.00 $18.500 24 0.00% 100.00%

$26.14 $19.61 $26.64 $18.50 168 66.67% 33.33%
$27.53 $19.05 $28.01 $16.84 16

8 66.67% 33.33%

$30.51 $21.46 $30.69 $20.63 168 66.67% 33.33%

$35.65 $24.47 $37.63 $25.00 168 66.67% 33.33%

$41.95 $30.25 $42.00 $28.75 168 66.67% 33.33%

$41.95 $30.25 $42.00 $28.75 168 66.67% 33.33%

$0.00 $30.94 $0.00 $28.000 24 0.00% 100.00%

$37.85 $30.94 $39.00 $28.00 168 66.67% 33.33%

$37.69 $28.46 $38.85 $25.50 168 66.67% 33.33%

$37.64 $27.25 $37.34 $24.17 168 66.67% 33.33%

$37.39 $26.04 $37.31 $22.78 168 66.67% 33.33%

$38.32 $27.59 $38.50 $22.05 168 66.67% 33.33%

$38.32 $27.59 $38.50 $22.05 168 66.67% 33.33%

$0.00 $32.08 $0.00 $26.070 24 0.00% 100.00%

$39.31 $32.08 $39.00 $26.07 168 66.67% 33.33%

$41.49 $29.32 $42.27 $21.38 168 66.67% 33.33%

$44.32 $30.65 $42.36 $21.00 168 66.67% 33.33%

$46.18 $31.22 $44.32 $22.98 168 66.67% 33.33%

$47.18 $31.21 $45.40 $25.19 168 66.67% 33.33%

$47.18 $31.21 $45.40 $25.19 168 66.67% 33.33%

$0.00 $38.74 $0.00 $33.240 24 0.00% 100.00%

$47.24 $38.74 $44.73 $33.24 168 66.67% 33.33%

$43.59 $31.22 $41.73 $26.75 168 66.67% 33.33%

$41.88 $29.29 $39.46 $24.75 168 66.67% 33.33%

$43.58 $30.91 $41.45 $24.50 168 66.67% 33.33%

$38.62 $29.64 $37.47 $28.25 168 66.67% 33.33%

$38.62 $29.64 $37.47 $28.25 168 66.67% 33.33%

$0.00 $32.40 $0.00 $31.750 24 0.00% 100.00%

$38.72 $32.40 $39.57 $31.75 168 66.67% 33.33%

$41.34 $30.74 $37.35 $21.72 168 66.67% 33.33%

$41.59 $29.77 $37.75 $23.50 168 66.67% 33.33%

$42.05 $29.36 $37.24 $23.03 168 66.67% 33.33%

$36.25 $24.50 $30.02 $18.56 168 66.67% 33.33%

$36.25 $24.50 $30.02 $18.56 168 66.67% 33.33%

$0.00 $28.53 $0.00 $26.080 24 0.00% 100.00%

$35.02 $28.53 $34.79 $26.08 168 66.67% 33.33%

$36.53 $28.40 $37.94 $26.00 168 66.67% 33.33%

$33.94 $25.43 $35.50 $22.43 168 66.67% 33.33%

$33.94 $25.43 $35.50 $22.43 168 66.67% 33.33%

$28.99 $20.58 $29.50 $20.25 168 66.67% 33.33%

$28.99 $20.58 $29.50 $20.25 168 66.67% 33.33%

$0.00 $22.10 $0.00 $22.270 24 0.00% 100.00%

$25.83 $22.10 $28.90 $22.27 168 66.67% 33.33%

$26.64 $19.78 $26.63 $18.50 168 66.67% 33.33%

$33.57 $25.03 $32.79 $24.25 168 66.67% 33.33%

$34.67 $27.02 $35.00 $26.45 168 66.67% 33.33%

$34.31 $24.66 $34.78 $25.50 168 66.67% 33.33%

$34.31 $24.66 $34.78 $25.50 168 66.67% 33.33%

$0.00 $29.77 $0.00 $27.000 24 0.00% 100.00%

$31.53 $29.77 $32.94 $27.00 168 66.67% 33.33%

$33.89 $26.53 $32.43 $23.50 168 66.67% 33.33%

$33.89 $26.53 $32.43 $23.50 168 66.67% 33.33%
$0.00 $24.92 $0.00 $21.50

0 24 0.00% 100.00%

$29.00 $24.92 $26.85 $21.50 168 66.67% 33.33%

$29.00 $24.92 $26.85 $21.50 168 66.67% 33.33%

$0.00 $25.87 $0.00 $21.750 24 0.00% 100.00%

$29.96 $25.87 $27.86 $21.75 168 66.67% 33.33%

$41.83 $33.06 $43.00 $32.75 168 66.67% 33.33%

$42.14 $32.37 $44.00 $32.25 168 66.67% 33.33%

$43.29 $33.84 $45.00 $34.00 168 66.67% 33.33%

$42.62 $33.27 $46.75 $35.50 168 66.67% 33.33%

$42.62 $33.27 $46.75 $35.50 168 66.67% 33.33%

$0.00 $36.48 $0.00 $37.630 24 0.00% 100.00%

$42.67 $36.48 $48.00 $37.63 168 66.67% 33.33%

$47.51 $35.54 $52.25 $38.25 168 66.67% 33.33%

$59.73 $44.97 $66.67 $48.00 168 66.67% 33.33%

$53.91 $42.34 $59.00 $39.93 168 66.67% 33.33%

$48.08 $40.81 $53.90 $40.25 168 66.67% 33.33%

$48.08 $40.81 $53.90 $40.25 168 66.67% 33.33%

$0.00 $38.23 $0.00 $38.780 24 0.00% 100.00%

$47.52 $38.23 $51.00 $38.78 168 66.67% 33.33%

$48.33 $35.11 $50.50 $33.75 168 66.67% 33.33%

$47.69 $33.72 $48.75 $31.75 168 66.67% 33.33%

$46.82 $32.74 $48.00 $32.00 168 66.67% 33.33%

$46.99 $32.03 $47.25 $35.00 168 66.67% 33.33%

$46.99 $32.03 $47.25 $35.00 168 66.67% 33.33%

$0.00 $38.71 $0.00 $41.750 24 0.00% 100.00%

$49.03 $38.71 $51.25 $41.75 168 66.67% 33.33%

$47.27 $34.68 $50.50 $36.00 168 66.67% 33.33%

$47.27 $34.68 $50.50 $36.00 168 66.67% 33.33%

$45.67 $40.33 $44.00 $38.50 168 66.67% 33.33%

$0.00 $40.33 $0.00 $38.500 24 0.00% 100.00%

$45.67 $40.33 $44.00 $38.50 168 66.67% 33.33%

$0.00 $39.11 $0.00 $39.750 24 0.00% 100.00%

$48.03 $39.11 $48.25 $39.75 168 66.67% 33.33%

$51.11 $37.75 $51.50 $36.50 168 66.67% 33.33%

$52.25 $36.36 $52.25 $35.00 168 66.67% 33.33%

$52.25 $36.36 $52.25 $35.00 168 66.67% 33.33%

$0.00 $35.37 $0.00 $34.250 24 0.00% 100.00%

$44.03 $35.37 $42.25 $34.25 168 66.67% 33.33%

$0.00 $33.60 $0.00 $34.750 24 0.00% 100.00%

$47.21 $33.60 $46.75 $34.75 168 66.67% 33.33%

$49.67 $36.74 $50.00 $38.50 168 66.67% 33.33%

$49.18 $35.16 $49.75 $37.75 168 66.67% 33.33%

$48.35 $33.56 $48.50 $34.25 168 66.67% 33.33%

$53.38 $38.64 $55.50 $43.25 168 66.67% 33.33%

$53.38 $38.64 $55.50 $43.25 168 66.67% 33.33%

$0.00 $38.05 $0.00 $38.250 24 0.00% 100.00%

$47.17 $38.05 $47.00 $38.25 168 66.67% 33.33%

$46.24 $34.83 $46.00 $34.75 168 66.67% 33.33%

$48.41 $37.02 $47.21 $37.50 168 66.67% 33.33%

$48.41 $37.02 $47.21 $37.50 168 66.67% 33.33%

$46.76 $34.98 $44.15 $34.14 168 66.67% 33.33%
$46.76 $34.98 $44.15 $34.14 16

8 66.67% 33.33%

$0.00 $39.83 $0.00 $38.250 24 0.00% 100.00%

$47.50 $39.83 $46.00 $38.25 168 66.67% 33.33%

$49.10 $36.15 $47.25 $36.00 168 66.67% 33.33%

$49.17 $35.68 $47.50 $35.75 168 66.67% 33.33%

$48.05 $37.52 $49.50 $39.00 168 66.67% 33.33%

$46.25 $35.50 $46.50 $35.00 168 66.67% 33.33%

$46.25 $35.50 $46.50 $35.00 168 66.67% 33.33%

$0.00 $39.17 $0.00 $37.500 24 0.00% 100.00%

$48.27 $39.17 $48.25 $37.50 168 66.67% 33.33%

$49.00 $35.03 $47.00 $36.00 168 66.67% 33.33%

$45.90 $33.87 $47.25 $34.75 168 66.67% 33.33%

$45.90 $33.87 $47.25 $34.75 168 66.67% 33.33%

$42.66 $33.34 $42.50 $33.25 168 66.67% 33.33%

$42.66 $33.34 $42.50 $33.25 168 66.67% 33.33%

$0.00 $37.22 $0.00 $36.250 24 0.00% 100.00%

$43.33 $32.15 $43.00 $33.00 168 66.67% 33.33%

$45.42 $33.07 $46.00 $34.50 168 66.67% 33.33%

$47.71 $34.75 $49.50 $39.50 168 66.67% 33.33%

$48.94 $35.89 $50.50 $39.00 168 66.67% 33.33%

$48.73 $36.36 $47.25 $36.50 168 66.67% 33.33%

$48.73 $36.36 $47.25 $36.50 168 66.67% 33.33%

$0.00 $40.11 $0.00 $38.250 24 0.00% 100.00%

$51.97 $40.11 $51.50 $38.25 168 66.67% 33.33%

$50.08 $38.48 $50.75 $39.25 168 66.67% 33.33%

$49.82 $38.50 $50.50 $39.50 168 66.67% 33.33%

$49.82 $38.50 $50.50 $39.50 168 66.67% 33.33%

$50.25 $39.06 $48.75 $40.00 168 66.67% 33.33%

$50.25 $39.06 $48.75 $40.00 168 66.67% 33.33%

$0.00 $42.75 $0.00 $41.750 24 0.00% 100.00%

$48.82 $42.75 $47.50 $41.75 168 66.67% 33.33%

$46.74 $34.71 $47.00 $35.00 168 66.67% 33.33%

$47.31 $33.66 $46.50 $34.50 168 66.67% 33.33%

$45.50 $34.00 $45.25 $35.75 168 66.67% 33.33%

$42.48 $32.39 $41.50 $32.50 168 66.67% 33.33%

$42.48 $32.39 $41.50 $32.50 168 66.67% 33.33%

$0.00 $35.64 $0.00 $35.000 24 0.00% 100.00%

$41.80 $35.64 $42.00 $35.00 168 66.67% 33.33%

$41.77 $32.75 $42.25 $34.50 168 66.67% 33.33%

$42.44 $33.26 $43.25 $34.75 168 66.67% 33.33%

$42.44 $33.26 $43.25 $34.75 168 66.67% 33.33%

$43.07 $33.00 $43.00 $33.50 168 66.67% 33.33%

$43.07 $33.00 $43.00 $33.50 168 66.67% 33.33%

$0.00 $37.50 $0.00 $38.000 24 0.00% 100.00%

$42.73 $31.90 $46.50 $32.50 168 66.67% 33.33%

$43.09 $31.77 $46.75 $34.00 168 66.67% 33.33%

$43.50 $32.64 $46.50 $33.75 168 66.67% 33.33%

$44.08 $31.98 $46.75 $32.50 168 66.67% 33.33%

$42.38 $32.00 $44.50 $32.75 168 66.67% 33.33%

$42.38 $32.00 $44.50 $32.75 168 66.67% 33.33%

$0.00 $34.99 $0.00 $34.750 24 0.00% 100.00%
$41.37 $34.99 $43.00 $34.75 16

8 66.67% 33.33%

$43.72 $34.49 $47.50 $36.75 168 66.67% 33.33%

$42.44 $35.02 $46.25 $37.00 168 66.67% 33.33%

$42.45 $33.80 $46.50 $35.00 168 66.67% 33.33%

$42.48 $34.17 $43.50 $34.25 168 66.67% 33.33%

$42.48 $34.17 $43.50 $34.25 168 66.67% 33.33%

$0.00 $38.00 $0.00 $38.500 24 0.00% 100.00%

$44.11 $38.00 $45.00 $38.50 168 66.67% 33.33%

$41.34 $32.50 $44.00 $34.25 168 66.67% 33.33%

$45.55 $32.59 $45.00 $33.25 168 66.67% 33.33%

$44.67 $31.51 $44.50 $30.50 168 66.67% 33.33%

$38.36 $28.61 $39.25 $29.75 168 66.67% 33.33%

$38.36 $28.61 $39.25 $29.75 168 66.67% 33.33%

$0.00 $30.21 $0.00 $30.750 24 0.00% 100.00%

$38.31 $30.21 $39.50 $30.75 168 66.67% 33.33%

$38.63 $26.92 $40.00 $27.25 168 66.67% 33.33%

$39.77 $27.38 $42.00 $28.25 168 66.67% 33.33%

$38.16 $25.20 $39.25 $27.00 168 66.67% 33.33%

$37.72 $25.38 $38.00 $25.25 168 66.67% 33.33%

$37.72 $25.38 $38.00 $25.25 168 66.67% 33.33%

$0.00 $30.59 $0.00 $32.500 24 0.00% 100.00%

$38.67 $30.59 $39.50 $32.50 168 66.67% 33.33%

$37.98 $26.81 $39.25 $27.00 168 66.67% 33.33%

$37.71 $26.53 $39.75 $27.25 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$0.00 $27.23 $0.00 $27.000 24 0.00% 100.00%

$35.38 $27.23 $35.75 $27.00 168 66.67% 33.33%

$35.07 $24.16 $33.75 $24.67 168 66.67% 33.33%

$36.93 $27.49 $38.00 $29.25 168 66.67% 33.33%

$38.65 $28.66 $39.00 $29.00 168 66.67% 33.33%

$37.76 $28.99 $40.00 $29.50 168 66.67% 33.33%

$37.76 $28.99 $40.00 $29.50 168 66.67% 33.33%

$0.00 $30.80 $0.00 $32.000 24 0.00% 100.00%

$37.66 $30.80 $39.50 $32.00 168 66.67% 33.33%

$37.14 $26.77 $37.50 $27.00 168 66.67% 33.33%

$37.07 $26.80 $38.75 $27.75 168 66.67% 33.33%

$38.99 $29.51 $41.00 $30.00 168 66.67% 33.33%

$35.99 $27.24 $36.50 $27.25 168 66.67% 33.33%

$35.99 $27.24 $36.50 $27.25 168 66.67% 33.33%

$0.00 $27.76 $0.00 $28.500 24 0.00% 100.00%

$35.56 $27.76 $37.50 $28.50 168 66.67% 33.33%

$34.68 $26.08 $38.50 $27.50 168 66.67% 33.33%

$34.65 $25.30 $37.50 $27.00 168 66.67% 33.33%

$32.68 $27.17 $35.25 $28.50 168 66.67% 33.33%

$32.67 $26.59 $34.25 $26.75 168 66.67% 33.33%

$32.67 $26.59 $34.25 $26.75 168 66.67% 33.33%

$0.00 $29.00 $0.00 $29.000 24 0.00% 100.00%

$34.88 $29.00 $36.00 $29.00 168 66.67% 33.33%

$36.34 $26.93 $38.00 $27.75 168 66.67% 33.33%
$35.37 $26.28 $37.50 $28.50 16

8 66.67% 33.33%

$35.37 $26.28 $37.50 $28.50 168 66.67% 33.33%

$33.55 $24.25 $32.50 $25.25 168 66.67% 33.33%

$32.23 $23.11 $31.75 $23.25 168 66.67% 33.33%

$0.00 $26.42 $0.00 $26.400 24 0.00% 100.00%

$35.00 $26.42 $32.75 $26.40 168 66.67% 33.33%

$34.08 $23.75 $32.00 $22.25 168 66.67% 33.33%

$35.57 $25.64 $36.50 $24.50 168 66.67% 33.33%

$34.18 $26.60 $33.00 $24.25 168 66.67% 33.33%

$32.76 $26.77 $31.25 $25.25 168 66.67% 33.33%

$32.76 $26.77 $31.25 $25.25 168 66.67% 33.33%

$0.00 $27.65 $0.00 $27.000 24 0.00% 100.00%

$34.31 $27.65 $30.50 $27.00 168 66.67% 33.33%

$34.43 $24.90 $34.00 $24.25 168 66.67% 33.33%

$34.60 $24.37 $34.25 $24.00 168 66.67% 33.33%

$34.31 $24.34 $32.75 $23.75 168 66.67% 33.33%

$34.62 $25.08 $34.25 $24.75 168 66.67% 33.33%

$34.62 $25.08 $34.25 $24.75 168 66.67% 33.33%

$0.00 $29.11 $0.00 $29.500 24 0.00% 100.00%

$37.52 $29.11 $37.50 $29.50 168 66.67% 33.33%

$36.25 $25.81 $36.50 $23.75 168 66.67% 33.33%

$37.60 $25.42 $33.50 $24.25 168 66.67% 33.33%

$35.83 $23.04 $33.75 $20.00 168 66.67% 33.33%

$34.58 $20.05 $31.50 $17.25 168 66.67% 33.33%

$34.58 $20.05 $31.50 $17.25 168 66.67% 33.33%

$0.00 $24.19 $0.00 $20.500 24 0.00% 100.00%

$33.98 $24.19 $31.75 $20.50 168 66.67% 33.33%

$33.33 $21.58 $31.25 $16.75 168 66.67% 33.33%

$34.36 $23.66 $30.00 $18.00 168 66.67% 33.33%

$34.36 $23.66 $30.00 $18.00 168 66.67% 33.33%

$32.00 $22.63 $29.25 $17.75 168 66.67% 33.33%

$32.00 $22.63 $29.25 $17.75 168 66.67% 33.33%

$0.00 $29.95 $0.00 $27.500 24 0.00% 100.00%

$0.00 $29.95 $0.00 $27.500 24 0.00% 100.00%

$35.73 $23.40 $36.00 $21.53 168 66.67% 33.33%

$34.08 $19.40 $31.25 $16.25 168 66.67% 33.33%

$33.23 $18.12 $32.00 $16.14 168 66.67% 33.33%

$33.78 $15.72 $32.25 $14.25 168 66.67% 33.33%

$33.78 $15.72 $32.25 $14.25 168 66.67% 33.33%

$0.00 $29.72 $0.00 $26.000 24 0.00% 100.00%

$43.96 $29.72 $42.75 $26.00 168 66.67% 33.33%

$38.21 $16.66 $39.25 $14.00 168 66.67% 33.33%

$37.03 $14.99 $37.25 $15.50 168 66.67% 33.33%

$34.37 $14.56 $32.75 $15.00 168 66.67% 33.33%

$29.22 $13.10 $28.50 $14.50 168 66.67% 33.33%

$29.22 $13.10 $28.50 $14.50 168 66.67% 33.33%

$0.00 $18.86 $0.00 $18.250 24 0.00% 100.00%

$35.67 $18.86 $35.75 $18.25 168 66.67% 33.33%

$36.89 $16.54 $38.25 $14.25 168 66.67% 33.33%

$36.75 $15.70 $35.75 $12.75 168 66.67% 33.33%

$36.35 $15.12 $36.25 $13.00 168 66.67% 33.33%
$33.53 $14.86 $33.50 $12.25 16

8 66.67% 33.33%

$33.53 $14.86 $33.50 $12.25 168 66.67% 33.33%

$0.00 $21.04 $0.00 $17.000 24 0.00% 100.00%

$36.99 $21.04 $37.50 $17.00 168 66.67% 33.33%

$37.19 $16.90 $40.50 $15.75 168 66.67% 33.33%

$38.24 $19.25 $45.00 $17.00 168 66.67% 33.33%

$39.13 $19.90 $43.50 $15.00 168 66.67% 33.33%

$36.42 $20.48 $38.00 $15.50 168 66.67% 33.33%

$36.42 $20.48 $38.00 $15.50 168 66.67% 33.33%

$0.00 $32.52 $0.00 $29.500 24 0.00% 100.00%

$42.94 $32.52 $49.00 $29.50 168 66.67% 33.33%

$42.33 $23.00 $48.00 $18.25 168 66.67% 33.33%

$41.26 $19.67 $46.00 $16.00 168 66.67% 33.33%

$41.07 $20.21 $46.50 $19.25 168 66.67% 33.33%

$39.58 $22.42 $41.56 $19.00 168 66.67% 33.33%

$39.58 $22.42 $41.56 $19.00 168 66.67% 33.33%

$0.00 $32.25 $0.00 $20.750 24 0.00% 100.00%

$0.00 $32.25 $0.00 $20.750 24 0.00% 100.00%

$41.66 $32.25 $45.00 $20.75 168 66.67% 33.33%

$38.83 $22.24 $41.50 $18.50 168 66.67% 33.33%

$42.25 $23.35 $44.46 $19.25 168 66.67% 33.33%
$40.50 $40.50 2007

$63.77 $63.87 2007

$61.69 $61.38 2007

$58.38 $59.18 2007

$73.02 $75.89 2007

$60.32 $63.96 2007

$60.32 $63.96 2007

$87.27 $88.99 2007

$86.33 $89.52 2007

$57.25 $62.69 2007
$43.74 $44.50 2007

$44.62 $44.75 2007

$59.41 $62.98 2007

$49.24 $53.40 2007

$51.52 $54.29 2007

$48.17 $51.40 2007

$48.17 $51.40 2007

$42.39 $45.89 2007

$52.27 $58.80 2007

$49.26 $52.72 2007

$51.34 $54.49 2007

$52.07 $52.69 2007

$50.77 $50.93 2007

$50.77 $50.93 2007

$41.50 $37.75 2007

$53.61 $53.92 2007

$47.38 $48.45 2007

$42.89 $43.75 2007

$42.07 $43.25 2007

$40.53 $41.42 2007

$40.53 $41.42 2007

$35.00 $35.60 2007

$43.66 $45.20 2007

$43.82 $43.33 2007

$47.57 $46.22 2007

$47.57 $46.22 2007

$46.56 $43.17 2007

$46.56 $43.17 2007

$41.42 $36.75 2007

$48.90 $46.50 2007

$52.95 $50.42 2007

$59.52 $56.50 2007

$65.07 $60.13 2007

$54.30 $50.33 2007

$54.30 $50.33 2007

$46.11 $43.00 2007

$55.60 $52.67 2007

$55.72 $51.75 2007

$55.71 $53.42 2007

$58.29 $53.17 2007

$55.72 $53.33 2007

$55.72 $53.33 2007

$48.35 $42.14 2007

$55.49 $52.05 2007

$51.89 $45.33 2007

$53.47 $47.83 2007

$52.15 $47.12 2007

$52.77 $47.33 2007

$52.77 $47.33 2007

$48.60 $44.46 2007

$56.25 $52.92 2007
$52.55 $46.00 2007

$53.41 $47.71 2007

$54.02 $48.83 2007

$56.67 $50.17 2007

$56.67 $50.17 2007

$50.25 $47.35 2007

$59.46 $54.45 2007

$56.59 $51.97 2007

$55.73 $53.54 2007

$55.97 $50.79 2007

$54.64 $51.33 2007

$54.64 $51.33 2007

$44.76 $42.00 2007

$50.14 $49.17 2007

$49.95 $48.87 2007

$51.57 $49.67 2007

$51.57 $49.67 2007

$49.79 $45.50 2007

$49.79 $45.50 2007

$40.85 $38.00 2007

$47.54 $47.33 2007

$46.21 $45.67 2007

$47.22 $46.00 2007

$43.68 $43.50 2007

$40.65 $42.17 2007

$40.65 $42.17 2007

$35.66 $35.50 2007

$40.73 $42.50 2007

$41.69 $42.08 2007

$41.69 $42.08 2007

$37.52 $40.00 2007

$40.09 $40.67 2007

$40.09 $40.67 2007

$41.91 $41.75 2007

$44.02 $46.25 2007

$55.75 $56.50 2007

$59.76 $62.00 2007

$59.76 $62.00 2007

$62.02 $61.58 2007

$56.22 $57.25 2007

$50.49 $48.75 2007

$55.68 $55.92 2007

$49.96 $50.00 2007

$53.08 $53.50 2007

$52.82 $51.92 2007

$50.25 $49.17 2007

$50.25 $49.17 2007

$53.91 $49.00 2007

$54.68 $56.67 2007

$53.83 $62.17 2007

$59.54 $63.50 2007
$62.42 $66.42 2007

$63.23 $67.17 2007

$63.23 $67.17 2007

$54.65 $55.50 2007

$62.18 $63.33 2007

$55.06 $56.83 2007

$55.28 $57.42 2007

$55.28 $57.42 2007

$56.03 $57.00 2007

$56.03 $57.00 2007

$52.75 $51.50 2007

$56.16 $57.17 2007

$51.31 $49.00 2007

$54.69 $53.67 2007

$56.51 $55.83 2007

$55.80 $55.42 2007

$55.80 $55.42 2007

$55.57 $52.00 2007

$59.88 $59.83 2007

$17.00 $16.00 2008

$56.87 $56.17 2008

$59.83 $58.50 2008

$56.63 $54.00 2008

$56.63 $54.00 2008

$51.29 $48.49 2008

$57.25 $56.52 2008

$58.71 $58.04 2008

$58.31 $58.24 2008

$58.96 $59.14 2008

$57.63 $57.40 2008

$57.63 $57.40 2008

$56.54 $57.00 2008

$62.73 $63.63 2008

$63.58 $65.83 2008

$67.53 $73.25 2008

$67.53 $73.25 2008

$66.02 $66.50 2008

$66.02 $66.50 2008

$61.80 $64.50 2008

$67.90 $70.83 2008

$69.32 $73.33 2008

$62.58 $67.67 2008

$62.81 $66.25 2008

$60.01 $63.21 2008

$60.01 $63.21 2008

$59.01 $59.00 2008

$61.45 $65.09 2008

$59.49 $63.61 2008

$62.79 $67.75 2008

$64.40 $70.37 2008

$63.26 $69.33 2008
$63.26 $69.33 2008

$59.10 $58.50 2008

$66.06 $67.17 2008

$64.42 $68.50 2008

$68.40 $72.33 2008

$68.00 $69.33 2008

$62.78 $63.17 2008

$62.78 $63.17 2008

$55.62 $53.50 2008

$63.39 $63.97 2008

$63.57 $64.89 2008

$62.67 $63.33 2008

$62.67 $63.33 2008

$60.51 $62.00 2008

$60.51 $62.00 2008

$54.72 $54.75 2008

$63.85 $64.25 2008

$63.52 $63.67 2008

$66.61 $67.00 2008

$66.67 $66.75 2008

$63.72 $64.00 2008

$63.72 $64.00 2008

$60.07 $59.75 2008

$66.96 $67.92 2008

$68.53 $70.00 2008

$68.43 $70.42 2008

$68.43 $70.42 2008

$67.33 $69.83 2008

$64.50 $66.42 2008

$61.24 $64.25 2008

$67.43 $70.75 2008

$67.30 $69.92 2008

$69.70 $74.29 2008

$70.78 $74.67 2008

$70.81 $73.08 2008

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$64.87 $64.50 2008

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$83.16 $76.25 2008

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$113.26 $109.48 2008

$116.00 $111.26 2008

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$84.16 $76.92 2008

$99.38 $92.69 2008

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$59.87 $58.50 2008

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$44.75 $44.35 2008

$40.52 $38.49 2008

$40.52 $38.49 2008

$26.11 $24.77 2008

$33.86 $31.59 2008
$31.85 $30.83 2008

$28.36 $28.93 2008

$32.59 $32.96 2008

$38.20 $36.74 2008

$38.20 $36.74 2008

$34.79 $30.53 2008

$41.40 $37.72 2008

$43.94 $42.07 2008

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$38.34 $37.48 2008

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$39.26 $41.82 2008

$43.77 $43.46 2008

$43.77 $43.46 2008

$41.20 $42.25 2008

$42.73 $44.25 2008

$46.35 $43.17 2008

$46.35 $43.17 2008

$38.01 $34.76 2008

$35.03 $33.12 2008

$35.03 $33.12 2008

$30.58 $27.25 2008

$33.63 $31.92 2008

$37.49 $32.35 2008

$41.19 $32.45 2008

$43.50 $38.54 2008

$40.83 $36.61 2008

$40.83 $36.61 2008

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$44.37 $40.70 2008

$44.37 $40.70 2008

$38.12 $33.61 2008

$38.33 $35.30 2008

$38.33 $35.30 2008

$36.24 $32.75 2008

$42.00 $39.33 2008

$42.44 $37.83 2008

$43.00 $37.93 2008
$42.51 $36.83 2008

$42.06 $35.91 2008

$42.06 $35.91 2008

$33.91 $30.50 2008

$39.69 $37.00 2008

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$39.38 $37.00 2008

$44.17 $41.33 2008

$44.43 $41.50 2008

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$50.45 $51.65 2008

$50.53 $51.24 2008

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$42.03 $42.66 2008

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$39.50 $38.75 2008

$45.33 $46.22 2008

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$34.76 $33.50 2008

$38.31 $38.21 2008

$38.31 $38.21 2008

$30.49 $30.25 2008

$39.54 $39.42 2008

$46.05 $45.69 2008

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$37.24 $37.41 2009

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$39.09 $39.57 2009

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$40.65 $42.02 2009

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$27.88 $27.94 2009
$27.88 $27.94 2009

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$21.58 $24.00 2009

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$38.05 $38.25 2010

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$44.61 $43.97 2010

$44.61 $43.97 2010

$42.83 $40.81 2010
$42.83 $40.81 2010

$39.83 $38.25 2010

$44.94 $43.42 2010

$44.78 $43.50 2010

$44.67 $43.58 2010

$44.54 $46.00 2010

$42.67 $42.67 2010

$42.67 $42.67 2010

$39.17 $37.50 2010

$45.24 $44.67 2010

$44.34 $43.33 2010

$41.89 $43.08 2010

$41.89 $43.08 2010

$39.55 $39.42 2010

$39.55 $39.42 2010

$37.22 $36.25 2010

$39.60 $39.67 2010

$41.30 $42.17 2010

$43.39 $46.17 2010

$44.59 $46.67 2010

$44.61 $43.67 2010

$44.61 $43.67 2010

$40.11 $38.25 2010

$48.02 $47.08 2010

$46.21 $46.92 2010

$46.05 $46.83 2010

$46.05 $46.83 2010

$46.52 $45.83 2010

$46.52 $45.83 2010

$42.75 $41.75 2010

$46.80 $45.58 2010

$42.73 $43.00 2010

$42.76 $42.50 2010

$41.67 $42.08 2010

$39.12 $38.50 2010

$39.12 $38.50 2010

$35.64 $35.00 2010

$39.75 $39.67 2010

$38.76 $39.67 2010

$39.38 $40.42 2010

$39.38 $40.42 2010

$39.71 $39.83 2010

$39.71 $39.83 2010

$37.50 $38.00 2010

$39.12 $41.83 2010

$39.32 $42.50 2010

$39.88 $42.25 2010

$40.05 $42.00 2010

$38.92 $40.58 2010

$38.92 $40.58 2010

$34.99 $34.75 2010
$39.24 $40.25 2010

$40.64 $43.92 2010

$39.97 $43.17 2010

$39.57 $42.67 2010

$39.71 $40.42 2010

$39.71 $40.42 2010

$38.00 $38.50 2010

$42.07 $42.83 2010

$38.39 $40.75 2010

$41.23 $41.08 2010

$40.28 $39.83 2010

$35.11 $36.08 2010

$35.11 $36.08 2010

$30.21 $30.75 2010

$35.61 $36.58 2010

$34.73 $35.75 2010

$35.64 $37.42 2010

$33.84 $35.17 2010

$33.61 $33.75 2010

$33.61 $33.75 2010

$30.59 $32.50 2010

$35.98 $37.17 2010

$34.26 $35.17 2010

$33.98 $35.58 2010

$31.98 $27.60 2010

$31.98 $27.60 2010

$31.98 $27.60 2010

$27.23 $27.00 2010

$32.66 $32.83 2010

$31.43 $30.72 2010

$33.78 $35.08 2010

$35.32 $35.67 2010

$34.84 $36.50 2010

$34.84 $36.50 2010

$30.80 $32.00 2010

$35.37 $37.00 2010

$33.68 $34.00 2010

$33.65 $35.08 2010

$35.83 $37.33 2010

$33.07 $33.42 2010

$33.07 $33.42 2010

$27.76 $28.50 2010

$32.96 $34.50 2010

$31.81 $34.83 2010

$31.53 $34.00 2010

$30.84 $33.00 2010

$30.64 $31.75 2010

$30.64 $31.75 2010

$29.00 $29.00 2010

$32.92 $33.67 2010

$33.20 $34.58 2010
$32.34 $34.50 2010

$32.34 $34.50 2010

$30.45 $30.08 2010

$29.19 $28.92 2010

$26.42 $26.40 2010

$32.14 $30.63 2010

$30.64 $28.75 2010

$32.26 $32.50 2010

$31.65 $30.08 2010

$30.76 $29.25 2010

$30.76 $29.25 2010

$27.65 $27.00 2010

$32.09 $29.33 2010

$31.25 $30.75 2010

$31.19 $30.83 2010

$30.99 $29.75 2010

$31.44 $31.08 2010

$31.44 $31.08 2010

$29.11 $29.50 2010

$34.72 $34.83 2010

$32.77 $32.25 2010

$33.54 $30.42 2010

$31.57 $29.17 2010

$29.74 $26.75 2010

$29.74 $26.75 2010

$24.19 $20.50 2010

$30.72 $28.00 2010

$29.41 $26.42 2010

$30.79 $26.00 2010

$30.79 $26.00 2010

$28.88 $25.42 2010

$28.88 $25.42 2010

$29.95 $27.50 2010

$29.95 $27.50 2010

$31.62 $31.18 2010

$29.19 $26.25 2010

$28.19 $26.71 2010

$27.76 $26.25 2010

$27.76 $26.25 2010

$29.72 $26.00 2010

$39.21 $37.17 2010

$31.03 $30.83 2010

$29.68 $30.00 2010

$27.77 $26.83 2010

$23.85 $23.83 2010

$23.85 $23.83 2010

$18.86 $18.25 2010

$30.07 $29.92 2010

$30.11 $30.25 2010

$29.73 $28.08 2010

$29.27 $28.50 2010
$27.31 $26.42 2010

$27.31 $26.42 2010

$21.04 $17.00 2010

$31.67 $30.67 2010

$30.43 $32.25 2010

$31.91 $35.67 2010

$32.72 $34.00 2010

$31.11 $30.50 2010

$31.11 $30.50 2010

$32.52 $29.50 2010

$39.47 $42.50 2010

$35.89 $38.08 2010

$34.06 $36.00 2010

$34.12 $37.42 2010

$33.86 $34.04 2010

$33.86 $34.04 2010

$32.25 $20.75 2010

$32.25 $20.75 2010

$38.52 $36.92 2010

$33.30 $33.83 2010

$35.95 $36.06 2010


E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

IOU Share Only Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Year No. Starting 2012 NA NA NA NA NA NA 0 1 2 3 4 5 6 7 8 9 10 11 12 13

Year No. Starting 2017 NA NA NA NA 1 2 3 4 5 6 7 8

Year No. Starting 2023 1 2

1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024

Units

NPV

From 2012

a Generation Statistics

b Gross Capacity MW 790 790 790 790 790 790 790 790 790 790 790 790 790 790 790 790 790 790 790 790

c Operating Capacity MW 738 738 738 738 738 738 738 738 738 738 738 738 738 738 738 738 738 738 738 738

d Efficiency Vs. Base Case Efficiency % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

e Net Generation MWh 139,004,555 5,586,061 5,752,737 5,778,159 5,747,537 5,294,144 5,388,907 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182

f Capacity Factor % 86% 89% 89% 89% 82% 83% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

Base Case

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service $000 378,157 370,095 $ 355,860 $ 341,626 $ 327,391 $ 313,157 $ 298,923 $ 284,688 $ 270,454 $ 256,219 $ 241,985 $ 227,751 $ 213,516 $ 199,282 $ 185,047

4 Annual Depreciation Expense $000 14,234 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234

5 Accumulated Depreciation $000 204,639 218,873 233,108 247,342 261,576 275,811 290,045 304,280 318,514 332,748 346,983 361,217 375,452 389,686 403,920

6

7 Return on Capital

8 Capital Recovery $000 56,521 55,316 53,188 51,061 48,933 46,806 44,678 42,551 40,423 38,296 36,168 34,041 31,913 29,786 27,658

9 $ per MWh 9.95 9.57 9.18 8.80 8.42 8.04 7.65 7.27 6.89 6.50 6.12 5.74 5.36 4.97

10

11 Total CAPEX (Depreciation + Return on Capital) $000 70,755 69,550 67,423 65,295 63,168 61,040 58,913 56,785 54,658 52,530 50,403 48,275 46,147 44,020 41,892

12 $ per MWh 13.13 12.51 12.13 11.74 11.36 10.98 10.60 10.21 9.83 9.45 9.06 8.68 8.30 7.92 7.53

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year) % 0.02 (0.03) -2.1% 0.0% 0.0% 1.1% 1.0% 1.0% 0.0% -0.5% 1.0% 1.0% 1.5% 0.5% 0.5%

16 Fuel Expense $000 71,286 82,486 95,381 100,252 87,404 95,910 108,525 106,276 106,276 106,276 107,400 108,525 109,650 109,650 109,087 110,212 111,337 113,023 113,586 114,148

17 $ per MWh 12.76 14.34 16.51 17.44 16.51 17.80 19.52 19.11 19.11 19.11 19.32 19.52 19.72 19.72 19.62 19.82 20.02 20.33 20.43 20.53

18 1,125 110,212

19 Non-Fuel Operating & Maintenance Expenses 6,579 115,666

20 Operating Expenses

21 Op. Supervision & Engineering $000 3,288 3,811 3,115 3,519 2,835 3,560 3,569 3,676 3,786 3,900 4,017 4,137 4,261 4,389 4,521 4,656 4,796 4,940 5,088 5,241

22 Total Steam/Hydraulic Expense $000 2,646 3,030 3,752 4,115 4,244 4,167 4,801 4,945 5,094 5,246 5,404 5,566 5,733 5,905 6,082 6,264 6,452 6,646 6,845 7,051

23 Electric Expenses $000 295 542 874 1,026 1,227 1,203 1,235 1,272 1,310 1,349 1,390 1,431 1,474 1,519 1,564 1,611 1,659 1,709 1,760 1,813

24 Misc. Power Expenses $000 4,494 4,856 7,280 5,526 5,551 4,828 5,119 5,272 5,430 5,593 5,761 5,934 6,112 6,295 6,484 6,679 6,879 7,085 7,298 7,517

25 Rents $000 156 157 149 154 150 150 150 155 159 164 169 174 179 185 190 196 202 208 214 221

26 Allowances $000 - - - - - - - - - - - - - - - - - - - -

27 Total Non-Fuel Operating Expenses $000 10,879 12,396 15,170 14,340 14,008 13,908 14,874 15,320 15,779 16,253 16,740 17,243 17,760 18,293 18,841 19,407 19,989 20,588 21,206 21,842

28 1.95 2.15 2.63 2.49 2.65 2.58 2.68 2.76 2.84 2.92 3.01 3.10 3.19 3.29 3.39 3.49 3.59 3.70 3.81 3.93

29 Maintenance Expenses 

30 Supervision & Engineering $000 1,271 1,317 1,390 1,753 2,380 2,619 2,429 2,502 2,577 2,654 2,734 2,816 2,900 2,987 3,077 3,169 3,264 3,362 3,463 3,567

31 Structures $000 523 689 546 712 1,028 997 779 803 827 852 877 903 931 958 987 1,017 1,047 1,079 1,111 1,144

32 Boiler/Reactor/Reservoirs & Dams $000 10,083 8,437 8,180 9,094 13,713 11,850 15,391 15,853 16,329 16,818 17,323 17,843 18,378 18,929 19,497 20,082 20,685 21,305 21,944 22,603

33 Electric Plant $000 4,140 2,373 1,430 2,949 6,766 5,402 6,246 6,434 6,627 6,826 7,030 7,241 7,458 7,682 7,913 8,150 8,395 8,646 8,906 9,173

34 Misc. Plant $000 1,448 1,564 1,210 1,155 1,240 1,091 1,995 2,055 2,116 2,180 2,245 2,313 2,382 2,454 2,527 2,603 2,681 2,762 2,844 2,930

35 Total Maintenance Expenses $000 17,466 14,380 12,756 15,663 25,128 25,882 26,841 27,646 28,475 29,330 30,209 31,116 32,049 33,011 34,001 35,021 36,072 37,154 38,268 39,416

36 $ per MWh 3.13 2.50 2.21 2.73 4.75 4.80 4.83 4.97 5.12 5.27 5.43 5.60 5.76 5.94 6.12 6.30 6.49 6.68 6.88 7.09

37 Production Costs

38 CO2 cost If Included $ - 99,631 109,263 123,306 130,255 126,540 135,700 150,239 149,241 150,530 151,858 154,350 156,883 159,459 160,953 161,930 164,640 167,397 170,766 173,060 175,407

39 Total Production $ per MWh 17.84 18.99 21.34 22.66 23.90 25.18 27.02 26.84 27.07 27.31 27.76 28.22 28.68 28.95 29.12 29.61 30.11 30.71 31.12 31.55

40

Base Case Total Cost of Electricity

Cost of Electricity $000 206455.7064 219789.6295 216,664 215,826 215,026 215,390 215,796 216,244 215,611 214,460 230,042 230,672 231,913 232,080 232,299

Cost of Electricity $ per MWh 17.84 18.99 21.34 22.66 23.90 38.31 39.53 38.97 38.82 38.67 38.74 38.81 38.89 38.78 38.57 41.37 41.49 41.71 41.74 41.78

BASE

SNCR

Hybrid

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + SNCR on #2, SCR on #1 & #3

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

$Million

09000064811c2027

IOU Share Only
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

IOU Share Only Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

a Generation Statistics

b Gross Capacity

c Operating Capacity

d Efficiency Vs. Base Case Efficiency

e Net Generation

f Capacity Factor

Base Case

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service

4 Annual Depreciation Expense

5 Accumulated Depreciation

6

7 Return on Capital

8 Capital Recovery

9

10

11 Total CAPEX (Depreciation + Return on Capital)

12

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year)

16 Fuel Expense

17

18

19 Non-Fuel Operating & Maintenance Expenses

20 Operating Expenses

21 Op. Supervision & Engineering

22 Total Steam/Hydraulic Expense

23 Electric Expenses

24 Misc. Power Expenses

25 Rents

26 Allowances

27 Total Non-Fuel Operating Expenses

28

29 Maintenance Expenses 

30 Supervision & Engineering

31 Structures

32 Boiler/Reactor/Reservoirs & Dams

33 Electric Plant

34 Misc. Plant

35 Total Maintenance Expenses

36

37 Production Costs

38 CO2 cost If Included

39 Total Production

40

Base Case Total Cost of Electricity

Cost of Electricity

Cost of Electricity

BASE

SNCR

Hybrid

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + SNCR on #2, SCR on #1 & #3

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

14 15 16 17 18 19 20 21 22 23 24

9 10 11 12 13 14 15 16 17 18 19

3 4 5 6 7 8 9 10 11 12 13

1/1/2025 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

 790 790 790 790 790 790 790 790 790 790 790

 738 738 738 738 738 738 738 738 738 738 738

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182 5,560,182

86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

$ 170,813 $ 156,578 $ 142,345 $ 128,110 $ 113,875 $ 99,641 $ 85,406 $ 71,172 $ 56,938 $ 42,703 $ 28,469

$ 14,234 $ 14,234 $ 14,234 $ 14,235 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234 $ 14,234

 418,155 432,389 446,623 460,858 475,092 489,327 503,561 517,796 532,030 546,265 560,499

 25,530 23,403 21,275 19,148 17,020 14,893 12,765 10,638 8,510 6,383 4,255

 4.59 4.21 3.83 3.44 3.06 2.68 2.30 1.91 1.53 1.15 0.77

 39,765 37,637 35,509 33,383 31,255 29,127 27,000 24,872 22,745 20,617 18,489

 7.15 6.77 6.39 6.00 5.62 5.24 4.86 4.47 4.09 3.71 3.33

0.0% 0.0% 0.5% 1.5% 1.4% 0.5% 0.5% 0.0% 0.0% 0.0% 0.5%

 114,148 114,148 114,710 116,397 118,084 118,647 119,209 119,209 119,209 119,209 119,771

 20.53 20.53 20.63 20.93 21.24 21.34 21.44 21.44 21.44 21.44 21.54

 5,398 5,560 5,727 5,899 6,076 6,258 6,446 6,639 6,838 7,043 7,255

 7,262 7,480 7,704 7,936 8,174 8,419 8,671 8,932 9,199 9,475 9,760

 1,868 1,924 1,981 2,041 2,102 2,165 2,230 2,297 2,366 2,437 2,510

 7,742 7,975 8,214 8,460 8,714 8,976 9,245 9,522 9,808 10,102 10,405

 227 234 241 248 256 263 271 280 288 297 305

 - - - - - - - - - - -

 22,498 23,173 23,868 24,584 25,321 26,081 26,863 27,669 28,499 29,354 30,235

 4.05 4.17 4.29 4.42 4.55 4.69 4.83 4.98 5.13 5.28 5.44

 3,674 3,784 3,898 4,014 4,135 4,259 4,387 4,518 4,654 4,793 4,937

 1,179 1,214 1,251 1,288 1,327 1,367 1,408 1,450 1,493 1,538 1,584

 23,281 23,979 24,699 25,439 26,203 26,989 27,798 28,632 29,491 30,376 31,287

 9,448 9,732 10,023 10,324 10,634 10,953 11,282 11,620 11,969 12,328 12,697

 3,018 3,108 3,201 3,297 3,396 3,498 3,603 3,711 3,823 3,937 4,055

 40,599 41,817 43,071 44,364 45,695 47,065 48,477 49,932 51,430 52,972 54,562

 7.30 7.52 7.75 7.98 8.22 8.46 8.72 8.98 9.25 9.53 9.81

 177,245 179,138 181,650 185,345 189,100 191,793 194,549 196,810 199,138 201,536 204,568

31.88 32.22 32.67 33.33 34.01 34.49 34.99 35.40 35.81 36.25 36.79

 232,009 231,775 232,159 233,727 235,355 235,920 236,549 236,682 236,882 237,153 238,057

 41.73 41.68 41.75 42.04 42.33 42.43 42.54 42.57 42.60 42.65 42.81

09000064811c2027

IOU Share Only
MWh	per Full	Plant 												3,678,535

Per	Plant	Unit 												1,226,178

CAPEX	Unit	Cost	($/MWh)	Worksheets	

Intall	Years Unit	No. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

1 $					1.13 $					1.10 $					1.06 $					1.03 $					1.00 $				0.96 $										0.93 $									0.90 $			0.87 $			0.83 $			0.80 $			0.77 $			0.73 $			0.70 $										0.67 $							0.63 $							0.60 $							0.57 $							0.54 $							0.50

2 $						1.50 $					1.46 $					1.41 $					1.37 $					1.33 $					1.28 $				1.24 $										1.20 $									1.15 $			1.11 $			1.06 $			1.02 $			0.98 $			0.93 $			0.89 $										0.85 $							0.80 $							0.76 $							0.71 $							0.67 $							0.63

3 $					1.44 $					1.40 $					1.36 $					1.31 $				1.27 $										1.23 $									1.19 $			1.15 $			1.10 $			1.06 $			1.02 $			0.98 $			0.94 $										0.89 $							0.85 $							0.81 $							0.77 $							0.73 $							0.68

1 $					0.11 $					0.10 $					0.10 $					0.10 $					0.09 $				0.09 $										0.09 $									0.09 $			0.08 $			0.08 $			0.08 $			0.07 $			0.07 $			0.07 $										0.06 $							0.06 $							0.06 $							0.05 $							0.05 $							0.05

2 $						0.10 $					0.10 $					0.10 $					0.09 $					0.09 $					0.09 $				0.09 $										0.08 $									0.08 $			0.08 $			0.07 $			0.07 $			0.07 $			0.06 $			0.06 $										0.06 $							0.06 $							0.05 $							0.05 $							0.05 $							0.04

3 $					0.11 $					0.11 $					0.10 $					0.10 $				0.10 $										0.09 $									0.09 $			0.09 $			0.08 $			0.08 $			0.08 $			0.08 $			0.07 $										0.07 $							0.07 $							0.06 $							0.06 $							0.06 $							0.05

Per	Unit	OPEX $																		- $																		- $																		- $														4,460 $			4,579 $			4,699 $			4,818 $			4,938 $			5,057 $			5,177 $	5,296 $							5,416 $						5,535 $5,654 $5,774 $5,893 $6,013 $6,132 $6,252 $								6,371 $				6,491 $				6,610 $				6,730 $				6,849 $				6,969

Per	MWh/Unit	OPEX $																		- $																		- $																		- $																0.26 $						0.27 $					0.28 $					0.28 $					0.29 $					0.30 $					0.31 $				0.31 $										0.32 $									0.33 $			0.33 $			0.34 $			0.35 $			0.35 $			0.36 $			0.37 $										0.38 $							0.38 $							0.39 $							0.40 $							0.40 $							0.41

Per	Unit	OPEX $																		- $																		- $																		- $														7,093 $			7,283 $			7,473 $			7,663 $			7,853 $			8,043 $			8,233 $	8,423 $							8,613 $						8,803 $8,993 $9,183 $9,373 $9,563 $9,753 $9,943 $					10,133 $	10,323 $	10,513 $	10,703 $	10,893 $	11,083

Per	MWh/Unit	OPEX $																		- $																		- $																		- $																0.42 $						0.43 $					0.44 $					0.45 $					0.46 $					0.47 $					0.49 $				0.50 $										0.51 $									0.52 $			0.53 $			0.54 $			0.55 $			0.56 $			0.58 $			0.59 $										0.60 $							0.61 $							0.62 $							0.63 $							0.64 $							0.65

SCR Per	MWH $																		- $																		- $																		- $																		- $						1.77 $					3.14 $					4.80 $					4.71 $					4.61 $					4.51 $				4.41 $										4.31 $									4.22 $			4.12 $			4.02 $			3.92 $			3.83 $			3.73 $			3.63 $										3.53 $							3.44 $							3.34 $							3.24 $							3.14 $							3.05

SNCR per	MWH $																		- $																		- $																		- $																		- $						0.53 $					1.09 $					1.67 $					1.69 $					1.72 $					1.74 $				1.77 $										1.79 $									1.81 $			1.84 $			1.86 $			1.89 $			1.91 $			1.94 $			1.96 $										1.98 $							2.01 $							2.03 $							2.06 $							2.08 $							2.11

CAPEX,	Depreciation,	&	OPEX	Cost	Estimation	Worksheets	

SCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	

Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $				34,596,632 20 $														- $		1,729,832 $										1,730 7.00%

2 2016 4 $				46,059,135 20 $														- $		2,302,957 $										2,303 7.00%

3 2018 6 $				44,124,767 20 $														- $		2,206,238 $										2,206 7.00%

SNCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	

Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $							3,287,083 20 $														- $					 164,354 $													164 7.00%

2 2016 4 $							3,191,343 20 $														- $					 159,567 $													160 7.00%

3 2018 6 $							3,385,695 20 $														- $					 169,285 $													169 7.00%

Baghouse

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	

Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2016 4 $				57,097,077 20 $														- $		2,854,854 $										2,855 11.18%

2 2015 3 $				51,598,231 20 $														- $		2,579,912 $										2,580 11.18%

3 2017 5 $				43,059,110 20 $														- $		2,152,956 $										2,153 11.18%

Total	Incremental	

Cost

CAPEX	+	OPEX

SRP	ONLY	Share

SCR

SNCR

Incremental

$	Per	MWh	Per	

Plant	Unit	Due	to	

Incremental	

CAPEX

SCR

SNCR

09000064811c2027

SRP ONLY Increm Costs
Annual	MWh 						3,678,535 						3,678,535 						3,678,535

2012 2013 2014

Business	As	Usual	("BAU")	$	per	MWh $												 33.88 $												 33.93 $												 33.99

Market	Cost	Cases	$	per	MWh

Low	Market $																	- $																	- $																	-

Mid	Market $																	- $																	- $																	-

High	Market $																	- $																	- $																	-

SCR Incremental	Cost $	per	MWh $																	- $																	- $																	-

SNCR Incremental	Cost $	per	MWh $																	- $																	- $																	-

25	YR	NPV	@ Plant	Shutdown	-	Go	to	Market

7% Intall	Yrs.

Low	Market $												 33.88 $												 33.93 $												 33.99

Mid	Market $												 33.88 $												 33.93 $												 33.99

High	Market $												 33.88 $												 33.93 $												 33.99

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000)

$								1,815 3 $								 1,814,949 $							 124,633 $							 124,827 $							 125,046

$								1,875 2 $								 1,875,337 $							 124,633 $							 124,827 $							 125,046

$								1,895 1 $								 1,894,687 $							 124,633 $							 124,827 $							 125,046

25	YR	NPV	@ SCR	Installation

7% Intall	Yrs.

Intall	Yrs. ($000) ($000) ($000)

16/17/18 $												 33.88 $												 33.93 $												 33.99

SNCR $												 33.88 $												 33.93 $												 33.99

2012 2013 2014

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000)

$								1,853 1 $								 1,852,553 16/17/18 $							 124,633 $							 124,827 $							 125,046

$								1,782 $								 1,781,979 SNCR $							 124,633 $							 124,827 $							 125,046

SCR	Installation	Premium	(SCR	Cost	-	Market	Cost)

1 $																37,603 Low	Market

2 $														(22,784) Mid

3 $														(42,134) High

$M Case NPV	$	Cost

$								1,728 BAU $								 1,727,805 $											124,633 $											124,827 $											125,046

Incremental	NPV	Above	BAU SCR Low	Mkt Mid	Mkt

BART 16/17/18 $															125 $																					87 $																		 148

SNCR 16/17/18

Emissions	Control	Retrofit	Cases

SRP	ONLY

16/17/18

BART 16/17/18





















						3,678,535 						3,678,535 						3,678,535 						3,678,535 						3,678,535 						3,678,535

2015 2016 2017 2018 2019 2020

$												 34.26 $												 34.54 $												 34.82 $												 34.91 $												 34.91 $												 39.29

$																	- $												 40.16 $												 40.16 $												 40.16 $												 40.16 $												 40.93

$																	- $												 40.16 $												 40.16 $												 40.16 $												 40.93 $												 41.71

$																	- $												 40.16 $												 40.89 $												 40.89 $												 41.62 $												 42.35

$																	- $															1.77 $															3.14 $															4.80 $															4.71 $															4.61

$																	- $															0.53 $															1.09 $															1.67 $															1.69 $															1.72

$												 34.26 $												 34.54 $												 36.60 $												 38.41 $												 40.16 $												 40.93

$												 34.26 $												 34.54 $												 36.60 $												 38.41 $												 40.93 $												 41.71

$												 34.26 $												 34.54 $												 36.85 $												 38.90 $												 41.62 $												 42.35

($000) ($000) ($000) ($000) ($000) ($000)

$							 126,036 $							 127,052 $							 134,644 $							 141,301 $							 147,738 $							 150,580

$							 126,036 $							 127,052 $							 134,644 $							 141,301 $							 150,580 $							 153,421

$							 126,036 $							 127,052 $							 135,540 $							 143,092 $							 153,111 $							 155,797

($000) ($000) ($000) ($000) ($000) ($000)

$												 34.26 $												 36.31 $												 37.96 $												 39.72 $												 39.61 $												 43.90

$												 34.26 $												 35.07 $												 35.91 $												 36.58 $												 36.60 $												 41.01

2015 2016 2017 2018 2019 2020

($000) ($000) ($000) ($000) ($000) ($000)

$							 126,036 $							 133,573 $							 139,654 $							 146,093 $							 145,721 $							 161,496

$							 126,036 $							 129,016 $							 132,107 $							 134,565 $							 134,641 $							 150,864

$											126,036 $											127,052 $											128,097 $											128,426 $											128,413 $											144,547

High	Mkt SNCR

$																		 167

$																					54





















						3,678,535 						3,678,535 						3,678,535 						3,678,535 						3,678,535 						3,678,535

2021 2022 2023 2024 2025 2026

$												 39.61 $												 40.04 $												 40.27 $												 40.51 $												 40.67 $												 40.83

$												 41.71 $												 41.71 $												 42.51 $												 42.51 $												 44.11 $												 44.92

$												 42.48 $												 43.25 $												 44.80 $												 45.57 $												 46.34 $												 47.11

$												 43.08 $												 43.81 $												 44.80 $												 45.57 $												 47.04 $												 47.77

$															4.51 $															4.41 $															4.31 $															4.22 $															4.12 $															4.02

$															1.74 $															1.77 $															1.79 $															1.81 $															1.84 $															1.86

$												 41.71 $												 41.71 $												 42.51 $												 42.51 $												 44.11 $												 44.92

$												 42.48 $												 43.25 $												 44.80 $												 45.57 $												 46.34 $												 47.11

$												 43.08 $												 43.81 $												 44.80 $												 45.57 $												 47.04 $												 47.77

($000) ($000) ($000) ($000) ($000) ($000)

$							 153,421 $							 153,421 $							 156,371 $							 156,371 $							 162,272 $							 165,222

$							 156,262 $							 159,103 $							 164,785 $							 167,626 $							 170,467 $							 173,309

$							 158,483 $							 161,169 $							 164,785 $							 167,626 $							 173,034 $							 175,737

($000) ($000) ($000) ($000) ($000) ($000)

$												 44.12 $												 44.45 $												 44.59 $												 44.73 $												 44.79 $												 44.85

$												 41.35 $												 41.80 $												 42.06 $												 42.33 $												 42.50 $												 42.69

2021 2022 2023 2024 2025 2026

($000) ($000) ($000) ($000) ($000) ($000)

$							 162,302 $							 163,513 $							 164,012 $							 164,547 $							 164,744 $							 164,978

$							 152,118 $							 153,777 $							 154,725 $							 155,707 $							 156,353 $							 157,035

$											145,712 $											147,282 $											148,140 $											149,034 $											149,590 $											150,183





















						3,678,535 						3,678,535 						3,678,535 						3,678,535 						3,678,535 						3,678,535

2027 2028 2029 2030 2031 2032

$												 41.10 $												 41.58 $												 42.08 $												 42.39 $												 42.70 $												 42.93

$												 44.92 $												 44.92 $												 44.92 $												 45.72 $												 45.72 $												 45.72

$												 47.89 $												 48.66 $												 48.66 $												 49.43 $												 49.43 $												 50.20

$												 48.51 $												 49.24 $												 49.98 $												 49.98 $												 50.71 $												 51.45

$															3.92 $															3.83 $															3.73 $															3.63 $															3.53 $															3.44

$															1.89 $															1.91 $															1.94 $															1.96 $															1.98 $															2.01

$												 44.92 $												 44.92 $												 44.92 $												 45.72 $												 45.72 $												 45.72

$												 47.89 $												 48.66 $												 48.66 $												 49.43 $												 49.43 $												 50.20

$												 48.51 $												 49.24 $												 49.98 $												 49.98 $												 50.71 $												 51.45

($000) ($000) ($000) ($000) ($000) ($000)

$							 165,222 $							 165,222 $							 165,222 $							 168,173 $							 168,173 $							 168,173

$							 176,150 $							 178,991 $							 178,991 $							 181,832 $							 181,832 $							 184,673

$							 178,441 $							 181,145 $							 183,848 $							 183,848 $							 186,552 $							 189,256

($000) ($000) ($000) ($000) ($000) ($000)

$												 45.02 $												 45.41 $												 45.81 $												 46.02 $												 46.24 $												 46.37

$												 42.99 $												 43.50 $												 44.02 $												 44.35 $												 44.69 $												 44.94

2027 2028 2029 2030 2031 2032

($000) ($000) ($000) ($000) ($000) ($000)

$							 165,622 $							 167,049 $							 168,515 $							 169,278 $							 170,084 $							 170,561

$							 158,127 $							 160,002 $							 161,916 $							 163,128 $							 164,381 $							 165,307

$											151,186 $											152,972 $											154,797 $											155,919 $											157,084 $											157,920





















						3,678,535 						3,678,535 						3,678,535 						3,678,535

2033 2034 2035 2036

$												 43.17 $												 43.42 $												 43.79 $												 44.07

$												 46.52 $												 46.52 $												 47.32 $												 47.74

$												 50.20 $												 50.20 $												 50.98 $												 51.62

$												 52.18 $												 52.18 $												 51.45 $												 52.11

$															3.34 $															3.24 $															3.14 $															3.05

$															2.03 $															2.06 $															2.08 $															2.11

$												 46.52 $												 46.52 $												 47.32 $												 47.74

$												 50.20 $												 50.20 $												 50.98 $												 51.62

$												 52.18 $												 52.18 $												 51.45 $												 52.11

($000) ($000) ($000) ($000)

$							 171,123 $							 171,123 $							 174,073 $							 175,607

$							 184,673 $							 184,673 $							 187,514 $							 189,890

$							 191,959 $							 191,959 $							 189,256 $							 191,682

($000) ($000) ($000) ($000)

$												 46.51 $												 46.66 $												 46.93 $												 47.11

$												 45.20 $												 45.48 $												 45.87 $												 46.17

2033 2034 2035 2036

($000) ($000) ($000) ($000)

$							 171,083 $							 171,651 $							 172,639 $							 173,304

$							 166,277 $							 167,293 $							 168,729 $							 169,842

$											158,801 $											159,728 $											161,075 $											162,098























































































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$0.00 $40.50 $0.00 $40.50 0 24 0.00% 100.00%

$75.33 $40.65 $77.94 $35.72 16 8 66.67% 33.33%

$72.67 $39.74 $74.11 $35.92 16 8 66.67% 33.33%

$67.57 $40.01 $70.31 $36.93 16 8 66.67% 33.33%

$88.34 $42.39 $92.68 $42.30 16 8 66.67% 33.33%

$71.04 $38.89 $75.94 $40.00 16 8 66.67% 33.33%

$71.04 $38.89 $75.94 $40.00 16 8 66.67% 33.33%

$112.97 $35.86 $114.99 $37.00 16 8 66.67% 33.33%

$112.29 $34.40 $116.28 $36.00 16 8 66.67% 33.33%

$64.01 $43.74 $71.78 $44.50 16 8 66.67% 33.33%
$0.00 $43.74 $0.00 $44.50

0 24 0.00% 100.00%

$0.00 $44.62 $0.00 $44.750 24 0.00% 100.00%

$66.80 $44.62 $72.10 $44.75 168 66.67% 33.33%

$57.42 $32.87 $63.00 $34.21 168 66.67% 33.33%

$60.29 $33.98 $64.28 $34.30 168 66.67% 33.33%

$55.69 $33.12 $60.60 $33.01 168 66.67% 33.33%

$55.69 $33.12 $60.60 $33.01 168 66.67% 33.33%

$0.00 $42.39 $0.00 $45.890 24 0.00% 100.00%

$57.21 $42.39 $65.25 $45.89 168 66.67% 33.33%

$58.28 $31.23 $64.00 $30.15 168 66.67% 33.33%

$60.35 $33.31 $64.75 $33.96 168 66.67% 33.33%

$61.60 $33.00 $62.08 $33.90 168 66.67% 33.33%

$59.60 $33.12 $60.75 $31.29 168 66.67% 33.33%

$59.60 $33.12 $60.75 $31.29 168 66.67% 33.33%

$0.00 $41.50 $0.00 $37.750 24 0.00% 100.00%

$59.66 $41.50 $62.00 $37.75 168 66.67% 33.33%

$55.34 $31.47 $57.18 $31.00 168 66.67% 33.33%

$48.77 $31.14 $50.50 $30.25 168 66.67% 33.33%

$46.99 $32.23 $49.25 $31.25 168 66.67% 33.33%

$44.82 $31.94 $46.75 $30.75 168 66.67% 33.33%

$44.82 $31.94 $46.75 $30.75 168 66.67% 33.33%

$0.00 $35.00 $0.00 $35.600 24 0.00% 100.00%

$47.99 $35.00 $50.00 $35.60 168 66.67% 33.33%

$49.76 $31.93 $51.00 $28.00 168 66.67% 33.33%

$53.89 $34.93 $55.00 $28.67 168 66.67% 33.33%

$53.89 $34.93 $55.00 $28.67 168 66.67% 33.33%

$51.98 $35.71 $50.75 $28.00 168 66.67% 33.33%

$51.98 $35.71 $50.75 $28.00 168 66.67% 33.33%

$0.00 $41.42 $0.00 $36.750 24 0.00% 100.00%

$55.20 $36.30 $55.00 $29.50 168 66.67% 33.33%

$60.13 $38.60 $59.75 $31.75 168 66.67% 33.33%

$68.77 $41.01 $66.50 $36.50 168 66.67% 33.33%

$76.23 $42.75 $72.00 $36.40 168 66.67% 33.33%

$61.09 $40.71 $58.00 $35.00 168 66.67% 33.33%

$61.09 $40.71 $58.00 $35.00 168 66.67% 33.33%

$0.00 $46.11 $0.00 $43.000 24 0.00% 100.00%

$60.34 $46.11 $57.50 $43.00 168 66.67% 33.33%

$64.09 $38.99 $60.00 $35.25 168 66.67% 33.33%

$61.31 $44.50 $60.75 $38.75 168 66.67% 33.33%

$64.07 $46.73 $60.00 $39.50 168 66.67% 33.33%

$60.70 $45.77 $60.00 $40.00 168 66.67% 33.33%

$60.70 $45.77 $60.00 $40.00 168 66.67% 33.33%

$0.00 $48.35 $0.00 $42.140 24 0.00% 100.00%

$59.06 $48.35 $57.00 $42.14 168 66.67% 33.33%

$57.18 $41.32 $55.00 $26.00 168 66.67% 33.33%

$58.56 $43.29 $55.00 $33.50 168 66.67% 33.33%

$57.28 $41.89 $53.50 $34.35 168 66.67% 33.33%

$57.05 $44.22 $53.00 $36.00 168 66.67% 33.33%

$57.05 $44.22 $53.00 $36.00 168 66.67% 33.33%

$0.00 $48.60 $0.00 $44.460 24 0.00% 100.00%

$60.07 $48.60 $57.15 $44.46 168 66.67% 33.33%
$57.87 $41.91 $54.00 $30.00 16

8 66.67% 33.33%

$57.97 $44.28 $54.30 $34.54 168 66.67% 33.33%

$59.32 $43.42 $55.50 $35.49 168 66.67% 33.33%

$59.93 $50.15 $57.75 $35.00 168 66.67% 33.33%

$59.93 $50.15 $57.75 $35.00 168 66.67% 33.33%

$0.00 $50.25 $0.00 $47.350 24 0.00% 100.00%

$64.07 $50.25 $58.00 $47.35 168 66.67% 33.33%

$62.84 $44.08 $59.40 $37.12 168 66.67% 33.33%

$61.21 $44.78 $61.56 $37.50 168 66.67% 33.33%

$60.56 $46.78 $57.64 $37.08 168 66.67% 33.33%

$58.98 $45.96 $58.00 $38.00 168 66.67% 33.33%

$58.98 $45.96 $58.00 $38.00 168 66.67% 33.33%

$0.00 $44.76 $0.00 $42.000 24 0.00% 100.00%

$52.83 $44.76 $52.75 $42.00 168 66.67% 33.33%

$54.20 $41.44 $54.30 $38.00 168 66.67% 33.33%

$56.36 $41.99 $56.25 $36.50 168 66.67% 33.33%

$56.36 $41.99 $56.25 $36.50 168 66.67% 33.33%

$55.03 $39.32 $53.00 $30.50 168 66.67% 33.33%

$55.03 $39.32 $53.00 $30.50 168 66.67% 33.33%

$0.00 $40.85 $0.00 $38.000 24 0.00% 100.00%

$50.89 $40.85 $52.00 $38.00 168 66.67% 33.33%

$51.36 $35.91 $51.75 $33.50 168 66.67% 33.33%

$52.32 $37.02 $53.00 $32.00 168 66.67% 33.33%

$49.30 $32.44 $50.00 $30.50 168 66.67% 33.33%

$45.51 $30.94 $48.00 $30.50 168 66.67% 33.33%

$45.51 $30.94 $48.00 $30.50 168 66.67% 33.33%

$0.00 $35.66 $0.00 $35.500 24 0.00% 100.00%

$43.26 $35.66 $46.00 $35.50 168 66.67% 33.33%

$45.39 $34.30 $46.25 $33.75 168 66.67% 33.33%

$45.39 $34.30 $46.25 $33.75 168 66.67% 33.33%

$0.00 $37.52 $0.00 $40.000 24 0.00% 100.00%

$41.37 $37.52 $41.00 $40.00 168 66.67% 33.33%

$41.37 $37.52 $41.00 $40.00 168 66.67% 33.33%

$0.00 $41.91 $0.00 $41.750 24 0.00% 100.00%

$45.08 $41.91 $48.50 $41.75 168 66.67% 33.33%

$61.28 $44.68 $62.50 $44.50 168 66.67% 33.33%

$64.28 $50.72 $68.00 $50.00 168 66.67% 33.33%

$64.28 $50.72 $68.00 $50.00 168 66.67% 33.33%

$66.88 $52.31 $67.50 $49.75 168 66.67% 33.33%

$60.82 $47.01 $63.00 $45.75 168 66.67% 33.33%

$0.00 $50.49 $0.00 $48.750 24 0.00% 100.00%

$58.28 $50.49 $59.50 $48.75 168 66.67% 33.33%

$53.52 $42.83 $55.75 $38.50 168 66.67% 33.33%

$57.37 $44.51 $58.75 $43.00 168 66.67% 33.33%

$57.05 $44.36 $57.00 $41.75 168 66.67% 33.33%

$54.30 $42.14 $54.00 $39.50 168 66.67% 33.33%

$54.30 $42.14 $54.00 $39.50 168 66.67% 33.33%

$0.00 $53.91 $0.00 $49.000 24 0.00% 100.00%

$55.07 $53.91 $60.50 $49.00 168 66.67% 33.33%

$57.20 $47.08 $69.00 $48.50 168 66.67% 33.33%

$63.51 $51.59 $70.50 $49.50 168 66.67% 33.33%
$66.66 $53.95 $73.50 $52.25 16

8 66.67% 33.33%

$67.58 $54.53 $73.25 $55.00 168 66.67% 33.33%

$67.58 $54.53 $73.25 $55.00 168 66.67% 33.33%

$0.00 $54.65 $0.00 $55.500 24 0.00% 100.00%

$65.94 $54.65 $67.25 $55.50 168 66.67% 33.33%

$60.02 $45.15 $62.50 $45.50 168 66.67% 33.33%

$60.36 $45.12 $63.50 $45.25 168 66.67% 33.33%

$60.36 $45.12 $63.50 $45.25 168 66.67% 33.33%

$60.13 $47.83 $61.25 $48.50 168 66.67% 33.33%

$60.13 $47.83 $61.25 $48.50 168 66.67% 33.33%

$0.00 $52.75 $0.00 $51.500 24 0.00% 100.00%

$57.87 $52.75 $60.00 $51.50 168 66.67% 33.33%

$0.00 $51.31 $0.00 $49.000 24 0.00% 100.00%

$56.38 $51.31 $56.00 $49.00 168 66.67% 33.33%

$59.67 $50.18 $60.00 $47.50 168 66.67% 33.33%

$58.65 $50.10 $59.00 $48.25 168 66.67% 33.33%

$58.65 $50.10 $59.00 $48.25 168 66.67% 33.33%

$0.00 $55.57 $0.00 $52.000 24 0.00% 100.00%

$62.04 $55.57 $63.75 $52.00 168 66.67% 33.33%

$0.00 $51.01 $0.00 $48.00 168 66.67% 33.33%

$59.80 $51.01 $60.25 $48.00 168 66.67% 33.33%

$64.55 $50.40 $65.00 $45.50 168 66.67% 33.33%

$61.33 $47.24 $59.25 $43.50 168 66.67% 33.33%

$61.33 $47.24 $59.25 $43.50 168 66.67% 33.33%

$0.00 $51.29 $0.00 $48.490 24 0.00% 100.00%

$60.23 $51.29 $60.54 $48.49 168 66.67% 33.33%

$62.23 $51.67 $62.18 $49.75 168 66.67% 33.33%

$62.45 $50.03 $62.74 $49.25 168 66.67% 33.33%

$63.35 $50.19 $63.96 $49.50 168 66.67% 33.33%

$61.96 $48.97 $61.47 $49.25 168 66.67% 33.33%

$61.96 $48.97 $61.47 $49.25 168 66.67% 33.33%

$0.00 $56.54 $0.00 $57.000 24 0.00% 100.00%

$65.82 $56.54 $66.95 $57.00 168 66.67% 33.33%

$68.42 $53.89 $71.75 $54.00 168 66.67% 33.33%

$72.37 $57.86 $80.50 $58.75 168 66.67% 33.33%

$72.37 $57.86 $80.50 $58.75 168 66.67% 33.33%

$70.96 $56.14 $71.00 $57.50 168 66.67% 33.33%

$70.96 $56.14 $71.00 $57.50 168 66.67% 33.33%

$0.00 $61.80 $0.00 $64.500 24 0.00% 100.00%

$70.95 $61.80 $74.00 $64.50 168 66.67% 33.33%

$73.64 $60.67 $79.50 $61.00 168 66.67% 33.33%

$65.06 $57.61 $72.50 $58.00 168 66.67% 33.33%

$65.94 $56.56 $70.50 $57.75 168 66.67% 33.33%

$61.66 $56.70 $65.56 $58.50 168 66.67% 33.33%

$61.66 $56.70 $65.56 $58.50 168 66.67% 33.33%

$0.00 $59.01 $0.00 $59.000 24 0.00% 100.00%

$62.67 $59.01 $68.14 $59.00 168 66.67% 33.33%

$62.82 $52.84 $68.04 $54.75 168 66.67% 33.33%

$65.89 $56.58 $72.63 $58.00 168 66.67% 33.33%

$67.61 $57.98 $75.68 $59.75 168 66.67% 33.33%

$65.64 $58.50 $72.75 $62.50 168 66.67% 33.33%
$65.64 $58.50 $72.75 $62.50 16

8 66.67% 33.33%

$0.00 $59.10 $0.00 $58.500 24 0.00% 100.00%

$69.54 $59.10 $71.50 $58.50 168 66.67% 33.33%

$69.70 $53.87 $74.75 $56.00 168 66.67% 33.33%

$73.90 $57.40 $79.50 $58.00 168 66.67% 33.33%

$73.71 $56.57 $75.50 $57.00 168 66.67% 33.33%

$66.43 $55.48 $66.50 $56.50 168 66.67% 33.33%

$66.43 $55.48 $66.50 $56.50 168 66.67% 33.33%

$0.00 $55.62 $0.00 $53.500 24 0.00% 100.00%

$67.28 $55.62 $69.21 $53.50 168 66.67% 33.33%

$68.65 $53.42 $70.34 $54.00 168 66.67% 33.33%

$68.16 $51.68 $69.25 $51.50 168 66.67% 33.33%

$68.16 $51.68 $69.25 $51.50 168 66.67% 33.33%

$65.35 $50.82 $68.00 $50.00 168 66.67% 33.33%

$65.35 $50.82 $68.00 $50.00 168 66.67% 33.33%

$0.00 $54.72 $0.00 $54.750 24 0.00% 100.00%

$68.42 $54.72 $69.00 $54.75 168 66.67% 33.33%

$68.72 $53.13 $69.50 $52.00 168 66.67% 33.33%

$71.97 $55.90 $73.00 $55.00 168 66.67% 33.33%

$71.68 $56.64 $72.00 $56.25 168 66.67% 33.33%

$68.25 $54.66 $68.50 $55.00 168 66.67% 33.33%

$68.25 $54.66 $68.50 $55.00 168 66.67% 33.33%

$0.00 $60.07 $0.00 $59.750 24 0.00% 100.00%

$70.41 $60.07 $72.00 $59.75 168 66.67% 33.33%

$74.08 $57.42 $76.50 $57.00 168 66.67% 33.33%

$74.50 $56.30 $76.75 $57.75 168 66.67% 33.33%

$74.50 $56.30 $76.75 $57.75 168 66.67% 33.33%

$73.19 $55.60 $76.75 $56.00 168 66.67% 33.33%

$68.29 $56.91 $70.00 $59.25 168 66.67% 33.33%

$0.00 $61.24 $0.00 $64.250 24 0.00% 100.00%

$70.52 $61.24 $74.00 $64.25 168 66.67% 33.33%

$71.75 $58.39 $75.50 $58.75 168 66.67% 33.33%

$73.83 $61.45 $79.69 $63.50 168 66.67% 33.33%

$74.69 $62.95 $79.25 $65.50 168 66.67% 33.33%

$73.82 $64.80 $76.25 $66.75 168 66.67% 33.33%

$73.82 $64.80 $76.25 $66.75 168 66.67% 33.33%

$0.00 $71.65 $0.00 $71.500 24 0.00% 100.00%

$80.19 $71.65 $81.50 $71.50 168 66.67% 33.33%

$80.97 $67.39 $84.25 $69.00 168 66.67% 33.33%

$83.41 $65.45 $85.00 $64.50 168 66.67% 33.33%

$78.30 $61.23 $79.25 $62.00 168 66.67% 33.33%

$72.04 $59.66 $73.75 $60.00 168 66.67% 33.33%

$72.04 $59.66 $73.75 $60.00 168 66.67% 33.33%

$0.00 $66.18 $0.00 $66.000 24 0.00% 100.00%

$76.50 $66.18 $78.25 $66.00 168 66.67% 33.33%

$78.74 $57.62 $82.00 $59.50 168 66.67% 33.33%

$77.74 $58.53 $80.00 $60.00 168 66.67% 33.33%

$77.74 $58.53 $80.00 $60.00 168 66.67% 33.33%

$70.31 $54.00 $70.50 $52.50 168 66.67% 33.33%

$70.31 $54.00 $70.50 $52.50 168 66.67% 33.33%

$0.00 $52.64 $0.00 $54.250 24 0.00% 100.00%
$65.70 $52.64 $66.50 $54.25 16

8 66.67% 33.33%

$71.30 $52.67 $71.75 $53.25 168 66.67% 33.33%

$73.10 $55.00 $74.00 $56.50 168 66.67% 33.33%

$77.21 $56.85 $79.50 $57.75 168 66.67% 33.33%

$75.76 $59.80 $79.25 $62.00 168 66.67% 33.33%

$75.76 $59.80 $79.25 $62.00 168 66.67% 33.33%

$0.00 $71.82 $0.00 $71.500 24 0.00% 100.00%

$82.66 $71.82 $86.50 $71.50 168 66.67% 33.33%

$91.60 $69.76 $95.00 $70.25 168 66.67% 33.33%

$86.95 $65.92 $91.00 $66.50 168 66.67% 33.33%

$79.20 $63.93 $83.25 $67.00 168 66.67% 33.33%

$82.56 $67.72 $84.50 $69.50 168 66.67% 33.33%

$82.56 $67.72 $84.50 $69.50 168 66.67% 33.33%

$0.00 $79.76 $0.00 $78.860 24 0.00% 100.00%

$88.67 $79.76 $90.50 $78.86 168 66.67% 33.33%

$87.27 $75.63 $87.25 $75.00 168 66.67% 33.33%

$82.61 $70.82 $82.50 $70.50 168 66.67% 33.33%

$79.27 $64.99 $79.75 $64.75 168 66.67% 33.33%

$81.64 $67.16 $84.00 $68.00 168 66.67% 33.33%

$81.64 $67.16 $84.00 $68.00 168 66.67% 33.33%

$0.00 $78.82 $0.00 $78.750 24 0.00% 100.00%

$97.99 $78.82 $103.75 $78.75 168 66.67% 33.33%

$89.66 $67.79 $92.50 $66.75 168 66.67% 33.33%

$85.21 $62.82 $86.50 $64.00 168 66.67% 33.33%

$85.42 $63.61 $87.00 $64.50 168 66.67% 33.33%

$85.67 $68.30 $86.00 $70.00 168 66.67% 33.33%

$85.67 $68.30 $86.00 $70.00 168 66.67% 33.33%

$0.00 $71.29 $0.00 $72.000 24 0.00% 100.00%

$89.48 $71.29 $88.75 $72.00 168 66.67% 33.33%

$94.82 $72.01 $95.25 $74.25 168 66.67% 33.33%

$94.00 $72.70 $94.50 $73.50 168 66.67% 33.33%

$86.61 $67.58 $81.50 $66.00 168 66.67% 33.33%

$87.20 $67.30 $83.00 $65.50 168 66.67% 33.33%

$87.20 $67.30 $83.00 $65.50 168 66.67% 33.33%

$0.00 $81.97 $0.00 $77.000 24 0.00% 100.00%

$99.92 $81.97 $96.25 $77.00 168 66.67% 33.33%

$97.38 $70.86 $94.50 $68.00 168 66.67% 33.33%

$90.53 $65.36 $88.25 $59.50 168 66.67% 33.33%

$83.78 $65.94 $82.00 $64.25 168 66.67% 33.33%

$80.82 $67.72 $81.00 $67.00 168 66.67% 33.33%

$80.82 $67.72 $81.00 $67.00 168 66.67% 33.33%

$0.00 $68.34 $0.00 $67.500 24 0.00% 100.00%

$81.11 $68.34 $81.25 $67.50 168 66.67% 33.33%

$81.94 $68.25 $82.50 $64.50 168 66.67% 33.33%

$82.34 $67.21 $82.00 $65.50 168 66.67% 33.33%

$77.75 $64.41 $79.00 $64.00 168 66.67% 33.33%

$78.73 $65.11 $81.00 $64.50 168 66.67% 33.33%

$78.73 $65.11 $81.00 $64.50 168 66.67% 33.33%

$0.00 $67.19 $0.00 $69.000 24 0.00% 100.00%

$84.80 $67.19 $84.25 $69.00 168 66.67% 33.33%

$88.66 $60.75 $86.00 $54.00 168 66.67% 33.33%
$84.45 $59.16 $85.05 $58.00 16

8 66.67% 33.33%

$86.32 $66.50 $90.00 $63.00 168 66.67% 33.33%

$91.61 $73.96 $95.00 $66.50 168 66.67% 33.33%

$91.61 $73.96 $95.00 $66.50 168 66.67% 33.33%

$0.00 $75.80 $0.00 $69.000 24 0.00% 100.00%

$95.78 $75.80 $96.00 $69.00 168 66.67% 33.33%

$100.55 $57.08 $103.75 $48.98 168 66.67% 33.33%

$83.95 $57.75 $87.75 $48.00 168 66.67% 33.33%

$83.95 $57.75 $87.75 $48.00 168 66.67% 33.33%

$73.38 $49.75 $69.00 $41.50 168 66.67% 33.33%

$73.38 $49.75 $69.00 $41.50 168 66.67% 33.33%

$0.00 $42.00 $0.00 $34.000 24 0.00% 100.00%

$0.00 $42.00 $0.00 $34.000 24 0.00% 100.00%

$77.05 $31.00 $73.25 $23.00 168 66.67% 33.33%

$81.76 $21.00 $75.00 $14.00 168 66.67% 33.33%

$79.65 $24.25 $73.00 $18.00 168 66.67% 33.33%

$73.00 $30.00 $72.00 $25.00 168 66.67% 33.33%

$73.00 $30.00 $72.00 $25.00 168 66.67% 33.33%

$0.00 $51.00 $0.00 $41.000 24 0.00% 100.00%

$79.60 $51.00 $74.00 $41.00 168 66.67% 33.33%

$94.02 $48.00 $90.00 $36.00 168 66.67% 33.33%

$91.91 $48.95 $83.00 $38.00 168 66.67% 33.33%

$84.11 $47.25 $76.00 $31.25 168 66.67% 33.33%

$80.82 $43.58 $67.75 $31.50 168 66.67% 33.33%

$80.82 $43.58 $67.75 $31.50 168 66.67% 33.33%

$0.00 $62.00 $0.00 $42.250 24 0.00% 100.00%

$87.47 $62.00 $78.50 $42.25 168 66.67% 33.33%

$99.86 $50.94 $90.75 $33.50 168 66.67% 33.33%

$91.83 $47.26 $88.50 $33.75 168 66.67% 33.33%

$93.25 $45.50 $90.00 $34.74 168 66.67% 33.33%

$96.63 $48.98 $91.00 $34.50 168 66.67% 33.33%

$96.63 $48.98 $91.00 $34.50 168 66.67% 33.33%

$0.00 $74.86 $0.00 $60.000 24 0.00% 100.00%

$101.11 $74.86 $108.00 $60.00 168 66.67% 33.33%

$120.26 $62.65 $130.25 $49.75 168 66.67% 33.33%

$137.61 $69.43 $140.67 $59.64 168 66.67% 33.33%

$139.01 $76.43 $145.00 $65.00 168 66.67% 33.33%

$133.74 $78.31 $135.29 $64.75 168 66.67% 33.33%

$133.74 $78.31 $135.29 $64.75 168 66.67% 33.33%

$0.00 $90.36 $0.00 $87.000 24 0.00% 100.00%

$119.80 $90.36 $122.25 $87.00 168 66.67% 33.33%

$116.36 $70.99 $122.00 $61.25 168 66.67% 33.33%

$112.15 $68.21 $113.00 $58.00 168 66.67% 33.33%

$105.34 $56.31 $106.00 $50.25 168 66.67% 33.33%

$102.18 $58.52 $105.00 $50.50 168 66.67% 33.33%

$102.18 $58.52 $105.00 $50.50 168 66.67% 33.33%

$0.00 $83.16 $0.00 $76.250 24 0.00% 100.00%

$117.56 $83.16 $118.00 $76.25 168 66.67% 33.33%

$133.29 $73.19 $132.00 $64.44 168 66.67% 33.33%

$134.40 $79.20 $132.36 $69.06 168 66.67% 33.33%

$134.40 $79.20 $132.36 $69.06 168 66.67% 33.33%
$0.00 $84.16 $0.00 $76.92

0 24 0.00% 100.00%

$106.99 $84.16 $100.57 $76.92 168 66.67% 33.33%

$0.00 $77.67 $0.00 $66.000 24 0.00% 100.00%

$138.81 $77.67 $134.23 $66.00 168 66.67% 33.33%

$145.05 $71.62 $136.43 $58.79 168 66.67% 33.33%

$126.67 $68.91 $117.79 $57.06 168 66.67% 33.33%

$112.27 $62.46 $110.39 $56.89 168 66.67% 33.33%

$89.18 $58.82 $89.03 $53.92 168 66.67% 33.33%

$89.18 $58.82 $89.03 $53.92 168 66.67% 33.33%

$0.00 $78.25 $0.00 $72.750 24 0.00% 100.00%

$100.96 $78.25 $100.25 $72.75 168 66.67% 33.33%

$102.98 $68.44 $103.00 $66.28 168 66.67% 33.33%

$107.46 $71.13 $106.50 $67.88 168 66.67% 33.33%

$100.02 $69.90 $99.50 $67.03 168 66.67% 33.33%

$100.44 $70.38 $98.75 $68.00 168 66.67% 33.33%

$100.44 $70.38 $98.75 $68.00 168 66.67% 33.33%

$0.00 $75.21 $0.00 $76.500 24 0.00% 100.00%

$95.39 $75.21 $97.25 $76.50 168 66.67% 33.33%

$98.48 $64.79 $102.50 $63.00 168 66.67% 33.33%

$98.25 $63.62 $98.75 $63.25 168 66.67% 33.33%

$98.05 $62.18 $99.50 $62.00 168 66.67% 33.33%

$92.66 $61.73 $91.25 $60.50 168 66.67% 33.33%

$92.66 $61.73 $91.25 $60.50 168 66.67% 33.33%

$0.00 $64.93 $0.00 $64.000 24 0.00% 100.00%

$88.06 $64.93 $91.50 $64.00 168 66.67% 33.33%

$86.07 $57.71 $88.11 $57.00 168 66.67% 33.33%

$86.47 $54.62 $89.06 $53.22 168 66.67% 33.33%

$82.76 $53.06 $82.25 $50.99 168 66.67% 33.33%

$84.99 $55.52 $84.57 $55.00 168 66.67% 33.33%

$84.99 $55.52 $84.57 $55.00 168 66.67% 33.33%

$0.00 $64.25 $0.00 $63.000 24 0.00% 100.00%

$86.84 $64.25 $88.04 $63.00 168 66.67% 33.33%

$90.74 $57.55 $94.00 $54.75 168 66.67% 33.33%

$81.28 $52.24 $83.79 $50.50 168 66.67% 33.33%

$82.08 $52.70 $82.71 $52.00 168 66.67% 33.33%

$77.43 $53.04 $78.89 $51.00 168 66.67% 33.33%

$77.43 $53.04 $78.89 $51.00 168 66.67% 33.33%

$0.00 $59.07 $0.00 $57.250 24 0.00% 100.00%

$79.26 $59.07 $78.11 $57.25 168 66.67% 33.33%

$83.67 $51.70 $84.44 $50.00 168 66.67% 33.33%

$81.06 $49.50 $80.36 $45.25 168 66.67% 33.33%

$81.15 $49.34 $79.14 $47.00 168 66.67% 33.33%

$77.72 $50.68 $76.63 $50.50 168 66.67% 33.33%

$77.72 $50.68 $76.63 $50.50 168 66.67% 33.33%

$0.00 $57.46 $0.00 $55.000 24 0.00% 100.00%

$76.29 $57.46 $75.39 $55.00 168 66.67% 33.33%

$72.66 $47.63 $72.08 $46.66 168 66.67% 33.33%

$69.81 $46.09 $68.54 $44.96 168 66.67% 33.33%

$72.20 $47.61 $70.52 $45.79 168 66.67% 33.33%

$70.34 $47.30 $67.04 $46.38 168 66.67% 33.33%

$70.34 $47.30 $67.04 $46.38 168 66.67% 33.33%
$0.00 $59.87 $0.00 $58.50

0 24 0.00% 100.00%

$77.50 $59.87 $74.21 $58.50 168 66.67% 33.33%

$76.67 $46.99 $75.81 $45.44 168 66.67% 33.33%

$81.34 $47.79 $80.13 $46.50 168 66.67% 33.33%

$81.34 $47.79 $80.13 $46.50 168 66.67% 33.33%

$77.69 $48.41 $74.09 $46.00 168 66.67% 33.33%

$77.69 $48.41 $74.09 $46.00 168 66.67% 33.33%

$0.00 $57.50 $0.00 $55.500 24 0.00% 100.00%

$0.00 $45.59 $0.00 $44.000 24 0.00% 100.00%

$68.09 $45.59 $61.38 $44.00 168 66.67% 33.33%

$65.57 $40.08 $59.71 $39.58 168 66.67% 33.33%

$67.77 $37.29 $58.48 $33.82 168 66.67% 33.33%

$66.12 $38.65 $61.13 $37.50 168 66.67% 33.33%

$66.12 $38.65 $61.13 $37.50 168 66.67% 33.33%

$0.00 $46.72 $0.00 $45.000 24 0.00% 100.00%

$63.55 $46.72 $60.44 $45.00 168 66.67% 33.33%

$61.96 $39.57 $61.00 $37.50 168 66.67% 33.33%

$56.09 $38.27 $56.78 $36.79 168 66.67% 33.33%

$58.08 $39.91 $59.42 $38.61 168 66.67% 33.33%

$56.01 $36.98 $57.27 $34.76 168 66.67% 33.33%

$56.01 $36.98 $57.27 $34.76 168 66.67% 33.33%

$0.00 $44.03 $0.00 $47.000 24 0.00% 100.00%

$57.52 $44.03 $57.75 $47.00 168 66.67% 33.33%

$55.81 $35.83 $56.32 $36.50 168 66.67% 33.33%

$54.79 $36.68 $56.58 $32.50 168 66.67% 33.33%

$55.21 $36.14 $55.19 $34.50 168 66.67% 33.33%

$55.60 $41.15 $52.97 $38.00 168 66.67% 33.33%

$55.60 $41.15 $52.97 $38.00 168 66.67% 33.33%

$0.00 $44.31 $0.00 $40.250 24 0.00% 100.00%

$54.21 $44.31 $51.00 $40.25 168 66.67% 33.33%

$53.41 $36.91 $51.71 $34.25 168 66.67% 33.33%

$53.90 $35.18 $54.84 $33.50 168 66.67% 33.33%

$56.72 $36.72 $55.73 $33.25 168 66.67% 33.33%

$53.37 $38.00 $51.78 $35.00 168 66.67% 33.33%

$53.37 $38.00 $51.78 $35.00 168 66.67% 33.33%

$0.00 $44.42 $0.00 $41.940 24 0.00% 100.00%

$53.04 $44.42 $51.65 $41.94 168 66.67% 33.33%

$57.96 $40.00 $55.95 $35.74 168 66.67% 33.33%

$56.54 $37.71 $55.10 $33.57 168 66.67% 33.33%

$56.14 $38.54 $56.75 $36.50 168 66.67% 33.33%

$55.26 $39.28 $54.77 $36.54 168 66.67% 33.33%

$55.26 $39.28 $54.77 $36.54 168 66.67% 33.33%

$0.00 $40.01 $0.00 $37.750 24 0.00% 100.00%

$53.75 $40.01 $54.26 $37.75 168 66.67% 33.33%

$52.85 $35.35 $52.51 $32.77 168 66.67% 33.33%

$52.01 $34.62 $52.75 $33.26 168 66.67% 33.33%

$50.05 $34.16 $49.90 $33.25 168 66.67% 33.33%

$44.57 $32.43 $41.96 $31.55 168 66.67% 33.33%

$44.57 $32.43 $41.96 $31.55 168 66.67% 33.33%

$0.00 $26.11 $0.00 $24.770 24 0.00% 100.00%

$37.74 $26.11 $35.00 $24.77 168 66.67% 33.33%
$34.63 $26.28 $34.00 $24.50 16

8 66.67% 33.33%

$31.72 $21.63 $33.55 $19.69 168 66.67% 33.33%

$36.95 $23.87 $38.00 $22.89 168 66.67% 33.33%

$42.96 $28.68 $42.24 $25.74 168 66.67% 33.33%

$42.96 $28.68 $42.24 $25.74 168 66.67% 33.33%

$0.00 $34.79 $0.00 $30.530 24 0.00% 100.00%

$44.71 $34.79 $41.31 $30.53 168 66.67% 33.33%

$49.95 $31.92 $49.75 $26.72 168 66.67% 33.33%

$50.40 $31.50 $50.25 $30.25 168 66.67% 33.33%

$52.35 $33.46 $51.09 $30.50 168 66.67% 33.33%

$44.22 $31.92 $43.86 $27.75 168 66.67% 33.33%

$44.22 $31.92 $43.86 $27.75 168 66.67% 33.33%

$0.00 $29.26 $0.00 $26.140 24 0.00% 100.00%

$39.65 $29.26 $40.25 $26.14 168 66.67% 33.33%

$40.92 $27.66 $39.96 $25.84 168 66.67% 33.33%

$42.43 $30.17 $42.50 $27.43 168 66.67% 33.33%

$42.43 $30.17 $42.50 $27.43 168 66.67% 33.33%

$42.05 $31.95 $41.25 $30.30 168 66.67% 33.33%

$34.47 $29.69 $33.38 $27.17 168 66.67% 33.33%

$0.00 $28.93 $0.00 $28.000 24 0.00% 100.00%

$33.69 $28.93 $36.19 $28.00 168 66.67% 33.33%

$30.03 $19.87 $33.15 $21.57 168 66.67% 33.33%

$36.19 $25.83 $38.35 $26.18 168 66.67% 33.33%

$43.05 $31.68 $46.93 $31.61 168 66.67% 33.33%

$46.82 $37.68 $47.19 $36.00 168 66.67% 33.33%

$46.82 $37.68 $47.19 $36.00 168 66.67% 33.33%

$0.00 $41.20 $0.00 $42.250 24 0.00% 100.00%

$43.49 $41.20 $45.25 $42.25 168 66.67% 33.33%

$50.26 $38.52 $47.50 $34.50 168 66.67% 33.33%

$50.26 $38.52 $47.50 $34.50 168 66.67% 33.33%

$40.77 $32.48 $38.08 $28.11 168 66.67% 33.33%

$37.53 $30.02 $36.41 $26.54 168 66.67% 33.33%

$37.53 $30.02 $36.41 $26.54 168 66.67% 33.33%

$0.00 $30.58 $0.00 $27.250 24 0.00% 100.00%

$35.16 $30.58 $34.25 $27.25 168 66.67% 33.33%

$40.90 $30.67 $36.00 $25.04 168 66.67% 33.33%

$44.84 $33.89 $37.05 $23.25 168 66.67% 33.33%

$46.78 $36.95 $44.24 $27.14 168 66.67% 33.33%

$44.56 $33.36 $42.50 $24.83 168 66.67% 33.33%

$44.56 $33.36 $42.50 $24.83 168 66.67% 33.33%

$0.00 $34.74 $0.00 $31.000 24 0.00% 100.00%

$43.30 $34.74 $40.86 $31.00 168 66.67% 33.33%

$47.50 $38.12 $44.25 $33.61 168 66.67% 33.33%

$47.50 $38.12 $44.25 $33.61 168 66.67% 33.33%

$0.00 $38.12 $0.00 $33.610 24 0.00% 100.00%

$39.37 $36.24 $36.58 $32.75 168 66.67% 33.33%

$39.37 $36.24 $36.58 $32.75 168 66.67% 33.33%

$0.00 $36.24 $0.00 $32.750 24 0.00% 100.00%

$45.64 $34.73 $43.75 $30.50 168 66.67% 33.33%

$46.52 $34.29 $42.75 $28.00 168 66.67% 33.33%

$46.71 $35.57 $44.50 $24.79 168 66.67% 33.33%
$45.80 $35.92 $44.25 $22.00 16

8 66.67% 33.33%

$45.20 $35.79 $41.11 $25.50 168 66.67% 33.33%

$45.20 $35.79 $41.11 $25.50 168 66.67% 33.33%

$0.00 $33.91 $0.00 $30.500 24 0.00% 100.00%

$42.58 $33.91 $40.25 $30.50 168 66.67% 33.33%

$42.25 $29.41 $41.25 $23.00 168 66.67% 33.33%

$42.58 $32.97 $41.50 $28.00 168 66.67% 33.33%

$47.73 $37.04 $46.50 $31.00 168 66.67% 33.33%

$47.65 $38.00 $46.25 $32.00 168 66.67% 33.33%

$47.65 $38.00 $46.25 $32.00 168 66.67% 33.33%

$0.00 $38.11 $0.00 $32.250 24 0.00% 100.00%

$50.79 $38.11 $49.72 $32.25 168 66.67% 33.33%

$54.36 $42.62 $55.72 $43.50 168 66.67% 33.33%

$53.44 $44.71 $54.75 $44.21 168 66.67% 33.33%

$51.32 $39.43 $52.74 $39.00 168 66.67% 33.33%

$46.53 $33.04 $47.74 $32.50 168 66.67% 33.33%

$46.53 $33.04 $47.74 $32.50 168 66.67% 33.33%

$0.00 $39.50 $0.00 $38.750 24 0.00% 100.00%

$48.24 $39.50 $49.96 $38.75 168 66.67% 33.33%

$44.33 $34.76 $44.25 $33.50 168 66.67% 33.33%

$44.33 $34.76 $44.25 $33.50 168 66.67% 33.33%

$0.00 $34.76 $0.00 $33.500 24 0.00% 100.00%

$41.84 $31.24 $41.85 $30.93 168 66.67% 33.33%

$41.84 $31.24 $41.85 $30.93 168 66.67% 33.33%

$0.00 $30.49 $0.00 $30.250 24 0.00% 100.00%

$44.07 $30.49 $44.00 $30.25 168 66.67% 33.33%

$50.32 $37.52 $50.79 $35.50 168 66.67% 33.33%

$50.32 $37.52 $50.79 $35.50 168 66.67% 33.33%

$0.00 $39.57 $0.00 $36.980 24 0.00% 100.00%

$39.97 $31.78 $41.24 $29.75 168 66.67% 33.33%

$39.97 $31.78 $41.24 $29.75 168 66.67% 33.33%

$0.00 $31.70 $0.00 $30.820 24 0.00% 100.00%

$42.78 $31.70 $43.94 $30.82 168 66.67% 33.33%

$39.64 $32.07 $43.95 $31.50 168 66.67% 33.33%

$43.30 $35.36 $45.53 $35.00 168 66.67% 33.33%

$43.14 $34.50 $43.25 $32.71 168 66.67% 33.33%

$40.66 $32.82 $40.93 $32.41 168 66.67% 33.33%

$40.66 $32.82 $40.93 $32.41 168 66.67% 33.33%

$0.00 $31.98 $0.00 $31.820 24 0.00% 100.00%

$41.40 $31.98 $44.04 $31.82 168 66.67% 33.33%

$40.71 $30.95 $41.50 $31.00 168 66.67% 33.33%

$40.83 $30.93 $41.55 $29.52 168 66.67% 33.33%

$40.83 $30.93 $41.55 $29.52 168 66.67% 33.33%

$37.38 $28.91 $36.79 $27.13 168 66.67% 33.33%

$37.38 $28.91 $36.79 $27.13 168 66.67% 33.33%

$0.00 $32.41 $0.00 $30.830 24 0.00% 100.00%

$39.10 $32.41 $39.17 $30.83 168 66.67% 33.33%

$38.02 $27.09 $37.88 $27.00 168 66.67% 33.33%

$34.70 $23.26 $35.54 $23.00 168 66.67% 33.33%

$35.65 $24.72 $35.67 $23.50 168 66.67% 33.33%

$31.14 $21.36 $31.45 $20.92 168 66.67% 33.33%
$31.14 $21.36 $31.45 $20.92 16

8 66.67% 33.33%

$0.00 $26.92 $0.00 $25.800 24 0.00% 100.00%

$33.19 $26.92 $33.72 $25.80 168 66.67% 33.33%

$33.61 $25.03 $34.69 $24.50 168 66.67% 33.33%

$36.41 $27.59 $37.40 $27.64 168 66.67% 33.33%

$37.88 $28.20 $39.75 $28.12 168 66.67% 33.33%

$35.29 $26.58 $36.52 $27.00 168 66.67% 33.33%

$35.29 $26.58 $36.52 $27.00 168 66.67% 33.33%

$0.00 $29.95 $0.00 $31.000 24 0.00% 100.00%

$38.32 $29.95 $39.08 $31.00 168 66.67% 33.33%

$36.64 $26.68 $36.72 $27.75 168 66.67% 33.33%

$36.80 $27.84 $36.48 $29.50 168 66.67% 33.33%

$35.44 $27.36 $35.67 $28.42 168 66.67% 33.33%

$33.99 $25.41 $33.51 $27.50 168 66.67% 33.33%

$33.99 $25.41 $33.51 $27.50 168 66.67% 33.33%

$0.00 $26.60 $0.00 $28.000 24 0.00% 100.00%

$35.75 $26.60 $35.20 $28.00 168 66.67% 33.33%

$37.00 $25.70 $39.57 $30.75 168 66.67% 33.33%

$39.91 $29.98 $41.75 $33.75 168 66.67% 33.33%

$39.91 $29.98 $41.75 $33.75 168 66.67% 33.33%

$35.04 $29.31 $35.04 $31.00 168 66.67% 33.33%

$35.04 $29.31 $35.04 $31.00 168 66.67% 33.33%

$0.00 $28.74 $0.00 $30.750 24 0.00% 100.00%

$34.25 $28.74 $35.08 $30.75 168 66.67% 33.33%

$33.91 $27.14 $35.13 $29.25 168 66.67% 33.33%

$32.84 $27.60 $32.28 $29.00 168 66.67% 33.33%

$32.63 $26.65 $32.51 $28.75 168 66.67% 33.33%

$30.77 $25.57 $31.42 $26.75 168 66.67% 33.33%

$30.77 $25.57 $31.42 $26.75 168 66.67% 33.33%

$0.00 $24.18 $0.00 $25.500 24 0.00% 100.00%

$30.19 $24.18 $30.73 $25.50 168 66.67% 33.33%

$29.50 $23.46 $29.77 $25.25 168 66.67% 33.33%

$29.51 $22.65 $29.92 $24.25 168 66.67% 33.33%

$29.12 $20.34 $29.58 $22.75 168 66.67% 33.33%

$27.21 $21.11 $27.32 $22.50 168 66.67% 33.33%

$27.21 $21.11 $27.32 $22.50 168 66.67% 33.33%

$0.00 $20.22 $0.00 $20.250 24 0.00% 100.00%

$27.54 $20.22 $28.11 $20.25 168 66.67% 33.33%

$28.28 $18.44 $27.03 $18.25 168 66.67% 33.33%

$28.60 $17.37 $27.42 $18.00 168 66.67% 33.33%

$28.50 $17.61 $27.83 $17.50 168 66.67% 33.33%

$28.57 $18.75 $28.10 $18.00 168 66.67% 33.33%

$28.57 $18.75 $28.10 $18.00 168 66.67% 33.33%

$0.00 $22.82 $0.00 $23.500 24 0.00% 100.00%

$30.06 $22.82 $31.81 $23.50 168 66.67% 33.33%

$32.55 $22.59 $33.86 $24.75 168 66.67% 33.33%

$32.17 $23.39 $33.75 $25.50 168 66.67% 33.33%

$31.99 $22.66 $32.85 $24.70 168 66.67% 33.33%

$28.31 $21.27 $28.75 $22.25 168 66.67% 33.33%

$28.31 $21.27 $28.75 $22.25 168 66.67% 33.33%

$0.00 $21.78 $0.00 $22.000 24 0.00% 100.00%
$28.70 $21.78 $27.72 $22.00 16

8 66.67% 33.33%

$28.36 $20.68 $28.25 $20.00 168 66.67% 33.33%

$28.60 $20.34 $28.72 $20.25 168 66.67% 33.33%

$28.62 $19.83 $28.42 $20.00 168 66.67% 33.33%

$26.83 $18.16 $27.15 $19.25 168 66.67% 33.33%

$26.83 $18.16 $27.15 $19.25 168 66.67% 33.33%

$0.00 $22.48 $0.00 $21.250 24 0.00% 100.00%

$30.90 $22.48 $30.00 $21.25 168 66.67% 33.33%

$30.72 $20.21 $30.58 $19.92 168 66.67% 33.33%

$29.86 $21.08 $29.93 $20.25 168 66.67% 33.33%

$30.80 $21.21 $31.00 $21.00 168 66.67% 33.33%

$29.87 $23.65 $30.39 $21.25 168 66.67% 33.33%

$29.87 $23.65 $30.39 $21.25 168 66.67% 33.33%

$0.00 $25.41 $0.00 $26.000 24 0.00% 100.00%

$31.09 $25.41 $30.56 $26.00 168 66.67% 33.33%

$27.62 $19.95 $27.63 $20.00 168 66.67% 33.33%

$28.81 $22.16 $29.80 $22.00 168 66.67% 33.33%

$27.74 $17.90 $27.00 $17.75 168 66.67% 33.33%

$26.90 $18.31 $25.85 $18.25 168 66.67% 33.33%

$26.90 $18.31 $25.85 $18.25 168 66.67% 33.33%

$0.00 $26.06 $0.00 $26.250 24 0.00% 100.00%

$30.04 $26.06 $30.00 $26.25 168 66.67% 33.33%

$31.04 $20.01 $31.04 $20.50 168 66.67% 33.33%

$28.09 $18.88 $28.48 $20.25 168 66.67% 33.33%

$28.09 $18.88 $28.48 $20.25 168 66.67% 33.33%

$26.94 $18.08 $27.00 $18.50 168 66.67% 33.33%

$26.94 $18.08 $27.00 $18.50 168 66.67% 33.33%

$0.00 $18.73 $0.00 $18.000 24 0.00% 100.00%

$26.75 $18.73 $26.00 $18.00 168 66.67% 33.33%

$25.33 $21.50 $24.36 $17.75 168 66.67% 33.33%

$24.31 $22.50 $24.75 $21.28 168 66.67% 33.33%

$27.73 $22.25 $27.75 $18.30 168 66.67% 33.33%

$24.91 $19.52 $24.75 $18.21 168 66.67% 33.33%

$24.91 $19.52 $24.75 $18.21 168 66.67% 33.33%

$0.00 $22.00 $0.00 $20.750 24 0.00% 100.00%

$32.86 $22.00 $33.05 $20.75 168 66.67% 33.33%

$30.43 $15.63 $32.22 $15.82 168 66.67% 33.33%

$28.17 $17.00 $27.79 $15.53 168 66.67% 33.33%

$26.97 $15.42 $25.25 $13.75 168 66.67% 33.33%

$26.10 $14.00 $23.03 $13.25 168 66.67% 33.33%

$26.10 $14.00 $23.03 $13.25 168 66.67% 33.33%

$0.00 $17.04 $0.00 $16.500 24 0.00% 100.00%

$26.83 $17.04 $25.25 $16.50 168 66.67% 33.33%

$25.10 $14.59 $24.25 $14.00 168 66.67% 33.33%

$26.46 $15.14 $26.75 $13.50 168 66.67% 33.33%

$28.29 $19.75 $28.50 $18.00 168 66.67% 33.33%

$28.03 $20.30 $26.64 $19.03 168 66.67% 33.33%

$28.03 $20.30 $26.64 $19.03 168 66.67% 33.33%

$0.00 $21.45 $0.00 $18.570 24 0.00% 100.00%

$26.40 $21.45 $26.02 $18.57 168 66.67% 33.33%

$28.21 $18.32 $27.25 $16.66 168 66.67% 33.33%
$30.02 $18.02 $34.61 $18.50 16

8 66.67% 33.33%

$33.11 $18.63 $34.00 $18.75 168 66.67% 33.33%

$34.60 $20.65 $33.19 $19.02 168 66.67% 33.33%

$34.60 $20.65 $33.19 $19.02 168 66.67% 33.33%

$0.00 $28.75 $0.00 $28.000 24 0.00% 100.00%

$41.18 $28.75 $42.00 $28.00 168 66.67% 33.33%

$43.57 $23.60 $42.73 $22.61 168 66.67% 33.33%

$46.64 $24.48 $46.00 $24.00 168 66.67% 33.33%

$46.17 $24.15 $44.25 $20.75 168 66.67% 33.33%

$38.96 $23.14 $38.00 $20.59 168 66.67% 33.33%

$38.96 $23.14 $38.00 $20.59 168 66.67% 33.33%

$0.00 $32.20 $0.00 $32.750 24 0.00% 100.00%

$45.72 $32.20 $46.00 $32.75 168 66.67% 33.33%

$38.41 $20.47 $39.00 $17.71 168 66.67% 33.33%

$34.79 $22.49 $34.25 $18.67 168 66.67% 33.33%

$34.79 $22.49 $34.25 $18.67 168 66.67% 33.33%

$31.89 $19.56 $30.75 $17.62 168 66.67% 33.33%

$31.89 $19.56 $30.75 $17.62 168 66.67% 33.33%

$0.00 $22.89 $0.00 $21.500 24 0.00% 100.00%

$0.00 $22.89 $0.00 $21.500 24 0.00% 100.00%

$28.19 $16.14 $27.36 $15.50 168 66.67% 33.33%

$30.71 $15.53 $28.21 $14.00 168 66.67% 33.33%

$30.71 $15.53 $28.21 $14.00 168 66.67% 33.33%

$28.55 $15.85 $28.25 $13.65 168 66.67% 33.33%

$28.55 $15.85 $28.25 $13.65 168 66.67% 33.33%

$0.00 $20.50 $0.00 $20.500 24 0.00% 100.00%

$31.57 $18.28 $31.00 $17.00 168 66.67% 33.33%

$28.19 $13.49 $27.50 $14.22 168 66.67% 33.33%

$30.36 $9.00 $30.25 $8.19 168 66.67% 33.33%

$27.98 $11.00 $27.50 $8.25 168 66.67% 33.33%

$26.88 $11.00 $26.74 $8.10 168 66.67% 33.33%

$26.88 $11.00 $26.74 $8.10 168 66.67% 33.33%

$0.00 $14.05 $0.00 $10.980 24 0.00% 100.00%

$27.66 $14.05 $26.25 $10.98 168 66.67% 33.33%

$25.51 $11.75 $25.46 $7.83 168 66.67% 33.33%

$24.22 $11.50 $24.00 $9.70 168 66.67% 33.33%

$24.72 $10.75 $24.25 $11.25 168 66.67% 33.33%

$24.11 $12.00 $23.43 $11.50 168 66.67% 33.33%

$24.11 $12.00 $23.43 $11.50 168 66.67% 33.33%

$0.00 $18.09 $0.00 $17.750 24 0.00% 100.00%

$25.21 $18.09 $25.00 $17.75 168 66.67% 33.33%

$27.67 $17.69 $27.75 $16.96 168 66.67% 33.33%

$30.40 $18.75 $29.00 $17.50 168 66.67% 33.33%

$32.33 $18.50 $31.50 $17.25 168 66.67% 33.33%

$31.06 $15.50 $29.35 $13.00 168 66.67% 33.33%

$31.06 $15.50 $29.35 $13.00 168 66.67% 33.33%

$0.00 $22.17 $0.00 $21.500 24 0.00% 100.00%

$31.51 $22.17 $30.00 $21.50 168 66.67% 33.33%

$30.70 $16.88 $30.25 $14.00 168 66.67% 33.33%

$32.06 $20.50 $31.00 $17.00 168 66.67% 33.33%

$30.65 $19.27 $31.25 $19.25 168 66.67% 33.33%
$30.56 $19.75 $30.00 $18.25 16

8 66.67% 33.33%

$30.56 $19.75 $30.00 $18.25 168 66.67% 33.33%

$0.00 $24.00 $0.00 $22.000 24 0.00% 100.00%

$33.87 $24.00 $34.00 $22.00 168 66.67% 33.33%

$36.67 $23.75 $38.25 $22.25 168 66.67% 33.33%

$36.62 $22.33 $38.50 $21.25 168 66.67% 33.33%

$36.62 $22.33 $38.50 $21.25 168 66.67% 33.33%

$33.67 $22.45 $34.89 $23.50 168 66.67% 33.33%

$0.00 $22.45 $0.00 $23.500 24 0.00% 100.00%

$0.00 $22.59 $0.00 $24.750 24 0.00% 100.00%

$31.27 $22.59 $33.14 $24.75 168 66.67% 33.33%

$31.77 $18.27 $33.31 $19.50 168 66.67% 33.33%

$33.25 $17.91 $33.50 $18.38 168 66.67% 33.33%

$31.69 $17.19 $31.97 $16.81 168 66.67% 33.33%

$32.39 $18.00 $33.25 $18.00 168 66.67% 33.33%

$32.39 $18.00 $33.25 $18.00 168 66.67% 33.33%

$0.00 $23.65 $0.00 $22.250 24 0.00% 100.00%

$36.57 $23.65 $38.39 $22.25 168 66.67% 33.33%

$41.20 $21.05 $42.75 $25.58 168 66.67% 33.33%

$44.48 $20.87 $45.25 $25.13 168 66.67% 33.33%

$44.86 $22.21 $45.75 $25.38 168 66.67% 33.33%

$41.06 $21.60 $42.25 $24.00 168 66.67% 33.33%

$41.06 $21.60 $42.25 $24.00 168 66.67% 33.33%

$0.00 $28.15 $0.00 $32.000 24 0.00% 100.00%

$43.56 $28.15 $45.64 $32.00 168 66.67% 33.33%

$47.70 $24.51 $51.00 $27.69 168 66.67% 33.33%

$47.11 $25.32 $47.25 $27.59 168 66.67% 33.33%

$44.81 $22.97 $46.00 $26.00 168 66.67% 33.33%

$43.65 $23.95 $45.00 $25.50 168 66.67% 33.33%

$43.65 $23.95 $45.00 $25.50 168 66.67% 33.33%

$0.00 $31.18 $0.00 $38.500 24 0.00% 100.00%

$44.65 $31.18 $45.75 $38.50 168 66.67% 33.33%

$46.09 $24.50 $49.06 $23.33 168 66.67% 33.33%

$42.52 $22.11 $44.50 $22.77 168 66.67% 33.33%

$42.52 $22.11 $44.50 $22.77 168 66.67% 33.33%

$38.94 $20.80 $39.00 $22.09 168 66.67% 33.33%

$36.25 $20.23 $38.70 $21.25 168 66.67% 33.33%

$0.00 $30.46 $0.00 $29.750 24 0.00% 100.00%

$37.80 $30.46 $39.00 $29.75 168 66.67% 33.33%

$39.28 $21.75 $41.50 $22.01 168 66.67% 33.33%

$38.52 $22.26 $40.49 $22.69 168 66.67% 33.33%

$37.38 $22.69 $42.00 $23.01 168 66.67% 33.33%

$36.14 $24.68 $40.00 $24.94 168 66.67% 33.33%

$36.14 $24.68 $40.00 $24.94 168 66.67% 33.33%

$0.00 $28.70 $0.00 $28.380 24 0.00% 100.00%

$38.32 $28.70 $39.71 $28.38 168 66.67% 33.33%

$41.45 $23.04 $42.90 $23.00 168 66.67% 33.33%

$38.72 $23.16 $40.00 $23.00 168 66.67% 33.33%

$34.93 $22.32 $40.58 $23.00 168 66.67% 33.33%

$32.38 $21.61 $36.95 $22.50 168 66.67% 33.33%

$32.38 $21.61 $36.95 $22.50 168 66.67% 33.33%
$0.00 $25.46 $0.00 $26.00

0 24 0.00% 100.00%

$33.79 $25.46 $37.57 $26.00 168 66.67% 33.33%

$31.58 $19.89 $34.24 $20.75 168 66.67% 33.33%

$31.47 $20.04 $33.65 $20.80 168 66.67% 33.33%

$31.53 $19.66 $34.00 $19.90 168 66.67% 33.33%

$29.44 $19.04 $32.00 $19.50 168 66.67% 33.33%

$29.44 $19.04 $32.00 $19.50 168 66.67% 33.33%

$0.00 $21.58 $0.00 $24.000 24 0.00% 100.00%

$28.28 $21.58 $33.25 $24.00 168 66.67% 33.33%

$27.12 $16.95 $29.38 $18.83 168 66.67% 33.33%

$30.57 $18.70 $32.92 $19.25 168 66.67% 33.33%

$34.08 $19.60 $34.20 $19.00 168 66.67% 33.33%

$33.54 $17.76 $34.00 $18.38 168 66.67% 33.33%

$33.54 $17.76 $34.00 $18.38 168 66.67% 33.33%

$0.00 $22.68 $0.00 $24.250 24 0.00% 100.00%

$32.79 $22.68 $34.25 $24.25 168 66.67% 33.33%

$31.24 $18.67 $34.08 $19.00 168 66.67% 33.33%

$30.32 $17.74 $33.63 $18.75 168 66.67% 33.33%

$30.32 $17.74 $33.63 $18.75 168 66.67% 33.33%

$26.16 $16.65 $28.43 $17.00 168 66.67% 33.33%

$26.16 $16.65 $28.43 $17.00 168 66.67% 33.33%

$0.00 $17.23 $0.00 $19.000 24 0.00% 100.00%

$0.00 $17.23 $0.00 $19.000 24 0.00% 100.00%

$24.36 $14.97 $26.25 $15.25 168 66.67% 33.33%

$25.72 $15.35 $28.25 $15.50 168 66.67% 33.33%

$28.92 $16.10 $30.96 $16.00 168 66.67% 33.33%

$27.63 $17.00 $31.56 $17.00 168 66.67% 33.33%

$27.63 $17.00 $31.56 $17.00 168 66.67% 33.33%

$0.00 $24.27 $0.00 $26.000 24 0.00% 100.00%

$30.73 $24.27 $33.59 $26.00 168 66.67% 33.33%

$26.81 $19.75 $28.93 $17.75 168 66.67% 33.33%

$32.60 $22.63 $36.03 $23.94 168 66.67% 33.33%

$34.75 $21.84 $36.59 $24.00 168 66.67% 33.33%

$36.13 $22.03 $37.50 $22.25 168 66.67% 33.33%

$36.13 $22.03 $37.50 $22.25 168 66.67% 33.33%

$0.00 $26.45 $0.00 $27.500 24 0.00% 100.00%

$36.39 $26.45 $38.85 $27.50 168 66.67% 33.33%

$32.93 $20.05 $37.24 $22.00 168 66.67% 33.33%

$34.02 $20.22 $38.25 $22.39 168 66.67% 33.33%

$30.80 $18.71 $33.38 $21.00 168 66.67% 33.33%

$33.33 $18.95 $33.98 $19.00 168 66.67% 33.33%

$33.33 $18.95 $33.98 $19.00 168 66.67% 33.33%

$0.00 $28.21 $0.00 $27.290 24 0.00% 100.00%

$35.12 $28.21 $34.53 $27.29 168 66.67% 33.33%

$33.08 $22.11 $34.13 $20.25 168 66.67% 33.33%

$32.11 $21.74 $32.78 $20.00 168 66.67% 33.33%

$31.22 $19.93 $34.25 $20.25 168 66.67% 33.33%

$29.98 $21.75 $31.41 $20.00 168 66.67% 33.33%

$29.98 $21.75 $31.41 $20.00 168 66.67% 33.33%

$0.00 $19.61 $0.00 $18.500 24 0.00% 100.00%

$26.14 $19.61 $26.64 $18.50 168 66.67% 33.33%
$27.53 $19.05 $28.01 $16.84 16

8 66.67% 33.33%

$30.51 $21.46 $30.69 $20.63 168 66.67% 33.33%

$35.65 $24.47 $37.63 $25.00 168 66.67% 33.33%

$41.95 $30.25 $42.00 $28.75 168 66.67% 33.33%

$41.95 $30.25 $42.00 $28.75 168 66.67% 33.33%

$0.00 $30.94 $0.00 $28.000 24 0.00% 100.00%

$37.85 $30.94 $39.00 $28.00 168 66.67% 33.33%

$37.69 $28.46 $38.85 $25.50 168 66.67% 33.33%

$37.64 $27.25 $37.34 $24.17 168 66.67% 33.33%

$37.39 $26.04 $37.31 $22.78 168 66.67% 33.33%

$38.32 $27.59 $38.50 $22.05 168 66.67% 33.33%

$38.32 $27.59 $38.50 $22.05 168 66.67% 33.33%

$0.00 $32.08 $0.00 $26.070 24 0.00% 100.00%

$39.31 $32.08 $39.00 $26.07 168 66.67% 33.33%

$41.49 $29.32 $42.27 $21.38 168 66.67% 33.33%

$44.32 $30.65 $42.36 $21.00 168 66.67% 33.33%

$46.18 $31.22 $44.32 $22.98 168 66.67% 33.33%

$47.18 $31.21 $45.40 $25.19 168 66.67% 33.33%

$47.18 $31.21 $45.40 $25.19 168 66.67% 33.33%

$0.00 $38.74 $0.00 $33.240 24 0.00% 100.00%

$47.24 $38.74 $44.73 $33.24 168 66.67% 33.33%

$43.59 $31.22 $41.73 $26.75 168 66.67% 33.33%

$41.88 $29.29 $39.46 $24.75 168 66.67% 33.33%

$43.58 $30.91 $41.45 $24.50 168 66.67% 33.33%

$38.62 $29.64 $37.47 $28.25 168 66.67% 33.33%

$38.62 $29.64 $37.47 $28.25 168 66.67% 33.33%

$0.00 $32.40 $0.00 $31.750 24 0.00% 100.00%

$38.72 $32.40 $39.57 $31.75 168 66.67% 33.33%

$41.34 $30.74 $37.35 $21.72 168 66.67% 33.33%

$41.59 $29.77 $37.75 $23.50 168 66.67% 33.33%

$42.05 $29.36 $37.24 $23.03 168 66.67% 33.33%

$36.25 $24.50 $30.02 $18.56 168 66.67% 33.33%

$36.25 $24.50 $30.02 $18.56 168 66.67% 33.33%

$0.00 $28.53 $0.00 $26.080 24 0.00% 100.00%

$35.02 $28.53 $34.79 $26.08 168 66.67% 33.33%

$36.53 $28.40 $37.94 $26.00 168 66.67% 33.33%

$33.94 $25.43 $35.50 $22.43 168 66.67% 33.33%

$33.94 $25.43 $35.50 $22.43 168 66.67% 33.33%

$28.99 $20.58 $29.50 $20.25 168 66.67% 33.33%

$28.99 $20.58 $29.50 $20.25 168 66.67% 33.33%

$0.00 $22.10 $0.00 $22.270 24 0.00% 100.00%

$25.83 $22.10 $28.90 $22.27 168 66.67% 33.33%

$26.64 $19.78 $26.63 $18.50 168 66.67% 33.33%

$33.57 $25.03 $32.79 $24.25 168 66.67% 33.33%

$34.67 $27.02 $35.00 $26.45 168 66.67% 33.33%

$34.31 $24.66 $34.78 $25.50 168 66.67% 33.33%

$34.31 $24.66 $34.78 $25.50 168 66.67% 33.33%

$0.00 $29.77 $0.00 $27.000 24 0.00% 100.00%

$31.53 $29.77 $32.94 $27.00 168 66.67% 33.33%

$33.89 $26.53 $32.43 $23.50 168 66.67% 33.33%

$33.89 $26.53 $32.43 $23.50 168 66.67% 33.33%
$0.00 $24.92 $0.00 $21.50

0 24 0.00% 100.00%

$29.00 $24.92 $26.85 $21.50 168 66.67% 33.33%

$29.00 $24.92 $26.85 $21.50 168 66.67% 33.33%

$0.00 $25.87 $0.00 $21.750 24 0.00% 100.00%

$29.96 $25.87 $27.86 $21.75 168 66.67% 33.33%

$41.83 $33.06 $43.00 $32.75 168 66.67% 33.33%

$42.14 $32.37 $44.00 $32.25 168 66.67% 33.33%

$43.29 $33.84 $45.00 $34.00 168 66.67% 33.33%

$42.62 $33.27 $46.75 $35.50 168 66.67% 33.33%

$42.62 $33.27 $46.75 $35.50 168 66.67% 33.33%

$0.00 $36.48 $0.00 $37.630 24 0.00% 100.00%

$42.67 $36.48 $48.00 $37.63 168 66.67% 33.33%

$47.51 $35.54 $52.25 $38.25 168 66.67% 33.33%

$59.73 $44.97 $66.67 $48.00 168 66.67% 33.33%

$53.91 $42.34 $59.00 $39.93 168 66.67% 33.33%

$48.08 $40.81 $53.90 $40.25 168 66.67% 33.33%

$48.08 $40.81 $53.90 $40.25 168 66.67% 33.33%

$0.00 $38.23 $0.00 $38.780 24 0.00% 100.00%

$47.52 $38.23 $51.00 $38.78 168 66.67% 33.33%

$48.33 $35.11 $50.50 $33.75 168 66.67% 33.33%

$47.69 $33.72 $48.75 $31.75 168 66.67% 33.33%

$46.82 $32.74 $48.00 $32.00 168 66.67% 33.33%

$46.99 $32.03 $47.25 $35.00 168 66.67% 33.33%

$46.99 $32.03 $47.25 $35.00 168 66.67% 33.33%

$0.00 $38.71 $0.00 $41.750 24 0.00% 100.00%

$49.03 $38.71 $51.25 $41.75 168 66.67% 33.33%

$47.27 $34.68 $50.50 $36.00 168 66.67% 33.33%

$47.27 $34.68 $50.50 $36.00 168 66.67% 33.33%

$45.67 $40.33 $44.00 $38.50 168 66.67% 33.33%

$0.00 $40.33 $0.00 $38.500 24 0.00% 100.00%

$45.67 $40.33 $44.00 $38.50 168 66.67% 33.33%

$0.00 $39.11 $0.00 $39.750 24 0.00% 100.00%

$48.03 $39.11 $48.25 $39.75 168 66.67% 33.33%

$51.11 $37.75 $51.50 $36.50 168 66.67% 33.33%

$52.25 $36.36 $52.25 $35.00 168 66.67% 33.33%

$52.25 $36.36 $52.25 $35.00 168 66.67% 33.33%

$0.00 $35.37 $0.00 $34.250 24 0.00% 100.00%

$44.03 $35.37 $42.25 $34.25 168 66.67% 33.33%

$0.00 $33.60 $0.00 $34.750 24 0.00% 100.00%

$47.21 $33.60 $46.75 $34.75 168 66.67% 33.33%

$49.67 $36.74 $50.00 $38.50 168 66.67% 33.33%

$49.18 $35.16 $49.75 $37.75 168 66.67% 33.33%

$48.35 $33.56 $48.50 $34.25 168 66.67% 33.33%

$53.38 $38.64 $55.50 $43.25 168 66.67% 33.33%

$53.38 $38.64 $55.50 $43.25 168 66.67% 33.33%

$0.00 $38.05 $0.00 $38.250 24 0.00% 100.00%

$47.17 $38.05 $47.00 $38.25 168 66.67% 33.33%

$46.24 $34.83 $46.00 $34.75 168 66.67% 33.33%

$48.41 $37.02 $47.21 $37.50 168 66.67% 33.33%

$48.41 $37.02 $47.21 $37.50 168 66.67% 33.33%

$46.76 $34.98 $44.15 $34.14 168 66.67% 33.33%
$46.76 $34.98 $44.15 $34.14 16

8 66.67% 33.33%

$0.00 $39.83 $0.00 $38.250 24 0.00% 100.00%

$47.50 $39.83 $46.00 $38.25 168 66.67% 33.33%

$49.10 $36.15 $47.25 $36.00 168 66.67% 33.33%

$49.17 $35.68 $47.50 $35.75 168 66.67% 33.33%

$48.05 $37.52 $49.50 $39.00 168 66.67% 33.33%

$46.25 $35.50 $46.50 $35.00 168 66.67% 33.33%

$46.25 $35.50 $46.50 $35.00 168 66.67% 33.33%

$0.00 $39.17 $0.00 $37.500 24 0.00% 100.00%

$48.27 $39.17 $48.25 $37.50 168 66.67% 33.33%

$49.00 $35.03 $47.00 $36.00 168 66.67% 33.33%

$45.90 $33.87 $47.25 $34.75 168 66.67% 33.33%

$45.90 $33.87 $47.25 $34.75 168 66.67% 33.33%

$42.66 $33.34 $42.50 $33.25 168 66.67% 33.33%

$42.66 $33.34 $42.50 $33.25 168 66.67% 33.33%

$0.00 $37.22 $0.00 $36.250 24 0.00% 100.00%

$43.33 $32.15 $43.00 $33.00 168 66.67% 33.33%

$45.42 $33.07 $46.00 $34.50 168 66.67% 33.33%

$47.71 $34.75 $49.50 $39.50 168 66.67% 33.33%

$48.94 $35.89 $50.50 $39.00 168 66.67% 33.33%

$48.73 $36.36 $47.25 $36.50 168 66.67% 33.33%

$48.73 $36.36 $47.25 $36.50 168 66.67% 33.33%

$0.00 $40.11 $0.00 $38.250 24 0.00% 100.00%

$51.97 $40.11 $51.50 $38.25 168 66.67% 33.33%

$50.08 $38.48 $50.75 $39.25 168 66.67% 33.33%

$49.82 $38.50 $50.50 $39.50 168 66.67% 33.33%

$49.82 $38.50 $50.50 $39.50 168 66.67% 33.33%

$50.25 $39.06 $48.75 $40.00 168 66.67% 33.33%

$50.25 $39.06 $48.75 $40.00 168 66.67% 33.33%

$0.00 $42.75 $0.00 $41.750 24 0.00% 100.00%

$48.82 $42.75 $47.50 $41.75 168 66.67% 33.33%

$46.74 $34.71 $47.00 $35.00 168 66.67% 33.33%

$47.31 $33.66 $46.50 $34.50 168 66.67% 33.33%

$45.50 $34.00 $45.25 $35.75 168 66.67% 33.33%

$42.48 $32.39 $41.50 $32.50 168 66.67% 33.33%

$42.48 $32.39 $41.50 $32.50 168 66.67% 33.33%

$0.00 $35.64 $0.00 $35.000 24 0.00% 100.00%

$41.80 $35.64 $42.00 $35.00 168 66.67% 33.33%

$41.77 $32.75 $42.25 $34.50 168 66.67% 33.33%

$42.44 $33.26 $43.25 $34.75 168 66.67% 33.33%

$42.44 $33.26 $43.25 $34.75 168 66.67% 33.33%

$43.07 $33.00 $43.00 $33.50 168 66.67% 33.33%

$43.07 $33.00 $43.00 $33.50 168 66.67% 33.33%

$0.00 $37.50 $0.00 $38.000 24 0.00% 100.00%

$42.73 $31.90 $46.50 $32.50 168 66.67% 33.33%

$43.09 $31.77 $46.75 $34.00 168 66.67% 33.33%

$43.50 $32.64 $46.50 $33.75 168 66.67% 33.33%

$44.08 $31.98 $46.75 $32.50 168 66.67% 33.33%

$42.38 $32.00 $44.50 $32.75 168 66.67% 33.33%

$42.38 $32.00 $44.50 $32.75 168 66.67% 33.33%

$0.00 $34.99 $0.00 $34.750 24 0.00% 100.00%
$41.37 $34.99 $43.00 $34.75 16

8 66.67% 33.33%

$43.72 $34.49 $47.50 $36.75 168 66.67% 33.33%

$42.44 $35.02 $46.25 $37.00 168 66.67% 33.33%

$42.45 $33.80 $46.50 $35.00 168 66.67% 33.33%

$42.48 $34.17 $43.50 $34.25 168 66.67% 33.33%

$42.48 $34.17 $43.50 $34.25 168 66.67% 33.33%

$0.00 $38.00 $0.00 $38.500 24 0.00% 100.00%

$44.11 $38.00 $45.00 $38.50 168 66.67% 33.33%

$41.34 $32.50 $44.00 $34.25 168 66.67% 33.33%

$45.55 $32.59 $45.00 $33.25 168 66.67% 33.33%

$44.67 $31.51 $44.50 $30.50 168 66.67% 33.33%

$38.36 $28.61 $39.25 $29.75 168 66.67% 33.33%

$38.36 $28.61 $39.25 $29.75 168 66.67% 33.33%

$0.00 $30.21 $0.00 $30.750 24 0.00% 100.00%

$38.31 $30.21 $39.50 $30.75 168 66.67% 33.33%

$38.63 $26.92 $40.00 $27.25 168 66.67% 33.33%

$39.77 $27.38 $42.00 $28.25 168 66.67% 33.33%

$38.16 $25.20 $39.25 $27.00 168 66.67% 33.33%

$37.72 $25.38 $38.00 $25.25 168 66.67% 33.33%

$37.72 $25.38 $38.00 $25.25 168 66.67% 33.33%

$0.00 $30.59 $0.00 $32.500 24 0.00% 100.00%

$38.67 $30.59 $39.50 $32.50 168 66.67% 33.33%

$37.98 $26.81 $39.25 $27.00 168 66.67% 33.33%

$37.71 $26.53 $39.75 $27.25 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$0.00 $27.23 $0.00 $27.000 24 0.00% 100.00%

$35.38 $27.23 $35.75 $27.00 168 66.67% 33.33%

$35.07 $24.16 $33.75 $24.67 168 66.67% 33.33%

$36.93 $27.49 $38.00 $29.25 168 66.67% 33.33%

$38.65 $28.66 $39.00 $29.00 168 66.67% 33.33%

$37.76 $28.99 $40.00 $29.50 168 66.67% 33.33%

$37.76 $28.99 $40.00 $29.50 168 66.67% 33.33%

$0.00 $30.80 $0.00 $32.000 24 0.00% 100.00%

$37.66 $30.80 $39.50 $32.00 168 66.67% 33.33%

$37.14 $26.77 $37.50 $27.00 168 66.67% 33.33%

$37.07 $26.80 $38.75 $27.75 168 66.67% 33.33%

$38.99 $29.51 $41.00 $30.00 168 66.67% 33.33%

$35.99 $27.24 $36.50 $27.25 168 66.67% 33.33%

$35.99 $27.24 $36.50 $27.25 168 66.67% 33.33%

$0.00 $27.76 $0.00 $28.500 24 0.00% 100.00%

$35.56 $27.76 $37.50 $28.50 168 66.67% 33.33%

$34.68 $26.08 $38.50 $27.50 168 66.67% 33.33%

$34.65 $25.30 $37.50 $27.00 168 66.67% 33.33%

$32.68 $27.17 $35.25 $28.50 168 66.67% 33.33%

$32.67 $26.59 $34.25 $26.75 168 66.67% 33.33%

$32.67 $26.59 $34.25 $26.75 168 66.67% 33.33%

$0.00 $29.00 $0.00 $29.000 24 0.00% 100.00%

$34.88 $29.00 $36.00 $29.00 168 66.67% 33.33%

$36.34 $26.93 $38.00 $27.75 168 66.67% 33.33%
$35.37 $26.28 $37.50 $28.50 16

8 66.67% 33.33%

$35.37 $26.28 $37.50 $28.50 168 66.67% 33.33%

$33.55 $24.25 $32.50 $25.25 168 66.67% 33.33%

$32.23 $23.11 $31.75 $23.25 168 66.67% 33.33%

$0.00 $26.42 $0.00 $26.400 24 0.00% 100.00%

$35.00 $26.42 $32.75 $26.40 168 66.67% 33.33%

$34.08 $23.75 $32.00 $22.25 168 66.67% 33.33%

$35.57 $25.64 $36.50 $24.50 168 66.67% 33.33%

$34.18 $26.60 $33.00 $24.25 168 66.67% 33.33%

$32.76 $26.77 $31.25 $25.25 168 66.67% 33.33%

$32.76 $26.77 $31.25 $25.25 168 66.67% 33.33%

$0.00 $27.65 $0.00 $27.000 24 0.00% 100.00%

$34.31 $27.65 $30.50 $27.00 168 66.67% 33.33%

$34.43 $24.90 $34.00 $24.25 168 66.67% 33.33%

$34.60 $24.37 $34.25 $24.00 168 66.67% 33.33%

$34.31 $24.34 $32.75 $23.75 168 66.67% 33.33%

$34.62 $25.08 $34.25 $24.75 168 66.67% 33.33%

$34.62 $25.08 $34.25 $24.75 168 66.67% 33.33%

$0.00 $29.11 $0.00 $29.500 24 0.00% 100.00%

$37.52 $29.11 $37.50 $29.50 168 66.67% 33.33%

$36.25 $25.81 $36.50 $23.75 168 66.67% 33.33%

$37.60 $25.42 $33.50 $24.25 168 66.67% 33.33%

$35.83 $23.04 $33.75 $20.00 168 66.67% 33.33%

$34.58 $20.05 $31.50 $17.25 168 66.67% 33.33%

$34.58 $20.05 $31.50 $17.25 168 66.67% 33.33%

$0.00 $24.19 $0.00 $20.500 24 0.00% 100.00%

$33.98 $24.19 $31.75 $20.50 168 66.67% 33.33%

$33.33 $21.58 $31.25 $16.75 168 66.67% 33.33%

$34.36 $23.66 $30.00 $18.00 168 66.67% 33.33%

$34.36 $23.66 $30.00 $18.00 168 66.67% 33.33%

$32.00 $22.63 $29.25 $17.75 168 66.67% 33.33%

$32.00 $22.63 $29.25 $17.75 168 66.67% 33.33%

$0.00 $29.95 $0.00 $27.500 24 0.00% 100.00%

$0.00 $29.95 $0.00 $27.500 24 0.00% 100.00%

$35.73 $23.40 $36.00 $21.53 168 66.67% 33.33%

$34.08 $19.40 $31.25 $16.25 168 66.67% 33.33%

$33.23 $18.12 $32.00 $16.14 168 66.67% 33.33%

$33.78 $15.72 $32.25 $14.25 168 66.67% 33.33%

$33.78 $15.72 $32.25 $14.25 168 66.67% 33.33%

$0.00 $29.72 $0.00 $26.000 24 0.00% 100.00%

$43.96 $29.72 $42.75 $26.00 168 66.67% 33.33%

$38.21 $16.66 $39.25 $14.00 168 66.67% 33.33%

$37.03 $14.99 $37.25 $15.50 168 66.67% 33.33%

$34.37 $14.56 $32.75 $15.00 168 66.67% 33.33%

$29.22 $13.10 $28.50 $14.50 168 66.67% 33.33%

$29.22 $13.10 $28.50 $14.50 168 66.67% 33.33%

$0.00 $18.86 $0.00 $18.250 24 0.00% 100.00%

$35.67 $18.86 $35.75 $18.25 168 66.67% 33.33%

$36.89 $16.54 $38.25 $14.25 168 66.67% 33.33%

$36.75 $15.70 $35.75 $12.75 168 66.67% 33.33%

$36.35 $15.12 $36.25 $13.00 168 66.67% 33.33%
$33.53 $14.86 $33.50 $12.25 16

8 66.67% 33.33%

$33.53 $14.86 $33.50 $12.25 168 66.67% 33.33%

$0.00 $21.04 $0.00 $17.000 24 0.00% 100.00%

$36.99 $21.04 $37.50 $17.00 168 66.67% 33.33%

$37.19 $16.90 $40.50 $15.75 168 66.67% 33.33%

$38.24 $19.25 $45.00 $17.00 168 66.67% 33.33%

$39.13 $19.90 $43.50 $15.00 168 66.67% 33.33%

$36.42 $20.48 $38.00 $15.50 168 66.67% 33.33%

$36.42 $20.48 $38.00 $15.50 168 66.67% 33.33%

$0.00 $32.52 $0.00 $29.500 24 0.00% 100.00%

$42.94 $32.52 $49.00 $29.50 168 66.67% 33.33%

$42.33 $23.00 $48.00 $18.25 168 66.67% 33.33%

$41.26 $19.67 $46.00 $16.00 168 66.67% 33.33%

$41.07 $20.21 $46.50 $19.25 168 66.67% 33.33%

$39.58 $22.42 $41.56 $19.00 168 66.67% 33.33%

$39.58 $22.42 $41.56 $19.00 168 66.67% 33.33%

$0.00 $32.25 $0.00 $20.750 24 0.00% 100.00%

$0.00 $32.25 $0.00 $20.750 24 0.00% 100.00%

$41.66 $32.25 $45.00 $20.75 168 66.67% 33.33%

$38.83 $22.24 $41.50 $18.50 168 66.67% 33.33%

$42.25 $23.35 $44.46 $19.25 168 66.67% 33.33%
$40.50 $40.50 2007

$63.77 $63.87 2007

$61.69 $61.38 2007

$58.38 $59.18 2007

$73.02 $75.89 2007

$60.32 $63.96 2007

$60.32 $63.96 2007

$87.27 $88.99 2007

$86.33 $89.52 2007

$57.25 $62.69 2007
$43.74 $44.50 2007

$44.62 $44.75 2007

$59.41 $62.98 2007

$49.24 $53.40 2007

$51.52 $54.29 2007

$48.17 $51.40 2007

$48.17 $51.40 2007

$42.39 $45.89 2007

$52.27 $58.80 2007

$49.26 $52.72 2007

$51.34 $54.49 2007

$52.07 $52.69 2007

$50.77 $50.93 2007

$50.77 $50.93 2007

$41.50 $37.75 2007

$53.61 $53.92 2007

$47.38 $48.45 2007

$42.89 $43.75 2007

$42.07 $43.25 2007

$40.53 $41.42 2007

$40.53 $41.42 2007

$35.00 $35.60 2007

$43.66 $45.20 2007

$43.82 $43.33 2007

$47.57 $46.22 2007

$47.57 $46.22 2007

$46.56 $43.17 2007

$46.56 $43.17 2007

$41.42 $36.75 2007

$48.90 $46.50 2007

$52.95 $50.42 2007

$59.52 $56.50 2007

$65.07 $60.13 2007

$54.30 $50.33 2007

$54.30 $50.33 2007

$46.11 $43.00 2007

$55.60 $52.67 2007

$55.72 $51.75 2007

$55.71 $53.42 2007

$58.29 $53.17 2007

$55.72 $53.33 2007

$55.72 $53.33 2007

$48.35 $42.14 2007

$55.49 $52.05 2007

$51.89 $45.33 2007

$53.47 $47.83 2007

$52.15 $47.12 2007

$52.77 $47.33 2007

$52.77 $47.33 2007

$48.60 $44.46 2007

$56.25 $52.92 2007
$52.55 $46.00 2007

$53.41 $47.71 2007

$54.02 $48.83 2007

$56.67 $50.17 2007

$56.67 $50.17 2007

$50.25 $47.35 2007

$59.46 $54.45 2007

$56.59 $51.97 2007

$55.73 $53.54 2007

$55.97 $50.79 2007

$54.64 $51.33 2007

$54.64 $51.33 2007

$44.76 $42.00 2007

$50.14 $49.17 2007

$49.95 $48.87 2007

$51.57 $49.67 2007

$51.57 $49.67 2007

$49.79 $45.50 2007

$49.79 $45.50 2007

$40.85 $38.00 2007

$47.54 $47.33 2007

$46.21 $45.67 2007

$47.22 $46.00 2007

$43.68 $43.50 2007

$40.65 $42.17 2007

$40.65 $42.17 2007

$35.66 $35.50 2007

$40.73 $42.50 2007

$41.69 $42.08 2007

$41.69 $42.08 2007

$37.52 $40.00 2007

$40.09 $40.67 2007

$40.09 $40.67 2007

$41.91 $41.75 2007

$44.02 $46.25 2007

$55.75 $56.50 2007

$59.76 $62.00 2007

$59.76 $62.00 2007

$62.02 $61.58 2007

$56.22 $57.25 2007

$50.49 $48.75 2007

$55.68 $55.92 2007

$49.96 $50.00 2007

$53.08 $53.50 2007

$52.82 $51.92 2007

$50.25 $49.17 2007

$50.25 $49.17 2007

$53.91 $49.00 2007

$54.68 $56.67 2007

$53.83 $62.17 2007

$59.54 $63.50 2007
$62.42 $66.42 2007

$63.23 $67.17 2007

$63.23 $67.17 2007

$54.65 $55.50 2007

$62.18 $63.33 2007

$55.06 $56.83 2007

$55.28 $57.42 2007

$55.28 $57.42 2007

$56.03 $57.00 2007

$56.03 $57.00 2007

$52.75 $51.50 2007

$56.16 $57.17 2007

$51.31 $49.00 2007

$54.69 $53.67 2007

$56.51 $55.83 2007

$55.80 $55.42 2007

$55.80 $55.42 2007

$55.57 $52.00 2007

$59.88 $59.83 2007

$17.00 $16.00 2008

$56.87 $56.17 2008

$59.83 $58.50 2008

$56.63 $54.00 2008

$56.63 $54.00 2008

$51.29 $48.49 2008

$57.25 $56.52 2008

$58.71 $58.04 2008

$58.31 $58.24 2008

$58.96 $59.14 2008

$57.63 $57.40 2008

$57.63 $57.40 2008

$56.54 $57.00 2008

$62.73 $63.63 2008

$63.58 $65.83 2008

$67.53 $73.25 2008

$67.53 $73.25 2008

$66.02 $66.50 2008

$66.02 $66.50 2008

$61.80 $64.50 2008

$67.90 $70.83 2008

$69.32 $73.33 2008

$62.58 $67.67 2008

$62.81 $66.25 2008

$60.01 $63.21 2008

$60.01 $63.21 2008

$59.01 $59.00 2008

$61.45 $65.09 2008

$59.49 $63.61 2008

$62.79 $67.75 2008

$64.40 $70.37 2008

$63.26 $69.33 2008
$63.26 $69.33 2008

$59.10 $58.50 2008

$66.06 $67.17 2008

$64.42 $68.50 2008

$68.40 $72.33 2008

$68.00 $69.33 2008

$62.78 $63.17 2008

$62.78 $63.17 2008

$55.62 $53.50 2008

$63.39 $63.97 2008

$63.57 $64.89 2008

$62.67 $63.33 2008

$62.67 $63.33 2008

$60.51 $62.00 2008

$60.51 $62.00 2008

$54.72 $54.75 2008

$63.85 $64.25 2008

$63.52 $63.67 2008

$66.61 $67.00 2008

$66.67 $66.75 2008

$63.72 $64.00 2008

$63.72 $64.00 2008

$60.07 $59.75 2008

$66.96 $67.92 2008

$68.53 $70.00 2008

$68.43 $70.42 2008

$68.43 $70.42 2008

$67.33 $69.83 2008

$64.50 $66.42 2008

$61.24 $64.25 2008

$67.43 $70.75 2008

$67.30 $69.92 2008

$69.70 $74.29 2008

$70.78 $74.67 2008

$70.81 $73.08 2008

$70.81 $73.08 2008

$71.65 $71.50 2008

$77.34 $78.17 2008

$76.44 $79.17 2008

$77.42 $78.17 2008

$72.61 $73.50 2008

$67.91 $69.17 2008

$67.91 $69.17 2008

$66.18 $66.00 2008

$73.06 $74.17 2008

$71.70 $74.50 2008

$71.34 $73.33 2008

$71.34 $73.33 2008

$64.87 $64.50 2008

$64.87 $64.50 2008

$52.64 $54.25 2008
$61.35 $62.42 2008

$65.09 $65.58 2008

$67.07 $68.17 2008

$70.42 $72.25 2008

$70.44 $73.50 2008

$70.44 $73.50 2008

$71.82 $71.50 2008

$79.05 $81.50 2008

$84.32 $86.75 2008

$79.94 $82.83 2008

$74.11 $77.83 2008

$77.61 $79.50 2008

$77.61 $79.50 2008

$79.76 $78.86 2008

$85.70 $86.62 2008

$83.39 $83.17 2008

$78.68 $78.50 2008

$74.51 $74.75 2008

$76.81 $78.67 2008

$76.81 $78.67 2008

$78.82 $78.75 2008

$91.60 $95.42 2008

$82.37 $83.92 2008

$77.75 $79.00 2008

$78.15 $79.50 2008

$79.88 $80.67 2008

$79.88 $80.67 2008

$71.29 $72.00 2008

$83.42 $83.17 2008

$87.22 $88.25 2008

$86.90 $87.50 2008

$80.27 $76.33 2008

$80.57 $77.17 2008

$80.57 $77.17 2008

$81.97 $77.00 2008

$93.94 $89.83 2008

$88.54 $85.67 2008

$82.14 $78.67 2008

$77.83 $76.08 2008

$76.45 $76.33 2008

$76.45 $76.33 2008

$68.34 $67.50 2008

$76.85 $76.67 2008

$77.38 $76.50 2008

$77.30 $76.50 2008

$73.30 $74.00 2008

$74.19 $75.50 2008

$74.19 $75.50 2008

$67.19 $69.00 2008

$78.93 $79.17 2008

$79.36 $75.33 2008
$76.02 $76.03 2008

$79.71 $81.00 2008

$85.73 $85.50 2008

$85.73 $85.50 2008

$75.80 $69.00 2008

$89.12 $87.00 2008

$86.06 $85.49 2008

$75.22 $74.50 2008

$75.22 $74.50 2008

$65.50 $59.83 2008

$65.50 $59.83 2008

$42.00 $34.00 2008

$42.00 $34.00 2008

$61.70 $56.50 2008

$61.51 $54.67 2008

$61.18 $54.67 2008

$58.67 $56.33 2008

$58.67 $56.33 2008

$51.00 $41.00 2008

$70.07 $63.00 2008

$78.68 $72.00 2008

$77.59 $68.00 2008

$71.82 $61.08 2008

$68.41 $55.67 2008

$68.41 $55.67 2008

$62.00 $42.25 2008

$78.98 $66.42 2008

$83.55 $71.67 2008

$76.97 $70.25 2008

$77.33 $71.58 2008

$80.75 $72.17 2008

$80.75 $72.17 2008

$74.86 $60.00 2008

$92.36 $92.00 2008

$101.06 $103.42 2008

$114.88 $113.66 2008

$118.15 $118.33 2008

$115.26 $111.78 2008

$115.26 $111.78 2008

$90.36 $87.00 2008

$109.99 $110.50 2008

$101.24 $101.75 2008

$97.50 $94.67 2008

$89.00 $87.42 2008

$87.63 $86.83 2008

$87.63 $86.83 2008

$83.16 $76.25 2008

$106.09 $104.08 2008

$113.26 $109.48 2008

$116.00 $111.26 2008

$116.00 $111.26 2008
$84.16 $76.92 2008

$99.38 $92.69 2008

$77.67 $66.00 2008

$118.43 $111.49 2008

$120.57 $110.55 2008

$107.42 $97.55 2008

$95.67 $92.56 2008

$79.06 $77.33 2008

$79.06 $77.33 2008

$78.25 $72.75 2008

$93.39 $91.08 2008

$91.47 $90.76 2008

$95.35 $93.63 2008

$89.98 $88.68 2008

$90.42 $88.50 2008

$90.42 $88.50 2008

$75.21 $76.50 2008

$88.66 $90.33 2008

$87.25 $89.33 2008

$86.71 $86.92 2008

$86.09 $87.00 2008

$82.35 $81.00 2008

$82.35 $81.00 2008

$64.93 $64.00 2008

$80.35 $82.33 2008

$76.62 $77.74 2008

$75.85 $77.11 2008

$72.86 $71.83 2008

$75.17 $74.71 2008

$75.17 $74.71 2008

$64.25 $63.00 2008

$79.31 $79.69 2008

$79.68 $80.92 2008

$71.60 $72.69 2008

$72.29 $72.47 2008

$69.30 $69.59 2008

$69.30 $69.59 2008

$59.07 $57.25 2008

$72.53 $71.16 2008

$73.01 $72.96 2008

$70.54 $68.66 2008

$70.55 $68.43 2008

$68.71 $67.92 2008

$68.71 $67.92 2008

$57.46 $55.00 2008

$70.01 $68.59 2008

$64.32 $63.61 2008

$61.90 $60.68 2008

$64.00 $62.28 2008

$62.66 $60.15 2008

$62.66 $60.15 2008
$59.87 $58.50 2008

$71.62 $68.97 2008

$66.78 $65.69 2008

$70.16 $68.92 2008

$70.16 $68.92 2008

$67.93 $64.73 2008

$67.93 $64.73 2008

$57.50 $55.50 2008

$45.59 $44.00 2008

$60.59 $55.59 2008

$57.07 $53.00 2008

$57.61 $50.26 2008

$56.96 $53.25 2008

$56.96 $53.25 2008

$46.72 $45.00 2008

$57.94 $55.29 2008

$54.50 $53.17 2008

$50.15 $50.12 2008

$52.02 $52.48 2008

$49.67 $49.77 2008

$49.67 $49.77 2008

$44.03 $47.00 2008

$53.02 $54.17 2008

$49.15 $49.71 2008

$48.75 $48.55 2008

$48.85 $48.29 2008

$50.78 $47.98 2008

$50.78 $47.98 2008

$44.31 $40.25 2008

$50.91 $47.42 2008

$47.91 $45.89 2008

$47.66 $47.73 2008

$50.05 $48.24 2008

$48.25 $46.19 2008

$48.25 $46.19 2008

$44.42 $41.94 2008

$50.17 $48.41 2008

$51.97 $49.21 2008

$50.26 $47.92 2008

$50.27 $50.00 2008

$49.93 $48.69 2008

$49.93 $48.69 2008

$40.01 $37.75 2008

$49.17 $48.76 2008

$47.02 $45.93 2008

$46.21 $46.25 2008

$44.75 $44.35 2008

$40.52 $38.49 2008

$40.52 $38.49 2008

$26.11 $24.77 2008

$33.86 $31.59 2008
$31.85 $30.83 2008

$28.36 $28.93 2008

$32.59 $32.96 2008

$38.20 $36.74 2008

$38.20 $36.74 2008

$34.79 $30.53 2008

$41.40 $37.72 2008

$43.94 $42.07 2008

$44.10 $43.58 2008

$46.05 $44.23 2008

$40.12 $38.49 2008

$40.12 $38.49 2008

$29.26 $26.14 2008

$36.19 $35.55 2008

$36.50 $35.25 2008

$38.34 $37.48 2008

$38.34 $37.48 2008

$38.68 $37.60 2008

$32.88 $31.31 2008

$28.93 $28.00 2008

$32.10 $33.46 2008

$26.64 $29.29 2008

$32.74 $34.29 2008

$39.26 $41.82 2008

$43.77 $43.46 2008

$43.77 $43.46 2008

$41.20 $42.25 2008

$42.73 $44.25 2008

$46.35 $43.17 2008

$46.35 $43.17 2008

$38.01 $34.76 2008

$35.03 $33.12 2008

$35.03 $33.12 2008

$30.58 $27.25 2008

$33.63 $31.92 2008

$37.49 $32.35 2008

$41.19 $32.45 2008

$43.50 $38.54 2008

$40.83 $36.61 2008

$40.83 $36.61 2008

$34.74 $31.00 2008

$40.45 $37.57 2008

$44.37 $40.70 2008

$44.37 $40.70 2008

$38.12 $33.61 2008

$38.33 $35.30 2008

$38.33 $35.30 2008

$36.24 $32.75 2008

$42.00 $39.33 2008

$42.44 $37.83 2008

$43.00 $37.93 2008
$42.51 $36.83 2008

$42.06 $35.91 2008

$42.06 $35.91 2008

$33.91 $30.50 2008

$39.69 $37.00 2008

$37.97 $35.17 2008

$39.38 $37.00 2008

$44.17 $41.33 2008

$44.43 $41.50 2008

$44.43 $41.50 2008

$38.11 $32.25 2008

$46.56 $43.90 2008

$50.45 $51.65 2008

$50.53 $51.24 2008

$47.36 $48.16 2008

$42.03 $42.66 2008

$42.03 $42.66 2008

$39.50 $38.75 2008

$45.33 $46.22 2008

$41.14 $40.67 2008

$41.14 $40.67 2008

$34.76 $33.50 2008

$38.31 $38.21 2008

$38.31 $38.21 2008

$30.49 $30.25 2008

$39.54 $39.42 2008

$46.05 $45.69 2008

$46.05 $45.69 2008

$39.57 $36.98 2009

$37.24 $37.41 2009

$37.24 $37.41 2009

$31.70 $30.82 2009

$39.09 $39.57 2009

$37.12 $39.80 2009

$40.65 $42.02 2009

$40.26 $39.74 2009

$38.05 $38.09 2009

$38.05 $38.09 2009

$31.98 $31.82 2009

$38.26 $39.97 2009

$37.46 $38.00 2009

$37.53 $37.54 2009

$37.53 $37.54 2009

$34.56 $33.57 2009

$34.56 $33.57 2009

$32.41 $30.83 2009

$36.87 $36.39 2009

$34.38 $34.25 2009

$30.89 $31.36 2009

$32.01 $31.61 2009

$27.88 $27.94 2009
$27.88 $27.94 2009

$26.92 $25.80 2009

$31.10 $31.08 2009

$30.75 $31.29 2009

$33.47 $34.15 2009

$34.65 $35.87 2009

$32.39 $33.35 2009

$32.39 $33.35 2009

$29.95 $31.00 2009

$35.53 $36.39 2009

$33.32 $33.73 2009

$33.81 $34.15 2009

$32.75 $33.25 2009

$31.13 $31.51 2009

$31.13 $31.51 2009

$26.60 $28.00 2009

$32.70 $32.80 2009

$33.23 $36.63 2009

$36.60 $39.08 2009

$36.60 $39.08 2009

$33.13 $33.69 2009

$33.13 $33.69 2009

$28.74 $30.75 2009

$32.41 $33.64 2009

$31.65 $33.17 2009

$31.09 $31.19 2009

$30.64 $31.26 2009

$29.04 $29.86 2009

$29.04 $29.86 2009

$24.18 $25.50 2009

$28.19 $28.99 2009

$27.49 $28.26 2009

$27.22 $28.03 2009

$26.19 $27.30 2009

$25.18 $25.71 2009

$25.18 $25.71 2009

$20.22 $20.25 2009

$25.10 $25.49 2009

$25.00 $24.10 2009

$24.86 $24.28 2009

$24.87 $24.39 2009

$25.30 $24.73 2009

$25.30 $24.73 2009

$22.82 $23.50 2009

$27.65 $29.04 2009

$29.23 $30.82 2009

$29.24 $31.00 2009

$28.88 $30.13 2009

$25.96 $26.58 2009

$25.96 $26.58 2009

$21.78 $22.00 2009
$26.39 $25.81 2009

$25.80 $25.50 2009

$25.85 $25.90 2009

$25.69 $25.61 2009

$23.94 $24.52 2009

$23.94 $24.52 2009

$22.48 $21.25 2009

$28.09 $27.08 2009

$27.22 $27.03 2009

$26.93 $26.70 2009

$27.60 $27.67 2009

$27.80 $27.34 2009

$27.80 $27.34 2009

$25.41 $26.00 2009

$29.20 $29.04 2009

$25.06 $25.09 2009

$26.59 $27.20 2009

$24.46 $23.92 2009

$24.04 $23.32 2009

$24.04 $23.32 2009

$26.06 $26.25 2009

$28.71 $28.75 2009

$27.36 $27.53 2009

$25.02 $25.74 2009

$25.02 $25.74 2009

$23.99 $24.17 2009

$23.99 $24.17 2009

$18.73 $18.00 2009

$24.08 $23.33 2009

$24.05 $22.16 2009

$23.71 $23.59 2009

$25.90 $24.60 2009

$23.11 $22.57 2009

$23.11 $22.57 2009

$22.00 $20.75 2009

$29.24 $28.95 2009

$25.50 $26.75 2009

$24.45 $23.70 2009

$23.12 $21.42 2009

$22.07 $19.77 2009

$22.07 $19.77 2009

$17.04 $16.50 2009

$23.57 $22.33 2009

$21.60 $20.83 2009

$22.69 $22.33 2009

$25.44 $25.00 2009

$25.45 $24.10 2009

$25.45 $24.10 2009

$21.45 $18.57 2009

$24.75 $23.54 2009

$24.91 $23.72 2009
$26.02 $29.24 2009

$28.28 $28.92 2009

$29.95 $28.47 2009

$29.95 $28.47 2009

$28.75 $28.00 2009

$37.04 $37.33 2009

$36.91 $36.02 2009

$39.25 $38.67 2009

$38.83 $36.42 2009

$33.69 $32.20 2009

$33.69 $32.20 2009

$32.20 $32.75 2009

$41.21 $41.58 2009

$32.43 $31.90 2009

$30.69 $29.06 2009

$30.69 $29.06 2009

$27.78 $26.37 2009

$27.78 $26.37 2009

$22.89 $21.50 2009

$22.89 $21.50 2009

$24.17 $23.41 2009

$25.65 $23.47 2009

$25.65 $23.47 2009

$24.32 $23.38 2009

$24.32 $23.38 2009

$20.50 $20.50 2009

$27.14 $26.33 2009

$23.29 $23.07 2009

$23.24 $22.90 2009

$22.32 $21.08 2009

$21.59 $20.53 2009

$21.59 $20.53 2009

$14.05 $10.98 2009

$23.12 $21.16 2009

$20.92 $19.58 2009

$19.98 $19.23 2009

$20.06 $19.92 2009

$20.07 $19.45 2009

$20.07 $19.45 2009

$18.09 $17.75 2009

$22.84 $22.58 2009

$24.34 $24.15 2009

$26.52 $25.17 2009

$27.72 $26.75 2009

$25.87 $23.90 2009

$25.87 $23.90 2009

$22.17 $21.50 2009

$28.40 $27.17 2009

$26.09 $24.83 2009

$28.21 $26.33 2009

$26.86 $27.25 2009
$26.96 $26.08 2009

$26.96 $26.08 2009

$24.00 $22.00 2009

$30.58 $30.00 2009

$32.36 $32.92 2009

$31.86 $32.75 2009

$31.86 $32.75 2009

$29.93 $31.09 2009

$22.45 $23.50 2009

$22.59 $24.75 2009

$28.38 $30.34 2009

$27.27 $28.71 2009

$28.14 $28.46 2009

$26.86 $26.92 2009

$27.59 $28.17 2009

$27.59 $28.17 2009

$23.65 $22.25 2009

$32.26 $33.01 2009

$34.48 $37.03 2009

$36.61 $38.54 2009

$37.31 $38.96 2009

$34.57 $36.17 2009

$34.57 $36.17 2009

$28.15 $32.00 2009

$38.42 $41.09 2009

$39.97 $43.23 2009

$39.85 $40.70 2009

$37.53 $39.33 2009

$37.08 $38.50 2009

$37.08 $38.50 2009

$31.18 $38.50 2009

$40.16 $43.33 2009

$38.89 $40.48 2009

$35.72 $37.26 2009

$35.72 $37.26 2009

$32.89 $33.36 2009

$30.91 $32.88 2009

$30.46 $29.75 2009

$35.35 $35.92 2009

$33.44 $35.00 2009

$33.10 $34.56 2009

$32.48 $35.67 2009

$32.32 $34.98 2009

$32.32 $34.98 2009

$28.70 $28.38 2009

$35.11 $35.93 2009

$35.31 $36.27 2009

$33.53 $34.33 2009

$30.73 $34.72 2009

$28.79 $32.13 2009

$28.79 $32.13 2009
$25.46 $26.00 2009

$31.01 $33.71 2009

$27.68 $29.74 2009

$27.66 $29.37 2009

$27.57 $29.30 2009

$25.97 $27.83 2009

$25.97 $27.83 2009

$21.58 $24.00 2009

$26.05 $30.17 2009

$23.73 $25.86 2009

$26.61 $28.36 2009

$29.25 $29.13 2009

$28.28 $28.79 2009

$28.28 $28.79 2009

$22.68 $24.25 2009

$29.42 $30.92 2009

$27.05 $29.05 2009

$26.13 $28.67 2009

$26.13 $28.67 2009

$22.99 $24.62 2009

$22.99 $24.62 2009

$17.23 $19.00 2009

$17.23 $19.00 2009

$21.23 $22.58 2009

$22.26 $24.00 2009

$24.65 $25.97 2009

$24.09 $26.71 2009

$24.09 $26.71 2009

$24.27 $26.00 2009

$28.58 $31.06 2009

$24.46 $25.20 2009

$29.28 $32.00 2009

$30.45 $32.39 2009

$31.43 $32.42 2009

$31.43 $32.42 2009

$26.45 $27.50 2009

$33.08 $35.07 2009

$28.64 $32.16 2009

$29.42 $32.96 2009

$26.77 $29.25 2009

$28.54 $28.99 2009

$28.54 $28.99 2009

$28.21 $27.29 2009

$32.82 $32.12 2009

$29.42 $29.50 2009

$28.65 $28.52 2009

$27.46 $29.58 2009

$27.24 $27.61 2009

$27.24 $27.61 2009

$19.61 $18.50 2009

$23.96 $23.93 2009
$24.70 $24.29 2009

$27.49 $27.34 2009

$31.92 $33.42 2009

$38.05 $37.58 2009

$38.05 $37.58 2009

$30.94 $28.00 2009

$35.55 $35.33 2009

$34.61 $34.40 2009

$34.18 $32.95 2009

$33.61 $32.47 2009

$34.74 $33.02 2009

$34.74 $33.02 2009

$32.08 $26.07 2009

$36.90 $34.69 2009

$37.43 $35.31 2009

$39.76 $35.24 2009

$41.19 $37.21 2009

$41.86 $38.66 2009

$41.86 $38.66 2009

$38.74 $33.24 2009

$44.41 $40.90 2009

$39.47 $36.74 2009

$37.68 $34.56 2009

$39.36 $35.80 2009

$35.63 $34.40 2009

$35.63 $34.40 2009

$32.40 $31.75 2009

$36.61 $36.96 2009

$37.81 $32.14 2009

$37.65 $33.00 2009

$37.82 $32.50 2009

$32.33 $26.20 2009

$32.33 $26.20 2009

$28.53 $26.08 2009

$32.86 $31.89 2009

$33.82 $33.96 2009

$31.10 $31.14 2009

$31.10 $31.14 2009

$26.19 $26.42 2009

$26.19 $26.42 2009

$22.10 $22.27 2009

$24.59 $26.69 2009

$24.35 $23.92 2009

$30.72 $29.94 2009

$32.12 $32.15 2009

$31.09 $31.69 2009

$31.09 $31.69 2009

$29.77 $27.00 2009

$30.94 $30.96 2009

$31.44 $29.45 2009

$31.44 $29.45 2009
$24.92 $21.50 2009

$27.64 $25.07 2009

$27.64 $25.07 2009

$25.87 $21.75 2009

$28.60 $25.82 2009

$38.91 $39.58 2009

$38.88 $40.08 2009

$40.14 $41.33 2009

$39.50 $43.00 2009

$39.50 $43.00 2009

$36.48 $37.63 2009

$40.61 $44.54 2009

$43.52 $47.58 2009

$54.81 $60.45 2009

$50.05 $52.64 2009

$45.66 $49.35 2009

$45.66 $49.35 2009

$38.23 $38.78 2009

$44.42 $46.93 2009

$43.92 $44.92 2009

$43.03 $43.08 2009

$42.13 $42.67 2009

$42.00 $43.17 2009

$42.00 $43.17 2009

$38.71 $41.75 2009

$45.59 $48.08 2009

$43.07 $45.67 2009

$43.07 $45.67 2009

$43.89 $42.17 2009

$40.33 $38.50 2009

$43.89 $42.17 2009

$39.11 $39.75 2009

$45.06 $45.42 2009

$46.66 $46.50 2009

$46.95 $46.50 2009

$46.95 $46.50 2009

$35.37 $34.25 2010

$41.14 $39.58 2010

$33.60 $34.75 2010

$42.67 $42.75 2010

$45.36 $46.17 2010

$44.51 $45.75 2010

$43.42 $43.75 2010

$48.47 $51.42 2010

$48.47 $51.42 2010

$38.05 $38.25 2010

$44.13 $44.08 2010

$42.44 $42.25 2010

$44.61 $43.97 2010

$44.61 $43.97 2010

$42.83 $40.81 2010
$42.83 $40.81 2010

$39.83 $38.25 2010

$44.94 $43.42 2010

$44.78 $43.50 2010

$44.67 $43.58 2010

$44.54 $46.00 2010

$42.67 $42.67 2010

$42.67 $42.67 2010

$39.17 $37.50 2010

$45.24 $44.67 2010

$44.34 $43.33 2010

$41.89 $43.08 2010

$41.89 $43.08 2010

$39.55 $39.42 2010

$39.55 $39.42 2010

$37.22 $36.25 2010

$39.60 $39.67 2010

$41.30 $42.17 2010

$43.39 $46.17 2010

$44.59 $46.67 2010

$44.61 $43.67 2010

$44.61 $43.67 2010

$40.11 $38.25 2010

$48.02 $47.08 2010

$46.21 $46.92 2010

$46.05 $46.83 2010

$46.05 $46.83 2010

$46.52 $45.83 2010

$46.52 $45.83 2010

$42.75 $41.75 2010

$46.80 $45.58 2010

$42.73 $43.00 2010

$42.76 $42.50 2010

$41.67 $42.08 2010

$39.12 $38.50 2010

$39.12 $38.50 2010

$35.64 $35.00 2010

$39.75 $39.67 2010

$38.76 $39.67 2010

$39.38 $40.42 2010

$39.38 $40.42 2010

$39.71 $39.83 2010

$39.71 $39.83 2010

$37.50 $38.00 2010

$39.12 $41.83 2010

$39.32 $42.50 2010

$39.88 $42.25 2010

$40.05 $42.00 2010

$38.92 $40.58 2010

$38.92 $40.58 2010

$34.99 $34.75 2010
$39.24 $40.25 2010

$40.64 $43.92 2010

$39.97 $43.17 2010

$39.57 $42.67 2010

$39.71 $40.42 2010

$39.71 $40.42 2010

$38.00 $38.50 2010

$42.07 $42.83 2010

$38.39 $40.75 2010

$41.23 $41.08 2010

$40.28 $39.83 2010

$35.11 $36.08 2010

$35.11 $36.08 2010

$30.21 $30.75 2010

$35.61 $36.58 2010

$34.73 $35.75 2010

$35.64 $37.42 2010

$33.84 $35.17 2010

$33.61 $33.75 2010

$33.61 $33.75 2010

$30.59 $32.50 2010

$35.98 $37.17 2010

$34.26 $35.17 2010

$33.98 $35.58 2010

$31.98 $27.60 2010

$31.98 $27.60 2010

$31.98 $27.60 2010

$27.23 $27.00 2010

$32.66 $32.83 2010

$31.43 $30.72 2010

$33.78 $35.08 2010

$35.32 $35.67 2010

$34.84 $36.50 2010

$34.84 $36.50 2010

$30.80 $32.00 2010

$35.37 $37.00 2010

$33.68 $34.00 2010

$33.65 $35.08 2010

$35.83 $37.33 2010

$33.07 $33.42 2010

$33.07 $33.42 2010

$27.76 $28.50 2010

$32.96 $34.50 2010

$31.81 $34.83 2010

$31.53 $34.00 2010

$30.84 $33.00 2010

$30.64 $31.75 2010

$30.64 $31.75 2010

$29.00 $29.00 2010

$32.92 $33.67 2010

$33.20 $34.58 2010
$32.34 $34.50 2010

$32.34 $34.50 2010

$30.45 $30.08 2010

$29.19 $28.92 2010

$26.42 $26.40 2010

$32.14 $30.63 2010

$30.64 $28.75 2010

$32.26 $32.50 2010

$31.65 $30.08 2010

$30.76 $29.25 2010

$30.76 $29.25 2010

$27.65 $27.00 2010

$32.09 $29.33 2010

$31.25 $30.75 2010

$31.19 $30.83 2010

$30.99 $29.75 2010

$31.44 $31.08 2010

$31.44 $31.08 2010

$29.11 $29.50 2010

$34.72 $34.83 2010

$32.77 $32.25 2010

$33.54 $30.42 2010

$31.57 $29.17 2010

$29.74 $26.75 2010

$29.74 $26.75 2010

$24.19 $20.50 2010

$30.72 $28.00 2010

$29.41 $26.42 2010

$30.79 $26.00 2010

$30.79 $26.00 2010

$28.88 $25.42 2010

$28.88 $25.42 2010

$29.95 $27.50 2010

$29.95 $27.50 2010

$31.62 $31.18 2010

$29.19 $26.25 2010

$28.19 $26.71 2010

$27.76 $26.25 2010

$27.76 $26.25 2010

$29.72 $26.00 2010

$39.21 $37.17 2010

$31.03 $30.83 2010

$29.68 $30.00 2010

$27.77 $26.83 2010

$23.85 $23.83 2010

$23.85 $23.83 2010

$18.86 $18.25 2010

$30.07 $29.92 2010

$30.11 $30.25 2010

$29.73 $28.08 2010

$29.27 $28.50 2010
$27.31 $26.42 2010

$27.31 $26.42 2010

$21.04 $17.00 2010

$31.67 $30.67 2010

$30.43 $32.25 2010

$31.91 $35.67 2010

$32.72 $34.00 2010

$31.11 $30.50 2010

$31.11 $30.50 2010

$32.52 $29.50 2010

$39.47 $42.50 2010

$35.89 $38.08 2010

$34.06 $36.00 2010

$34.12 $37.42 2010

$33.86 $34.04 2010

$33.86 $34.04 2010

$32.25 $20.75 2010

$32.25 $20.75 2010

$38.52 $36.92 2010

$33.30 $33.83 2010

$35.95 $36.06 2010


E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

SRP Only Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

Year No. Starting 2012 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Year No. Starting 2017 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Year No. Starting 2023 1 2 3 4 5 6 7 8 9

1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031

Units

NPV

From 2012

a Generation Statistics

b Gross Capacity MW 523 523 523 523 523 523 523 523 523 523 523 523 523 523 523 523 523 523 523 523 523

c Operating Capacity MW 488 488 488 488 488 488 488 488 488 488 488 488 488 488 488 488 488 488 488 488 488

d Efficiency Vs. Base Case Efficiency % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

e Net Generation MWh 91,963,379 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535 3,678,535

f Capacity Factor % 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

Base Case

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service $000 244,849 $ 235,432 $ 226,015 $ 216,597 $ 207,180 $ 197,763 $ 188,346 $ 178,928 $ 169,511 $ 160,094 $ 150,676 $ 141,259 $ 131,842 $ 122,425 $ 113,007 $ 103,590 $ 94,173 $ 84,755 $ 75,338 $ 65,921 $ 56,504

4 Annual Depreciation Expense $000 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,417 $ 9,418 $ 9,417 $ 9,417 $ 9,417

5 Accumulated Depreciation $000 144,803 154,221 163,638 173,055 182,472 191,890 201,307 210,724 220,141 229,559 238,976 248,393 257,811 267,228 276,645 286,062 295,479 304,897 314,314 323,732 333,149

6

7 Return on Capital

8 Capital Recovery $000 17,139 16,480 15,821 15,162 14,503 13,843 13,184 12,525 11,866 11,207 10,547 9,888 9,229 8,570 7,911 7,251 6,592 5,933 5,274 4,614 3,955

9 $ per MWh 4.66 4.48 4.30 4.12 3.94 3.76 3.58 3.40 3.23 3.05 2.87 2.69 2.51 2.33 2.15 1.97 1.79 1.61 1.43 1.25 1.08

10

11 Total CAPEX (Depreciation + Return on Capital) $000 26,557 25,898 25,238 24,579 23,920 23,261 22,601 21,942 21,283 20,624 19,965 19,305 18,646 17,987 17,328 16,669 16,009 15,351 14,691 14,032 13,373

12 $ per MWh 7.22 7.04 6.86 6.68 6.50 6.32 6.14 5.96 5.79 5.61 5.43 5.25 5.07 4.89 4.71 4.53 4.35 4.17 3.99 3.81 3.64

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year) % (0.03) -2.1% 0.0% 0.0% 1.1% 1.0% 1.0% 0.0% -0.5% 1.0% 1.0% 1.5% 0.5% 0.5% 0.0% 0.0% 0.5% 1.5% 1.4% 0.5% 0.5%

16 Fuel Expense $000 71,799 70,311 70,311 70,311 71,055 71,799 72,543 72,543 72,171 72,915 73,659 74,775 75,147 75,519 75,519 75,519 75,891 77,007 78,123 78,495 78,867

17 $ per MWh 19.52 19.11 19.11 19.11 19.32 19.52 19.72 19.72 19.62 19.82 20.02 20.33 20.43 20.53 20.53 20.53 20.63 20.93 21.24 21.34 21.44

18 744 72,915

19 Non-Fuel Operating & Maintenance Expenses 4,353 76,523

20 Operating Expenses

21 Op. Supervision & Engineering $000 2,361 2,432 2,505 2,580 2,657 2,737 2,819 2,904 2,991 3,081 3,173 3,268 3,366 3,467 3,571 3,678 3,789 3,902 4,020 4,140 4,264

22 Total Steam/Hydraulic Expense $000 3,176 3,272 3,370 3,471 3,575 3,682 3,793 3,907 4,024 4,144 4,269 4,397 4,529 4,665 4,805 4,949 5,097 5,250 5,408 5,570 5,737

23 Electric Expenses $000 817 841 867 893 919 947 975 1,005 1,035 1,066 1,098 1,131 1,165 1,200 1,236 1,273 1,311 1,350 1,391 1,432 1,475

24 Misc. Power Expenses $000 3,386 3,488 3,593 3,700 3,811 3,926 4,044 4,165 4,290 4,419 4,551 4,688 4,828 4,973 5,122 5,276 5,434 5,597 5,765 5,938 6,116

25 Rents $000 99 102 105 109 112 115 119 122 126 130 134 138 142 146 150 155 160 164 169 174 180

26 Allowances $000 - - - - - - - - - - - - - - - - - - - - -

27 Total Non-Fuel Operating Expenses $000 9,840 10,135 10,439 10,753 11,075 11,407 11,750 12,102 12,465 12,839 13,224 13,621 14,030 14,451 14,884 15,331 15,791 16,264 16,752 17,255 17,772

28 2.68 2.76 2.84 2.92 3.01 3.10 3.19 3.29 3.39 3.49 3.59 3.70 3.81 3.93 4.05 4.17 4.29 4.42 4.55 4.69 4.83

29 Maintenance Expenses 

30 Supervision & Engineering $000 1,607 1,655 1,705 1,756 1,809 1,863 1,919 1,976 2,036 2,097 2,159 2,224 2,291 2,360 2,431 2,503 2,579 2,656 2,736 2,818 2,902

31 Structures $000 516 531 547 563 580 598 616 634 653 673 693 714 735 757 780 803 827 852 878 904 931

32 Boiler/Reactor/Reservoirs & Dams $000 10,183 10,488 10,803 11,127 11,461 11,804 12,159 12,523 12,899 13,286 13,685 14,095 14,518 14,954 15,402 15,864 16,340 16,830 17,335 17,855 18,391

33 Electric Plant $000 4,132 4,256 4,384 4,516 4,651 4,791 4,934 5,082 5,235 5,392 5,554 5,720 5,892 6,069 6,251 6,438 6,631 6,830 7,035 7,246 7,464

34 Misc. Plant $000 1,320 1,359 1,400 1,442 1,486 1,530 1,576 1,623 1,672 1,722 1,774 1,827 1,882 1,938 1,996 2,056 2,118 2,182 2,247 2,314 2,384

35 Total Maintenance Expenses $000 17,757 18,290 18,839 19,404 19,986 20,586 21,203 21,839 22,495 23,169 23,864 24,580 25,318 26,077 26,860 27,665 28,495 29,350 30,231 31,138 32,072

36 $ per MWh 4.83 4.97 5.12 5.27 5.43 5.60 5.76 5.94 6.12 6.30 6.49 6.68 6.88 7.09 7.30 7.52 7.75 7.98 8.22 8.46 8.72

37 Production Costs

38 CO2 cost If Included $ - 99,396 98,736 99,589 100,467 102,116 103,792 105,496 106,484 107,130 108,923 110,747 112,976 114,494 116,047 117,262 118,515 120,177 122,621 125,106 126,887 128,711

39 Total Production $ per MWh 27.02 26.84 27.07 27.31 27.76 28.22 28.68 28.95 29.12 29.61 30.11 30.71 31.12 31.55 31.88 32.22 32.67 33.33 34.01 34.49 34.99

40

Base Case Total Cost of Electricity

Cost of Electricity $000 125952.8268 124,633 124,827 125,046 126,036 127,052 128,097 128,426 128,413 144,547 145,712 147,282 148,140 149,034 149,590 150,183 151,186 152,972 154,797 155,919 157,084

Cost of Electricity $ per MWh 34.24 33.88 33.93 33.99 34.26 34.54 34.82 34.91 34.91 39.29 39.61 40.04 40.27 40.51 40.67 40.83 41.10 41.58 42.08 42.39 42.70

BASE

SNCR

Hybrid

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + SNCR on #2, SCR on #1 & #3

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

$Million

09000064811c2027

SRP Share Only
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

SRP Only Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

a Generation Statistics

b Gross Capacity

c Operating Capacity

d Efficiency Vs. Base Case Efficiency

e Net Generation

f Capacity Factor

Base Case

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service

4 Annual Depreciation Expense

5 Accumulated Depreciation

6

7 Return on Capital

8 Capital Recovery

9

10

11 Total CAPEX (Depreciation + Return on Capital)

12

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year)

16 Fuel Expense

17

18

19 Non-Fuel Operating & Maintenance Expenses

20 Operating Expenses

21 Op. Supervision & Engineering

22 Total Steam/Hydraulic Expense

23 Electric Expenses

24 Misc. Power Expenses

25 Rents

26 Allowances

27 Total Non-Fuel Operating Expenses

28

29 Maintenance Expenses 

30 Supervision & Engineering

31 Structures

32 Boiler/Reactor/Reservoirs & Dams

33 Electric Plant

34 Misc. Plant

35 Total Maintenance Expenses

36

37 Production Costs

38 CO2 cost If Included

39 Total Production

40

Base Case Total Cost of Electricity

Cost of Electricity

Cost of Electricity

BASE

SNCR

Hybrid

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + SNCR on #2, SCR on #1 & #3

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

2032 2033 2034 2035

21 22 23 24

16 17 18 19

10 11 12 13

1/1/2032 1/1/2033 1/1/2034 1/1/2035

 523 523 523 523

 488 488 488 488

100% 100% 100% 100%

 3,678,535 3,678,535 3,678,535 3,678,535

86% 86% 86% 86%

$ 47,086 $ 37,669 $ 28,252 $ 18,835

$ 9,417 $ 9,417 $ 9,417 $ 9,417

 342,566 351,983 361,401 370,818

 3,296 2,637 1,978 1,318

 0.90 0.72 0.54 0.36

 12,713 12,054 11,395 10,736

 3.46 3.28 3.10 2.92

0.0% 0.0% 0.0% 0.5%

 78,867 78,867 78,867 79,239

 21.44 21.44 21.44 21.54

 4,392 4,524 4,660 4,800

 5,909 6,086 6,269 6,457

 1,520 1,565 1,612 1,660

 6,300 6,489 6,683 6,884

 185 190 196 202

 - - - -

 18,306 18,855 19,420 20,003

 4.98 5.13 5.28 5.44

 2,989 3,079 3,171 3,266

 959 988 1,018 1,048

 18,943 19,511 20,096 20,699

 7,688 7,918 8,156 8,400

 2,455 2,529 2,605 2,683

 33,034 34,025 35,046 36,097

 8.98 9.25 9.53 9.81

 130,206 131,747 133,333 135,339

35.40 35.81 36.25 36.79

 157,920 158,801 159,728 161,075

 42.93 43.17 43.42 43.79

09000064811c2027

SRP Share Only
Salt	River	Project	Electricity	Rates:		Impact	of	Emissions	Control	Scenarios

Assumptions	(Sources:	2011	EIA	923,	FERC	F-1,	&	Audited	Financial	Statements)

2011	SRP	Retail	Revenues

2011	SRP	Retail	Sales	Volumes

NGS	2011	Net	Generation

SRP	Share	of	NGS	Net	Generation

SRP	Share	of	NGS	2011	Net	Generation

2011	Average	Retail	Rate

Escalation	Factors (User	defined)

Revenue	Escalation 1.5%

Sales	Escalation 1.5%

SCR	-	2016/2017/2018	Installation

Cost	Impacts 2014

NGS	Incremental		Production	Cost	($/kWh) $																										 -

Utility	Share	of	Incremental	$ $																										 -

Rate	Impacts	

Estimated	Retail	Revenues $					2,527,303,202

Utility's	Share	of	Emissions	Measure	Incremental	Cost $																										 -

Estimated	Total	Utility	Retail	Revenues $					2,527,303,202

Estimated	Retail	Sales	(kWh) 					27,289,884,182

Estimated	Retail	Rate	w/Emissions	Measure	($/kWh) $																	0.09261

Est.	Retail	Rate	Without	Emissions	Measure	($/kWh) $																	0.09261

Incremental	Rate	Impact	of	Emissions	Measure	($/kWh) $																										 -

%	Increase	In	Retail	Rates	due	to	Emissions	Measure 0.000%

SNCR	-	2016/2017/2018	Installation

Cost	Impacts 2014

NGS	Incremental		Production	Cost	($/kWh) $																										 -

Utility	Share	of	Incremental	$ $																										 -

Rate	Impacts	

Estimated	Retail	Revenues $					2,527,303,202

Utility's	Share	of	Emissions	Measure	Incremental	Cost $																										 -

Estimated	Total	Utility	Retail	Revenues $					2,527,303,202

Estimated	Retail	Sales	(kWh) 					27,289,884,182

Estimated	Retail	Rate	w/Emissions	Measure	($/kWh) $																	0.09261

Est.	Retail	Rate	Without	Emissions	Measure	($/kWh) $																	0.09261

Incremental	Rate	Impact	of	Emissions	Measure	($/kWh) $																										 -

%	Increase	In	Retail	Rates	due	to	Emissions	Measure 0.000%

SCR	+	Baghouse	-	(SCR	2016/2017/2018	Installation)

Cost	Impacts 2014
NGS	Incremental		Production	Cost	($/kWh) $																										 -

Utility	Share	of	Incremental	$ $																										 -

Rate	Impacts	

Estimated	Retail	Revenues $					2,527,303,202

Utility's	Share	of	Emissions	Measure	Incremental	Cost $																										 -

Estimated	Total	Utility	Retail	Revenues $					2,527,303,202

Estimated	Retail	Sales	(kWh) 					27,289,884,182

Estimated	Retail	Rate	w/Emissions	Measure	($/kWh) $																	0.09261

Est.	Retail	Rate	Without	Emissions	Measure	($/kWh) $																	0.09261

Incremental	Rate	Impact	of	Emissions	Measure	($/kWh) $																										 -

%	Increase	In	Retail	Rates	due	to	Emissions	Measure 0.000%

Comments

Analysis	estimates	the	impact	of	SCR	at	NGS	on	the	average	utility	retail	rate	by	applying	modeled	incremental	cost	t

The	incremental	NGS	cost	for	each	year	coming	from	the	Economic	Analysis	is	in	nominal	dollars		

Assumes	that	between	2011	and	2014	rates	are	constant	-	thereafter	revenues	and	sales	grow	equally,	thereby	not	i

Assumes	that	100%	of	NGS	incremental	cost	is	passed	on	to	utility's	customers	in	utility's	retail	rates

0%	escalation	in	either	or	both	retail	revenues	or	sales	would	be	very	unexpected.		1.5%	growth	in	both	categories	e

Underlying	Economic	Analysis	of	NGS	incremental	cost	does	not	include:

				Impacts	to	utility	retail	rates	as	a	result	of	change	in	ownership	at	NGS

				Any	life	extending	capital	investment	in	NGS

				Any	carbon-related	cost	or	other	emissions/environmental	costs
$					2,416,903,000

					26,097,780,000 kWh

					16,951,775,000 kWh

21.7%

							3,678,535,175 kWh

$																	0.09261 kWh

Escalates	Retail	Revenues	each	year	below	from	2011	reported	revenues

Escalates	Retail	Sales	(kWh)	each	year	below	from	2011	reported	volumes

2015 2016 2017 2018 2019

$																										 - $																	0.00177 $																	0.00314 $																	0.00480 $																			0.00471

$																										 - $													 6,520,804 $											11,556,747 $											17,666,823 $													17,307,860

$					2,565,212,750 $					2,603,690,941 $					2,642,746,305 $					2,682,387,500 $							2,722,623,312

$																										 - $													 6,520,804 $											11,556,747 $											17,666,823 $													17,307,860

$					2,565,212,750 $					2,610,211,745 $					2,654,303,052 $					2,700,054,323 $							2,739,931,172

					27,699,232,444 					28,114,720,931 					28,536,441,745 					28,964,488,371 							29,398,955,697

$																	0.09261 $																	0.09284 $																	0.09301 $																	0.09322 $																			0.09320

$																	0.09261 $																	0.09261 $																	0.09261 $																	0.09261 $																			0.09261

$																										 - $																	0.00023 $																	0.00040 $																	0.00061 $																			0.00059

0.000% 0.250% 0.437% 0.659% 0.636%

2015 2016 2017 2018 2019

$																										 - $																	0.00053 $																	0.00109 $																	0.00167 $																			0.00169

$																										 - $													 1,963,444 $													 4,009,668 $													 6,138,680 $															 6,227,846

$					2,565,212,750 $					2,603,690,941 $					2,642,746,305 $					2,682,387,500 $							2,722,623,312

$																										 - $													 1,963,444 $													 4,009,668 $													 6,138,680 $															 6,227,846

$					2,565,212,750 $					2,605,654,385 $					2,646,755,973 $					2,688,526,180 $							2,728,851,158

					27,699,232,444 					28,114,720,931 					28,536,441,745 					28,964,488,371 							29,398,955,697

$																	0.09261 $																	0.09268 $																	0.09275 $																	0.09282 $																			0.09282

$																	0.09261 $																	0.09261 $																	0.09261 $																	0.09261 $																			0.09261

$																										 - $																	0.00007 $																	0.00014 $																	0.00021 $																			0.00021

0.000% 0.075% 0.152% 0.229% 0.229%

2015 2016 2017 2018 2019
$																	0.00189 $																	0.00569 $																	0.00859 $																	0.01012 $																			0.00989

$													 6,944,901 $											20,930,219 $											31,586,624 $											37,226,078 $													36,396,492

$					2,565,212,750 $					2,603,690,941 $					2,642,746,305 $					2,682,387,500 $							2,722,623,312

$													 6,944,901 $											20,930,219 $											31,586,624 $											37,226,078 $													36,396,492

$					2,572,157,650 $					2,624,621,159 $					2,674,332,929 $					2,719,613,578 $							2,759,019,804

					27,699,232,444 					28,114,720,931 					28,536,441,745 					28,964,488,371 							29,398,955,697

$																	0.09286 $																	0.09335 $																	0.09372 $																	0.09389 $																			0.09385

$																	0.09261 $																	0.09261 $																	0.09261 $																	0.09261 $																			0.09261

$																	0.00025 $																	0.00074 $																	0.00111 $																	0.00129 $																			0.00124

0.271% 0.804% 1.195% 1.388% 1.337%

plying	modeled	incremental	cost	to	historical	&	estimated	retail	revenues

ominal	dollars		

	sales	grow	equally,	thereby	not	impacting	average	rates

utility's	retail	rates

	1.5%	growth	in	both	categories	each	year	is	conservative	&	within	range	of	historical	results
2020

$																			0.00461

$													16,948,896

$							2,763,462,662

$													16,948,896 SCR	-	2016/2017/2018	Installation

$							2,780,411,558

							29,839,940,032

$																			0.09318 2014 $																				- $										 0.09261

$																			0.09261 2015 $																				- $										 0.09261

$																			0.00057 2016 $										 0.00177 $										 0.09284

0.613% 2017 $										 0.00314 $										 0.09301

2018 $										 0.00480 $										 0.09322

2020

$																			0.00172

$															 6,317,011

$							2,763,462,662

$															 6,317,011

$							2,769,779,673

							29,839,940,032

$																			0.09282

$																			0.09261

$																			0.00021

0.229%

2020

Incremental	

Wholesale	Cost	

by	Year	due	to	

Controls

Estimated	

Avgerage	Retail	

Rate

($/kWh)
$																			0.00967

$													35,566,907

$							2,763,462,662

$													35,566,907

$							2,799,029,568

							29,839,940,032

$																			0.09380

$																			0.09261

$																			0.00119

1.287%
018	Installation

0.0%

0.0%

0.3%

0.4%

0.7%

Increase	over	

Estimated	Avg	

Rate

(%)
MWh	per Full	Plant 												4,119,281

Per	Plant	Unit 												1,373,094

CAPEX	Unit	Cost	($/MWh)	Worksheets	

Intall	Years Unit	No. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

1 $					1.08 $					1.05 $					1.02 $					0.99 $					0.96 $			0.93 $										0.90 $									0.87 $			0.84 $			0.81 $			0.78 $			0.75 $			0.72 $			0.69 $										0.65 $			0.62 $			0.59 $			0.56 $			0.53 $			0.50

2 $						1.44 $					1.40 $					1.36 $					1.32 $					1.28 $					1.24 $			1.20 $										1.16 $									1.12 $			1.08 $			1.03 $			0.99 $			0.95 $			0.91 $			0.87 $										0.83 $			0.79 $			0.75 $			0.71 $			0.67 $			0.63

3 $					1.38 $					1.34 $					1.30 $					1.27 $			1.23 $										1.19 $									1.15 $			1.11 $			1.07 $			1.03 $			0.99 $			0.95 $			0.91 $										0.87 $			0.83 $			0.80 $			0.76 $			0.72 $			0.68

1 $					0.10 $					0.10 $					0.10 $					0.09 $					0.09 $			0.09 $										0.09 $									0.08 $			0.08 $			0.08 $			0.07 $			0.07 $			0.07 $			0.07 $										0.06 $			0.06 $			0.06 $			0.05 $			0.05 $			0.05

2 $						0.10 $					0.10 $					0.09 $					0.09 $					0.09 $					0.09 $			0.08 $										0.08 $									0.08 $			0.07 $			0.07 $			0.07 $			0.07 $			0.06 $			0.06 $										0.06 $			0.05 $			0.05 $			0.05 $			0.05 $			0.04

3 $					0.11 $					0.10 $					0.10 $					0.10 $			0.09 $										0.09 $									0.09 $			0.09 $			0.08 $			0.08 $			0.08 $			0.07 $			0.07 $										0.07 $			0.06 $			0.06 $			0.06 $			0.06 $			0.05

Per	Unit	OPEX $																		- $																		- $																		- $														4,460 $			4,579 $			4,699 $			4,818 $			4,938 $			5,057 $			5,177 $5,296 $							5,416 $						5,535 $5,654 $5,774 $5,893 $6,013 $6,132 $6,252 $								6,371 $6,491 $6,610 $6,730 $6,849 $6,969

Per	MWh/Unit	OPEX $																		- $																		- $																		- $																0.26 $						0.27 $					0.28 $					0.28 $					0.29 $					0.30 $					0.31 $			0.31 $										0.32 $									0.33 $			0.33 $			0.34 $			0.35 $			0.35 $			0.36 $			0.37 $										0.38 $			0.38 $			0.39 $			0.40 $			0.40 $			0.41

Per	Unit	OPEX $																		- $																		- $																		- $														7,093 $			7,283 $			7,473 $			7,663 $			7,853 $			8,043 $			8,233 $8,423 $							8,613 $						8,803 $8,993 $9,183 $9,373 $9,563 $9,753 $9,943 $					10,133 ##### ##### ##### ##### #####

Per	MWh/Unit	OPEX $																		- $																		- $																		- $																0.42 $						0.43 $					0.44 $					0.45 $					0.46 $					0.47 $					0.49 $			0.50 $										0.51 $									0.52 $			0.53 $			0.54 $			0.55 $			0.56 $			0.58 $			0.59 $										0.60 $			0.61 $			0.62 $			0.63 $			0.64 $			0.65

SCR Per	MWH $																		- $																		- $																		- $																		- $						1.71 $					3.04 $					4.65 $					4.56 $					4.47 $					4.38 $			4.29 $										4.20 $									4.11 $			4.02 $			3.93 $			3.84 $			3.75 $			3.66 $			3.58 $										3.49 $			3.40 $			3.31 $			3.22 $			3.13 $			3.04

SNCR per	MWH $																		- $																		- $																		- $																		- $						0.53 $					1.08 $					1.66 $					1.68 $					1.71 $					1.73 $			1.76 $										1.78 $									1.81 $			1.83 $			1.86 $			1.88 $			1.91 $			1.93 $			1.96 $										1.98 $			2.00 $			2.03 $			2.05 $			2.08 $			2.10

CAPEX,	Depreciation,	&	OPEX	Cost	Estimation	Worksheets	

SCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	

Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $				38,741,851 20 $														- $		1,937,093 $										1,937 6.53%

2 2016 4 $				51,577,741 20 $														- $		2,578,887 $										2,579 6.53%

3 2018 6 $				49,411,606 20 $														- $		2,470,580 $										2,471 6.53%

SNCR

Unit	

No. Year	Installed

Years	from	Cost	

Est.	Year

Installed	Year	

Cost	Dollars

Amort.	

Period

(Yrs) Salvage

Annual	

Depreciation

Annual	

Depreciation	

($000)

Capital	

Recovery

1 2017 5 $							3,680,927 20 $														- $					184,046 $													184 6.53%

2 2016 4 $							3,573,715 20 $														- $					178,686 $													179 6.53%

3 2018 6 $							3,791,355 20 $														- $					189,568 $													190 6.53%

Total	Incremental	

Cost

CAPEX	+	OPEX

BOR	ONLY	Share

SCR

SNCR

Incremental

$	Per	MWh	Per	

Plant	Unit	Due	to	

Incremental	

CAPEX

SCR

SNCR

09000064811c2027

BOR ONLY Increm Costs
Annual	MWh 						4,119,281 						4,119,281 						4,119,281

2012 2013 2014

Business	As	Usual	("BAU")	$	per	MWh $												 30.96 $												 31.13 $												 31.31

Market	Cost	Cases	$	per	MWh

Low	Market $																	- $																	- $																	-

Mid	Market $																	- $																	- $																	-

High	Market $																	- $																	- $																	-

SCR Incremental	Cost $	per	MWh $																	- $																	- $																	-

SNCR Incremental	Cost $	per	MWh $																	- $																	- $																	-

25	YR	NPV	@ Plant	Shutdown	-	Go	to	Market

7% Intall	Yrs.

Low	Market $												 30.96 $												 31.13 $												 31.31

Mid	Market $												 30.96 $												 31.13 $												 31.31

High	Market $												 30.96 $												 31.13 $												 31.31

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000)

$								1,977 3 $								 1,977,004 $							 127,544 $							 128,241 $							 128,968

$								2,045 2 $								 2,044,627 $							 127,544 $							 128,241 $							 128,968

$								2,066 1 $								 2,066,296 $							 127,544 $							 128,241 $							 128,968

25	YR	NPV	@ SCR	Installation

7% Intall	Yrs.

Intall	Yrs. ($000) ($000) ($000)

16/17/18 $												 30.96 $												 31.13 $												 31.31

SNCR $												 30.96 $												 31.13 $												 31.31

2012 2013 2014

$M Cost	Rank NPV	$	Cost Intall	Yrs. ($000) ($000) ($000)

$								1,962 1 $								 1,962,113 16/17/18 $							 127,544 $							 128,241 $							 128,968

$								1,886 $								 1,886,221 SNCR $							 127,544 $							 128,241 $							 128,968

SCR	Installation	Premium	(SCR	Cost	-	Market	Cost)

1 $														(14,891) Low	Market

2 $														(82,514) Mid

3 $												(104,183) High

$M Case NPV	$	Cost

$								1,826 BAU $								 1,825,826 $											127,544 $											128,241 $											128,968

Incremental	NPV	Above	BAU SCR Low	Mkt Mid	Mkt

BART 16/17/18 $															136 $																		 151 $																		 219

SNCR 16/17/18

Emissions	Control	Retrofit	Cases

BOR	ONLY

16/17/18

BART 16/17/18





















						4,119,281 						4,119,281 						4,119,281 						4,119,281 						4,119,281 						4,119,281

2015 2016 2017 2018 2019 2020

$												 31.69 $												 32.09 $												 32.49 $												 32.69 $												 32.81 $												 36.87

$																	- $												 40.16 $												 40.16 $												 40.16 $												 40.16 $												 40.93

$																	- $												 40.16 $												 40.16 $												 40.16 $												 40.93 $												 41.71

$																	- $												 40.16 $												 40.89 $												 40.89 $												 41.62 $												 42.35

$																	- $															1.71 $															3.04 $															4.65 $															4.56 $															4.47

$																	- $															0.53 $															1.08 $															1.66 $															1.68 $															1.71

$												 31.69 $												 32.09 $												 35.05 $												 37.67 $												 40.16 $												 40.93

$												 31.69 $												 32.09 $												 35.05 $												 37.67 $												 40.93 $												 41.71

$												 31.69 $												 32.09 $												 35.29 $												 38.16 $												 41.62 $												 42.35

($000) ($000) ($000) ($000) ($000) ($000)

$							 130,557 $							 132,176 $							 144,364 $							 155,185 $							 165,440 $							 168,621

$							 130,557 $							 132,176 $							 144,364 $							 155,185 $							 168,621 $							 171,803

$							 130,557 $							 132,176 $							 145,367 $							 157,191 $							 171,456 $							 174,464

($000) ($000) ($000) ($000) ($000) ($000)

$												 31.69 $												 33.80 $												 35.53 $												 37.34 $												 37.37 $												 41.34

$												 31.69 $												 32.62 $												 33.57 $												 34.35 $												 34.49 $												 38.58

2015 2016 2017 2018 2019 2020

($000) ($000) ($000) ($000) ($000) ($000)

$							 130,557 $							 139,233 $							 146,351 $							 153,830 $							 153,928 $							 170,309

$							 130,557 $							 134,358 $							 138,283 $							 141,501 $							 142,070 $							 158,922

$											130,557 $											132,176 $											133,827 $											134,676 $											135,143 $											151,893

High	Mkt SNCR

$																		 240

$																					60





















						4,119,281 						4,119,281 						4,119,281 						4,119,281 						4,119,281 						4,119,281

2021 2022 2023 2024 2025 2026

$												 37.31 $												 37.85 $												 38.20 $												 38.56 $												 38.83 $												 39.11

$												 41.71 $												 41.71 $												 42.51 $												 42.51 $												 44.11 $												 44.92

$												 42.48 $												 43.25 $												 44.80 $												 45.57 $												 46.34 $												 47.11

$												 43.08 $												 43.81 $												 44.80 $												 45.57 $												 47.04 $												 47.77

$															4.38 $															4.29 $															4.20 $															4.11 $															4.02 $															3.93

$															1.73 $															1.76 $															1.78 $															1.81 $															1.83 $															1.86

$												 41.71 $												 41.71 $												 42.51 $												 42.51 $												 44.11 $												 44.92

$												 42.48 $												 43.25 $												 44.80 $												 45.57 $												 46.34 $												 47.11

$												 43.08 $												 43.81 $												 44.80 $												 45.57 $												 47.04 $												 47.77

($000) ($000) ($000) ($000) ($000) ($000)

$							 171,803 $							 171,803 $							 175,107 $							 175,107 $							 181,715 $							 185,019

$							 174,984 $							 178,166 $							 184,529 $							 187,711 $							 190,892 $							 194,074

$							 177,472 $							 180,480 $							 184,529 $							 187,711 $							 193,766 $							 196,793

($000) ($000) ($000) ($000) ($000) ($000)

$												 41.69 $												 42.14 $												 42.40 $												 42.67 $												 42.85 $												 43.04

$												 39.04 $												 39.61 $												 39.98 $												 40.37 $												 40.66 $												 40.96

2021 2022 2023 2024 2025 2026

($000) ($000) ($000) ($000) ($000) ($000)

$							 171,726 $							 173,596 $							 174,670 $							 175,782 $							 176,517 $							 177,294

$							 160,810 $							 163,151 $							 164,697 $							 166,280 $							 167,487 $							 168,734

$											153,679 $											155,917 $											157,360 $											158,841 $											159,945 $											161,090





















						4,119,281 						4,119,281 						4,119,281 						4,119,281 						4,119,281 						4,119,281

2027 2028 2029 2030 2031 2032

$												 39.50 $												 40.10 $												 40.71 $												 41.13 $												 41.57 $												 41.91

$												 44.92 $												 44.92 $												 44.92 $												 45.72 $												 45.72 $												 45.72

$												 47.89 $												 48.66 $												 48.66 $												 49.43 $												 49.43 $												 50.20

$												 48.51 $												 49.24 $												 49.98 $												 49.98 $												 50.71 $												 51.45

$															3.84 $															3.75 $															3.66 $															3.58 $															3.49 $															3.40

$															1.88 $															1.91 $															1.93 $															1.96 $															1.98 $															2.00

$												 44.92 $												 44.92 $												 44.92 $												 45.72 $												 45.72 $												 45.72

$												 47.89 $												 48.66 $												 48.66 $												 49.43 $												 49.43 $												 50.20

$												 48.51 $												 49.24 $												 49.98 $												 49.98 $												 50.71 $												 51.45

($000) ($000) ($000) ($000) ($000) ($000)

$							 185,019 $							 185,019 $							 185,019 $							 188,322 $							 188,322 $							 188,322

$							 197,255 $							 200,437 $							 200,437 $							 203,618 $							 203,618 $							 206,800

$							 199,821 $							 202,849 $							 205,876 $							 205,876 $							 208,904 $							 211,931

($000) ($000) ($000) ($000) ($000) ($000)

$												 43.34 $												 43.85 $												 44.38 $												 44.71 $												 45.05 $												 45.31

$												 41.38 $												 42.00 $												 42.64 $												 43.09 $												 43.55 $												 43.91

2027 2028 2029 2030 2031 2032

($000) ($000) ($000) ($000) ($000) ($000)

$							 178,528 $							 180,641 $							 182,796 $							 184,165 $							 185,581 $							 186,630

$							 170,440 $							 173,024 $							 175,651 $							 177,491 $							 179,378 $							 180,898

$											162,694 $											165,175 $											167,699 $											169,437 $											171,222 $											172,639





















						4,119,281 						4,119,281 						4,119,281 						4,119,281

2033 2034 2035 2036

$												 42.27 $												 42.64 $												 43.12 $												 43.51

$												 46.52 $												 46.52 $												 47.32 $												 47.74

$												 50.20 $												 50.20 $												 50.98 $												 51.62

$												 52.18 $												 52.18 $												 51.45 $												 52.11

$															3.31 $															3.22 $															3.13 $															3.04

$															2.03 $															2.05 $															2.08 $															2.10

$												 46.52 $												 46.52 $												 47.32 $												 47.74

$												 50.20 $												 50.20 $												 50.98 $												 51.62

$												 52.18 $												 52.18 $												 51.45 $												 52.11

($000) ($000) ($000) ($000)

$							 191,626 $							 191,626 $							 194,930 $							 196,648

$							 206,800 $							 206,800 $							 209,981 $							 212,642

$							 214,959 $							 214,959 $							 211,931 $							 214,648

($000) ($000) ($000) ($000)

$												 45.57 $												 45.85 $												 46.25 $												 46.55

$												 44.30 $												 44.69 $												 45.20 $												 45.62

2033 2034 2035 2036

($000) ($000) ($000) ($000)

$							 187,728 $							 188,879 $							 190,499 $							 191,758

$							 182,468 $							 184,090 $							 186,181 $							 187,911

$											174,107 $											175,626 $											177,615 $											179,242























































































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$0.00 $40.50 $0.00 $40.50 0 24 0.00% 100.00%

$75.33 $40.65 $77.94 $35.72 16 8 66.67% 33.33%

$72.67 $39.74 $74.11 $35.92 16 8 66.67% 33.33%

$67.57 $40.01 $70.31 $36.93 16 8 66.67% 33.33%

$88.34 $42.39 $92.68 $42.30 16 8 66.67% 33.33%

$71.04 $38.89 $75.94 $40.00 16 8 66.67% 33.33%

$71.04 $38.89 $75.94 $40.00 16 8 66.67% 33.33%

$112.97 $35.86 $114.99 $37.00 16 8 66.67% 33.33%

$112.29 $34.40 $116.28 $36.00 16 8 66.67% 33.33%

$64.01 $43.74 $71.78 $44.50 16 8 66.67% 33.33%
$0.00 $43.74 $0.00 $44.50

0 24 0.00% 100.00%

$0.00 $44.62 $0.00 $44.750 24 0.00% 100.00%

$66.80 $44.62 $72.10 $44.75 168 66.67% 33.33%

$57.42 $32.87 $63.00 $34.21 168 66.67% 33.33%

$60.29 $33.98 $64.28 $34.30 168 66.67% 33.33%

$55.69 $33.12 $60.60 $33.01 168 66.67% 33.33%

$55.69 $33.12 $60.60 $33.01 168 66.67% 33.33%

$0.00 $42.39 $0.00 $45.890 24 0.00% 100.00%

$57.21 $42.39 $65.25 $45.89 168 66.67% 33.33%

$58.28 $31.23 $64.00 $30.15 168 66.67% 33.33%

$60.35 $33.31 $64.75 $33.96 168 66.67% 33.33%

$61.60 $33.00 $62.08 $33.90 168 66.67% 33.33%

$59.60 $33.12 $60.75 $31.29 168 66.67% 33.33%

$59.60 $33.12 $60.75 $31.29 168 66.67% 33.33%

$0.00 $41.50 $0.00 $37.750 24 0.00% 100.00%

$59.66 $41.50 $62.00 $37.75 168 66.67% 33.33%

$55.34 $31.47 $57.18 $31.00 168 66.67% 33.33%

$48.77 $31.14 $50.50 $30.25 168 66.67% 33.33%

$46.99 $32.23 $49.25 $31.25 168 66.67% 33.33%

$44.82 $31.94 $46.75 $30.75 168 66.67% 33.33%

$44.82 $31.94 $46.75 $30.75 168 66.67% 33.33%

$0.00 $35.00 $0.00 $35.600 24 0.00% 100.00%

$47.99 $35.00 $50.00 $35.60 168 66.67% 33.33%

$49.76 $31.93 $51.00 $28.00 168 66.67% 33.33%

$53.89 $34.93 $55.00 $28.67 168 66.67% 33.33%

$53.89 $34.93 $55.00 $28.67 168 66.67% 33.33%

$51.98 $35.71 $50.75 $28.00 168 66.67% 33.33%

$51.98 $35.71 $50.75 $28.00 168 66.67% 33.33%

$0.00 $41.42 $0.00 $36.750 24 0.00% 100.00%

$55.20 $36.30 $55.00 $29.50 168 66.67% 33.33%

$60.13 $38.60 $59.75 $31.75 168 66.67% 33.33%

$68.77 $41.01 $66.50 $36.50 168 66.67% 33.33%

$76.23 $42.75 $72.00 $36.40 168 66.67% 33.33%

$61.09 $40.71 $58.00 $35.00 168 66.67% 33.33%

$61.09 $40.71 $58.00 $35.00 168 66.67% 33.33%

$0.00 $46.11 $0.00 $43.000 24 0.00% 100.00%

$60.34 $46.11 $57.50 $43.00 168 66.67% 33.33%

$64.09 $38.99 $60.00 $35.25 168 66.67% 33.33%

$61.31 $44.50 $60.75 $38.75 168 66.67% 33.33%

$64.07 $46.73 $60.00 $39.50 168 66.67% 33.33%

$60.70 $45.77 $60.00 $40.00 168 66.67% 33.33%

$60.70 $45.77 $60.00 $40.00 168 66.67% 33.33%

$0.00 $48.35 $0.00 $42.140 24 0.00% 100.00%

$59.06 $48.35 $57.00 $42.14 168 66.67% 33.33%

$57.18 $41.32 $55.00 $26.00 168 66.67% 33.33%

$58.56 $43.29 $55.00 $33.50 168 66.67% 33.33%

$57.28 $41.89 $53.50 $34.35 168 66.67% 33.33%

$57.05 $44.22 $53.00 $36.00 168 66.67% 33.33%

$57.05 $44.22 $53.00 $36.00 168 66.67% 33.33%

$0.00 $48.60 $0.00 $44.460 24 0.00% 100.00%

$60.07 $48.60 $57.15 $44.46 168 66.67% 33.33%
$57.87 $41.91 $54.00 $30.00 16

8 66.67% 33.33%

$57.97 $44.28 $54.30 $34.54 168 66.67% 33.33%

$59.32 $43.42 $55.50 $35.49 168 66.67% 33.33%

$59.93 $50.15 $57.75 $35.00 168 66.67% 33.33%

$59.93 $50.15 $57.75 $35.00 168 66.67% 33.33%

$0.00 $50.25 $0.00 $47.350 24 0.00% 100.00%

$64.07 $50.25 $58.00 $47.35 168 66.67% 33.33%

$62.84 $44.08 $59.40 $37.12 168 66.67% 33.33%

$61.21 $44.78 $61.56 $37.50 168 66.67% 33.33%

$60.56 $46.78 $57.64 $37.08 168 66.67% 33.33%

$58.98 $45.96 $58.00 $38.00 168 66.67% 33.33%

$58.98 $45.96 $58.00 $38.00 168 66.67% 33.33%

$0.00 $44.76 $0.00 $42.000 24 0.00% 100.00%

$52.83 $44.76 $52.75 $42.00 168 66.67% 33.33%

$54.20 $41.44 $54.30 $38.00 168 66.67% 33.33%

$56.36 $41.99 $56.25 $36.50 168 66.67% 33.33%

$56.36 $41.99 $56.25 $36.50 168 66.67% 33.33%

$55.03 $39.32 $53.00 $30.50 168 66.67% 33.33%

$55.03 $39.32 $53.00 $30.50 168 66.67% 33.33%

$0.00 $40.85 $0.00 $38.000 24 0.00% 100.00%

$50.89 $40.85 $52.00 $38.00 168 66.67% 33.33%

$51.36 $35.91 $51.75 $33.50 168 66.67% 33.33%

$52.32 $37.02 $53.00 $32.00 168 66.67% 33.33%

$49.30 $32.44 $50.00 $30.50 168 66.67% 33.33%

$45.51 $30.94 $48.00 $30.50 168 66.67% 33.33%

$45.51 $30.94 $48.00 $30.50 168 66.67% 33.33%

$0.00 $35.66 $0.00 $35.500 24 0.00% 100.00%

$43.26 $35.66 $46.00 $35.50 168 66.67% 33.33%

$45.39 $34.30 $46.25 $33.75 168 66.67% 33.33%

$45.39 $34.30 $46.25 $33.75 168 66.67% 33.33%

$0.00 $37.52 $0.00 $40.000 24 0.00% 100.00%

$41.37 $37.52 $41.00 $40.00 168 66.67% 33.33%

$41.37 $37.52 $41.00 $40.00 168 66.67% 33.33%

$0.00 $41.91 $0.00 $41.750 24 0.00% 100.00%

$45.08 $41.91 $48.50 $41.75 168 66.67% 33.33%

$61.28 $44.68 $62.50 $44.50 168 66.67% 33.33%

$64.28 $50.72 $68.00 $50.00 168 66.67% 33.33%

$64.28 $50.72 $68.00 $50.00 168 66.67% 33.33%

$66.88 $52.31 $67.50 $49.75 168 66.67% 33.33%

$60.82 $47.01 $63.00 $45.75 168 66.67% 33.33%

$0.00 $50.49 $0.00 $48.750 24 0.00% 100.00%

$58.28 $50.49 $59.50 $48.75 168 66.67% 33.33%

$53.52 $42.83 $55.75 $38.50 168 66.67% 33.33%

$57.37 $44.51 $58.75 $43.00 168 66.67% 33.33%

$57.05 $44.36 $57.00 $41.75 168 66.67% 33.33%

$54.30 $42.14 $54.00 $39.50 168 66.67% 33.33%

$54.30 $42.14 $54.00 $39.50 168 66.67% 33.33%

$0.00 $53.91 $0.00 $49.000 24 0.00% 100.00%

$55.07 $53.91 $60.50 $49.00 168 66.67% 33.33%

$57.20 $47.08 $69.00 $48.50 168 66.67% 33.33%

$63.51 $51.59 $70.50 $49.50 168 66.67% 33.33%
$66.66 $53.95 $73.50 $52.25 16

8 66.67% 33.33%

$67.58 $54.53 $73.25 $55.00 168 66.67% 33.33%

$67.58 $54.53 $73.25 $55.00 168 66.67% 33.33%

$0.00 $54.65 $0.00 $55.500 24 0.00% 100.00%

$65.94 $54.65 $67.25 $55.50 168 66.67% 33.33%

$60.02 $45.15 $62.50 $45.50 168 66.67% 33.33%

$60.36 $45.12 $63.50 $45.25 168 66.67% 33.33%

$60.36 $45.12 $63.50 $45.25 168 66.67% 33.33%

$60.13 $47.83 $61.25 $48.50 168 66.67% 33.33%

$60.13 $47.83 $61.25 $48.50 168 66.67% 33.33%

$0.00 $52.75 $0.00 $51.500 24 0.00% 100.00%

$57.87 $52.75 $60.00 $51.50 168 66.67% 33.33%

$0.00 $51.31 $0.00 $49.000 24 0.00% 100.00%

$56.38 $51.31 $56.00 $49.00 168 66.67% 33.33%

$59.67 $50.18 $60.00 $47.50 168 66.67% 33.33%

$58.65 $50.10 $59.00 $48.25 168 66.67% 33.33%

$58.65 $50.10 $59.00 $48.25 168 66.67% 33.33%

$0.00 $55.57 $0.00 $52.000 24 0.00% 100.00%

$62.04 $55.57 $63.75 $52.00 168 66.67% 33.33%

$0.00 $51.01 $0.00 $48.00 168 66.67% 33.33%

$59.80 $51.01 $60.25 $48.00 168 66.67% 33.33%

$64.55 $50.40 $65.00 $45.50 168 66.67% 33.33%

$61.33 $47.24 $59.25 $43.50 168 66.67% 33.33%

$61.33 $47.24 $59.25 $43.50 168 66.67% 33.33%

$0.00 $51.29 $0.00 $48.490 24 0.00% 100.00%

$60.23 $51.29 $60.54 $48.49 168 66.67% 33.33%

$62.23 $51.67 $62.18 $49.75 168 66.67% 33.33%

$62.45 $50.03 $62.74 $49.25 168 66.67% 33.33%

$63.35 $50.19 $63.96 $49.50 168 66.67% 33.33%

$61.96 $48.97 $61.47 $49.25 168 66.67% 33.33%

$61.96 $48.97 $61.47 $49.25 168 66.67% 33.33%

$0.00 $56.54 $0.00 $57.000 24 0.00% 100.00%

$65.82 $56.54 $66.95 $57.00 168 66.67% 33.33%

$68.42 $53.89 $71.75 $54.00 168 66.67% 33.33%

$72.37 $57.86 $80.50 $58.75 168 66.67% 33.33%

$72.37 $57.86 $80.50 $58.75 168 66.67% 33.33%

$70.96 $56.14 $71.00 $57.50 168 66.67% 33.33%

$70.96 $56.14 $71.00 $57.50 168 66.67% 33.33%

$0.00 $61.80 $0.00 $64.500 24 0.00% 100.00%

$70.95 $61.80 $74.00 $64.50 168 66.67% 33.33%

$73.64 $60.67 $79.50 $61.00 168 66.67% 33.33%

$65.06 $57.61 $72.50 $58.00 168 66.67% 33.33%

$65.94 $56.56 $70.50 $57.75 168 66.67% 33.33%

$61.66 $56.70 $65.56 $58.50 168 66.67% 33.33%

$61.66 $56.70 $65.56 $58.50 168 66.67% 33.33%

$0.00 $59.01 $0.00 $59.000 24 0.00% 100.00%

$62.67 $59.01 $68.14 $59.00 168 66.67% 33.33%

$62.82 $52.84 $68.04 $54.75 168 66.67% 33.33%

$65.89 $56.58 $72.63 $58.00 168 66.67% 33.33%

$67.61 $57.98 $75.68 $59.75 168 66.67% 33.33%

$65.64 $58.50 $72.75 $62.50 168 66.67% 33.33%
$65.64 $58.50 $72.75 $62.50 16

8 66.67% 33.33%

$0.00 $59.10 $0.00 $58.500 24 0.00% 100.00%

$69.54 $59.10 $71.50 $58.50 168 66.67% 33.33%

$69.70 $53.87 $74.75 $56.00 168 66.67% 33.33%

$73.90 $57.40 $79.50 $58.00 168 66.67% 33.33%

$73.71 $56.57 $75.50 $57.00 168 66.67% 33.33%

$66.43 $55.48 $66.50 $56.50 168 66.67% 33.33%

$66.43 $55.48 $66.50 $56.50 168 66.67% 33.33%

$0.00 $55.62 $0.00 $53.500 24 0.00% 100.00%

$67.28 $55.62 $69.21 $53.50 168 66.67% 33.33%

$68.65 $53.42 $70.34 $54.00 168 66.67% 33.33%

$68.16 $51.68 $69.25 $51.50 168 66.67% 33.33%

$68.16 $51.68 $69.25 $51.50 168 66.67% 33.33%

$65.35 $50.82 $68.00 $50.00 168 66.67% 33.33%

$65.35 $50.82 $68.00 $50.00 168 66.67% 33.33%

$0.00 $54.72 $0.00 $54.750 24 0.00% 100.00%

$68.42 $54.72 $69.00 $54.75 168 66.67% 33.33%

$68.72 $53.13 $69.50 $52.00 168 66.67% 33.33%

$71.97 $55.90 $73.00 $55.00 168 66.67% 33.33%

$71.68 $56.64 $72.00 $56.25 168 66.67% 33.33%

$68.25 $54.66 $68.50 $55.00 168 66.67% 33.33%

$68.25 $54.66 $68.50 $55.00 168 66.67% 33.33%

$0.00 $60.07 $0.00 $59.750 24 0.00% 100.00%

$70.41 $60.07 $72.00 $59.75 168 66.67% 33.33%

$74.08 $57.42 $76.50 $57.00 168 66.67% 33.33%

$74.50 $56.30 $76.75 $57.75 168 66.67% 33.33%

$74.50 $56.30 $76.75 $57.75 168 66.67% 33.33%

$73.19 $55.60 $76.75 $56.00 168 66.67% 33.33%

$68.29 $56.91 $70.00 $59.25 168 66.67% 33.33%

$0.00 $61.24 $0.00 $64.250 24 0.00% 100.00%

$70.52 $61.24 $74.00 $64.25 168 66.67% 33.33%

$71.75 $58.39 $75.50 $58.75 168 66.67% 33.33%

$73.83 $61.45 $79.69 $63.50 168 66.67% 33.33%

$74.69 $62.95 $79.25 $65.50 168 66.67% 33.33%

$73.82 $64.80 $76.25 $66.75 168 66.67% 33.33%

$73.82 $64.80 $76.25 $66.75 168 66.67% 33.33%

$0.00 $71.65 $0.00 $71.500 24 0.00% 100.00%

$80.19 $71.65 $81.50 $71.50 168 66.67% 33.33%

$80.97 $67.39 $84.25 $69.00 168 66.67% 33.33%

$83.41 $65.45 $85.00 $64.50 168 66.67% 33.33%

$78.30 $61.23 $79.25 $62.00 168 66.67% 33.33%

$72.04 $59.66 $73.75 $60.00 168 66.67% 33.33%

$72.04 $59.66 $73.75 $60.00 168 66.67% 33.33%

$0.00 $66.18 $0.00 $66.000 24 0.00% 100.00%

$76.50 $66.18 $78.25 $66.00 168 66.67% 33.33%

$78.74 $57.62 $82.00 $59.50 168 66.67% 33.33%

$77.74 $58.53 $80.00 $60.00 168 66.67% 33.33%

$77.74 $58.53 $80.00 $60.00 168 66.67% 33.33%

$70.31 $54.00 $70.50 $52.50 168 66.67% 33.33%

$70.31 $54.00 $70.50 $52.50 168 66.67% 33.33%

$0.00 $52.64 $0.00 $54.250 24 0.00% 100.00%
$65.70 $52.64 $66.50 $54.25 16

8 66.67% 33.33%

$71.30 $52.67 $71.75 $53.25 168 66.67% 33.33%

$73.10 $55.00 $74.00 $56.50 168 66.67% 33.33%

$77.21 $56.85 $79.50 $57.75 168 66.67% 33.33%

$75.76 $59.80 $79.25 $62.00 168 66.67% 33.33%

$75.76 $59.80 $79.25 $62.00 168 66.67% 33.33%

$0.00 $71.82 $0.00 $71.500 24 0.00% 100.00%

$82.66 $71.82 $86.50 $71.50 168 66.67% 33.33%

$91.60 $69.76 $95.00 $70.25 168 66.67% 33.33%

$86.95 $65.92 $91.00 $66.50 168 66.67% 33.33%

$79.20 $63.93 $83.25 $67.00 168 66.67% 33.33%

$82.56 $67.72 $84.50 $69.50 168 66.67% 33.33%

$82.56 $67.72 $84.50 $69.50 168 66.67% 33.33%

$0.00 $79.76 $0.00 $78.860 24 0.00% 100.00%

$88.67 $79.76 $90.50 $78.86 168 66.67% 33.33%

$87.27 $75.63 $87.25 $75.00 168 66.67% 33.33%

$82.61 $70.82 $82.50 $70.50 168 66.67% 33.33%

$79.27 $64.99 $79.75 $64.75 168 66.67% 33.33%

$81.64 $67.16 $84.00 $68.00 168 66.67% 33.33%

$81.64 $67.16 $84.00 $68.00 168 66.67% 33.33%

$0.00 $78.82 $0.00 $78.750 24 0.00% 100.00%

$97.99 $78.82 $103.75 $78.75 168 66.67% 33.33%

$89.66 $67.79 $92.50 $66.75 168 66.67% 33.33%

$85.21 $62.82 $86.50 $64.00 168 66.67% 33.33%

$85.42 $63.61 $87.00 $64.50 168 66.67% 33.33%

$85.67 $68.30 $86.00 $70.00 168 66.67% 33.33%

$85.67 $68.30 $86.00 $70.00 168 66.67% 33.33%

$0.00 $71.29 $0.00 $72.000 24 0.00% 100.00%

$89.48 $71.29 $88.75 $72.00 168 66.67% 33.33%

$94.82 $72.01 $95.25 $74.25 168 66.67% 33.33%

$94.00 $72.70 $94.50 $73.50 168 66.67% 33.33%

$86.61 $67.58 $81.50 $66.00 168 66.67% 33.33%

$87.20 $67.30 $83.00 $65.50 168 66.67% 33.33%

$87.20 $67.30 $83.00 $65.50 168 66.67% 33.33%

$0.00 $81.97 $0.00 $77.000 24 0.00% 100.00%

$99.92 $81.97 $96.25 $77.00 168 66.67% 33.33%

$97.38 $70.86 $94.50 $68.00 168 66.67% 33.33%

$90.53 $65.36 $88.25 $59.50 168 66.67% 33.33%

$83.78 $65.94 $82.00 $64.25 168 66.67% 33.33%

$80.82 $67.72 $81.00 $67.00 168 66.67% 33.33%

$80.82 $67.72 $81.00 $67.00 168 66.67% 33.33%

$0.00 $68.34 $0.00 $67.500 24 0.00% 100.00%

$81.11 $68.34 $81.25 $67.50 168 66.67% 33.33%

$81.94 $68.25 $82.50 $64.50 168 66.67% 33.33%

$82.34 $67.21 $82.00 $65.50 168 66.67% 33.33%

$77.75 $64.41 $79.00 $64.00 168 66.67% 33.33%

$78.73 $65.11 $81.00 $64.50 168 66.67% 33.33%

$78.73 $65.11 $81.00 $64.50 168 66.67% 33.33%

$0.00 $67.19 $0.00 $69.000 24 0.00% 100.00%

$84.80 $67.19 $84.25 $69.00 168 66.67% 33.33%

$88.66 $60.75 $86.00 $54.00 168 66.67% 33.33%
$84.45 $59.16 $85.05 $58.00 16

8 66.67% 33.33%

$86.32 $66.50 $90.00 $63.00 168 66.67% 33.33%

$91.61 $73.96 $95.00 $66.50 168 66.67% 33.33%

$91.61 $73.96 $95.00 $66.50 168 66.67% 33.33%

$0.00 $75.80 $0.00 $69.000 24 0.00% 100.00%

$95.78 $75.80 $96.00 $69.00 168 66.67% 33.33%

$100.55 $57.08 $103.75 $48.98 168 66.67% 33.33%

$83.95 $57.75 $87.75 $48.00 168 66.67% 33.33%

$83.95 $57.75 $87.75 $48.00 168 66.67% 33.33%

$73.38 $49.75 $69.00 $41.50 168 66.67% 33.33%

$73.38 $49.75 $69.00 $41.50 168 66.67% 33.33%

$0.00 $42.00 $0.00 $34.000 24 0.00% 100.00%

$0.00 $42.00 $0.00 $34.000 24 0.00% 100.00%

$77.05 $31.00 $73.25 $23.00 168 66.67% 33.33%

$81.76 $21.00 $75.00 $14.00 168 66.67% 33.33%

$79.65 $24.25 $73.00 $18.00 168 66.67% 33.33%

$73.00 $30.00 $72.00 $25.00 168 66.67% 33.33%

$73.00 $30.00 $72.00 $25.00 168 66.67% 33.33%

$0.00 $51.00 $0.00 $41.000 24 0.00% 100.00%

$79.60 $51.00 $74.00 $41.00 168 66.67% 33.33%

$94.02 $48.00 $90.00 $36.00 168 66.67% 33.33%

$91.91 $48.95 $83.00 $38.00 168 66.67% 33.33%

$84.11 $47.25 $76.00 $31.25 168 66.67% 33.33%

$80.82 $43.58 $67.75 $31.50 168 66.67% 33.33%

$80.82 $43.58 $67.75 $31.50 168 66.67% 33.33%

$0.00 $62.00 $0.00 $42.250 24 0.00% 100.00%

$87.47 $62.00 $78.50 $42.25 168 66.67% 33.33%

$99.86 $50.94 $90.75 $33.50 168 66.67% 33.33%

$91.83 $47.26 $88.50 $33.75 168 66.67% 33.33%

$93.25 $45.50 $90.00 $34.74 168 66.67% 33.33%

$96.63 $48.98 $91.00 $34.50 168 66.67% 33.33%

$96.63 $48.98 $91.00 $34.50 168 66.67% 33.33%

$0.00 $74.86 $0.00 $60.000 24 0.00% 100.00%

$101.11 $74.86 $108.00 $60.00 168 66.67% 33.33%

$120.26 $62.65 $130.25 $49.75 168 66.67% 33.33%

$137.61 $69.43 $140.67 $59.64 168 66.67% 33.33%

$139.01 $76.43 $145.00 $65.00 168 66.67% 33.33%

$133.74 $78.31 $135.29 $64.75 168 66.67% 33.33%

$133.74 $78.31 $135.29 $64.75 168 66.67% 33.33%

$0.00 $90.36 $0.00 $87.000 24 0.00% 100.00%

$119.80 $90.36 $122.25 $87.00 168 66.67% 33.33%

$116.36 $70.99 $122.00 $61.25 168 66.67% 33.33%

$112.15 $68.21 $113.00 $58.00 168 66.67% 33.33%

$105.34 $56.31 $106.00 $50.25 168 66.67% 33.33%

$102.18 $58.52 $105.00 $50.50 168 66.67% 33.33%

$102.18 $58.52 $105.00 $50.50 168 66.67% 33.33%

$0.00 $83.16 $0.00 $76.250 24 0.00% 100.00%

$117.56 $83.16 $118.00 $76.25 168 66.67% 33.33%

$133.29 $73.19 $132.00 $64.44 168 66.67% 33.33%

$134.40 $79.20 $132.36 $69.06 168 66.67% 33.33%

$134.40 $79.20 $132.36 $69.06 168 66.67% 33.33%
$0.00 $84.16 $0.00 $76.92

0 24 0.00% 100.00%

$106.99 $84.16 $100.57 $76.92 168 66.67% 33.33%

$0.00 $77.67 $0.00 $66.000 24 0.00% 100.00%

$138.81 $77.67 $134.23 $66.00 168 66.67% 33.33%

$145.05 $71.62 $136.43 $58.79 168 66.67% 33.33%

$126.67 $68.91 $117.79 $57.06 168 66.67% 33.33%

$112.27 $62.46 $110.39 $56.89 168 66.67% 33.33%

$89.18 $58.82 $89.03 $53.92 168 66.67% 33.33%

$89.18 $58.82 $89.03 $53.92 168 66.67% 33.33%

$0.00 $78.25 $0.00 $72.750 24 0.00% 100.00%

$100.96 $78.25 $100.25 $72.75 168 66.67% 33.33%

$102.98 $68.44 $103.00 $66.28 168 66.67% 33.33%

$107.46 $71.13 $106.50 $67.88 168 66.67% 33.33%

$100.02 $69.90 $99.50 $67.03 168 66.67% 33.33%

$100.44 $70.38 $98.75 $68.00 168 66.67% 33.33%

$100.44 $70.38 $98.75 $68.00 168 66.67% 33.33%

$0.00 $75.21 $0.00 $76.500 24 0.00% 100.00%

$95.39 $75.21 $97.25 $76.50 168 66.67% 33.33%

$98.48 $64.79 $102.50 $63.00 168 66.67% 33.33%

$98.25 $63.62 $98.75 $63.25 168 66.67% 33.33%

$98.05 $62.18 $99.50 $62.00 168 66.67% 33.33%

$92.66 $61.73 $91.25 $60.50 168 66.67% 33.33%

$92.66 $61.73 $91.25 $60.50 168 66.67% 33.33%

$0.00 $64.93 $0.00 $64.000 24 0.00% 100.00%

$88.06 $64.93 $91.50 $64.00 168 66.67% 33.33%

$86.07 $57.71 $88.11 $57.00 168 66.67% 33.33%

$86.47 $54.62 $89.06 $53.22 168 66.67% 33.33%

$82.76 $53.06 $82.25 $50.99 168 66.67% 33.33%

$84.99 $55.52 $84.57 $55.00 168 66.67% 33.33%

$84.99 $55.52 $84.57 $55.00 168 66.67% 33.33%

$0.00 $64.25 $0.00 $63.000 24 0.00% 100.00%

$86.84 $64.25 $88.04 $63.00 168 66.67% 33.33%

$90.74 $57.55 $94.00 $54.75 168 66.67% 33.33%

$81.28 $52.24 $83.79 $50.50 168 66.67% 33.33%

$82.08 $52.70 $82.71 $52.00 168 66.67% 33.33%

$77.43 $53.04 $78.89 $51.00 168 66.67% 33.33%

$77.43 $53.04 $78.89 $51.00 168 66.67% 33.33%

$0.00 $59.07 $0.00 $57.250 24 0.00% 100.00%

$79.26 $59.07 $78.11 $57.25 168 66.67% 33.33%

$83.67 $51.70 $84.44 $50.00 168 66.67% 33.33%

$81.06 $49.50 $80.36 $45.25 168 66.67% 33.33%

$81.15 $49.34 $79.14 $47.00 168 66.67% 33.33%

$77.72 $50.68 $76.63 $50.50 168 66.67% 33.33%

$77.72 $50.68 $76.63 $50.50 168 66.67% 33.33%

$0.00 $57.46 $0.00 $55.000 24 0.00% 100.00%

$76.29 $57.46 $75.39 $55.00 168 66.67% 33.33%

$72.66 $47.63 $72.08 $46.66 168 66.67% 33.33%

$69.81 $46.09 $68.54 $44.96 168 66.67% 33.33%

$72.20 $47.61 $70.52 $45.79 168 66.67% 33.33%

$70.34 $47.30 $67.04 $46.38 168 66.67% 33.33%

$70.34 $47.30 $67.04 $46.38 168 66.67% 33.33%
$0.00 $59.87 $0.00 $58.50

0 24 0.00% 100.00%

$77.50 $59.87 $74.21 $58.50 168 66.67% 33.33%

$76.67 $46.99 $75.81 $45.44 168 66.67% 33.33%

$81.34 $47.79 $80.13 $46.50 168 66.67% 33.33%

$81.34 $47.79 $80.13 $46.50 168 66.67% 33.33%

$77.69 $48.41 $74.09 $46.00 168 66.67% 33.33%

$77.69 $48.41 $74.09 $46.00 168 66.67% 33.33%

$0.00 $57.50 $0.00 $55.500 24 0.00% 100.00%

$0.00 $45.59 $0.00 $44.000 24 0.00% 100.00%

$68.09 $45.59 $61.38 $44.00 168 66.67% 33.33%

$65.57 $40.08 $59.71 $39.58 168 66.67% 33.33%

$67.77 $37.29 $58.48 $33.82 168 66.67% 33.33%

$66.12 $38.65 $61.13 $37.50 168 66.67% 33.33%

$66.12 $38.65 $61.13 $37.50 168 66.67% 33.33%

$0.00 $46.72 $0.00 $45.000 24 0.00% 100.00%

$63.55 $46.72 $60.44 $45.00 168 66.67% 33.33%

$61.96 $39.57 $61.00 $37.50 168 66.67% 33.33%

$56.09 $38.27 $56.78 $36.79 168 66.67% 33.33%

$58.08 $39.91 $59.42 $38.61 168 66.67% 33.33%

$56.01 $36.98 $57.27 $34.76 168 66.67% 33.33%

$56.01 $36.98 $57.27 $34.76 168 66.67% 33.33%

$0.00 $44.03 $0.00 $47.000 24 0.00% 100.00%

$57.52 $44.03 $57.75 $47.00 168 66.67% 33.33%

$55.81 $35.83 $56.32 $36.50 168 66.67% 33.33%

$54.79 $36.68 $56.58 $32.50 168 66.67% 33.33%

$55.21 $36.14 $55.19 $34.50 168 66.67% 33.33%

$55.60 $41.15 $52.97 $38.00 168 66.67% 33.33%

$55.60 $41.15 $52.97 $38.00 168 66.67% 33.33%

$0.00 $44.31 $0.00 $40.250 24 0.00% 100.00%

$54.21 $44.31 $51.00 $40.25 168 66.67% 33.33%

$53.41 $36.91 $51.71 $34.25 168 66.67% 33.33%

$53.90 $35.18 $54.84 $33.50 168 66.67% 33.33%

$56.72 $36.72 $55.73 $33.25 168 66.67% 33.33%

$53.37 $38.00 $51.78 $35.00 168 66.67% 33.33%

$53.37 $38.00 $51.78 $35.00 168 66.67% 33.33%

$0.00 $44.42 $0.00 $41.940 24 0.00% 100.00%

$53.04 $44.42 $51.65 $41.94 168 66.67% 33.33%

$57.96 $40.00 $55.95 $35.74 168 66.67% 33.33%

$56.54 $37.71 $55.10 $33.57 168 66.67% 33.33%

$56.14 $38.54 $56.75 $36.50 168 66.67% 33.33%

$55.26 $39.28 $54.77 $36.54 168 66.67% 33.33%

$55.26 $39.28 $54.77 $36.54 168 66.67% 33.33%

$0.00 $40.01 $0.00 $37.750 24 0.00% 100.00%

$53.75 $40.01 $54.26 $37.75 168 66.67% 33.33%

$52.85 $35.35 $52.51 $32.77 168 66.67% 33.33%

$52.01 $34.62 $52.75 $33.26 168 66.67% 33.33%

$50.05 $34.16 $49.90 $33.25 168 66.67% 33.33%

$44.57 $32.43 $41.96 $31.55 168 66.67% 33.33%

$44.57 $32.43 $41.96 $31.55 168 66.67% 33.33%

$0.00 $26.11 $0.00 $24.770 24 0.00% 100.00%

$37.74 $26.11 $35.00 $24.77 168 66.67% 33.33%
$34.63 $26.28 $34.00 $24.50 16

8 66.67% 33.33%

$31.72 $21.63 $33.55 $19.69 168 66.67% 33.33%

$36.95 $23.87 $38.00 $22.89 168 66.67% 33.33%

$42.96 $28.68 $42.24 $25.74 168 66.67% 33.33%

$42.96 $28.68 $42.24 $25.74 168 66.67% 33.33%

$0.00 $34.79 $0.00 $30.530 24 0.00% 100.00%

$44.71 $34.79 $41.31 $30.53 168 66.67% 33.33%

$49.95 $31.92 $49.75 $26.72 168 66.67% 33.33%

$50.40 $31.50 $50.25 $30.25 168 66.67% 33.33%

$52.35 $33.46 $51.09 $30.50 168 66.67% 33.33%

$44.22 $31.92 $43.86 $27.75 168 66.67% 33.33%

$44.22 $31.92 $43.86 $27.75 168 66.67% 33.33%

$0.00 $29.26 $0.00 $26.140 24 0.00% 100.00%

$39.65 $29.26 $40.25 $26.14 168 66.67% 33.33%

$40.92 $27.66 $39.96 $25.84 168 66.67% 33.33%

$42.43 $30.17 $42.50 $27.43 168 66.67% 33.33%

$42.43 $30.17 $42.50 $27.43 168 66.67% 33.33%

$42.05 $31.95 $41.25 $30.30 168 66.67% 33.33%

$34.47 $29.69 $33.38 $27.17 168 66.67% 33.33%

$0.00 $28.93 $0.00 $28.000 24 0.00% 100.00%

$33.69 $28.93 $36.19 $28.00 168 66.67% 33.33%

$30.03 $19.87 $33.15 $21.57 168 66.67% 33.33%

$36.19 $25.83 $38.35 $26.18 168 66.67% 33.33%

$43.05 $31.68 $46.93 $31.61 168 66.67% 33.33%

$46.82 $37.68 $47.19 $36.00 168 66.67% 33.33%

$46.82 $37.68 $47.19 $36.00 168 66.67% 33.33%

$0.00 $41.20 $0.00 $42.250 24 0.00% 100.00%

$43.49 $41.20 $45.25 $42.25 168 66.67% 33.33%

$50.26 $38.52 $47.50 $34.50 168 66.67% 33.33%

$50.26 $38.52 $47.50 $34.50 168 66.67% 33.33%

$40.77 $32.48 $38.08 $28.11 168 66.67% 33.33%

$37.53 $30.02 $36.41 $26.54 168 66.67% 33.33%

$37.53 $30.02 $36.41 $26.54 168 66.67% 33.33%

$0.00 $30.58 $0.00 $27.250 24 0.00% 100.00%

$35.16 $30.58 $34.25 $27.25 168 66.67% 33.33%

$40.90 $30.67 $36.00 $25.04 168 66.67% 33.33%

$44.84 $33.89 $37.05 $23.25 168 66.67% 33.33%

$46.78 $36.95 $44.24 $27.14 168 66.67% 33.33%

$44.56 $33.36 $42.50 $24.83 168 66.67% 33.33%

$44.56 $33.36 $42.50 $24.83 168 66.67% 33.33%

$0.00 $34.74 $0.00 $31.000 24 0.00% 100.00%

$43.30 $34.74 $40.86 $31.00 168 66.67% 33.33%

$47.50 $38.12 $44.25 $33.61 168 66.67% 33.33%

$47.50 $38.12 $44.25 $33.61 168 66.67% 33.33%

$0.00 $38.12 $0.00 $33.610 24 0.00% 100.00%

$39.37 $36.24 $36.58 $32.75 168 66.67% 33.33%

$39.37 $36.24 $36.58 $32.75 168 66.67% 33.33%

$0.00 $36.24 $0.00 $32.750 24 0.00% 100.00%

$45.64 $34.73 $43.75 $30.50 168 66.67% 33.33%

$46.52 $34.29 $42.75 $28.00 168 66.67% 33.33%

$46.71 $35.57 $44.50 $24.79 168 66.67% 33.33%
$45.80 $35.92 $44.25 $22.00 16

8 66.67% 33.33%

$45.20 $35.79 $41.11 $25.50 168 66.67% 33.33%

$45.20 $35.79 $41.11 $25.50 168 66.67% 33.33%

$0.00 $33.91 $0.00 $30.500 24 0.00% 100.00%

$42.58 $33.91 $40.25 $30.50 168 66.67% 33.33%

$42.25 $29.41 $41.25 $23.00 168 66.67% 33.33%

$42.58 $32.97 $41.50 $28.00 168 66.67% 33.33%

$47.73 $37.04 $46.50 $31.00 168 66.67% 33.33%

$47.65 $38.00 $46.25 $32.00 168 66.67% 33.33%

$47.65 $38.00 $46.25 $32.00 168 66.67% 33.33%

$0.00 $38.11 $0.00 $32.250 24 0.00% 100.00%

$50.79 $38.11 $49.72 $32.25 168 66.67% 33.33%

$54.36 $42.62 $55.72 $43.50 168 66.67% 33.33%

$53.44 $44.71 $54.75 $44.21 168 66.67% 33.33%

$51.32 $39.43 $52.74 $39.00 168 66.67% 33.33%

$46.53 $33.04 $47.74 $32.50 168 66.67% 33.33%

$46.53 $33.04 $47.74 $32.50 168 66.67% 33.33%

$0.00 $39.50 $0.00 $38.750 24 0.00% 100.00%

$48.24 $39.50 $49.96 $38.75 168 66.67% 33.33%

$44.33 $34.76 $44.25 $33.50 168 66.67% 33.33%

$44.33 $34.76 $44.25 $33.50 168 66.67% 33.33%

$0.00 $34.76 $0.00 $33.500 24 0.00% 100.00%

$41.84 $31.24 $41.85 $30.93 168 66.67% 33.33%

$41.84 $31.24 $41.85 $30.93 168 66.67% 33.33%

$0.00 $30.49 $0.00 $30.250 24 0.00% 100.00%

$44.07 $30.49 $44.00 $30.25 168 66.67% 33.33%

$50.32 $37.52 $50.79 $35.50 168 66.67% 33.33%

$50.32 $37.52 $50.79 $35.50 168 66.67% 33.33%

$0.00 $39.57 $0.00 $36.980 24 0.00% 100.00%

$39.97 $31.78 $41.24 $29.75 168 66.67% 33.33%

$39.97 $31.78 $41.24 $29.75 168 66.67% 33.33%

$0.00 $31.70 $0.00 $30.820 24 0.00% 100.00%

$42.78 $31.70 $43.94 $30.82 168 66.67% 33.33%

$39.64 $32.07 $43.95 $31.50 168 66.67% 33.33%

$43.30 $35.36 $45.53 $35.00 168 66.67% 33.33%

$43.14 $34.50 $43.25 $32.71 168 66.67% 33.33%

$40.66 $32.82 $40.93 $32.41 168 66.67% 33.33%

$40.66 $32.82 $40.93 $32.41 168 66.67% 33.33%

$0.00 $31.98 $0.00 $31.820 24 0.00% 100.00%

$41.40 $31.98 $44.04 $31.82 168 66.67% 33.33%

$40.71 $30.95 $41.50 $31.00 168 66.67% 33.33%

$40.83 $30.93 $41.55 $29.52 168 66.67% 33.33%

$40.83 $30.93 $41.55 $29.52 168 66.67% 33.33%

$37.38 $28.91 $36.79 $27.13 168 66.67% 33.33%

$37.38 $28.91 $36.79 $27.13 168 66.67% 33.33%

$0.00 $32.41 $0.00 $30.830 24 0.00% 100.00%

$39.10 $32.41 $39.17 $30.83 168 66.67% 33.33%

$38.02 $27.09 $37.88 $27.00 168 66.67% 33.33%

$34.70 $23.26 $35.54 $23.00 168 66.67% 33.33%

$35.65 $24.72 $35.67 $23.50 168 66.67% 33.33%

$31.14 $21.36 $31.45 $20.92 168 66.67% 33.33%
$31.14 $21.36 $31.45 $20.92 16

8 66.67% 33.33%

$0.00 $26.92 $0.00 $25.800 24 0.00% 100.00%

$33.19 $26.92 $33.72 $25.80 168 66.67% 33.33%

$33.61 $25.03 $34.69 $24.50 168 66.67% 33.33%

$36.41 $27.59 $37.40 $27.64 168 66.67% 33.33%

$37.88 $28.20 $39.75 $28.12 168 66.67% 33.33%

$35.29 $26.58 $36.52 $27.00 168 66.67% 33.33%

$35.29 $26.58 $36.52 $27.00 168 66.67% 33.33%

$0.00 $29.95 $0.00 $31.000 24 0.00% 100.00%

$38.32 $29.95 $39.08 $31.00 168 66.67% 33.33%

$36.64 $26.68 $36.72 $27.75 168 66.67% 33.33%

$36.80 $27.84 $36.48 $29.50 168 66.67% 33.33%

$35.44 $27.36 $35.67 $28.42 168 66.67% 33.33%

$33.99 $25.41 $33.51 $27.50 168 66.67% 33.33%

$33.99 $25.41 $33.51 $27.50 168 66.67% 33.33%

$0.00 $26.60 $0.00 $28.000 24 0.00% 100.00%

$35.75 $26.60 $35.20 $28.00 168 66.67% 33.33%

$37.00 $25.70 $39.57 $30.75 168 66.67% 33.33%

$39.91 $29.98 $41.75 $33.75 168 66.67% 33.33%

$39.91 $29.98 $41.75 $33.75 168 66.67% 33.33%

$35.04 $29.31 $35.04 $31.00 168 66.67% 33.33%

$35.04 $29.31 $35.04 $31.00 168 66.67% 33.33%

$0.00 $28.74 $0.00 $30.750 24 0.00% 100.00%

$34.25 $28.74 $35.08 $30.75 168 66.67% 33.33%

$33.91 $27.14 $35.13 $29.25 168 66.67% 33.33%

$32.84 $27.60 $32.28 $29.00 168 66.67% 33.33%

$32.63 $26.65 $32.51 $28.75 168 66.67% 33.33%

$30.77 $25.57 $31.42 $26.75 168 66.67% 33.33%

$30.77 $25.57 $31.42 $26.75 168 66.67% 33.33%

$0.00 $24.18 $0.00 $25.500 24 0.00% 100.00%

$30.19 $24.18 $30.73 $25.50 168 66.67% 33.33%

$29.50 $23.46 $29.77 $25.25 168 66.67% 33.33%

$29.51 $22.65 $29.92 $24.25 168 66.67% 33.33%

$29.12 $20.34 $29.58 $22.75 168 66.67% 33.33%

$27.21 $21.11 $27.32 $22.50 168 66.67% 33.33%

$27.21 $21.11 $27.32 $22.50 168 66.67% 33.33%

$0.00 $20.22 $0.00 $20.250 24 0.00% 100.00%

$27.54 $20.22 $28.11 $20.25 168 66.67% 33.33%

$28.28 $18.44 $27.03 $18.25 168 66.67% 33.33%

$28.60 $17.37 $27.42 $18.00 168 66.67% 33.33%

$28.50 $17.61 $27.83 $17.50 168 66.67% 33.33%

$28.57 $18.75 $28.10 $18.00 168 66.67% 33.33%

$28.57 $18.75 $28.10 $18.00 168 66.67% 33.33%

$0.00 $22.82 $0.00 $23.500 24 0.00% 100.00%

$30.06 $22.82 $31.81 $23.50 168 66.67% 33.33%

$32.55 $22.59 $33.86 $24.75 168 66.67% 33.33%

$32.17 $23.39 $33.75 $25.50 168 66.67% 33.33%

$31.99 $22.66 $32.85 $24.70 168 66.67% 33.33%

$28.31 $21.27 $28.75 $22.25 168 66.67% 33.33%

$28.31 $21.27 $28.75 $22.25 168 66.67% 33.33%

$0.00 $21.78 $0.00 $22.000 24 0.00% 100.00%
$28.70 $21.78 $27.72 $22.00 16

8 66.67% 33.33%

$28.36 $20.68 $28.25 $20.00 168 66.67% 33.33%

$28.60 $20.34 $28.72 $20.25 168 66.67% 33.33%

$28.62 $19.83 $28.42 $20.00 168 66.67% 33.33%

$26.83 $18.16 $27.15 $19.25 168 66.67% 33.33%

$26.83 $18.16 $27.15 $19.25 168 66.67% 33.33%

$0.00 $22.48 $0.00 $21.250 24 0.00% 100.00%

$30.90 $22.48 $30.00 $21.25 168 66.67% 33.33%

$30.72 $20.21 $30.58 $19.92 168 66.67% 33.33%

$29.86 $21.08 $29.93 $20.25 168 66.67% 33.33%

$30.80 $21.21 $31.00 $21.00 168 66.67% 33.33%

$29.87 $23.65 $30.39 $21.25 168 66.67% 33.33%

$29.87 $23.65 $30.39 $21.25 168 66.67% 33.33%

$0.00 $25.41 $0.00 $26.000 24 0.00% 100.00%

$31.09 $25.41 $30.56 $26.00 168 66.67% 33.33%

$27.62 $19.95 $27.63 $20.00 168 66.67% 33.33%

$28.81 $22.16 $29.80 $22.00 168 66.67% 33.33%

$27.74 $17.90 $27.00 $17.75 168 66.67% 33.33%

$26.90 $18.31 $25.85 $18.25 168 66.67% 33.33%

$26.90 $18.31 $25.85 $18.25 168 66.67% 33.33%

$0.00 $26.06 $0.00 $26.250 24 0.00% 100.00%

$30.04 $26.06 $30.00 $26.25 168 66.67% 33.33%

$31.04 $20.01 $31.04 $20.50 168 66.67% 33.33%

$28.09 $18.88 $28.48 $20.25 168 66.67% 33.33%

$28.09 $18.88 $28.48 $20.25 168 66.67% 33.33%

$26.94 $18.08 $27.00 $18.50 168 66.67% 33.33%

$26.94 $18.08 $27.00 $18.50 168 66.67% 33.33%

$0.00 $18.73 $0.00 $18.000 24 0.00% 100.00%

$26.75 $18.73 $26.00 $18.00 168 66.67% 33.33%

$25.33 $21.50 $24.36 $17.75 168 66.67% 33.33%

$24.31 $22.50 $24.75 $21.28 168 66.67% 33.33%

$27.73 $22.25 $27.75 $18.30 168 66.67% 33.33%

$24.91 $19.52 $24.75 $18.21 168 66.67% 33.33%

$24.91 $19.52 $24.75 $18.21 168 66.67% 33.33%

$0.00 $22.00 $0.00 $20.750 24 0.00% 100.00%

$32.86 $22.00 $33.05 $20.75 168 66.67% 33.33%

$30.43 $15.63 $32.22 $15.82 168 66.67% 33.33%

$28.17 $17.00 $27.79 $15.53 168 66.67% 33.33%

$26.97 $15.42 $25.25 $13.75 168 66.67% 33.33%

$26.10 $14.00 $23.03 $13.25 168 66.67% 33.33%

$26.10 $14.00 $23.03 $13.25 168 66.67% 33.33%

$0.00 $17.04 $0.00 $16.500 24 0.00% 100.00%

$26.83 $17.04 $25.25 $16.50 168 66.67% 33.33%

$25.10 $14.59 $24.25 $14.00 168 66.67% 33.33%

$26.46 $15.14 $26.75 $13.50 168 66.67% 33.33%

$28.29 $19.75 $28.50 $18.00 168 66.67% 33.33%

$28.03 $20.30 $26.64 $19.03 168 66.67% 33.33%

$28.03 $20.30 $26.64 $19.03 168 66.67% 33.33%

$0.00 $21.45 $0.00 $18.570 24 0.00% 100.00%

$26.40 $21.45 $26.02 $18.57 168 66.67% 33.33%

$28.21 $18.32 $27.25 $16.66 168 66.67% 33.33%
$30.02 $18.02 $34.61 $18.50 16

8 66.67% 33.33%

$33.11 $18.63 $34.00 $18.75 168 66.67% 33.33%

$34.60 $20.65 $33.19 $19.02 168 66.67% 33.33%

$34.60 $20.65 $33.19 $19.02 168 66.67% 33.33%

$0.00 $28.75 $0.00 $28.000 24 0.00% 100.00%

$41.18 $28.75 $42.00 $28.00 168 66.67% 33.33%

$43.57 $23.60 $42.73 $22.61 168 66.67% 33.33%

$46.64 $24.48 $46.00 $24.00 168 66.67% 33.33%

$46.17 $24.15 $44.25 $20.75 168 66.67% 33.33%

$38.96 $23.14 $38.00 $20.59 168 66.67% 33.33%

$38.96 $23.14 $38.00 $20.59 168 66.67% 33.33%

$0.00 $32.20 $0.00 $32.750 24 0.00% 100.00%

$45.72 $32.20 $46.00 $32.75 168 66.67% 33.33%

$38.41 $20.47 $39.00 $17.71 168 66.67% 33.33%

$34.79 $22.49 $34.25 $18.67 168 66.67% 33.33%

$34.79 $22.49 $34.25 $18.67 168 66.67% 33.33%

$31.89 $19.56 $30.75 $17.62 168 66.67% 33.33%

$31.89 $19.56 $30.75 $17.62 168 66.67% 33.33%

$0.00 $22.89 $0.00 $21.500 24 0.00% 100.00%

$0.00 $22.89 $0.00 $21.500 24 0.00% 100.00%

$28.19 $16.14 $27.36 $15.50 168 66.67% 33.33%

$30.71 $15.53 $28.21 $14.00 168 66.67% 33.33%

$30.71 $15.53 $28.21 $14.00 168 66.67% 33.33%

$28.55 $15.85 $28.25 $13.65 168 66.67% 33.33%

$28.55 $15.85 $28.25 $13.65 168 66.67% 33.33%

$0.00 $20.50 $0.00 $20.500 24 0.00% 100.00%

$31.57 $18.28 $31.00 $17.00 168 66.67% 33.33%

$28.19 $13.49 $27.50 $14.22 168 66.67% 33.33%

$30.36 $9.00 $30.25 $8.19 168 66.67% 33.33%

$27.98 $11.00 $27.50 $8.25 168 66.67% 33.33%

$26.88 $11.00 $26.74 $8.10 168 66.67% 33.33%

$26.88 $11.00 $26.74 $8.10 168 66.67% 33.33%

$0.00 $14.05 $0.00 $10.980 24 0.00% 100.00%

$27.66 $14.05 $26.25 $10.98 168 66.67% 33.33%

$25.51 $11.75 $25.46 $7.83 168 66.67% 33.33%

$24.22 $11.50 $24.00 $9.70 168 66.67% 33.33%

$24.72 $10.75 $24.25 $11.25 168 66.67% 33.33%

$24.11 $12.00 $23.43 $11.50 168 66.67% 33.33%

$24.11 $12.00 $23.43 $11.50 168 66.67% 33.33%

$0.00 $18.09 $0.00 $17.750 24 0.00% 100.00%

$25.21 $18.09 $25.00 $17.75 168 66.67% 33.33%

$27.67 $17.69 $27.75 $16.96 168 66.67% 33.33%

$30.40 $18.75 $29.00 $17.50 168 66.67% 33.33%

$32.33 $18.50 $31.50 $17.25 168 66.67% 33.33%

$31.06 $15.50 $29.35 $13.00 168 66.67% 33.33%

$31.06 $15.50 $29.35 $13.00 168 66.67% 33.33%

$0.00 $22.17 $0.00 $21.500 24 0.00% 100.00%

$31.51 $22.17 $30.00 $21.50 168 66.67% 33.33%

$30.70 $16.88 $30.25 $14.00 168 66.67% 33.33%

$32.06 $20.50 $31.00 $17.00 168 66.67% 33.33%

$30.65 $19.27 $31.25 $19.25 168 66.67% 33.33%
$30.56 $19.75 $30.00 $18.25 16

8 66.67% 33.33%

$30.56 $19.75 $30.00 $18.25 168 66.67% 33.33%

$0.00 $24.00 $0.00 $22.000 24 0.00% 100.00%

$33.87 $24.00 $34.00 $22.00 168 66.67% 33.33%

$36.67 $23.75 $38.25 $22.25 168 66.67% 33.33%

$36.62 $22.33 $38.50 $21.25 168 66.67% 33.33%

$36.62 $22.33 $38.50 $21.25 168 66.67% 33.33%

$33.67 $22.45 $34.89 $23.50 168 66.67% 33.33%

$0.00 $22.45 $0.00 $23.500 24 0.00% 100.00%

$0.00 $22.59 $0.00 $24.750 24 0.00% 100.00%

$31.27 $22.59 $33.14 $24.75 168 66.67% 33.33%

$31.77 $18.27 $33.31 $19.50 168 66.67% 33.33%

$33.25 $17.91 $33.50 $18.38 168 66.67% 33.33%

$31.69 $17.19 $31.97 $16.81 168 66.67% 33.33%

$32.39 $18.00 $33.25 $18.00 168 66.67% 33.33%

$32.39 $18.00 $33.25 $18.00 168 66.67% 33.33%

$0.00 $23.65 $0.00 $22.250 24 0.00% 100.00%

$36.57 $23.65 $38.39 $22.25 168 66.67% 33.33%

$41.20 $21.05 $42.75 $25.58 168 66.67% 33.33%

$44.48 $20.87 $45.25 $25.13 168 66.67% 33.33%

$44.86 $22.21 $45.75 $25.38 168 66.67% 33.33%

$41.06 $21.60 $42.25 $24.00 168 66.67% 33.33%

$41.06 $21.60 $42.25 $24.00 168 66.67% 33.33%

$0.00 $28.15 $0.00 $32.000 24 0.00% 100.00%

$43.56 $28.15 $45.64 $32.00 168 66.67% 33.33%

$47.70 $24.51 $51.00 $27.69 168 66.67% 33.33%

$47.11 $25.32 $47.25 $27.59 168 66.67% 33.33%

$44.81 $22.97 $46.00 $26.00 168 66.67% 33.33%

$43.65 $23.95 $45.00 $25.50 168 66.67% 33.33%

$43.65 $23.95 $45.00 $25.50 168 66.67% 33.33%

$0.00 $31.18 $0.00 $38.500 24 0.00% 100.00%

$44.65 $31.18 $45.75 $38.50 168 66.67% 33.33%

$46.09 $24.50 $49.06 $23.33 168 66.67% 33.33%

$42.52 $22.11 $44.50 $22.77 168 66.67% 33.33%

$42.52 $22.11 $44.50 $22.77 168 66.67% 33.33%

$38.94 $20.80 $39.00 $22.09 168 66.67% 33.33%

$36.25 $20.23 $38.70 $21.25 168 66.67% 33.33%

$0.00 $30.46 $0.00 $29.750 24 0.00% 100.00%

$37.80 $30.46 $39.00 $29.75 168 66.67% 33.33%

$39.28 $21.75 $41.50 $22.01 168 66.67% 33.33%

$38.52 $22.26 $40.49 $22.69 168 66.67% 33.33%

$37.38 $22.69 $42.00 $23.01 168 66.67% 33.33%

$36.14 $24.68 $40.00 $24.94 168 66.67% 33.33%

$36.14 $24.68 $40.00 $24.94 168 66.67% 33.33%

$0.00 $28.70 $0.00 $28.380 24 0.00% 100.00%

$38.32 $28.70 $39.71 $28.38 168 66.67% 33.33%

$41.45 $23.04 $42.90 $23.00 168 66.67% 33.33%

$38.72 $23.16 $40.00 $23.00 168 66.67% 33.33%

$34.93 $22.32 $40.58 $23.00 168 66.67% 33.33%

$32.38 $21.61 $36.95 $22.50 168 66.67% 33.33%

$32.38 $21.61 $36.95 $22.50 168 66.67% 33.33%
$0.00 $25.46 $0.00 $26.00

0 24 0.00% 100.00%

$33.79 $25.46 $37.57 $26.00 168 66.67% 33.33%

$31.58 $19.89 $34.24 $20.75 168 66.67% 33.33%

$31.47 $20.04 $33.65 $20.80 168 66.67% 33.33%

$31.53 $19.66 $34.00 $19.90 168 66.67% 33.33%

$29.44 $19.04 $32.00 $19.50 168 66.67% 33.33%

$29.44 $19.04 $32.00 $19.50 168 66.67% 33.33%

$0.00 $21.58 $0.00 $24.000 24 0.00% 100.00%

$28.28 $21.58 $33.25 $24.00 168 66.67% 33.33%

$27.12 $16.95 $29.38 $18.83 168 66.67% 33.33%

$30.57 $18.70 $32.92 $19.25 168 66.67% 33.33%

$34.08 $19.60 $34.20 $19.00 168 66.67% 33.33%

$33.54 $17.76 $34.00 $18.38 168 66.67% 33.33%

$33.54 $17.76 $34.00 $18.38 168 66.67% 33.33%

$0.00 $22.68 $0.00 $24.250 24 0.00% 100.00%

$32.79 $22.68 $34.25 $24.25 168 66.67% 33.33%

$31.24 $18.67 $34.08 $19.00 168 66.67% 33.33%

$30.32 $17.74 $33.63 $18.75 168 66.67% 33.33%

$30.32 $17.74 $33.63 $18.75 168 66.67% 33.33%

$26.16 $16.65 $28.43 $17.00 168 66.67% 33.33%

$26.16 $16.65 $28.43 $17.00 168 66.67% 33.33%

$0.00 $17.23 $0.00 $19.000 24 0.00% 100.00%

$0.00 $17.23 $0.00 $19.000 24 0.00% 100.00%

$24.36 $14.97 $26.25 $15.25 168 66.67% 33.33%

$25.72 $15.35 $28.25 $15.50 168 66.67% 33.33%

$28.92 $16.10 $30.96 $16.00 168 66.67% 33.33%

$27.63 $17.00 $31.56 $17.00 168 66.67% 33.33%

$27.63 $17.00 $31.56 $17.00 168 66.67% 33.33%

$0.00 $24.27 $0.00 $26.000 24 0.00% 100.00%

$30.73 $24.27 $33.59 $26.00 168 66.67% 33.33%

$26.81 $19.75 $28.93 $17.75 168 66.67% 33.33%

$32.60 $22.63 $36.03 $23.94 168 66.67% 33.33%

$34.75 $21.84 $36.59 $24.00 168 66.67% 33.33%

$36.13 $22.03 $37.50 $22.25 168 66.67% 33.33%

$36.13 $22.03 $37.50 $22.25 168 66.67% 33.33%

$0.00 $26.45 $0.00 $27.500 24 0.00% 100.00%

$36.39 $26.45 $38.85 $27.50 168 66.67% 33.33%

$32.93 $20.05 $37.24 $22.00 168 66.67% 33.33%

$34.02 $20.22 $38.25 $22.39 168 66.67% 33.33%

$30.80 $18.71 $33.38 $21.00 168 66.67% 33.33%

$33.33 $18.95 $33.98 $19.00 168 66.67% 33.33%

$33.33 $18.95 $33.98 $19.00 168 66.67% 33.33%

$0.00 $28.21 $0.00 $27.290 24 0.00% 100.00%

$35.12 $28.21 $34.53 $27.29 168 66.67% 33.33%

$33.08 $22.11 $34.13 $20.25 168 66.67% 33.33%

$32.11 $21.74 $32.78 $20.00 168 66.67% 33.33%

$31.22 $19.93 $34.25 $20.25 168 66.67% 33.33%

$29.98 $21.75 $31.41 $20.00 168 66.67% 33.33%

$29.98 $21.75 $31.41 $20.00 168 66.67% 33.33%

$0.00 $19.61 $0.00 $18.500 24 0.00% 100.00%

$26.14 $19.61 $26.64 $18.50 168 66.67% 33.33%
$27.53 $19.05 $28.01 $16.84 16

8 66.67% 33.33%

$30.51 $21.46 $30.69 $20.63 168 66.67% 33.33%

$35.65 $24.47 $37.63 $25.00 168 66.67% 33.33%

$41.95 $30.25 $42.00 $28.75 168 66.67% 33.33%

$41.95 $30.25 $42.00 $28.75 168 66.67% 33.33%

$0.00 $30.94 $0.00 $28.000 24 0.00% 100.00%

$37.85 $30.94 $39.00 $28.00 168 66.67% 33.33%

$37.69 $28.46 $38.85 $25.50 168 66.67% 33.33%

$37.64 $27.25 $37.34 $24.17 168 66.67% 33.33%

$37.39 $26.04 $37.31 $22.78 168 66.67% 33.33%

$38.32 $27.59 $38.50 $22.05 168 66.67% 33.33%

$38.32 $27.59 $38.50 $22.05 168 66.67% 33.33%

$0.00 $32.08 $0.00 $26.070 24 0.00% 100.00%

$39.31 $32.08 $39.00 $26.07 168 66.67% 33.33%

$41.49 $29.32 $42.27 $21.38 168 66.67% 33.33%

$44.32 $30.65 $42.36 $21.00 168 66.67% 33.33%

$46.18 $31.22 $44.32 $22.98 168 66.67% 33.33%

$47.18 $31.21 $45.40 $25.19 168 66.67% 33.33%

$47.18 $31.21 $45.40 $25.19 168 66.67% 33.33%

$0.00 $38.74 $0.00 $33.240 24 0.00% 100.00%

$47.24 $38.74 $44.73 $33.24 168 66.67% 33.33%

$43.59 $31.22 $41.73 $26.75 168 66.67% 33.33%

$41.88 $29.29 $39.46 $24.75 168 66.67% 33.33%

$43.58 $30.91 $41.45 $24.50 168 66.67% 33.33%

$38.62 $29.64 $37.47 $28.25 168 66.67% 33.33%

$38.62 $29.64 $37.47 $28.25 168 66.67% 33.33%

$0.00 $32.40 $0.00 $31.750 24 0.00% 100.00%

$38.72 $32.40 $39.57 $31.75 168 66.67% 33.33%

$41.34 $30.74 $37.35 $21.72 168 66.67% 33.33%

$41.59 $29.77 $37.75 $23.50 168 66.67% 33.33%

$42.05 $29.36 $37.24 $23.03 168 66.67% 33.33%

$36.25 $24.50 $30.02 $18.56 168 66.67% 33.33%

$36.25 $24.50 $30.02 $18.56 168 66.67% 33.33%

$0.00 $28.53 $0.00 $26.080 24 0.00% 100.00%

$35.02 $28.53 $34.79 $26.08 168 66.67% 33.33%

$36.53 $28.40 $37.94 $26.00 168 66.67% 33.33%

$33.94 $25.43 $35.50 $22.43 168 66.67% 33.33%

$33.94 $25.43 $35.50 $22.43 168 66.67% 33.33%

$28.99 $20.58 $29.50 $20.25 168 66.67% 33.33%

$28.99 $20.58 $29.50 $20.25 168 66.67% 33.33%

$0.00 $22.10 $0.00 $22.270 24 0.00% 100.00%

$25.83 $22.10 $28.90 $22.27 168 66.67% 33.33%

$26.64 $19.78 $26.63 $18.50 168 66.67% 33.33%

$33.57 $25.03 $32.79 $24.25 168 66.67% 33.33%

$34.67 $27.02 $35.00 $26.45 168 66.67% 33.33%

$34.31 $24.66 $34.78 $25.50 168 66.67% 33.33%

$34.31 $24.66 $34.78 $25.50 168 66.67% 33.33%

$0.00 $29.77 $0.00 $27.000 24 0.00% 100.00%

$31.53 $29.77 $32.94 $27.00 168 66.67% 33.33%

$33.89 $26.53 $32.43 $23.50 168 66.67% 33.33%

$33.89 $26.53 $32.43 $23.50 168 66.67% 33.33%
$0.00 $24.92 $0.00 $21.50

0 24 0.00% 100.00%

$29.00 $24.92 $26.85 $21.50 168 66.67% 33.33%

$29.00 $24.92 $26.85 $21.50 168 66.67% 33.33%

$0.00 $25.87 $0.00 $21.750 24 0.00% 100.00%

$29.96 $25.87 $27.86 $21.75 168 66.67% 33.33%

$41.83 $33.06 $43.00 $32.75 168 66.67% 33.33%

$42.14 $32.37 $44.00 $32.25 168 66.67% 33.33%

$43.29 $33.84 $45.00 $34.00 168 66.67% 33.33%

$42.62 $33.27 $46.75 $35.50 168 66.67% 33.33%

$42.62 $33.27 $46.75 $35.50 168 66.67% 33.33%

$0.00 $36.48 $0.00 $37.630 24 0.00% 100.00%

$42.67 $36.48 $48.00 $37.63 168 66.67% 33.33%

$47.51 $35.54 $52.25 $38.25 168 66.67% 33.33%

$59.73 $44.97 $66.67 $48.00 168 66.67% 33.33%

$53.91 $42.34 $59.00 $39.93 168 66.67% 33.33%

$48.08 $40.81 $53.90 $40.25 168 66.67% 33.33%

$48.08 $40.81 $53.90 $40.25 168 66.67% 33.33%

$0.00 $38.23 $0.00 $38.780 24 0.00% 100.00%

$47.52 $38.23 $51.00 $38.78 168 66.67% 33.33%

$48.33 $35.11 $50.50 $33.75 168 66.67% 33.33%

$47.69 $33.72 $48.75 $31.75 168 66.67% 33.33%

$46.82 $32.74 $48.00 $32.00 168 66.67% 33.33%

$46.99 $32.03 $47.25 $35.00 168 66.67% 33.33%

$46.99 $32.03 $47.25 $35.00 168 66.67% 33.33%

$0.00 $38.71 $0.00 $41.750 24 0.00% 100.00%

$49.03 $38.71 $51.25 $41.75 168 66.67% 33.33%

$47.27 $34.68 $50.50 $36.00 168 66.67% 33.33%

$47.27 $34.68 $50.50 $36.00 168 66.67% 33.33%

$45.67 $40.33 $44.00 $38.50 168 66.67% 33.33%

$0.00 $40.33 $0.00 $38.500 24 0.00% 100.00%

$45.67 $40.33 $44.00 $38.50 168 66.67% 33.33%

$0.00 $39.11 $0.00 $39.750 24 0.00% 100.00%

$48.03 $39.11 $48.25 $39.75 168 66.67% 33.33%

$51.11 $37.75 $51.50 $36.50 168 66.67% 33.33%

$52.25 $36.36 $52.25 $35.00 168 66.67% 33.33%

$52.25 $36.36 $52.25 $35.00 168 66.67% 33.33%

$0.00 $35.37 $0.00 $34.250 24 0.00% 100.00%

$44.03 $35.37 $42.25 $34.25 168 66.67% 33.33%

$0.00 $33.60 $0.00 $34.750 24 0.00% 100.00%

$47.21 $33.60 $46.75 $34.75 168 66.67% 33.33%

$49.67 $36.74 $50.00 $38.50 168 66.67% 33.33%

$49.18 $35.16 $49.75 $37.75 168 66.67% 33.33%

$48.35 $33.56 $48.50 $34.25 168 66.67% 33.33%

$53.38 $38.64 $55.50 $43.25 168 66.67% 33.33%

$53.38 $38.64 $55.50 $43.25 168 66.67% 33.33%

$0.00 $38.05 $0.00 $38.250 24 0.00% 100.00%

$47.17 $38.05 $47.00 $38.25 168 66.67% 33.33%

$46.24 $34.83 $46.00 $34.75 168 66.67% 33.33%

$48.41 $37.02 $47.21 $37.50 168 66.67% 33.33%

$48.41 $37.02 $47.21 $37.50 168 66.67% 33.33%

$46.76 $34.98 $44.15 $34.14 168 66.67% 33.33%
$46.76 $34.98 $44.15 $34.14 16

8 66.67% 33.33%

$0.00 $39.83 $0.00 $38.250 24 0.00% 100.00%

$47.50 $39.83 $46.00 $38.25 168 66.67% 33.33%

$49.10 $36.15 $47.25 $36.00 168 66.67% 33.33%

$49.17 $35.68 $47.50 $35.75 168 66.67% 33.33%

$48.05 $37.52 $49.50 $39.00 168 66.67% 33.33%

$46.25 $35.50 $46.50 $35.00 168 66.67% 33.33%

$46.25 $35.50 $46.50 $35.00 168 66.67% 33.33%

$0.00 $39.17 $0.00 $37.500 24 0.00% 100.00%

$48.27 $39.17 $48.25 $37.50 168 66.67% 33.33%

$49.00 $35.03 $47.00 $36.00 168 66.67% 33.33%

$45.90 $33.87 $47.25 $34.75 168 66.67% 33.33%

$45.90 $33.87 $47.25 $34.75 168 66.67% 33.33%

$42.66 $33.34 $42.50 $33.25 168 66.67% 33.33%

$42.66 $33.34 $42.50 $33.25 168 66.67% 33.33%

$0.00 $37.22 $0.00 $36.250 24 0.00% 100.00%

$43.33 $32.15 $43.00 $33.00 168 66.67% 33.33%

$45.42 $33.07 $46.00 $34.50 168 66.67% 33.33%

$47.71 $34.75 $49.50 $39.50 168 66.67% 33.33%

$48.94 $35.89 $50.50 $39.00 168 66.67% 33.33%

$48.73 $36.36 $47.25 $36.50 168 66.67% 33.33%

$48.73 $36.36 $47.25 $36.50 168 66.67% 33.33%

$0.00 $40.11 $0.00 $38.250 24 0.00% 100.00%

$51.97 $40.11 $51.50 $38.25 168 66.67% 33.33%

$50.08 $38.48 $50.75 $39.25 168 66.67% 33.33%

$49.82 $38.50 $50.50 $39.50 168 66.67% 33.33%

$49.82 $38.50 $50.50 $39.50 168 66.67% 33.33%

$50.25 $39.06 $48.75 $40.00 168 66.67% 33.33%

$50.25 $39.06 $48.75 $40.00 168 66.67% 33.33%

$0.00 $42.75 $0.00 $41.750 24 0.00% 100.00%

$48.82 $42.75 $47.50 $41.75 168 66.67% 33.33%

$46.74 $34.71 $47.00 $35.00 168 66.67% 33.33%

$47.31 $33.66 $46.50 $34.50 168 66.67% 33.33%

$45.50 $34.00 $45.25 $35.75 168 66.67% 33.33%

$42.48 $32.39 $41.50 $32.50 168 66.67% 33.33%

$42.48 $32.39 $41.50 $32.50 168 66.67% 33.33%

$0.00 $35.64 $0.00 $35.000 24 0.00% 100.00%

$41.80 $35.64 $42.00 $35.00 168 66.67% 33.33%

$41.77 $32.75 $42.25 $34.50 168 66.67% 33.33%

$42.44 $33.26 $43.25 $34.75 168 66.67% 33.33%

$42.44 $33.26 $43.25 $34.75 168 66.67% 33.33%

$43.07 $33.00 $43.00 $33.50 168 66.67% 33.33%

$43.07 $33.00 $43.00 $33.50 168 66.67% 33.33%

$0.00 $37.50 $0.00 $38.000 24 0.00% 100.00%

$42.73 $31.90 $46.50 $32.50 168 66.67% 33.33%

$43.09 $31.77 $46.75 $34.00 168 66.67% 33.33%

$43.50 $32.64 $46.50 $33.75 168 66.67% 33.33%

$44.08 $31.98 $46.75 $32.50 168 66.67% 33.33%

$42.38 $32.00 $44.50 $32.75 168 66.67% 33.33%

$42.38 $32.00 $44.50 $32.75 168 66.67% 33.33%

$0.00 $34.99 $0.00 $34.750 24 0.00% 100.00%
$41.37 $34.99 $43.00 $34.75 16

8 66.67% 33.33%

$43.72 $34.49 $47.50 $36.75 168 66.67% 33.33%

$42.44 $35.02 $46.25 $37.00 168 66.67% 33.33%

$42.45 $33.80 $46.50 $35.00 168 66.67% 33.33%

$42.48 $34.17 $43.50 $34.25 168 66.67% 33.33%

$42.48 $34.17 $43.50 $34.25 168 66.67% 33.33%

$0.00 $38.00 $0.00 $38.500 24 0.00% 100.00%

$44.11 $38.00 $45.00 $38.50 168 66.67% 33.33%

$41.34 $32.50 $44.00 $34.25 168 66.67% 33.33%

$45.55 $32.59 $45.00 $33.25 168 66.67% 33.33%

$44.67 $31.51 $44.50 $30.50 168 66.67% 33.33%

$38.36 $28.61 $39.25 $29.75 168 66.67% 33.33%

$38.36 $28.61 $39.25 $29.75 168 66.67% 33.33%

$0.00 $30.21 $0.00 $30.750 24 0.00% 100.00%

$38.31 $30.21 $39.50 $30.75 168 66.67% 33.33%

$38.63 $26.92 $40.00 $27.25 168 66.67% 33.33%

$39.77 $27.38 $42.00 $28.25 168 66.67% 33.33%

$38.16 $25.20 $39.25 $27.00 168 66.67% 33.33%

$37.72 $25.38 $38.00 $25.25 168 66.67% 33.33%

$37.72 $25.38 $38.00 $25.25 168 66.67% 33.33%

$0.00 $30.59 $0.00 $32.500 24 0.00% 100.00%

$38.67 $30.59 $39.50 $32.50 168 66.67% 33.33%

$37.98 $26.81 $39.25 $27.00 168 66.67% 33.33%

$37.71 $26.53 $39.75 $27.25 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$35.27 $25.39 $31.00 $20.81 168 66.67% 33.33%

$0.00 $27.23 $0.00 $27.000 24 0.00% 100.00%

$35.38 $27.23 $35.75 $27.00 168 66.67% 33.33%

$35.07 $24.16 $33.75 $24.67 168 66.67% 33.33%

$36.93 $27.49 $38.00 $29.25 168 66.67% 33.33%

$38.65 $28.66 $39.00 $29.00 168 66.67% 33.33%

$37.76 $28.99 $40.00 $29.50 168 66.67% 33.33%

$37.76 $28.99 $40.00 $29.50 168 66.67% 33.33%

$0.00 $30.80 $0.00 $32.000 24 0.00% 100.00%

$37.66 $30.80 $39.50 $32.00 168 66.67% 33.33%

$37.14 $26.77 $37.50 $27.00 168 66.67% 33.33%

$37.07 $26.80 $38.75 $27.75 168 66.67% 33.33%

$38.99 $29.51 $41.00 $30.00 168 66.67% 33.33%

$35.99 $27.24 $36.50 $27.25 168 66.67% 33.33%

$35.99 $27.24 $36.50 $27.25 168 66.67% 33.33%

$0.00 $27.76 $0.00 $28.500 24 0.00% 100.00%

$35.56 $27.76 $37.50 $28.50 168 66.67% 33.33%

$34.68 $26.08 $38.50 $27.50 168 66.67% 33.33%

$34.65 $25.30 $37.50 $27.00 168 66.67% 33.33%

$32.68 $27.17 $35.25 $28.50 168 66.67% 33.33%

$32.67 $26.59 $34.25 $26.75 168 66.67% 33.33%

$32.67 $26.59 $34.25 $26.75 168 66.67% 33.33%

$0.00 $29.00 $0.00 $29.000 24 0.00% 100.00%

$34.88 $29.00 $36.00 $29.00 168 66.67% 33.33%

$36.34 $26.93 $38.00 $27.75 168 66.67% 33.33%
$35.37 $26.28 $37.50 $28.50 16

8 66.67% 33.33%

$35.37 $26.28 $37.50 $28.50 168 66.67% 33.33%

$33.55 $24.25 $32.50 $25.25 168 66.67% 33.33%

$32.23 $23.11 $31.75 $23.25 168 66.67% 33.33%

$0.00 $26.42 $0.00 $26.400 24 0.00% 100.00%

$35.00 $26.42 $32.75 $26.40 168 66.67% 33.33%

$34.08 $23.75 $32.00 $22.25 168 66.67% 33.33%

$35.57 $25.64 $36.50 $24.50 168 66.67% 33.33%

$34.18 $26.60 $33.00 $24.25 168 66.67% 33.33%

$32.76 $26.77 $31.25 $25.25 168 66.67% 33.33%

$32.76 $26.77 $31.25 $25.25 168 66.67% 33.33%

$0.00 $27.65 $0.00 $27.000 24 0.00% 100.00%

$34.31 $27.65 $30.50 $27.00 168 66.67% 33.33%

$34.43 $24.90 $34.00 $24.25 168 66.67% 33.33%

$34.60 $24.37 $34.25 $24.00 168 66.67% 33.33%

$34.31 $24.34 $32.75 $23.75 168 66.67% 33.33%

$34.62 $25.08 $34.25 $24.75 168 66.67% 33.33%

$34.62 $25.08 $34.25 $24.75 168 66.67% 33.33%

$0.00 $29.11 $0.00 $29.500 24 0.00% 100.00%

$37.52 $29.11 $37.50 $29.50 168 66.67% 33.33%

$36.25 $25.81 $36.50 $23.75 168 66.67% 33.33%

$37.60 $25.42 $33.50 $24.25 168 66.67% 33.33%

$35.83 $23.04 $33.75 $20.00 168 66.67% 33.33%

$34.58 $20.05 $31.50 $17.25 168 66.67% 33.33%

$34.58 $20.05 $31.50 $17.25 168 66.67% 33.33%

$0.00 $24.19 $0.00 $20.500 24 0.00% 100.00%

$33.98 $24.19 $31.75 $20.50 168 66.67% 33.33%

$33.33 $21.58 $31.25 $16.75 168 66.67% 33.33%

$34.36 $23.66 $30.00 $18.00 168 66.67% 33.33%

$34.36 $23.66 $30.00 $18.00 168 66.67% 33.33%

$32.00 $22.63 $29.25 $17.75 168 66.67% 33.33%

$32.00 $22.63 $29.25 $17.75 168 66.67% 33.33%

$0.00 $29.95 $0.00 $27.500 24 0.00% 100.00%

$0.00 $29.95 $0.00 $27.500 24 0.00% 100.00%

$35.73 $23.40 $36.00 $21.53 168 66.67% 33.33%

$34.08 $19.40 $31.25 $16.25 168 66.67% 33.33%

$33.23 $18.12 $32.00 $16.14 168 66.67% 33.33%

$33.78 $15.72 $32.25 $14.25 168 66.67% 33.33%

$33.78 $15.72 $32.25 $14.25 168 66.67% 33.33%

$0.00 $29.72 $0.00 $26.000 24 0.00% 100.00%

$43.96 $29.72 $42.75 $26.00 168 66.67% 33.33%

$38.21 $16.66 $39.25 $14.00 168 66.67% 33.33%

$37.03 $14.99 $37.25 $15.50 168 66.67% 33.33%

$34.37 $14.56 $32.75 $15.00 168 66.67% 33.33%

$29.22 $13.10 $28.50 $14.50 168 66.67% 33.33%

$29.22 $13.10 $28.50 $14.50 168 66.67% 33.33%

$0.00 $18.86 $0.00 $18.250 24 0.00% 100.00%

$35.67 $18.86 $35.75 $18.25 168 66.67% 33.33%

$36.89 $16.54 $38.25 $14.25 168 66.67% 33.33%

$36.75 $15.70 $35.75 $12.75 168 66.67% 33.33%

$36.35 $15.12 $36.25 $13.00 168 66.67% 33.33%
$33.53 $14.86 $33.50 $12.25 16

8 66.67% 33.33%

$33.53 $14.86 $33.50 $12.25 168 66.67% 33.33%

$0.00 $21.04 $0.00 $17.000 24 0.00% 100.00%

$36.99 $21.04 $37.50 $17.00 168 66.67% 33.33%

$37.19 $16.90 $40.50 $15.75 168 66.67% 33.33%

$38.24 $19.25 $45.00 $17.00 168 66.67% 33.33%

$39.13 $19.90 $43.50 $15.00 168 66.67% 33.33%

$36.42 $20.48 $38.00 $15.50 168 66.67% 33.33%

$36.42 $20.48 $38.00 $15.50 168 66.67% 33.33%

$0.00 $32.52 $0.00 $29.500 24 0.00% 100.00%

$42.94 $32.52 $49.00 $29.50 168 66.67% 33.33%

$42.33 $23.00 $48.00 $18.25 168 66.67% 33.33%

$41.26 $19.67 $46.00 $16.00 168 66.67% 33.33%

$41.07 $20.21 $46.50 $19.25 168 66.67% 33.33%

$39.58 $22.42 $41.56 $19.00 168 66.67% 33.33%

$39.58 $22.42 $41.56 $19.00 168 66.67% 33.33%

$0.00 $32.25 $0.00 $20.750 24 0.00% 100.00%

$0.00 $32.25 $0.00 $20.750 24 0.00% 100.00%

$41.66 $32.25 $45.00 $20.75 168 66.67% 33.33%

$38.83 $22.24 $41.50 $18.50 168 66.67% 33.33%

$42.25 $23.35 $44.46 $19.25 168 66.67% 33.33%
$40.50 $40.50 2007

$63.77 $63.87 2007

$61.69 $61.38 2007

$58.38 $59.18 2007

$73.02 $75.89 2007

$60.32 $63.96 2007

$60.32 $63.96 2007

$87.27 $88.99 2007

$86.33 $89.52 2007

$57.25 $62.69 2007
$43.74 $44.50 2007

$44.62 $44.75 2007

$59.41 $62.98 2007

$49.24 $53.40 2007

$51.52 $54.29 2007

$48.17 $51.40 2007

$48.17 $51.40 2007

$42.39 $45.89 2007

$52.27 $58.80 2007

$49.26 $52.72 2007

$51.34 $54.49 2007

$52.07 $52.69 2007

$50.77 $50.93 2007

$50.77 $50.93 2007

$41.50 $37.75 2007

$53.61 $53.92 2007

$47.38 $48.45 2007

$42.89 $43.75 2007

$42.07 $43.25 2007

$40.53 $41.42 2007

$40.53 $41.42 2007

$35.00 $35.60 2007

$43.66 $45.20 2007

$43.82 $43.33 2007

$47.57 $46.22 2007

$47.57 $46.22 2007

$46.56 $43.17 2007

$46.56 $43.17 2007

$41.42 $36.75 2007

$48.90 $46.50 2007

$52.95 $50.42 2007

$59.52 $56.50 2007

$65.07 $60.13 2007

$54.30 $50.33 2007

$54.30 $50.33 2007

$46.11 $43.00 2007

$55.60 $52.67 2007

$55.72 $51.75 2007

$55.71 $53.42 2007

$58.29 $53.17 2007

$55.72 $53.33 2007

$55.72 $53.33 2007

$48.35 $42.14 2007

$55.49 $52.05 2007

$51.89 $45.33 2007

$53.47 $47.83 2007

$52.15 $47.12 2007

$52.77 $47.33 2007

$52.77 $47.33 2007

$48.60 $44.46 2007

$56.25 $52.92 2007
$52.55 $46.00 2007

$53.41 $47.71 2007

$54.02 $48.83 2007

$56.67 $50.17 2007

$56.67 $50.17 2007

$50.25 $47.35 2007

$59.46 $54.45 2007

$56.59 $51.97 2007

$55.73 $53.54 2007

$55.97 $50.79 2007

$54.64 $51.33 2007

$54.64 $51.33 2007

$44.76 $42.00 2007

$50.14 $49.17 2007

$49.95 $48.87 2007

$51.57 $49.67 2007

$51.57 $49.67 2007

$49.79 $45.50 2007

$49.79 $45.50 2007

$40.85 $38.00 2007

$47.54 $47.33 2007

$46.21 $45.67 2007

$47.22 $46.00 2007

$43.68 $43.50 2007

$40.65 $42.17 2007

$40.65 $42.17 2007

$35.66 $35.50 2007

$40.73 $42.50 2007

$41.69 $42.08 2007

$41.69 $42.08 2007

$37.52 $40.00 2007

$40.09 $40.67 2007

$40.09 $40.67 2007

$41.91 $41.75 2007

$44.02 $46.25 2007

$55.75 $56.50 2007

$59.76 $62.00 2007

$59.76 $62.00 2007

$62.02 $61.58 2007

$56.22 $57.25 2007

$50.49 $48.75 2007

$55.68 $55.92 2007

$49.96 $50.00 2007

$53.08 $53.50 2007

$52.82 $51.92 2007

$50.25 $49.17 2007

$50.25 $49.17 2007

$53.91 $49.00 2007

$54.68 $56.67 2007

$53.83 $62.17 2007

$59.54 $63.50 2007
$62.42 $66.42 2007

$63.23 $67.17 2007

$63.23 $67.17 2007

$54.65 $55.50 2007

$62.18 $63.33 2007

$55.06 $56.83 2007

$55.28 $57.42 2007

$55.28 $57.42 2007

$56.03 $57.00 2007

$56.03 $57.00 2007

$52.75 $51.50 2007

$56.16 $57.17 2007

$51.31 $49.00 2007

$54.69 $53.67 2007

$56.51 $55.83 2007

$55.80 $55.42 2007

$55.80 $55.42 2007

$55.57 $52.00 2007

$59.88 $59.83 2007

$17.00 $16.00 2008

$56.87 $56.17 2008

$59.83 $58.50 2008

$56.63 $54.00 2008

$56.63 $54.00 2008

$51.29 $48.49 2008

$57.25 $56.52 2008

$58.71 $58.04 2008

$58.31 $58.24 2008

$58.96 $59.14 2008

$57.63 $57.40 2008

$57.63 $57.40 2008

$56.54 $57.00 2008

$62.73 $63.63 2008

$63.58 $65.83 2008

$67.53 $73.25 2008

$67.53 $73.25 2008

$66.02 $66.50 2008

$66.02 $66.50 2008

$61.80 $64.50 2008

$67.90 $70.83 2008

$69.32 $73.33 2008

$62.58 $67.67 2008

$62.81 $66.25 2008

$60.01 $63.21 2008

$60.01 $63.21 2008

$59.01 $59.00 2008

$61.45 $65.09 2008

$59.49 $63.61 2008

$62.79 $67.75 2008

$64.40 $70.37 2008

$63.26 $69.33 2008
$63.26 $69.33 2008

$59.10 $58.50 2008

$66.06 $67.17 2008

$64.42 $68.50 2008

$68.40 $72.33 2008

$68.00 $69.33 2008

$62.78 $63.17 2008

$62.78 $63.17 2008

$55.62 $53.50 2008

$63.39 $63.97 2008

$63.57 $64.89 2008

$62.67 $63.33 2008

$62.67 $63.33 2008

$60.51 $62.00 2008

$60.51 $62.00 2008

$54.72 $54.75 2008

$63.85 $64.25 2008

$63.52 $63.67 2008

$66.61 $67.00 2008

$66.67 $66.75 2008

$63.72 $64.00 2008

$63.72 $64.00 2008

$60.07 $59.75 2008

$66.96 $67.92 2008

$68.53 $70.00 2008

$68.43 $70.42 2008

$68.43 $70.42 2008

$67.33 $69.83 2008

$64.50 $66.42 2008

$61.24 $64.25 2008

$67.43 $70.75 2008

$67.30 $69.92 2008

$69.70 $74.29 2008

$70.78 $74.67 2008

$70.81 $73.08 2008

$70.81 $73.08 2008

$71.65 $71.50 2008

$77.34 $78.17 2008

$76.44 $79.17 2008

$77.42 $78.17 2008

$72.61 $73.50 2008

$67.91 $69.17 2008

$67.91 $69.17 2008

$66.18 $66.00 2008

$73.06 $74.17 2008

$71.70 $74.50 2008

$71.34 $73.33 2008

$71.34 $73.33 2008

$64.87 $64.50 2008

$64.87 $64.50 2008

$52.64 $54.25 2008
$61.35 $62.42 2008

$65.09 $65.58 2008

$67.07 $68.17 2008

$70.42 $72.25 2008

$70.44 $73.50 2008

$70.44 $73.50 2008

$71.82 $71.50 2008

$79.05 $81.50 2008

$84.32 $86.75 2008

$79.94 $82.83 2008

$74.11 $77.83 2008

$77.61 $79.50 2008

$77.61 $79.50 2008

$79.76 $78.86 2008

$85.70 $86.62 2008

$83.39 $83.17 2008

$78.68 $78.50 2008

$74.51 $74.75 2008

$76.81 $78.67 2008

$76.81 $78.67 2008

$78.82 $78.75 2008

$91.60 $95.42 2008

$82.37 $83.92 2008

$77.75 $79.00 2008

$78.15 $79.50 2008

$79.88 $80.67 2008

$79.88 $80.67 2008

$71.29 $72.00 2008

$83.42 $83.17 2008

$87.22 $88.25 2008

$86.90 $87.50 2008

$80.27 $76.33 2008

$80.57 $77.17 2008

$80.57 $77.17 2008

$81.97 $77.00 2008

$93.94 $89.83 2008

$88.54 $85.67 2008

$82.14 $78.67 2008

$77.83 $76.08 2008

$76.45 $76.33 2008

$76.45 $76.33 2008

$68.34 $67.50 2008

$76.85 $76.67 2008

$77.38 $76.50 2008

$77.30 $76.50 2008

$73.30 $74.00 2008

$74.19 $75.50 2008

$74.19 $75.50 2008

$67.19 $69.00 2008

$78.93 $79.17 2008

$79.36 $75.33 2008
$76.02 $76.03 2008

$79.71 $81.00 2008

$85.73 $85.50 2008

$85.73 $85.50 2008

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$27.88 $27.94 2009

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$33.20 $34.58 2010
$32.34 $34.50 2010

$32.34 $34.50 2010

$30.45 $30.08 2010

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$26.42 $26.40 2010

$32.14 $30.63 2010

$30.64 $28.75 2010

$32.26 $32.50 2010

$31.65 $30.08 2010

$30.76 $29.25 2010

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$27.65 $27.00 2010

$32.09 $29.33 2010

$31.25 $30.75 2010

$31.19 $30.83 2010

$30.99 $29.75 2010

$31.44 $31.08 2010

$31.44 $31.08 2010

$29.11 $29.50 2010

$34.72 $34.83 2010

$32.77 $32.25 2010

$33.54 $30.42 2010

$31.57 $29.17 2010

$29.74 $26.75 2010

$29.74 $26.75 2010

$24.19 $20.50 2010

$30.72 $28.00 2010

$29.41 $26.42 2010

$30.79 $26.00 2010

$30.79 $26.00 2010

$28.88 $25.42 2010

$28.88 $25.42 2010

$29.95 $27.50 2010

$29.95 $27.50 2010

$31.62 $31.18 2010

$29.19 $26.25 2010

$28.19 $26.71 2010

$27.76 $26.25 2010

$27.76 $26.25 2010

$29.72 $26.00 2010

$39.21 $37.17 2010

$31.03 $30.83 2010

$29.68 $30.00 2010

$27.77 $26.83 2010

$23.85 $23.83 2010

$23.85 $23.83 2010

$18.86 $18.25 2010

$30.07 $29.92 2010

$30.11 $30.25 2010

$29.73 $28.08 2010

$29.27 $28.50 2010
$27.31 $26.42 2010

$27.31 $26.42 2010

$21.04 $17.00 2010

$31.67 $30.67 2010

$30.43 $32.25 2010

$31.91 $35.67 2010

$32.72 $34.00 2010

$31.11 $30.50 2010

$31.11 $30.50 2010

$32.52 $29.50 2010

$39.47 $42.50 2010

$35.89 $38.08 2010

$34.06 $36.00 2010

$34.12 $37.42 2010

$33.86 $34.04 2010

$33.86 $34.04 2010

$32.25 $20.75 2010

$32.25 $20.75 2010

$38.52 $36.92 2010

$33.30 $33.83 2010

$35.95 $36.06 2010


E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

BOR ONLY Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Year No. Starting 2012 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Year No. Starting 2017 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Year No. Starting 2023 1 2 3 4 5 6 7 8 9 10

1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032

Units

NPV

From 2012

a Generation Statistics

b Gross Capacity MW 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585 585

c Operating Capacity MW 547 547 547 547 547 547 547 547 547 547 547 547 547 547 547 547 547 547 547 547 547

d Efficiency Vs. Base Case Efficiency % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

e Net Generation MWh 102,982,033 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281 4,119,281

f Capacity Factor % 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

Base Case

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service $000 $ 263,640 $ 253,095 $ 242,549 $ 232,003 $ 221,458 $ 210,912 $ 200,367 $ 189,821 $ 179,275 $ 168,730 $ 158,184 $ 147,639 $ 137,093 $ 126,547 $ 116,002 $ 105,457 $ 94,911 $ 84,365 $ 73,819 $ 63,274 $ 52,728

4 Annual Depreciation Expense $000 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,545 $ 10,546 $ 10,546 $ 10,546 $ 10,546 $ 10,546

5 Accumulated Depreciation $000 172,699 183,244 193,790 204,335 214,881 225,427 235,972 246,518 257,063 267,609 278,155 288,700 299,246 309,792 320,337 330,882 341,428 351,974 362,520 373,065 383,611

6

7 Return on Capital

8 Capital Recovery $000 6,432 6,175 5,917 5,660 5,403 5,146 4,888 4,631 4,374 4,116 3,859 3,602 3,345 3,087 2,830 2,573 2,315 2,058 1,801 1,544 1,286

9 $ per MWh 1.56 1.50 1.44 1.37 1.31 1.25 1.19 1.12 1.06 1.00 0.94 0.87 0.81 0.75 0.69 0.62 0.56 0.50 0.44 0.37 0.31

10

11 Total CAPEX (Depreciation + Return on Capital) $000 16,978 16,720 16,463 16,206 15,948 15,691 15,434 15,177 14,919 14,662 14,405 14,147 13,890 13,633 13,376 13,118 12,862 12,604 12,347 12,089 11,832

12 $ per MWh 4.12 4.06 4.00 3.93 3.87 3.81 3.75 3.68 3.62 3.56 3.50 3.43 3.37 3.31 3.25 3.18 3.12 3.06 3.00 2.93 2.87

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year) % -2.1% 0.0% 0.0% 1.1% 1.0% 1.0% 0.0% -0.5% 1.0% 1.0% 1.5% 0.5% 0.5% 0.0% 0.0% 0.5% 1.5% 1.4% 0.5% 0.5% 0.0%

16 Fuel Expense $000 78,735 78,735 78,735 79,568 80,401 81,234 81,234 80,818 81,651 82,484 83,734 84,150 84,567 84,567 84,567 84,984 86,233 87,483 87,900 88,316 88,316

17 $ per MWh 19.11 19.11 19.11 19.32 19.52 19.72 19.72 19.62 19.82 20.02 20.33 20.43 20.53 20.53 20.53 20.63 20.93 21.24 21.34 21.44 21.44

18 833 81,651

19 Non-Fuel Operating & Maintenance Expenses 4,874 85,692

20 Operating Expenses

21 Op. Supervision & Engineering $000 2,723 2,805 2,889 2,976 3,065 3,157 3,252 3,349 3,450 3,553 3,660 3,770 3,883 3,999 4,119 4,243 4,370 4,501 4,636 4,775 4,918

22 Total Steam/Hydraulic Expense $000 3,664 3,774 3,887 4,003 4,123 4,247 4,375 4,506 4,641 4,780 4,924 5,071 5,223 5,380 5,542 5,708 5,879 6,055 6,237 6,424 6,617

23 Electric Expenses $000 942 970 1,000 1,030 1,060 1,092 1,125 1,159 1,194 1,229 1,266 1,304 1,343 1,384 1,425 1,468 1,512 1,557 1,604 1,652 1,702

24 Misc. Power Expenses $000 3,906 4,023 4,144 4,268 4,396 4,528 4,664 4,804 4,948 5,096 5,249 5,407 5,569 5,736 5,908 6,085 6,268 6,456 6,650 6,849 7,055

25 Rents $000 115 118 122 125 129 133 137 141 145 150 154 159 163 168 173 179 184 190 195 201 207

26 Allowances $000 - - - - - - - - - - - - - - - - - - - - -

27 Total Non-Fuel Operating Expenses $000 11,350 11,690 12,041 12,402 12,774 13,157 13,552 13,959 14,377 14,809 15,253 15,711 16,182 16,667 17,167 17,682 18,213 18,759 19,322 19,902 20,499

28 2.76 2.84 2.92 3.01 3.10 3.19 3.29 3.39 3.49 3.59 3.70 3.81 3.93 4.05 4.17 4.29 4.42 4.55 4.69 4.83 4.98

29 Maintenance Expenses 

30 Supervision & Engineering $000 1,853 1,909 1,966 2,025 2,086 2,149 2,213 2,279 2,348 2,418 2,491 2,565 2,642 2,722 2,803 2,887 2,974 3,063 3,155 3,250 3,347

31 Structures $000 595 613 631 650 669 689 710 731 753 776 799 823 848 873 899 926 954 983 1,012 1,043 1,074

32 Boiler/Reactor/Reservoirs & Dams $000 11,745 12,097 12,460 12,834 13,219 13,615 14,024 14,445 14,878 15,324 15,784 16,258 16,745 17,248 17,765 18,298 18,847 19,412 19,995 20,595 21,212

33 Electric Plant $000 4,766 4,909 5,057 5,208 5,365 5,526 5,691 5,862 6,038 6,219 6,406 6,598 6,796 7,000 7,210 7,426 7,649 7,878 8,115 8,358 8,609

34 Misc. Plant $000 1,522 1,568 1,615 1,664 1,713 1,765 1,818 1,872 1,928 1,986 2,046 2,107 2,171 2,236 2,303 2,372 2,443 2,516 2,592 2,669 2,750

35 Total Maintenance Expenses $000 20,482 21,096 21,729 22,381 23,052 23,744 24,456 25,190 25,945 26,724 27,526 28,351 29,202 30,078 30,980 31,910 32,867 33,853 34,869 35,915 36,992

36 $ per MWh 4.97 5.12 5.27 5.43 5.60 5.76 5.94 6.12 6.30 6.49 6.68 6.88 7.09 7.30 7.52 7.75 7.98 8.22 8.46 8.72 8.98

37 Production Costs

38 CO2 cost If Included $ - 110,566 111,521 112,505 114,351 116,228 118,136 119,243 119,966 121,974 124,017 126,512 128,212 129,951 131,312 132,715 134,576 137,313 140,095 142,090 144,133 145,807

39 Total Production $ per MWh 26.84 27.07 27.31 27.76 28.22 28.68 28.95 29.12 29.61 30.11 30.71 31.12 31.55 31.88 32.22 32.67 33.33 34.01 34.49 34.99 35.40

40

Base Case Total Cost of Electricity

Cost of Electricity $000 127,544 128,241 128,968 130,557 132,176 133,827 134,676 135,143 151,893 153,679 155,917 157,360 158,841 159,945 161,090 162,694 165,175 167,699 169,437 171,222 172,639

Cost of Electricity $ per MWh 30.96 31.13 31.31 31.69 32.09 32.49 32.69 32.81 36.87 37.31 37.85 38.20 38.56 38.83 39.11 39.50 40.10 40.71 41.13 41.57 41.91

$Million

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

BASE

SNCR

SCR

Baghouse

09000064811c2027

BOR Share Only
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

BOR ONLY Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

a Generation Statistics

b Gross Capacity

c Operating Capacity

d Efficiency Vs. Base Case Efficiency

e Net Generation

f Capacity Factor

Base Case

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service

4 Annual Depreciation Expense

5 Accumulated Depreciation

6

7 Return on Capital

8 Capital Recovery

9

10

11 Total CAPEX (Depreciation + Return on Capital)

12

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year)

16 Fuel Expense

17

18

19 Non-Fuel Operating & Maintenance Expenses

20 Operating Expenses

21 Op. Supervision & Engineering

22 Total Steam/Hydraulic Expense

23 Electric Expenses

24 Misc. Power Expenses

25 Rents

26 Allowances

27 Total Non-Fuel Operating Expenses

28

29 Maintenance Expenses 

30 Supervision & Engineering

31 Structures

32 Boiler/Reactor/Reservoirs & Dams

33 Electric Plant

34 Misc. Plant

35 Total Maintenance Expenses

36

37 Production Costs

38 CO2 cost If Included

39 Total Production

40

Base Case Total Cost of Electricity

Cost of Electricity

Cost of Electricity

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

BASE

SNCR

SCR

Baghouse

2033 2034 2035

22 23 24

17 18 19

11 12 13

1/1/2033 1/1/2034 1/1/2035

 585 585 585

 547 547 547

100% 100% 100%

 4,119,281 4,119,281 4,119,281

86% 86% 86%

$ 42,182 $ 31,637 $ 21,091

$ 10,546 $ 10,546 $ 10,546

 394,156 404,702 415,248

 1,029 772 515

 0.25 0.19 0.12

 11,575 11,317 11,060

 2.81 2.75 2.68

0.0% 0.0% 0.5%

 88,316 88,316 88,733

 21.44 21.44 21.54

 5,066 5,218 5,375

 6,815 7,020 7,231

 1,753 1,805 1,859

 7,266 7,484 7,709

 213 220 226

 - - -

 21,114 21,747 22,400

 5.13 5.28 5.44

 3,448 3,551 3,658

 1,106 1,139 1,174

 21,849 22,504 23,179

 8,867 9,133 9,407

 2,832 2,917 3,004

 38,102 39,245 40,422

 9.25 9.53 9.81

 147,532 149,308 151,555

35.81 36.25 36.79

 174,107 175,626 177,615

 42.27 42.64 43.12

09000064811c2027

BOR Share Only
CAP	Energy	Rate	1:		Impact	of	Emissions	Control	Scenarios

Assumptions

Annual	pumping	(AF) 1,550,000

Annual	pumping	energy	(MWh) 2,800,000

2014 2015 2016 2017

$						51.00 $			56.00 $			58.00 $			58.00

2014 2015 2016 2017

Incremental	Power	Cost	($/MWh)	 $										- $							- $					1.71 $					3.04

Incremental	Water	Cost	($/AF) $										- $							- $					3.09 $					5.49

Resulting	Energy	1	Rate	($/AF) $						51.00 $			56.00 $			61.09 $			63.49

0.0% 0.0% 5.3% 9.5%

2014 2015 2016 2017

Incremental	Power	Cost	($/MWh)	 $										- $							- $					0.53 $					1.08

Incremental	Water	Cost	($/AF) $										- $							- $					0.96 $					1.95

Resulting	Energy	1	Rate	($/AF) $						51.00 $			56.00 $			58.96 $			59.95

0.0% 0.0% 1.6% 3.4%

2014 2015 2016 2017

Incremental	Power	Cost	($/MWh)	 $										- $					1.82 $					5.49 $					8.30

Incremental	Water	Cost	($/AF) $										- $					3.29 $					9.92 $			14.99

Resulting	Energy	1	Rate	($/AF) $						51.00 $			59.29 $			67.92 $			72.99

0.0% 5.9% 17.1% 25.9%

SCR	+	Baghouse	-	(SCR	2016/2017/2018	Installation)

%	Increase	over	Preliminary	CAP	Rates

SNCR	-	2016/2017/2018	Installation

CAP	Energy	Rate	1:	Advisory	Rates	as	

approved	by	CAWCD	June	2011

Pumping	&	energy	consumption	volumes	as	reported	by	

CAWCD	12/18/2009	Letter	to	EPA

%	Increase	over	Preliminary	CAP	Rates

%	Increase	over	Preliminary	CAP	Rates

ESTIMATED	ENERGY	1	

RATE

SCR	-	2016/2017/2018	Installation
2018

$			58.00

2018

$					4.65

$					8.40

$			66.40

14.5%

2018

$					1.66

$					2.99

$			60.99

5.2%

2018

$					9.79

$			17.69

$			75.69

30.5%

ESTIMATED	ENERGY	1	

RATE
CENTRAL ARIZONA PROJECT 

Firm

2010 2011

 Municipal and Industrial 

Long Term Subcontract (B+C) 1 

Non-Subcontract (A+B+C)

Recharge (A+B+C starting 2011) 2 

AWBA Interstate Recharge (A+B+C+F starting 2011) 3 

Federal (B+C)

Agricultural 

Settlement Pool (C) 4 $ 49 $ 53

Agricultural Incentives 4 

Meet Settlement Pool Goals 

Meet AWBA/CAGRD GSF Goals 

Meet Recovery Goals 

Firm Firm

2010 2011

Capital Charges 

(A) Municipal and Industrial - Long Term Subcontract 5 $ 15.00 $ 15.00

Delivery Charges 

(B) Fixed OM&R 6 $ 69 $ 69

(C) Pumping Energy Rate 1 7 $ 49 $ 53

(D) Pumping Energy Rate 2 8 $ 85 n/a 

(E) Pumping Energy Rate 3 9 $ 122 n/a 

(F) Property Tax Equivalency 10 $ 30 $ 30

DELIVERY RATES FOR VARIOUS CLASSES OF WATER SERVICE

RATE COMPONENTS


Effective June 2011

Provisional

2012 2013 2014 2015 2016 2017 2018

$ 49 $ 50 $ 51 $ 56 $ 58

2011 to 2016 Average Annual Increase 1.89%

Avg annual increase applied for estimated rates 2017 - 2022 0% $ 58 $ 58

Provisional

2012 2013 2014 2015 2016

$ 15.00 $ 15.00 $ 10.00 $ 5.00 $ -

$ 73 $ 76 $ 78 $ 81 $ 83

$ 49 $ 50 $ 51 $ 56 $ 58

 n/a n/a n/a n/a n/a 

 n/a n/a n/a n/a n/a 

$ 26 $ 23 $ 23 $ 24 $ 26

SSES OF WATER SERVICE

Advisory

Advisory


2019 2020 2021 2022 2023 2024 2025

$ 58 $ 58 $ 58 $ 58 $ 58 $ 58 $ 58

Type

Year 2013 2014 2015 2016 2017

$/AF $															50 $															51 $															56 $															58 $															58

Advisory

ESTIMATED


2026 2027 2028 2029 2030

$ 58 $ 58 $ 58 $ 58 $ 58

2018 2019 2020 2021 2022

$															58 $								58 $								58 $								58 $								58

ESTIMATED







Institution Name 

Total Debt 

(Reported)

Total Equity 

(Reported)

% 

Debt

% 

Equity

Effective Tax 

Rate (%)

Allowed 

ROE

Arizona Public Service Company 3,371,489 4,051,406 45% 55% 34.61 10.00%

NV Energy, Inc. 5,148,916 3,406,079 60% 40% 34.72 10.45%

Tucson Electric Power Company 1,520,575 824,943 65% 35% 37.86 10.25%
Interest 

Expense

WACC 

Using 

Allowed 

ROE

6.39% 7.36%

6.38% 6.67%

5.87% 5.97%
Navajo

Power Plant Profile - 2010 Data

Owner Ultimate Parent Ownership(%)

Operating 

Capacity Namplate

2010 Calculated 

NGS MWh

Total Utility 

Retail Sales 

MWh

% of Utility 

NGS MWh as 

% of Total 

Sales

Retail Revenues

(see below)

US Bureau of Reclamation United States Government 24.30 547 585

Salt River Project Salt River Project 21.70 488 523 SRP 3,565,222 26,097,780 14% $ 2,416,903,000

Los Angeles Dept Water & Power Los Angeles Dept Water & Power 21.20 477 511 LADWP 3,483,074 22,939,709 15% $ 2,839,731,000

Arizona Public Service Co. Pinnacle West Capital Corp. 14.00 315 337

Nevada Power Co. NV Energy 11.30 254 272 2,839,731

Tucson Electric Power Co. UniSource Energy Corp. 7.50 169 181

2250 2409.3 SRP Source:

Operator Plant Description Retail Revenues $ 2,416,903,000 $000 2011Audited financials

Salt River Project Operating Status Operating Retail Sales 26,097,780 MWh 2011 Audited financials

Current Operating Capacity (MW) 2,250.0 Avg. Retail Rate $ 92.61

Site Information Technology Type Steam Turbine: Boiler

County, State Coconino, AZ Fuel Type Coal LADPW Source:

NERC Region/Subregion WECC/AZNMSN Year First Unit in Service 1974 Retail Revenues 2,839,731,000 $000 2010 Audited financials

RTO/ISO NA Cogenerator? No Retail Sales 22,939,709 MWh 2010 Audited financials

Power Control Area Salt River Project Primary Purpose Utilities Avg. Retail Rate $ 123.79

Interconnected Utility Salt River Project Regulatory Status Regulated

Water Source Lake Powell FERC Exempt Wholesale Generator? NA CAWCD Plant Ownership (MWh) and Pumping Use

FERC Qualifying Facility? NA 100% 4,228,200 CAWCD Share of Total Annual MWh (calculated)

66% 2,800,000 Pumping MWh per CAWCD Dec 2009 Letter to EPA

Recent News Summary Operating Data - 2010 34% 1,428,200 Balance of BOR/CAWCD power not used for pumping

Operating Capacity (MW) 2,250.0 17,400,000 MWh production for NGS identified in CAWCD Dec 2009 Letter to EPA

Net Generation (MWh) 16,429,593 Effect.

Heat Rate (Btu/kWh) $/MWh Excess Power Value

Capacity Factor (%) 83.36 $ 15.40 $ 22,000,000 Current amount available to annual CAP repayment & water settlements obligations of $55M

Total Production Costs ($/MWh) 24.45 $ 35.01 $ 50,000,000 Amount estimated to be available after 9/30/2011 Bond Indenture expires for Waddell Dam. 

Operating Operating In-Service

Unit ID Capacity (MW) Status Month - Year

Age in 

Yrs

Navajo ST NAV1 750.0 Operating May - 1974 1974 38 33%

Navajo ST NAV2 750.0 Operating Apr - 1975 1975 37 33%

Navajo ST NAV3 750.0 Operating Apr - 1976 1976 36 33%

37 Average

1
NGS Plant Financials

SNL Power Plant Key : 5006

2001 Y 2002 Y 2003 Y 2004 Y 2005 2006 2007 2008 2009 2010 2011

Annual % 

Change

Annual Change 

from 2010 to 

2011

Generation $/MWh $/MWh % MWh

Operating Capacity (MW) 2250.0 2250.0 2250.0 2250.0 2250.0 2250.0 2250.0 2250.0 2250.0 2250.0 2250.0

Net Generation (MWh) 16,846,963 16,805,104 16,324,958 17,734,190 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,429,593 16,951,775 3% 522,182

Capacity Factor (%) 85.47 85.26 82.83 89.73 86.41 88.98 89.38 88.66 81.89 83.36 86.01 3%

Fuel Expenses

Fuel Expense 201,704,634 219,584,610 189,223,396 202,874,113 217,336,046 251,483,024 290,794,693 305,647,499 266,476,299 292,409,448 $ 17.80 330,868,991 $ 19.52 13% 38,459,543

Fuel ($/MWh) $ 11.97 $ 13.07 $ 11.59 $ 11.44 $ 12.76 $ 14.34 $ 16.51 $ 17.44 $ 16.51 $ 17.80 $ 19.52 10% 2

Non-Fuel Operating & Maintenance Expenses

 Op. Supervision & Engineering 9,933,192 5,682,841 5,887,750 8,241,503 10,025,095 11,619,825 9,496,575 10,727,278 8,644,482 10,852,299 $ 0.66 10,880,357 $ 0.64 0% 28,058

 Total Steam/Hydraulic Expense 5,930,945 6,775,476 7,221,317 7,941,183 8,066,930 9,237,106 11,437,649 12,545,297 12,939,430 12,705,665 $ 0.77 14,637,607 $ 0.86 15% 1,931,942

 Electric Expenses 1,173,957 1,014,710 800,713 703,363 900,579 1,652,658 2,663,728 3,128,306 3,739,884 3,668,256 $ 0.22 3,764,293 $ 0.22 3% 96,037

 Misc. Power Expenses 11,489,814 11,502,003 9,892,253 11,882,960 13,700,793 14,804,905 22,196,059 16,848,686 16,923,878 14,718,405 $ 0.90 15,605,805 $ 0.92 6% 887,400

 Rents 597,238 458,122 458,122 458,122 474,659 478,725 455,759 469,135 458,122 458,128 $ 0.03 458,122 $ 0.03 0% (6)

 Allowances - - - - - - - - - - -

Total Non-Fuel Operating Expenses 29,125,146 25,433,152 24,260,155 29,227,131 33,168,056 37,793,219 46,249,770 43,718,702 42,705,796 42,402,753 $ 2.58 $ 45,346,184 $ 2.68 7% 2,943,431

 $ 1.73 $ 1.51 $ 1.49 $ 1.65 $ 1.95 $ 2.15 $ 2.63 $ 2.49 $ 2.65 $ 2.58 $ 2.68 4% 0

 Supervision & Engineering 2,964,738 3,607,091 3,871,494 3,680,140 3,874,942 4,015,970 4,238,604 5,344,795 7,257,305 7,984,323 $ 0.49 7,404,869 $ 0.44 -7% (579,454)

 Structures 734,643 1,220,189 1,043,915 1,296,210 1,594,744 2,101,014 1,663,785 2,170,993 3,135,497 3,039,232 $ 0.18 2,375,918 $ 0.14 -22% (663,314)

 Boiler/Reactor/Reservoirs & Dams 18,998,991 19,232,485 34,279,985 33,838,024 30,740,591 25,723,480 24,939,128 27,724,838 41,808,707 36,127,137 $ 2.20 46,924,692 $ 2.77 30% 10,797,555

 Electric Plant 7,960,064 7,000,924 18,198,951 11,198,290 12,623,311 7,233,640 4,359,703 8,992,034 20,626,945 16,469,750 $ 1.00 19,043,607 $ 1.12 16% 2,573,857

 Misc. Plant 2,689,985 2,298,183 2,386,323 3,377,607 4,415,448 4,768,611 3,688,360 3,520,195 3,781,509 3,324,921 $ 0.20 6,082,326 $ 0.36 83% 2,757,405

Total Maintenance Expense 33,348,421 33,358,872 59,780,668 53,390,271 53,249,036 43,842,715 38,889,580 47,752,855 76,609,963 66,945,363 $ 4.07 81,831,412 $ 4.83 22% 14,886,049

Maintenance Expense ($/MWh) $ 1.98 $ 1.99 $ 3.66 $ 3.01 $ 3.13 $ 2.50 $ 2.21 $ 2.73 $ 4.75 $ 4.07 $ 4.83 19% 1

Non-Fuel O&M ($/MWh) $ 3.71 $ 3.50 $ 5.15 $ 4.66 $ 5.07 $ 4.65 $ 4.83 $ 5.22 $ 7.39 $ 6.66 $ 7.50 13% 1

Estimated Non-Fuel O&M Cost? No No No No No No No No No No No

Production Costs and Ratios

Total Production Costs ($) 264,178,201 278,376,634 273,264,219 285,491,515 303,753,138 333,118,958 375,934,043 397,119,056 385,792,058 401,757,564 $ 24.45 458,046,587 $ 27.02 14% 56,289,023

Total Production ($/MWh) $ 15.68 $ 16.57 $ 16.74 $ 16.10 $ 17.84 $ 18.99 $ 21.34 $ 22.66 $ 23.90 $ 24.45 $ 27.02 11% 3

Variable Production Expense ($) 214,079,900 231,251,390 205,939,936 219,305,969 234,524,533 267,714,466 307,731,411 323,847,983 290,247,826 314,187,446 $ 19.12 356,212,886 $ 21.01 13% 42,025,440

Fixed Production Expense ($) 50,098,301 47,125,244 67,324,283 66,185,546 69,228,605 65,404,492 68,202,632 73,271,073 95,544,232 87,570,118 101,833,701 16% 14,263,583

Variable Production Expense ($/MWh) $ 12.71 $ 13.76 $ 12.62 $ 12.37 $ 13.77 $ 15.26 $ 17.47 $ 18.48 $ 17.98 $ 19.12 $ 21.01 10% 2

Fixed Production Expense ($/kW-yr) 22.27 20.94 29.92 29.42 30.77 29.07 30.31 32.56 42.46 38.92 45.26 16% 6

Fixed Production Costs ($) $ 50,107,500 $ 47,115,000 $ 67,320,000 $ 66,195,000 $ 69,232,500 $ 65,407,500 $ 68,197,500 $ 73,260,000 $ 95,535,000 $ 87,570,000 $ 5.33 $ 101,835,000 $ 6.01 16% 14,265,000

Net Generation (MWh) 16,846,963 16,805,104 16,324,958 17,734,190 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,429,593 16,951,775 3% 522,182

Fixed Production Cost ($/MWh) $ 2.97 $ 2.80 $ 4.12 $ 3.73 $ 4.07 $ 3.73 $ 3.87 $ 4.18 $ 5.92 $ 5.33 $ 6.01 13% 1

Total Production Cost ($/MWh) $ 15.68 $ 16.56 $ 16.74 $ 16.10 $ 17.84 $ 18.99 $ 21.34 $ 22.66 $ 23.90 $ 24.45 $ 27.02 11% 3

Note: SNL Energy reports generation and fuel consumption at the power plant and prime mover level, gathered from the Energy 

Information Administration forms 923 and 906 (EIA 923/906). Data from these forms is provided in both a preliminary/monthly report and 

a final annual report. The EIA does not provide a formal deadline for publication. Monthly reports are published 3 to 6 months after monthend, and annual data may not be published for 24 months from year-end.

In the case of pumped storage facilities, Net Generation (MWh) represents the total generation before energy used for pumping.

Additional data is sourced from the Federal Energy Regulatory Commission Form 1 (FERC Form 1) and the Environmental Protection 

Agency's Continuous Emissions Monitoring Systems (CEMS). In the absence of current-year filings, SNL utilizes regression analysis to 

generate cost estimates. Inputs to the model are taken from the EIA 923, FERC Form 1 and CEMS.

1
Assumed Incremental 

Capital

1976 $ 650,000,000 Reported 10 1976

1977 11 1977

1978 12 1978

1979 13 1979

1980 14 1980

1981 15 1981

1982 16 1982

1983 17 1983

1984 18 1984

1985 19 1985

1986 20 1986

1987 21 1987

1988 22 1988

1989 23 1989

1990 24 1990

1991 $ 300,000,000 Estimated 25 1991

1992 26 1992

1993 27 1993

1994 28 1994

1995 29 1995

1996 0 30 1996

1997 226,531,240 31 1997

1998 108,713,671 32 1998

1999 $ 470,000,000 Estimated 33 1999

2000 119,065,643 34 2000

2001 210,832,748 35 2001

2002 14,060,650 36 2002

2003 24,212,423 37 2003

2004 28,365,272 38 2004

2005 20,096,710 39 2005

2006 22,754,233 40 2006

2007 8,416,257 41 2007

2008 52,996,707 42 2008

2009 16,017,428 43 2009

2010 ESTIMATED 15,000,000 44 2010

2011 ESTIMATED 15,000,000 45 2011

882,062,982

Cost of LNB/SOFA $ 45,000,000

Allocated to Years

2009 Assumed in 2009 above

2010 $ 15,000,000
2011 $ 15,000,000

Installed Equipment & 

Facilities

Accumulated 

Depreciation

Revised Ratebase 

Estimated

 650,000,000 $ - $ 650,000,000 1 1976

 650,000,000 $ 10,655,738 $ 639,344,262 2 1977

 650,000,000 $ 21,311,475 $ 628,688,525 3 1978

 650,000,000 $ 31,967,213 $ 618,032,787 4 1979

 650,000,000 $ 42,622,951 $ 607,377,049 5 1980

 650,000,000 $ 53,278,689 $ 596,721,311 6 1981

 650,000,000 $ 63,934,426 $ 586,065,574 7 1982

 650,000,000 $ 74,590,164 $ 575,409,836 8 1983

 650,000,000 $ 85,245,902 $ 564,754,098 9 1984

 650,000,000 $ 95,901,639 $ 554,098,361 10 1985

 650,000,000 $ 106,557,377 $ 543,442,623 11 1986

 650,000,000 $ 117,213,115 $ 532,786,885 12 1987

 650,000,000 $ 127,868,852 $ 522,131,148 13 1988

 650,000,000 $ 138,524,590 $ 511,475,410 14 1989

 650,000,000 $ 149,180,328 $ 500,819,672 15 1990

 950,000,000 $ 159,836,066 $ 790,163,934 16 1991

 950,000,000 $ 177,013,542 $ 772,986,458 17 1992

 950,000,000 $ 194,191,019 $ 755,808,981 18 1993

 950,000,000 $ 211,368,496 $ 738,631,504 19 1994

 969,209,911 $ 247,755,884 $ 721,454,027 20 1995

 965,753,476 $ 261,476,926 $ 704,276,550 21 1996

 1,192,284,716 $ 505,185,643 $ 687,099,073 22 1997

 1,300,998,387 $ 631,076,790 $ 669,921,597 23 1998

 1,259,998,279 $ 607,254,159 $ 652,744,120 24 1999

 1,379,063,922 $ 743,497,279 $ 635,566,643 25 2000

 1,589,896,670 $ 971,507,504 $ 618,389,166 26 2001

 1,603,957,320 $ 1,002,745,631 $ 601,211,689 27 2002

 1,628,169,743 $ 1,044,135,531 $ 584,034,212 28 2003
 1,656,535,015 $ 431,128,231 $ 1,225,406,784 29 2004

 1,676,631,725 $ 468,261,770 $ 1,208,369,955 30 2005

 1,699,385,958 $ 506,023,331 $ 1,193,362,627 31 2006

 1,707,802,215 $ 544,518,900 $ 1,163,283,315 32 2007

 1,760,798,922 $ 583,295,010 $ 1,177,503,912 33 2008

 1,776,816,350 $ 623,898,593 $ 1,152,917,757 34 2009

 1,776,816,350 $ 656,683,592 $ 1,120,132,758 35 2010

 1,776,816,350 $ 648,479,171 $ 1,128,337,179 36 2011

 1,776,816,350 $ 691,876,755 $ 1,084,939,595 37 2012

 1,776,816,350 $ 735,274,338 $ 1,041,542,012 38 2013

 1,776,816,350 $ 778,671,922 $ 998,144,428 39 2014

 1,776,816,350 $ 822,069,506 $ 954,746,844 40 2015

 1,776,816,350 $ 865,467,090 $ 911,349,260 41 2016

 1,776,816,350 $ 908,864,674 $ 867,951,676 42 2017

 1,776,816,350 $ 952,262,258 $ 824,554,092 43 2018

$ 781,156,509 44 2019

$ 737,758,925 45 2020

$ 694,361,341 46 2021

$ 650,963,757 47 2022

$ 607,566,173 48 2023

$ 564,168,590 49 2024

$ 520,771,006 50 2025

$ 477,373,422 51 2026

$ 433,975,838 52 2027

$ 390,578,254 53 2028

$ 347,180,671 54 2029

$ 303,783,087 55 2030

$ 260,385,503 56 2031

$ 216,987,919 57 2032

$ 173,590,335 58 2033

$ 130,192,751 59 2034

$ 86,795,168 60 2035

$ 43,397,584 61 2036

62 2037

63 2038

64 2039

65 2040

66 2041

67 2042

68 2043

69 2044

70 2045

71 2046

72 2047

73 2048

74 2049
75 2050
Blue highlight identifies actual data as reported to EIA

Cost of Land & Land 

Rights ($)

Cost - Structures & 

Improvements ($)

Cost of Equipment 

($)

Gross Capital 

Expenditures ($) Gross CapEx/ kW 

157,872 92,678,993 876,530,918 969,367,784 402.34

161,791 98,643,034 867,110,442 965,915,267 400.91

123,791 211,007,258 981,277,458 1,192,408,508 494.92

161,817 171,055,807 1,129,942,580 1,301,160,204 540.06

197,537 124,954,457 1,135,043,822 1,260,195,816 523.05

197,537 128,121,516 1,250,942,406 1,379,261,459 572.47

113,841 191,892,024 1,398,004,646 1,590,010,512 659.95

113,841 192,009,738 1,411,947,582 1,604,071,162 665.78

113,841 192,012,402 1,436,157,341 1,629,951,326 676.52

113,841 192,188,771 1,464,346,244 1,658,380,460 688.32

113,841 193,037,643 1,483,594,082 1,678,458,625 696.66

113,841 193,432,317 1,505,953,641 1,701,212,857 706.10

113,841 198,270,214 1,509,532,001 1,709,629,117 709.60

116,578 206,204,709 1,554,594,213 1,758,689,600 729.96

113,841 209,976,445 1,566,839,905 1,774,732,360 736.62

113,841 212,935,592 1,572,271,393 1,782,823,982 739.98

113,841 218,946,976 1,615,950,829 1,837,698,280 762.75
Rate Base Depreciation 61

$ 1,724,287,034 1976

$ 1,696,020,033 $ 24,632,672 $ 1,699,654,362 $ 650,000,000

$ 1,667,753,033 $ 49,265,344 $ 1,675,021,690 $ 639,344,262

$ 1,639,486,032 $ 73,898,016 $ 1,650,389,018 $ 628,688,525

$ 1,611,219,032 $ 98,530,688 $ 1,625,756,346 $ 618,032,787

$ 1,582,952,031 $ 123,163,360 $ 1,601,123,674 $ 607,377,049

$ 1,554,685,031 $ 147,796,031 $ 1,576,491,003 $ 596,721,311

$ 1,526,418,030 $ 172,428,703 $ 1,551,858,331 $ 586,065,574

$ 1,498,151,030 $ 197,061,375 $ 1,527,225,659 $ 575,409,836

$ 1,469,884,029 $ 221,694,047 $ 1,502,592,987 $ 564,754,098

$ 1,441,617,028 $ 246,326,719 $ 1,477,960,315 $ 554,098,361

$ 1,413,350,028 $ 270,959,391 $ 1,453,327,643 $ 543,442,623

$ 1,385,083,027 $ 295,592,063 $ 1,428,694,971 $ 532,786,885

$ 1,356,816,027 $ 320,224,735 $ 1,404,062,299 $ 522,131,148

$ 1,328,549,026 $ 344,857,407 $ 1,379,429,627 $ 511,475,410

$ 1,300,282,026 $ 369,490,079 $ 1,354,796,955 $ 500,819,672

$ 1,272,015,025 $ 394,122,751 $ 1,330,164,283 $ 490,163,934

$ 1,243,748,025 $ 418,755,423 $ 1,305,531,611 $ 479,508,197

$ 1,215,481,024 $ 443,388,094 $ 1,280,898,940 $ 468,852,459

$ 1,187,214,023 $ 468,020,766 $ 1,256,266,268 $ 458,196,721

$ 1,158,947,023 $ 492,653,438 $ 1,231,633,596 $ 447,540,984

$ 1,130,680,022 $ 517,286,110 $ 1,207,000,924 $ 436,885,246

$ 1,102,413,022 $ 541,918,782 $ 1,182,368,252 $ 426,229,508

$ 1,074,146,021 $ 566,551,454 $ 1,157,735,580 $ 415,573,770

$ 1,045,879,021 $ 591,184,126 $ 1,133,102,908 $ 404,918,033

$ 1,017,612,020 $ 615,816,798 $ 1,108,470,236 $ 394,262,295

$ 989,345,020 $ 640,449,470 $ 1,083,837,564 $ 383,606,557

$ 961,078,019 $ 665,082,142 $ 1,059,204,892 $ 372,950,820

$ 932,811,018 $ 689,714,814 $ 1,034,572,220 $ 362,295,082

As Originally Modeled

0

2,000,000,000

Equipment & 

Structures Only

0

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000
$ 904,544,018 $ 714,347,486 $ 1,009,939,548 $ 351,639,344

$ 876,277,017 $ 738,980,157 $ 985,306,877 $ 340,983,607

$ 848,010,017 $ 763,612,829 $ 960,674,205 $ 330,327,869

$ 819,743,016 $ 788,245,501 $ 936,041,533 $ 319,672,131

$ 791,476,016 $ 812,878,173 $ 911,408,861 $ 309,016,393

$ 763,209,015 $ 837,510,845 $ 886,776,189 $ 298,360,656

$ 734,942,014 $ 862,143,517 $ 862,143,517 $ 287,704,918

$ 706,675,014 $ 886,776,189 $ 837,510,845 $ 277,049,180

$ 678,408,013 $ 911,408,861 $ 812,878,173 $ 266,393,443

$ 650,141,013 $ 936,041,533 $ 788,245,501 $ 255,737,705

$ 621,874,012 $ 960,674,205 $ 763,612,829 $ 245,081,967

$ 593,607,012 $ 985,306,877 $ 738,980,157 $ 234,426,230

$ 565,340,011 $ 1,009,939,548 $ 714,347,486 $ 223,770,492

$ 537,073,011 $ 1,034,572,220 $ 689,714,814 $ 213,114,754

$ 508,806,010 $ 1,059,204,892 $ 665,082,142 $ 202,459,016

$ 480,539,009 $ 1,083,837,564 $ 640,449,470 $ 191,803,279

$ 452,272,009 $ 1,108,470,236 $ 615,816,798 $ 181,147,541

$ 424,005,008 $ 1,133,102,908 $ 591,184,126 $ 170,491,803

$ 395,738,008 $ 1,157,735,580 $ 566,551,454 $ 159,836,066

$ 367,471,007 $ 1,182,368,252 $ 541,918,782 $ 149,180,328

$ 339,204,007 $ 1,207,000,924 $ 517,286,110 $ 138,524,590

$ 310,937,006 $ 1,231,633,596 $ 492,653,438 $ 127,868,852

$ 282,670,006 $ 1,256,266,268 $ 468,020,766 $ 117,213,115

$ 254,403,005 $ 1,280,898,940 $ 443,388,094 $ 106,557,377

$ 226,136,004 $ 1,305,531,611 $ 418,755,423 $ 95,901,639

$ 197,869,004 $ 1,330,164,283 $ 394,122,751 $ 85,245,902

$ 169,602,003 $ 1,354,796,955 $ 369,490,079 $ 74,590,164

$ 141,335,003 $ 1,379,429,627 $ 344,857,407 $ 63,934,426

$ 113,068,002 $ 1,404,062,299 $ 320,224,735 $ 53,278,689

$ 84,801,002 $ 1,428,694,971 $ 295,592,063 $ 42,622,951

$ 56,534,001 $ 1,453,327,643 $ 270,959,391 $ 31,967,213

$ 28,267,001 $ 1,477,960,315 $ 246,326,719 $ 21,311,475

$ - $ 1,502,592,987 $ 221,694,047 $ 10,655,738

1976
2011

2010

2009
Equipment & Structures 

Only Annual Increment

650,000,000 650,000,000

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

650,000,000 0

950,000,000 300,000,000

950,000,000 0

950,000,000 0

950,000,000 0

969,209,911 19,209,911

965,753,476 0 -3,456,435

1,192,284,716 226,531,240 223,074,805

1,300,998,387 108,713,671 331,788,476

1,259,998,279 0 290,788,368

1,379,063,922 119,065,643 409,854,011

1,589,896,670 210,832,748 620,686,759

1,603,957,320 14,060,650 634,747,409

1,628,169,743 24,212,423 658,959,832

1,656,535,015 28,365,272 687,325,104

1,676,631,725 20,096,710 707,421,814

1,699,385,958 22,754,233 730,176,047

1,707,802,215 8,416,257 738,592,304

1,760,798,922 52,996,707 791,589,011

1,776,816,350 16,017,428 807,606,439

1,785,206,985 8,390,635

1,834,897,805 49,690,820

1,724,287,034 Used in model

Annual Increment
60 59 58

1977 1978 1979

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Annual Increment
1977 1978 1979
Cost of Land & Land Rights ($) Cost of Structures & Improvements ($) Cost of Equipment ($)

113,841 218,946,976 1,615,950,829

113,841 212,935,592 1,572,271,393

113,841 209,976,445 1,566,839,905
Cumulative Total 

Additions Increase Since 1995

0%

0% 852,062,982

23%

34%

30%

42%

64%

65%

68%

71%

73%

75%

76%

82%

83%
57 56 55 54

1980 1981 1982 1983

Annual Increment
1980 1981 1982 1983
Gross Capital Expenditures ($) Construction Cost/ Capacity ($/kW)

1,837,698,280 762.75

1,782,823,982 739.98

1,774,732,360 736.62

53 52 51

1984 1985 1986
1984 1985 1986


50 49

1987 1988
1987 1988


48 47 46 # # 43

1989 1990 1991 # # 1994

$ 300,000,000

$ 293,478,261

$ 286,956,522

$ 280,434,783

$ 273,913,043

$ 267,391,304

$ 260,869,565

$ 254,347,826

$ 247,826,087

$ 241,304,348

$ 234,782,609

$ 228,260,870

$ 221,739,130
$ 215,217,391

$ 208,695,652

$ 202,173,913

$ 195,652,174

$ 189,130,435

$ 182,608,696

$ 176,086,957

$ 169,565,217

$ 163,043,478

$ 156,521,739

$ 150,000,000

$ 143,478,261

$ 136,956,522

$ 130,434,783

$ 123,913,043

$ 117,391,304

$ 110,869,565

$ 104,347,826

$ 97,826,087

$ 91,304,348

$ 84,782,609

$ 78,260,870

$ 71,739,130

$ 65,217,391

$ 58,695,652

$ 52,173,913

$ 45,652,174

$ 39,130,435

$ 32,608,696

$ 26,086,957

$ 19,565,217

$ 13,043,478

$ 6,521,739

1989 1990 1991## 1994


42 41 40 39 38

1995 1996 1997 1998 1999

$ 19,209,911

$ 18,752,532 $ -

$ 18,295,153 $ - $ 226,531,240

$ 17,837,775 $ - $ 220,867,959 $ 108,713,671

$ 17,380,396 $ - $ 215,204,678 $ 105,926,141 $ -

$ 16,923,017 $ - $ 209,541,397 $ 103,138,611 $ -

$ 16,465,638 $ - $ 203,878,116 $ 100,351,081 $ -

$ 16,008,259 $ - $ 198,214,835 $ 97,563,551 $ -

$ 15,550,880 $ - $ 192,551,554 $ 94,776,021 $ -
$ 15,093,502 $ - $ 186,888,273 $ 91,988,491 $ -

$ 14,636,123 $ - $ 181,224,992 $ 89,200,961 $ -

$ 14,178,744 $ - $ 175,561,711 $ 86,413,431 $ -

$ 13,721,365 $ - $ 169,898,430 $ 83,625,901 $ -

$ 13,263,986 $ - $ 164,235,149 $ 80,838,371 $ -

$ 12,806,607 $ - $ 158,571,868 $ 78,050,841 $ -

$ 12,349,229 $ - $ 152,908,587 $ 75,263,311 $ -

$ 11,891,850 $ - $ 147,245,306 $ 72,475,781 $ -

$ 11,434,471 $ - $ 141,582,025 $ 69,688,251 $ -

$ 10,977,092 $ - $ 135,918,744 $ 66,900,721 $ -

$ 10,519,713 $ - $ 130,255,463 $ 64,113,191 $ -

$ 10,062,334 $ - $ 124,592,182 $ 61,325,661 $ -

$ 9,604,956 $ - $ 118,928,901 $ 58,538,131 $ -

$ 9,147,577 $ - $ 113,265,620 $ 55,750,601 $ -

$ 8,690,198 $ - $ 107,602,339 $ 52,963,070 $ -

$ 8,232,819 $ - $ 101,939,058 $ 50,175,540 $ -

$ 7,775,440 $ - $ 96,275,777 $ 47,388,010 $ -

$ 7,318,061 $ - $ 90,612,496 $ 44,600,480 $ -

$ 6,860,683 $ - $ 84,949,215 $ 41,812,950 $ -

$ 6,403,304 $ - $ 79,285,934 $ 39,025,420 $ -

$ 5,945,925 $ - $ 73,622,653 $ 36,237,890 $ -

$ 5,488,546 $ - $ 67,959,372 $ 33,450,360 $ -

$ 5,031,167 $ - $ 62,296,091 $ 30,662,830 $ -

$ 4,573,788 $ - $ 56,632,810 $ 27,875,300 $ -

$ 4,116,410 $ - $ 50,969,529 $ 25,087,770 $ -

$ 3,659,031 $ - $ 45,306,248 $ 22,300,240 $ -

$ 3,201,652 $ - $ 39,642,967 $ 19,512,710 $ -

$ 2,744,273 $ - $ 33,979,686 $ 16,725,180 $ -

$ 2,286,894 $ - $ 28,316,405 $ 13,937,650 $ -

$ 1,829,515 $ - $ 22,653,124 $ 11,150,120 $ -

$ 1,372,137 $ - $ 16,989,843 $ 8,362,590 $ -

$ 914,758 $ - $ 11,326,562 $ 5,575,060 $ -

$ 457,379 $ 5,663,281 $ 2,787,530 $ -

1995 1996 1997 1998 1999


37 36 35 34 33 32

2000 2001 2002 2003 2004 2005

$ 119,065,643

$ 115,847,653 $ 210,832,748

$ 112,629,662 $ 204,976,283 $ 14,060,650

$ 109,411,672 $ 199,119,818 $ 13,658,917 $ 24,212,423
$ 106,193,682 $ 193,263,352 $ 13,257,184 $ 23,500,293 $ 28,365,272

$ 102,975,691 $ 187,406,887 $ 12,855,451 $ 22,788,163 $ 27,505,718 $ 20,096,710

$ 99,757,701 $ 181,550,422 $ 12,453,719 $ 22,076,033 $ 26,646,165 $ 19,468,688

$ 96,539,711 $ 175,693,957 $ 12,051,986 $ 21,363,903 $ 25,786,611 $ 18,840,666

$ 93,321,720 $ 169,837,491 $ 11,650,253 $ 20,651,773 $ 24,927,057 $ 18,212,643

$ 90,103,730 $ 163,981,026 $ 11,248,520 $ 19,939,642 $ 24,067,504 $ 17,584,621

$ 86,885,739 $ 158,124,561 $ 10,846,787 $ 19,227,512 $ 23,207,950 $ 16,956,599

$ 83,667,749 $ 152,268,096 $ 10,445,054 $ 18,515,382 $ 22,348,396 $ 16,328,577

$ 80,449,759 $ 146,411,631 $ 10,043,321 $ 17,803,252 $ 21,488,842 $ 15,700,555

$ 77,231,768 $ 140,555,165 $ 9,641,589 $ 17,091,122 $ 20,629,289 $ 15,072,533

$ 74,013,778 $ 134,698,700 $ 9,239,856 $ 16,378,992 $ 19,769,735 $ 14,444,510

$ 70,795,788 $ 128,842,235 $ 8,838,123 $ 15,666,862 $ 18,910,181 $ 13,816,488

$ 67,577,797 $ 122,985,770 $ 8,436,390 $ 14,954,732 $ 18,050,628 $ 13,188,466

$ 64,359,807 $ 117,129,304 $ 8,034,657 $ 14,242,602 $ 17,191,074 $ 12,560,444

$ 61,141,817 $ 111,272,839 $ 7,632,924 $ 13,530,472 $ 16,331,520 $ 11,932,422

$ 57,923,826 $ 105,416,374 $ 7,231,191 $ 12,818,342 $ 15,471,967 $ 11,304,399

$ 54,705,836 $ 99,559,909 $ 6,829,459 $ 12,106,212 $ 14,612,413 $ 10,676,377

$ 51,487,846 $ 93,703,444 $ 6,427,726 $ 11,394,081 $ 13,752,859 $ 10,048,355

$ 48,269,855 $ 87,846,978 $ 6,025,993 $ 10,681,951 $ 12,893,305 $ 9,420,333

$ 45,051,865 $ 81,990,513 $ 5,624,260 $ 9,969,821 $ 12,033,752 $ 8,792,311

$ 41,833,875 $ 76,134,048 $ 5,222,527 $ 9,257,691 $ 11,174,198 $ 8,164,288

$ 38,615,884 $ 70,277,583 $ 4,820,794 $ 8,545,561 $ 10,314,644 $ 7,536,266

$ 35,397,894 $ 64,421,117 $ 4,419,061 $ 7,833,431 $ 9,455,091 $ 6,908,244

$ 32,179,904 $ 58,564,652 $ 4,017,329 $ 7,121,301 $ 8,595,537 $ 6,280,222

$ 28,961,913 $ 52,708,187 $ 3,615,596 $ 6,409,171 $ 7,735,983 $ 5,652,200

$ 25,743,923 $ 46,851,722 $ 3,213,863 $ 5,697,041 $ 6,876,430 $ 5,024,178

$ 22,525,932 $ 40,995,257 $ 2,812,130 $ 4,984,911 $ 6,016,876 $ 4,396,155

$ 19,307,942 $ 35,138,791 $ 2,410,397 $ 4,272,781 $ 5,157,322 $ 3,768,133

$ 16,089,952 $ 29,282,326 $ 2,008,664 $ 3,560,650 $ 4,297,768 $ 3,140,111

$ 12,871,961 $ 23,425,861 $ 1,606,931 $ 2,848,520 $ 3,438,215 $ 2,512,089

$ 9,653,971 $ 17,569,396 $ 1,205,199 $ 2,136,390 $ 2,578,661 $ 1,884,067

$ 6,435,981 $ 11,712,930 $ 803,466 $ 1,424,260 $ 1,719,107 $ 1,256,044

$ 3,217,990 $ 5,856,465 $ 401,733 $ 712,130 $ 859,554 $ 628,022

2000 2001 2002 2003 2004 2005


31 30 29 28 27

2006 2007 2008 2009 2010
$ 22,754,233

$ 22,020,225 $ 8,416,257

$ 21,286,218 $ 8,135,715 $ 52,996,707

$ 20,552,210 $ 7,855,173 $ 51,169,234 $ 16,017,428

$ 19,818,203 $ 7,574,631 $ 49,341,762 $ 15,445,377 $ 8,390,635

$ 19,084,195 $ 7,294,089 $ 47,514,289 $ 14,873,326 $ 8,079,871

$ 18,350,188 $ 7,013,548 $ 45,686,816 $ 14,301,275 $ 7,769,106

$ 17,616,180 $ 6,733,006 $ 43,859,344 $ 13,729,224 $ 7,458,342

$ 16,882,173 $ 6,452,464 $ 42,031,871 $ 13,157,173 $ 7,147,578

$ 16,148,165 $ 6,171,922 $ 40,204,398 $ 12,585,122 $ 6,836,814

$ 15,414,158 $ 5,891,380 $ 38,376,926 $ 12,013,071 $ 6,526,049

$ 14,680,150 $ 5,610,838 $ 36,549,453 $ 11,441,020 $ 6,215,285

$ 13,946,143 $ 5,330,296 $ 34,721,980 $ 10,868,969 $ 5,904,521

$ 13,212,135 $ 5,049,754 $ 32,894,508 $ 10,296,918 $ 5,593,757

$ 12,478,128 $ 4,769,212 $ 31,067,035 $ 9,724,867 $ 5,282,992

$ 11,744,120 $ 4,488,670 $ 29,239,562 $ 9,152,816 $ 4,972,228

$ 11,010,113 $ 4,208,129 $ 27,412,090 $ 8,580,765 $ 4,661,464

$ 10,276,105 $ 3,927,587 $ 25,584,617 $ 8,008,714 $ 4,350,700

$ 9,542,098 $ 3,647,045 $ 23,757,145 $ 7,436,663 $ 4,039,935

$ 8,808,090 $ 3,366,503 $ 21,929,672 $ 6,864,612 $ 3,729,171

$ 8,074,083 $ 3,085,961 $ 20,102,199 $ 6,292,561 $ 3,418,407

$ 7,340,075 $ 2,805,419 $ 18,274,727 $ 5,720,510 $ 3,107,643

$ 6,606,068 $ 2,524,877 $ 16,447,254 $ 5,148,459 $ 2,796,878

$ 5,872,060 $ 2,244,335 $ 14,619,781 $ 4,576,408 $ 2,486,114

$ 5,138,053 $ 1,963,793 $ 12,792,309 $ 4,004,357 $ 2,175,350

$ 4,404,045 $ 1,683,251 $ 10,964,836 $ 3,432,306 $ 1,864,586

$ 3,670,038 $ 1,402,710 $ 9,137,363 $ 2,860,255 $ 1,553,821

$ 2,936,030 $ 1,122,168 $ 7,309,891 $ 2,288,204 $ 1,243,057

$ 2,202,023 $ 841,626 $ 5,482,418 $ 1,716,153 $ 932,293

$ 1,468,015 $ 561,084 $ 3,654,945 $ 1,144,102 $ 621,529

$ 734,008 $ 280,542 $ 1,827,473 $ 572,051 $ 310,764

2010

Rate Base $ 1,120,132,758

Depreciation $ 41,486,398

2006 2007 2008 2009 2010
NREL REPORT Table 1-6 Construction

Utility Plant in Accumulated Net Plant Work in

Service Depreciation in Service Progress

SRPa $ 384,749.00 $ (333,344.00) $ 51,405.00 $21,395

LADWP $ 329,000.00 $ (298,000.00) $ 31,000.00 n/a

APSb $ 260,590.00 $ (163,281.00) $ 97,309.00 11,041

NV Energy b $ 249,646.00 $ (141,326.00) $ 108,320.00 1

TEP b $ 121,000.00 $ (84,000.00) $ 37,000.00 6,000

$ 1,344,985.00 $ (1,019,951.00) $ 325,034.00

a as of April 30, 2010

b As of Dec 31, 2010

Plant in Svc Accum Dep

SRP $ 384,749 $ (333,344) $ 51,405

LADWP $ 329,000 $ (298,000) $ 31,000

APS $ 260,590 $ (163,281) $ 97,309

NV Energy $ 249,646 $ (141,326) $ 108,320

TEP $ 121,000 $ (84,000) $ 37,000

$ 1,344,985 $ (1,019,951) $ 325,034

BOR share?

26 25 24 23 22

2011 2012 2013 2014 2015
$ 49,690,820

$ 47,779,635 $ 1,084,939,595

$ 45,868,449 $ 1,041,542,012

$ 43,957,264 $ 998,144,428

$ 42,046,078 $ 954,746,844

$ 40,134,893

$ 38,223,708

$ 36,312,522

$ 34,401,337

$ 32,490,152

$ 30,578,966

$ 28,667,781

$ 26,756,595

$ 24,845,410

$ 22,934,225

$ 21,023,039

$ 19,111,854

$ 17,200,668

$ 15,289,483

$ 13,378,298

$ 11,467,112

$ 9,555,927

$ 7,644,742

$ 5,733,556

$ 3,822,371

$ 1,911,185

2011 2012 2013 2014 2015

$ 1,128,337,179 $ 1,084,939,595 $ 1,041,542,012 $ 998,144,428 $ 954,746,844

$ 43,397,584 $ 43,397,584 $ 43,397,584 $ 43,397,584 $ 43,397,584

2011 2012 2013 2014 2015


21 20 19 18 17

2016 2017 2018 2019 2020
$ 911,349,260

$ 867,951,676

$ 824,554,092

$ 781,156,509

$ 737,758,925

2016 2017 2018 2019 2020

$ 911,349,260 $ 867,951,676 $ 824,554,092 $ 781,156,509 $ 737,758,925

$ 43,397,584 $ 43,397,584 $ 43,397,584 $ 43,397,584 $ 43,397,584

2016 2017 2018 2019 2020


16 15 14 13 12

2021 2022 2023 2024 2025
$ 694,361,341

$ 650,963,757

$ 607,566,173

$ 564,168,590

$ 520,771,006

2021 2022 2023 2024 2025

$ 694,361,341 $ 650,963,757 $ 607,566,173 $ 564,168,590 $ 520,771,006

$ 43,397,584 $ 43,397,584 $ 43,397,584 $ 43,397,584 $ 43,397,584

2021 2022 2023 2024 2025


11 10

987

2026 2027 2028 2029 2030
$ 477,373,475

$ 433,977,823

$ 390,578,254

$ 347,180,671

$ 303,783,087

2026 2027 2028 2029 2030

$ 477,373,475 $ 433,977,823 $ 390,578,254 $ 347,180,671 $ 303,783,087

$ 43,397,531 $ 43,395,652 $ 43,399,569 $ 43,397,584 $ 43,397,584

2026 2027 2028 2029 2030


6

5432

2031 2032 2033 2034 2035
$ 260,385,503

$ 216,987,919

$ 173,590,335

$ 130,192,751

$ 86,795,168

2031 2032 2033 2034 2035

$ 260,385,503 $ 216,987,919 $ 173,590,335 $ 130,192,751 $ 86,795,168

$ 43,397,584 $ 43,397,584 $ 43,397,584 $ 43,397,584 $ 43,397,584

2031 2032 2033 2034 2035


1

2036
$ 43,397,584

2036

$ 43,397,584

$ 43,397,584
LINKED	TO		COST	INPUT	TABLES	BELOW	&	MODEL	INPUT	TAB

USER	INPUT	REQUIRED	BASED	ON	ESTIMATE	YEAR

SCR 2012 Unit		 CAPEX OPEX CAPEX

SNCR 2012 1 $				 137,527,000 $											3,982,000 $						13,066,667

Baghouse 2010 2 $				 188,585,000 $											3,982,000 $						13,066,667

3 $				 170,294,000 $											3,982,000 $						13,066,667

$				 496,406,000 $								11,946,000 $						39,200,000

OPEX	and	CAPEX	Cost	Tables	Linked	to	

Cost	Estimate	Years	 SCR		 SNCR

09000064811c2027

Project Cost Data
20 Year Amortization Period, 2018 Compliance - Depreciation Worksheet

SNCR

Gross Capital

Year of Cost 

Estimate Estimated Cost

Escalated to 

Current Dollars

Year 

Installed

Years from 

Cost Est. Year

Installed Year 

Cost Dollars

Amortization 

Period (Yrs) Salvage

Annual 

Depreciation

Unit No. 1 SNCR 2012 $ 13,066,667 $ 13,066,667 2017 5 $ 15,147,848 20 $ - $ 757,392

Unit No. 2 SNCR 2012 $ 13,066,667 $ 13,066,667 2016 4 $ 14,706,648 20 $ - $ 735,332

Unit No. 3 SNCR 2012 $ 13,066,667 $ 13,066,667 2018 6 $ 15,602,283 20 $ - $ 780,114

$ 39,200,000 $ 39,200,000 $ 45,456,779 $ 2,272,839

SCR 

Gross Capital

Year of Cost 

Estimate Estimated Cost

Escalated to 

Current Dollars

Year 

Installed

Years from 

Cost Est. Year

Installed Year 

Cost Dollars

Amortization 

Period (Yrs) Salvage

Annual 

Depreciation

Unit No. 1 SCR 2012 $ 137,527,000 $ 137,527,000 2017 5 $ 159,431,486 20 $ - $ 7,971,574

Unit No. 2 SCR 2012 $ 188,585,000 $ 188,585,000 2016 4 $ 212,254,079 20 $ - $ 10,612,704

Unit No. 3 SCR 2012 $ 170,294,000 $ 170,294,000 2018 6 $ 203,339,942 20 $ - $ 10,166,997

$ 496,406,000 $ 496,406,000 $ 575,025,507 $ 28,751,275

Baghouse

Gross Capital

Year of Cost 

Estimate Estimated Cost

Escalated to 

Current Dollars

Year 

Installed

Years from 

Cost Est. Year

Installed Year 

Cost Dollars

Amortization 

Period (Yrs) Salvage

Annual 

Depreciation

Unit No. 1 Baghouse 2010 $ 220,359,000 $ 220,359,000 2016 6 $ 263,120,170 20 $ - $ 13,156,009

Unit No. 2 Baghouse 2010 $ 205,111,000 $ 205,111,000 2015 5 $ 237,779,865 20 $ - $ 11,888,993

Unit No. 3 Baghouse 2010 $ 161,341,000 $ 161,341,000 2017 7 $ 198,429,079 20 $ - $ 9,921,454

$ 586,811,000 $ 586,811,000 $ 699,329,114 $ 34,966,456
	$40.00

	$42.00

	$44.00

	$46.00

	$48.00

	$50.00

	$52.00

	$54.00

2012201320142015201620172018201920202021202220232024202520262027202820292030203120322033203420352036

$

p

e

r

M

W

h

Projected	Palo	Verde	Index	Forward	Prices

Low	Trend

$/MWh

Mid	Trend

$/MWh

High	Trend

$/MWh
2012 YTD AVG 11/27/12

2016-2035 Prices Utilize Low, Mi

on-peak off-peak on -peak % off-peak %

round-theclock

2012 $ 28.20 $ 19.85 56% 44% $ 24.54 2012-2014 Palo Verde Market + 

2013 $ 37.00 $ 23.15 56% 44% $ 30.89

2014 $ 42.25 $ 27.45 56% 44% $ 35.75

2015 $ 47.75 $ 31.75 56% 44% $ 40.72 % Inc.

2016 $ 48.25 $ 32.50 56% 44% $ 40.16

ORIGIN POINT 

OF PRICING

IN MODEL

Low Trend

$/MWh

Mid Trend

$/MWh

Avg.

High Trend

$/MWh

Palo Verde Forward Pricing Platts

	$20.00

	$25.00

	$30.00

	$35.00

	$40.00

	$45.00

	$50.00

	$55.00

2012201320142015201620172018201920202021202220232024202520262027202820292030203120322033203420352036

$

p

e

r

M

W

h

Projected	Palo	Verde	Index	Forward	Prices

Low	Trend

$/MWh

Mid	Trend

$/MWh

High	Trend

$/MWh
Mean Min Max

High/Low 

Mean Median

12 Month Average $ 40.18 $ 38.57 $ 43.89 $ 41.23 $ 40.05

6 Month Average $ 40.25 $ 38.73 $ 42.02 $ 40.37 $ 40.21

2012 YTD Average $ 40.16 $ 38.57 $ 43.89 $ 41.23 $ 40.04

44% 56%

Off Peak On Peak RTC

OPVAY16 FPVAY16

11/15/2011

11/16/2011

11/17/2011

11/18/2011

11/19/2011

11/20/2011

11/21/2011

11/22/2011

11/23/2011

11/24/2011

11/25/2011

11/26/2011

11/27/2011

11/28/2011

11/29/2011

11/30/2011

12/1/2011

12/2/2011

12/3/2011

12/4/2011

12/5/2011

12/6/2011

12/7/2011

12/8/2011

12/9/2011

12/10/2011

12/11/2011

12/12/2011

12/13/2011

12/14/2011

12/15/2011

12/16/2011

12/17/2011

12/18/2011

12/19/2011

Palo Verde Forward RTC Pricing ( Platts Through 11/27/2012)
12/20/2011

12/21/2011

12/22/2011

12/23/2011

12/24/2011

12/25/2011

12/26/2011

12/27/2011

12/28/2011

12/29/2011

12/30/2011 $ 34.50 $ 51.25 $ 43.89

12/31/2011

1/1/2012

1/2/2012

1/3/2012 $ 34.50 $ 51.25 $ 43.89

1/4/2012 $ 34.50 $ 51.25 $ 43.89

1/5/2012 $ 34.25 $ 50.75 $ 43.50

1/6/2012 $ 34.25 $ 50.50 $ 43.36

1/7/2012

1/8/2012

1/9/2012 $ 33.75 $ 49.00 $ 42.30

1/10/2012 $ 33.00 $ 49.15 $ 42.06

1/11/2012 $ 32.50 $ 48.00 $ 41.19

1/12/2012 $ 32.25 $ 48.00 $ 41.08

1/13/2012 $ 32.25 $ 48.00 $ 41.08

1/14/2012

1/15/2012

1/16/2012

1/17/2012 $ 31.75 $ 47.25 $ 40.44

1/18/2012 $ 31.75 $ 47.25 $ 40.44

1/19/2012 $ 31.50 $ 46.75 $ 40.05

1/20/2012 $ 31.50 $ 46.50 $ 39.91

1/21/2012

1/22/2012

1/23/2012 $ 31.50 $ 46.50 $ 39.91

1/24/2012 $ 31.75 $ 47.00 $ 40.30

1/25/2012 $ 31.50 $ 46.00 $ 39.63

1/26/2012 $ 31.25 $ 45.75 $ 39.38

1/27/2012 $ 31.25 $ 45.75 $ 39.38

1/28/2012

1/29/2012

1/30/2012 $ 31.25 $ 45.75 $ 39.38

1/31/2012 $ 31.25 $ 45.50 $ 39.24

2/1/2012 $ 31.25 $ 45.25 $ 39.10

2/2/2012 $ 32.25 $ 45.75 $ 39.82

2/3/2012 $ 32.75 $ 46.50 $ 40.46

2/4/2012
2/5/2012

2/6/2012 $ 33.00 $ 46.75 $ 40.71

2/7/2012 $ 33.00 $ 46.50 $ 40.57

2/8/2012 $ 31.50 $ 46.50 $ 39.91

2/9/2012 $ 31.50 $ 46.50 $ 39.91

2/10/2012 $ 31.75 $ 46.75 $ 40.16

2/11/2012

2/12/2012

2/13/2012 $ 31.75 $ 46.75 $ 40.16

2/14/2012 $ 32.00 $ 47.25 $ 40.55

2/15/2012 $ 31.75 $ 46.75 $ 40.16

2/16/2012 $ 31.75 $ 46.00 $ 39.74

2/17/2012 $ 32.25 $ 46.00 $ 39.96

2/18/2012

2/19/2012

2/20/2012

2/21/2012 $ 32.25 $ 47.00 $ 40.52

2/22/2012 $ 32.50 $ 47.25 $ 40.77

2/23/2012 $ 32.50 $ 47.25 $ 40.77

2/24/2012 $ 32.25 $ 46.75 $ 40.38

2/25/2012

2/26/2012

2/27/2012 $ 32.00 $ 46.00 $ 39.85

2/28/2012 $ 31.75 $ 45.75 $ 39.60

2/29/2012 $ 31.75 $ 46.00 $ 39.74

3/1/2012 $ 31.75 $ 46.00 $ 39.74

3/2/2012 $ 31.75 $ 46.00 $ 39.74

3/3/2012

3/4/2012

3/5/2012 $ 31.50 $ 45.75 $ 39.49

3/6/2012 $ 31.25 $ 45.50 $ 39.24

3/7/2012 $ 31.25 $ 45.25 $ 39.10

3/8/2012 $ 31.25 $ 45.25 $ 39.10

3/9/2012 $ 31.25 $ 45.25 $ 39.10

3/10/2012

3/11/2012

3/12/2012 $ 31.25 $ 45.25 $ 39.10

3/13/2012 $ 31.25 $ 45.25 $ 39.10

3/14/2012 $ 31.25 $ 45.25 $ 39.10

3/15/2012 $ 31.25 $ 45.25 $ 39.10

3/16/2012 $ 31.25 $ 45.25 $ 39.10

3/17/2012

3/18/2012

3/19/2012 $ 31.25 $ 45.50 $ 39.24

3/20/2012 $ 31.25 $ 45.25 $ 39.10

3/21/2012 $ 31.25 $ 45.25 $ 39.10

3/22/2012 $ 31.00 $ 45.00 $ 38.85
3/23/2012 $ 31.00 $ 45.00 $ 38.85

3/24/2012

3/25/2012

3/26/2012 $ 31.00 $ 45.00 $ 38.85

3/27/2012 $ 31.00 $ 44.75 $ 38.71

3/28/2012 $ 31.00 $ 44.50 $ 38.57

3/29/2012 $ 31.00 $ 44.50 $ 38.57

3/30/2012 $ 31.00 $ 44.50 $ 38.57

3/31/2012

4/1/2012

4/2/2012 $ 31.00 $ 44.50 $ 38.57

4/3/2012 $ 31.25 $ 45.00 $ 38.96

4/4/2012 $ 31.75 $ 46.25 $ 39.88

4/5/2012 $ 31.50 $ 45.75 $ 39.49

4/6/2012

4/7/2012

4/8/2012

4/9/2012 $ 32.00 $ 47.00 $ 40.41

4/10/2012 $ 31.75 $ 46.25 $ 39.88

4/11/2012 $ 31.50 $ 45.75 $ 39.49

4/12/2012 $ 31.50 $ 45.50 $ 39.35

4/13/2012 $ 31.50 $ 45.50 $ 39.35

4/14/2012

4/15/2012

4/16/2012 $ 31.50 $ 45.50 $ 39.35

4/17/2012 $ 32.25 $ 46.25 $ 40.10

4/18/2012 $ 32.25 $ 46.00 $ 39.96

4/19/2012 $ 32.00 $ 45.75 $ 39.71

4/20/2012 $ 32.00 $ 45.75 $ 39.71

4/21/2012

4/22/2012

4/23/2012 $ 32.00 $ 46.00 $ 39.85

4/24/2012 $ 32.00 $ 46.25 $ 39.99

4/25/2012 $ 32.00 $ 46.25 $ 39.99

4/26/2012 $ 32.00 $ 46.25 $ 39.99

4/27/2012 $ 32.25 $ 46.50 $ 40.24

4/28/2012

4/29/2012

4/30/2012 $ 32.25 $ 46.50 $ 40.24

5/1/2012 $ 32.25 $ 46.50 $ 40.24

5/2/2012 $ 32.00 $ 45.75 $ 39.71

5/3/2012 $ 32.25 $ 46.25 $ 40.10

5/4/2012 $ 32.25 $ 46.25 $ 40.10

5/5/2012

5/6/2012

5/7/2012 $ 32.25 $ 46.50 $ 40.24

5/8/2012 $ 32.50 $ 46.75 $ 40.49
5/9/2012 $ 32.75 $ 47.25 $ 40.88

5/10/2012 $ 32.75 $ 47.25 $ 40.88

5/11/2012 $ 33.00 $ 47.50 $ 41.13

5/12/2012

5/13/2012

5/14/2012 $ 32.75 $ 47.00 $ 40.74

5/15/2012 $ 33.00 $ 47.50 $ 41.13

5/16/2012 $ 33.25 $ 47.50 $ 41.24

5/17/2012 $ 32.75 $ 45.75 $ 40.04

5/18/2012 $ 32.75 $ 46.00 $ 40.18

5/19/2012

5/20/2012

5/21/2012 $ 32.50 $ 46.50 $ 40.35

5/22/2012 $ 32.75 $ 46.75 $ 40.60

5/23/2012 $ 32.50 $ 46.25 $ 40.21

5/24/2012 $ 32.00 $ 46.50 $ 40.13

5/25/2012 $ 32.00 $ 47.25 $ 40.55

5/26/2012

5/27/2012

5/28/2012

5/29/2012 $ 32.50 $ 48.25 $ 41.33

5/30/2012 $ 32.00 $ 47.25 $ 40.55

5/31/2012 $ 32.25 $ 47.75 $ 40.94

6/1/2012 $ 32.25 $ 47.50 $ 40.80

6/2/2012

6/3/2012

6/4/2012 $ 32.25 $ 47.50 $ 40.80

6/5/2012 $ 32.15 $ 47.25 $ 40.62

6/6/2012 $ 31.75 $ 47.25 $ 40.44

6/7/2012 $ 31.25 $ 47.00 $ 40.08

6/8/2012 $ 31.25 $ 47.00 $ 40.08

6/9/2012

6/10/2012

6/11/2012 $ 31.25 $ 47.00 $ 40.08

6/12/2012 $ 31.25 $ 47.00 $ 40.08

6/13/2012 $ 31.75 $ 47.75 $ 40.72

6/14/2012 $ 31.75 $ 47.75 $ 40.72

6/15/2012 $ 31.75 $ 47.75 $ 40.72

6/16/2012

6/17/2012

6/18/2012 $ 31.65 $ 47.50 $ 40.54

6/19/2012 $ 31.65 $ 47.50 $ 40.54

6/20/2012 $ 32.75 $ 48.00 $ 41.30

6/21/2012 $ 32.75 $ 48.25 $ 41.44

6/22/2012 $ 32.75 $ 48.25 $ 41.44

6/23/2012

6/24/2012
6/25/2012 $ 32.75 $ 48.25 $ 41.44

6/26/2012 $ 32.75 $ 48.50 $ 41.58

6/27/2012 $ 32.75 $ 48.50 $ 41.58

6/28/2012 $ 33.00 $ 48.75 $ 41.83

6/29/2012 $ 33.25 $ 48.00 $ 41.52

6/30/2012

7/1/2012

7/2/2012 $ 33.25 $ 48.00 $ 41.52

7/3/2012 $ 33.25 $ 48.00 $ 41.52

7/4/2012

7/5/2012 $ 33.25 $ 48.00 $ 41.52

7/6/2012 $ 33.25 $ 48.00 $ 41.52

7/7/2012

7/8/2012

7/9/2012 $ 33.25 $ 48.00 $ 41.52

7/10/2012 $ 33.25 $ 47.75 $ 41.38

7/11/2012 $ 33.25 $ 48.00 $ 41.52

7/12/2012 $ 33.25 $ 48.00 $ 41.52

7/13/2012 $ 33.25 $ 48.00 $ 41.52

7/14/2012

7/15/2012

7/16/2012 $ 33.00 $ 47.50 $ 41.13

7/17/2012 $ 33.00 $ 47.50 $ 41.13

7/18/2012 $ 33.00 $ 47.50 $ 41.13

7/19/2012 $ 32.75 $ 47.00 $ 40.74

7/20/2012 $ 32.75 $ 47.00 $ 40.74

7/21/2012

7/22/2012

7/23/2012 $ 32.75 $ 47.00 $ 40.74

7/24/2012 $ 32.75 $ 47.00 $ 40.74

7/25/2012 $ 32.50 $ 46.75 $ 40.49

7/26/2012 $ 32.50 $ 47.00 $ 40.63

7/27/2012 $ 32.25 $ 46.50 $ 40.24

7/28/2012

7/29/2012

7/30/2012 $ 33.00 $ 47.50 $ 41.13

7/31/2012 $ 32.50 $ 46.25 $ 40.21

8/1/2012 $ 32.50 $ 46.50 $ 40.35

8/2/2012 $ 32.25 $ 46.00 $ 39.96

8/3/2012 $ 32.25 $ 46.25 $ 40.10

8/4/2012

8/5/2012

8/6/2012 $ 32.25 $ 46.50 $ 40.24

8/7/2012 $ 32.00 $ 45.75 $ 39.71

8/8/2012 $ 31.50 $ 45.00 $ 39.07

8/9/2012 $ 31.50 $ 45.25 $ 39.21

8/10/2012 $ 31.25 $ 44.75 $ 38.82
8/11/2012

8/12/2012

8/13/2012 $ 30.50 $ 46.00 $ 39.19

8/14/2012 $ 30.75 $ 46.25 $ 39.44

8/15/2012 $ 30.00 $ 45.75 $ 38.83

8/16/2012 $ 30.50 $ 46.00 $ 39.19

8/17/2012 $ 30.50 $ 46.00 $ 39.19

8/18/2012

8/19/2012

8/20/2012 $ 30.50 $ 46.00 $ 39.19

8/21/2012 $ 30.75 $ 46.50 $ 39.58

8/22/2012 $ 30.75 $ 46.50 $ 39.58

8/23/2012 $ 30.75 $ 46.50 $ 39.58

8/24/2012 $ 30.50 $ 46.25 $ 39.33

8/25/2012

8/26/2012

8/27/2012 $ 30.50 $ 46.00 $ 39.19

8/28/2012 $ 31.00 $ 46.75 $ 39.83

8/29/2012 $ 30.25 $ 45.75 $ 38.94

8/30/2012 $ 30.25 $ 45.75 $ 38.94

8/31/2012 $ 30.25 $ 45.75 $ 38.94

9/1/2012

9/2/2012

9/3/2012

9/4/2012 $ 30.25 $ 45.75 $ 38.94

9/5/2012 $ 30.25 $ 45.75 $ 38.94

9/6/2012 $ 30.25 $ 45.75 $ 38.94

9/7/2012 $ 30.25 $ 45.50 $ 38.80

9/8/2012

9/9/2012

9/10/2012 $ 30.50 $ 45.75 $ 39.05

9/11/2012 $ 30.50 $ 46.00 $ 39.19

9/12/2012 $ 30.75 $ 46.50 $ 39.58

9/13/2012 $ 30.75 $ 46.50 $ 39.58

9/14/2012 $ 30.75 $ 46.50 $ 39.58

9/15/2012

9/16/2012

9/17/2012 $ 30.75 $ 46.50 $ 39.58

9/18/2012 $ 30.75 $ 46.50 $ 39.58

9/19/2012 $ 30.75 $ 46.50 $ 39.58

9/20/2012 $ 30.50 $ 45.75 $ 39.05

9/21/2012 $ 30.50 $ 46.50 $ 39.47

9/22/2012

9/23/2012

9/24/2012 $ 30.75 $ 46.75 $ 39.72

9/25/2012 $ 30.25 $ 46.25 $ 39.22

9/26/2012 $ 30.50 $ 46.75 $ 39.61
9/27/2012 $ 30.50 $ 46.75 $ 39.61

9/28/2012 $ 30.75 $ 47.25 $ 40.00

9/29/2012

9/30/2012

10/1/2012 $ 32.40 $ 49.25 $ 41.85

10/2/2012 $ 32.25 $ 49.00 $ 41.64

10/3/2012 $ 33.25 $ 47.25 $ 41.10

10/4/2012 $ 33.25 $ 47.25 $ 41.10

10/5/2012 $ 33.25 $ 47.25 $ 41.10

10/6/2012

10/7/2012

10/8/2012 $ 33.25 $ 47.25 $ 41.10

10/9/2012 $ 33.25 $ 47.25 $ 41.10

10/10/2012 $ 33.75 $ 48.50 $ 42.02

10/11/2012 $ 33.75 $ 47.50 $ 41.46

10/12/2012 $ 33.50 $ 47.00 $ 41.07

10/13/2012

10/14/2012

10/15/2012 $ 33.50 $ 46.75 $ 40.93

10/16/2012 $ 33.50 $ 46.50 $ 40.79

10/17/2012 $ 34.00 $ 47.25 $ 41.43

10/18/2012 $ 34.00 $ 46.75 $ 41.15

10/19/2012 $ 33.75 $ 46.25 $ 40.76

10/20/2012

10/21/2012

10/22/2012 $ 33.50 $ 45.65 $ 40.31

10/23/2012 $ 34.00 $ 46.40 $ 40.95

10/24/2012 $ 33.75 $ 46.00 $ 40.62

10/25/2012 $ 34.00 $ 46.50 $ 41.01

10/26/2012 $ 33.75 $ 46.00 $ 40.62

10/27/2012

10/28/2012

10/29/2012 $ 33.75 $ 46.00 $ 40.62

10/30/2012 $ 33.00 $ 45.25 $ 39.87

10/31/2012 $ 33.00 $ 45.50 $ 40.01

11/1/2012 $ 32.75 $ 45.50 $ 39.90

11/2/2012 $ 32.50 $ 44.50 $ 39.23

11/3/2012

11/4/2012

11/5/2012 $ 32.50 $ 44.75 $ 39.37

11/6/2012 $ 32.50 $ 44.50 $ 39.23

11/7/2012 $ 32.25 $ 44.00 $ 38.84

11/8/2012 $ 32.00 $ 44.00 $ 38.73

11/9/2012 $ 32.00 $ 44.00 $ 38.73

11/10/2012

11/11/2012

11/12/2012 $ 32.25 $ 44.25 $ 38.98
11/13/2012 $ 32.75 $ 45.35 $ 39.82

11/14/2012 $ 32.50 $ 45.15 $ 39.59

11/15/2012 $ 32.25 $ 44.50 $ 39.12

11/16/2012 $ 32.50 $ 45.00 $ 39.51

11/17/2012

11/18/2012

11/19/2012 $ 32.50 $ 44.75 $ 39.37

11/20/2012 $ 32.75 $ 45.50 $ 39.90

11/21/2012 $ 33.00 $ 45.50 $ 40.01

11/22/2012

11/23/2012

11/24/2012

11/25/2012

11/26/2012 $ 32.75 $ 45.65 $ 39.98

11/27/2012 $ 32.75 $ 45.75 $ 40.04

11/28/2012 $ 32.50 $ 45.50 $ 39.79

11/29/2012

11/30/2012

12/1/2012

12/2/2012

12/3/2012

12/4/2012

12/5/2012

12/6/2012

12/7/2012

12/8/2012

12/9/2012

12/10/2012

12/11/2012

12/12/2012

12/13/2012

12/14/2012

12/15/2012

12/16/2012

12/17/2012

12/18/2012

12/19/2012

12/20/2012

12/21/2012

12/22/2012

12/23/2012

12/24/2012

12/25/2012

12/26/2012

12/27/2012

12/28/2012

12/29/2012
12/30/2012

12/31/2012
Electric Power Projections for EMM Region, Western Electricity Coordinating Council / Southwest

EIA Annual Energy Outlook 2011

Reference High growth Low growth

Prices by Service Category

(2009 cents per kilowatthour)

 Generation 6.8 7 5.8 5.8 5.8

PERCENTAGE CHANGE FOR MODEL > >

 Transmission 0.7 0.7 0.8 0.8 0.8

 Distribution 2.1 2.1 2.2 2.2 2.2

(nominal cents per kilowatthour)

 Generation 6.7 7 5.8 5.8 5.8

 Transmission 0.7 0.7 0.8 0.8 0.8

 Distribution 2 2.1 2.2 2.2 2.2

Fuel Prices (2009 dollars per million Btu)

 Coal 1.83 1.95 1.98 1.98 1.98

PERCENTAGE CHANGE FOR MODEL > > 1.54% 1.54% 1.54%

 Natural Gas 7.98 4.71 4.68 4.72 4.68

 Distillate Fuel Oil 20.35 14.91 17.01 17.01 17.01

 Residual Fuel Oil 16.55 9.91 11.85 11.85 11.85

(nominal dollars per million Btu)

 Coal 1.81 1.95 2 2 2

 Natural Gas 7.9 4.71 4.73 4.76 4.72

 Distillate Fuel Oil 20.16 14.91 17.16 17.16 17.16

 Residual Fuel Oil 16.4 9.91 11.95 11.95 11.95

2010 2010 2010

1.54% N N

 2,010 2,011 2,012

1.54% -2.53% -2.07%

Electricity Supply and Demand 2008 2009

2010
ating Council / Southwest

Reference High growth Low growth Reference High growth Low growth Reference High growth

5.5 5.6 5.5 5.4 5.5 5.4 5.3 5.6

1.9% 0.0% 5.7%

0.8 0.8 0.8 0.8 0.8 0.8 0.9 0.9

2.2 2.2 2.2 2.3 2.3 2.3 2.4 2.4

5.7 5.7 5.7 5.6 5.7 5.6 5.6 5.8

1.8% 0.0% 3.6%

0.8 0.8 0.8 0.9 0.8 0.9 0.9 0.9

2.2 2.2 2.2 2.4 2.3 2.4 2.5 2.5

1.93 1.93 1.93 1.89 1.89 1.89 1.89 1.9

-2.53% -2.53% -2.53% -2.07% -2.07% -2.07% 0.00% 0.53%

4.54 4.58 4.54 4.49 4.53 4.47 4.48 4.53

17.81 17.81 17.81 18.61 18.68 18.53 18.9 19.13

12.56 12.56 12.56 15.75 15.81 15.68 16.04 16.07

1.98 1.98 1.98 1.96 1.95 1.96 1.99 1.97

4.64 4.68 4.64 4.64 4.65 4.63 4.71 4.7

18.2 18.2 18.2 19.24 19.19 19.19 19.87 19.86

12.84 12.84 12.84 16.28 16.24 16.24 16.86 16.69

2011 2011 2011 2012 2012 2012 2013 2013

-2.53% N N -2.07% N N 0.00% N

 2,013 2,014 2,015 2,016 2,017 2,018 2,019 2,020

0.00% 0.00% 1.06% 1.05% 1.04% 0.00% -0.51% 1.03%

2011 2012 2013

High & Low Trend Spread to Ref High & Low Trend Spread to Ref
Low growth Reference High growth Low growth Reference High growth Low growth Reference

5.2 5.1 5.5 5 5.1 5.5 5 5.2

-1.9% 7.8% -2.0% 7.8% -2.0%

0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9

2.4 2.4 2.4 2.5 2.5 2.5 2.5 2.5

5.5 5.5 5.8 5.5 5.6 5.9 5.6 5.8

-1.8% 5.5% 0.0% 5.4% 0.0%

0.9 0.9 1 1 1 1 1 1

2.5 2.6 2.6 2.7 2.7 2.6 2.8 2.8

1.89 1.89 1.9 1.88 1.91 1.93 1.9 1.93

0.00% 0.00% 0.00% -0.53% 1.06% 1.58% 1.06% 1.05%

4.43 4.46 4.57 4.37 4.50 4.66 4.39 4.62

18.73 19.31 19.64 19.07 19.67 20.17 19.32 20.47

15.93 16.46 16.48 16.32 16.67 16.83 16.58 17.01

2 2.03 2 2.04 2.09 2.05 2.12 2.15

4.69 4.78 4.8 4.74 4.91 4.96 4.88 5.14

19.8 20.66 20.64 20.66 21.47 21.46 21.48 22.79

16.85 17.61 17.32 17.68 18.19 17.91 18.44 18.94

2013 2014 2014 2014 2015 2015 2015 2016

N 0.00% N N 1.06% N N 1.05%

 2,021 2,022 2,023 2,024 2,025 2,026 2,027 2,028

1.02% 1.52% 0.50% 0.50% 0.00% 0.00% 0.49% 1.47%

2014 2015

w Trend Spread to Ref High & Low Trend Spread to Ref High & Low Trend Spread to Ref High & Low Trend Spread 
High growth Low growth Reference High growth Low growth Reference High growth Low growth

5.5 5 5.2 5.6 5 5.2 5.6 5

5.8% -3.8% 0.00% 1.82% 0.00% 0.00% 0.00% 0.00%

0.9 0.9 0.9 0.9 1 0.9 0.9 1

2.5 2.5 2.5 2.5 2.6 2.6 2.5 2.6

6 5.7 5.9 6.1 5.8 6.1 6.2 6

3.4% -1.7% 1.72% 1.67% 1.75% 3.39% 1.64% 3.45%

1 1.1 1 1 1.1 1.1 1 1.1

2.7 2.9 2.9 2.8 3 3 2.8 3.1

1.95 1.93 1.95 1.97 1.95 1.95 1.98 1.93

1.04% 1.58% 1.04% 1.03% 1.04% 0.00% 0.51% -1.03%

4.81 4.44 4.69 4.93 4.47 4.8 5.06 4.54

20.82 19.89 21.15 21.5 20.62 21.78 22.13 21.07

17.18 16.9 17.36 17.59 17.09 18.51 18.15 18.12

2.1 2.2 2.22 2.16 2.28 2.26 2.19 2.33

5.19 5.07 5.33 5.39 5.24 5.57 5.6 5.46

22.46 22.71 24.03 23.53 24.17 25.27 24.53 25.35

18.53 19.3 19.73 19.25 20.03 21.47 20.11 21.8

2016 2016 2017 2017 2017 2018 2018 2018

N N 1.04% N N 0.00% N N

 2,029 2,030 2,031 2,032 2,033 2,034 2,035 2,036

1.45% 0.48% 0.47% 0.00% 0.00% 0.00% 0.47% 0.00%

2016 2017 2018

High & Low Trend Spread to Ref
Reference High growth Low growth Reference High growth Low growth Reference High growth

5.3 5.7 5 5.4 5.8 5.1 5.5 5.9

1.92% 1.79% 0.00% 1.89% 1.75% 2.00% 1.85% 1.72%

0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9

2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6

6.3 6.4 6.2 6.5 6.6 6.5 6.7 6.8

3.28% 3.23% 3.33% 3.17% 3.12% 4.84% 3.08% 3.03%

1.1 1 1.2 1.1 1.1 1.2 1.1 1.1

3 2.9 3.2 3.1 2.9 3.3 3.2 3

1.94 1.98 1.92 1.96 2.01 1.93 1.98 2.04

-0.51% 0.00% -0.52% 1.03% 1.52% 0.52% 1.02% 1.49%

4.91 5.19 4.66 5.09 5.44 4.82 5.28 5.68

22.34 22.77 21.56 22.66 23.3 22.09 22.91 23.73

18.88 19.32 18.4 19.15 19.76 18.74 19.46 20.16

2.3 2.22 2.37 2.37 2.28 2.45 2.44 2.34

5.82 5.82 5.76 6.15 6.17 6.14 6.51 6.52

26.45 25.51 26.66 27.38 26.43 28.13 28.2 27.24

22.35 21.64 22.76 23.14 22.42 23.85 23.96 23.14

2019 2019 2019 2020 2020 2020 2021 2021

-0.51% N N 1.03% N N 1.02% N

2019 2020 2021
Low growth Reference High growth Low growth Reference High growth Low growth Reference

5.2 5.6 6 5.2 5.8 6.1 5.3 5.9

1.96% 1.82% 1.69% 0.00% 3.57% 1.67% 1.92% 1.72%

0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9

2.6 2.6 2.6 2.6 2.6 2.6 2.7 2.6

6.8 7 7 7 7.3 7.2 7.2 7.7

4.62% 4.48% 2.94% 2.94% 4.29% 2.86% 2.86% 5.48%

1.2 1.1 1.1 1.3 1.2 1.1 1.3 1.2

3.4 3.3 3 3.5 3.4 3.1 3.6 3.4

1.95 2.01 2.05 1.97 2.02 2.05 1.98 2.03

1.04% 1.52% 0.49% 1.03% 0.50% 0.00% 0.51% 0.50%

4.96 5.43 5.91 5.12 5.56 6.07 5.25 5.7

22.33 23.15 24.11 22.67 23.43 24.5 23 23.87

19.13 19.71 20.48 19.4 20.01 20.8 19.68 20.24

2.55 2.52 2.38 2.64 2.57 2.42 2.71 2.64

6.48 6.81 6.86 6.86 7.09 7.15 7.2 7.41

29.19 29.03 28.01 30.39 29.9 28.85 31.55 31.01

25.01 24.72 23.8 26.01 25.54 24.49 27 26.3

2021 2022 2022 2022 2023 2023 2023 2024

N 1.52% N N 0.50% N N 0.50%

2022 2023
High growth Low growth Reference High growth Low growth Reference High growth Low growth

6.2 5.3 6 6.4 5.5 6.1 6.5 5.6

1.64% 0.00% 1.69% 3.23% 3.77% 1.67% 1.56% 1.82%

0.9 0.9 0.9 0.9 0.9 0.9 1 0.9

2.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7

7.4 7.5 7.9 7.7 7.8 8.2 7.9 8.2

2.78% 4.17% 2.60% 4.05% 4.00% 3.80% 2.60% 5.13%

1.1 1.3 1.2 1.1 1.3 1.3 1.2 1.4

3.2 3.7 3.5 3.2 3.8 3.6 3.3 4

2.07 1.99 2.03 2.07 2 2.03 2.08 2

0.98% 0.51% 0.00% 0.00% 0.50% 0.00% 0.48% 0.00%

6.25 5.37 5.81 6.36 5.45 5.93 6.5 5.53

24.78 23.32 24.13 25.17 23.59 24.38 25.4 23.82

20.96 19.91 20.5 21.29 20.09 20.72 21.38 20.31

2.46 2.79 2.69 2.5 2.87 2.74 2.54 2.93

7.45 7.53 7.68 7.67 7.82 7.98 7.93 8.11

29.55 32.7 31.92 30.39 33.85 32.82 31.02 34.97

24.99 27.92 27.11 25.7 28.82 27.9 26.12 29.82

2024 2024 2025 2025 2025 2026 2026 2026

N N 0.00% N N 0.00% N N

2024 2025 2026
Reference High growth Low growth Reference High growth Low growth Reference High growth

6.2 6.6 5.6 6.3 6.7 5.6 6.3 6.8

1.64% 1.54% 0.00% 1.61% 1.52% 0.00% 0.00% 1.49%

0.9 1 0.9 0.9 1 0.9 1 1

2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7

8.5 8.1 8.4 8.8 8.4 8.7 9 8.6

3.66% 2.53% 2.44% 3.53% 3.70% 3.57% 2.27% 2.38%

1.3 1.2 1.4 1.3 1.2 1.5 1.4 1.3

3.7 3.3 4.1 3.8 3.4 4.2 3.9 3.4

2.04 2.11 2 2.07 2.13 2.01 2.1 2.14

0.49% 1.44% 0.00% 1.47% 0.95% 0.50% 1.45% 0.47%

6.12 6.7 5.64 6.24 6.86 5.77 6.33 7.02

24.59 25.46 23.92 24.82 25.62 23.99 25.02 25.83

20.91 21.46 20.39 21.04 21.52 20.4 21.08 21.56

2.8 2.6 3.01 2.89 2.67 3.09 2.98 2.71

8.4 8.29 8.48 8.72 8.6 8.88 9.01 8.9

33.74 31.5 35.95 34.68 32.11 36.94 35.62 32.78

28.68 26.54 30.64 29.4 26.97 31.41 30.02 27.36

2027 2027 2027 2028 2028 2028 2029 2029

0.49% N N 1.47% N N 1.45% N

2027 2028 2029
Low growth Reference High growth Low growth Reference High growth Low growth Reference

5.6 6.4 6.8 5.7 6.4 6.9 5.7 6.5

0.00% 1.59% 0.00% 1.79% 0.00% 1.47% 0.00% 1.56%

1 1 1 1 1 1.1 1 1

2.7 2.7 2.7 2.7 2.7 2.7 2.7 2.7

8.9 9.2 8.8 9.1 9.5 9 9.4 9.7

2.30% 2.22% 2.33% 2.25% 3.26% 2.27% 3.30% 2.11%

1.5 1.4 1.3 1.6 1.5 1.4 1.6 1.6

4.3 3.9 3.5 4.4 4 3.5 4.5 4.1

2.03 2.11 2.14 2.04 2.12 2.14 2.06 2.12

1.00% 0.48% 0.00% 0.49% 0.47% 0.00% 0.98% 0.00%

5.85 6.41 7.16 5.89 6.49 7.31 5.91 6.59

23.95 25.28 26.03 24.06 25.36 26.4 24.46 25.45

20.23 20.93 21.45 20.33 20.89 21.59 20.52 20.76

3.2 3.06 2.75 3.29 3.13 2.79 3.4 3.19

9.22 9.3 9.19 9.49 9.58 9.52 9.75 9.91

37.76 36.64 33.44 38.78 37.45 34.36 40.32 38.31

31.88 30.34 27.55 32.77 30.85 28.1 33.83 31.24

2029 2030 2030 2030 2031 2031 2031 2032

N 0.48% N N 0.47% N N 0.00%

2030 2031
High growth Low growth Reference High growth Low growth Reference High growth Low growth

7 5.7 6.5 7.1 5.8 6.5 7.1 5.8

1.45% 0.00% 0.00% 1.43% 1.75% 0.00% 0.00% 0.00%

1.1 1 1.1 1.1 1 1.1 1.1 1

2.7 2.8 2.7 2.7 2.8 2.7 2.7 2.8

9.2 9.7 10 9.5 10 10.2 9.6 10.2

2.22% 3.19% 3.09% 3.26% 3.09% 2.00% 1.05% 2.00%

1.4 1.7 1.6 1.5 1.8 1.7 1.5 1.8

3.6 4.7 4.2 3.6 4.8 4.3 3.7 4.9

2.15 2.07 2.12 2.15 2.07 2.12 2.15 2.07

0.47% 0.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

7.5 5.95 6.74 7.72 6.04 6.89 7.5 6.12

26.71 24.66 25.49 26.72 24.55 25.68 26.84 24.59

21.69 20.55 20.72 21.56 20.31 20.79 21.49 20.25

2.83 3.5 3.26 2.87 3.58 3.32 2.93 3.66

9.9 10.05 10.34 10.33 10.43 10.79 10.23 10.81

35.24 41.63 39.12 35.75 42.4 40.18 36.59 43.48

28.62 34.69 31.8 28.85 35.08 32.53 29.3 35.8

2032 2032 2033 2033 2033 2034 2034 2034

N N 0.00% N N 0.00% N N

2032 2033 2034
Reference High growth Low growth

6.6 7 5.9

1.54% -1.41% 1.72%

1.1 1.1 1.1

2.7 2.7 2.8

10.6 9.7 10.6

3.92% 1.04% 3.92%

1.7 1.5 1.9

4.4 3.8 5

2.13 2.15 2.08

0.47% 0.00% 0.48%

7.08 7.31 6.26

25.84 27.04 24.64

20.84 21.6 20.27

3.39 2.99 3.74

11.3 10.16 11.27

41.23 37.55 44.41

33.25 30.01 36.52

2035 2035 2035

0.47% N N

2035
Accelerated Depreciation & Deferred Tax Calculations

Line

No Description

Annual Capital Recovery Charge

SNCR

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 1 SNCR $ 15,148

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula

14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula

Baghouse

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 1 Baghouse $ 263,120

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula
14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula

SCR 

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 1 SCR $ 159,431

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula

14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula
1 2 3 4 5 6 7 8

1 2 3 4 5 6 7 8

2017 2018 2019 2020 2021 2022 2023 2024

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 757 757 757 757 757 757 757 757

 757 1,515 2,272 3,030 3,787 4,544 5,302 6,059

20 19 18 17 16 15 14 13

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 757 757 757 757 757 757 757 757

 757 1,515 2,272 3,030 3,787 4,544 5,302 6,059

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 3,030 3,030 3,030 3,030 3,030 - - -

 795 795 795 795 795 (265) (265) (265)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 795 1,591 2,386 3,181 3,976 3,711 3,446 3,181

 13,595 12,043 10,490 8,937 7,385 6,892 6,400 5,908

1 2 3 4 5 6 7 8

2016 2017 2018 2019 2020 2021 2022 2023

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156

 13,156 26,312 39,468 52,624 65,780 78,936 92,092 105,248

20 19 18 17 16 15 14 13

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156

 13,156 26,312 39,468 52,624 65,780 78,936 92,092 105,248

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 52,624 52,624 52,624 52,624 52,624 - - -

 13,814 13,814 13,814 13,814 13,814 (4,605) (4,605) (4,605)
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 13,814 27,628 41,441 55,255 69,069 64,464 59,860 55,255

 236,150 209,181 182,211 155,241 128,271 119,720 111,168 102,617

1 2 3 4 5 6 7 8

2017 2018 2019 2020 2021 2022 2023 2024

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

 7,972 15,943 23,915 31,886 39,858 47,829 55,801 63,773

20 19 18 17 16 15 14 13

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

 7,972 15,943 23,915 31,886 39,858 47,829 55,801 63,773

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 31,886 31,886 31,886 31,886 31,886 - - -

 8,370 8,370 8,370 8,370 8,370 (2,790) (2,790) (2,790)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 8,370 16,740 25,110 33,481 41,851 39,061 36,271 33,481

 143,090 126,748 110,406 94,065 77,723 72,541 67,360 62,178
9 10 11 12 13 14 15 16

9 10 11 12 13 14 15 16

2025 2026 2027 2028 2029 2030 2031 2032

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 757 757 757 757 757 757 757 757

 6,817 7,574 8,331 9,089 9,846 10,603 11,361 12,118

12 11 10 9 8 7 6 5

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 757 757 757 757 757 757 757 757

 6,817 7,574 8,331 9,089 9,846 10,603 11,361 12,118

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (265) (265) (265) (265) (265) (265) (265) (265)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 2,916 2,651 2,386 2,121 1,856 1,591 1,325 1,060

 5,415 4,923 4,431 3,938 3,446 2,954 2,462 1,969

9 10 11 12 13 14 15 16

2024 2025 2026 2027 2028 2029 2030 2031

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156

 118,404 131,560 144,716 157,872 171,028 184,184 197,340 210,496

12 11 10 9 8 7 6 5

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156

 118,404 131,560 144,716 157,872 171,028 184,184 197,340 210,496

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (4,605) (4,605) (4,605) (4,605) (4,605) (4,605) (4,605) (4,605)
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 50,651 46,046 41,441 36,837 32,232 27,628 23,023 18,418

 94,065 85,514 76,963 68,411 59,860 51,308 42,757 34,206

9 10 11 12 13 14 15 16

2025 2026 2027 2028 2029 2030 2031 2032

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

 71,744 79,716 87,687 95,659 103,630 111,602 119,574 127,545

12 11 10 9 8 7 6 5

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

 71,744 79,716 87,687 95,659 103,630 111,602 119,574 127,545

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (2,790) (2,790) (2,790) (2,790) (2,790) (2,790) (2,790) (2,790)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 30,691 27,901 25,110 22,320 19,530 16,740 13,950 11,160

 56,997 51,815 46,634 41,452 36,271 31,089 25,908 20,726
17 18 19 20 21 22 23 24

17 18 19 20 21 22 23 24

2033 2034 2035 2036 2037 2038 2039 2040

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 757 757 757 757 - - - -

 12,876 13,633 14,390 15,148 15,148 15,148 15,148 15,148

4 3 2 1 0 0 0 0

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 757 757 757 757 - - - -

 12,876 13,633 14,390 15,148 15,148 15,148 15,148 15,148

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (265) (265) (265) (265) - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 795 530 265 - (0) (0) (0) (0)

 1,477 985 492 (0) (0) (0) (0) (0)

17 18 19 20 21 22 23 24

2032 2033 2034 2035 2036 2037 2038 2039

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 13,156 13,156 13,156 13,156 - - - -

 223,652 236,808 249,964 263,120 263,120 263,120 263,120 263,120

4 3 2 1 0 0 0 0

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 13,156 13,156 13,156 13,156 - - - -

 223,652 236,808 249,964 263,120 263,120 263,120 263,120 263,120

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (4,605) (4,605) (4,605) (4,605) - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 13,814 9,209 4,605 (0) (0) (0) (0) (0)

 25,654 17,103 8,551 0 0 0 0 0

17 18 19 20 21 22 23 24

2033 2034 2035 2036 2037 2038 2039 2040

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 7,972 7,972 7,972 7,972 - - - -

 135,517 143,488 151,460 159,431 159,431 159,431 159,431 159,431

4 3 2 1 0 0 0 0

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 7,972 7,972 7,972 7,972 - - - -

 135,517 143,488 151,460 159,431 159,431 159,431 159,431 159,431

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (2,790) (2,790) (2,790) (2,790) - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 8,370 5,580 2,790 (0) (0) (0) (0) (0)

 15,545 10,363 5,182 (0) (0) (0) (0) (0)
25 26 27 28 29 30 31 32

25 26 27 28 29 30 31 32

2041 2042 2043 2044 2045 2046 2047 2048

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 - - - - - - - -

 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

0 0 0 0 0 0 0 0

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 - - - - - - - -

 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 (0) (0) (0) (0) (0) (0) (0) (0)

25 26 27 28 29 30 31 32

2040 2041 2042 2043 2044 2045 2046 2047

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 - - - - - - - -

 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120

0 0 0 0 0 0 0 0

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 - - - - - - - -

 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 0 0 0 0 0 0 0 0

25 26 27 28 29 30 31 32

2041 2042 2043 2044 2045 2046 2047 2048

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 - - - - - - - -

 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

0 0 0 0 0 0 0 0

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 - - - - - - - -

 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 (0) (0) (0) (0) (0) (0) (0) (0)
33 34 35 36 37 38 39 40

33 34 35 36 37 38 39 40

2049 2050 2051 2052 2053 2054 2055 2056

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 - - - - - - - -

 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

0 0 0 0 0 0 0 0

$ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148 $ 15,148

 - - - - - - - -

 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 (0) (0) (0) (0) (0) (0) (0) (0)

33 34 35 36 37 38 39 40

2048 2049 2050 2051 2052 2053 2054 2055

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 - - - - - - - -

 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120

0 0 0 0 0 0 0 0

$ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120 $ 263,120

 - - - - - - - -

 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 0 0 0 0 0 0 0 0

33 34 35 36 37 38 39 40

2049 2050 2051 2052 2053 2054 2055 2056

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 - - - - - - - -

 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

0 0 0 0 0 0 0 0

$ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431 $ 159,431

 - - - - - - - -

 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 (0) (0) (0) (0) (0) (0) (0) (0)
Accelerated Depreciation & Deferred Tax Calculations

Line

No Description

Annual Capital Recovery Charge

SNCR

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 2 SNCR $ 14,707

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula

14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula

Baghouse

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 2 Baghouse $ 237,780

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula
14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula

SCR 

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 2 SCR $ 212,254

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula

14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula


1 2 3 4 5 6 7 8

1 2 3 4 5 6 7 8

2016 2017 2018 2019 2020 2021 2022 2023

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 735 735 735 735 735 735 735 735

 735 1,471 2,206 2,941 3,677 4,412 5,147 5,883

20 19 18 17 16 15 14 13

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 735 735 735 735 735 735 735 735

 735 1,471 2,206 2,941 3,677 4,412 5,147 5,883

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 2,941 2,941 2,941 2,941 2,941 - - -

 772 772 772 772 772 (257) (257) (257)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 772 1,544 2,316 3,088 3,860 3,603 3,346 3,088

 13,199 11,692 10,184 8,677 7,169 6,692 6,214 5,736

1 2 3 4 5 6 7 8

2015 2016 2017 2018 2019 2020 2021 2022

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889

 11,889 23,778 35,667 47,556 59,445 71,334 83,223 95,112

20 19 18 17 16 15 14 13

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889

 11,889 23,778 35,667 47,556 59,445 71,334 83,223 95,112

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 47,556 47,556 47,556 47,556 47,556 - - -

 12,483 12,483 12,483 12,483 12,483 (4,161) (4,161) (4,161)
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 12,483 24,967 37,450 49,934 62,417 58,256 54,095 49,934

 213,407 189,035 164,663 140,290 115,918 108,190 100,462 92,734

1 2 3 4 5 6 7 8

2016 2017 2018 2019 2020 2021 2022 2023

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

 10,613 21,225 31,838 42,451 53,064 63,676 74,289 84,902

20 19 18 17 16 15 14 13

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

 10,613 21,225 31,838 42,451 53,064 63,676 74,289 84,902

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 42,451 42,451 42,451 42,451 42,451 - - -

 11,143 11,143 11,143 11,143 11,143 (3,714) (3,714) (3,714)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 11,143 22,287 33,430 44,573 55,717 52,002 48,288 44,573

 190,498 168,742 146,986 125,230 103,474 96,576 89,677 82,779


9 10 11 12 13 14 15 16

9 10 11 12 13 14 15 16

2024 2025 2026 2027 2028 2029 2030 2031

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 735 735 735 735 735 735 735 735

 6,618 7,353 8,089 8,824 9,559 10,295 11,030 11,765

12 11 10 9 8 7 6 5

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 735 735 735 735 735 735 735 735

 6,618 7,353 8,089 8,824 9,559 10,295 11,030 11,765

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (257) (257) (257) (257) (257) (257) (257) (257)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 2,831 2,574 2,316 2,059 1,802 1,544 1,287 1,029

 5,258 4,780 4,302 3,824 3,346 2,868 2,390 1,912

9 10 11 12 13 14 15 16

2023 2024 2025 2026 2027 2028 2029 2030

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889

 107,001 118,890 130,779 142,668 154,557 166,446 178,335 190,224

12 11 10 9 8 7 6 5

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889

 107,001 118,890 130,779 142,668 154,557 166,446 178,335 190,224

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (4,161) (4,161) (4,161) (4,161) (4,161) (4,161) (4,161) (4,161)
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 45,773 41,611 37,450 33,289 29,128 24,967 20,806 16,645

 85,006 77,278 69,551 61,823 54,095 46,367 38,639 30,911

9 10 11 12 13 14 15 16

2024 2025 2026 2027 2028 2029 2030 2031

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

 95,514 106,127 116,740 127,352 137,965 148,578 159,191 169,803

12 11 10 9 8 7 6 5

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

 95,514 106,127 116,740 127,352 137,965 148,578 159,191 169,803

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (3,714) (3,714) (3,714) (3,714) (3,714) (3,714) (3,714) (3,714)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 40,859 37,144 33,430 29,716 26,001 22,287 18,572 14,858

 75,881 68,983 62,084 55,186 48,288 41,390 34,491 27,593


17 18 19 20 21 22 23 24

17 18 19 20 21 22 23 24

2032 2033 2034 2035 2036 2037 2038 2039

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 735 735 735 735 - - - -

 12,501 13,236 13,971 14,707 14,707 14,707 14,707 14,707

4 3 2 1 0 0 0 0

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 735 735 735 735 - - - -

 12,501 13,236 13,971 14,707 14,707 14,707 14,707 14,707

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (257) (257) (257) (257) - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 772 515 257 (0) (0) (0) (0) (0)

 1,434 956 478 0 0 0 0 0

17 18 19 20 21 22 23 24

2031 2032 2033 2034 2035 2036 2037 2038

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 11,889 11,889 11,889 11,889 - - - -

 202,113 214,002 225,891 237,780 237,780 237,780 237,780 237,780

4 3 2 1 0 0 0 0

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 11,889 11,889 11,889 11,889 - - - -

 202,113 214,002 225,891 237,780 237,780 237,780 237,780 237,780

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (4,161) (4,161) (4,161) (4,161) - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 12,483 8,322 4,161 0 0 0 0 0

 23,184 15,456 7,728 (0) (0) (0) (0) (0)

17 18 19 20 21 22 23 24

2032 2033 2034 2035 2036 2037 2038 2039

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 10,613 10,613 10,613 10,613 - - - -

 180,416 191,029 201,641 212,254 212,254 212,254 212,254 212,254

4 3 2 1 0 0 0 0

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 10,613 10,613 10,613 10,613 - - - -

 180,416 191,029 201,641 212,254 212,254 212,254 212,254 212,254

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (3,714) (3,714) (3,714) (3,714) - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 11,143 7,429 3,714 0 0 0 0 0

 20,695 13,797 6,898 0 0 0 0 0


25 26 27 28 29 30 31 32

25 26 27 28 29 30 31 32

2040 2041 2042 2043 2044 2045 2046 2047

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 - - - - - - - -

 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

0 0 0 0 0 0 0 0

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 - - - - - - - -

 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 0 0 0 0 0 0 0 0

25 26 27 28 29 30 31 32

2039 2040 2041 2042 2043 2044 2045 2046

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 - - - - - - - -

 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780

0 0 0 0 0 0 0 0

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 - - - - - - - -

 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 0 0 0 0 0 0 0 0

 (0) (0) (0) (0) (0) (0) (0) (0)

25 26 27 28 29 30 31 32

2040 2041 2042 2043 2044 2045 2046 2047

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 - - - - - - - -

 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

0 0 0 0 0 0 0 0

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 - - - - - - - -

 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 0 0 0 0 0 0 0 0

 0 0 0 0 0 0 0 0


33 34 35 36 37 38 39 40

33 34 35 36 37 38 39 40

2048 2049 2050 2051 2052 2053 2054 2055

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 - - - - - - - -

 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

0 0 0 0 0 0 0 0

$ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707 $ 14,707

 - - - - - - - -

 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 0 0 0 0 0 0 0 0

33 34 35 36 37 38 39 40

2047 2048 2049 2050 2051 2052 2053 2054

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 - - - - - - - -

 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780

0 0 0 0 0 0 0 0

$ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780 $ 237,780

 - - - - - - - -

 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 0 0 0 0 0 0 0 0

 (0) (0) (0) (0) (0) (0) (0) (0)

33 34 35 36 37 38 39 40

2048 2049 2050 2051 2052 2053 2054 2055

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 - - - - - - - -

 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

0 0 0 0 0 0 0 0

$ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254 $ 212,254

 - - - - - - - -

 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 0 0 0 0 0 0 0 0

 0 0 0 0 0 0 0 0
Accelerated Depreciation & Deferred Tax Calculations

Line

No Description

Annual Capital Recovery Charge

SNCR

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 3 SNCR $ 15,602

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula

14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula

Baghouse

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 3 Baghouse $ 198,429

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula
14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula

SCR 

Year

Capital Cost

Plant in Service Calculation ($000s)

1 Initial Facility Investment Unit No. 3 SCR $ 203,340

4 Plant in Service

Book Depreciation Calculations

5 Book Depreciation 20 yrs

6 Depreciation Reserve Beg. Bal. = 0

7 Remaining Life (Yrs)

Federal Tax Depreciation and 26USC 169 Deferred Tax Calculation

8 Federal Tax Basis - Initial Investment

9 Federal Book-Tax Depreciation Formula

10 Federal Book-Tax Depreciation Reserve Beg. Bal. = 0

11 Federal 26USC 169 Tax Depreciation Schedule 5 yrs

12 Federal Tax Depreciation Formula - Plant in Service

13 Federal Deferred Tax Formula

14 Federal Tax Rate 35.0%

15 Federal Deferred Tax Reserve Formula Beg. Bal. = 0

Rate Base Calculations (including deferred tax balance)

19 Rate Base Formula


1 2 3 4 5 6 7 8

1 2 3 4 5 6 7 8

2018 2019 2020 2021 2022 2023 2024 2025

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 780 780 780 780 780 780 780 780

 780 1,560 2,340 3,120 3,901 4,681 5,461 6,241

20 19 18 17 16 15 14 13

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 780 780 780 780 780 780 780 780

 780 1,560 2,340 3,120 3,901 4,681 5,461 6,241

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 3,120 3,120 3,120 3,120 3,120 - - -

 819 819 819 819 819 (273) (273) (273)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 819 1,638 2,457 3,276 4,096 3,823 3,550 3,276

 14,003 12,404 10,805 9,205 7,606 7,099 6,592 6,085

1 2 3 4 5 6 7 8

2017 2018 2019 2020 2021 2022 2023 2024

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921

 9,921 19,843 29,764 39,686 49,607 59,529 69,450 79,372

20 19 18 17 16 15 14 13

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921

 9,921 19,843 29,764 39,686 49,607 59,529 69,450 79,372

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 39,686 39,686 39,686 39,686 39,686 - - -

 10,418 10,418 10,418 10,418 10,418 (3,473) (3,473) (3,473)
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 10,418 20,835 31,253 41,670 52,088 48,615 45,143 41,670

 178,090 157,751 137,412 117,073 96,734 90,285 83,836 77,387

1 2 3 4 5 6 7 8

2018 2019 2020 2021 2022 2023 2024 2025

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167

 10,167 20,334 30,501 40,668 50,835 61,002 71,169 81,336

20 19 18 17 16 15 14 13

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167

 10,167 20,334 30,501 40,668 50,835 61,002 71,169 81,336

20.0% 20.0% 20.0% 20.0% 20.0% 0.0% 0.0% 0.0%

 40,668 40,668 40,668 40,668 40,668 - - -

 10,675 10,675 10,675 10,675 10,675 (3,558) (3,558) (3,558)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 10,675 21,351 32,026 42,701 53,377 49,818 46,260 42,701

 182,498 161,655 140,813 119,971 99,128 92,520 85,911 79,303


9 10 11 12 13 14 15 16

9 10 11 12 13 14 15 16

2026 2027 2028 2029 2030 2031 2032 2033

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 780 780 780 780 780 780 780 780

 7,021 7,801 8,581 9,361 10,141 10,922 11,702 12,482

12 11 10 9 8 7 6 5

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 780 780 780 780 780 780 780 780

 7,021 7,801 8,581 9,361 10,141 10,922 11,702 12,482

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (273) (273) (273) (273) (273) (273) (273) (273)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 3,003 2,730 2,457 2,184 1,911 1,638 1,365 1,092

 5,578 5,071 4,564 4,057 3,550 3,042 2,535 2,028

9 10 11 12 13 14 15 16

2025 2026 2027 2028 2029 2030 2031 2032

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921

 89,293 99,215 109,136 119,057 128,979 138,900 148,822 158,743

12 11 10 9 8 7 6 5

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921

 89,293 99,215 109,136 119,057 128,979 138,900 148,822 158,743

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (3,473) (3,473) (3,473) (3,473) (3,473) (3,473) (3,473) (3,473)
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 38,198 34,725 31,253 27,780 24,308 20,835 17,363 13,890

 70,938 64,489 58,041 51,592 45,143 38,694 32,245 25,796

9 10 11 12 13 14 15 16

2026 2027 2028 2029 2030 2031 2032 2033

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167

 91,503 101,670 111,837 122,004 132,171 142,338 152,505 162,672

12 11 10 9 8 7 6 5

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167

 91,503 101,670 111,837 122,004 132,171 142,338 152,505 162,672

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (3,558) (3,558) (3,558) (3,558) (3,558) (3,558) (3,558) (3,558)

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 39,143 35,584 32,026 28,468 24,909 21,351 17,792 14,234

 72,694 66,085 59,477 52,868 46,260 39,651 33,043 26,434


17 18 19 20 21 22 23 24

17 18 19 20 21 22 23 24

2034 2035 2036 2037 2038 2039 2040 2041

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 780 780 780 780 - - - -

 13,262 14,042 14,822 15,602 15,602 15,602 15,602 15,602

4 3 2 1 0 0 0 0

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 780 780 780 780 - - - -

 13,262 14,042 14,822 15,602 15,602 15,602 15,602 15,602

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (273) (273) (273) (273) - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 819 546 273 0 0 0 0 0

 1,521 1,014 507 0 0 0 0 0

17 18 19 20 21 22 23 24

2033 2034 2035 2036 2037 2038 2039 2040

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 9,921 9,921 9,921 9,921 - - - -

 168,665 178,586 188,508 198,429 198,429 198,429 198,429 198,429

4 3 2 1 0 0 0 0

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 9,921 9,921 9,921 9,921 - - - -

 168,665 178,586 188,508 198,429 198,429 198,429 198,429 198,429

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (3,473) (3,473) (3,473) (3,473) - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 10,418 6,945 3,473 0 0 0 0 0

 19,347 12,898 6,449 0 0 0 0 0

17 18 19 20 21 22 23 24

2034 2035 2036 2037 2038 2039 2040 2041

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 10,167 10,167 10,167 10,167 - - - -

 172,839 183,006 193,173 203,340 203,340 203,340 203,340 203,340

4 3 2 1 0 0 0 0

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 10,167 10,167 10,167 10,167 - - - -

 172,839 183,006 193,173 203,340 203,340 203,340 203,340 203,340

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 (3,558) (3,558) (3,558) (3,558) - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 10,675 7,117 3,558 (0) (0) (0) (0) (0)

 19,826 13,217 6,609 (0) (0) (0) (0) (0)


25 26 27 28 29 30 31 32

25 26 27 28 29 30 31 32

2042 2043 2044 2045 2046 2047 2048 2049

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 - - - - - - - -

 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602

0 0 0 0 0 0 0 0

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 - - - - - - - -

 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 0 0 0 0 0 0 0 0

 0 0 0 0 0 0 0 0

25 26 27 28 29 30 31 32

2041 2042 2043 2044 2045 2046 2047 2048

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 - - - - - - - -

 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429

0 0 0 0 0 0 0 0

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 - - - - - - - -

 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 0 0 0 0 0 0 0 0

 0 0 0 0 0 0 0 0

25 26 27 28 29 30 31 32

2042 2043 2044 2045 2046 2047 2048 2049

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 - - - - - - - -

 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340

0 0 0 0 0 0 0 0

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 - - - - - - - -

 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 (0) (0) (0) (0) (0) (0) (0) (0)


33 34 35 36 37 38 39 40

33 34 35 36 37 38 39 40

2050 2051 2052 2053 2054 2055 2056 2057

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 - - - - - - - -

 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602

0 0 0 0 0 0 0 0

$ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602 $ 15,602

 - - - - - - - -

 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 0 0 0 0 0 0 0 0

 0 0 0 0 0 0 0 0

33 34 35 36 37 38 39 40

2049 2050 2051 2052 2053 2054 2055 2056

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 - - - - - - - -

 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429

0 0 0 0 0 0 0 0

$ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429 $ 198,429

 - - - - - - - -

 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -
35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 0 0 0 0 0 0 0 0

 0 0 0 0 0 0 0 0

33 34 35 36 37 38 39 40

2050 2051 2052 2053 2054 2055 2056 2057

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 - - - - - - - -

 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340

0 0 0 0 0 0 0 0

$ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340 $ 203,340

 - - - - - - - -

 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340

0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

 - - - - - - - -

 - - - - - - - -

35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%

 (0) (0) (0) (0) (0) (0) (0) (0)

 (0) (0) (0) (0) (0) (0) (0) (0)
Accelerated Depreciation Deferred Tax Revenue Requirement Dollars $000

SNCR YEAR 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Calculated Rate Base

Unit No. 1 SNCR 2017 - - - - - - 13,595 12,043 10,490 8,937 7,385 6,892 6,400 5,908 5,415 4,923 4,431 3,938 3,446 2,954 2,462 1,969 1,477 985 492 (0)

Unit No. 2 SNCR 2016 - - - - - 13,199 11,692 10,184 8,677 7,169 6,692 6,214 5,736 5,258 4,780 4,302 3,824 3,346 2,868 2,390 1,912 1,434 956 478 0 0

Unit No. 3 SNCR 2018 - - - - - - - 14,003 12,404 10,805 9,205 7,606 7,099 6,592 6,085 5,578 5,071 4,564 4,057 3,550 3,042 2,535 2,028 1,521 1,014 507

Unit No. 4 SNCR 0 - - - - - - - - - - - - - - - - - - - - - - - - - -

Unit No. 5 SNCR 0 - - - - - - - - - - - - - - - - - - - - - - - - - -

 - - - - - 13,199 25,287 36,230 31,571 26,911 23,281 20,712 19,235 17,757 16,280 14,803 13,325 11,848 10,371 8,893 7,416 5,938 4,461 2,984 1,506 507

S C R 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Calculated Rate Base

Unit No. 1 S C R 2017 - - - - - - 143,090 126,748 110,406 94,065 77,723 72,541 67,360 62,178 56,997 51,815 46,634 41,452 36,271 31,089 25,908 20,726 15,545 10,363 5,182 (0)

Unit No. 2 S C R 2016 - - - - - 190,498 168,742 146,986 125,230 103,474 96,576 89,677 82,779 75,881 68,983 62,084 55,186 48,288 41,390 34,491 27,593 20,695 13,797 6,898 0 0

Unit No. 3 S C R 2018 - - - - - - - 182,498 161,655 140,813 119,971 99,128 92,520 85,911 79,303 72,694 66,085 59,477 52,868 46,260 39,651 33,043 26,434 19,826 13,217 6,609

Unit No. 4 S C R 0 - - - - - - - - - - - - - - - - - - - - - - - - - -

Unit No. 5 S C R 0 - - - - - - - - - - - - - - - - - - - - - - - - - -

 - - - - - 190,498 311,832 456,232 397,291 338,351 294,269 261,347 242,659 223,970 205,282 186,594 167,905 149,217 130,529 111,840 93,152 74,464 55,775 37,087 18,399 6,609

BAGHOUSE 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036

Calculated Rate Base

Unit No. 1 Baghouse 2016 - - - 236,150 209,181 182,211 155,241 128,271 119,720 111,168 102,617 94,065 85,514 76,963 68,411 59,860 51,308 42,757 34,206 25,654 17,103 8,551 0 0 0 0

Unit No. 1 Baghouse 2015 - - - - - 213,407 189,035 164,663 140,290 115,918 108,190 100,462 92,734 85,006 77,278 69,551 61,823 54,095 46,367 38,639 30,911 23,184 15,456 7,728 (0) (0)

Unit No. 1 Baghouse 2017 - - - - 178,090 157,751 137,412 117,073 96,734 90,285 83,836 77,387 70,938 64,489 58,041 51,592 45,143 38,694 32,245 25,796 19,347 12,898 6,449 0 0 0

Unit No. 1 Baghouse 0 - - - - - - - - - - - - - - - - - - - - - - - - - -

Unit No. 1 Baghouse 0 - - - - - - - - - - - - - - - - - - - - - - - - - -

 - - - 236,150 387,271 553,369 481,688 410,007 356,744 317,371 294,643 271,915 249,187 226,458 203,730 181,002 158,274 135,546 112,817 90,089 67,361 44,633 21,905 7,728 0 0
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

Navajo Generating Station (NGS) Economic Assessment Model

Case

Names Description

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Year No. Starting 2011 NA NA NA NA NA NA 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Year No. Starting 2016 NA NA NA NA NA NA NA NA NA NA NA 1 2 3 4 5 6 7 8 9 10

1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025

Units

25 YR NPV

From 2011

a Generation Statistics

b Gross Capacity MW 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409

c Operating Capacity MW 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250

d Efficiency Vs. Base Case Efficiency % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

e Net Generation MWh 423,794,375 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

f Capacity Factor % 86% 89% 89% 89% 82% 88% 88% 88% 88% 88% 88% 88% 88% 88% 88% 88% 88% 88% 88% 88% 88%

Base Case Plant as of 2011

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service $000 $ 1,152,918 $ 1,128,337 $ 1,084,940 $ 1,041,542 $ 998,144 $ 954,747 $ 911,349 $ 867,952 $ 824,554 $ 781,157 $ 737,759 $ 694,361 $ 650,964 $ 607,566 $ 564,169 $ 520,771

4 Annual Depreciation Expense $000 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398

5 Accumulated Depreciation $000 623,899 667,296 710,694 754,091 797,489 840,887 884,284 927,682 971,079 1,014,477 1,057,874 1,101,272 1,144,670 1,188,067 1,231,465 1,274,862

6

7 Return on Capital

8 Debt & Equity Return $000 901 117,401 114,898 110,478 106,059 101,640 97,221 92,802 88,383 83,964 79,544 75,125 70,706 66,287 61,868 57,449 53,030

9 $ per MWh 6.93 6.78 6.52 6.26 6.00 5.74 5.47 5.21 4.95 4.69 4.43 4.17 3.91 3.65 3.39 3.13

10

11 Total CAPEX (Depreciation + Return on Capital) $000 1,442 160,798 158,295 153,876 149,457 145,038 140,619 136,199 131,780 127,361 122,942 118,523 114,104 109,685 105,266 100,846 96,427

12 $ per MWh 9.49 9.34 9.08 8.82 8.56 8.30 8.03 7.77 7.51 7.25 6.99 6.73 6.47 6.21 5.95 5.69

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year) % 1.5% -2.5% -2.1% 0.0% 0.0% 1.1% 1.0% 1.0% 0.0% -0.5% 1.0% 1.0% 1.5% 0.5% 0.5% 0.0%

16 Fuel Expense $000 4,231 217,336 251,483 290,795 305,647 266,476 270,576 330,869 324,012 324,012 324,012 327,440 330,869 334,298 334,298 332,583 336,012 339,441 344,584 346,298 348,012 348,012

17 $ per MWh 12.76 14.34 16.51 17.44 16.51 15.96 19.52 19.11 19.11 19.11 19.32 19.52 19.72 19.72 19.62 19.82 20.02 20.33 20.43 20.53 20.53

18

19 Non-Fuel Operating & Maintenance Expenses

20 Operating Expenses

21 Op. Supervision & Engineering $000 10,025 11,620 9,497 10,727 8,644 8,903.82 10,880 11,207 11,543 11,889 12,246 12,613 12,992 13,381 13,783 14,196 14,622 15,061 15,513 15,978 16,458

22 Total Steam/Hydraulic Expense $000 8,067 9,237 11,438 12,545 12,939 13,327.61 14,637.61 15,077 15,529 15,995 16,475 16,969 17,478 18,002 18,542 19,099 19,672 20,262 20,870 21,496 22,141

23 Electric Expenses $000 901 1,653 2,664 3,128 3,740 3,852.08 3,764.29 3,877 3,994 4,113 4,237 4,364 4,495 4,630 4,768 4,912 5,059 5,211 5,367 5,528 5,694

24 Misc. Power Expenses $000 13,701 14,805 22,196 16,849 16,924 17,431.59 15,605.81 16,074 16,556 17,053 17,564 18,091 18,634 19,193 19,769 20,362 20,973 21,602 22,250 22,918 23,605

25 Rents $000 475 479 456 469 458 471.87 458.12 472 486 501 516 531 547 563 580 598 616 634 653 673 693

26 Allowances $000 - - - - - - - - - - - - - - - - - - - - -

27 Total Non-Fuel Operating Expenses $000 767 33,168 37,793 46,250 43,719 42,706 43,986.97 45,346 46,707 48,108 49,551 51,038 52,569 54,146 55,770 57,443 59,166 60,941 62,770 64,653 66,592 68,590

28 1.95 2.15 2.63 2.49 2.65 2.59 2.68 2.76 2.84 2.92 3.01 3.10 3.19 3.29 3.39 3.49 3.59 3.70 3.81 3.93 4.05

29 Maintenance Expenses 

30 Supervision & Engineering $000 3,875 4,016 4,239 5,345 7,257 7,475 7,405 7,627 7,856 8,092 8,334 8,584 8,842 9,107 9,380 9,662 9,952 10,250 10,558 10,874 11,201

31 Structures $000 1,595 2,101 1,664 2,171 3,135 3,230 2,376 2,447 2,521 2,596 2,674 2,754 2,837 2,922 3,010 3,100 3,193 3,289 3,387 3,489 3,594

32 Boiler/Reactor/Reservoirs & Dams $000 30,741 25,723 24,939 27,725 41,809 43,063 46,925 48,332 49,782 51,276 52,814 54,399 56,031 57,711 59,443 61,226 63,063 64,955 66,903 68,910 70,978

33 Electric Plant $000 12,623 7,234 4,360 8,992 20,627 21,246 19,044 19,615 20,203 20,809 21,434 22,077 22,739 23,421 24,124 24,848 25,593 26,361 27,152 27,966 28,805

34 Misc. Plant $000 4,415 4,769 3,688 3,520 3,782 3,895 6,082 6,265 6,453 6,646 6,846 7,051 7,263 7,480 7,705 7,936 8,174 8,419 8,672 8,932 9,200

35 Total Maintenance Expenses $000 1,384 53,249 43,843 38,890 47,753 76,610 78,908 81,831 84,286 86,815 89,419 92,102 94,865 97,711 100,642 103,662 106,771 109,975 113,274 116,672 120,172 123,777

36 $ per MWh 3.13 2.50 2.21 2.73 4.75 4.65 4.83 4.97 5.12 5.27 5.43 5.60 5.76 5.94 6.12 6.30 6.49 6.68 6.88 7.09 7.30

37 Production Costs

38 CO2 cost if included $ - 6,382 303,753 333,119 375,934 397,119 385,792 393,471 458,047 455,005 458,934 462,982 470,580 478,303 486,154 490,710 493,688 501,950 510,357 520,627 527,623 534,777 540,380

39 Total Production $ per MWh 17.84 18.99 21.34 22.66 23.90 23.21 27.02 26.84 27.07 27.31 27.76 28.22 28.68 28.95 29.12 29.61 30.11 30.71 31.12 31.55 31.88

40

Base Case Total Cost of Electricity

Cost of Electricity $000 7,915 17.84 18.99 21.34 22.66 23.90 554,269.3 616,342 608,881 608,391 608,020 611,198 614,502 617,935 618,071 616,630 635,473 639,461 645,312 647,888 650,623 651,807

Cost of Electricity $ per MWh NA NA NA NA NA 32.70 36.36 35.92 35.89 35.87 36.06 36.25 36.45 36.46 36.38 37.49 37.72 38.07 38.22 38.38 38.45

SNCR 0

1 Net Generation MWh 339,035,500 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1 $000 - - - - - - 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

5 Unit 2 $000 - - - - - 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

6 Unit 3 $000 - - - - - - - 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602

7 Unit 4 $000 - - - - - - - - - - - - - - -

8 Unit 5 $000 - - - - - - - - - - - - - - -

9 Total Incremental Plant in Service $000 - - - - - 14,707 29,854 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value $000 15,148 14,390 13,633 12,876 12,118 11,361 10,603 9,846 9,089

14 Annual Depreciation Expense $000 757 757 757 757 757 757 757 757 757

Ending Book Value 14,390 13,633 12,876 12,118 11,361 10,603 9,846 9,089 8,331

15 Accumulated Depreciation $000 757 1,515 2,272 3,030 3,787 4,544 5,302 6,059 6,817

16 Unit 2

17 Starting Book Value $000 14,707 13,971 13,236 12,501 11,765 11,030 10,295 9,559 8,824 8,089

18 Annual Depreciation Expense $000 735 735 735 735 735 735 735 735 735 735

Ending Book Value 13,971 13,236 12,501 11,765 11,030 10,295 9,559 8,824 8,089 7,353

BASE

SCR

Plant As Operated Through 2009 + remaining LNB 

Base Case + Incremental SCR

$Million

2017

2016

2018

09000064811c2027

Annual Cash Flows ADep
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

19 Accumulated Depreciation $000 735 1,471 2,206 2,941 3,677 4,412 5,147 5,883 6,618 7,353

20 Unit 3

21 Starting Book Value $000 15,602 14,822 14,042 13,262 12,482 11,702 10,922 10,141

22 Annual Depreciation Expense $000 780 780 780 780 780 780 780 780

Ending Book Value 14,822 14,042 13,262 12,482 11,702 10,922 10,141 9,361

23 Accumulated Depreciation $000 780 1,560 2,340 3,120 3,901 4,681 5,461 6,241

32 - - - - - - - - - - -

33 Total Incremental Depreciation Expense - - - - - 735 1,493 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273

34

35

36 Return on Capital

37 Rate Base $000 161 - - - - - 13,199 25,287 36,230 31,571 26,911 23,281 20,712 19,235 17,757 16,280

38 Debt & Equity Return $000 18 - - - - - 1,475 2,826 4,049 3,528 3,008 2,602 2,315 2,150 1,984 1,819

39

40 Total Incremental CAPEX $000 36 - - - - - 2,210 4,319 6,322 5,801 5,280 4,875 4,588 4,422 4,257 4,092

41 $ per MWh - - - - - 0.13 0.25 0.37 0.34 0.31 0.29 0.27 0.26 0.25 0.24

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1 $000 - - - - - - 7,663 7,853 8,043 8,233 8,423 8,613 8,803 8,993 9,183

45 Unit 2 $000 - - - - - 7,473 7,663 7,853 8,043 8,233 8,423 8,613 8,803 8,993 9,183

46 Unit 3 $000 - - - - - - - 7,853 8,043 8,233 8,423 8,613 8,803 8,993 9,183

49 Total Incremental OPEX $000 220 - - - - - 7,473 15,327 23,560 24,130 24,700 25,270 25,840 26,410 26,980 27,550

50 Total Incremental OPEX $ per MWh 0.00 0.00 0.00 0.00 0.00 0.44 0.90 1.39 1.42 1.46 1.49 1.52 1.56 1.59 1.63

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX $000 256 - - - - - 9,684 19,645 29,882 29,931 29,980 30,145 30,428 30,832 31,237 31,642

54 Unit Cost: Total Incremental $ per MWh 0.00 0.00 0.00 0.00 0.00 0.57 1.16 1.76 1.77 1.77 1.78 1.79 1.82 1.84 1.87

55

56

SNCR Total Cost of Electricity

Base Case Cost + Incremental Cost $000 8,171 $ 616,342 $ 608,881 $ 608,391 $ 608,020 $ 611,198 $ 624,186 $ 637,580 $ 647,953 $ 646,561 $ 665,453 $ 669,605 $ 675,739 $ 678,721 $ 681,861 $ 683,449 

Base Case Cost + Incremental Cost $ per MWh 36.36 35.92 35.89 35.87 36.06 36.82 37.61 38.22 38.14 39.26 39.50 39.86 40.04 40.22 40.32

SCR Base Case + SCR

1 Net Generation MWh 339,035,500 17,030,674 17,538,831 17,616,339 17,522,979 16,140,683 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1 $000 0 0 - - - 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

5 Unit 2 $000 0 - - - 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

6 Unit 3 $000 - - - - - - 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340

7 Unit 4 $000 - - - - - - - - - - -

8 Unit 5 $000 - - - - - - - - - - -

9 Total Incremental Plant in Service $000 - - - - - 212,254 371,686 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value $000 159,431 151,460 143,488 135,517 127,545 119,574 111,602 103,630 95,659

14 Annual Depreciation Expense $000 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

Ending Book Value 151,460 143,488 135,517 127,545 119,574 111,602 103,630 95,659 87,687

15 Accumulated Depreciation $000 7,972 15,943 23,915 31,886 39,858 47,829 55,801 63,773 71,744

16 Unit 2

17 Starting Book Value $000 212,254 201,641 191,029 180,416 169,803 159,191 148,578 137,965 127,352 116,740

18 Annual Depreciation Expense $000 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

Ending Book Value 201,641 191,029 180,416 169,803 159,191 148,578 137,965 127,352 116,740 106,127

19 Accumulated Depreciation $000 10,613 21,225 31,838 42,451 53,064 63,676 74,289 84,902 95,514 106,127

20 Unit 3

21 Starting Book Value $000 - - - 203,340 193,173 183,006 172,839 162,672 152,505 142,338 132,171

22 Annual Depreciation Expense $000 - - - 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167

Ending Book Value - - - 193,173 183,006 172,839 162,672 152,505 142,338 132,171 122,004

23 Accumulated Depreciation $000 - - - 10,167 20,334 30,501 40,668 50,835 61,002 71,169 81,336

32

33 Total Incremental Depreciation Expense - - - - - 10,613 18,584 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751

34

35

36 Return on Capital

37 Rate Base $000 2,038 - - - - - 190,498 311,832 456,232 397,291 338,351 294,269 261,347 242,659 223,970 205,282

38 Capital Recovery $000 228 - - - - - 21,289 34,849 50,987 44,400 37,813 32,886 29,207 27,119 25,030 22,942

39

40 Total Incremental CAPEX $000 439 - - - - - 31,902 53,434 79,738 73,151 66,564 61,638 57,958 55,870 53,781 51,693

41 $ per MWh - - - - - 1.88 3.15 4.70 4.32 3.93 3.64 3.42 3.30 3.17 3.05

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1 $000 - - - - - - - 4,699 4,818 4,938 5,057 5,177 5,296 5,416 5,535 5,654

45 Unit 2 $000 - - - - - - 4,579 4,699 4,818 4,938 5,057 5,177 5,296 5,416 5,535 5,654

46 Unit 3 $000 - - - - - - - - 4,818 4,938 5,057 5,177 5,296 5,416 5,535 5,654

49 Total Incremental OPEX $000 135 - - - - - - 4,579 9,398 14,455 14,813 15,171 15,530 15,888 16,247 16,605 16,963

50 Total Incremental OPEX $ per MWh 0.00 0.00 0.00 0.00 0.00 0.00 0.27 0.55 0.85 0.87 0.89 0.92 0.94 0.96 0.98 1.00

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX $000 574 - - - - - 36,481 62,831 94,193 87,964 81,736 77,168 73,847 72,117 70,386 68,656

54 Unit Cost: Total Incremental $ per MWh 0.00 0.00 0.00 0.00 0.00 2.15 3.71 5.56 5.19 4.82 4.55 4.36 4.25 4.15 4.05

55

56

SCR Case Total Cost of Electricity $ 608,881 $ 608,391 $ 608,020 $ 611,198 $ 653,415 $ 686,269 $ 722,277 $ 717,981 $ 733,969 $ 735,102 $ 738,099 $ 737,820 $ 737,701 $ 736,030 

Base Case Cost + Incremental Costs $000 8,489 $ 616,342 $ 608,881 $ 608,391 $ 608,020 $ 611,198 $ 650,984 $ 680,766 $ 712,264 $ 704,594 $ 717,209 $ 716,628 $ 719,159 $ 720,005 $ 721,010 $ 720,463 

Base Case Cost + Incremental Cost $ per MWh 36.36 35.92 35.89 35.87 36.06 38.40 40.16 42.02 41.56 42.31 42.27 42.42 42.47 42.53 42.50

2017

2016

2018

2017

2018

2016

2018

#REF!

#REF!

2017

2016

09000064811c2027

Annual Cash Flows ADep
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

Case Comparisons

Base Case NPV 7,915

Undiscounted 16,126

$ per MWh 38.05

SNCR NPV 8,171

Undiscounted 16,739

$ per MWh 39.50

SCR NPV 8,489 Market Prices in 2018 for Full Shutdown. BAU Cost Until Then

Undiscounted 17,362 Market Price in Use During Phased Shutdown Scenarios (Below)

$ per MWh 40.97

MARKET Cases NPV 8,334 Low Trend $ - $ - $ - $ - $ 40.16 $ 40.16 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 41.71 $ 42.51 $ 42.51 $ 44.11

Undiscounted 17,694 616,342 608,881 608,391 608,020 611,198 614,502 617,935 680,822 680,822 693,915 707,008 707,008 720,604 720,604 747,797

$ per MWh 41.75 $ 36.36 $ 35.92 $ 35.89 $ 35.87 $ 36.06 $ 36.25 $ 36.45 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 41.71 $ 42.51 $ 42.51 $ 44.11

NPV 8,582 Mid Trend $ - $ - $ - $ - $ 40.16 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 42.48 $ 43.25 $ 44.80 $ 45.57 $ 46.34

Undiscounted 18,491 616,342 608,881 608,391 608,020 611,198 614,502 617,935 680,822 693,915 707,008 720,101 733,193 759,379 772,471 785,564

$ per MWh 43.63 $ 36.36 $ 35.92 $ 35.89 $ 35.87 $ 36.06 $ 36.25 $ 36.45 $ 40.16 $ 40.93 $ 41.71 $ 42.48 $ 43.25 $ 44.80 $ 45.57 $ 46.34

NPV 8,663 High Trend $ - $ - $ - $ - $ 40.16 $ 40.89 $ 40.89 $ 41.62 $ 42.35 $ 43.08 $ 43.81 $ 44.80 $ 45.57 $ 47.04

Undiscounted 18,739 616,342 608,881 608,391 608,020 611,198 614,502 617,935 693,201 705,579 717,958 730,337 742,715 759,379 772,471 797,390

$ per MWh 44.22 $ 36.36 $ 35.92 $ 35.89 $ 35.87 $ 36.06 $ 36.25 $ 36.45 $ 40.89 $ 41.62 $ 42.35 $ 43.08 $ 43.81 $ 44.80 $ 45.57 $ 47.04

09000064811c2027

Annual Cash Flows ADep
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

Navajo Generating Station (NGS) Economic Assessment Model

Case

Names Description

a Generation Statistics

b Gross Capacity

c Operating Capacity

d Efficiency Vs. Base Case Efficiency

e Net Generation

f Capacity Factor

Base Case Plant as of 2011

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service

4 Annual Depreciation Expense

5 Accumulated Depreciation

6

7 Return on Capital

8 Debt & Equity Return

9

10

11 Total CAPEX (Depreciation + Return on Capital)

12

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year)

16 Fuel Expense

17

18

19 Non-Fuel Operating & Maintenance Expenses

20 Operating Expenses

21 Op. Supervision & Engineering

22 Total Steam/Hydraulic Expense

23 Electric Expenses

24 Misc. Power Expenses

25 Rents

26 Allowances

27 Total Non-Fuel Operating Expenses

28

29 Maintenance Expenses 

30 Supervision & Engineering

31 Structures

32 Boiler/Reactor/Reservoirs & Dams

33 Electric Plant

34 Misc. Plant

35 Total Maintenance Expenses

36

37 Production Costs

38 CO2 cost if included

39 Total Production

40

Base Case Total Cost of Electricity

Cost of Electricity

Cost of Electricity

SNCR 0

1 Net Generation

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1

5 Unit 2

6 Unit 3

7 Unit 4

8 Unit 5

9 Total Incremental Plant in Service

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value

14 Annual Depreciation Expense

Ending Book Value

15 Accumulated Depreciation

16 Unit 2

17 Starting Book Value

18 Annual Depreciation Expense

Ending Book Value

BASE

SCR

Plant As Operated Through 2009 + remaining LNB 

Base Case + Incremental SCR

2017

2016

2018

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

16 17 18 19 20 21 22 23 24 25

11 12 13 14 15 16 17 18 19 20

1/1/2026 1/1/2027 1/1/2028 1/1/2029 1/1/2030 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409

 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

88% 88% 88% 88% 88% 88% 88% 88% 88% 88%

$ 477,373 $ 433,978 $ 390,578 $ 347,181 $ 303,783 $ 260,386 $ 216,988 $ 173,590 $ 130,193 $ 86,795

$ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398

 1,318,260 1,361,658 1,405,055 1,448,453 1,491,850 1,535,248 1,578,645 1,622,043 1,665,441 1,708,838

 48,611 44,192 39,772 35,353 30,934 26,515 22,096 17,677 13,257 8,838

 2.87 2.61 2.35 2.09 1.82 1.56 1.30 1.04 0.78 0.52

 92,008 87,589 83,170 78,751 74,332 69,912 65,493 61,074 56,655 52,236

 5.43 5.17 4.91 4.65 4.38 4.12 3.86 3.60 3.34 3.08

0.0% 0.5% 1.5% 1.4% 0.5% 0.5% 0.0% 0.0% 0.0% 0.5%

 348,012 349,727 354,870 360,013 361,727 363,442 363,442 363,442 363,442 365,156

 20.53 20.63 20.93 21.24 21.34 21.44 21.44 21.44 21.44 21.54

 16,951 17,460 17,984 18,523 19,079 19,651 20,241 20,848 21,473 22,118

 22,805 23,489 24,194 24,920 25,667 26,437 27,230 28,047 28,889 29,755

 5,865 6,041 6,222 6,408 6,601 6,799 7,003 7,213 7,429 7,652

 24,313 25,043 25,794 26,568 27,365 28,186 29,031 29,902 30,799 31,723

 714 735 757 780 803 827 852 878 904 931

 - - - - - - - - - -

 70,648 72,767 74,950 77,199 79,515 81,900 84,357 86,888 89,495 92,179

 4.17 4.29 4.42 4.55 4.69 4.83 4.98 5.13 5.28 5.44

 11,537 11,883 12,239 12,606 12,984 13,374 13,775 14,188 14,614 15,053

 3,702 3,813 3,927 4,045 4,166 4,291 4,420 4,553 4,689 4,830

 73,107 75,300 77,559 79,886 82,283 84,751 87,294 89,913 92,610 95,388

 29,669 30,559 31,476 32,420 33,393 34,395 35,427 36,490 37,584 38,712

 9,476 9,760 10,053 10,355 10,665 10,985 11,315 11,654 12,004 12,364

 127,491 131,315 135,255 139,313 143,492 147,797 152,231 156,797 161,501 166,346

 7.52 7.75 7.98 8.22 8.46 8.72 8.98 9.25 9.53 9.81

 546,151 553,810 565,075 576,524 584,734 593,138 600,029 607,127 614,438 623,682

32.22 32.67 33.33 34.01 34.49 34.99 35.40 35.81 36.25 36.79

 653,159 656,399 663,245 670,275 674,065 678,051 680,523 683,201 686,093 690,918

 38.53 38.72 39.13 39.54 39.76 40.00 40.14 40.30 40.47 40.76

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602

 - - - - - - - - - -

 - - - - - - - - - -

 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457

 8,331 7,574 6,817 6,059 5,302 4,544 3,787 3,030 2,272 1,515

 757 757 757 757 757 757 757 757 757 757

 7,574 6,817 6,059 5,302 4,544 3,787 3,030 2,272 1,515 757

 7,574 8,331 9,089 9,846 10,603 11,361 12,118 12,876 13,633 14,390

 7,353 6,618 5,883 5,147 4,412 3,677 2,941 2,206 1,471 735

 735 735 735 735 735 735 735 735 735 735

 6,618 5,883 5,147 4,412 3,677 2,941 2,206 1,471 735 0

09000064811c2027

Annual Cash Flows ADep
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

19 Accumulated Depreciation

20 Unit 3

21 Starting Book Value

22 Annual Depreciation Expense

Ending Book Value

23 Accumulated Depreciation

32

33 Total Incremental Depreciation Expense

34

35

36 Return on Capital

37 Rate Base

38 Debt & Equity Return

39

40 Total Incremental CAPEX

41

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1

45 Unit 2

46 Unit 3

49 Total Incremental OPEX

50 Total Incremental OPEX

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX

54 Unit Cost: Total Incremental 

55

56

SNCR Total Cost of Electricity

Base Case Cost + Incremental Cost

Base Case Cost + Incremental Cost 

SCR Base Case + SCR

1 Net Generation

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1

5 Unit 2

6 Unit 3

7 Unit 4

8 Unit 5

9 Total Incremental Plant in Service

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value

14 Annual Depreciation Expense

Ending Book Value

15 Accumulated Depreciation

16 Unit 2

17 Starting Book Value

18 Annual Depreciation Expense

Ending Book Value

19 Accumulated Depreciation

20 Unit 3

21 Starting Book Value

22 Annual Depreciation Expense

Ending Book Value

23 Accumulated Depreciation

32

33 Total Incremental Depreciation Expense

34

35

36 Return on Capital

37 Rate Base

38 Capital Recovery

39

40 Total Incremental CAPEX

41

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1

45 Unit 2

46 Unit 3

49 Total Incremental OPEX

50 Total Incremental OPEX

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX

54 Unit Cost: Total Incremental 

55

56

SCR Case Total Cost of Electricity

Base Case Cost + Incremental Costs

Base Case Cost + Incremental Cost 

2017

2016

2018

2017

2018

2016

2018

#REF!

#REF!

2017

2016

 8,089 8,824 9,559 10,295 11,030 11,765 12,501 13,236 13,971 14,707

 9,361 8,581 7,801 7,021 6,241 5,461 4,681 3,901 3,120 2,340

 780 780 780 780 780 780 780 780 780 780

 8,581 7,801 7,021 6,241 5,461 4,681 3,901 3,120 2,340 1,560

 7,021 7,801 7,801 8,581 9,361 10,141 10,922 11,702 12,482 13,262

 - - - - - - - - - -

 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273

 14,803 13,325 11,848 10,371 8,893 7,416 5,938 4,461 2,984 1,506

 1,654 1,489 1,324 1,159 994 829 664 499 333 168

 3,927 3,762 3,597 3,432 3,267 3,102 2,937 2,771 2,606 2,441

 0.23 0.22 0.21 0.20 0.19 0.18 0.17 0.16 0.15 0.14

 9,373 9,563 9,753 9,943 10,133 10,323 10,513 10,703 10,893 11,083

 9,373 9,563 9,753 9,943 10,133 10,323 10,513 10,703 10,893 11,083

 9,373 9,563 9,753 9,943 10,133 10,323 10,513 10,703 10,893 11,083

 28,120 28,690 29,260 29,830 30,400 30,970 31,540 32,110 32,680 33,250

1.66 1.69 1.73 1.76 1.79 1.83 1.86 1.89 1.93 1.96

 32,047 32,452 32,857 33,262 33,667 34,072 34,477 34,881 35,286 35,691

1.89 1.91 1.94 1.96 1.99 2.01 2.03 2.06 2.08 2.11

 $ 685,206 $ 688,851 $ 696,102 $ 703,537 $ 707,732 $ 712,122 $ 714,999 $ 718,083 $ 721,379 $ 726,609 

40.42 40.64 41.06 41.50 41.75 42.01 42.18 42.36 42.55 42.86

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340

 - - - - - - - - - -

 - - - - - - - - - -

 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026

 87,687 79,716 71,744 63,773 55,801 47,829 39,858 31,886 23,915 15,943

 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

 79,716 71,744 63,773 55,801 47,829 39,858 31,886 23,915 15,943 7,972

 79,716 87,687 95,659 103,630 111,602 119,574 127,545 135,517 143,488 151,460

 106,127 95,514 84,902 74,289 63,676 53,064 42,451 31,838 21,225 10,613

 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

 95,514 84,902 74,289 63,676 53,064 42,451 31,838 21,225 10,613 0

 116,740 127,352 137,965 148,578 159,191 169,803 180,416 191,029 201,641 212,254

 122,004 111,837 101,670 101,670 101,670 101,670 101,670 101,670 101,670 101,670

 10,167 10,167 - - - - - - - -

 111,837 101,670 101,670 101,670 101,670 101,670 101,670 101,670 101,670 101,670

 91,503 101,670 101,670 101,670 101,670 101,670 101,670 101,670 101,670 101,670

 28,751 28,751 18,584 18,584 18,584 18,584 18,584 18,584 18,584 18,584

 186,594 167,905 149,217 130,529 111,840 93,152 74,464 55,775 37,087 18,399

 20,853 18,765 16,676 14,587 12,499 10,410 8,322 6,233 4,145 2,056

 49,604 47,516 35,260 33,172 31,083 28,995 26,906 24,818 22,729 20,640

 2.93 2.80 2.08 1.96 1.83 1.71 1.59 1.46 1.34 1.22

 5,774 5,893 6,013 6,132 6,252 6,371 6,491 6,610 6,730 6,849

 5,774 5,893 6,013 6,132 6,252 6,371 6,491 6,610 6,730 6,849

 5,774 5,893 6,013 6,132 6,252 6,371 6,491 6,610 6,730 6,849

 17,322 17,680 18,038 18,397 18,755 19,114 19,472 19,830 20,189 20,547

1.02 1.04 1.06 1.09 1.11 1.13 1.15 1.17 1.19 1.21

 66,926 65,196 53,299 51,569 49,838 48,108 46,378 44,648 42,918 41,188

3.95 3.85 3.14 3.04 2.94 2.84 2.74 2.63 2.53 2.43

 $ 734,527 $ 734,910 $ 738,905 $ 743,078 $ 744,014 $ 745,145 $ 744,762 $ 744,586 $ 744,622 $ 746,593 

 $ 720,085 $ 721,595 $ 716,544 $ 721,843 $ 723,904 $ 726,159 $ 726,901 $ 727,849 $ 729,010 $ 732,105 

42.48 42.57 42.27 42.58 42.70 42.84 42.88 42.94 43.00 43.19

09000064811c2027

Annual Cash Flows ADep
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

Case Comparisons

Base Case

SNCR

SCR

MARKET Cases $ 44.92 $ 44.92 $ 44.92 $ 44.92 $ 45.72 $ 45.72 $ 45.72 $ 46.52 $ 46.52 $ 47.32

 761,393 761,393 761,393 761,393 774,989 774,989 774,989 788,586 788,586 802,182

$ 44.92 $ 44.92 $ 44.92 $ 44.92 $ 45.72 $ 45.72 $ 45.72 $ 46.52 $ 46.52 $ 47.32

$ 47.11 $ 47.89 $ 48.66 $ 48.66 $ 49.43 $ 49.43 $ 50.20 $ 50.20 $ 50.20 $ 50.98

 798,657 811,750 824,842 824,842 837,935 837,935 851,028 851,028 851,028 864,121

$ 47.11 $ 47.89 $ 48.66 $ 48.66 $ 49.43 $ 49.43 $ 50.20 $ 50.20 $ 50.20 $ 50.98

$ 47.77 $ 48.51 $ 49.24 $ 49.98 $ 49.98 $ 50.71 $ 51.45 $ 52.18 $ 52.18 $ 51.45

 809,849 822,308 834,768 847,227 847,227 859,686 872,145 884,604 884,604 872,145

$ 47.77 $ 48.51 $ 49.24 $ 49.98 $ 49.98 $ 50.71 $ 51.45 $ 52.18 $ 52.18 $ 51.45

09000064811c2027

Annual Cash Flows ADep
E C/R

Energy Strategies

E.N. 1109

FCPP ASSESSMENT MODEL SUMMARY REPORT Exhibit 1

Units	1,2,3,

BAU SNCR	on	1,2,3, SCR	on	1,2,3,

Market

Low	Trend

Market

Mid	Trend

Market

High	Trend

$																																																		7,915 $															8,171 $																				8,489 $																				8,439 $																				8,717 $																				8,806

	$																					256	 	$																									574	 	$																									524	 	$																									802	 	$																									891	

	%	 3% 7% 7% 10% 11%

$																																																		38.05 $															39.50 $																				40.97 $																				41.97 $																				44.01 $																				44.61

Incremental	to	BAU $																	1.44 $																					2.92 $																					3.92 $																					5.96 $																					6.56

Per	MWh	Costs	(25	year	non-discounted	$	cost	/	25	year	MWh)

NGS	-	Summary	Cost	Comparisons

(2011-2035)	Accelerated	Depreciation

NPV	25	Year	Cost	by	Case	($Million)

Difference	in	Cost	for	Case	vs.	BAU	 Case ($Million)

Units	Modeled	with	SCR	>>

	$-

	$2,000

	$4,000

	$6,000

	$8,000

	$10,000

	$12,000

BAU SNCR	on	1,2,3, SCR	on	1,2,3, Market

Low	Trend

Market

Mid	Trend

Market

High	Trend

$7,915 $8,171 $8,489 $8,439 $8,717 $8,806

25	Year	Cost	of	Power	by	Case	- Accelerated	Depreciation

2011-2035	NPV	($Million)

	$-

	$500.00

	$1,000.00

	$1,500.00

	$2,000.00

	$2,500.00

	$3,000.00

	$3,500.00

	$4,000.00

BAU SNCR	on	1,2,3, SCR	on	1,2,3, Market

Low	Trend

Market

Mid	Trend

Market

High	Trend

$256	

$574	 $524	 $802	 $891	

25	Yr	Cost	Incremental	to	BAU	- Accelerated	Depreciation

2011-2035	NPV	($Million)

09000064811c2027

Summary Accel Dep
E C/R

Energy Strategies

E.N. 1109

FCPP ASSESSMENT MODEL SUMMARY REPORT Exhibit 1

Straight-line	 Accelerated	 Difference

$																														 8,613 $																														 8,489 $																															124

NGS	Full	Plant	-	Cash	Flow	Comparison	(25	Yr	NPV)

Under	Different	Depreciation	Methodology

$8,613 $8,489

 $-

 $1,000

 $2,000

 $3,000

 $4,000

 $5,000

 $6,000

 $7,000

 $8,000

 $9,000

 $10,000

Straight-line Accelerated

SCR: 25 Yr NPV Under Straight Line & Accelerated 

Depreciation ($Million)

09000064811c2027

Summary Dprec Comps
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

DWP to IOU Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description

Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Year No. Starting 2012 NA NA 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

NA NA

1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014 1/1/2015 1/1/2016 1/1/2017 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 1/1/2026 1/1/2027 1/1/2028 1/1/2029

Units

25 YR NPV

From 2012

a Generation Statistics

b Gross Capacity MW 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409 2,409

c Operating Capacity MW 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250

d Efficiency Vs. Base Case Efficiency % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

e Net Generation MWh 423,794,375 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

f Capacity Factor % 82% 83% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86% 86%

Base Case Plant as of 2011

1 Capital Expense (CAPEX)

2 Depreciation Expense

3 Net Plant in Service $000 $ 1,152,918 $ 1,128,337 $ 1,084,940 $ 1,041,542 $ 998,144 $ 954,747 $ 911,349 $ 867,952 $ 824,554 $ 781,157 $ 737,759 $ 694,361 $ 650,964 $ 607,566 $ 564,169 $ 520,771 $ 477,373 $ 433,978 $ 390,578 $ 347,181

4 Annual Depreciation Expense $000 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,396 $ 43,400 $ 43,398

5 Accumulated Depreciation $000 623,899 $ 667,296 710,694 754,091 797,489 840,887 884,284 927,682 971,079 1,014,477 1,057,874 1,101,272 1,144,670 1,188,067 1,231,465 1,274,862 1,318,260 1,361,656 1,405,055 1,448,453

6

7 Return on Capital

8 Capital Recovery $000 901 117,401 114,898 110,478 106,059 101,640 97,221 92,802 88,383 83,964 79,544 75,125 70,706 66,287 61,868 57,449 53,030 48,611 44,192 39,772 35,353

9 $ per MWh 6.78 6.52 6.26 6.00 5.74 5.47 5.21 4.95 4.69 4.43 4.17 3.91 3.65 3.39 3.13 2.87 2.61 2.35 2.09

10

11 Total CAPEX (Depreciation + Return on Capital) $000 1,442 160,798 158,295 153,876 149,457 145,038 140,619 136,199 131,780 127,361 122,942 118,523 114,104 109,685 105,266 100,846 96,427 92,008 87,587 83,172 78,751

12 $ per MWh 9.79 9.34 9.08 8.82 8.56 8.30 8.03 7.77 7.51 7.25 6.99 6.73 6.47 6.21 5.95 5.69 5.43 5.17 4.91 4.65

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year) % 1.5% -2.5% -2.1% 0.0% 0.0% 1.1% 1.0% 1.0% 0.0% -0.5% 1.0% 1.0% 1.5% 0.5% 0.5% 0.0% 0.0% 0.5% 1.5% 1.4%

16 Fuel Expense $000 4,231 266,476 292,409 330,869 324,012 324,012 324,012 327,440 330,869 334,298 334,298 332,583 336,012 339,441 344,584 346,298 348,012 348,012 348,012 349,727 354,870 360,013

17 $ per MWh 16.51 17.80 19.52 19.11 19.11 19.11 19.32 19.52 19.72 19.72 19.62 19.82 20.02 20.33 20.43 20.53 20.53 20.53 20.63 20.93 21.24

18 3,429 336,012

19 Non-Fuel Operating & Maintenance Expenses 20,058 352,641

20 Operating Expenses

21 Op. Supervision & Engineering $000 8,644 10,852 10,880 11,207 11,543 11,889 12,246 12,613 12,992 13,381 13,783 14,196 14,622 15,061 15,513 15,978 16,458 16,951 17,460 17,984 18,523

22 Total Steam/Hydraulic Expense $000 12,939 12,706 14,638 15,077 15,529 15,995 16,475 16,969 17,478 18,002 18,542 19,099 19,672 20,262 20,870 21,496 22,141 22,805 23,489 24,194 24,920

23 Electric Expenses $000 3,740 3,668 3,764 3,877 3,994 4,113 4,237 4,364 4,495 4,630 4,768 4,912 5,059 5,211 5,367 5,528 5,694 5,865 6,041 6,222 6,408

24 Misc. Power Expenses $000 16,924 14,718 15,606 16,074 16,556 17,053 17,564 18,091 18,634 19,193 19,769 20,362 20,973 21,602 22,250 22,918 23,605 24,313 25,043 25,794 26,568

25 Rents $000 458 458 458 472 486 501 516 531 547 563 580 598 616 634 653 673 693 714 735 757 780

26 Allowances $000 - - - - - - - - - - - - - - - - - - - - -

27 Total Non-Fuel Operating Expenses $000 767 42,706 42,403 45,346 46,707 48,108 49,551 51,038 52,569 54,146 55,770 57,443 59,166 60,941 62,770 64,653 66,592 68,590 70,648 72,767 74,950 77,199

28 2.65 2.58 2.68 2.76 2.84 2.92 3.01 3.10 3.19 3.29 3.39 3.49 3.59 3.70 3.81 3.93 4.05 4.17 4.29 4.42 4.55

29 Maintenance Expenses 

30 Supervision & Engineering $000 7,257 7,984 7,405 7,627 7,856 8,092 8,334 8,584 8,842 9,107 9,380 9,662 9,952 10,250 10,558 10,874 11,201 11,537 11,883 12,239 12,606

31 Structures $000 3,135 3,039 2,376 2,447 2,521 2,596 2,674 2,754 2,837 2,922 3,010 3,100 3,193 3,289 3,387 3,489 3,594 3,702 3,813 3,927 4,045

32 Boiler/Reactor/Reservoirs & Dams $000 41,809 36,127 46,925 48,332 49,782 51,276 52,814 54,399 56,031 57,711 59,443 61,226 63,063 64,955 66,903 68,910 70,978 73,107 75,300 77,559 79,886

33 Electric Plant $000 20,627 16,470 19,044 19,615 20,203 20,809 21,434 22,077 22,739 23,421 24,124 24,848 25,593 26,361 27,152 27,966 28,805 29,669 30,559 31,476 32,420

34 Misc. Plant $000 3,782 3,325 6,082 6,265 6,453 6,646 6,846 7,051 7,263 7,480 7,705 7,936 8,174 8,419 8,672 8,932 9,200 9,476 9,760 10,053 10,355

35 Total Maintenance Expenses $000 1,384 76,610 66,945 81,831 84,286 86,815 89,419 92,102 94,865 97,711 100,642 103,662 106,771 109,975 113,274 116,672 120,172 123,777 127,491 131,315 135,255 139,313

36 $ per MWh 4.75 4.07 4.83 4.97 5.12 5.27 5.43 5.60 5.76 5.94 6.12 6.30 6.49 6.68 6.88 7.09 7.30 7.52 7.75 7.98 8.22

37 Production Costs

38 CO2 cost If Included $ - 6,382 385,792 401,758 458,047 455,005 458,934 462,982 470,580 478,303 486,154 490,710 493,688 501,950 510,357 520,627 527,623 534,777 540,380 546,151 553,810 565,075 576,524

39 Total Production $ per MWh 23.90 24.45 27.02 26.84 27.07 27.31 27.76 28.22 28.68 28.95 29.12 29.61 30.11 30.71 31.12 31.55 31.88 32.22 32.67 33.33 34.01

40

Base Case Total Cost of Electricity

Cost of Electricity $000 7,915 562,555.7 616,342 608,881 608,391 608,020 611,198 614,502 617,935 618,071 616,630 635,473 639,461 645,312 647,888 650,623 651,807 653,159 656,397 663,247 670,275

Cost of Electricity $ per MWh 23.90 34.24 36.36 35.92 35.89 35.87 36.06 36.25 36.45 36.46 36.38 37.49 37.72 38.07 38.22 38.38 38.45 38.53 38.72 39.13 39.54

SNCR Incremental to Base Case

1 Net Generation MWh 339,035,500 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1 $000 - - - - - - 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148 15,148

5 Unit 2 $000 - - - - - 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707 14,707

6 Unit 3 $000 - - - - - - - 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602 15,602

9 Total Incremental Plant in Service $000 - - - - - 14,707 29,854 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457 45,457

10 -

11 Depreciation Expense

12 Unit 1

13 Starting Book Value $000 15,148 14,390 13,633 12,876 12,118 11,361 10,603 9,846 9,089 8,331 7,574 6,817 6,059

14 Annual Depreciation Expense $000 757 757 757 757 757 757 757 757 757 757 757 757 757

Ending Book Value 14,390 13,633 12,876 12,118 11,361 10,603 9,846 9,089 8,331 7,574 6,817 6,059 5,302

15 Accumulated Depreciation $000 757 1,515 2,272 3,030 3,787 4,544 5,302 6,059 6,817 7,574 8,331 9,089 9,846

16 Unit 2

17 Starting Book Value $000 14,707 13,971 13,236 12,501 11,765 11,030 10,295 9,559 8,824 8,089 7,353 6,618 5,883 5,147

18 Annual Depreciation Expense $000 735 735 735 735 735 735 735 735 735 735 735 735 735 735

Ending Book Value 13,971 13,236 12,501 11,765 11,030 10,295 9,559 8,824 8,089 7,353 6,618 5,883 5,147 4,412

19 Accumulated Depreciation $000 735 1,471 2,206 2,941 3,677 4,412 5,147 5,883 6,618 7,353 8,089 8,824 9,559 10,295

20 Unit 3

$Million

2017

2016

2018

BASE

SNCR

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

09000064811c2027

Total Plant w DWP Share to IOU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

21 Starting Book Value $000 15,602 14,822 14,042 13,262 12,482 11,702 10,922 10,141 9,361 8,581 7,801 7,021

22 Annual Depreciation Expense $000 780 780 780 780 780 780 780 780 780 780 780 780

Ending Book Value 14,822 14,042 13,262 12,482 11,702 10,922 10,141 9,361 8,581 7,801 7,021 6,241

23 Accumulated Depreciation $000 780 1,560 2,340 3,120 3,901 4,681 5,461 6,241 7,021 7,801 8,581 9,361

33 Total Incremental Depreciation Expense - - - - - 735 1,493 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273 2,273

34

35

36 Return on Capital

37 Book Value $000 233 - - - - - 14,707 29,119 43,229 40,956 38,683 36,410 34,137 31,865 29,592 27,319 25,046 22,773 20,500 18,227

38 Capital Recovery $000 26 - - - - - 1,644 3,254 4,831 4,577 4,323 4,069 3,815 3,561 3,307 3,053 2,799 2,545 2,291 2,037

39

40 Total Incremental CAPEX $000 44 - - - - - 2,379 4,747 7,104 6,850 6,596 6,342 6,088 5,834 5,580 5,326 5,072 4,818 4,564 4,310

41 $ per MWh - - - - - 0.14 0.28 0.42 0.40 0.39 0.37 0.36 0.34 0.33 0.31 0.30 0.28 0.27 0.25

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1 $000 - - - - - - 7,473 7,663 7,853 8,043 8,233 8,423 8,613 8,803 8,993 9,183 9,373 9,563 9,753

45 Unit 2 $000 - - - - - 7,283 7,473 7,663 7,853 8,043 8,233 8,423 8,613 8,803 8,993 9,183 9,373 9,563 9,753

46 Unit 3 $000 - - - - - - - 7,663 7,853 8,043 8,233 8,423 8,613 8,803 8,993 9,183 9,373 9,563 9,753

49 Total Incremental OPEX $000 215 - - - - - 7,283 14,947 22,990 23,560 24,130 24,700 25,270 25,840 26,410 26,980 27,550 28,120 28,690 29,260

50 Total Incremental OPEX $ per MWh 0.00 0.00 0.00 0.00 0.00 0.43 0.88 1.36 1.39 1.42 1.46 1.49 1.52 1.56 1.59 1.63 1.66 1.69 1.73

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX $000 259 - - - - - 9,662 19,694 30,094 30,410 30,726 31,042 31,358 31,674 31,990 32,306 32,622 32,938 33,254 33,570

54 Unit Cost: Total Incremental $ per MWh 0.00 0.00 0.00 0.00 0.00 0.57 1.16 1.78 1.79 1.81 1.83 1.85 1.87 1.89 1.91 1.92 1.94 1.96 1.98

55

56

SNCR Total Cost of Electricity

Base Case Cost + Incremental Cost $000 8,174 $ 616,342 $ 608,881 $ 608,391 $ 608,020 $ 611,198 $ 624,164 $ 637,628 $ 648,165 $ 647,040 $ 666,199 $ 670,502 $ 676,670 $ 679,562 $ 682,613 $ 684,113 $ 685,781 $ 689,335 $ 696,501 $ 703,845 

Base Case Cost + Incremental Cost $ per MWh 36.36 35.92 35.89 35.87 36.06 36.82 37.61 38.24 38.17 39.30 39.55 39.92 40.09 40.27 40.36 40.45 40.66 41.09 41.52

Incremental to BAU $ per MWh - - - - - 0.57 1.16 1.78 1.79 1.81 1.83 1.85 1.87 1.89 1.91 1.92 1.94 1.96 1.98

SCR Base Case + Selective Catalytic Reduction + Baghouse

1 Net Generation MWh 339,035,500 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1 $000 - - - - - 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431 159,431

5 Unit 2 $000 - - - - 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254 212,254

6 Unit 3 $000 - - - - - - 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340 203,340

9 Total Incremental Plant in Service $000 - - - - - 212,254 371,686 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026 575,026

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value $000 159,431 151,460 143,488 135,517 127,545 119,574 111,602 103,630 95,659 87,687 79,716 71,744 63,773

14 Annual Depreciation Expense $000 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972 7,972

Ending Book Value 151,460 143,488 135,517 127,545 119,574 111,602 103,630 95,659 87,687 79,716 71,744 63,773 55,801

15 Accumulated Depreciation $000 7,972 15,943 23,915 31,886 39,858 47,829 55,801 63,773 71,744 79,716 87,687 95,659 103,630

16 Unit 2

17 Starting Book Value $000 212,254 201,641 191,029 180,416 169,803 159,191 148,578 137,965 127,352 116,740 106,127 95,514 84,902 74,289

18 Annual Depreciation Expense $000 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613 10,613

Ending Book Value 201,641 191,029 180,416 169,803 159,191 148,578 137,965 127,352 116,740 106,127 95,514 84,902 74,289 63,676

19 Accumulated Depreciation $000 10,613 21,225 31,838 42,451 53,064 63,676 74,289 84,902 95,514 106,127 116,740 127,352 137,965 148,578

20 Unit 3

21 Starting Book Value $000 203,340 193,173 183,006 172,839 162,672 152,505 142,338 132,171 122,004 111,837 101,670 91,503

22 Annual Depreciation Expense $000 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167 10,167

Ending Book Value 193,173 183,006 172,839 162,672 152,505 142,338 132,171 122,004 111,837 101,670 91,503 81,336

23 Accumulated Depreciation $000 10,167 20,334 30,501 40,668 50,835 61,002 71,169 81,336 91,503 101,670 111,837 122,004

33 Total Incremental Depreciation Expense - - - - - 10,613 18,584 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751 28,751

34

35

36 Return on Capital

37 Book Value $000 2,952 - - - - - 212,254 361,073 545,829 517,077 488,326 459,575 430,823 402,072 373,321 344,570 315,818 287,067 258,316 229,564

38 Capital Recovery $000 330 - - - - - 23,721 40,352 61,000 57,787 54,574 51,360 48,147 44,934 41,721 38,508 35,295 32,082 28,868 25,655

39

40 Total Incremental CAPEX $000 563 - - - - - 34,333 58,937 89,751 86,538 83,325 80,112 76,899 73,685 70,472 67,259 64,046 60,833 57,620 54,407

41 $ per MWh - - - - - 2.03 3.48 5.29 5.10 4.92 4.73 4.54 4.35 4.16 3.97 3.78 3.59 3.40 3.21

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1 $000 - - - - - - 4,699 4,818 4,938 5,057 5,177 5,296 5,416 5,535 5,654 5,774 5,893 6,013 6,132

45 Unit 2 $000 - - - - - 4,579 4,699 4,818 4,938 5,057 5,177 5,296 5,416 5,535 5,654 5,774 5,893 6,013 6,132

46 Unit 3 $000 - - - - - - - 4,818 4,938 5,057 5,177 5,296 5,416 5,535 5,654 5,774 5,893 6,013 6,132

49 Total Incremental OPEX $000 135 - - - - - - 4,579 9,398 14,455 14,813 15,171 15,530 15,888 16,247 16,605 16,963 17,322 17,680 18,038 18,397

50 Total Incremental OPEX $ per MWh 0.00 0.00 0.00 0.00 0.00 0.00 0.27 0.55 0.85 0.87 0.89 0.92 0.94 0.96 0.98 1.00 1.02 1.04 1.06 1.09

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX $000 698 - - - - - 38,913 68,334 104,206 101,351 98,496 95,642 92,787 89,932 87,077 84,222 81,368 78,513 75,658 72,803

54 Unit Cost: Total Incremental $ per MWh 0.00 0.00 0.00 0.00 0.00 2.30 4.03 6.15 5.98 5.81 5.64 5.47 5.31 5.14 4.97 4.80 4.63 4.46 4.29

55

56

SCR Case Total Cost of Electricity

Base Case Cost + Incremental Costs $000 8,613 $ 616,342 $ 608,881 $ 608,391 $ 608,020 $ 611,198 $ 653,415 $ 686,269 $ 722,277 $ 717,981 $ 733,969 $ 735,102 $ 738,099 $ 737,820 $ 737,701 $ 736,030 $ 734,527 $ 734,910 $ 738,905 $ 743,078 

Base Case Cost + Incremental Costs $ per MWh 36.36 35.92 35.89 35.87 36.06 38.55 40.48 42.61 42.35 43.30 43.36 43.54 43.52 43.52 43.42 43.33 43.35 43.59 43.83

Incremental to BAU $ per MWh - - - - - 2.30 4.03 6.15 5.98 5.81 5.64 5.47 5.31 5.14 4.97 4.80 4.63 4.46 4.29

Baghouse Incremental to SCR

1 Net Generation MWh 339,035,500 16,140,683 16,429,593 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

2018

2017

2017

2016

2016

2018

2017

2016

2018

09000064811c2027

Total Plant w DWP Share to IOU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1 $000 - - - - 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120 263,120

5 Unit 2 $000 - - - 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780 237,780

6 Unit 3 $000 - - - - - 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429 198,429

9 Total Incremental Plant in Service $000 - 237,780 500,900 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329 699,329

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value $000 263,120 249,964 236,808 223,652 210,496 197,340 184,184 171,028 157,872 144,716 131,560 118,404 105,248 92,092

14 Annual Depreciation Expense $000 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156 13,156

Ending Book Value 249,964 236,808 223,652 210,496 197,340 184,184 171,028 157,872 144,716 131,560 118,404 105,248 92,092 78,936

15 Accumulated Depreciation $000 13,156 26,312 39,468 52,624 65,780 78,936 92,092 105,248 118,404 131,560 144,716 157,872 171,028 184,184

16 Unit 2

17 Starting Book Value $000 237,780 225,891 214,002 202,113 190,224 178,335 166,446 154,557 142,668 130,779 118,890 107,001 95,112 83,223 71,334

18 Annual Depreciation Expense $000 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889 11,889

Ending Book Value 225,891 214,002 202,113 190,224 178,335 166,446 154,557 142,668 130,779 118,890 107,001 95,112 83,223 71,334 59,445

19 Accumulated Depreciation $000 11,889 23,778 35,667 47,556 59,445 71,334 83,223 95,112 107,001 118,890 130,779 142,668 154,557 166,446 178,335

20 Unit 3

21 Starting Book Value $000 198,429 188,508 178,586 168,665 158,743 148,822 138,900 128,979 119,057 109,136 99,215 89,293 79,372

22 Annual Depreciation Expense $000 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921 9,921

Ending Book Value 188,508 178,586 168,665 158,743 148,822 138,900 128,979 119,057 109,136 99,215 89,293 79,372 69,450

23 Accumulated Depreciation $000 9,921 19,843 29,764 39,686 49,607 59,529 69,450 79,372 89,293 99,215 109,136 119,057 128,979

33 Total Incremental Depreciation Expense - - - - 11,889 25,045 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966 34,966

34 - 2.511 2.424 2.337 2.251 2.164 2.077

35 2.269 2.191 2.112 2.034 1.955 1.877 1.799

36 Return on Capital - - 1.893 1.828 1.763 1.697 1.632

37 Book Value $000 3,854 - - - - 237,780 489,011 662,395 627,429 592,462 557,496 522,529 487,563 452,596 417,630 382,663 347,697 312,731 277,764 242,798

38 Capital Recovery $000 431 - - - - 26,573 54,650 74,027 70,119 66,211 62,304 58,396 54,488 50,581 46,673 42,765 38,857 34,950 31,042 27,134

39

40 Total Incremental CAPEX $000 734 - - - - 38,462 79,695 108,993 105,086 101,178 97,270 93,362 89,455 85,547 81,639 77,732 73,824 69,916 66,008 62,101

41 $ per MWh - - - - 2.27 4.70 6.43 6.20 5.97 5.74 5.51 5.28 5.05 4.82 4.59 4.35 4.12 3.89 3.66

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1 $000 - - - - 3,564 3,656 3,749 3,842 3,935 4,028 4,121 4,214 4,307 4,400 4,493 4,586 4,679 4,772

45 Unit 2 $000 - - - 3,471 3,564 3,656 3,749 3,842 3,935 4,028 4,121 4,214 4,307 4,400 4,493 4,586 4,679 4,772

46 Unit 3 $000 - - - - - 3,656 3,749 3,842 3,935 4,028 4,121 4,214 4,307 4,400 4,493 4,586 4,679 4,772

49 Total Incremental OPEX $000 113 - - - - 3,471 7,127 10,969 11,248 11,527 11,806 12,085 12,364 12,643 12,922 13,201 13,479 13,758 14,037 14,316

50 Total Incremental OPEX $ per MWh 0.00 0.00 0.00 0.00 0.20 0.42 0.65 0.66 0.68 0.70 0.71 0.73 0.75 0.76 0.78 0.80 0.81 0.83 0.84

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX $000 848 - - - - 41,933 86,822 119,963 116,334 112,705 109,076 105,448 101,819 98,190 94,561 90,932 87,303 83,674 80,046 76,417

54 Unit Cost: Total Incremental $ per MWh 0.00 0.00 0.00 0.00 2.47 5.12 7.08 6.86 6.65 6.43 6.22 6.01 5.79 5.58 5.36 5.15 4.94 4.72 4.51

55

56

Baghouse Total Cost of Electricity

Incremental Cost $000 848 $ - $ - $ - $ - $ 41,933 $ 86,822 $ 119,963 $ 116,334 $ 112,705 $ 109,076 $ 105,448 $ 101,819 $ 98,190 $ 94,561 $ 90,932 $ 87,303 $ 83,674 $ 80,046 $ 76,417 

Incremental to BAU $ per MWh 0.00 0.00 0.00 0.00 2.47 5.12 7.08 6.86 6.65 6.43 6.22 6.01 5.79 5.58 5.36 5.15 4.94 4.72 4.51

CASE COMPARISONS 0.536785178 1.111412856 1.535647119 1.489194223 1.442741326 1.39628843 1.349835534 1.303382637 1.256929741 1.210476845 1.164023948 1.117571052

BAU NPV 7,915

Undiscounted 16,204

$ per MWh 38.24

SNCR NPV 8,174

Undiscounted 16,859

$ per MWh 39.78

SCR NPV 8,613

Undiscounted 17,803

$ per MWh 42.01

Baghouse NPV 848

ONLY USED AS INCREMENTAL TO SCR Undiscounted 1,776

$ per MWh 4.19

SCR+Baghouse NPV 9,461

Undiscounted 19,579 Market Prices in 2018 for Full Shutdown. BAU Cost Until Then

$ per MWh 46.20 Market Price in Use During Phased Shutdown Scenarios (Below)

Low NPV 8,523 Low Trend $ - $ - $ - $ - $ 40.16 $ 40.16 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 41.71 $ 42.51 $ 42.51 $ 44.11 $ 44.92 $ 44.92 $ 44.92 $ 44.92

Undiscounted 17,887 616,342 608,881 608,391 608,020 611,198 614,502 617,935 680,822 680,822 693,915 707,008 707,008 720,604 720,604 747,797 761,393 761,393 761,393 761,393

$ per MWh 42.21 $ 36.36 $ 35.92 $ 35.89 $ 35.87 $ 36.06 $ 36.25 $ 36.45 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 41.71 $ 42.51 $ 42.51 $ 44.11 $ 44.92 $ 44.92 $ 44.92 $ 44.92

Mid NPV 8,801 Mid Trend $ - $ - $ - $ - $ 40.16 $ 40.16 $ 40.16 $ 40.93 $ 41.71 $ 42.48 $ 43.25 $ 44.80 $ 45.57 $ 46.34 $ 47.11 $ 47.89 $ 48.66 $ 48.66

Undiscounted 18,750 616,342 608,881 608,391 608,020 611,198 614,502 617,935 680,822 693,915 707,008 720,101 733,193 759,379 772,471 785,564 798,657 811,750 824,842 824,842

$ per MWh 44.24 $ 36.36 $ 35.92 $ 35.89 $ 35.87 $ 36.06 $ 36.25 $ 36.45 $ 40.16 $ 40.93 $ 41.71 $ 42.48 $ 43.25 $ 44.80 $ 45.57 $ 46.34 $ 47.11 $ 47.89 $ 48.66 $ 48.66

High NPV 8,890 High Trend $ - $ - $ - $ - $ 40.16 $ 40.89 $ 40.89 $ 41.62 $ 42.35 $ 43.08 $ 43.81 $ 44.80 $ 45.57 $ 47.04 $ 47.77 $ 48.51 $ 49.24 $ 49.98

Undiscounted 19,006 616,342 608,881 608,391 608,020 611,198 614,502 617,935 693,201 705,579 717,958 730,337 742,715 759,379 772,471 797,390 809,849 822,308 834,768 847,227

$ per MWh 44.85 $ 36.36 $ 35.92 $ 35.89 $ 35.87 $ 36.06 $ 36.25 $ 36.45 $ 40.89 $ 41.62 $ 42.35 $ 43.08 $ 43.81 $ 44.80 $ 45.57 $ 47.04 $ 47.77 $ 48.51 $ 49.24 $ 49.98

2015

2017

2017

2016

2015

2016

09000064811c2027

Total Plant w DWP Share to IOU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

DWP to IOU Navajo Generating Station (NGS) Economic Assessment Model

Case Names Description a Generation Statistics b Gross Capacity c Operating Capacity d Efficiency Vs. Base Case Efficiency e Net Generation f Capacity Factor

Base Case Plant as of 2011 1 Capital Expense (CAPEX) 2 Depreciation Expense 3 Net Plant in Service 4 Annual Depreciation Expense 5 Accumulated Depreciation 67 Return on Capital 8 Capital Recovery 9

10

11 Total CAPEX (Depreciation + Return on Capital)

12

13 Operating Expense (OPEX)

14 Fuel Expenses

15 Cost Price Change (Year over Year)

16 Fuel Expense

17

18

19 Non-Fuel Operating & Maintenance Expenses

20 Operating Expenses

21 Op. Supervision & Engineering

22 Total Steam/Hydraulic Expense

23 Electric Expenses

24 Misc. Power Expenses

25 Rents

26 Allowances

27 Total Non-Fuel Operating Expenses

28

29 Maintenance Expenses 

30 Supervision & Engineering

31 Structures

32 Boiler/Reactor/Reservoirs & Dams

33 Electric Plant

34 Misc. Plant

35 Total Maintenance Expenses

36

37 Production Costs

38 CO2 cost If Included

39 Total Production

40

Base Case Total Cost of Electricity

Cost of Electricity

Cost of Electricity

SNCR Incremental to Base Case 1 Net Generation 2 Incremental Capital Expense (CAPEX) 3 Incremental Plant In Service 4 Unit 1 5 Unit 2 6 Unit 3 9 Total Incremental Plant in Service

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value

14 Annual Depreciation Expense

Ending Book Value

15 Accumulated Depreciation

16 Unit 2

17 Starting Book Value

18 Annual Depreciation Expense

Ending Book Value

19 Accumulated Depreciation

20 Unit 3

2017

2016

2018

BASE

SNCR

SCR

Baghouse

Plant As Operated Through 2011

Base Case + Incremental SNCR

Base Case + Incremental SCR

Baghouse as Incremental to Base Case

2030 2031 2032 2033 2034 2035

19 20 21 22 23 24

1/1/2030 1/1/2031 1/1/2032 1/1/2033 1/1/2034 1/1/2035

 2,409 2,409 2,409 2,409 2,409 2,409

 2,250 2,250 2,250 2,250 2,250 2,250

100% 100% 100% 100% 100% 100%

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

86% 86% 86% 86% 86% 86%

$ 303,783 $ 260,386 $ 216,988 $ 173,590 $ 130,193 $ 86,795

$ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398 $ 43,398

 1,491,850 1,535,248 1,578,645 1,622,043 1,665,441 1,708,838

 30,934 26,515 22,096 17,677 13,257 8,838

 1.82 1.56 1.30 1.04 0.78 0.52

 74,332 69,912 65,493 61,074 56,655 52,236

 4.38 4.12 3.86 3.60 3.34 3.08

0.5% 0.5% 0.0% 0.0% 0.0% 0.5%

 361,727 363,442 363,442 363,442 363,442 365,156

 21.34 21.44 21.44 21.44 21.44 21.54

 19,079 19,651 20,241 20,848 21,473 22,118

 25,667 26,437 27,230 28,047 28,889 29,755

 6,601 6,799 7,003 7,213 7,429 7,652

 27,365 28,186 29,031 29,902 30,799 31,723

 803 827 852 878 904 931

 - - - - - -

 79,515 81,900 84,357 86,888 89,495 92,179

 4.69 4.83 4.98 5.13 5.28 5.44

 12,984 13,374 13,775 14,188 14,614 15,053

 4,166 4,291 4,420 4,553 4,689 4,830

 82,283 84,751 87,294 89,913 92,610 95,388

 33,393 34,395 35,427 36,490 37,584 38,712

 10,665 10,985 11,315 11,654 12,004 12,364

 143,492 147,797 152,231 156,797 161,501 166,346

 8.46 8.72 8.98 9.25 9.53 9.81

 584,734 593,138 600,029 607,127 614,438 623,682

34.49 34.99 35.40 35.81 36.25 36.79

 674,065 678,051 680,523 683,201 686,093 690,918

 39.76 40.00 40.14 40.30 40.47 40.76

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

 15,148 15,148 15,148 15,148 15,148 15,148

 14,707 14,707 14,707 14,707 14,707 14,707

 15,602 15,602 15,602 15,602 15,602 15,602

 45,457 45,457 45,457 45,457 45,457 45,457

 5,302 4,544 3,787 3,030 2,272 1,515

 757 757 757 757 757 757

 4,544 3,787 3,030 2,272 1,515 757

 10,603 11,361 12,118 12,876 13,633 14,390

 4,412 3,677 2,941 2,206 1,471 735

 735 735 735 735 735 735

 3,677 2,941 2,206 1,471 735 0

 11,030 11,765 12,501 13,236 13,971 14,707

09000064811c2027

Total Plant w DWP Share to IOU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

21 Starting Book Value

22 Annual Depreciation Expense

Ending Book Value

23 Accumulated Depreciation

33 Total Incremental Depreciation Expense

34

35

36 Return on Capital

37 Book Value

38 Capital Recovery

39

40 Total Incremental CAPEX

41

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1

45 Unit 2

46 Unit 3

49 Total Incremental OPEX

50 Total Incremental OPEX

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX

54 Unit Cost: Total Incremental 

55

56

SNCR Total Cost of Electricity

Base Case Cost + Incremental Cost

Base Case Cost + Incremental Cost 

Incremental to BAU

SCR Base Case + Selective Catalytic Reduction + Baghouse 1 Net Generation 2 Incremental Capital Expense (CAPEX) 3 Incremental Plant In Service 4 Unit 1 5 Unit 2 6 Unit 3 9 Total Incremental Plant in Service

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value

14 Annual Depreciation Expense

Ending Book Value

15 Accumulated Depreciation

16 Unit 2

17 Starting Book Value

18 Annual Depreciation Expense

Ending Book Value

19 Accumulated Depreciation

20 Unit 3

21 Starting Book Value

22 Annual Depreciation Expense

Ending Book Value

23 Accumulated Depreciation

33 Total Incremental Depreciation Expense

34

35

36 Return on Capital

37 Book Value

38 Capital Recovery

39

40 Total Incremental CAPEX

41

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1

45 Unit 2

46 Unit 3

49 Total Incremental OPEX

50 Total Incremental OPEX

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX

54 Unit Cost: Total Incremental 

55

56

SCR Case Total Cost of Electricity

Base Case Cost + Incremental Costs

Base Case Cost + Incremental Costs

Incremental to BAU

Baghouse Incremental to SCR 1 Net Generation

2018

2017

2017

2016

2016

2018

2017

2016

2018

 6,241 5,461 4,681 3,901 3,120 2,340

 780 780 780 780 780 780

 5,461 4,681 3,901 3,120 2,340 1,560

 10,141 10,922 11,702 12,482 13,262 14,042

 2,273 2,273 2,273 2,273 2,273 2,273

 15,955 13,682 11,409 9,136 6,863 4,590

 1,783 1,529 1,275 1,021 767 513

 4,056 3,802 3,548 3,294 3,040 2,786

 0.24 0.22 0.21 0.19 0.18 0.16

 9,943 10,133 10,323 10,513 10,703 10,893

 9,943 10,133 10,323 10,513 10,703 10,893

 9,943 10,133 10,323 10,513 10,703 10,893

 29,830 30,400 30,970 31,540 32,110 32,680

1.76 1.79 1.83 1.86 1.89 1.93

 33,886 34,202 34,518 34,834 35,150 35,466

2.00 2.02 2.04 2.05 2.07 2.09

 $ 707,951 $ 712,253 $ 715,041 $ 718,035 $ 721,242 $ 726,384 

41.76 42.02 42.18 42.36 42.55 42.85

 2.00 2.02 2.04 2.05 2.07 2.09

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

 159,431 159,431 159,431 159,431 159,431 159,431

 212,254 212,254 212,254 212,254 212,254 212,254

 203,340 203,340 203,340 203,340 203,340 203,340

 575,026 575,026 575,026 575,026 575,026 575,026

 55,801 47,829 39,858 31,886 23,915 15,943

 7,972 7,972 7,972 7,972 7,972 7,972

 47,829 39,858 31,886 23,915 15,943 7,972

 111,602 119,574 127,545 135,517 143,488 151,460

 63,676 53,064 42,451 31,838 21,225 10,613

 10,613 10,613 10,613 10,613 10,613 10,613

 53,064 42,451 31,838 21,225 10,613 0

 159,191 169,803 180,416 191,029 201,641 212,254

 81,336 71,169 61,002 50,835 40,668 30,501

 10,167 10,167 10,167 10,167 10,167 10,167

 71,169 61,002 50,835 40,668 30,501 20,334

 132,171 142,338 152,505 162,672 172,839 183,006

 28,751 28,751 28,751 28,751 28,751 28,751

 200,813 172,062 143,311 114,559 85,808 57,057

 22,442 19,229 16,016 12,803 9,590 6,376

 51,193 47,980 44,767 41,554 38,341 35,128

 3.02 2.83 2.64 2.45 2.26 2.07

 6,252 6,371 6,491 6,610 6,730 6,849

 6,252 6,371 6,491 6,610 6,730 6,849

 6,252 6,371 6,491 6,610 6,730 6,849

 18,755 19,114 19,472 19,830 20,189 20,547

1.11 1.13 1.15 1.17 1.19 1.21

 69,949 67,094 64,239 61,384 58,530 55,675

4.13 3.96 3.79 3.62 3.45 3.28

 $ 744,014 $ 745,145 $ 744,762 $ 744,586 $ 744,622 $ 746,593 

43.89 43.96 43.93 43.92 43.93 44.04

 4.13 3.96 3.79 3.62 3.45 3.28

 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775 16,951,775

09000064811c2027

Total Plant w DWP Share to IOU
E C/R

Energy Strategies

E.N. 1109

FCPP - SCR Cost Assessment Model 

2 Incremental Capital Expense (CAPEX)

3 Incremental Plant In Service

4 Unit 1

5 Unit 2

6 Unit 3

9 Total Incremental Plant in Service

10

11 Depreciation Expense

12 Unit 1

13 Starting Book Value

14 Annual Depreciation Expense

Ending Book Value

15 Accumulated Depreciation

16 Unit 2

17 Starting Book Value

18 Annual Depreciation Expense

Ending Book Value

19 Accumulated Depreciation

20 Unit 3

21 Starting Book Value

22 Annual Depreciation Expense

Ending Book Value

23 Accumulated Depreciation

33 Total Incremental Depreciation Expense

34

35

36 Return on Capital

37 Book Value

38 Capital Recovery

39

40 Total Incremental CAPEX

41

42 Incremental Operating Expense (OPEX)

43 Incremental OPEX 

44 Unit 1

45 Unit 2

46 Unit 3

49 Total Incremental OPEX

50 Total Incremental OPEX

51

52 Total Incremental Cost

53 Incremental CAPX + OPEX

54 Unit Cost: Total Incremental 

55

56

Baghouse Total Cost of Electricity

Incremental Cost

Incremental to BAU

CASE COMPARISONS

BAU

SNCR

SCR

Baghouse

ONLY USED AS INCREMENTAL TO SCR

SCR+Baghouse

Low

Mid

High

2015

2017

2017

2016

2015

2016 263,120 263,120 263,120 263,120 263,120 263,120

 237,780 237,780 237,780 237,780 237,780 237,780

 198,429 198,429 198,429 198,429 198,429 198,429

 699,329 699,329 699,329 699,329 699,329 699,329

 78,936 65,780 52,624 39,468 26,312 13,156

 13,156 13,156 13,156 13,156 13,156 13,156

 65,780 52,624 39,468 26,312 13,156 0

 197,340 210,496 223,652 236,808 249,964 263,120

 59,445 47,556 35,667 23,778 11,889 -

 11,889 11,889 11,889 11,889 11,889 -

 47,556 35,667 23,778 11,889 - -

 190,224 202,113 214,002 225,891 237,780 237,780

 69,450 59,529 49,607 39,686 29,764 19,843

 9,921 9,921 9,921 9,921 9,921 9,921

 59,529 49,607 39,686 29,764 19,843 9,921

 138,900 148,822 158,743 168,665 178,586 188,508

 34,966 34,966 34,966 34,966 34,966 23,077

 207,831 172,865 137,898 102,932 67,965 32,999

 23,226 19,319 15,411 11,503 7,596 3,688

 58,193 54,285 50,377 46,470 42,562 26,765

 3.43 3.20 2.97 2.74 2.51 1.58

 4,865 4,958 5,051 5,144 5,237 5,330

 4,865 4,958 5,051 5,144 5,237 5,330

 4,865 4,958 5,051 5,144 5,237 5,330

 14,595 14,874 15,153 15,432 15,711 15,989

0.86 0.88 0.89 0.91 0.93 0.94

 72,788 69,159 65,530 61,901 58,273 42,755

4.29 4.08 3.87 3.65 3.44 2.52

 $ 72,788 $ 69,159 $ 65,530 $ 61,901 $ 58,273 $ 42,755 

4.29 4.08 3.87 3.65 3.44 2.52

$ 45.72 $ 45.72 $ 45.72 $ 46.52 $ 46.52 $ 47.32

 774,989 774,989 774,989 788,586 788,586 802,182

$ 45.72 $ 45.72 $ 45.72 $ 46.52 $ 46.52 $ 47.32

$ 49.43 $ 49.43 $ 50.20 $ 50.20 $ 50.20 $ 50.98

 837,935 837,935 851,028 851,028 851,028 864,121

$ 49.43 $ 49.43 $ 50.20 $ 50.20 $ 50.20 $ 50.98

$ 49.98 $ 50.71 $ 51.45 $ 52.18 $ 52.18 $ 51.45

 847,227 859,686 872,145 884,604 884,604 872,145

$ 49.98 $ 50.71 $ 51.45 $ 52.18 $ 52.18 $ 51.45

09000064811c2027

Total Plant w DWP Share to IOU
E C/R

Energy Strategies

E.N. 1109

FCPP ASSESSMENT MODEL SUMMARY REPORT Exhibit 1

Units	1,2,3,

BAU SNCR SCR SCR	+	Bag	House

Market

Low	Trend

$																																													7,915 $																		8,174 $																		8,613 $																		9,461 $																		8,523

	$																						259	 	$																						698	 	$																			1,546	 	$																						608	

	%	 3% 9% 20% 8%

$																																													38.24 $																		39.78 $																		42.01 $																		42.21

Incremental	to	BAU $																			1.54 $																			3.77 $																			3.97

NGS	-	Summary	Cost	Comparisons

(2012-2036)	Straight	Line	Depreciation

Units	Modeled	>	>

NPV	25	Year	Cost	by	Case	($Million)

Difference	in	Cost	for	Case	vs.	BAU	 Case ($Million)

Per	MWh	Costs	(25	year	non-discounted	$	cost	/	25	year	MWh)

	$-

	$2,000

	$4,000

	$6,000

	$8,000

	$10,000

	$12,000

BAU SNCR SCR SCR	+	Bag	House Market

Low	Trend

$7,915 $8,174 $8,613

$9,461 $8,523

25	Yr	Cost	of	Power	by	Case

Assuming	LADWP	Share	Owned	by	Investor	Owned	Utility

Straight	Line	Depreciation	2012-2036	NPV	($Million)

	$-

	$100

	$200

	$300

	$400

	$500

	$600

	$700

	$800

	$900

	$1,000

BAU SNCR SCR SCR	+	Bag	House Market

Low	Trend

$259	

$698	

$1,546	

$608	

25	Yr	Cost	Incremental	to	BAU

Assuming	LADWP	Share	Owned	by	Investor	Owned	Utility

Straight	Line	Depreciation	2012-2036	NPV	($Million)

09000064811c2027

Total & DWP as IOU Summary
E C/R

Energy Strategies

E.N. 1109

FCPP ASSESSMENT MODEL SUMMARY REPORT Exhibit 1

Units	1,2,3,

BAU SNCR SCR SCR	+	Bag	House

Market

Low	Trend

Market

Mid	Trend

Market

High	Trend

$																																	7,915 $																																	8,174 $																																	8,613 $																																	9,461 $																																	8,523 $																					8,801 $																					8,890

	$																																						259	 	$																																						698	 	$																																		1,546	 	$																																						608	 	$																										886	 	$																										975	

	%	 3% 9% 20% 8% 11% 12%

$																																	38.24 $																																	39.78 $																																	42.01 $																																	46.20 $																																	42.21 $																					44.24 $																					44.85

Incremental	to	BAU $																																		1.54 $																																		3.77 $																																		7.96 $																																		3.97 $																						6.01 $																						6.61

Per	MWh	Costs	(25	year	non-discounted	$	cost	/	25	year	MWh)

NGS	-	Summary	Cost	Comparisons

(2012-2036)	Straight	Line	Depreciation

Units	Modeled	>	>

NPV	25	Year	Cost	by	Case	($Million)

Difference	in	Cost	for	Case	vs.	BAU	 Case ($Million)

	$-

	$2,000

	$4,000

	$6,000

	$8,000

	$10,000

	$12,000

BAU SNCR SCR SCR	+	Bag	House Market

Low	Trend

Market

Mid	Trend

Market

High	Trend

$7,915 $8,174 $8,613

$9,461 $8,523 $8,801 $8,890

25	Yr	Cost	of	Power	by	Case

Assuming	LADWP	Share	Owned	by	Investor	Owned	Utility

Straight	Line	Depreciation	2012-2036	NPV	($Million)

	$-

	$100

	$200

	$300

	$400

	$500

	$600

	$700

	$800

	$900

	$1,000

BAU SNCR SCR SCR	+	Bag	House Market

Low	Trend

Market

Mid	Trend

Market

High	Trend

$259	

$698	

$1,546	

$608	

$886	

$975	

25	Yr	Cost	Incremental	to	BAU

Assuming	LADWP	Share	Owned	by	Investor	Owned	Utility

Straight	Line	Depreciation	2012-2036	NPV	($Million)

09000064811c2027

Total Plant w BH DWP to IOU
EPA Harvey Economics NREL

2012-2036 2012-2044 2012-2032

20 years 20 years 20 years

Varied by entity 6.2%

(expanded study) Varied by entity

Operational Costs EIA Form 923 SRP data* $30/MWh (assumed)

Water

Rates

Rate Type

Emissions 

Control EPA Harvey Economics NREL

SCR 0.66% (SRP only)

Not provided. 

Only total cost incurred

2012-2044

0.2% - 0.6%

SCR + Baghouse 1.38% (SRP only)

Not provided. 

Only total cost incurred

2012-2044

0.5% - 1.2%

SCR 14.50% 10.50% 13 - 16%

SCR + Baghouse 30.50% 20.40% 29 - 32%

Estimated Impacts to Retail Electricity Rates and CAP Water Pumping Rates

Retail 

Electricity 

Rates

CAP Water 

Pumping

Data Sets

Time Frame of Analysis

Capital Amortization Period

Financing Costs

2011 CACWD Current & Projected 5 Yr Rates

* The Harvey Economics study did not identify a specific source of cost of production at the NGS but did 

identify SRP as a source of data