<PAGE>   1
                                                                   EXHIBIT 99.01


                MIDLAND COGENERATION VENTURE LIMITED PARTNERSHIP
                SELECTED PRO FORMA OPERATING CASH FLOW DATA (a)
                          FOR THE YEARS 1997 AND 1996
                      (In Millions of Dollars) (Unaudited)




<TABLE>
<CAPTION>
                                           1997      1996  
                                           ----      ----  
<S>                                        <C>       <C>   
Revenue                                                    
                                                           
   Power Purchase Agreement                $611      $598  
   Steam and Electric Power Agreement        40        46  
   Other Revenue                              4         2  
   Interest on Revenue Account                4         6  
                                           ----      ----  
Total Revenue                               659       652  
                                           ----      ----  
                                                           
Operating Expenses                                         
   Fuel, transportation, storage            285       249  
   Operations and maintenance                41        39  
   Property, other taxes                     27        28  
   Other (b)                                 32        68  
                                           ----      ----  
Total Operating Expenses                    385       384  
                                           ----      ----  
                                                           
Net Operating Income                       $274      $268  
                                           ====      ====  
                                                           
Lease Payments                             $274      $255  
                                                           
Coverage Ratios                                            
                                                           
   Senior Interest                         3.58      3.06  
   Senior Debt Service                     1.36      1.45  
   Total Interest                          1.99      1.80  
   Total Debt Service                      1.04      1.09  
</TABLE>


(a)  The above table presents selected pro forma information on operating cash
     flows of MCV in a format consistent with that presented in the Feasibility
     Study to the Prospectus filed as part of MCV's Registration Statement on
     Form S-1 (File No. 33-3977).  This format is used to compute various debt
     service coverage ratios on an annual basis by aligning annual operating
     cash flows with the semi-annual rent payments made in July and January of
     each year.  For example, the cash flow presented for 1997 reflects
     revenues and expenses associated with 1997 activity, as well as the Lease
     rental payments made on July 23, 1997, and January 23, 1998.  In addition
     to the revenues presented in this table, interest income on reserves
     totaled $11.1 million in 1997 and $9.7 in 1996.

(b)  Includes use of funds available for payment of spare parts, maintenance
     and capital expenditures that had been reserved in prior years and funding
     of reserves for future spare parts, maintenance and capital expenditures.
     In 1997 and 1996, approximately $4.0 million and $27.7 million,
     respectively, in additional funds was reserved for future years
     expenditures.