Spreadsheet: phillip_allen__29914__Valuation Summary Recallable
Sheet: 9-18-01

60% SJ/40% Perm |  |  | 6-5-01 Curves
Start | End | Year | PV Volume |  | PV Rec Price | PV Del Price | PV Spread | [NAME] | Value Over Tolls |  | Yearly Value |  | Cumulative Value
2001-07-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 41105262.77830882 |  |  |  | 1.862370704581388 | 0.5292416779920284 | 1.33312902658936 |  | 54798618.95534668 |  | 54798618.95534668
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 78921002.98984492 |  |  |  | 1.13741991662453 | 0.5275331820234525 | 0.6098867346010777 |  | 48132872.80491841 |  | 102931491.7602651
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 74842910.30793871 |  |  |  | 0.4222058982863064 | 0.5251746284956142 | -0.1029687302093078 |  | -7706479.43957756 |  | 95225012.32068752
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 70697079.95636024 |  |  |  | 0.4113299560333242 | 0.4641719436640607 | -0.05284198763073661 |  | -3735774.224583185 |  | 91489238.09610434
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 66249684.3681384 |  |  |  | 0.4283602121923456 | 0.4654190812708699 | -0.0370588690785242 |  | -2455138.379492392 |  | 89034099.71661195
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 26193321.54645195 |  |  |  | 0.4149721338914635 | 0.4671202671044102 | -0.05214813321294673 |  | -1365932.821293924 |  | 87668166.89531803
 |  |  |  |  |  |  |  |  |  |  | 87668166.89531803
50% SJ/50% Perm |  |  | 6-5-01 Curves
Start | End | Year | PV Volume |  | PV Rec Price | PV Del Price | PV Spread | [NAME] | Value Over Tolls |  | Yearly Value |  | Cumulative Value
2001-07-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 41105262.77830882 |  |  |  | 1.812343928636992 | 0.5327164025305678 | 1.279627526106424 |  | 52599425.71896178 |  | 52599425.71896178 |  | -1
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 78921002.98984492 |  |  |  | 1.108158165483514 | 0.5302614584518941 | 0.5778967070316198 |  | 45608187.743464 |  | 98207613.46242577
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 74842910.30793871 |  |  |  | 0.4044053605361577 | 0.5274909044012516 | -0.1230855438650939 |  | -9212080.319699077 |  | 88995533.14272669
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 70697079.95636022 |  |  |  | 0.4004807400160842 | 0.466238337808451 | -0.06575759779236662 |  | -4648870.14886512 |  | 84346662.99386157
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 66249684.36813841 |  |  |  | 0.4183590020447076 | 0.4674549918312184 | -0.0490959897865109 |  | -3252593.827097694 |  | 81094069.16676387
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 26193321.54645195 |  |  |  | 0.4049709237438255 | 0.469156177664759 | -0.06418525392093345 |  | -1681224.994491676 |  | 79412844.17227219
ENRON EL PASO RECALLABLE PG&E CAPACITY VALUATION SCENARIOS: CAPACITY PER DAY = 200,000 |  |  |  |  |  |  |  |  |  |  |  | CONFIDENTIAL
50% Perm/50% SJ |  |  | 09-17-01 Mid Curves
 |  |  |  |  | Swap Prices |  |  |  |  |  | Value
Start | End | Year | PV Volume |  | Rec B & I | Del B & I | Spread | Tolls | Value Over Tolls |  | Yearly | Delta | Cumulative
2001-10-01 00:00:00 | 2006-05-31 00:00:00 | 2001 - 2006 | 308473730.6685472 |  | -0.1841625705625529 | 0.2364167227192725 | 0.4205792932818254 | -0.4754264500482161 | -0.05484715676639074 |  | -16918907.0642912 | -21235553.79874691 | -16918907.0642912
2001-10-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 18239963.58743412 |  | -0.2475043386142681 | 0.1149563757137161 | 0.3624607143279842 | -0.4841454271602892 | -0.121684712832305 |  | -2219524.731208621 | -3790116.610282633 | -2219524.731208621
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 71069775.15575157 |  | -0.2253335835020683 | 0.1369104674351434 | 0.3622440509372117 | -0.5008801970460726 | -0.1386361461088609 |  | -9852839.732416665 | -11908339.21681291 | -12072364.46362529
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 68318628.05294852 |  | -0.1879859800576846 | 0.2700007771494467 | 0.4579867572071313 | -0.5068636876770756 | -0.04887693046994429 |  | -3339204.83314595 | -3791308.397696294 | -15411569.29677124
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 65097531.49723353 |  | -0.1667762931213738 | 0.2732576449426999 | 0.4400339380640737 | -0.4460894988191185 | -0.006055560755044764 |  | -394202.0569849378 | -1417312.782368957 | -15805771.35375617
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 61372375.57665537 |  | -0.1501648202674367 | 0.29 | 0.4401648202674366 | -0.4488298124761773 | -0.008664992208740674 |  | -531791.1562036253 | -191499.99614404 | -16337562.5099598
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 24375456.79852406 |  | -0.138040365237853 | 0.29 | 0.428040365237853 | -0.451889951284035 | -0.02384958604618204 |  | -581344.5543313925 | -136976.7954420267 | -16918907.06429119