Spreadsheet: benjamin_rogers__1061__Trachtebel_77000
Sheet: Model

Project (To Be Named)
t = |  |  |  |  |  |  |  | 1
Year-End = |  |  |  |  |  |  |  | 2001-12-31 00:00:00
Assumptions
 | Blue |  |  | Input - ESI Tractebel Acquisition Corp. 424B1 Filing Dated 13-Aug-98 |  |  |  |  |  | 0.5 | Tractebel Interest in NEEALP |  |  | Stranded Investment |  | Rate |  | Gas Services |  | Rate |  | Steam Services |  | Rate |  | Other |  | Rate
 | Green |  |  | Input - Enron Projection/Assumption |  |  |  |  |  | 0.11 | Equity Cf |  |  | Tax Rate |  | 0.44 |  | Tax Rate |  | 0.44 |  | Tax Rate |  | 0.44 |  | Tax Rate |  | 0.44
 | Red |  |  | CTG Projection |  |  |  |  |  | 0.0633 | Treasury Rate (10-Yr. Note) |  |  | Debt | 0.4 | 0.08 |  | Debt | 0.6 |  |  | Debt | 0.3 |  |  | Debt | 0.6
 | Red |  |  |  |  |  |  |  |  | 0.059 | Treasury Rate (30-Yr. Bond) |  |  | Equity |  | 0.12 |  | Equity |  | 0.15 |  | Equity |  | 0.12 |  | Equity |  | 0.15
 | Black |  |  | Cell Value Calculated |  |  |  |  |  |  |  |  |  |  | WACC |  |  |  | WACC |  |  |  | WACC |  |  |  | WACC
 |  |  |  |  |  |  |  |  |  |  |  |  |  | Utility Premium |  | 0.1
 |  |  |  |  |  |  |  |  |  |  |  |  |  | Securitization Rate (T+100 Bps)
 |  |  |  |  |  |  |  | Model Assumptions
 |  |  |  |  |  |  |  | Gas [NAME] (1=Prospectus, 2= [NAME]) |  |  | 1
 |  |  |  |  |  |  |  | Merchant
 |  |  |  |  |  |  |  | Equity
 |  |  |  |  |  |  |  |  | WACC
 |  |  |  |  |  |  |  | Utility Premium |  | 0.1
 |  |  |  |  |  |  |  | Securitization Rate (T+100 Bps)
Hours |  |  |  |  |  |  |  | 8760 | 8760 | 8760 | 8784 | 8760 | 8760 | 8760 | 8784 | 8760 | 8760 | 8760 | 8784 | 8760 | 8760 | 8760 | 8784 | 8760 | 8760 | 8760 | 8784 | 8760
Inflation (GDP) |  |  |  |  |  |  |  | 0.032 | 0.029 | 0.027 | 0.0253 | 0.024 | 0.0225 | 0.021 | 0.02 | 0.0192 | 0.018 | 0.0169 | 0.016 | 0.0155 | 0.0157 | 0.0162 | 0.017 | 0.0176 | 0.0185 | 0.0194 | 0.0203 | 0.0212 | 0.023 | 0.025 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178 | 0.02178
Inflation (CPI) |  |  |  |  |  |  |  | 0.03102937128439076 | 0.03002683713998056 | 0.02902438650376649 | 0.02852319249972179 | 0.02802201937090043 | 0.02722018578371155 | 0.02671906692757164 | 0.02621796894442108 | 0.02581710558602168 | 0.02541625558560345 | 0.02521583559453155 | 0.02501541894283332 | 0.0253160451726433 | 0.02571689183361769 | 0.02611775185249288 | 0.02671906692757164 | 0.02711996034261266 | 0.027420639170739 | 0.0282224861174416 | 0.02902438650376649 | 0.03052809377335963 | 0.03112962929196628 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914 | 0.03183145872903914
Electricity Pricing
 | Bellingham - Contract
 | BECO - Contract I |  |  |  |  | Table 1 | $/MWh | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 |  |  |  |  |  |  | 0 | 0 | 0 | 0
 | BECO - Contract II |  |  |  |  |  | $/MWh | 86.3 | 92.7 | 99.7 | 107.2 | 115.2 | 123.9 | 133.1 | 143.1 | 153.9 | 165.4 | 177.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Commonwealth - Contract I |  |  |  |  |  | $/MWh | 52.8 | 51.2 | 55.3 | 55.2 | 57.4 | 58.8 | 59.9 | 58.4 | 62.7 | 62.8 | 64.7 |  |  |  |  |  |  | 0 | 0 | 0 | 0
 | Commonwealth - Contract II |  |  |  |  |  | $/MWh | 86.3 | 92.7 | 99.7 | 107.2 | 115.2 | 123.9 | 133.1 | 143.1 | 153.9 | 165.4 | 177.8 |  |  |  |  |  |  | 0 | 0 | 0 | 0
 | Montaup - Contract |  |  |  |  |  | $/MWh | 31.1 | 33.5 | 35.4 | 37.6 | 39.7 | 40.7 | 41.7 | 42.7 | 44.2 | 45.8 | 46.6
 | BECO - Contract I |  |  |  |  | Table 2 | $/MWh | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 65 | 0 | 0 | 0 | 0 | 0
 | BECO - Contract II |  |  |  |  |  | $/MWh | 86.38810335256983 | 92.79663172111306 | 99.8060276226991 | 107.6510771142072 | 115.3276256886743 | 124.040139325278 | 133.2535588729591 | 143.7530817480289 | 154.0847814212635 | 165.6028511309625 | 178.0222362625142 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Commonwealth - Contract I |  |  |  |  |  | $/MWh | 52.15047932893949 | 50.38566506890353 | 49.99686938286398 | 49.46315158777711 | 49.37417615338526 | 49.34492210904732 | 49.31570179187772 | 49.28651516299217 | 49.25736218355125 | 49.22824281476031 | 49.19915701786941 | 49.17010475417332 | 49.14108598501139 | 49.11210067176759 | 49.08314877587038 | 49.05423025879267 | 0 | 0 | 0 | 0 | 0
 | Commonwealth - Contract II |  |  |  |  |  | $/MWh | 84.72340071217715 | 91.07765576559044 | 97.90847994800971 | 105.2516159441105 | 113.1454871399187 | 121.6313986754126 | 130.7537535760686 | 140.5602850942737 | 151.1023064763442 | 162.43497946207 | 174.6176029217253 | 187.7139231408547 | 201.7924673764188 | 216.9269024296502 | 233.1964201118739 | 250.6861516202645 | 0 | 0 | 0 | 0 | 0
 | Montaup - Contract |  |  |  |  |  | $/MWh | 37.0685 | 36.0185 | 35.5235 | 35.3285 | 35.366 | 35.4485 | 35.6285 | 35.77100000000001 | 36.09349999999999 | 36.33349999999999 | 36.626 | 36.971 | 37.286 | 37.60850000000001 | 38.0135 | 38.201 | 38.38977343113284 | 38.57982894207507 | 38.77117524024183 | 38.96382109218589 | 39.15777532399915
 | Sayreville - Contract
 | JCP&L |  |  |  | Table 1 |  | $/MWh | 73.8 | 75.6 | 77.8 | 78.2 | 79.6 | 81 | 82.5 | 84.2 | 86.3 | 86.9 | 88.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  |  |  |  | Table 2 |  | $/MWh | 73.8 | 75.6 | 77.8 | 78.2 | 79.6 | 81 | 82.5 | 84.2 | 86.3 | 86.9 | 88.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | ENA Forward - 7x24
 | NEPOOL |  |  |  | Mid |  | $/MWh | 38.02578254039445 | 35.5833093386736 | 34.27180434994104 | 33.47913248097078 | 33.52300330119566 | 33.62489733352457 | 33.85637600737471 | 34.06681859742524 | 34.49038480902029 | 34.81552859218679 | 35.2109258767494 | 35.64706878093399 | 36.07295577592338 | 36.46355461742053 | 36.99933015568033 | 37.26688160148861 | 37.68196020301856
 |  |  |  |  | Offer |  | $/MWh | 39.33257343275709 | 37.24627359123428 | 36.34591885705058 | 35.76234316957509 | 36.04068632096158 | 36.3970874359584 | 36.95715707708908 | 37.35144357859297 | 37.78969650427833 | 38.10768604209051 | 38.50251634714255 | 38.93622301656271 | 39.36681009303815 | 39.75280868910853 | 40.29862330879187 | 40.55228386058928 | 40.97212541574255
 | East PJM  (West PJM used - see comment) |  |  |  | Mid |  | $/MWh | 31.64344361963813 | 31.36601173748619 | 31.09029265175126 | 31.20995488006194 | 31.62264834715426 | 32.14335714759468 | 32.77638900564879 | 33.34508613103002 | 34.0903583221191 | 34.60870523744538 | 34.89115028425323 | 35.18283504090892 | 35.47553666974265 | 35.74565183215868 | 36.22828024581101 | 36.39072007652359 | 36.6640343348867
 |  |  |  |  | Offer |  | $/MWh | 32.92501388091104 | 32.90770854731185 | 32.75668622951842 | 32.94968072102431 | 33.43598784861246 | 34.03808234554143 | 34.86572827185559 | 35.50799073590161 | 36.35331595345986 | 37.06743901168221 | 37.38990398176034 | 37.72546689657636 | 38.05139337267058 | 38.35876658698621 | 38.89334475546886 | 39.08868786848246 | 39.41175511129145
Steam Pricing
 | [NAME] |  |  |  |  |  | $/MMlb | 1.850352112676056 | 1.283450704225352 | 2.001760563380282 | 1.755281690140845 | 2.059859154929577 | 2.169014084507042 | 2.172535211267606 | 1.505281690140845 | 2.348591549295775 | 2.059859154929577 | 2.419014084507042 |  |  |  |  |  | 0 | 0 | 0 | 0 | 0
 | Sayreville |  |  |  |  |  | $/MMlb | 2.711747285291214 | 2.749259624876604 | 2.786771964461994 | 2.824284304047384 | 2.862783810463968 | 2.901283316880553 | 2.940769990128332 | 2.980256663376111 | 3.020730503455084 | 3.061204343534057 | 3.104265402843602 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Gas Pricing
 | ESI Tractebel Acquisition Corp. 424B1 Filing
 | Delivered to Bellingham (Contract Through November 2013) |  |  |  |  |  | $/MMBtu | 4.67 | 4.81 | 5.04 | 5.07 | 5.25 | 5.32 | 5.47 | 5.61 | 5.86 | 5.91 | 6.1
 | Delivered to Sayreville (Contract Through November 2013) |  |  |  |  |  | $/MMBtu | 3.73 | 3.88 | 4.04 | 4.11 | 4.24 | 4.36 | 4.48 | 4.63 | 4.79 | 4.85 | 5
 | ENA
 | NYMEX (HH) |  |  |  |  |  | $/MMBtu | 3.468083333333334 | 2.953666666666667 | 2.712916666666667 | 2.652916666666667 | 2.642916666666667 | 2.652916666666667 | 2.672916666666667 | 2.742916666666666 | 2.742916666666666 | 2.792916666666667 | 2.852916666666667 | 2.922916666666667 | 3.002916666666666 | 3.092916666666667 | 3.187916666666668 | 3.282916666666667 | 3.377916666666667 | 3.472916666666666 | 3.567916666666667 | 3.662916666666667 | 4.019083333333334
 | Delivered to [NAME]:
 |  | Basis to TennZ6 |  |  |  |  | $/MMBtu | 0.4389583333333333 | 0.4354166666666666 | 0.439375 | 0.4435416666666667 | 0.4477083333333333 | 0.450625 | 0.450625 | 0.450625 | 0.450625 | 0.450625 | 0.450625 | 0.43875 | 0.4133333333333333 | 0.450625 | 0.450625 | 0.450625 | 0.450625 | 0.450625 | 0.450625 | 0.450625 | 0.450625
 |  | Index to [NAME] |  |  |  |  | $/MMBtu | 0.1085416666666667 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333 | 0.1102083333333333
 |  | LDC |  |  |  |  | $/MMBtu | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Delivered to Bellingham - Total |  |  |  |  | $/MMBtu
 | Delivered to Sayreville
 |  | Basis to TranscoZ6 |  |  |  |  | $/MMBtu | 0.6383333333333335 | 0.6225 | 0.6045833333333334 | 0.6152083333333335 | 0.619375 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668 | 0.6222916666666668
 |  | Index to TranscoZ6 |  |  |  |  | $/MMBtu | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875 | 0.03875
 |  | LDC |  |  |  |  | $/MMBtu | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3
 |  | Delivered to Sayreville - Total |  |  |  |  | $/MMBtu
 | Swap Price 2001 - 2013 from ENA Desk
 | [NAME] |  |  |  |  |  |  | 3.56 | 3.56 | 3.56 | 3.56 | 3.56 | 3.56 | 3.56 | 3.56 | 3.56 | 3.56 | 3.56 | 3.56 | 3.56
 | Sayreville |  |  |  |  |  |  | 3.82 | 3.82 | 3.82 | 3.82 | 3.82 | 3.82 | 3.82 | 3.82 | 3.82 | 3.82 | 3.82 | 3.82 | 3.82
[NAME]
 | Unit [NAME]
 | Capacity Under Contract |  |  |  |  |  | MW | 290 |  | 290 | 290 | 290 | 290 | 290 | 290 | 290 | 290 | 264.8
 | Heat Rate |  |  |  |  |  | Btu/kWh | 8325 | 8380 | 8229 | 8283 | 8339 | 8270 | 8325 | 8380 | 8229 | 8283 | 8339
 | Equivalent Availability Factor |  |  |  |  |  |  | 0.9565 | 0.8915 | 0.9615 | 0.9315 | 0.9565 | 0.9615 | 0.9565 | 0.8915 | 0.9615 | 0.9315 | 0.9565 | 0.9615 | 0.9565 | 0.8915 | 0.9615 | 0.9315 | 0.9565 | 0.9615 | 0.9565 | 0.8915 | 0.9615
 | Sales to:
 |  | BECO - Contract I |  |  |  |  | MWh | 1127000 | 1051000 | 1133000 | 1098000 | 1127000 | 1133000 | 1127000 | 1051000 | 1133000 | 1098000 | 1127000 | 1133000 | 1127000 | 1051000 | 1133000 |  | 0 | 0 | 0 | 0 | 0
 |  | BECO - Contract II |  |  |  |  | MWh | 701000 | 654000 | 705000 | 683000 | 701000 | 705000 | 701000 | 654000 | 705000 | 683000 | 498000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Commonwealth - Contract I |  |  |  |  | MWh | 207000 | 193000 | 208000 | 202000 | 207000 | 208000 | 207000 | 193000 | 208000 | 202000 | 207000 | 208000 | 207000 | 193000 | 208000 |  | 0 | 0 | 0 | 0 | 0
 |  | Commonwealth - Contract II |  |  |  |  | MWh | 174000 | 162000 | 175000 | 170000 | 174000 | 175000 | 174000 | 162000 | 175000 | 170000 | 174000 | 175000 | 174000 | 162000 | 175000 |  | 0 | 0 | 0 | 0 | 0
 |  | Montaup - Contract |  |  |  |  | MWh | 207000 | 193000 | 208000 | 202000 | 207000 | 208000 | 207000 | 193000 | 208000 | 202000 | 207000 | 208000 | 207000 | 193000 | 208000 | 202000 | 207000 | 207000 | 207000 | 207000
 |  | Total |  |  |  |  | MWh
 | Capacity Available for Merchant Sales (Using Mid from ENA Desk) |  |  |  |  |  | MW | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10
 | Merchant Sales Mid |  |  | (Include Merchant Sales  = 1) |  |  | MWh | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Merchant Sales Bid |  |  |  |  |  | $/MWh | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Total Sales |  |  |  |  |  | MWh
 | Capacity Factor
 | Fuel Usage:
 |  | Per Prospectus |  |  |  |  |  | 20724000 | 20551000 | 19332000 | 20416000 | 19933000 | 20585000 | 20518000 | 20551000 | 19332000 | 20416000 | 19933000
 |  | Contract Requirements |  |  |  |  | MMBtu
 |  | Merchant Sales |  |  |  |  | MMBtu
 |  | Total |  |  |  |  | MMBtu
 | Fuel Usage - Daily Quantity |  |  |  |  |  | MMBtu/d
 | Variable O&M |  |  |  |  |  | $/MWh
 | Steam Sales |  |  |  |  |  | MMlb | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 568 | 0 | 0 | 0 | 0 | 0
 | Revenue
 | Contract Revenue Based on Pricing In: |  |  |  | Table 1
 |  | BECO - Contract I |  |  |  |  | US$000
 |  | BECO - Contract II |  |  |  |  | US$000
 |  | Commonwealth - Contract I |  |  |  |  | US$000
 |  | Commonwealth - Contract II |  |  |  |  | US$000
 |  | Montaup - Contract |  |  |  |  | US$000
 | Merchant Revenue |  |  | (Mid = 1/Bid =2) | 1 |  | US$000
 | Revenue from Steam Sales |  |  |  |  |  | US$000
 | Total |  |  |  |  |  | US$000
 | Expenses
 |  |  |  |  |  |  |  | 98750 | 97386 | 103558 | 104558 | 109607 | 112259 | 115195 | 113241 | 120665 | 121557 | 127608
 | Cost of Gas Used in Generation |  |  |  |  |  | US$000
 | Variable O&M |  |  |  |  |  | US$000
 | Fixed O&M |  |  |  |  |  | US$000 |  |  |  |  |  |  |  |  |  |  |  | 909.0449252819071 | 3154.352202180968 | 5065.320253621139 | 695.0249309318401 | 5252.417781362656 | 356.4739306450483
 | Water Cost & Easement Fees |  |  |  |  |  | US$000 | 495 | 883
 | Insurance |  |  |  |  |  | US$000 | 964
 | G&A and Professional Fees |  |  |  |  |  | US$000 | 706
 | Property Taxes |  |  |  |  |  | US$000 | 3936
 | Management Fees |  |  |  |  |  | US$000 | 2201
 | Fuel Management Fees |  |  |  |  |  | US$000 | 489
 | Include Gas Hedge & Peak Service Loss (Savings) |  |  |  |  | Y | US$000 | -575 | -753 | -941 | -1133 | -1155 | -1185 | -1215 | -622 | -886 | -1099 | -1325 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Other |  |  |  |  |  | US$000 | 1036 | 2190 | 2413 | 2309 | 2352 | 2327 | 2322 | 2145 | 2381 | 2248 | 2347
 | Total |  |  |  |  |  | US$000
 |  |  |  |  |  |  |  | 118091 | 111359 | 122679 | 119907 | 124799 | 129992 | 135124 | 129339 | 141863 | 137752 | 145434
 | Operating Margin |  |  |  |  |  | US$000
 | Cash Flows including Merchant from Prospectus |  |  |  |  |  |  | 50125 | 50634 | 60441 | 64302 | 72335 | 76994 | 79325 | 78158 | 94562 | 101273 | 87533
 | Cash Flows excluding Merchant from Prospectus
Sayreville
 | Unit [NAME]
 | Capacity Under Contract |  |  |  |  |  | MW | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 250 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Heat Rate |  |  |  |  |  | Btu/kWh | 9102 | 9163 | 9224 | 9057 | 9117 | 9178 | 9102 | 9163 | 9224 | 9057 | 9117 | 9178 | 9102 | 9163 | 9224 | 9057 | 9117 | 9178 | 9102 | 9163 | 9224
 | Sales to JCP&L |  |  |  |  |  | MWh | 2021000 | 1955000 | 1866000 | 2021000 | 2010000 | 2010000 | 2021000 | 1955000 | 1866000 | 2021000 | 1279000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Capacity Available for Merchant Sales |  |  |  |  |  | MW | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 290 | 290 | 290 | 290 | 290 | 290 | 290 | 290 | 290 | 290
 | Merchant Sales |  |  | (Include Merchant Sales  = 1) | 0 |  | MWh
 | Merchant Price |  |  |  |  |  | $/MWh | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35 | 35
 | Total Sales |  |  |  |  |  | MWh
 | Capacity Factor
 | Fuel Usage:
 |  | Contract Requirements |  |  |  |  | MMBtu
 |  | Merchant Sales |  |  |  |  | MMBtu
 |  | Total |  |  |  |  | MMBtu
 | Fuel Usage - Daily Quantity |  |  |  |  |  | MMBtu/d
 | Variable O&M |  |  |  |  |  | $/MWh | 1.08
 | Steam Sales |  |  |  |  |  | MMlb | 1013 | 1013 | 1013 | 1013 | 1013 | 1013 | 1013 | 1013 | 1013 | 1013 | 633 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Revenue
 | Contract Revenue Based on Pricing In: |  |  |  | Table 1 |  | US$000
 | Merchant Revenue |  |  | (Mid = 1/Bid =2) | 1 |  | US$000
 | Steam Sales |  |  |  |  |  | US$000
 | Total |  |  |  |  |  | US$000
 | Expenses
 |  |  |  |  |  |  |  | 68649 | 69522 | 69681 | 75183 | 77719 | 80506 | 82499 | 83102 | 82708 | 88877
 | Cost of Gas Used in Generation |  |  |  |  |  | US$000
 | Variable O&M |  |  |  |  |  | US$000 |  |  |  |  |  |  |  |  |  |  |  | 0
 | Fixed O&M |  |  |  |  |  | US$000 |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Water costs and easement fee |  |  |  |  |  | US$000 | 1094 | 1687 |  |  |  |  |  |  |  |  |  | 0
 | Insurance |  |  |  |  |  | US$000 | 812 |  |  |  |  |  |  |  |  |  |  | 0
 | G&A and Professional Fees |  |  |  |  |  | US$000 | 706 |  |  |  |  |  |  |  |  |  |  | 0
 | Property Taxes |  |  |  |  |  | US$000 | 870 |  |  |  |  |  |  |  |  |  |  | 0
 | Management Fees |  |  |  |  |  | US$000 | 2201 |  |  |  |  |  |  |  |  |  |  | 0
 | Fuel Management Fees |  |  |  |  |  | US$000 | 489 |  |  |  |  |  |  |  |  |  |  | 0
 | Include Gas Hedge & Peak Service Loss (Savings) |  |  |  |  |  | US$000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Other |  |  |  |  |  | US$000 | 463 | 512
 | Total |  |  |  |  |  | US$000
 | Operating Margin |  |  |  |  |  | US$000
 |  |  |  |  |  |  |  | 68649 | 69522 | 69681 | 75183
Consolidated Cash Flow
 | Operating Margins
 | [NAME] |  |  |  |  |  | US$000
 | Sayreville |  |  |  |  |  | US$000
 | Total |  |  |  |  |  | US$000
 | Debt Service - Project |  |  |  |  |  | US$000
 | Subordinated Management Fees |  |  |  |  |  | US$000 | 1791 | 1841 | 1891 | 1942 | 1994 | 2048 | 2103 | 2160 | 2219 | 2278 | 2342 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Cash Flow Available to NEEALP |  |  |  |  |  | US$000
 | Debt Service - NEEALP (Existing Corporate) |  |  |  |  |  | US$000
 | Free Cash Flow to NEEALP |  |  |  |  |  | US$000
 | Free Cash Flow to Tractebel - Interest = |  |  |  |  |  | US$000
 | NPV - Tractebel Interest in NEEALP @ |  |  |  |  |  |  |  | Equity | ExDebt | Total EV
 |  |  |  |  |  |  |  | 0.12
 | Debt Service - Acquiring Co. (New) |  |  |  |  |  | US$000
 | Free Cash Flow to Acquiring Co. |  |  |  |  |  | US$000
 | NPV - Acquiring Co. |  |  |  |  |  |  |  | Equity | ExDebt | NewDebt | Total EV
Debt
 | Project Debt
 | Interest |  |  |  |  |  | US$000 | 39300 | 37396 | 35264 | 32933 | 29880 | 25484 | 20545 | 15504 | 10374 | 4779 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Principal |  |  |  |  |  | US$000 | 20160 | 22688 | 23818 | 28564 | 45349 | 52641 | 54021 | 51801 | 54616 | 65222 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Total Debt Service
 | NEEALP Debt (Existing Corporate)
 |  | Rate |  |  |  |  |  | 0.0799 | 0.0799 | 0.0799 | 0.0799 | 0.0799 | 0.0799 | 0.0799 | 0.0799 | 0.0799 | 0.0799 | 0.0799
 |  | Interest - 1st Half |  |  |  |  | US$000
 |  | Interest - 2nd half |  |  |  |  | US$000
 |  | Beginning of Year Balance |  |  |  |  | US$000
 |  | Principal Reduction - 1st Half |  |  |  |  | US$000 | 0 | 4400 | 4400 | 4400 | 4400 | 6600 | 11000 | 11000 | 13200 | 17600 | 33000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | Mid-Year Balance |  |  |  |  | US$000
 |  | [NAME] Half |  |  |  |  | US$000 | 0 | 4400 | 4400 | 4400 | 4400 | 6600 | 11000 | 11000 | 13200 | 17600 | 33000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 |  | End-of-Year Balance |  |  |  |  | US$000
 | Interest |  |  |  |  |  | US$000
 | Principal |  |  |  |  |  | US$000
 | Total Debt Service |  |  |  |  |  | US$000
 | Acquiring Co. Debt (New)
 |  |  | Sizing
 |  |  | Rate |  |  |  |  | 0.085 | 0.085 | 0.085
 |  |  | Interest - 1st Half
 |  |  | Interest - 2nd half
 |  |  | Amortization Schedule |  |  | Total = |  | 0.01 | 0.02 | 0.04 | 0.07 | 0.07 | 0.07 | 0.08 | 0.09 | 0.13 | 0.14 | 0.2 | 0.08
 |  |  | Beginning of Year Balance |  | 950000 |  | US$000 | 0
 |  |  | Principal Reduction - 1st Half |  |  |  | US$000
 |  |  | Mid-Year Balance |  |  |  | US$000
 |  |  | [NAME] Half |  |  |  | US$000
 |  |  | End-of-Year Balance |  |  |  | US$000
 |  |  | Free Cash Flow to Acquistion Co. |  |  |  | US$000
 |  |  | Less:  Merchant Revenue ([NAME]) |  |  |  | US$000
 |  |  | Less:  Merchant Revenue (Sayreville) |  |  |  | US$000
 |  |  | Plus:  Marginal Running Cost - Merchant ([NAME]) |  |  |  | US$000
 |  |  | Plus:  Marginal Running Cost - Merchant (Sayreville) |  |  |  | US$000
 |  |  | Free Cash Flow to Acquistion Co. (Excl. Merchant) |  |  |  | US$000
 |  |  | Debt Service - Acquisition Co. |  |  |  | US$000
 |  |  |  |  | Min |  | Avg
 |  |  | Coverage Ratio
 |  |  | Required Coverage |  | 1.3 |  | 1.55 | 1.3 | 1.3 | 1.4 | 1.45 | 1.5 | 1.6 | 1.65 | 1.7 | 1.75x | 1.80x | 1.85x | 1.90x
 | Transaction Costs ($400k Legal/Other + 1.25% of New Debt) |  |  |  |  |  | US$000
 | Interest |  |  |  |  |  | US$000
 | Principal |  |  |  |  |  | US$000
 | Total Debt Service
[NAME] at Year End*
 |  |  |  |  | Tractebel @
 |  |  |  |  |  |  | US$000
 |  |  |  |  |  |  | US$000
 |  |  |  |  | 1 |  | US$000
 | Total |  |  |  |  |  | US$000
 | [NAME], Tractebel Interest (Effective) = |  |  |  |  |  | US$000
 |  |  |  |  |  |  |  | *Based on 10k & Registrations: |  |  | 1999-12-31 00:00:00 | CY 2000
 |  |  |  |  |  |  |  | Project |  | US$000 | 418880 | 0
 |  |  |  |  |  |  |  | Existing Corporate |  | US$000 | 220000 | 0
 |  |  |  |  |  |  |  | Total |  | US$000
Restructuring Analysis
Purchase Power Agreements
 | Contract Value
 | [NAME] |  |  |  |  |  | US$000
 | Sayreville |  |  |  |  |  | US$000
 | Total |  |  |  |  |  | US$000
 | Market Value, ENA Desk @ |  |  |  | mid
 | [NAME] |  |  |  |  |  | US$000
 | Sayreville |  |  |  |  |  | US$000
 | Total |  |  |  |  |  | US$000
 | Stranded Investment
 | [NAME] |  |  |  |  |  | US$000
 | Sayreville |  |  |  |  |  | US$000
 | Total |  |  |  |  |  | US$000
 | Tractebel Interest = |  |  |  |  |  | US$000
 |  |  |  |  |  |  |  |  | 85054.1125825858 | 92128.03198972327 | 97804.23333626325 | 103402.2489172101 | 108128.2350127368 | 112511.1139873522 | 111293.3718273609 | 120199.6540379573 | 126332.9999464052 | 115236.1466998701 | 45580.6589594419 | 46684.54457892974 | 45802.9752271943 | 49861.96486370594 | 50655.43866737444 | 39786.17437454555 | 39962.11022891228 | 40022.90613055487 | 40096.14432077071 | 40169.68508618029
 | NPV of Tractebel Interest at Year-End @ |  |  |  |  |  | US$000
Steam Agreements
 | Steam Revenue
 | Bellingham - Terminate Contract
 | Sayreville
 | Fuel Costs
 | Water Treatment and Boiler Chemicals
 | [NAME]
 | Labor Cost
 | Water Commodity Cost
 | Electricity
 | Site Lease
 | Taxes and [NAME]
 | G&A Expense
 | Total Cost to Run Boilers
 | Contract Cash Flows
 | Tractebel Interest = |  |  |  |  |  | US$000
 | NPV of Tractebel Interest at Year-End @ |  |  |  |  |  | US$000
Gas Service Agreements
 | Contract Cost
 | Bellingham - TOP Quantity (MMBtu) = |  |  |  |  |  | US$000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Sayreville - TOP Quantity (MMBtu) = |  |  |  |  |  | US$000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Total |  |  |  |  |  | US$000
 | Market Cost
 | Bellingham - TOP Quantity (MMBtu) = |  |  |  |  |  | US$000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Sayreville - TOP Quantity (MMBtu) = |  |  |  |  |  | US$000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Total |  |  |  |  |  | US$000
 | Above (Below) Market Cost
 | [NAME] |  |  |  |  |  | US$000
 | Sayreville |  |  |  |  |  | US$000
 | Total |  |  |  |  |  | US$000
 | Tractebel Interest = |  |  |  |  |  | US$000
 | NPV of Tractebel Interest at Year-End @ |  |  |  |  |  | US$000
Management Agreements
 | Administrative Services (FPL)
 | Term Expires |  |  |  | 2018-12-31 00:00:00
 | Minimum Fee |  |  |  | 600 |  | US$000
 | Profit Margin |  |  |  | 1 |  | US$000
 | O&M Services (FPL)
 | Term Expires |  |  |  | 2016-12-31 00:00:00
 | Minimum Fee |  |  |  | 1500 |  | US$000
 | Profit Margin |  |  |  | 1 |  | US$000
 | Fuel Management (FPL)
 | Term Expires |  |  |  | 2023-12-31 00:00:00
 | Minimum Fee |  |  |  | 450 |  | US$000
 | Profit Margin |  |  |  | 1 |  | US$000
 | Total Expected Profit Margin |  |  |  |  |  | US$000
 | Tractebel Interest = |  |  |  |  |  | US$000
 | NPV of Tractebel Interest at Year-End @ |  |  |  |  |  | US$000
Restructuring Anlaysis (Con't)
Energy Bank at Year End**
 | BECO I Amount |  |  | On = 1 | 0 |  | US$000
 | [NAME] |  |  |  |  |  | US$000
 | Total |  |  |  |  |  | US$000
 | Year-End Balance, Tractebel Interest = |  |  |  |  |  | US$000
 |  |  |  |  |  |  |  | **Based on 10k & Registrations: |  |  | 1998-03-31 00:00:00
 |  |  |  |  |  |  |  | BECO I Amount |  | US$000 | 144051 |  |  |  | (1)   Projected to Reach Zero by 2007
 |  |  |  |  |  |  |  | [NAME] |  | US$000 | 27320 |  |  |  | (2)  Projected to Reach $60.0 MM by 2011; Interest Applied at Prime
 |  |  |  |  |  |  |  | Total |  | US$000 |  | 168885
[NAME]
 | Tractebel Share of:
 |  |  |  |  |  |  | US$000
 |  |  |  |  |  |  | US$000
 |  |  |  |  |  |  | US$000
 |  | Total
"Make-Whole" Premiums on Mandatory Redemption
 | Project Debt
 | Debt Service Scheduled |  |  |  |  |  | US$000
 | NPV at Marginal Investment Rate of: |  |  |  |  |  | US$000
 | Make-Whole Premium |  |  |  |  |  | US$000
 | Existing Corporate Debt
 | Debt Service Scheduled |  |  |  |  |  | US$000
 | XNPV at Marginal Investment Rate of: |  |  |  |  |  | US$000
 | Make-Whole Premium |  |  |  |  |  | US$000
 | Total "Make Whole" Premium |  |  |  |  |  | US$000
 | Tractebel Interest = |  |  |  |  |  | US$000
Summary
 | Stranded Investment |  |  |  |  |  | US$000
 | Less: |  |  | Utility Premium | 0.1 |  | US$000
 |  |  |  | Steam Agreements |  |  | US$000
 |  |  |  | Gas Service Agreements |  |  | US$000
 |  |  |  | Management Agreements |  |  | US$000
 |  |  |  | Debt Outstanding |  |  | US$000
 |  |  |  | "Make-Whole" Premium on Debt |  |  | US$000
 |  |  |  | Energy Bank Balance - Projected |  |  | US$000
 | Plus: |  |  | Merchant Value (1 = Price Option Value | 1 |  | US$000
 |  |  |  | 2 = $100/kwh)
 | Net Pre-Tax Restructuring Value |  |  |  |  |  | US$000
 |  | Restructuring Value Net of Purchase Price
Sayreville: New Package Boiler to Replace Hercules Steam Source.
Assumptions:
 | One(1) 250,000 lbs/hr boiler w/capital cost of $4.2MM (total). Current Assumption is that Hercules would run their boilers and Sayreville would pay for maintenance
 | one (1) additional FTE required for full-time operation
 | Hourly average steam flow for year-round operation is approximately 125,000 lbs/hr.
 | No condensate returned, raw water supplied in lieu.
 | Equivalent raw water make-up treatment based on 125,000 lbs/hr.
 | Blower and pump usage is 6 hp per 1,000 lbs/hr;  total = 750 hp
 | Boiler at 85% efficiency (HHV) - 1.402 MMBtu per 1000 lbs steam
Burdened Operating Labor: |  |  |  |  | 125000
 |  |  |  |  |  |  | Re-assignable O&M Expenses
Maintenance Accruals: |  |  |  |  | 120000 |  | Water Treatment:
 |  |  |  |  |  |  |  | Outside Services/Consultants |  |  |  | 40000
[NAME] chemicals: |  |  |  |  | 25000 |  |  | Pretreatment chemicals |  |  |  | 25000
 |  |  |  |  |  |  |  | Acid/Caustic |  |  |  | 120000
G&A, Incentives, Fee |  |  |  |  |  |  |  | [NAME] replacement |  |  |  | 22000
 |  |  |  |  |  |  |  | Carbon filter upkeep |  |  |  | 5000
Add't'l Taxes, Operating license |  |  |  |  | 115000
 |  |  |  |  |  |  | Water (commodity cost) @ |  |  | 1.2 |  | 0
[NAME] (gas) usage @ |  |  | 2.5 |  |  |  |  | (per 1000 gal.)
 | (per [NAME])
[NAME] electricity usage @ |  |  | 0.06 |  |  |  | Offset Amount:  Reduction in O&M
 | (per kW) |  |  |  |  |  |  | at Sayreville Generation
Total (Incremental) Estimated Annual O&M
O&M Re-assigned from Generation to Boiler Plant
Total Boiler Plant Estimated Annual O&M
20 Year Capital Recovery @ |  |  | 0.12
Does not include Additional Land Lease:  Estimated (80'x100')
 |  |  |  |  | 2000
Capital Cost for Package Boiler |  |  |  |  | 4200
Fuel Conversion factor (Mmbtu/mlbs) |  |  |  |  | 1.402
Electricity Conversion factor (kWh/horsepower hr) |  |  |  |  | 0.746
Steam Conversion factor (mlbs/1000 gal) |  |  |  |  | 8.3
Recovery Factor |  |  |  |  | 0.9
Water Condensate Recovery % |  |  |  |  | 0
Water Commodity Cost (1000 gals.) |  |  |  |  | 2.05
Electricity (horsepower hr/mlb steam) |  |  |  |  | 6
Site Lease |  |  |  |  | 125