Spreadsheet: benjamin_rogers__1203__Retail Shorts version Debt-Equity 60-40 version2
Sheet: Assumptions

Unhide Sub Debt, 1999 Columns
PROJECT NAME:  [NAME]
ASSUMPTIONS & SUMMARY OUTPUT
SOURCES & USES: |  |  |  |  | PROJECT DESCRIPTION: |  |  |  |  |  | OPERATING COSTS ASSUMPTIONS (FROM ENGINEERS/ASSET MANAGEMENT): |  |  |  |  |  |  |  |  | Fuel | Capacity $ | VOM | Residual Value | Capacity | Chillers | Compressor | Debt
 |  |  |  |  |  |  |  |  |  |  | (1st year Annualized) |  |  |  |  |  |  |  |  | Index | Base | Pass-through | EBITDA Exit Multiple | ISO | Yes | Yes | Bank LT Debt
Sources of Funds | % | 000 $ | $/kW |  | Type of Turbine |  | LM6000 |  |  |  |  |  |  |  |  |  |  |  |  | Fixed | Low | Not Pass-through | % of Project Cost | 95 degrees | No | No | Capital Market
Total Equity |  |  |  |  | Cost Per Turbine (w Carry Cost) (000$) |  | 14260.44960733171 |  |  |  | CPI Escalator (%) |  | 0.03 |  |  |  |  |  |  | Custom | Index |  | 000$/MW |  |  |  | Mini-perm
Debt Issuance | 0.6 |  |  |  | Number of Turbines |  | 4 |  |  |  |  |  |  |  |  |  |  |  |  |  | Custom |  | None
 |  |  |  |  | Net Turbine Rating (MW) |  | 47 |  |  |  | Escalated Costs: |  |  |  |  |  |  |  |  | 3 | 1 | 1 | 1 | 2 | 1 |  | 1
Total Sources |  |  |  |  | Heat Rate-New and Clean (HHV) |  | 10100 |  |  |  |  |  | 000$ -year | $/kW-year | $/mWh
 |  |  |  |  | Heat Rate-Degraded (HHV) |  | 10200 |  |  |  | Variable Operating Cost |  | 153.2 |  | 0.59
Include Serving Load Revenue from EES | Yes |  |  |  | No. of Construction Months |  | 8 |  |  |  | Major [NAME] |  | 576.9 |  | 1.64 |  |  |  |  |  | With Chillers | Without Chillers
Uses of Funds |  |  |  |  | Start of Commercial Operation |  | 2001-05-01 00:00:00 |  |  |  | Total VOM |  |  |  |  |  |  |  |  | ISO | 11 | 21
EPC (From Engineers/Nepco): |  |  |  |  | No. of Months in the 1st Operating year |  |  |  |  |  |  |  |  |  | Esc. |  |  |  |  | 95o | 12 | 22
Turbine (with Carrying Cost) |  |  |  |  | Project Life (Years) |  | 9 |  |  |  | Fixed Operating Expenses |  | 450
[NAME] |  |  |  |  | Location (State) |  | NY |  |  |  | Insurance |  | 200
Enhanced Sprint Option |  |  |  |  |  |  |  |  |  |  | SG&A |  | 150
BOP & Construction |  | 23138 |  |  | Residual Value (at year 30) |  |  |  |  |  | Start Charge |  | 0
Pipeline |  | 1500 |  |  | EBITDA Exit Multiple |  | 4 |  |  |  | Marketing Fee |  | 0
Power Interconnection |  | 1135 |  |  | % of Initial Project Cost |  | 0.4475 |  |  |  | Admin Fees |  | 0
SCR |  | 4800 |  |  | $/kW |  | 250 |  |  |  | O&M Fees |  | 200
Dual Fuel |  | 0 |  |  |  |  |  |  |  |  | Total Fixed Escalating Cost
 |  | 0 |  |  | FINANCING ASSUMPTIONS:
Gas Compression |  | 615 |  |  | DEBT |  | Construction Loan |  |  |  | Non-Escalated Costs:
Demineralized Water Facility |  | 0 |  |  | Debt Issued | 2000-04-01 00:00:00 |  |  |  |  | Fuel |  | 0 | 0
Overhead & Fees - EE&CC |  | 0 |  |  | Treasury Rate as of: | 2000-02-01 00:00:00 |  |  |  |  | Property Tax |  |  |  | 0.02
Overhead & Fees - Nepco |  | 0 |  |  |  |  |  |  |  |  | Franchise Tax
Chillers (Check that BOP did not already include this) |  | 4061 |  |  | Amount ('000 $) |  |  |  |  |  | [NAME]
Spare Parts |  | 1300 |  |  | Term (yrs) | 9 |  |  |  |  | Debt Service Reserve Fee
Sub Total |  |  |  |  | Final Maturity | 2010-04-01 00:00:00
 |  |  |  |  | Average Life (yrs) |  |  |  |  |  | DEPRECIATION ASSUMPTIONS:
Soft Cost (From Engineers/Asset Management):
EE&CC Project Management |  | 0 |  |  | Treasury Rate (%) | 0.065 | 0.065 |  |  |  |  |  | Year | Method | Residual (%)
Mobilization Expenses (check that it did not have spare parts) |  | 0 |  |  | Spread (%) | 0.02 | 0.02 |  |  |  | Federal & State Tax Depreciation
Environmental Permitting |  | 600 |  |  | All-In Rate (%) |  |  |  |  |  | EPC Costs |  | 15 | MACRS | 0
Insurance |  | 0 |  |  |  |  |  |  |  |  | Start-Up Cost |  | 5 | SL | 0
Capitalized Salaries |  | 0 |  |  | Maximum DSR Amount (000 $) | 0 | 0 | (months/year) |  |  | Transaction Costs |  | 20 | SL | 0
Owner's Engineer |  | 0 |  |  | Debt Service Reserve [NAME] | 0.02
Development Expenses |  | 0 |  |  | Interest Income Rate | 0 |  |  |  |  | Book Depreciation
Legal Expense |  | 150 |  |  |  |  |  |  |  |  | EPC Costs |  | 30 | SL | 0.1
Interconnect Study |  | 50 |  |  | EQUITY |  |  |  |  |  | Start-Up Cost |  | 5 | SL | 0
IDC |  |  |  |  | Equity Closed | 2000-04-01 00:00:00 |  |  |  |  | Transaction Costs |  | 20 | SL | 0
Land |  | 0 |  |  | Equity Partner's Share | 0
Sales & Used Tax |  |  |  |  | Enron's Share |  |  |  |  |  | TAX ASSUMPTIONS (PROJECT MAY INCLUDE SPECIFIC TAXES):
Contingency |  | 0
Sub Total |  |  |  |  | PPA ASSUMPTIONS (MAKE CHANGES AS NEEDED): |  |  |  |  |  | Federal Income Tax Rate (%) |  | 0.35
 |  |  |  |  | Fixed Price PPA |  |  |  |  |  | State Income Tax Rate (average %) |  | 0.07 | (Project Specific)
Financing Costs: |  |  |  |  | No. of years |  | 9 |  |  |  | Franchise Tax (% on Net Asset) |  | 0.0025 | (Project Specific)
Lender's Engineer |  | 0 |  |  | Capacity Charge ($/kW-mo.) |  | 5.5 |  |  |  | [NAME] (%) |  | 0 | (Project Specific)
Lender's Counsel |  | 0 |  |  | Energy Price |  | 45.67 |  |  |  | Sales & Used Tax Rate on Fuel (%) |  | 0.015 | (Project Specific)
Financing Fee |  | 1000 |  |  | Correlation |  | 0.7 |  |  |  | Sales & Used Tax Rate on Hard Cost (%) |  | 0.085 | (Project Specific)
Sub Total |  |  |  |  | Merchant Price Period
 |  |  |  |  | No. of years
Total Uses |  |  |  |  | Capacity Charge ($/kW-mo.)
SUMMARY OUTPUT: |  |  |  |  | Variable Payment ($/mWh)
All-in Capital Cost ($/kW) |  |  |  |  | Net Generation (MW)
 |  | [NAME]. | Min |  | TECHNICAL ASSUMPTIONS:
DSCR
 |  |  |  |  | Site Condition (MW)
Enron Equity Returns |  |  |  |  | Evaporative Cooler (MW) |  | 0
30 Yrs After-Tax Cashflow with Zero Residual Value |  |  |  |  | Net Output (MW)
 |  |  | Target |  | No. of Starts per year |  | 140
 |  |  | 0.12 |  | Available PSIG |  | 400
 |  |  |  |  | No. of Run Hours per year |  | 1400
Key Stats
EBITDA (000 $)
Net Income (000 $)
Pre-Tax Cashflow (000 $)
Cashflow to Equity (000 $)