Spreadsheet: benjamin_rogers__1169__Base
Sheet: Preset Scenarios

NOTES
50%Equity0830-Oct PPA, 12MDSCR-730Debt.xls
[NAME] and Wheatland start 7/1, [NAME]
Debt has New Int Rts. 8/23 Spreads 7/20
Prop Taxes Updated for Bvll GR tax and Wheat Tax
Semi-annual Distributions
No XIRRs
1.  Please note that in the "IRR" page, cells B60, B64, and B68 must be updated by hand each time you run a scenario on this page.
In order to calculate the IRR correctly you must change these cells to the respective values in cells D62, D66, and D70 and then recalculate.
2. All cells with blue font and yellow shading are input cells
3. To run custom capacity price scenarios, please input the custom prices in yellow shaded rows provided  in "Power Price Assumptions"
4. You can run preset scenarios in the "Preset Scenarios" section below.
5. Please direct all questions concerning the model to:
 | [NAME] | - Enron | (713) 853-7516
 | [NAME] | - CSFB | (212) 325-9142
 | [NAME] | - Enron | (713) 853-9446
 | [NAME] | - Enron | (713) 853-6210
PRESET SCENARIOS
Annual Escalator
(include costs, revenues, and capacity prices)
Operating Expenses
Dispatch
Kaiser Capacity Price Estimates
Sensitivity Selections:
Choices | Annual Escalator (%) | Increase in Operating Expense (%) | Dispatch |  | Kaiser Price Options
 | 3 | 1 | 2 |  | 1
1 | 0 | 1 | 0 |  | Base
2 | 0.015 | 1.1 | 120 |  | Low
3 | 0.03 |  |  |  | Customize
4 | 0.045
Chosen
 | EQUITY | DSCR
 | PARTNER'S | FIXED PRICE PERIOD |  |  | MARKET PRICE PERIOD
 | IRR | MIN | AVGE |  | MIN | AVG
Current (Semi-Annual) |  |  |  |  |  |  | Market period MIN and AVG coverage to the left do not include 8/15/03.
Current (Annual)
Remove 1 month Depr for Wheatland & Wilton (Semi-Annual) | 0.1323294933241588 | 1.246401231993574 | 1.294056193933923 |  | 2.064602155967433 | 2.879205848230455
Remove 1 month Depr for Wheatland & Wilton (Annual) | 0.1365836810124242 | 1.303065676825543 | 1.406844684410155 |  | 2.218141200250711 | 2.895638815329733
Switch Allocation Between Wheatland & Wilton (Semi-Annual) | 0.1323294933241588 | 1.246401231993574 | 1.294056193933923 |  | 2.064602155967433 | 2.879205848230455
Switch Allocation Between Wheatland & Wilton (Annual) | 0.1365836810124242 | 1.303065676825543 | 1.406844684410155 |  | 2.218141200250711 | 2.895638815329733
Change # of Months for Wilton & Calvert (Semi-Annual) | 0.1324581806186022 | 1.260458816986437 | 1.296385274476542 |  | 2.064602155967433 | 2.879205848230455
Change # of Months for Wilton & Calvert (Annual) | 0.1367197461334693 | 1.303065676825543 | 1.41200758014464 |  | 2.218141200250711 | 2.895638815329733
[NAME] Include New Debt Amortization Schedules (Semi-Annual) | 0.1320245787293337 | 1.235509442787959 | 1.285954356462595 |  | 2.064602155967433 | 2.879205848230455
[NAME] Include New Debt Amortization Schedules (Annual) | 0.1363101541419256 | 1.303065676825543 | 1.39741047873259 |  | 2.218141200250711 | 2.895638815329733
Use 7/20 Rates at Old Covgs (Semi-Annual) | 0.1317231091475363 | 1.256437305553941 | 1.306974579014798 |  | 2.08981019591773 | 3.027058405652863
Use 7/20 Rates at Old Covgs (Annual) | 0.1356556450705616 | 1.313965160693618 | 1.413357441584366 |  | 2.246454771800681 | 3.04071161670009
Allocate Enron Undertakings to 1999 Projects (Semi-Annual) | 0.1358401985589599 | 1.240875873133918 | 1.299096612525139 |  | 2.376278743319712 | 3.274939431471884
Allocate Enron Undertakings to 1999 Projects (Annual) | 0.1395933775755603 | 1.310347972946878 | 1.404951762414987 |  | 2.445721887799712 | 3.292496750466635
Semi-Annual EBITDA Alloc for 7/1 Start at CC/ Wheat (Semi-Annual) | 0.1358401985589599 | 1.240875873133918 | 1.299096612525139 |  | 2.376278743319712 | 3.274939431471884
Semi-Annual EBITDA Alloc for 7/1 Start at CC/ Wheat (Annual) | 0.1395933775755603 | 1.310347972946878 | 1.404951762414987 |  | 2.445721887799712 | 3.292496750466635
Start Tranche 1 Amort 2/15/00 (Semi-Annual) | 0.1358810583828959 | 1.206623286012686 | 1.305102753344573 |  | 2.376278743319712 | 3.274939431471884
Start Tranche 1 Amort 2/15/00 (Annual) | 0.1395290824809257 | 1.310347972946878 | 1.404967168461962 |  | 2.445721887799712 | 3.292496750466635
Fix [NAME] and Add 2/15/00 Tax to IRR (Semi-Annual) | 0.1358810583828959 | 1.206623286012686 | 1.305102753344573 |  | 2.376278743319712 | 3.274939431471884
Fix [NAME] and Add 2/15/00 Tax to IRR (Annual) | 0.1395290824809257 | 1.310347972946878 | 1.404967168461962 |  | 2.445721887799712 | 3.292496750466635
Add DSLOC to 99 and Start CC and Wheat 7/1 (Semi-Annual) | 0.1355717123334454 | 1.206623286012686 | 1.290999192481938 |  | 2.376278743319712 | 3.274939431471884
Add DSLOC to 99 and Start CC and Wheat 7/1 (Annual) | 0.1392181984099433 | 1.310347972946878 | 1.375683948112287 |  | 2.445721887799712 | 3.292496750466635
Fix Depreciation Book and Tax (IS and CF, IRR) (Semi-Annual) | 0.1364925171859468 | 1.296436564374241 | 1.315534341940817 |  | 2.377929424251678 | 3.275036951527987
Fix Depreciation Book and Tax (IS and CF, IRR) (Annual) | 0.1402113667045037 | 1.310347972946878 | 1.409407813747822 |  | 2.445721887799712 | 3.292680211377922
August Debt (Semi-Annual) | 0.1380915824532484 | 1.296436564374241 | 1.315534341940817 |  | 2.377929424251678 | 3.275036951527987
August Debt (Annual) | 0.1418643822078751 | 1.310347972946878 | 1.409407813747822 |  | 2.445721887799712 | 3.292680211377922
August Debt (Semi-Annual) | 0.1393125983388137 | 1.296436564374241 | 1.315534341940817 |  | 2.377929424251678 | 3.275036951527987
August Debt (Annual) | 0.1431526600584606 | 1.310347972946878 | 1.409405050940722 |  | 2.445721887799712 | 3.292680211377922
D&E at 525 and 775 with old rates (Semi-Annual) | 0.1380888353140256 | 1.296436564374241 | 1.315534341940817 |  | 2.377929424251678 | 3.275036951527987
D&E at 525 and 775 with old rates (Annual) | 0.1426578538520307 | 1.310347972946878 | 1.370588640429326 |  | 2.445721887799712 | 3.292680211377922
Property Tax Update (Semi-Annual) | 0.1500061454324804 | 1.301374290871387 | 1.321150502558321 |  | 2.085606344867406 | 3.014353781733913
Property Tax Update (Annual) | 0.1556059325025593 | 1.313965287856901 | 1.412994677171929 |  | 2.238081398784649 | 3.027871037468937
Resize Equity (Semi-Annual) | 0.1500061454324804 | 1.301374290871387 | 1.321150502558321 |  | 2.085606344867406 | 3.014353781733913
Resize Equity (Annual) | 0.1556059325025593 | 1.313965287856901 | 1.412994677171929 |  | 2.238081398784649 | 3.027871037468937
Increase Mkt Period Var Costs for [NAME] (Semi-Annual) | 0.1491052210330963 | 1.303579361092703 | 1.32177295735958 |  | 1.645783296200289 | 3.016581333682339
Increase Mkt Period Var Costs for ISO (Annual) | 0.1550320677788843 | 1.313955822521935 | 1.413810228813012 |  | 2.239727568895412 | 3.030091738634928
Resize Equity (Semi-Annual) | 0.1499792993068695 | 1.303579361092703 | 1.321947587701929 |  | 1.651927083861107 | 3.033263830110514
Resize Equity (Annual) | 0.1559003869246187 | 1.313955822521935 | 1.413810228813012 |  | 2.250614087131642 | 3.047000384573542
Re amortize for 2.09 covg 2/15/04 (Semi-Annual) | 0.1501193940639496 | 1.302617031322325 | 1.320967666696784 |  | 1.648684351555937 | 3.032068219985242
Re amortize for 2.09 covg 2/15/04 (Annual) | 0.1560526127042833 | 1.312983309771851 | 1.413236214149714 |  | 2.246618493458632 | 3.045452306771834
Take Debt to 750 total (Semi-Annual) | 0.1501043021678924 | 1.303579361092703 | 1.321947587701929 |  | 1.651927083861107 | 3.033614291819934
Take Debt to 750 total (Annual) | 0.1560621108878156 | 1.313955822521935 | 1.413810228813012 |  | 2.250614087131642 | 3.04714109155205
Equity at $457.3MM (Semi-Annual) | 0.1499939620494843 | 1.302617031322325 | 1.320967666696784 |  | 1.648684351555937 | 3.032068219985242
Equity at $457.3 MM (Annual) | 0.1559517103073083 | 1.312983309771851 | 1.413236214149714 |  | 2.246618493458632 | 3.045452306771834
Equity at $525 MM (Semi-Annual) | 0.1329633057117462 | 1.302617031322325 | 1.320967666696784 |  | 1.648684351555937 | 3.032068219985242
Equity at $525 MM (Annual) | 0.1375584484347198 | 1.312983309771851 | 1.412813922464411 |  | 2.246618493458632 | 3.045452306771834
Taking Debt Down $2MM and getting 2/04 up to 2.0 (Semi-Annual) | 0.1201042115688324 | 1.302617031322325 | 1.320967666696784 |  | 1.648684351555937 | 3.028269600760186
Taking Debt Down $2MM and getting 2/04 up to 2.0 (Annual) | 0.1237884645090792 | 1.312983309771851 | 1.413236214149714 |  | 2.255546704118584 | 3.041769679923351
Adding Capitalized Interest to the Sources (Semi-Annual) | 0.1196735918521881 | 1.300123985255337 | 1.318429086845772 |  | 1.640320602499332 | 3.028692850171336
Adding Capitalized Interest to the Sources (Annual) | 0.1234041343138022 | 1.062409907256621 | 1.323270411475506 |  | 2.249201442310489 | 3.091195753752208
IRR [NAME] (Semi-Annual) | 0.1208011209964752 | 1.300123985255337 | 1.318429086845772 |  | 1.640320602499332 | 3.028692850171336
IRR Model OctStart4 Current (Annual) | 0.1245430982958677 | 1.062409907256621 | 1.323270411475506 |  | 2.249201442310489 | 3.091195753752208
Update Rates as of 7-20-99
Resize Debt & Equity to fit Old DSCR (with minor adjustment), and 12.08% Equity Returns (Based On Semi-Annual Distributions)
Remove Undertakings and Interest Income for 1999 but add ECT Loan with No Repayment
Changed Capitalized Interest Calculation
Change Debt Start Date, PPA, [NAME], etc. to 10/1/99
Changes to the Debt & IRR Page, Semi-Annual Distributions | 0.1585482195584249 | 1.035964456725874 | 1.319931040778246 |  | 2.475280779942846 | 3.397281437727243
Change Weighted State Tax Calculation | 0.1328178374718105 | 1.251255135411283 | 1.307113176829057 |  | 2.484035830026681 | 3.406205638296395
Latest ISO MWs in the Market Period | 0.1327182009739881 | 1.251255135411283 | 1.307113176829057 |  | 2.484035830026681 | 3.406205638296395
Changes To Brownsville Gross Receipts Tax | 0.1188623257281011 | 1.251255135411283 | 1.307097664081309 |  | 2.258503667502583 | 3.093460520403911
Remove Wheatland Supplemental Tax Double Counting | 0.118664576962693 | 1.245275244000766 | 1.302616246654265 |  | 2.258503667502583 | 3.093460520403911
[NAME] to People | 0.1176631501886546 | 1.245275244000766 | 1.302616246654265 |  | 2.258503667502583 | 3.093460520403911
Residual Value Calculation | No Change
Zero Dispatch Scenario | No Change
Links For ICF Low Case For Wheatland | No Change
Capitalized Interest Calculation | 0.1176707110126618
Debt Assumptions and PPA Start Date | 0.1186234598981172
Property, Other Taxes, & Tax Benefits | 0.12191575624055
Marketing Fee | 0.121128456216045
[NAME] to All Equity Investors in April | 0.1208 | 1.302675978884631 | 1.31054357556276 |  | 2.249201442310489 | 3.088405741592256