Spreadsheet: phillip_allen__29914__Valuation Summary Recallable
Sheet: 8-27-01

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 |  |  | 08-28-01 Mid Curves
 |  |  |  |  | Swap Prices
Start | End | Year | PV Volume |  | Rec B & I | Del B & I | Spread | Tolls | Value Over Tolls |  | Yearly Value | Cumulative Value
2001-11-01 00:00:00 | 2006-05-31 00:00:00 | 2001 - 2006 | 297161202.0503911 |  | -0.1796077585467716 | 0.3104883038448933 | 0.490096062391665 | -0.4755697827001334 | 0.01452627969153159 |  | 4316646.73445571 | 4316647
2001-11-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 12040213.66574686 |  | -0.1536009409827175 | 0.4731335008234507 | 0.6267344418061682 | -0.4962889262467409 | 0.1304455155594273 |  | 1570591.879074012 | 1570591.879074012
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 70477585.3302569 |  | -0.2183308120952628 | 0.311191618198823 | 0.5295224302940859 | -0.500357136466776 | 0.02916529382730981 |  | 2055499.484396242 | 3626091.363470254
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 67257727.14568989 |  | -0.1900242070408684 | 0.3231232481611319 | 0.5131474552020003 | -0.5064254979825566 | 0.006721957219443686 |  | 452103.5645503437 | 4078194.928020597
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 63764921.52319331 |  | -0.1694773592021409 | 0.29254111584374 | 0.4620184750458809 | -0.4459734349055605 | 0.01604504014032043 |  | 1023110.725384019 | 5101305.653404617
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 59891089.31922214 |  | -0.1528515638222198 | 0.29 | 0.4428515638222197 | -0.4485333966946495 | -0.005681832872429793 |  | -340291.1600595852 | 4761014.493345032
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 23729665.06628196 |  | -0.1430229794783291 | 0.29 | 0.433022979478329 | -0.4517492344696301 | -0.01872625499130109 |  | -444367.7588893658 | 4316646.734455666
 |  | Topock Basis Spread
Start | End | SoCal | PG&E |  | Spread
2001-11-01 00:00:00 | 2006-05-31 00:00:00 | #N/A | #N/A |  | #N/A
2001-11-01 00:00:00 | 2001-12-31 00:00:00 | 0.3178353827888857 | 0.4581335008234507 |  | -0.0924106735608009
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 0.2849633851283139 | 0.2953704160958048 |  | -0.03087306953281388
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 0.2609146087577897 | 0.3106090430725973 |  | -0.0496937376481823
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 0.24 | 0.29 |  | -0.05
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 0.24 | 0.29 |  | -0.04999999999999991
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 0.24 | 0.29 |  | -0.05