Spreadsheet: benjamin_rogers__1262__Pastoria CFTejon8a revised 21 - 750 MW
Sheet: Assumptions

ENRON POWER MARKETING, INC.
Assumptions
Project Name | Pastoria Energy Facility
Project Scenario | Henwood
PLANT SUMMARY: |  |  |  | CAPITAL COST ($000): |  | $/kW | All Costs | "Dry Hole" |  | FINANCING:
Output | Baseload | Total |  | EPC Turnkey |  |  |  |  |  | % Equity
Net Output (MW) | 150 | 750 |  |  |  |  |  |  |  | % Debt | 0.57
Heat Rate (btu/kWh) | 9000 | 7000 |  | Site Prep / Balance of Construction: |  |  |  |  |  | Senior Secured Debt:
Fuel Usage (MMBtu/hour) |  |  |  | Spare Parts/Shop Tools |  |  |  | 0 |  | Lender's Placement Fee |  | 0.02
 |  |  |  | Interconnect to Grid |  |  | 1000 | 0 |  |  |  | 0.08
PROJECT TIMING: |  |  |  | Black Start Capability |  |  | 0 | 0 |  | Spread (years 1-4) |  | 0.01375
[NAME] with Tejon |  | 1999-04-30 00:00:00 |  | Fuel Gas Line |  |  | 0 | 0 |  | Spread (years 5-8)
AFC Filing Date |  | 1999-11-30 00:00:00 |  | Zero Discharge/Well Injection |  |  | 9000 | 0 |  | Spread (years 9-12)
Receipt of AFC/Financial Close |  | 2000-11-30 00:00:00 |  | Fuel Gas Compressor |  |  | 0 | 0 |  | Spread (years 13-15)
Equity Infusion Date/Commercial Operations |  | 2003-06-30 00:00:00 |  | SCR |  |  | 0 | 0 |  | Interest Rate on Term Loan
Proforma End Date |  | 2022-12-31 00:00:00 |  | Inlet Air Cooling |  |  | 1500 | 0 |  | Debt Term (Yrs) |  | 15
 |  |  |  | Intake and Water Discharge Structure |  |  | 0 | 0 |  | Principal Payment in First Year |  | No
TAXES: |  |  |  | Transmission System Mitigation |  |  | 10000 | 0 |  | Reserve (% of Annual Debt Service) |  | 0.5
Federal Corporate Income Tax Rate |  | 0.35 |  | Air Cooling/Property |  |  | 0 | 0 |  | Reserve Funded from Initial Financing |  | No
State Corporate Income Tax Rate |  | 0.0884 |  | Total
Effective Tax Rate |  |  |  |  |  |  |  |  |  | CURVES:
 |  |  |  | Soft Costs: |  |  |  |  |  | Option Time Value | No
ESCALATION: |  |  |  | Development Fee |  |  | 10000 | 0 |  | Power | 4
Annual Inflation |  | 0.02 |  | Internal Development Costs |  |  |  |  |  | (1=Bid, 2=Mid, 3=Offer, 4=[NAME])
 |  |  |  | Tejon Payment (Signing of Land Lease Option)
PROJECT EXPENSES - $000 |  |  |  | Tejon 12/31/99 Payment |  |  |  |  |  | Power Curve Adder ($/MWh) |  | 0
O&M Expenses |  |  |  | Tejon Payment (Data Adequacy, Water)
Non-Fuel Variable Costs ($/MWh): |  |  |  | Tejon Monthly Payments |  |  |  |  |  | Gas | 4
Maintenance Reserve |  | 1.8 |  | Tejon Makewhole Payment |  |  |  | 0 |  | (1=Bid, 2=Mid, 3=Offer, 4=[NAME])
Water |  | 0 |  | Patch/Thompson |  |  | 1000 | 0 |  | Gas Transport
Sewer |  | 0 |  | Air Pollution Offsets |  |  |  |  |  | Fuel Losses | 0.012
Total Non-Fuel Variable Costs |  |  |  | Transmission Queue Position
 |  |  |  | Environmental Permitting - Woody Clyde |  |  |  |  |  | RETURNS:
Fixed G&A Costs: |  |  |  | Environmental Permitting - Patch |  |  |  |  |  | Term Debt
 |  |  |  | Air District Filing Fee |  |  |  |  |  | Debt Coverage Ratios
Direct Labor- O&M |  | 2400 |  | Pre-Financial Closing Legal Fees |  |  |  |  |  |  | Minimum
Fixed Water Costs |  |  |  | Financial Closing Legal Fees |  |  |  | 0 |  |  | Maximum
Property Tax | 0.01146275 |  |  | Lenders' Legal Fee |  |  |  | 0 |  |  | Average
Lease Expense |  |  |  | Engineering
Insurance |  | 2080 |  | Project Management during Construction |  |  | 1000 | 0 |  | Equity Investor (as of Commercial Operations)
General & Administrative |  | 95 |  | Startup and Acceptance |  |  | 2900 | 0 |  | IRR
Outside Services |  | 500 |  | Advance Water Payments |  |  | 7000 |  |  | NPV @ Comm. Oper. | 0.12
SCR / Co-Catalyst |  |  |  | Sales Tax |  | 0.0725 |  | 0
Project Management Fee |  | 326 |  | Title Insurance |  |  | 1000 | 0
Agency Fee |  | 100 |  | Insurance and Perf. Bond |  |  | 1846 | 0 |  | Developer (as of Financial Closing Date)
O/M Management Fee |  | 500 |  | Owner's Engineer |  |  | 1500 | 0 |  | IRR
Fuel Management/SC Services |  | 500 |  | CBO/Engineer/Consultant |  |  | 3000 | 0 |  | NPV | 0.12
Consumables |  |  |  | Miscellaneous |  |  |  |  |  |  | Development Costs
Miscellaneous |  | 150 |  | Contingency @ |  | 0.05 |  |  |  |  | Promote
Total Fixed G&A Costs |  |  |  | Total |  |  |  |  |  |  | Development Fee
 |  |  |  |  |  |  |  |  |  |  | Total
Other Expenses: |  |  |  | Total Development Costs
[NAME] |  |  |  | IDC Calculations (See IDC Worksheet)
Capacity |  |  |  | Rate |  | Term | 24 |  |  | [NAME] (as of 3/31/99)
Heat Rate |  | 7250 |  | [NAME] (0=SL,1=Custom) |  |  | 0 |  |  | NPV | 0.12
Gas Adder |  | 0 |  | Drawdown Fee |  | 37.5 | Basis Points |  |  |  | Pre-Operational Payments
% Sharing |  | 0.01 |  | Total IDC |  |  |  |  |  |  | Post-Operational Payments
Average or Hourly Calculation |  | Hourly |  | Senior Debt Placement Fee |  |  |  |  |  |  | Total
 |  |  |  | Debt Service Reserve
 |  |  |  | Working Capital |  |  |  |  |  | Summary Statistics (1st Full Year)
 |  |  |  | Total Capital Cost |  | 593.2944903774892 |  |  |  | Power
 |  |  |  |  |  |  |  |  |  | Total Sales (MWh)
 |  |  |  | RMR REVENUES: |  |  |  |  |  | Load Factor
 |  |  |  | Start Year |  |  | 2003 |  |  | Average Price
 |  |  |  | End Year |  |  | 2008
 |  |  |  | $/kW-year |  |  | 0 |  |  | Gas
 |  |  |  |  |  |  |  |  |  | Total Consumption (MMBtu)
 |  |  |  | TOLLING OPTION REVENUES: |  |  |  |  |  | Average Price
 |  |  |  | Tolling Option |  |  | No
 |  |  |  | Start Date |  |  | 2003-07-01 00:00:00 |  |  | Revenues
 |  |  |  | End Date |  |  | 2008-06-30 00:00:00 |  |  | Gas Costs
 |  |  |  | $/kW-month |  |  | 9.17 |  |  | O&M
 |  |  |  |  |  |  |  |  |  | G&A
 |  |  |  |  |  |  |  |  |  | Depreciation
 |  |  |  |  |  |  |  |  |  | EBIT
 |  |  |  |  |  |  |  |  |  | Interest
 |  |  |  |  |  |  |  |  |  | Tax
 |  |  |  |  |  |  |  |  |  | Net Income