Spreadsheet: benjamin_rogers__1068__gencomodel
Sheet: All Inc.

 |  |  |  |  | Income Statement & Diagnostic Worksheet
Capacity
Disc. Rt.
Unit | All | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
 | Revenue | 0
 | Fuel | 0
 | Variable O&M | 0
 | SO2 Costs | 0
 | NOx Costs | 0
 | Prod. Margin | 0
 | Fixed O&M | 0
 | Property Tax | 0
 | A&G | 0
 | Operating Income | 0
 | Depreciation | 0
 | Income Tax | 0
 | Net Margin | 0
 | Depreciation | 0
 | [NAME] | 0
 | Env Cap Ads | 0
 | Free Cash Flow
Unlevered | NPV ('00-'05) |  |  | Levered | NPV ('00-'05)
 | NPV ('06-'19) |  |  |  | NPV ('06-'19)
 | NPV (TV) |  |  |  | NPV (TV)
 | NPV |  |  |  | Plus Leverage
 |  |  |  |  | NPV
 | Net Income Calculation
Add Back: | Net Cash Income Per Above
 | Income Taxes (Per Cash Flow)
 | Tax Depreciation (Per Cash Flow)
 | EBITDA
Less: | Book Depreciation
 | Interest Expense
 | Earnings Before Income Taxes
 | Income Taxes
 | Net Income - GAAP Basis
Leveraged Cash Flows
Leverage Level
FMV of Assets/Borrowing
Amortization Period Years
Princ PMTS
Interest Rate
Beginning Balance
Interest Payment
Principal Payments
Total Payments
Ending Balance
Tax Benefit of Interest
Total Debt Payments (after-tax)
Cash Flows Modified for Leverage
Unit | [NAME] | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 312
 | Revenue | 0 | 83553345.42305759 | 81455293.23936076 | 81604215.39384443 | 79490240.86996928 | 78769564.9429973 | 83162142.73963407 | 89448484.44177507 | 91857512.59875052 | 93754319.40748945 | 94090638.82207917 | 96147458.27517141 | 97187649.63746485 | 98357144.57706752 | 101872254.6774761 | 109058475.7538913 | 108497313.6113133 | 109970463.201991 | 115220611.6531507 | 118673460.615489
 | Fuel | 0 | -22088859.01978352 | -21739048.58833471 | -21226939.27120051 | -20829291.01694454 | -20379838.86765851 | -20559664.4788527 | -21200283.02842674 | -21787017.77476558 | -22451584.68133303 | -22774887.50074423 | -23158061.21263899 | -23285785.78327056 | -23279798.69402222 | -23449432.88939229 | -23551213.40661433 | -23736813.17331335 | -23934387.11850907 | -24094042.83179855 | -24219771.70601401
 | Variable O&M | 0 | -1909121.832631059 | -1921266.399664155 | -1932584.985527125 | -1943017.444005658 | -1952500.650335436 | -1973205.870061053 | -2013033.759175193 | -2053665.548569256 | -2095117.464452424 | -2137406.060549458 | -2180548.224711386 | -2224561.185659628 | -2269462.519866245 | -2315270.158573063 | -2362002.394952468 | -2409677.891412747 | -2458315.687050873 | -2507935.205255724 | -2558556.261464765
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -5125526.941979195 | -5681237.167817014 | -6626852.86507796 | -6885515.763491575 | -7657752.180401117 | -8435593.134732133 | -9346384.286553353 | -10479755.44253432 | -11665603.1421296 | -12921924.64586512 | -14188257.37028642 | -13939271.1554159 | -11925800.4140145 | -12364854.76045234
 | NOx Costs | 0 | 0 | 0 | -1330680.039622119 | -1117389.605195258 | -1142601.963726219 | -1175549.27626269 | -1542983.814044102 | -1347391.4264844 | -1426528.916258474 | -1357396.898393828 | -1396273.864300518 | -1432480.46310104 | -1279505.597966936 | -1325253.909298903 | -1352640.78652352 | -1436409.481115819 | -1350373.891777929 | -1487270.801485841 | -809745.4123932068
 | Prod. Margin | 0 | 59555364.570643 | 57794978.2513619 | 57114011.09749467 | 55600542.80382381 | 55294623.46127714 | 54328196.17247842 | 59010946.67231202 | 60042584.98385332 | 60895572.58195394 | 60163196.18199053 | 60976981.83878838 | 60898437.91888028 | 61048622.32267781 | 63116694.57808227 | 68870694.51993585 | 66726155.69518498 | 68288115.34923725 | 75205562.40059605 | 78720532.47516465
 | Fixed O&M | 0 | -4215278.368171579 | -4299583.935535011 | -4428651.614245711 | -4517440.026530625 | -4608009.591561237 | -4700396.067004962 | -4794635.929047874 | -4890766.386849214 | -4988825.397287091 | -5088851.680001248 | -5190884.732738897 | -5294964.847009741 | -5401133.124056403 | -5509431.491146659 | -5619902.71819395 | -5732590.434712795 | -5847539.147115891 | -5964794.25635977 | -6084402.075946067
 | Property Tax | 0 | -381835.514003752 | -446848.7906821253 | -457081.3581197549 | -467545.1815814748 | -478258.0440415838 | -489735.0364441146 | -500988.7318382117 | -512527.2815193299 | -524350.8333775719 | -536475.885808199 | -548894.3645076472 | -561625.7888703216 | -574680.5914118078 | -588061.7640168312 | -601778.8040542407 | -615838.7700925855 | -630247.4232886812 | -645017.7336799989 | -660158.7788621386
 | A&G | 0 | -526501.973231713 | -537611.164866905 | -549384.849377491 | -561800.946973418 | -575171.809511387 | -589585.672880798 | -604209.040078254 | -619502.819525451 | -634804.539167731 | -650992.054916505 | -666746.062645488 | -683548.063424152 | -700910.184235124 | -718432.938841002 | -736465.605605911 | -754877.24574606 | -773598.201440562 | -793015.516296721 | -812920.205755769
 | Operating Income | 0 | 54431748.71523596 | 52510934.36027786 | 51678893.27575171 | 50053756.64873829 | 49633184.01616294 | 48548479.39614855 | 53111112.97134768 | 54019788.49595932 | 54747591.81212154 | 53886876.56126458 | 54570456.67889635 | 54358299.21957606 | 54371898.42297447 | 56300768.38407778 | 61912547.39208175 | 59622849.24463353 | 61036730.57739211 | 67802734.89425957 | 71163051.41460069
 | Depreciation | 0 | -1434872.260174 | -3155929.526158 | -4939391.063348501 | -5108167.5928594 | -5062073.521589001 | -4941076.96508517 | -3557780.899280394 | -1786747.972144224 | -1294028.963405482 | -1310279.076065698 | -1190373.21364089 | -1071222.996752802 | -1099507.617319879 | -1128510.856503968 | -1048759.11286358 | -969829.5469139805 | -1001607.103985893 | -1034307.537769963 | -1034621.434567555
 | Total Tax | 0 | -21198750.58202478 | -19742001.93364795 | -18695800.88496128 | -17978235.62235156 | -17828444.19782957 | -17442960.97242535 | -19821332.82882692 | -20893216.20952604 | -21381425.13948642 | -21030638.99407956 | -21352033.38610218 | -21314830.4891293 | -21308956.32226184 | -22068903.01102953 | -24345515.31168727 | -23461207.87908782 | -24014049.38936249 | -26707370.94259584 | -28051371.99201325
 | Net Margin | 0 | 31798125.87303717 | 29613002.90047192 | 28043701.32744192 | 26967353.43352734 | 26742666.29674436 | 26164441.45863802 | 29731999.24324038 | 31339824.31428906 | 32072137.70922963 | 31545958.49111933 | 32028050.07915328 | 31972245.73369396 | 31963434.48339275 | 33103354.51654428 | 36518272.96753091 | 35191811.81863173 | 36021074.08404373 | 40061056.41389376 | 42077057.98801988
 | Depreciation | 0 | 1434872.260174 | 3155929.526158 | 4939391.063348501 | 5108167.5928594 | 5062073.521589001 | 4941076.96508517 | 3557780.899280394 | 1786747.972144224 | 1294028.963405482 | 1310279.076065698 | 1190373.21364089 | 1071222.996752802 | 1099507.617319879 | 1128510.856503968 | 1048759.11286358 | 969829.5469139805 | 1001607.103985893 | 1034307.537769963 | 1034621.434567555
 | [NAME] | 0 | -1242599.9 | -239999.9499999993 | -399999.96 | -239999.88 | -474999.9379999999 | -489249.9361399999 | -503927.4342241999 | -519045.2572509259 | -534616.6149684538 | -550655.1134175074 | -567174.7668200326 | -584190.0098246336 | -601715.7101193726 | -619767.1814229537 | -638360.1968656423 | -657511.0027716116 | -677236.3328547599 | -697553.4228404027 | -718480.0255256147
 | Env Cap Ads | 0 | -1471963.2 | -21211947.96 | -2835914.52 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 30518435.03321118 | 11316984.51662992 | 29747177.91079042 | 31835521.14638674 | 31329739.88033336 | 30616268.48758319 | 32785852.70829657 | 32607527.02918235 | 32831550.05766666 | 32305582.45376752 | 32651248.52597414 | 32459278.72062213 | 32461226.39059326 | 33612098.1916253 | 36928671.88352884 | 35504130.3627741 | 36345444.85517485 | 40397810.52882332 | 42393199.39706182 | 218168195.5217644
Unlevered | NPV ('00-'05) | 105556107.431947 |  | Levered | NPV ('00-'05) | 105556107.431947
 | NPV ('06-'19) | 161194638.9784508 |  |  | NPV ('06-'19) | 161194638.9784508
 | NPV (TV) | 34012149.47247671 |  |  | NPV (TV) | 34012149.47247671
 | NPV | 300762895.8828745 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 300762895.8828745
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 31798125.87303717 | 29613002.90047192 | 28043701.32744192 | 26967353.43352734 | 26742666.29674436 | 26164441.45863802 | 29731999.24324038 | 31339824.31428906 | 32072137.70922963 | 31545958.49111933 | 32028050.07915328 | 31972245.73369396 | 31963434.48339275 | 33103354.51654428 | 36518272.96753091 | 35191811.81863173 | 36021074.08404373 | 40061056.41389376 | 42077057.98801988
 | Income Taxes (Per Cash Flow) |  | 21198750.58202478 | 19742001.93364795 | 18695800.88496128 | 17978235.62235156 | 17828444.19782957 | 17442960.97242535 | 19821332.82882692 | 20893216.20952604 | 21381425.13948642 | 21030638.99407956 | 21352033.38610218 | 21314830.4891293 | 21308956.32226184 | 22068903.01102953 | 24345515.31168727 | 23461207.87908782 | 24014049.38936249 | 26707370.94259584 | 28051371.99201325
 | Tax Depreciation (Per Cash Flow) |  | 1434872.260174 | 3155929.526158 | 4939391.063348501 | 5108167.5928594 | 5062073.521589001 | 4941076.96508517 | 3557780.899280394 | 1786747.972144224 | 1294028.963405482 | 1310279.076065698 | 1190373.21364089 | 1071222.996752802 | 1099507.617319879 | 1128510.856503968 | 1048759.11286358 | 969829.5469139805 | 1001607.103985893 | 1034307.537769963 | 1034621.434567555
 | EBITDA |  | 54431748.71523596 | 52510934.36027786 | 51678893.27575171 | 50053756.64873829 | 49633184.01616294 | 48548479.39614855 | 53111112.97134768 | 54019788.49595932 | 54747591.81212154 | 53886876.56126458 | 54570456.67889635 | 54358299.21957606 | 54371898.42297447 | 56300768.38407778 | 61912547.39208176 | 59622849.24463353 | 61036730.5773921 | 67802734.89425956 | 71163051.41460069
Less: | Book Depreciation |  | -2592003.16307303 | -3664600.55857303 | -3684600.55657303 | -3696600.55057303 | -3720350.54747303 | -3744813.04428003 | -3770009.41599124 | -3795961.678853787 | -3822692.509602209 | -3850225.265273084 | -3878584.003614086 | -3907793.504105317 | -3935067.559611286 | -1979920.408682431 | -1644004.458525716 | -1676880.008664296 | -1710741.825307034 | -1745619.496449055 | -1781543.497725335
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 51839745.55216292 | 48846333.80170483 | 47994292.71917868 | 46357156.09816527 | 45912833.46868991 | 44803666.35186852 | 49341103.55535644 | 50223826.81710553 | 50924899.30251933 | 50036651.2959915 | 50691872.67528227 | 50450505.71547075 | 50436830.86336319 | 54320847.97539535 | 60268542.93355604 | 57945969.23596924 | 59325988.75208507 | 66057115.3978105 | 69381507.91687535
 | Income Taxes |  | -20735898.22086517 | -19538533.52068193 | -19197717.08767147 | -18542862.43926611 | -18365133.38747596 | -17921466.54074741 | -19736441.42214258 | -20089530.72684221 | -20369959.72100773 | -20014660.5183966 | -20276749.07011291 | -20180202.2861883 | -20174732.34534528 | -21728339.19015814 | -24107417.17342242 | -23178387.6943877 | -23730395.50083403 | -26422846.1591242 | -27752603.16675014
 | Net Income - GAAP Basis |  | 31103847.33129775 | 29307800.2810229 | 28796575.63150721 | 27814293.65889916 | 27547700.08121395 | 26882199.81112111 | 29604662.13321387 | 30134296.09026332 | 30554939.58151159 | 30021990.7775949 | 30415123.60516936 | 30270303.42928245 | 30262098.51801791 | 32592508.78523721 | 36161125.76013362 | 34767581.54158154 | 35595593.25125104 | 39634269.2386863 | 41628904.75012521
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 30518435.03321118 | 11316984.51662992 | 29747177.91079042 | 31835521.14638674 | 31329739.88033336 | 30616268.48758319 | 32785852.70829657 | 32607527.02918235 | 32831550.05766666 | 32305582.45376752 | 32651248.52597414 | 32459278.72062213 | 32461226.39059326 | 33612098.1916253 | 36928671.88352884 | 35504130.3627741 | 36345444.85517485 | 40397810.52882332 | 42393199.39706182 | 218168195.5217644
Unit | East Bend 2 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 414
 | Revenue | 0 | 118773286.4884148 | 115790849.9166639 | 116002546.6910946 | 112997476.0923996 | 111973016.234974 | 118217181.5454226 | 127153382.2465667 | 130577879.374699 | 133274240.3326811 | 133752327.2600019 | 136676150.4165747 | 138154809.9011339 | 139817277.8347022 | 144814099.6481219 | 155029502.6383488 | 154231795.8369108 | 156325916.8740507 | 163789141.5114238 | 168697457.4732625
 | Fuel | 0 | -28649061.08838294 | -28159849.64742332 | -27825692.68337649 | -27755583.59528133 | -27852018.11349726 | -28533866.02127834 | -29671737.38245241 | -30591903.76381002 | -31517875.61129607 | -32623816.9087637 | -33703633.60865339 | -34388678.61180921 | -34858921.36821278 | -35549771.83749703 | -36237719.57371707 | -36948889.17445086 | -37668766.97437732 | -38406061.17268909 | -39152063.57019352
 | Variable O&M | 0 | -6406964.572319592 | -6447721.432042876 | -8022770.963369977 | -8073374.070578396 | -8120142.339412157 | -8213730.197574677 | -8387184.116276195 | -8564330.717240177 | -8745249.325545656 | -8930020.987163942 | -9118728.506687896 | -9311456.485897591 | -9508291.36318112 | -9709321.45382975 | -9914636.991226988 | -10124330.16895167 | -10338495.18381555 | -10557228.27985639 | -10780627.79330802
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 2696613.748396608 | 2988980.923924555 | 3234221.305990512 | 3622569.285620257 | 4028854.017399793 | 4438087.377258983 | 4917267.756119834 | 5513550.689728661 | 6137442.290813155 | 6798411.178057229 | 7464647.113088798 | 7333651.869520368 | 6274335.833389902 | 6505328.665990327
 | NOx Costs | 0 | 0 | 0 | -1451601.901112546 | -1218929.289452214 | -1246432.751205098 | -1282374.059476373 | -1683198.192773938 | -1469831.888951247 | -1556160.778830696 | -1480746.580396816 | -1523156.382858169 | -1562653.156001758 | -1395777.123868474 | -1445682.686231181 | -1475558.27003875 | -1566939.212641924 | -1473085.377514371 | -1622422.414571657 | -883328.7830641348
 | Prod. Margin | 0 | 83717260.82771227 | 81183278.83719765 | 78702481.14323558 | 75949589.1370877 | 74754423.03085946 | 82883825.0154898 | 90400243.47898869 | 93186034.31068808 | 95077523.90262893 | 94746596.8010772 | 96768719.29563424 | 97809289.40354514 | 99567838.6691685 | 104246765.9613771 | 114199998.9814233 | 113056284.3939551 | 114179221.2078638 | 119477765.4776965 | 124386765.9926872
 | Fixed O&M | 0 | -2407054.286188236 | -2455195.371912001 | -2578604.279350241 | -2630547.889937246 | -2683539.660860991 | -2737600.787531336 | -2792752.895071416 | -2849018.047057034 | -2906418.754434468 | -2964977.984620359 | -3024719.170787398 | -3085666.221339644 | -3147843.529581347 | -3211275.983583256 | -3275988.976250461 | -3342008.415595898 | -3409360.735223756 | -3478072.905027068 | -3548172.442103917
 | Property Tax | 0 | -597318.549387791 | -613373.9284670656 | -629780.9203481763 | -646558.7102458 | -663735.8115429871 | -681343.3727255267 | -699387.6504777988 | -717888.6661898198 | -736846.6569899278 | -756288.0765554385 | -776199.9784744346 | -796613.6603217893 | -817545.8496880669 | -839001.3437885013 | -860995.3707908567 | -883539.248468271 | -906642.2143120851 | -930325.064598579 | -954602.3544272638
 | A&G | 0 | -972786.000315297 | -993311.784921956 | -1015065.31301175 | -1038005.78908581 | -1062710.32686605 | -1089341.95449349 | -1116360.6697318 | -1144618.06532488 | -1172890.1315384 | -1202798.82989263 | -1231906.56157603 | -1262950.60692775 | -1295029.55234371 | -1327405.2911523 | -1360723.16396022 | -1394741.24305923 | -1429330.8258871 | -1465207.02961687 | -1501983.72606025
 | Operating Income | 0 | 79740101.99182095 | 77121397.75189662 | 74479030.63052541 | 71634476.74781884 | 70344437.23158944 | 78375538.90073945 | 85791742.26370768 | 88474509.53211635 | 90261368.35966612 | 89822531.91000876 | 91735893.58479638 | 92664058.91495596 | 94307419.73755537 | 98869083.34285304 | 108702291.4704217 | 107435995.4868317 | 108433887.4324409 | 113604160.478454 | 118382007.4700957
 | Depreciation | 0 | -4174403.421576 | -5849582.985151799 | -6167306.283015899 | -6508233.2379047 | -6249775.350399599 | -4937861.47714864 | -4072087.306996658 | -4336067.061450116 | -4634929.199044352 | -4946409.998857675 | -5011399.332724192 | -5083722.111977516 | -5431112.344952719 | -5606434.45491718 | -5792288.218180574 | -6172099.794341868 | -6563190.007788002 | -6827935.63763752 | -7094544.716382523
 | Total Tax | 0 | -30226279.42809798 | -28508725.90669793 | -27324689.7390038 | -26050497.40396566 | -25637864.75247594 | -29375070.96943633 | -32687861.98268441 | -33655376.98826649 | -34250575.66424871 | -33950448.76446044 | -34689797.70082887 | -35032134.72119138 | -35550522.95704106 | -37305059.55517434 | -41164001.30089647 | -40505558.27699595 | -40748278.96986115 | -42710489.9363266 | -44514985.10148529
 | Net Margin | 0 | 45339419.14214697 | 42763088.86004689 | 40987034.6085057 | 39075746.10594849 | 38456797.12871391 | 44062606.45415448 | 49031792.97402661 | 50483065.48239974 | 51375863.49637306 | 50925673.14669064 | 52034696.55124331 | 52548202.08178706 | 53325784.43556159 | 55957589.33276152 | 61746001.95134471 | 60758337.41549391 | 61122418.45479172 | 64065734.9044899 | 66772477.65222793
 | Depreciation | 0 | 4174403.421576 | 5849582.985151799 | 6167306.283015899 | 6508233.2379047 | 6249775.350399599 | 4937861.47714864 | 4072087.306996658 | 4336067.061450116 | 4634929.199044352 | 4946409.998857675 | 5011399.332724192 | 5083722.111977516 | 5431112.344952719 | 5606434.45491718 | 5792288.218180574 | 6172099.794341868 | 6563190.007788002 | 6827935.63763752 | 7094544.716382523
 | [NAME] | 0 | -6476152.919999998 | -4148462.07 | -9273526.55 | -4044029 | -5849494.476 | -6024979.31028 | -6205728.6895884 | -6391900.550276052 | -6583657.566784334 | -6781167.293787865 | -6984602.312601501 | -7194140.381979547 | -7409964.593438933 | -7632263.531242101 | -7861231.437179363 | -8097068.380294745 | -8339980.431703587 | -8590179.844654694 | -8847885.239994336
 | Env Cap Ads | 0 | -18826276.36 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 24211393.28372298 | 44464209.77519869 | 37880814.34152159 | 41539950.34385318 | 38857078.00311351 | 42975488.62102312 | 46898151.59143487 | 48427231.9935738 | 49427135.12863308 | 49090915.85176045 | 50061493.571366 | 50437783.81178503 | 51346932.18707538 | 53931760.25643659 | 59677058.73234592 | 58833368.82954103 | 59345628.03087614 | 62303490.69747272 | 65019137.12861612 | 344124987.070499
Unlevered | NPV ('00-'05) | 146537042.6710709 |  | Levered | NPV ('00-'05) | 146537042.6710709
 | NPV ('06-'19) | 245595177.8324876 |  |  | NPV ('06-'19) | 245595177.8324876
 | NPV (TV) | 53648656.11811094 |  |  | NPV (TV) | 53648656.11811094
 | NPV | 445780876.6216696 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 445780876.6216696
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 45339419.14214697 | 42763088.86004689 | 40987034.6085057 | 39075746.10594849 | 38456797.12871391 | 44062606.45415448 | 49031792.97402661 | 50483065.48239974 | 51375863.49637306 | 50925673.14669064 | 52034696.55124331 | 52548202.08178706 | 53325784.43556159 | 55957589.33276152 | 61746001.95134471 | 60758337.41549391 | 61122418.45479172 | 64065734.9044899 | 66772477.65222793
 | Income Taxes (Per Cash Flow) |  | 30226279.42809798 | 28508725.90669793 | 27324689.7390038 | 26050497.40396566 | 25637864.75247594 | 29375070.96943633 | 32687861.98268441 | 33655376.98826649 | 34250575.66424871 | 33950448.76446044 | 34689797.70082887 | 35032134.72119138 | 35550522.95704106 | 37305059.55517434 | 41164001.30089647 | 40505558.27699595 | 40748278.96986115 | 42710489.9363266 | 44514985.10148529
 | Tax Depreciation (Per Cash Flow) |  | 4174403.421576 | 5849582.985151799 | 6167306.283015899 | 6508233.2379047 | 6249775.350399599 | 4937861.47714864 | 4072087.306996658 | 4336067.061450116 | 4634929.199044352 | 4946409.998857675 | 5011399.332724192 | 5083722.111977516 | 5431112.344952719 | 5606434.45491718 | 5792288.218180574 | 6172099.794341868 | 6563190.007788002 | 6827935.63763752 | 7094544.716382523
 | EBITDA |  | 79740101.99182095 | 77121397.75189662 | 74479030.63052541 | 71634476.74781884 | 70344437.23158944 | 78375538.90073945 | 85791742.26370768 | 88474509.53211635 | 90261368.35966612 | 89822531.91000876 | 91735893.58479638 | 92664058.91495596 | 94307419.73755537 | 98869083.34285304 | 108702291.4704217 | 107435995.4868317 | 108433887.4324409 | 113604160.478454 | 118382007.4700957
Less: | Book Depreciation |  | -11246222.15072598 | -11453645.25422598 | -11917321.58172598 | -12119523.03172598 | -12411997.75552598 | -12713246.72103998 | -13023533.1555194 | -13343128.1830332 | -13672311.06137242 | -14011369.42606181 | -14360599.54169189 | -14720306.56079086 | -15090804.79046281 | -15472417.96702492 | -15865479.53888389 | -11638557.34789847 | -7487617.019483801 | -7917126.011716535 | -8359520.273716252
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 68493879.84109497 | 65667752.49767064 | 62561709.04879943 | 59514953.71609286 | 57932439.47606346 | 65662292.17969947 | 72768209.10818829 | 75131381.34908316 | 76589057.29829371 | 75811162.48394695 | 77375294.0431045 | 77943752.35416509 | 79216614.94709256 | 83396665.37582812 | 92836811.93153787 | 95797438.13893326 | 100946270.4129571 | 105687034.4667375 | 110022487.1963795
 | Income Taxes |  | -27397551.93643799 | -26267100.99906826 | -25024683.61951977 | -23805981.48643715 | -23172975.79042539 | -26264916.87187979 | -29107283.64327532 | -30052552.53963326 | -30635622.91931748 | -30324464.99357878 | -30950117.6172418 | -31177500.94166604 | -31686645.97883703 | -33358666.15033125 | -37134724.77261515 | -38318975.2555733 | -40378508.16518283 | -42274813.786695 | -44008994.8785518
 | Net Income - GAAP Basis |  | 41096327.90465698 | 39400651.49860238 | 37537025.42927966 | 35708972.22965571 | 34759463.68563807 | 39397375.30781968 | 43660925.46491297 | 45078828.8094499 | 45953434.37897623 | 45486697.49036817 | 46425176.4258627 | 46766251.41249906 | 47529968.96825553 | 50037999.22549687 | 55702087.15892272 | 57478462.88335995 | 60567762.24777424 | 63412220.68004249 | 66013492.31782769
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 24211393.28372298 | 44464209.77519869 | 37880814.34152159 | 41539950.34385318 | 38857078.00311351 | 42975488.62102312 | 46898151.59143487 | 48427231.9935738 | 49427135.12863308 | 49090915.85176045 | 50061493.571366 | 50437783.81178503 | 51346932.18707538 | 53931760.25643659 | 59677058.73234592 | 58833368.82954103 | 59345628.03087614 | 62303490.69747272 | 65019137.12861612 | 344124987.070499
Unit | JM Stuart 1 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 228.15
 | Revenue | 0 | 62374022.61234837 | 60807790.2408594 | 60918963.21405647 | 59340844.53925677 | 58802847.45083955 | 62081983.0189806 | 66774846.21306266 | 68573227.5462833 | 69989226.7523055 | 70240295.03286771 | 71775746.45527466 | 72552267.36205995 | 73425315.63365766 | 76049406.33616196 | 81414045.10254668 | 80995127.82289572 | 82094859.56212229 | 86014186.50890969 | 88591798.19116397
 | Fuel | 0 | -18564330.89581545 | -18575149.46579824 | -18632583.24170515 | -18890282.75823585 | -19257440.96830918 | -19814126.93987959 | -20270894.8614068 | -20707297.3342035 | -21044781.91316629 | -21207705.50301039 | -21492821.78523757 | -21958317.75622072 | -22457271.25011827 | -22932949.94546668 | -23254433.10042692 | -23730111.79577532 | -24271250.86204323 | -24867667.57486539 | -25481540.38659942
 | Variable O&M | 0 | -1395807.170986147 | -1404686.370555069 | -2298189.968460106 | -2314797.190729969 | -2330336.518692453 | -2359355.289981046 | -2411391.831770617 | -2464589.059514042 | -2518973.159956597 | -2574570.917382319 | -2631409.727399341 | -2689517.611046592 | -2748923.22922942 | -2809655.897491876 | -2871745.60113359 | -2935223.01067937 | -3000119.497709807 | -3066467.151061404 | -3134298.793404953
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -224140.4356077556 | -248441.7676465786 | -398863.4125975519 | -301105.1390585643 | -334875.2096947436 | -368890.3680015653 | -408719.4680780685 | -458282.041347607 | -510139.4255659617 | -565078.6449473612 | -620455.6572407642 | -609567.4345676322 | -521517.9102611756 | -540717.8546922663
 | NOx Costs | 0 | 0 | 0 | -1374082.436244076 | -1153835.170907439 | -1179869.873467132 | -1213891.818735557 | -1593310.859978764 | -1391338.893460688 | -1473057.587293264 | -1401670.710883141 | -1441815.715269028 | -1479203.253975975 | -1321238.852986486 | -1368479.323435664 | -1396759.470321016 | -1483260.423607322 | -1394418.636941104 | -1535780.672595559 | -836156.6386121559
 | Prod. Margin | 0 | 42413884.54554677 | 40827954.40450609 | 38614107.56764714 | 36981929.41938352 | 36035200.09037078 | 38470468.53477666 | 42250806.8922599 | 43611138.84650753 | 44651308.95283078 | 44721472.69189712 | 45840808.85936715 | 46016509.27273861 | 46439600.25997588 | 48428181.74420178 | 53326028.28571779 | 52226076.93559294 | 52819503.13086051 | 56022753.20012616 | 58599084.51785517
 | Fixed O&M | 0 | -2764657.751713203 | -2819950.906747467 | -2918348.924882416 | -2976925.898380064 | -3036679.661222666 | -3097633.880443994 | -3159812.699699671 | -3223240.748881631 | -3287943.15392693 | -3353945.546824826 | -3421274.075826164 | -3489955.41585915 | -3560016.779155707 | -3631485.92609268 | -3704391.176252238 | -3778761.419705931 | -3854626.128526913 | -3932015.368534987 | -4010959.811279161
 | Property Tax | 0 | -388299.7921559058 | -397276.518286144 | -406449.8347186343 | -415830.4681024989 | -425434.3605608995 | -435680.8402132185 | -445769.5798686521 | -456535.8470507703 | -467135.4529866915 | -478005.3488739787 | -489138.2962417382 | -500551.7938831652 | -512255.1943646845 | -524251.1798582418 | -536548.2645876873 | -549152.776435369 | -562069.8801768732 | -575311.2032222891 | -588884.883476145
 | A&G | 0 | -535405.353751207 | -546702.406715361 | -558675.189422428 | -571301.24870337 | -584898.218422512 | -599555.826577049 | -614426.48136174 | -629978.885362923 | -645539.363831388 | -662000.617609086 | -678021.032555229 | -695107.162575619 | -712762.884505038 | -730581.956617664 | -748919.563728767 | -767642.552821988 | -786680.088131972 | -806425.758344086 | -826667.044878523
 | Operating Income | 0 | 38725521.64792646 | 37064024.57275711 | 34730633.61862366 | 33017871.80419758 | 31988187.8501647 | 34337597.9875424 | 38030798.13132983 | 39301383.3652122 | 40250690.98208576 | 40227521.17858922 | 41252375.45474403 | 41330894.90042067 | 41654565.40195045 | 43541862.6816332 | 48336169.2811491 | 47130520.18662966 | 47616127.03402476 | 50709000.8700248 | 53172572.77822135
 | Depreciation | 0 | -2062980.3675 | -2822411.90358 | -3154240.7992298 | -3254999.0104907 | -3219881.2151525 | -2867391.13094432 | -2289319.491641792 | -1952719.027450952 | -1735110.756493614 | -1655481.66270151 | -1740136.264585219 | -1708880.671835405 | -1679547.760433935 | -1701928.756690422 | -1726919.780334602 | -1704232.582188108 | -1684408.365597219 | -1786630.610008604 | -1864013.89675233
 | Total Tax | 0 | -14665016.51217058 | -13696645.06767084 | -12630557.12775754 | -11905149.11748275 | -11507322.65400488 | -12588082.74263923 | -14296591.45587522 | -14939465.7351045 | -15406232.09023686 | -15428815.80635509 | -15804895.67606352 | -15848805.69143411 | -15990007.05660661 | -16735973.56997711 | -18643699.8003258 | -18170515.04177662 | -18372687.46737102 | -19568948.10400648 | -20523423.55258761
 | Net Margin | 0 | 21997524.76825587 | 20544967.60150626 | 18945835.69163632 | 17857723.67622413 | 17260983.98100732 | 18882124.11395885 | 21444887.18381283 | 22409198.60265675 | 23109348.13535529 | 23143223.70953263 | 23707343.51409528 | 23773208.53715116 | 23985010.58490991 | 25103960.35496566 | 27965549.7004887 | 27255772.56266493 | 27559031.20105653 | 29353422.15600972 | 30785135.32888141
 | Depreciation | 0 | 2062980.3675 | 2822411.90358 | 3154240.7992298 | 3254999.0104907 | 3219881.2151525 | 2867391.13094432 | 2289319.491641792 | 1952719.027450952 | 1735110.756493614 | 1655481.66270151 | 1740136.264585219 | 1708880.671835405 | 1679547.760433935 | 1701928.756690422 | 1726919.780334602 | 1704232.582188108 | 1684408.365597219 | 1786630.610008604 | 1864013.89675233
 | [NAME] | 0 | -1392192 | -288695.92 | -1959781.09 | -716258.43 | -1484360.488 | -1528891.30264 | -1574758.0417192 | -1622000.782970776 | -1670660.806459899 | -1720780.630653696 | -1772404.049573307 | -1825576.171060506 | -1880343.456192322 | -1936753.759878092 | -1994856.372674434 | -2054702.063854667 | -2116343.125770308 | -2179833.419543417 | -2245228.422129719
 | Env Cap Ads | 0 | -6225024 | -4058147.2 | -2200091.69 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 16443289.13575587 | 19020536.38508626 | 17940203.71086612 | 20396464.25671483 | 18996504.70815983 | 20220623.94226317 | 22159448.63373542 | 22739916.84713693 | 23173798.085389 | 23077924.74158044 | 23675075.7291072 | 23656513.03792606 | 23784214.88915152 | 24869135.35177799 | 27697613.10814887 | 26905303.08099837 | 27127096.44088344 | 28960219.3464749 | 30403920.80350402 | 159855224.608576
Unlevered | NPV ('00-'05) | 73283453.34171867 |  | Levered | NPV ('00-'05) | 73283453.34171867
 | NPV ('06-'19) | 114766980.5847296 |  |  | NPV ('06-'19) | 114766980.5847296
 | NPV (TV) | 24921230.06444737 |  |  | NPV (TV) | 24921230.06444737
 | NPV | 212971663.9908956 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 212971663.9908956
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 21997524.76825587 | 20544967.60150626 | 18945835.69163632 | 17857723.67622413 | 17260983.98100732 | 18882124.11395885 | 21444887.18381283 | 22409198.60265675 | 23109348.13535529 | 23143223.70953263 | 23707343.51409528 | 23773208.53715116 | 23985010.58490991 | 25103960.35496566 | 27965549.7004887 | 27255772.56266493 | 27559031.20105653 | 29353422.15600972 | 30785135.32888141
 | Income Taxes (Per Cash Flow) |  | 14665016.51217058 | 13696645.06767084 | 12630557.12775754 | 11905149.11748275 | 11507322.65400488 | 12588082.74263923 | 14296591.45587522 | 14939465.7351045 | 15406232.09023686 | 15428815.80635509 | 15804895.67606352 | 15848805.69143411 | 15990007.05660661 | 16735973.56997711 | 18643699.8003258 | 18170515.04177662 | 18372687.46737102 | 19568948.10400648 | 20523423.55258761
 | Tax Depreciation (Per Cash Flow) |  | 2062980.3675 | 2822411.90358 | 3154240.7992298 | 3254999.0104907 | 3219881.2151525 | 2867391.13094432 | 2289319.491641792 | 1952719.027450952 | 1735110.756493614 | 1655481.66270151 | 1740136.264585219 | 1708880.671835405 | 1679547.760433935 | 1701928.756690422 | 1726919.780334602 | 1704232.582188108 | 1684408.365597219 | 1786630.610008604 | 1864013.89675233
 | EBITDA |  | 38725521.64792646 | 37064024.57275711 | 34730633.61862366 | 33017871.80419758 | 31988187.8501647 | 34337597.9875424 | 38030798.13132983 | 39301383.3652122 | 40250690.98208576 | 40227521.17858922 | 41252375.45474403 | 41330894.90042067 | 41654565.40195045 | 43541862.6816332 | 48336169.2811491 | 47130520.18662966 | 47616127.03402476 | 50709000.8700248 | 53172572.77822135
Less: | Book Depreciation |  | -2761556.10553438 | -2978898.26153438 | -3076887.31603438 | -3112700.23753438 | -3186918.26193438 | -3263362.82706638 | -3342100.72915234 | -3423200.768300879 | -3506733.808623874 | -3592772.840156558 | -3681393.042635224 | -3772671.851188249 | -3866689.023997866 | -3963526.71199177 | -3133862.693125511 | -1905925.471318225 | -2010538.35510674 | -2119530.026083911 | -2231791.447190397
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 35963965.54239208 | 34085126.31122273 | 31653746.30258928 | 29905171.5666632 | 28801269.58823032 | 31074235.16047602 | 34688697.4021775 | 35878182.59691133 | 36743957.17346189 | 36634748.33843267 | 37570982.4121088 | 37558223.04923242 | 37787876.37795258 | 39578335.96964142 | 45202306.58802359 | 45224594.71531144 | 45605588.67891802 | 48589470.84394089 | 50940781.33103095
 | Income Taxes |  | -14385586.21695683 | -13634050.52448909 | -12661498.52103571 | -11962068.62666528 | -11520507.83529213 | -12429694.06419041 | -13875478.960871 | -14351273.03876453 | -14697582.86938476 | -14653899.33537307 | -15028392.96484352 | -15023289.21969297 | -15115150.55118103 | -15831334.38785657 | -18080922.63520944 | -18089837.88612458 | -18242235.47156721 | -19435788.33757636 | -20376312.53241238
 | Net Income - GAAP Basis |  | 21578379.32543524 | 20451075.78673364 | 18992247.78155357 | 17943102.93999792 | 17280761.75293819 | 18644541.09628561 | 20813218.4413065 | 21526909.5581468 | 22046374.30407713 | 21980849.0030596 | 22542589.44726528 | 22534933.82953946 | 22672725.82677155 | 23747001.58178485 | 27121383.95281415 | 27134756.82918686 | 27363353.20735081 | 29153682.50636454 | 30564468.79861857
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 16443289.13575587 | 19020536.38508626 | 17940203.71086612 | 20396464.25671483 | 18996504.70815983 | 20220623.94226317 | 22159448.63373542 | 22739916.84713693 | 23173798.085389 | 23077924.74158044 | 23675075.7291072 | 23656513.03792606 | 23784214.88915152 | 24869135.35177799 | 27697613.10814887 | 26905303.08099837 | 27127096.44088344 | 28960219.3464749 | 30403920.80350402 | 159855224.608576
Unit | JM Stuart 2 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 228.15
 | Revenue | 0 | 62374022.61234837 | 60807790.2408594 | 60918963.21405647 | 59340844.53925677 | 58802847.45083955 | 62081983.0189806 | 66774846.21306266 | 68573227.5462833 | 69989226.7523055 | 70240295.03286771 | 71775746.45527466 | 72552267.36205995 | 73425315.63365766 | 76049406.33616196 | 81414045.10254668 | 80995127.82289572 | 82094859.56212229 | 86014186.50890969 | 88591798.19116397
 | Fuel | 0 | -18255840.12855906 | -18266478.92212151 | -18322958.29844916 | -18576375.52104628 | -18937432.51914673 | -19484867.82160042 | -19934045.45143541 | -20363196.0531886 | -20695072.51854439 | -20855288.74319892 | -21135667.13634433 | -21593427.7782144 | -22084089.96621886 | -22551864.12212983 | -22868005.06542135 | -23335779.22133232 | -23867925.96750627 | -24454431.78990229 | -25058103.63636843
 | Variable O&M | 0 | -1351729.049797111 | -1360327.853590172 | -2253570.126109459 | -2269936.482049444 | -2285256.860172939 | -2313797.585917915 | -2364914.574804642 | -2417173.689062366 | -2470600.740802956 | -2525222.132115306 | -2581064.868698048 | -2638156.573810538 | -2696525.502549623 | -2756200.556459871 | -2817211.298485119 | -2879587.968269401 | -2943361.497815478 | -3008563.527509438 | -3075226.422519966
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -307318.1148123322 | -340637.5804828154 | -498525.1688538538 | -412844.1324961088 | -459146.1503218948 | -505784.2069382803 | -560393.7374185482 | -628348.7966703214 | -699450.2626502141 | -774777.2213213369 | -850704.4362203432 | -835775.634745989 | -715051.2605534829 | -741376.2327124085
 | NOx Costs | 0 | 0 | 0 | -1351248.769498456 | -1134661.43934888 | -1160263.513045565 | -1193720.102306369 | -1566834.188536565 | -1368218.469397676 | -1448579.211645512 | -1378378.598957976 | -1417856.498061479 | -1454622.753374682 | -1299283.308788626 | -1345738.765813072 | -1373548.970406415 | -1458612.50342708 | -1371247.03557283 | -1510260.002839918 | -822261.8958153584
 | Prod. Margin | 0 | 42766453.4339922 | 41180983.46514772 | 38991186.01999939 | 37359871.09681217 | 36419894.55847431 | 38782279.39434358 | 42568414.41780322 | 43926114.1657808 | 44962130.14881652 | 45022259.40827362 | 46135373.74523252 | 46305666.51924179 | 46717068.05943023 | 48696152.62910897 | 53580502.54691247 | 52470443.69364659 | 53076549.42648172 | 56325879.92810457 | 58894830.0037478
 | Fixed O&M | 0 | -2809776.240040513 | -2865971.764841324 | -2965290.20013815 | -3024805.999140914 | -3085517.363998732 | -3147448.337275581 | -3210623.44566789 | -3275067.709769215 | -3340806.654032265 | -3407866.316932268 | -3476273.261335755 | -3546054.585078933 | -3617237.931759886 | -3689851.501748942 | -3763924.063421626 | -3839484.964618706 | -3916564.144337944 | -3995192.144662238 | -4075400.122928957
 | Property Tax | 0 | -388299.7921559058 | -397276.518286144 | -406449.8347186343 | -415830.4681024989 | -425434.3605608995 | -435680.8402132185 | -445769.5798686521 | -456535.8470507703 | -467135.4529866915 | -478005.3488739787 | -489138.2962417382 | -500551.7938831652 | -512255.1943646845 | -524251.1798582418 | -536548.2645876873 | -549152.776435369 | -562069.8801768732 | -575311.2032222891 | -588884.883476145
 | A&G | 0 | -535405.353751207 | -546702.406715361 | -558675.189422428 | -571301.24870337 | -584898.218422512 | -599555.826577049 | -614426.48136174 | -629978.885362923 | -645539.363831388 | -662000.617609086 | -678021.032555229 | -695107.162575619 | -712762.884505038 | -730581.956617664 | -748919.563728767 | -767642.552821988 | -786680.088131972 | -806425.758344086 | -826667.044878523
 | Operating Income | 0 | 39032972.04804458 | 37371032.77530488 | 35060770.79572017 | 33347933.38086538 | 32324044.61549217 | 34599594.39027773 | 38297594.91090494 | 39564531.72359789 | 40508648.67796617 | 40474387.12485829 | 41491941.1550998 | 41563952.97770407 | 41874812.04880062 | 43751467.99088412 | 48531110.65517439 | 47314163.39977053 | 47811235.31383494 | 50948950.82187596 | 53403877.95246418
 | Depreciation | 0 | -2201842.8675 | -3099968.97358 | -3423680.0092298 | -3487841.8284907 | -3442944.6221525 | -3127579.60924432 | -2585493.854850791 | -2283829.375896222 | -2110531.314482242 | -2076529.371609797 | -2205552.472780754 | -2215851.259306807 | -2228559.354499479 | -2294242.587547931 | -2363834.915087837 | -2387087.059953941 | -2414580.366666027 | -2565539.660079475 | -2693122.107295328
 | Total Tax | 0 | -14732451.67221783 | -13708425.52068995 | -12654836.31459615 | -11944036.62094987 | -11552439.99733587 | -12588805.91241336 | -14284840.42242166 | -14912280.93908067 | -15359246.94539357 | -15359143.1012994 | -15714555.47292762 | -15739240.68735891 | -15858501.07772046 | -16582890.16133448 | -18466910.29603462 | -17970830.53592664 | -18158661.97886756 | -19353364.46471859 | -20284302.33806754
 | Net Margin | 0 | 22098677.50832675 | 20562638.28103493 | 18982254.47189422 | 17916054.93142481 | 17328659.9960038 | 18883208.86862005 | 21427260.63363249 | 22368421.408621 | 23038870.41809036 | 23038714.65194909 | 23571833.20939143 | 23608861.03103836 | 23787751.61658068 | 24874335.24200171 | 27700365.44405193 | 26956245.80388995 | 27237992.96830134 | 29030046.69707789 | 30426453.50710131
 | Depreciation | 0 | 2201842.8675 | 3099968.97358 | 3423680.0092298 | 3487841.8284907 | 3442944.6221525 | 3127579.60924432 | 2585493.854850791 | 2283829.375896222 | 2110531.314482242 | 2076529.371609797 | 2205552.472780754 | 2215851.259306807 | 2228559.354499479 | 2294242.587547931 | 2363834.915087837 | 2387087.059953941 | 2414580.366666027 | 2565539.660079475 | 2693122.107295328
 | [NAME] | 0 | -5095192 | -561695.92 | -2024981.09 | -213158.43 | -2191980.488 | -2257739.90264 | -2325472.0997192 | -2395236.262710776 | -2467093.350592099 | -2541106.151109862 | -2617339.335643158 | -2695859.515712453 | -2776735.301183827 | -2860037.360219342 | -2945838.481025922 | -3034213.6354567 | -3125240.044520401 | -3218997.245856013 | -3315567.163231694
 | Env Cap Ads | 0 | -6225024 | -4058147.2 | -2200091.69 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 12980304.37582675 | 19042764.13461493 | 18180861.70112402 | 21190738.32991551 | 18579624.1301563 | 19753048.57522437 | 21687282.38876408 | 22257014.52180644 | 22682308.3819805 | 22574137.87244903 | 23160046.34652902 | 23128852.77463271 | 23239575.66989633 | 24308540.4693303 | 27118361.87811385 | 26309119.22838719 | 26527333.29044697 | 28376589.11130135 | 29804008.45116494 | 156407845.0735966
Unlevered | NPV ('00-'05) | 70488023.08207946 |  | Levered | NPV ('00-'05) | 70488023.08207946
 | NPV ('06-'19) | 112272552.8080052 |  |  | NPV ('06-'19) | 112272552.8080052
 | NPV (TV) | 24383787.89625388 |  |  | NPV (TV) | 24383787.89625388
 | NPV | 207144363.7863385 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 207144363.7863385
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 22098677.50832675 | 20562638.28103493 | 18982254.47189422 | 17916054.93142481 | 17328659.9960038 | 18883208.86862005 | 21427260.63363249 | 22368421.408621 | 23038870.41809036 | 23038714.65194909 | 23571833.20939143 | 23608861.03103836 | 23787751.61658068 | 24874335.24200171 | 27700365.44405193 | 26956245.80388995 | 27237992.96830134 | 29030046.69707789 | 30426453.50710131
 | Income Taxes (Per Cash Flow) |  | 14732451.67221783 | 13708425.52068995 | 12654836.31459615 | 11944036.62094987 | 11552439.99733587 | 12588805.91241336 | 14284840.42242166 | 14912280.93908067 | 15359246.94539357 | 15359143.1012994 | 15714555.47292762 | 15739240.68735891 | 15858501.07772046 | 16582890.16133448 | 18466910.29603462 | 17970830.53592664 | 18158661.97886756 | 19353364.46471859 | 20284302.33806754
 | Tax Depreciation (Per Cash Flow) |  | 2201842.8675 | 3099968.97358 | 3423680.0092298 | 3487841.8284907 | 3442944.6221525 | 3127579.60924432 | 2585493.854850791 | 2283829.375896222 | 2110531.314482242 | 2076529.371609797 | 2205552.472780754 | 2215851.259306807 | 2228559.354499479 | 2294242.587547931 | 2363834.915087837 | 2387087.059953941 | 2414580.366666027 | 2565539.660079475 | 2693122.107295328
 | EBITDA |  | 39032972.04804458 | 37371032.77530488 | 35060770.79572017 | 33347933.38086538 | 32324044.61549217 | 34599594.39027773 | 38297594.91090494 | 39564531.72359789 | 40508648.67796617 | 40474387.12485829 | 41491941.1550998 | 41563952.97770407 | 41874812.04880062 | 43751467.99088412 | 48531110.65517439 | 47314163.39977053 | 47811235.31383494 | 50948950.82187596 | 53403877.95246418
Less: | Book Depreciation |  | -2946706.10553438 | -3177698.26153438 | -3278947.31603438 | -3289605.23753438 | -3399204.26193438 | -3512091.25706638 | -3628364.86205234 | -3748126.675187879 | -3871481.342717484 | -3998536.650272977 | -4129403.617055135 | -4264196.592840757 | -4403033.357899949 | -4546035.225910916 | -3763920.312462231 | -2584958.669235047 | -2740016.398961067 | -2900966.261253868 | -3066744.619415452
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 36086265.9425102 | 34193334.51377051 | 31781823.47968579 | 30058328.143331 | 28924840.35355778 | 31087503.13321135 | 34669230.04885259 | 35816405.04841001 | 36637167.33524869 | 36475850.47458531 | 37362537.53804467 | 37299756.38486332 | 37471778.69090067 | 39205432.7649732 | 44767190.34271216 | 44729204.73053548 | 45071218.91487387 | 48047984.56062209 | 50337133.33304872
 | Income Taxes |  | -14434506.37700408 | -13677333.8055082 | -12712729.39187432 | -12023331.2573324 | -11569936.14142311 | -12435001.25328454 | -13867692.01954104 | -14326562.01936401 | -14654866.93409947 | -14590340.18983413 | -14945015.01521787 | -14919902.55394533 | -14988711.47636027 | -15682173.10598928 | -17906876.13708486 | -17891681.89221419 | -18028487.56594955 | -19219193.82424884 | -20134853.33321949
 | Net Income - GAAP Basis |  | 21651759.56550612 | 20516000.7082623 | 19069094.08781148 | 18034996.8859986 | 17354904.21213467 | 18652501.87992681 | 20801538.02931155 | 21489843.02904601 | 21982300.40114921 | 21885510.28475118 | 22417522.5228268 | 22379853.83091799 | 22483067.2145404 | 23523259.65898392 | 26860314.20562729 | 26837522.83832129 | 27042731.34892432 | 28828790.73637325 | 30202279.99982923
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 12980304.37582675 | 19042764.13461493 | 18180861.70112402 | 21190738.32991551 | 18579624.1301563 | 19753048.57522437 | 21687282.38876408 | 22257014.52180644 | 22682308.3819805 | 22574137.87244903 | 23160046.34652902 | 23128852.77463271 | 23239575.66989633 | 24308540.4693303 | 27118361.87811385 | 26309119.22838719 | 26527333.29044697 | 28376589.11130135 | 29804008.45116494 | 156407845.0735966
Unit | JM Stuart 3 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 228.15
 | Revenue | 0 | 62374022.61234837 | 60807790.2408594 | 60918963.21405647 | 59340844.53925677 | 58802847.45083955 | 62081983.0189806 | 66774846.21306266 | 68573227.5462833 | 69989226.7523055 | 70240295.03286771 | 71775746.45527466 | 72552267.36205995 | 73425315.63365766 | 76049406.33616196 | 81414045.10254668 | 80995127.82289572 | 82094859.56212229 | 86014186.50890969 | 88591798.19116397
 | Fuel | 0 | -18551082.82605598 | -18561893.675579 | -18619286.46500091 | -18876802.07933813 | -19243698.27417337 | -19799986.9777449 | -20256428.9358252 | -20692519.97857709 | -21029763.71830523 | -21192571.04093259 | -21477483.85553049 | -21942647.63446583 | -22441245.06001216 | -22916584.29661172 | -23237838.03143895 | -23713177.2680385 | -24253930.16105085 | -24849921.25281176 | -25463355.98628276
 | Variable O&M | 0 | -1366421.756860123 | -1375114.025911804 | -2268443.406893007 | -2284890.051609618 | -2300283.413012777 | -2328983.487272291 | -2380406.993793299 | -2432978.812546256 | -2486724.880520835 | -2541671.727204309 | -2597846.488265145 | -2655276.919555888 | -2713991.411442887 | -2774019.003470537 | -2835389.399367942 | -2898132.982406056 | -2962280.831113587 | -3027864.735360093 | -3094917.212814963
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -411278.6242367039 | -455869.5004030066 | -627662.2933011339 | -552502.3051143 | -614467.5107853077 | -676882.4314741637 | -749965.4405244188 | -840908.544532653 | -936062.4313358432 | -1036871.223388708 | -1138483.328177448 | -1118504.366196557 | -956940.9824043233 | -992171.2464556424
 | NOx Costs | 0 | 0 | 0 | -1373101.849328619 | -1153011.759122716 | -1179027.882528782 | -1213025.548704855 | -1592173.825008854 | -1390345.991813811 | -1472006.368707164 | -1400670.436137889 | -1440786.791830668 | -1478147.649655674 | -1320295.976855289 | -1367502.735071504 | -1395762.700386033 | -1482201.92396768 | -1393423.537495841 | -1534684.692912801 | -835559.9318662809
 | Prod. Margin | 0 | 42456518.02943227 | 40870782.53936859 | 38658131.49283393 | 37026140.6491863 | 36079837.88112462 | 38328708.38102185 | 42089966.9580323 | 43429720.47004502 | 44448229.47965796 | 44490914.31780761 | 45582746.8881742 | 45726229.71785814 | 46108874.64081467 | 48055237.86967234 | 52908183.74796505 | 51763132.32030604 | 52366720.66626544 | 55644774.84542071 | 58205793.81374432
 | Fixed O&M | 0 | -2794736.743931407 | -2850631.478810035 | -2949643.108386236 | -3008845.965553961 | -3069238.12974004 | -3130843.518331716 | -3193686.530345147 | -3257792.056140017 | -3323185.487330483 | -3389892.72689645 | -3457940.199499221 | -3527354.862005668 | -3598164.214225156 | -3670396.309863518 | -3744079.767698493 | -3819243.78298111 | -3895918.139067597 | -3974133.219286484 | -4053920.019045687
 | Property Tax | 0 | -388299.7921559058 | -397276.518286144 | -406449.8347186343 | -415830.4681024989 | -425434.3605608995 | -435680.8402132185 | -445769.5798686521 | -456535.8470507703 | -467135.4529866915 | -478005.3488739787 | -489138.2962417382 | -500551.7938831652 | -512255.1943646845 | -524251.1798582418 | -536548.2645876873 | -549152.776435369 | -562069.8801768732 | -575311.2032222891 | -588884.883476145
 | A&G | 0 | -535405.353751207 | -546702.406715361 | -558675.189422428 | -571301.24870337 | -584898.218422512 | -599555.826577049 | -614426.48136174 | -629978.885362923 | -645539.363831388 | -662000.617609086 | -678021.032555229 | -695107.162575619 | -712762.884505038 | -730581.956617664 | -748919.563728767 | -767642.552821988 | -786680.088131972 | -806425.758344086 | -826667.044878523
 | Operating Income | 0 | 38738076.13959375 | 37076172.13555705 | 34743363.36030664 | 33030162.96682646 | 32000267.17240116 | 34162628.19589987 | 37836084.36645675 | 39085413.6814913 | 40012369.1755094 | 39961015.62442809 | 40957647.35987801 | 41003215.89939369 | 41285692.34771979 | 43130008.42333292 | 47878636.15195011 | 46627093.20806757 | 47122052.558889 | 50288904.66456785 | 52736321.86634397
 | Depreciation | 0 | -2037590.7675 | -2817695.23094 | -3132301.6935498 | -3251586.7218107 | -3320893.3127525 | -3012676.96385632 | -2477119.884949951 | -2181469.277524357 | -2001476.752635621 | -1961247.760920578 | -2080194.068305658 | -2087333.548206258 | -2098464.187738714 | -2162522.641457143 | -2230441.446287125 | -2251969.862762007 | -2277687.729231135 | -2426818.319194337 | -2552517.201856435
 | Total Tax | 0 | -14680194.1488375 | -13703390.76184682 | -12644424.66670273 | -11911430.49800631 | -11471749.54385947 | -12459980.49281742 | -14143585.79260272 | -14761577.76158678 | -15204356.96914951 | -15199907.14540301 | -15550981.31662894 | -15566352.94047497 | -15674891.26399243 | -16386994.31275031 | -18259277.88226519 | -17750049.33812223 | -17937745.93186315 | -19144834.53814941 | -20073521.86579501
 | Net Margin | 0 | 22020291.22325625 | 20555086.14277023 | 18966637.0000541 | 17867145.74700946 | 17207624.3157892 | 18689970.73922613 | 21215378.68890408 | 22142366.64238016 | 22806535.45372427 | 22799860.71810451 | 23326471.97494341 | 23349529.41071246 | 23512336.89598864 | 24580491.46912547 | 27388916.82339779 | 26625074.00718334 | 26906618.89779472 | 28717251.80722411 | 30110282.79869252
 | Depreciation | 0 | 2037590.7675 | 2817695.23094 | 3132301.6935498 | 3251586.7218107 | 3320893.3127525 | 3012676.96385632 | 2477119.884949951 | 2181469.277524357 | 2001476.752635621 | 1961247.760920578 | 2080194.068305658 | 2087333.548206258 | 2098464.187738714 | 2162522.641457143 | 2230441.446287125 | 2251969.862762007 | 2277687.729231135 | 2426818.319194337 | 2552517.201856435
 | [NAME] | 0 | -715136 | -1466295.92 | -313481.09 | -2812858.43 | -2165429.288 | -2230392.16664 | -2297303.9316392 | -2366223.049588376 | -2437209.741076028 | -2510326.033308309 | -2585635.814307558 | -2663204.888736784 | -2743101.035398888 | -2825394.066460855 | -2910155.88845468 | -2997460.565108321 | -3087384.38206157 | -3180005.913523417 | -3275406.09092912
 | Env Cap Ads | 0 | -6225024 | -4058147.2 | -2200091.69 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 17117721.99075625 | 17848338.25371023 | 19585365.9136039 | 18305874.03882016 | 18363088.3405417 | 19472255.53644245 | 21395194.64221483 | 21957612.87031614 | 22370802.46528386 | 22250782.44571678 | 22821030.22894151 | 22773658.07018193 | 22867700.04832847 | 23917620.04412176 | 26709202.38123024 | 25879583.30483703 | 26096922.24496428 | 27964064.21289502 | 29387393.90961983 | 154024608.2365637
Unlevered | NPV ('00-'05) | 72296727.39745568 |  | Levered | NPV ('00-'05) | 72296727.39745568
 | NPV ('06-'19) | 110629702.365208 |  |  | NPV ('06-'19) | 110629702.365208
 | NPV (TV) | 24012244.24693497 |  |  | NPV (TV) | 24012244.24693497
 | NPV | 206938674.0095986 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 206938674.0095986
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 22020291.22325625 | 20555086.14277023 | 18966637.0000541 | 17867145.74700946 | 17207624.3157892 | 18689970.73922613 | 21215378.68890408 | 22142366.64238016 | 22806535.45372427 | 22799860.71810451 | 23326471.97494341 | 23349529.41071246 | 23512336.89598864 | 24580491.46912547 | 27388916.82339779 | 26625074.00718334 | 26906618.89779472 | 28717251.80722411 | 30110282.79869252
 | Income Taxes (Per Cash Flow) |  | 14680194.1488375 | 13703390.76184682 | 12644424.66670273 | 11911430.49800631 | 11471749.54385947 | 12459980.49281742 | 14143585.79260272 | 14761577.76158678 | 15204356.96914951 | 15199907.14540301 | 15550981.31662894 | 15566352.94047497 | 15674891.26399243 | 16386994.31275031 | 18259277.88226519 | 17750049.33812223 | 17937745.93186315 | 19144834.53814941 | 20073521.86579501
 | Tax Depreciation (Per Cash Flow) |  | 2037590.7675 | 2817695.23094 | 3132301.6935498 | 3251586.7218107 | 3320893.3127525 | 3012676.96385632 | 2477119.884949951 | 2181469.277524357 | 2001476.752635621 | 1961247.760920578 | 2080194.068305658 | 2087333.548206258 | 2098464.187738714 | 2162522.641457143 | 2230441.446287125 | 2251969.862762007 | 2277687.729231135 | 2426818.319194337 | 2552517.201856435
 | EBITDA |  | 38738076.13959375 | 37076172.13555705 | 34743363.36030663 | 33030162.96682646 | 32000267.17240116 | 34162628.19589986 | 37836084.36645675 | 39085413.6814913 | 40012369.1755094 | 39961015.62442809 | 40957647.35987801 | 41003215.89939369 | 41285692.34771979 | 43130008.42333292 | 47878636.15195011 | 46627093.20806757 | 47122052.558889 | 50288904.66456785 | 52736321.86634397
Less: | Book Depreciation |  | -2727703.30553438 | -3003925.46153438 | -3019599.51603438 | -3160242.43753438 | -3268513.90193438 | -3380033.51026638 | -3494898.70684834 | -3613209.859327759 | -3735070.34638156 | -3860586.648046975 | -3989868.438762353 | -4123028.683199193 | -4260183.734969137 | -4401453.438292179 | -3617554.395214933 | -2436755.09847033 | -2589920.045073409 | -2748920.340749579 | -2912690.645296035
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 36010372.83405937 | 34072246.67402267 | 31723763.84427225 | 29869920.52929208 | 28731753.27046678 | 30782594.68563348 | 34341185.65960842 | 35472203.82216354 | 36277298.82912784 | 36100428.97638112 | 36967778.92111566 | 36880187.2161945 | 37025508.61275065 | 38728554.98504074 | 44261081.75673518 | 44190338.10959724 | 44532132.5138156 | 47539984.32381827 | 49823631.22104793
 | Income Taxes |  | -14404149.13362375 | -13628898.66960907 | -12689505.5377089 | -11947968.21171683 | -11492701.30818671 | -12313037.87425339 | -13736474.26384337 | -14188881.52886542 | -14510919.53165114 | -14440171.59055245 | -14787111.56844626 | -14752074.8864778 | -14810203.44510026 | -15491421.9940163 | -17704432.70269407 | -17676135.2438389 | -17812853.00552624 | -19015993.72952731 | -19929452.48841917
 | Net Income - GAAP Basis |  | 21606223.70043562 | 20443348.0044136 | 19034258.30656335 | 17921952.31757525 | 17239051.96228007 | 18469556.81138009 | 20604711.39576505 | 21283322.29329813 | 21766379.2974767 | 21660257.38582867 | 22180667.3526694 | 22128112.3297167 | 22215305.16765039 | 23237132.99102444 | 26556649.05404111 | 26514202.86575834 | 26719279.50828936 | 28523990.59429096 | 29894178.73262876
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 17117721.99075625 | 17848338.25371023 | 19585365.9136039 | 18305874.03882016 | 18363088.3405417 | 19472255.53644245 | 21395194.64221483 | 21957612.87031614 | 22370802.46528386 | 22250782.44571678 | 22821030.22894151 | 22773658.07018193 | 22867700.04832847 | 23917620.04412176 | 26709202.38123024 | 25879583.30483703 | 26096922.24496428 | 27964064.21289502 | 29387393.90961983 | 154024608.2365637
Unit | JM Stuart 4 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 228.15
 | Revenue | 0 | 62374022.61234837 | 60807790.2408594 | 60918963.21405647 | 59340844.53925677 | 58802847.45083955 | 62081983.0189806 | 66774846.21306266 | 68573227.5462833 | 69989226.7523055 | 70240295.03286771 | 71775746.45527466 | 72552267.36205995 | 73425315.63365766 | 76049406.33616196 | 81414045.10254668 | 80995127.82289572 | 82094859.56212229 | 86014186.50890969 | 88591798.19116397
 | Fuel | 0 | -18518908.94235438 | -18529701.0421894 | -18586994.29300488 | -18844063.2877294 | -19210323.15984355 | -19765647.06970351 | -20221297.40226991 | -20656632.11491296 | -20993290.95935693 | -21155815.91874366 | -21440234.59767047 | -21904591.62448972 | -22402324.31261162 | -22876839.14939255 | -23197535.72103959 | -23672050.55782053 | -24211865.60149791 | -24806823.0421101 | -25419193.87122799
 | Variable O&M | 0 | -1366421.756860123 | -1375114.025911804 | -2268443.406893007 | -2284890.051609618 | -2300283.413012777 | -2328983.487272291 | -2380406.993793299 | -2432978.812546256 | -2486724.880520835 | -2541671.727204309 | -2597846.488265145 | -2655276.919555888 | -2713991.411442887 | -2774019.003470537 | -2835389.399367942 | -2898132.982406056 | -2962280.831113587 | -3027864.735360093 | -3094917.212814963
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -195743.2751070471 | -216965.7837090543 | -363825.8201110531 | -262957.0425839182 | -292448.6611265456 | -322154.3162985281 | -356937.3239803025 | -400220.6360172722 | -445508.0211241189 | -493486.7925777435 | -541847.8913797587 | -532339.1369225169 | -455444.9245389709 | -472212.3587354142
 | NOx Costs | 0 | 0 | 0 | -1370720.423962512 | -1151012.044788388 | -1176983.04739279 | -1210921.750058866 | -1589412.454367643 | -1387934.659242822 | -1469453.409283778 | -1398241.197470848 | -1438287.977766076 | -1475584.039163514 | -1318006.134822383 | -1365131.020472828 | -1393341.973401075 | -1479631.281985692 | -1391006.867414487 | -1532023.027968962 | -834110.7869120137
 | Prod. Margin | 0 | 42488691.91313386 | 40902975.1727582 | 38692805.09019607 | 37060879.15512936 | 36115257.83059043 | 38580687.43683888 | 42366763.57892274 | 43731856.13947022 | 44776800.46056003 | 44852117.52832235 | 45977223.07527445 | 46159877.45487052 | 46590773.13876349 | 48587909.14170192 | 53494291.21616032 | 52403465.10930368 | 52997367.12517379 | 56192030.77893156 | 58771363.96147358
 | Fixed O&M | 0 | -2794736.743931407 | -2850631.478810035 | -2949643.108386236 | -3008845.965553961 | -3069238.12974004 | -3130843.518331716 | -3193686.530345147 | -3257792.056140017 | -3323185.487330483 | -3389892.72689645 | -3457940.199499221 | -3527354.862005668 | -3598164.214225156 | -3670396.309863518 | -3744079.767698493 | -3819243.78298111 | -3895918.139067597 | -3974133.219286484 | -4053920.019045687
 | Property Tax | 0 | -388299.7921559058 | -397276.518286144 | -406449.8347186343 | -415830.4681024989 | -425434.3605608995 | -435680.8402132185 | -445769.5798686521 | -456535.8470507703 | -467135.4529866915 | -478005.3488739787 | -489138.2962417382 | -500551.7938831652 | -512255.1943646845 | -524251.1798582418 | -536548.2645876873 | -549152.776435369 | -562069.8801768732 | -575311.2032222891 | -588884.883476145
 | A&G | 0 | -535405.353751207 | -546702.406715361 | -558675.189422428 | -571301.24870337 | -584898.218422512 | -599555.826577049 | -614426.48136174 | -629978.885362923 | -645539.363831388 | -662000.617609086 | -678021.032555229 | -695107.162575619 | -712762.884505038 | -730581.956617664 | -748919.563728767 | -767642.552821988 | -786680.088131972 | -806425.758344086 | -826667.044878523
 | Operating Income | 0 | 38770250.02329534 | 37108364.76894666 | 34778036.95766877 | 33064901.47276952 | 32035687.12186698 | 34414607.2517169 | 38112880.9873472 | 39387549.3509165 | 40340940.15641147 | 40322218.83494284 | 41352123.54697826 | 41436863.63640607 | 41767590.84566861 | 43662679.6953625 | 48464743.62014538 | 47267425.99706522 | 47752699.01779735 | 50836160.5980787 | 53301892.01407323
 | Depreciation | 0 | -2047316.6175 | -2844446.89058 | -3165077.3662298 | -3211737.3334907 | -3206886.8481525 | -2893055.46844432 | -2351871.610336792 | -2050586.472736802 | -1865662.414608039 | -1821135.632519369 | -1935763.429967613 | -1933224.171009271 | -1933306.061853017 | -1985984.304422075 | -2042181.491768206 | -2051636.64223472 | -2064919.044715229 | -2201241.106770155 | -2313747.205686727
 | Total Tax | 0 | -14689173.36231814 | -13705567.15134666 | -12645183.83657559 | -11941265.65571153 | -11531520.10948579 | -12608620.71330903 | -14304403.75080416 | -14934785.15127188 | -15390111.09672137 | -15400433.28096939 | -15766544.04680426 | -15801455.78615872 | -15933713.91352624 | -16670678.15637617 | -18569024.85135087 | -18086315.7419322 | -18275111.98923285 | -19453967.79652342 | -20395257.9233546
 | Net Margin | 0 | 22033760.04347721 | 20558350.72702 | 18967775.75486339 | 17911898.48356729 | 17297280.16422869 | 18912931.06996354 | 21456605.62620624 | 22402177.72690782 | 23085166.64508206 | 23100649.92145408 | 23649816.07020639 | 23702183.67923808 | 23900570.87028936 | 25006017.23456426 | 27853537.27702631 | 27129473.6128983 | 27412667.98384928 | 29180951.69478512 | 30592886.8850319
 | Depreciation | 0 | 2047316.6175 | 2844446.89058 | 3165077.3662298 | 3211737.3334907 | 3206886.8481525 | 2893055.46844432 | 2351871.610336792 | 2050586.472736802 | 1865662.414608039 | 1821135.632519369 | 1935763.429967613 | 1933224.171009271 | 1933306.061853017 | 1985984.304422075 | 2042181.491768206 | 2051636.64223472 | 2064919.044715229 | 2201241.106770155 | 2313747.205686727
 | [NAME] | 0 | -974492 | -1680395.92 | -313481.09 | -941658.43 | -1979460.488 | -2038844.30264 | -2100009.6317192 | -2163009.920670776 | -2227900.218290899 | -2294737.224839626 | -2363579.341584815 | -2434486.72183236 | -2507521.323487331 | -2582746.963191951 | -2660229.372087709 | -2740036.25325034 | -2822237.340847851 | -2906904.461073286 | -2994111.594905485
 | Env Cap Ads | 0 | -6225024 | -4058147.2 | -2200091.69 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 16881560.66097721 | 17664254.49759999 | 19619280.34109318 | 20181977.38705799 | 18524706.52438119 | 19767142.23576787 | 21708467.60482384 | 22289754.27897384 | 22722928.8413992 | 22627048.32913382 | 23222000.15858918 | 23200921.12841499 | 23326355.60865505 | 24409254.57579438 | 27235489.3967068 | 26441074.00188268 | 26655349.68771666 | 28475288.34048199 | 29912522.49581314 | 156996948.459059
Unlevered | NPV ('00-'05) | 73387917.52542147 |  | Levered | NPV ('00-'05) | 73387917.52542147
 | NPV ('06-'19) | 112572135.8043785 |  |  | NPV ('06-'19) | 112572135.8043785
 | NPV (TV) | 24475628.37902072 |  |  | NPV (TV) | 24475628.37902072
 | NPV | 210435681.7088206 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 210435681.7088206
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 22033760.04347721 | 20558350.72702 | 18967775.75486339 | 17911898.48356729 | 17297280.16422869 | 18912931.06996354 | 21456605.62620624 | 22402177.72690782 | 23085166.64508206 | 23100649.92145408 | 23649816.07020639 | 23702183.67923808 | 23900570.87028936 | 25006017.23456426 | 27853537.27702631 | 27129473.6128983 | 27412667.98384928 | 29180951.69478512 | 30592886.8850319
 | Income Taxes (Per Cash Flow) |  | 14689173.36231814 | 13705567.15134666 | 12645183.83657559 | 11941265.65571153 | 11531520.10948579 | 12608620.71330903 | 14304403.75080416 | 14934785.15127188 | 15390111.09672137 | 15400433.28096939 | 15766544.04680426 | 15801455.78615872 | 15933713.91352624 | 16670678.15637617 | 18569024.85135087 | 18086315.7419322 | 18275111.98923285 | 19453967.79652342 | 20395257.9233546
 | Tax Depreciation (Per Cash Flow) |  | 2047316.6175 | 2844446.89058 | 3165077.3662298 | 3211737.3334907 | 3206886.8481525 | 2893055.46844432 | 2351871.610336792 | 2050586.472736802 | 1865662.414608039 | 1821135.632519369 | 1935763.429967613 | 1933224.171009271 | 1933306.061853017 | 1985984.304422075 | 2042181.491768206 | 2051636.64223472 | 2064919.044715229 | 2201241.106770155 | 2313747.205686727
 | EBITDA |  | 38770250.02329534 | 37108364.76894666 | 34778036.95766877 | 33064901.47276952 | 32035687.12186698 | 34414607.2517169 | 38112880.9873472 | 39387549.3509165 | 40340940.15641147 | 40322218.83494284 | 41352123.54697826 | 41436863.63640607 | 41767590.84566861 | 43662679.6953625 | 48464743.62014538 | 47267425.99706522 | 47752699.01779735 | 50836160.5980787 | 53301892.01407323
Less: | Book Depreciation |  | -2740671.10553438 | -3027598.26153438 | -3043272.31603438 | -3090355.23753438 | -3189328.26193438 | -3291270.47706638 | -3396270.95865234 | -3504421.454685879 | -3615816.465600424 | -3730553.326842405 | -3848732.293921646 | -3970456.630013264 | -4095832.69618763 | -4224970.044347228 | -3428574.675451632 | -2234904.16311413 | -2374811.757656523 | -2520156.980710187 | -2669862.560455461
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 36029578.91776096 | 34080766.50741228 | 31734764.64163439 | 29974546.23523514 | 28846358.8599326 | 31123336.77465052 | 34716610.02869486 | 35883127.89623062 | 36725123.69081105 | 36591665.50810044 | 37503391.25305662 | 37466407.00639281 | 37671758.14948098 | 39437709.65101527 | 45036168.94469375 | 45032521.83395109 | 45377887.26014083 | 48316003.61736851 | 50632029.45361777
 | Income Taxes |  | -14411831.56710438 | -13632306.60296491 | -12693905.85665376 | -11989818.49409406 | -11538543.54397304 | -12449334.70986021 | -13886644.01147795 | -14353251.15849225 | -14690049.47632442 | -14636666.20324017 | -15001356.50122265 | -14986562.80255712 | -15068703.25979239 | -15775083.86040611 | -18014467.5778775 | -18013008.73358044 | -18151154.90405633 | -19326401.44694741 | -20252811.78144711
 | Net Income - GAAP Basis |  | 21617747.35065658 | 20448459.90444737 | 19040858.78498064 | 17984727.74114108 | 17307815.31595956 | 18674002.06479031 | 20829966.01721691 | 21529876.73773837 | 22035074.21448663 | 21954999.30486026 | 22502034.75183397 | 22479844.20383568 | 22603054.88968859 | 23662625.79060917 | 27021701.36681625 | 27019513.10037065 | 27226732.3560845 | 28989602.1704211 | 30379217.67217066
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 16881560.66097721 | 17664254.49759999 | 19619280.34109318 | 20181977.38705799 | 18524706.52438119 | 19767142.23576787 | 21708467.60482384 | 22289754.27897384 | 22722928.8413992 | 22627048.32913382 | 23222000.15858918 | 23200921.12841499 | 23326355.60865505 | 24409254.57579438 | 27235489.3967068 | 26441074.00188268 | 26655349.68771666 | 28475288.34048199 | 29912522.49581314 | 156996948.459059
Unit | [NAME] | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 198
 | Revenue | 0 | 57398391.74337878 | 55957099.11137067 | 56059403.71831417 | 54607172.96390773 | 54112092.37836192 | 57129648.40628662 | 61448157.75890743 | 63103080.62494918 | 64406124.32377709 | 64637164.66586974 | 66050131.77228803 | 66764708.92056008 | 67568113.36050595 | 69982878.0302241 | 74919574.82447101 | 74534074.94618174 | 75546080.1133498 | 79152758.88826567 | 81524752.21022682
 | Fuel | 0 | -17230560.11620744 | -17240584.97669636 | -17292782.55205033 | -17533440.10377467 | -17874983.2518745 | -18394285.36424996 | -18817985.40364797 | -19221315.24884415 | -19535016.23955229 | -19684397.66369902 | -19947852.17537599 | -20379700.29245473 | -20841424.6943628 | -21284136.91501585 | -21581541.75036253 | -22021537.94512199 | -22524002.73543374 | -23076714.00477665 | -23647079.4424278
 | Variable O&M | 0 | -1176297.145500553 | -1183779.967859083 | -1946328.572802356 | -1960421.06461396 | -1973609.56532671 | -1998214.649504947 | -2042315.24086984 | -2087400.172160389 | -2133491.66659136 | -2180612.45481248 | -2228785.786622524 | -2278035.442956651 | -2328385.748153394 | -2379861.582507927 | -2432488.395118324 | -2486292.217031743 | -2541299.674697566 | -2597538.003734778 | -2655035.063020957
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -1012479.314738569 | -1122252.439535028 | -1354789.751950546 | -1360141.573882661 | -1512686.552586223 | -1666338.632719967 | -1846253.246710819 | -2070135.56443969 | -2304383.921703596 | -2552553.436680782 | -2802700.534445919 | -2753516.636855455 | -2355782.413705894 | -2442511.729315094
 | NOx Costs | 0 | 0 | 0 | -867760.0850390882 | -728669.6049798571 | -745111.0317176289 | -766596.5593254351 | -1006207.146587299 | -878657.8771851638 | -930264.839648981 | -885182.6231018814 | -910534.9829755821 | -934145.9490369948 | -834388.3228421136 | -864221.6090940782 | -882081.0780886962 | -936708.131458844 | -880602.7957679013 | -969875.7017051248 | -528049.3634802549
 | Prod. Margin | 0 | 38991534.48167078 | 37532734.16681523 | 35952532.5084224 | 34384642.19053924 | 33518388.52944308 | 34958072.5184677 | 38459397.52826729 | 39560917.57480893 | 40447210.0041018 | 40374285.37167013 | 41296620.19459397 | 41326573.98940088 | 41493779.03070795 | 43150274.00190266 | 47470910.16422068 | 46286836.11812326 | 46846658.27059513 | 50152848.76434322 | 52252076.61198271
 | Fixed O&M | 0 | -2322788.9396785 | -2369244.71847207 | -2452166.612841512 | -2501387.630098341 | -2551597.509825308 | -2602816.14032494 | -2655063.810442142 | -2708361.217644455 | -2762729.476265652 | -2818190.12591598 | -2874765.14006244 | -2932476.934782533 | -2991348.377694999 | -3051402.797071135 | -3112663.991130348 | -3175156.237523692 | -3238904.30300917 | -3303933.453322733 | -3370269.463248902
 | Property Tax | 0 | -784147.1687129023 | -791825.8278105648 | -799672.649542466 | -807696.8094455082 | -815911.9443542428 | -824678.5936855722 | -833308.4651348293 | -842519.8319244396 | -851586.696544196 | -860884.766211756 | -870407.849165271 | -880170.9138092146 | -890181.9602951143 | -900443.2829431616 | -910962.1647896748 | -921744.0186823509 | -932793.2625515653 | -944119.842441897 | -955730.719487476
 | A&G | 0 | -467999.200989959 | -477873.98413085 | -488339.424383316 | -499375.895374375 | -511261.041684286 | -524073.294786886 | -537071.772498536 | -550666.168959145 | -564267.623332437 | -578656.447727412 | -592659.933762418 | -607594.964093229 | -623027.876181196 | -638603.573085725 | -654632.522770177 | -670998.335839433 | -687639.09456825 | -704898.835841914 | -722591.796621546
 | Operating Income | 0 | 35416599.17228942 | 33893789.63640174 | 32212353.8216551 | 30576181.85562101 | 29639618.03357924 | 31006504.48967031 | 34433953.48019179 | 35459370.35628089 | 36268626.20795952 | 36116554.03181498 | 36958787.27160385 | 36906331.1767159 | 36989220.81653664 | 38559824.34880264 | 42792651.48553049 | 41518937.52607778 | 41987321.61046614 | 45199896.63273668 | 47203484.63262479
 | Depreciation | 0 | -1069759.67925 | -1814450.4413242 | -2041965.8463564 | -2135973.2199964 | -2045195.412786 | -1538830.28524304 | -1007068.122578607 | -824781.9544847056 | -763836.9500448748 | -720934.4537896069 | -680525.7589115811 | -715095.3304325247 | -750405.2289404764 | -786737.8844036667 | -783697.0595307528 | -781753.4699116513 | -821474.8126039769 | -862387.7955770722 | -904528.1680393602
 | Total Tax | 0 | -13738735.79721577 | -12831735.67803102 | -12068155.19011948 | -11376083.45424985 | -11037769.0483173 | -11787069.68177091 | -13370754.14304527 | -13853835.36071847 | -14201915.70316586 | -14158247.83121015 | -14511304.60507691 | -14476494.33851335 | -14495526.23503847 | -15109234.58575959 | -16803581.77039989 | -16294873.62246645 | -16466338.71914487 | -17735003.53486384 | -18519582.58583417
 | Net Margin | 0 | 20608103.69582365 | 19247603.51704653 | 18102232.78517922 | 17064125.18137477 | 16556653.57247594 | 17680604.52265636 | 20056131.21456791 | 20780753.04107771 | 21302873.55474878 | 21237371.74681522 | 21766956.90761536 | 21714741.50777002 | 21743289.3525577 | 22663851.87863939 | 25205372.65559984 | 24442310.43369967 | 24699508.0787173 | 26602505.30229576 | 27779373.87875126
 | Depreciation | 0 | 1069759.67925 | 1814450.4413242 | 2041965.8463564 | 2135973.2199964 | 2045195.412786 | 1538830.28524304 | 1007068.122578607 | 824781.9544847056 | 763836.9500448748 | 720934.4537896069 | 680525.7589115811 | 715095.3304325247 | 750405.2289404764 | 786737.8844036667 | 783697.0595307528 | 781753.4699116513 | 821474.8126039769 | 862387.7955770722 | 904528.1680393602
 | [NAME] | 0 | -2359867.18 | -51955.20000000019 | -453987.6 | -54796.5 | -594021.2960000003 | -611841.9348800003 | -630197.1929264003 | -649103.1087141924 | -668576.2019756181 | -688633.4880348867 | -709292.4926759333 | -730571.2674562113 | -752488.4054798976 | -775063.0576442946 | -798314.9493736235 | -822264.3978548322 | -846932.3297904772 | -872340.2996841915 | -898510.5086747173
 | Env Cap Ads | 0 | -7279104 | -1766161.92 | -1476105.18 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 12038892.19507365 | 19243936.83837073 | 18214105.85153562 | 19145301.90137117 | 18007827.68926194 | 18607592.8730194 | 20433002.14422011 | 20956431.88684822 | 21398134.30281804 | 21269672.71256994 | 21738190.173851 | 21699265.57074633 | 21741206.17601828 | 22675526.70539876 | 25190754.76575697 | 24401799.50575649 | 24674050.5615308 | 26592552.79818864 | 27785391.5381159 | 146098395.3982734
Unlevered | NPV ('00-'05) | 67953371.76720312 |  | Levered | NPV ('00-'05) | 67953371.76720312
 | NPV ('06-'19) | 105291106.9022943 |  |  | NPV ('06-'19) | 105291106.9022943
 | NPV (TV) | 22776557.5550143 |  |  | NPV (TV) | 22776557.5550143
 | NPV | 196021036.2245118 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 196021036.2245118
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 20608103.69582365 | 19247603.51704653 | 18102232.78517922 | 17064125.18137477 | 16556653.57247594 | 17680604.52265636 | 20056131.21456791 | 20780753.04107771 | 21302873.55474878 | 21237371.74681522 | 21766956.90761536 | 21714741.50777002 | 21743289.3525577 | 22663851.87863939 | 25205372.65559984 | 24442310.43369967 | 24699508.0787173 | 26602505.30229576 | 27779373.87875126
 | Income Taxes (Per Cash Flow) |  | 13738735.79721577 | 12831735.67803102 | 12068155.19011948 | 11376083.45424985 | 11037769.0483173 | 11787069.68177091 | 13370754.14304527 | 13853835.36071847 | 14201915.70316586 | 14158247.83121015 | 14511304.60507691 | 14476494.33851335 | 14495526.23503847 | 15109234.58575959 | 16803581.77039989 | 16294873.62246645 | 16466338.71914487 | 17735003.53486384 | 18519582.58583417
 | Tax Depreciation (Per Cash Flow) |  | 1069759.67925 | 1814450.4413242 | 2041965.8463564 | 2135973.2199964 | 2045195.412786 | 1538830.28524304 | 1007068.122578607 | 824781.9544847056 | 763836.9500448748 | 720934.4537896069 | 680525.7589115811 | 715095.3304325247 | 750405.2289404764 | 786737.8844036667 | 783697.0595307528 | 781753.4699116513 | 821474.8126039769 | 862387.7955770722 | 904528.1680393602
 | EBITDA |  | 35416599.17228942 | 33893789.63640174 | 32212353.8216551 | 30576181.85562101 | 29639618.03357924 | 31006504.48967031 | 34433953.48019179 | 35459370.35628089 | 36268626.20795952 | 36116554.03181498 | 36958787.27160385 | 36906331.1767159 | 36989220.81653664 | 38559824.34880264 | 42792651.48553049 | 41518937.52607778 | 41987321.61046614 | 45199896.63273668 | 47203484.63262479
Less: | Book Depreciation |  | -5918885.238367501 | -6009791.0943675 | -6032490.4743675 | -6035230.2993675 | -6064931.3641675 | -6095523.4609115 | -6127033.320557821 | -6159488.47599353 | -6192917.286092311 | -6227348.960494055 | -6262813.585127852 | -6299342.148500662 | -6336966.568774657 | -6375719.721656872 | -6415635.469125553 | -6456748.689018295 | -4608746.685507829 | -1400735.320492028 | -1445660.845925764
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 29497713.93392192 | 27883998.54203424 | 26179863.3472876 | 24540951.55625351 | 23574686.66941174 | 24910981.02875881 | 28306920.15963397 | 29299881.88028736 | 30075708.92186721 | 29889205.07132092 | 30695973.68647599 | 30606989.02821523 | 30652254.24776199 | 32184104.62714577 | 36377016.01640493 | 35062188.83705948 | 37378574.92495832 | 43799161.31224465 | 45757823.78669903
 | Income Taxes |  | -11799085.57356877 | -11153599.4168137 | -10471945.33891504 | -9816380.622501403 | -9429874.667764697 | -9964392.411503522 | -11322768.06385359 | -11719952.75211495 | -12030283.56874688 | -11955682.02852837 | -12278389.4745904 | -12242795.61128609 | -12260901.6991048 | -12873641.85085831 | -14550806.40656197 | -14024875.53482379 | -14951429.96998333 | -17519664.52489786 | -18303129.51467961
 | Net Income - GAAP Basis |  | 17698628.36035315 | 16730399.12522054 | 15707918.00837256 | 14724570.9337521 | 14144812.00164704 | 14946588.61725528 | 16984152.09578038 | 17579929.12817242 | 18045425.35312032 | 17933523.04279255 | 18417584.21188559 | 18364193.41692914 | 18391352.54865719 | 19310462.77628746 | 21826209.60984296 | 21037313.30223569 | 22427144.95497499 | 26279496.78734679 | 27454694.27201942
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 12038892.19507365 | 19243936.83837073 | 18214105.85153562 | 19145301.90137117 | 18007827.68926194 | 18607592.8730194 | 20433002.14422011 | 20956431.88684822 | 21398134.30281804 | 21269672.71256994 | 21738190.173851 | 21699265.57074633 | 21741206.17601828 | 22675526.70539876 | 25190754.76575697 | 24401799.50575649 | 24674050.5615308 | 26592552.79818864 | 27785391.5381159 | 146098395.3982734
Unit | Miami Fort 5 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 80
 | Revenue | 0 | 21357293.14515039 | 20821004.43888549 | 19696456.57046235 | 19268991.28355416 | 19092650.13064541 | 15654970.31177121 | 14617725.77634663 | 15134053.25604344 | 15287001.89155317 | 16022704.3470544 | 17227383.54801403 | 16169517.29629495 | 16213297.74659192 | 17950136.67026962 | 23217949.21076211 | 18324260.00847758 | 19044831.45055209 | 22132191.63283261 | 28462581.2786823
 | Fuel | 0 | -9110687.865496257 | -9117841.153157558 | -8505509.797061026 | -8642763.607873745 | -8822356.92983673 | -6311726.447490263 | -4720985.204101163 | -4822494.105922 | -4902321.494732562 | -5227885.332573927 | -5961894.887609313 | -5414818.890258678 | -5387126.316750363 | -6054815.996088559 | -8474987.246985499 | -6107520.172218325 | -6355950.227050339 | -7543816.171105793 | -11217099.27403633
 | Variable O&M | 0 | -704323.7139075046 | -708804.1542913219 | -663002.324632833 | -668218.2989942435 | -672626.9005134137 | -472826.5803828226 | -352854.5614312211 | -359664.9111650224 | -367119.3706602417 | -396031.9786158754 | -454812.3317575016 | -412199.1084149191 | -408848.5972475697 | -459439.8650522741 | -646506.8568676786 | -465903.988766053 | -483454.0559875841 | -571308.9061517646 | -845831.041145092
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -747691.835451697 | -578829.9074473248 | -665569.9749238231 | -701527.2086661274 | -833049.5419107797 | -1051067.345044646 | -1016747.599688913 | -1103882.991043545 | -1373023.516842681 | -2185947.286925539 | -1620981.972555742 | -1624599.079789707 | -1643677.487388109 | -2571665.886984142
 | NOx Costs | 0 | 0 | 0 | -4796297.553515191 | -4054093.027071422 | -4164421.565226464 | -1423377.534009801 | -3174845.208495901 | -2767714.5700159 | -2935227.481546746 | -2954114.905131512 | -3418563.58957244 | -3117519.932721038 | -2708655.758017216 | -3087364.143932685 | -4348742.474668687 | -3261060.105598542 | -3119168.010351827 | -3979744.322451336 | -3144025.124034953
 | Prod. Margin | 0 | 11542281.56574663 | 10994359.13143661 | 5731646.895253303 | 5903916.349614752 | 5433244.735068806 | 6699347.914436631 | 5790210.894871021 | 6518609.694016693 | 6380806.335947497 | 6611622.588822304 | 6341045.394030128 | 6208231.765211402 | 6604784.083533224 | 6975493.148353422 | 7561765.345314706 | 6868793.769338918 | 7461660.077372635 | 8393644.745735602 | 10683959.95248178
 | Fixed O&M | 0 | -931626.6677896539 | -950259.201145447 | -969264.3851683559 | -988649.6728717231 | -1008422.666329158 | -1028591.119655741 | -1049162.942048856 | -1070146.200889833 | -1091549.12490763 | -1113380.107405782 | -1135647.709553898 | -1158360.663744976 | -1181527.877019875 | -1205158.434560273 | -1229261.603251479 | -1253846.835316508 | -1278923.772022838 | -1304502.247463295 | -1330592.292412561
 | Property Tax | 0 | -200917.675932973 | -205641.4319924164 | -218077.2780603976 | -229740.2373252875 | -277364.2703804254 | -345386.7337067816 | -385353.4552684714 | -421308.5050777924 | -452769.7326907841 | -463724.0207457396 | -469582.4291259141 | -475922.5025474215 | -482081.0962416688 | -488393.6547782723 | -494864.6585341445 | -501497.4373839136 | -508294.7091491569 | -515262.5924357078 | -522405.3695927511
 | A&G | 0 | -224390.184795808 | -229124.817695001 | -234142.651202522 | -239434.275119697 | -245132.810867547 | -251275.863751529 | -257508.205194873 | -264026.270028169 | -270547.718897866 | -277446.68572976 | -284160.895524422 | -291321.750091636 | -298721.322543963 | -306189.355607562 | -313874.708433312 | -321721.576144145 | -329700.27123252 | -337975.748040456 | -346458.939316272
 | Operating Income | 0 | 10185347.03722819 | 9609333.68060374 | 4310162.580822028 | 4446092.164298045 | 3902324.987491676 | 5074094.19732258 | 4098186.292358821 | 4763128.718020898 | 4565939.759451217 | 4757071.774941023 | 4451654.359825894 | 4282626.84882737 | 4642453.787727716 | 4975751.703407316 | 5523764.375095771 | 4791727.920494352 | 5344741.324968119 | 6235904.157796143 | 8484503.351160197
 | Depreciation | 0 | -700819.3244573046 | -751368.6948389445 | -831570.8488876662 | -856503.0218315229 | -875236.0646171642 | -907751.9248570851 | -940112.3007540972 | -971641.3209364039 | -1003382.682453166 | -978527.9551810327 | -955969.7637329914 | -993679.8458975153 | -879474.972588941 | -766259.6205708215 | -693547.8277452447 | -622011.8794888102 | -665609.0889986744 | -710511.5415428057 | -754338.0619019441
 | Total Tax | 0 | -3793811.085108356 | -3543185.994305918 | -1391436.692773745 | -1435835.656986609 | -1210835.569149805 | -1666536.908986198 | -1263229.59664189 | -1516594.958833798 | -1425022.83079922 | -1511417.527903996 | -1398273.838437161 | -1315578.801171942 | -1505191.52605551 | -1683796.833134598 | -1932086.61894021 | -1667886.416402217 | -1871652.894387778 | -2210157.046501335 | -3092066.115703302
 | Net Margin | 0 | 5690716.627662533 | 5314778.991458878 | 2087155.039160617 | 2153753.485479914 | 1816253.353724707 | 2499805.363479297 | 1894844.394962834 | 2274892.438250696 | 2137534.24619883 | 2267126.291855994 | 2097410.757655742 | 1973368.201757913 | 2257787.289083265 | 2525695.249701896 | 2898129.928410315 | 2501829.624603325 | 2807479.341581667 | 3315235.569752002 | 4638099.173554951
 | Depreciation | 0 | 700819.3244573046 | 751368.6948389445 | 831570.8488876662 | 856503.0218315229 | 875236.0646171642 | 907751.9248570851 | 940112.3007540972 | 971641.3209364039 | 1003382.682453166 | 978527.9551810327 | 955969.7637329914 | 993679.8458975153 | 879474.972588941 | 766259.6205708215 | 693547.8277452447 | 622011.8794888102 | 665609.0889986744 | 710511.5415428057 | 754338.0619019441
 | [NAME] | 0 | -296039.05 | -1656351.77 | -768259.69 | -270547 | -651964.08 | -671523.0024 | -691668.692472 | -712418.75324616 | -733791.3158435448 | -755805.0553188511 | -778479.2069784167 | -801833.5831877692 | -825888.5906834023 | -850665.2484039044 | -876185.2058560215 | -902470.7620317022 | -929544.8848926533 | -957431.231439433 | -986154.168382616
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 6095496.902119838 | 4409795.916297823 | 2150466.198048283 | 2739709.507311436 | 2039525.338341871 | 2736034.285936382 | 2143288.003244931 | 2534115.00594094 | 2407125.612808452 | 2489849.191718175 | 2274901.314410316 | 2165214.464467659 | 2311373.670988804 | 2441289.621868813 | 2715492.550299539 | 2221370.742060432 | 2543543.545687688 | 3068315.879855375 | 4406283.067074279 | 16367672.99477888
Unlevered | NPV ('00-'05) | 14619493.96285 |  | Levered | NPV ('00-'05) | 14619493.96285
 | NPV ('06-'19) | 12078018.08469795 |  |  | NPV ('06-'19) | 12078018.08469795
 | NPV (TV) | 2551699.79787225 |  |  | NPV (TV) | 2551699.79787225
 | NPV | 29249211.84542019 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 29249211.84542019
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 5690716.627662533 | 5314778.991458878 | 2087155.039160617 | 2153753.485479914 | 1816253.353724707 | 2499805.363479297 | 1894844.394962834 | 2274892.438250696 | 2137534.24619883 | 2267126.291855994 | 2097410.757655742 | 1973368.201757913 | 2257787.289083265 | 2525695.249701896 | 2898129.928410315 | 2501829.624603325 | 2807479.341581667 | 3315235.569752002 | 4638099.173554951
 | Income Taxes (Per Cash Flow) |  | 3793811.085108356 | 3543185.994305918 | 1391436.692773745 | 1435835.656986609 | 1210835.569149805 | 1666536.908986198 | 1263229.59664189 | 1516594.958833798 | 1425022.83079922 | 1511417.527903996 | 1398273.838437161 | 1315578.801171942 | 1505191.52605551 | 1683796.833134598 | 1932086.61894021 | 1667886.416402217 | 1871652.894387778 | 2210157.046501335 | 3092066.115703302
 | Tax Depreciation (Per Cash Flow) |  | 700819.3244573046 | 751368.6948389445 | 831570.8488876662 | 856503.0218315229 | 875236.0646171642 | 907751.9248570851 | 940112.3007540972 | 971641.3209364039 | 1003382.682453166 | 978527.9551810327 | 955969.7637329914 | 993679.8458975153 | 879474.972588941 | 766259.6205708215 | 693547.8277452447 | 622011.8794888102 | 665609.0889986744 | 710511.5415428057 | 754338.0619019441
 | EBITDA |  | 10185347.03722819 | 9609333.68060374 | 4310162.580822028 | 4446092.164298045 | 3902324.987491676 | 5074094.197322579 | 4098186.292358821 | 4763128.718020898 | 4565939.759451217 | 4757071.774941023 | 4451654.359825894 | 4282626.84882737 | 4642453.787727716 | 4975751.703407316 | 5523764.375095771 | 4791727.920494352 | 5344741.324968119 | 6235904.157796143 | 8484503.351160197
Less: | Book Depreciation |  | -894987.7208840458 | -975964.8820590831 | -1007722.018080683 | -1021156.697299666 | -1053660.213068128 | -1087236.363188128 | -984717.0346706327 | -916871.6407730355 | -904342.4604490177 | -937860.09010366 | -976784.0504525808 | -1016875.729611969 | -940324.0506124094 | -821843.1125644193 | -620908.2902864597 | -650627.810511902 | -696053.722132572 | -743925.2837045437 | -792333.8391123954
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 9290359.316344148 | 8633368.798544658 | 3302440.562741345 | 3424935.466998379 | 2848664.774423548 | 3986857.834134452 | 3113469.257688188 | 3846257.077247863 | 3661597.299002199 | 3819211.684837363 | 3474870.309373314 | 3265751.1192154 | 3702129.737115307 | 4153908.590842896 | 4902856.084809311 | 4141100.10998245 | 4648687.602835547 | 5491978.874091599 | 7692169.512047801
 | Income Taxes |  | -3716143.726537659 | -3453347.519417863 | -1320976.225096538 | -1369974.186799352 | -1139465.909769419 | -1594743.133653781 | -1245387.703075276 | -1538502.830899145 | -1464638.91960088 | -1527684.673934945 | -1389948.123749326 | -1306300.44768616 | -1480851.894846123 | -1661563.436337159 | -1961142.433923724 | -1656440.04399298 | -1859475.041134219 | -2196791.54963664 | -3076867.804819121
 | Net Income - GAAP Basis |  | 5574215.589806488 | 5180021.279126795 | 1981464.337644807 | 2054961.280199027 | 1709198.864654129 | 2392114.700480671 | 1868081.554612913 | 2307754.246348717 | 2196958.37940132 | 2291527.010902418 | 2084922.185623988 | 1959450.67152924 | 2221277.842269184 | 2492345.154505738 | 2941713.650885587 | 2484660.06598947 | 2789212.561701328 | 3295187.324454959 | 4615301.707228681
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 6095496.902119838 | 4409795.916297823 | 2150466.198048283 | 2739709.507311436 | 2039525.338341871 | 2736034.285936382 | 2143288.003244931 | 2534115.00594094 | 2407125.612808452 | 2489849.191718175 | 2274901.314410316 | 2165214.464467659 | 2311373.670988804 | 2441289.621868813 | 2715492.550299539 | 2221370.742060432 | 2543543.545687688 | 3068315.879855375 | 4406283.067074279 | 16367672.99477888
Unit | Miami Fort 6 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 163
 | Revenue | 0 | 43104879.36017687 | 42022501.55936351 | 42099329.97922597 | 41008737.89867261 | 40636943.70260997 | 42903059.26082636 | 46146161.00996181 | 47388970.23029786 | 48367526.24437803 | 48541032.25684197 | 49602138.2358102 | 50138769.33006661 | 50742107.68867645 | 52555540.72416608 | 56262887.10253103 | 55973385.51124394 | 56733378.24479801 | 59441911.51135238 | 61223224.24296003
 | Fuel | 0 | -13423427.57427352 | -13433967.0242313 | -13475753.84369952 | -13659613.93657302 | -13919762.52624039 | -14317007.87924864 | -14647235.7252568 | -14962175.24506087 | -15209846.12956698 | -15335210.40444045 | -15545170.08430984 | -15883551.7042935 | -16245375.42445676 | -16591910.81841593 | -16828370.26370573 | -17173886.43591796 | -17566286.80848938 | -17997417.60744446 | -18442817.5108567
 | Variable O&M | 0 | -639683.3545558571 | -643752.5958408159 | -647545.0782533581 | -651040.6487935657 | -654218.1564482854 | -661155.7882874466 | -674500.791879124 | -688115.1557698669 | -702004.316823758 | -716173.8216444784 | -730629.3287903307 | -745376.6110339718 | -760421.557667754 | -775770.1768556015 | -791428.5980323564 | -807403.0743515538 | -823699.9851826035 | -840325.8386583771 | -857287.2742742139
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -344706.1690636652 | -382079.2519147501 | -508992.7396060457 | -463070.3901722443 | -515005.4711693125 | -567317.4731436362 | -628570.7515509771 | -704793.1641395628 | -784544.7725590891 | -869035.9434313173 | -954200.3971814439 | -937455.3707189467 | -802043.7742827293 | -831571.4196320847
 | NOx Costs | 0 | 0 | 0 | -755101.507226692 | -634068.7091706735 | -648375.5968976993 | -667071.7256548599 | -875574.4197846041 | -764584.4731026513 | -809491.4650370227 | -770262.1316639603 | -792323.0739479363 | -812868.7021318455 | -726062.2965413895 | -752022.4205465969 | -767563.2505393671 | -815098.2444234119 | -766276.8889887681 | -843959.7727603439 | -459494.3661600605
 | Prod. Margin | 0 | 29041768.43134749 | 27944781.9392914 | 27220929.55004641 | 26064014.60413536 | 25414587.42302359 | 26913117.69857175 | 29566770.82112654 | 30465102.61675842 | 31183113.94277802 | 31204380.42792376 | 31966698.27561846 | 32068401.56105631 | 32305455.24587099 | 33651292.53578886 | 37006489.04682226 | 36222797.35936957 | 36639659.19141831 | 38958164.51820647 | 40632053.67203697
 | Fixed O&M | 0 | -2719789.533792135 | -2774185.324467978 | -2829669.030957337 | -2886262.411576484 | -2943987.659808014 | -3002867.413004174 | -3062924.761264258 | -3124183.256489543 | -3186666.921619334 | -3250400.260051721 | -3315408.265252755 | -3381716.43055781 | -3449350.759168967 | -3518337.774352346 | -3588704.529839393 | -3660478.620436181 | -3733688.192844905 | -3808361.956701803 | -3884529.195835839
 | Property Tax | 0 | -408315.8734889849 | -417397.215776205 | -426677.4394595152 | -445393.6099170347 | -502785.0734297476 | -638437.9078696371 | -708139.9737642681 | -779539.6457051546 | -852788.9629593489 | -895780.2172534219 | -907042.9097145039 | -918589.422025605 | -930429.2157494081 | -942565.0043163062 | -955005.4011762335 | -967756.807957659 | -980824.4496272637 | -994220.0891027758 | -1007951.959129123
 | A&G | 0 | -457195.00152146 | -466841.816053565 | -477065.651825139 | -487847.335556383 | -499458.102142626 | -511974.572393741 | -524672.968084553 | -537953.525182395 | -551240.977254401 | -565297.622174386 | -578977.824631009 | -593568.065811709 | -608644.694683325 | -623860.812050408 | -639519.718432873 | -655507.711393696 | -671764.302636259 | -688625.58663243 | -705910.088856904
 | Operating Income | 0 | 25456468.02254491 | 24286357.58299365 | 23487517.42780442 | 22244511.24708546 | 21468356.58764321 | 22759837.8053042 | 25271033.11801346 | 26023426.18938133 | 26592417.08094494 | 26492902.32844424 | 27165269.27602019 | 27174527.64266118 | 27317030.57626929 | 28566528.9450698 | 31823259.39737376 | 30939054.21958203 | 31253382.24630988 | 33466956.88576946 | 35033662.4282151
 | Depreciation | 0 | -1428845.327917696 | -1671845.083134756 | -1950497.186994434 | -1964377.607738877 | -2015306.696882636 | -2132269.988861055 | -2247134.56763261 | -2358781.216248589 | -2469516.506694942 | -2474024.035997309 | -2482519.703372407 | -2611566.711453178 | -2432024.257389603 | -2256092.452214411 | -2164328.983130875 | -2076652.901620924 | -2225302.981451683 | -2378407.116928393 | -2531167.502230722
 | Total Tax | 0 | -9611049.077850888 | -9045804.999943558 | -8614808.096323995 | -8112053.455738631 | -7781219.956304229 | -8251027.126577258 | -9209559.420152342 | -9465857.989253098 | -9649160.2297 | -9607551.316978771 | -9873099.829059113 | -9825184.372483203 | -9954002.527551875 | -10524174.59714216 | -11863572.16569715 | -11544960.52718444 | -11611231.70594328 | -12435419.90753643 | -13000997.97039375
 | Net Margin | 0 | 14416573.61677633 | 13568707.49991534 | 12922212.14448599 | 12168080.18360795 | 11671829.93445634 | 12376540.68986589 | 13814339.13022851 | 14198786.98387965 | 14473740.34455 | 14411326.97546815 | 14809649.74358867 | 14737776.5587248 | 14931003.79132781 | 15786261.89571323 | 17795358.24854573 | 17317440.79077666 | 17416847.55891492 | 18653129.86130464 | 19501496.95559063
 | Depreciation | 0 | 1428845.327917696 | 1671845.083134756 | 1950497.186994434 | 1964377.607738877 | 2015306.696882636 | 2132269.988861055 | 2247134.56763261 | 2358781.216248589 | 2469516.506694942 | 2474024.035997309 | 2482519.703372407 | 2611566.711453178 | 2432024.257389603 | 2256092.452214411 | 2164328.983130875 | 2076652.901620924 | 2225302.981451683 | 2378407.116928393 | 2531167.502230722
 | [NAME] | 0 | -627871.68 | -7085452.560000001 | -1209378.25 | -434627.63 | -2222979.216 | -2289668.592480001 | -2358358.6502544 | -2429109.409762032 | -2501982.692054893 | -2577042.17281654 | -2654353.438001036 | -2733984.041141067 | -2816003.562375299 | -2900483.669246558 | -2987498.179323955 | -3077123.124703674 | -3169436.818444784 | -3264519.922998128 | -3362455.520688071
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 15217547.26469403 | 8155100.02305009 | 13663331.08148042 | 13697830.16134682 | 11464157.41533898 | 12219142.08624694 | 13703115.04760672 | 14128458.7903662 | 14441274.15919005 | 14308308.83864892 | 14637816.00896004 | 14615359.22903692 | 14547024.48634212 | 15141870.67868109 | 16972189.05235265 | 16316970.56769391 | 16472713.72192182 | 17767017.05523491 | 18670208.93713328 | 97974802.10798883
Unlevered | NPV ('00-'05) | 49622807.92823412 |  | Levered | NPV ('00-'05) | 49622807.92823412
 | NPV ('06-'19) | 70554517.32288653 |  |  | NPV ('06-'19) | 70554517.32288653
 | NPV (TV) | 15274149.40506675 |  |  | NPV (TV) | 15274149.40506675
 | NPV | 135451474.6561874 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 135451474.6561874
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 14416573.61677633 | 13568707.49991534 | 12922212.14448599 | 12168080.18360795 | 11671829.93445634 | 12376540.68986589 | 13814339.13022851 | 14198786.98387965 | 14473740.34455 | 14411326.97546815 | 14809649.74358867 | 14737776.5587248 | 14931003.79132781 | 15786261.89571323 | 17795358.24854573 | 17317440.79077666 | 17416847.55891492 | 18653129.86130464 | 19501496.95559063
 | Income Taxes (Per Cash Flow) |  | 9611049.077850888 | 9045804.999943558 | 8614808.096323995 | 8112053.455738631 | 7781219.956304229 | 8251027.126577258 | 9209559.420152342 | 9465857.989253098 | 9649160.2297 | 9607551.316978771 | 9873099.829059113 | 9825184.372483203 | 9954002.527551875 | 10524174.59714216 | 11863572.16569715 | 11544960.52718444 | 11611231.70594328 | 12435419.90753643 | 13000997.97039375
 | Tax Depreciation (Per Cash Flow) |  | 1428845.327917696 | 1671845.083134756 | 1950497.186994434 | 1964377.607738877 | 2015306.696882636 | 2132269.988861055 | 2247134.56763261 | 2358781.216248589 | 2469516.506694942 | 2474024.035997309 | 2482519.703372407 | 2611566.711453178 | 2432024.257389603 | 2256092.452214411 | 2164328.983130875 | 2076652.901620924 | 2225302.981451683 | 2378407.116928393 | 2531167.502230722
 | EBITDA |  | 25456468.02254491 | 24286357.58299365 | 23487517.42780442 | 22244511.24708546 | 21468356.58764321 | 22759837.8053042 | 25271033.11801346 | 26023426.18938133 | 26592417.08094494 | 26492902.32844424 | 27165269.27602019 | 27174527.64266118 | 27317030.57626929 | 28566528.9450698 | 31823259.39737376 | 30939054.21958203 | 31253382.24630988 | 33466956.88576946 | 35033662.4282151
Less: | Book Depreciation |  | -1824772.087082494 | -2175294.844407882 | -2222202.465633143 | -2243745.03041682 | -2354701.06394506 | -2469184.49356906 | -2307755.546181799 | -2218398.366116594 | -2243214.305507591 | -2363360.944559144 | -2496078.616459196 | -2632777.818516249 | -2533466.550497539 | -2350424.300505939 | -2001133.141234213 | -2123603.611046755 | -2279933.36174767 | -2443159.357897577 | -2609450.1096715
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 23631695.93546242 | 22111062.73858577 | 21265314.96217128 | 20000766.21666864 | 19113655.52369815 | 20290653.31173514 | 22963277.57183167 | 23805027.82326474 | 24349202.77543735 | 24129541.38388509 | 24669190.65956099 | 24541749.82414493 | 24783564.02577175 | 26216104.64456386 | 29822126.25613955 | 28815450.60853527 | 28973448.88456221 | 31023797.52787189 | 32424212.3185436
 | Income Taxes |  | -9452678.374184968 | -8844425.095434306 | -8506125.98486851 | -8000306.486667454 | -7645462.209479259 | -8116261.324694056 | -9185311.028732667 | -9522011.129305895 | -9739681.110174939 | -9651816.553554038 | -9867676.263824398 | -9816699.929657973 | -9913425.610308701 | -10486441.85782555 | -11928850.50245582 | -11526180.24341411 | -11589379.55382489 | -12409519.01114876 | -12969684.92741744
 | Net Income - GAAP Basis |  | 14179017.56127745 | 13266637.64315146 | 12759188.97730277 | 12000459.73000118 | 11468193.31421889 | 12174391.98704108 | 13777966.543099 | 14283016.69395884 | 14609521.66526241 | 14477724.83033106 | 14801514.3957366 | 14725049.89448696 | 14870138.41546305 | 15729662.78673832 | 17893275.75368373 | 17289270.36512116 | 17384069.33073733 | 18614278.51672313 | 19454527.39112616
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 15217547.26469403 | 8155100.02305009 | 13663331.08148042 | 13697830.16134682 | 11464157.41533898 | 12219142.08624694 | 13703115.04760672 | 14128458.7903662 | 14441274.15919005 | 14308308.83864892 | 14637816.00896004 | 14615359.22903692 | 14547024.48634212 | 15141870.67868109 | 16972189.05235265 | 16316970.56769391 | 16472713.72192182 | 17767017.05523491 | 18670208.93713328 | 97974802.10798883
Unit | Miami Fort 7 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 320
 | Revenue | 0 | 91157149.55392894 | 88868163.32946569 | 89030638.20153004 | 86724280.61823568 | 85938019.30311698 | 90730345.32079898 | 97588777.95192416 | 100217040.6369564 | 102286467.074206 | 102653393.3656479 | 104897394.4591004 | 106032248.8338377 | 107308174.1073517 | 111143178.1457781 | 118983384.01753 | 118371153.0997137 | 119978367.2318681 | 125706307.449216 | 129473384.2509084
 | Fuel | 0 | -28881358.28026186 | -28904034.57725259 | -28993941.57736684 | -29389528.2623875 | -29949254.50091453 | -30803953.1463923 | -31514459.36262573 | -32192071.77255208 | -32724951.43472716 | -32994680.64644538 | -33446422.25306296 | -34174471.83266018 | -34952958.58192831 | -35698551.52488931 | -36207309.06243918 | -36950709.08497972 | -37794983.44686206 | -38722588.78472237 | -39680895.00846933
 | Variable O&M | 0 | -1825188.521038917 | -1836799.160005444 | -3228796.483597094 | -3252780.989656538 | -3275274.643350794 | -3316726.85780045 | -3390560.532244131 | -3466056.683830239 | -3543253.173388639 | -3622188.733565641 | -3702902.989111567 | -3785436.477645052 | -3869830.670905412 | -3956127.996504638 | -4044371.860190883 | -4134606.668635563 | -4226877.8527565 | -4321231.891589841 | -4417716.336723756
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -716642.861850841 | -794341.364095062 | -1064535.270315865 | -962721.6436330462 | -1070694.486641027 | -1179450.946978998 | -1306796.288244056 | -1465262.404597699 | -1631065.706146441 | -1806722.540659951 | -1983779.127808476 | -1948966.279177284 | -1667446.066581611 | -1728833.933019742
 | NOx Costs | 0 | 0 | 0 | -1523108.366476593 | -1278974.21289206 | -1307832.505700013 | -1345544.296576104 | -1766113.180126994 | -1542236.370495196 | -1632817.854539306 | -1553688.723819835 | -1598187.649386134 | -1639630.048695284 | -1464533.639334138 | -1516897.568804126 | -1548244.835307294 | -1644127.238126372 | -1545650.127150469 | -1702343.563823739 | -926841.8970817114
 | Prod. Margin | 0 | 60450602.75262816 | 58127329.59220766 | 55284791.77408951 | 52802997.15329958 | 51405657.65315164 | 54547478.15817928 | 60123303.51283224 | 61952140.53976299 | 63422722.96791789 | 63412140.77517601 | 64970430.62056077 | 65125914.18659316 | 65555588.8105861 | 68340535.34943356 | 75376735.71893272 | 73657930.98016359 | 74461889.52592175 | 79292697.14249842 | 82719097.07561384
 | Fixed O&M | 0 | -3823941.674911805 | -3900420.508410041 | -4047349.918578242 | -4128641.521949807 | -4211567.572513803 | -4296160.974592204 | -4382455.295977877 | -4470484.781338609 | -4560284.365892584 | -4651889.689360819 | -4745337.110202177 | -4840663.720136718 | -4937907.358963211 | -5037106.629676829 | -5138300.913893077 | -5241530.387584218 | -5346836.037134513 | -5454259.67572078 | -5563843.960024862
 | Property Tax | 0 | -695592.3114392383 | -709213.759047067 | -723133.5163575073 | -737367.8601831634 | -751940.9813918702 | -767475.7283857407 | -782784.5655555193 | -799107.3701235813 | -815191.4050852172 | -831685.5829383748 | -848578.919895579 | -865897.9689441046 | -883656.9218384628 | -901859.8485551799 | -920519.6687324865 | -939645.9844142259 | -959246.6327248724 | -979339.2573081162 | -999936.2067683993
 | A&G | 0 | -657011.694616466 | -670874.641372877 | -685566.796018944 | -701060.605608967 | -717745.848022462 | -735732.631130185 | -753980.850038893 | -773065.663510754 | -792160.38539947 | -812360.475227154 | -832019.598727655 | -852986.492615589 | -874652.349528023 | -896518.658266224 | -919021.276588706 | -941996.808503425 | -965358.329354309 | -989588.823421104 | -1014427.50288897
 | Operating Income | 0 | 55274057.07166065 | 52846820.68337768 | 49828741.54313482 | 47235927.16555764 | 45724403.2512235 | 48748108.82407115 | 54204082.80125995 | 55909482.72479004 | 57255086.81154063 | 57116205.02764966 | 58544494.99173535 | 58566366.00489675 | 58859372.1802564 | 61505050.21293533 | 68398893.85971846 | 66534757.79966172 | 67190448.52670805 | 71869509.38604842 | 75140889.40593162
 | Depreciation | 0 | -3441938.199057 | -5877737.6589122 | -6266087.4678224 | -6345796.296572 | -6231939.0057115 | -4498514.42272028 | -2680917.045907361 | -2519655.597703624 | -2620192.450154703 | -2608450.180386764 | -2606053.885304797 | -2736589.411125792 | -2870456.986874819 | -2844880.309896316 | -2823270.472608459 | -2969737.185201966 | -3120495.384173278 | -3152091.844113729 | -3177925.792852395
 | Total Tax | 0 | -20732847.54904146 | -18787633.20978619 | -17425061.63012497 | -16356052.34759426 | -15796985.6982048 | -17699837.76054035 | -20609266.30214104 | -21355930.85083457 | -21853957.74455437 | -21803101.93890516 | -22375376.44257222 | -22331910.63750838 | -22395566.07735264 | -23464067.9612156 | -26230249.354844 | -25426008.2457839 | -25627981.25701391 | -27486967.01677388 | -28785185.44523169
 | Net Margin | 0 | 31099271.32356219 | 28181449.81467929 | 26137592.44518745 | 24534078.52139138 | 23695478.5473072 | 26549756.64081052 | 30913899.45321155 | 32033896.27625185 | 32780936.61683156 | 32704652.90835774 | 33563064.66385832 | 33497865.95626257 | 33593349.11602895 | 35196101.94182341 | 39345374.03226599 | 38139012.36867585 | 38441971.88552086 | 41230450.52516082 | 43177778.16784753
 | Depreciation | 0 | 3441938.199057 | 5877737.6589122 | 6266087.4678224 | 6345796.296572 | 6231939.0057115 | 4498514.42272028 | 2680917.045907361 | 2519655.597703624 | 2620192.450154703 | 2608450.180386764 | 2606053.885304797 | 2736589.411125792 | 2870456.986874819 | 2844880.309896316 | 2823270.472608459 | 2969737.185201966 | 3120495.384173278 | 3152091.844113729 | 3177925.792852395
 | [NAME] | 0 | -2140736.38 | -2090891.7 | -3759535.24 | -1669261.97 | -2255300.872 | -2322959.89816 | -2392648.695104801 | -2464428.155957945 | -2538361.000636683 | -2614511.830655784 | -2692947.185575457 | -2773735.601142721 | -2856947.669177003 | -2942656.099252313 | -3030935.782229882 | -3121863.855696779 | -3215519.771367682 | -3311985.364508713 | -3411344.925443974
 | Env Cap Ads | 0 | -27587393.21 | -3755790.25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 4813079.932619192 | 28212505.52359148 | 28644144.67300984 | 29210612.84796339 | 27672116.6810187 | 28725311.1653708 | 31202167.80401411 | 32089123.71799753 | 32862768.06634958 | 32698591.25808872 | 33476171.36358766 | 33460719.76624565 | 33606858.43372677 | 35098326.15246741 | 39137708.72264457 | 37986885.69818103 | 38346947.49832646 | 41070557.00476584 | 42944359.03525595 | 226013845.2451022
Unlevered | NPV ('00-'05) | 90560308.52271296 |  | Levered | NPV ('00-'05) | 90560308.52271296
 | NPV ('06-'19) | 162296450.1859649 |  |  | NPV ('06-'19) | 162296450.1859649
 | NPV (TV) | 35235276.47529523 |  |  | NPV (TV) | 35235276.47529523
 | NPV | 288092035.1839731 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 288092035.1839731
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 31099271.32356219 | 28181449.81467929 | 26137592.44518745 | 24534078.52139138 | 23695478.5473072 | 26549756.64081052 | 30913899.45321155 | 32033896.27625185 | 32780936.61683156 | 32704652.90835774 | 33563064.66385832 | 33497865.95626257 | 33593349.11602895 | 35196101.94182341 | 39345374.03226599 | 38139012.36867585 | 38441971.88552086 | 41230450.52516082 | 43177778.16784753
 | Income Taxes (Per Cash Flow) |  | 20732847.54904146 | 18787633.20978619 | 17425061.63012497 | 16356052.34759426 | 15796985.6982048 | 17699837.76054035 | 20609266.30214104 | 21355930.85083457 | 21853957.74455437 | 21803101.93890516 | 22375376.44257222 | 22331910.63750838 | 22395566.07735264 | 23464067.9612156 | 26230249.354844 | 25426008.2457839 | 25627981.25701391 | 27486967.01677388 | 28785185.44523169
 | Tax Depreciation (Per Cash Flow) |  | 3441938.199057 | 5877737.6589122 | 6266087.4678224 | 6345796.296572 | 6231939.0057115 | 4498514.42272028 | 2680917.045907361 | 2519655.597703624 | 2620192.450154703 | 2608450.180386764 | 2606053.885304797 | 2736589.411125792 | 2870456.986874819 | 2844880.309896316 | 2823270.472608459 | 2969737.185201966 | 3120495.384173278 | 3152091.844113729 | 3177925.792852395
 | EBITDA |  | 55274057.07166065 | 52846820.68337768 | 49828741.54313482 | 47235927.16555764 | 45724403.2512235 | 48748108.82407115 | 54204082.80125995 | 55909482.72479004 | 57255086.81154063 | 57116205.02764966 | 58544494.99173534 | 58566366.00489675 | 58859372.1802564 | 61505050.21293533 | 68398893.85971846 | 66534757.79966172 | 67190448.52670805 | 71869509.38604842 | 75140889.40593162
Less: | Book Depreciation |  | -5117325.709536184 | -5402298.097736333 | -5563651.465822734 | -5646743.881198664 | -5759130.17187251 | -5875278.16678051 | -5446499.548971371 | -5155855.630529647 | -5085898.696096702 | -5199533.795184289 | -5334181.154463062 | -5472867.934520198 | -5144330.883844129 | -4647406.886934003 | -3819977.345762454 | -3914454.467042721 | -4071025.125115255 | -4236624.393340691 | -4403595.027567773
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 50156731.36212447 | 47444522.58564134 | 44265090.07731208 | 41589183.28435897 | 39965273.07935099 | 42872830.65729064 | 48757583.25228858 | 50753627.09426039 | 52169188.11544393 | 51916671.23246537 | 53210313.83727228 | 53093498.07037655 | 53715041.29641227 | 56857643.32600132 | 64578916.513956 | 62620303.332619 | 63119423.4015928 | 67632884.99270773 | 70737294.37836385
 | Income Taxes |  | -20062692.54484979 | -18977809.03425654 | -17706036.03092483 | -16635673.31374359 | -15986109.2317404 | -17149132.26291626 | -19503033.30091543 | -20301450.83770416 | -20867675.24617757 | -20766668.49298615 | -21284125.53490891 | -21237399.22815062 | -21486016.51856491 | -22743057.33040053 | -25831566.6055824 | -25048121.3330476 | -25247769.36063712 | -27053153.99708309 | -28294917.75134554
 | Net Income - GAAP Basis |  | 30094038.81727468 | 28466713.5513848 | 26559054.04638725 | 24953509.97061538 | 23979163.84761059 | 25723698.39437439 | 29254549.95137315 | 30452176.25655624 | 31301512.86926636 | 31150002.73947922 | 31926188.30236337 | 31856098.84222593 | 32229024.77784736 | 34114585.99560079 | 38747349.9083736 | 37572181.9995714 | 37871654.04095568 | 40579730.99562463 | 42442376.6270183
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 4813079.932619192 | 28212505.52359148 | 28644144.67300984 | 29210612.84796339 | 27672116.6810187 | 28725311.1653708 | 31202167.80401411 | 32089123.71799753 | 32862768.06634958 | 32698591.25808872 | 33476171.36358766 | 33460719.76624565 | 33606858.43372677 | 35098326.15246741 | 39137708.72264457 | 37986885.69818103 | 38346947.49832646 | 41070557.00476584 | 42944359.03525595 | 226013845.2451022
Unit | Miami Fort 8 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 320
 | Revenue | 0 | 97761596.57045725 | 95306770.49344258 | 95481016.86877702 | 93007560.85672995 | 92164333.94733524 | 97303869.84843929 | 104659204.315025 | 107477887.8472838 | 109697246.7618684 | 110090757.3120619 | 112497339.0302845 | 113714414.9929729 | 115082782.6136556 | 119195637.3868177 | 127603875.7665193 | 126947287.9696388 | 128670946.7321043 | 134813883.22637 | 138853889.3513871
 | Fuel | 0 | -30373840.68946606 | -30397688.8141124 | -30492241.87743576 | -30908271.02790351 | -31496921.86051869 | -32395788.18956481 | -33143010.7547687 | -33855639.68269461 | -34416056.60659753 | -34699724.43227676 | -35174810.3842274 | -35940482.88931285 | -36759198.97155787 | -37543321.41652491 | -38078369.67309065 | -38860185.87557249 | -39748089.23237341 | -40723629.80361181 | -41731457.76964298
 | Variable O&M | 0 | -1658054.678838631 | -1668602.123138684 | -3047519.602333031 | -3070468.16920634 | -3092014.091596826 | -3131464.111308644 | -3201498.091096897 | -3273116.346502033 | -3346355.122228074 | -3421251.50123308 | -3497843.424315712 | -3576169.710163822 | -3656270.075876039 | -3738185.15796763 | -3821956.533872151 | -3907626.743950676 | -3995239.314020725 | -4084838.77841723 | -4176470.703598224
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -615561.1622882276 | -682300.374935911 | -950618.4937276393 | -826930.7983955527 | -919674.1888284162 | -1013090.668215509 | -1122474.087006087 | -1258588.729261817 | -1401005.654686816 | -1551886.282922966 | -1703969.230200849 | -1674066.696167879 | -1432254.604681378 | -1484983.779039519
 | NOx Costs | 0 | 0 | 0 | -1569780.666777518 | -1318165.559913103 | -1347908.151525887 | -1386775.537149795 | -1820231.827573591 | -1589494.806337993 | -1682851.9603988 | -1601298.091799363 | -1647160.58890319 | -1689872.89923661 | -1509411.046168906 | -1563379.552893508 | -1595687.387316892 | -1694507.895129969 | -1593013.170045054 | -1754508.131870809 | -955242.9250743199
 | Prod. Margin | 0 | 65729701.20215256 | 63240479.5561915 | 60371474.72223071 | 57710656.09970699 | 56227489.84369384 | 59774280.84812782 | 65812163.26664988 | 67809018.51802152 | 69425052.2742484 | 69448809.09792428 | 71164433.9646227 | 71385415.40725356 | 71899313.79079099 | 74949745.60474484 | 82555975.88931665 | 80780998.2247848 | 81660538.31949723 | 86818651.90778875 | 90505734.17403209
 | Fixed O&M | 0 | -4712996.932514532 | -4807256.871164823 | -4972323.008588119 | -5072114.073759883 | -5173909.57536008 | -5277749.817495407 | -5383675.915739142 | -5491729.8134951 | -5601954.298692204 | -5714393.020816432 | -5829090.508286904 | -5946092.186183139 | -6065444.39433056 | -6187194.405751524 | -6311390.445489266 | -6438081.709812331 | -6567318.385807189 | -6699151.67136691 | -6833633.795583914
 | Property Tax | 0 | -695592.3114392383 | -709213.759047067 | -723133.5163575073 | -737367.8601831634 | -751940.9813918702 | -767475.7283857407 | -783396.2376734739 | -799092.5731488676 | -815819.4359052117 | -832313.6137583693 | -849206.9507155735 | -866525.9997640991 | -884284.9526584573 | -902487.8793751744 | -921147.6995524811 | -940274.0152342204 | -959874.663544867 | -979967.2881281107 | -1000564.237588394
 | A&G | 0 | -657011.694616466 | -670874.641372877 | -685566.796018944 | -701060.605608967 | -717745.848022462 | -735732.631130185 | -753980.850038893 | -773065.663510754 | -792160.38539947 | -812360.475227154 | -832019.598727655 | -852986.492615589 | -874652.349528023 | -896518.658266224 | -919021.276588706 | -941996.808503425 | -965358.329354309 | -989588.823421104 | -1014427.50288897
 | Operating Income | 0 | 59664100.26358232 | 57053134.28460674 | 53990451.40126614 | 51200113.56015497 | 49583893.43891943 | 52993322.67111649 | 58891110.26319837 | 60745130.4678668 | 62215118.15425152 | 62089741.98812232 | 63654116.90689258 | 63719810.72869074 | 64074932.09427395 | 66963544.66135191 | 74404416.46768619 | 72460645.69123484 | 73167986.94079086 | 78149944.12487262 | 81657108.63797082
 | Depreciation | 0 | -4804319.869399 | -6492054.914127399 | -6517620.5654609 | -6660545.664959299 | -5999973.8414612 | -4459776.198377499 | -3772298.7757747 | -3952014.447598999 | -4201247.2218109 | -4335295.919942319 | -4471702.103696702 | -4748077.295608193 | -5033130.130140685 | -5163274.26970915 | -5302056.873464671 | -5613727.800332858 | -5934646.34000709 | -6141507.950871549 | -6347865.005061941
 | Total Tax | 0 | -21943912.15767333 | -20224431.74819174 | -18989132.3343221 | -17815827.15807827 | -17433567.83898329 | -19413418.5890956 | -22047524.59496947 | -22717246.40810712 | -23205548.37297625 | -23101778.427272 | -23672965.92127835 | -23588693.37323302 | -23616720.78565331 | -24720108.15665711 | -27640943.83768861 | -26738767.15636079 | -26893336.24031351 | -28803374.46960044 | -30123697.45316355
 | Net Margin | 0 | 32915868.23650999 | 30336647.6222876 | 28483698.50148315 | 26723740.73711741 | 26150351.75847493 | 29120127.88364339 | 33071286.8924542 | 34075869.61216068 | 34808322.55946437 | 34652667.640908 | 35509448.88191752 | 35383040.05984952 | 35425081.17847995 | 37080162.23498566 | 41461415.75653291 | 40108150.73454119 | 40340004.36047026 | 43205061.70440064 | 45185546.17974533
 | Depreciation | 0 | 4804319.869399 | 6492054.914127399 | 6517620.5654609 | 6660545.664959299 | 5999973.8414612 | 4459776.198377499 | 3772298.7757747 | 3952014.447598999 | 4201247.2218109 | 4335295.919942319 | 4471702.103696702 | 4748077.295608193 | 5033130.130140685 | 5163274.26970915 | 5302056.873464671 | 5613727.800332858 | 5934646.34000709 | 6141507.950871549 | 6347865.005061941
 | [NAME] | 0 | -17423162.35999999 | -2384312.89 | -3137634.37 | -5659421.960000001 | -4800000 | -4944000 | -5092320 | -5245089.6 | -5402442.288000001 | -5564515.556640001 | -5731451.023339201 | -5903394.554039377 | -6080496.390660558 | -6262911.282380375 | -6450798.620851787 | -6644322.579477341 | -6843652.256861662 | -7048961.824567512 | -7260430.679304537
 | Env Cap Ads | 0 | -14239251.33 | -71334.62 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 6057774.415908998 | 34373055.02641501 | 31863684.69694405 | 27724864.44207671 | 27350325.59993614 | 28635904.08202089 | 31751265.6682289 | 32782794.45975968 | 33607127.49327527 | 33423448.00421032 | 34249699.96227503 | 34227722.80141834 | 34377714.91796008 | 35980525.22231443 | 40312674.0091458 | 39077555.95539671 | 39430998.44361568 | 42297607.83070468 | 44272980.50550273 | 232050146.7492681
Unlevered | NPV ('00-'05) | 98350020.17407365 |  | Levered | NPV ('00-'05) | 98350020.17407365
 | NPV ('06-'19) | 165749349.3566658 |  |  | NPV ('06-'19) | 165749349.3566658
 | NPV (TV) | 36176328.34827617 |  |  | NPV (TV) | 36176328.34827617
 | NPV | 300275697.8790156 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 300275697.8790156
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 32915868.23650999 | 30336647.6222876 | 28483698.50148315 | 26723740.73711741 | 26150351.75847493 | 29120127.88364339 | 33071286.8924542 | 34075869.61216068 | 34808322.55946437 | 34652667.640908 | 35509448.88191752 | 35383040.05984952 | 35425081.17847995 | 37080162.23498566 | 41461415.75653291 | 40108150.73454119 | 40340004.36047026 | 43205061.70440064 | 45185546.17974533
 | Income Taxes (Per Cash Flow) |  | 21943912.15767333 | 20224431.74819174 | 18989132.3343221 | 17815827.15807827 | 17433567.83898329 | 19413418.5890956 | 22047524.59496947 | 22717246.40810712 | 23205548.37297625 | 23101778.427272 | 23672965.92127835 | 23588693.37323302 | 23616720.78565331 | 24720108.15665711 | 27640943.83768861 | 26738767.15636079 | 26893336.24031351 | 28803374.46960044 | 30123697.45316355
 | Tax Depreciation (Per Cash Flow) |  | 4804319.869399 | 6492054.914127399 | 6517620.5654609 | 6660545.664959299 | 5999973.8414612 | 4459776.198377499 | 3772298.7757747 | 3952014.447598999 | 4201247.2218109 | 4335295.919942319 | 4471702.103696702 | 4748077.295608193 | 5033130.130140685 | 5163274.26970915 | 5302056.873464671 | 5613727.800332858 | 5934646.34000709 | 6141507.950871549 | 6347865.005061941
 | EBITDA |  | 59664100.26358232 | 57053134.28460674 | 53990451.40126614 | 51200113.56015497 | 49583893.43891943 | 52993322.67111649 | 58891110.26319837 | 60745130.4678668 | 62215118.15425152 | 62089741.98812233 | 63654116.90689258 | 63719810.72869074 | 64074932.09427395 | 66963544.66135191 | 74404416.46768619 | 72460645.69123484 | 73167986.94079086 | 78149944.12487262 | 81657108.63797082
Less: | Book Depreciation |  | -5815249.228536183 | -5930669.894736332 | -6060928.219322734 | -6343528.634198665 | -6583149.88127251 | -6830349.88127251 | -6536554.828708131 | -6384943.98246851 | -6458191.11240373 | -6719326.397790529 | -7005898.948957489 | -7301068.676659458 | -7133709.062057566 | -6802797.824303843 | -6146361.425063389 | -6416961.482532685 | -6754938.764879918 | -7107386.856108293 | -7466811.778028404
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 53848851.03504614 | 51122464.38987041 | 47929523.18194341 | 44856584.92595631 | 43000743.55764692 | 46162972.78984398 | 52354555.43449023 | 54360186.48539829 | 55756927.0418478 | 55370415.5903318 | 56648217.95793509 | 56418742.05203128 | 56941223.03221639 | 60160746.83704807 | 68258055.0426228 | 66043684.20870215 | 66413048.17591094 | 71042557.26876433 | 74190296.85994242
 | Income Taxes |  | -21539540.41401846 | -20448985.75594816 | -19171809.27277736 | -17942633.97038252 | -17200297.42305877 | -18465189.11593759 | -20941822.17379609 | -21744074.59415932 | -22302770.81673912 | -22148166.23613272 | -22659287.18317404 | -22567496.82081251 | -22776489.21288656 | -24064298.73481923 | -27303222.01704912 | -26417473.68348086 | -26565219.27036438 | -28417022.90750574 | -29676118.74397697
 | Net Income - GAAP Basis |  | 32309310.62102768 | 30673478.63392224 | 28757713.90916605 | 26913950.95557379 | 25800446.13458815 | 27697783.67390639 | 31412733.26069414 | 32616111.89123897 | 33454156.22510868 | 33222249.35419908 | 33988930.77476105 | 33851245.23121877 | 34164733.81932983 | 36096448.10222884 | 40954833.02557369 | 39626210.52522129 | 39847828.90554656 | 42625534.3612586 | 44514178.11596546
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 6057774.415908998 | 34373055.02641501 | 31863684.69694405 | 27724864.44207671 | 27350325.59993614 | 28635904.08202089 | 31751265.6682289 | 32782794.45975968 | 33607127.49327527 | 33423448.00421032 | 34249699.96227503 | 34227722.80141834 | 34377714.91796008 | 35980525.22231443 | 40312674.0091458 | 39077555.95539671 | 39430998.44361568 | 42297607.83070468 | 44272980.50550273 | 232050146.7492681
Unit | WC Beckjord 1 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 94
 | Revenue | 0 | 28228226.50662633 | 27519406.38740496 | 27569719.25384178 | 26855519.82368087 | 26612041.80132962 | 28096059.95001792 | 30219880.08633429 | 31033762.42858672 | 31674592.45119425 | 31788216.87359824 | 32280157.31888457 | 32834531.92355259 | 33229641.99229136 | 34417210.52838826 | 36616512.67056318 | 36655465.18183386 | 37153163.98866486 | 38926909.59899743 | 40093443.41171959
 | Fuel | 0 | -9614799.45892887 | -9620985.795478186 | -9651497.232285123 | -9783632.208020253 | -9971979.86339146 | -10257621.53152766 | -10494210.7552619 | -10719709.8591336 | -10896412.43561011 | -10983654.71186211 | -10993203.69330236 | -11374766.27234777 | -11634275.07713127 | -11881215.07940388 | -11898474.81693729 | -12296724.90358714 | -12577674.60677156 | -12885979.93895023 | -13204636.04966729
 | Variable O&M | 0 | -751380.8177309346 | -756160.604202571 | -760615.30591721 | -764721.2508854998 | -768453.5948380906 | -776602.6320880034 | -792277.8558372582 | -808269.473878055 | -824583.8724253101 | -841227.5665955729 | -847439.7757257088 | -875529.5624427788 | -893201.5625407936 | -911230.2605743902 | -917939.979195822 | -948386.6946420078 | -967529.269010266 | -987058.2239082328 | -1006981.358177948
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -794316.941745085 | -880436.8767450788 | -1034913.795617866 | -1067067.227527296 | -1186742.819115721 | -1278771.836176554 | -1448434.759373762 | -1624076.390111785 | -1807850.45447252 | -1958865.611748442 | -2198793.086180955 | -2160207.010842469 | -1848173.9380077 | -1916215.39202213
 | NOx Costs | 0 | 0 | 0 | -2190996.21809352 | -1839808.463509418 | -1881321.209282803 | -1935569.740119904 | -2540559.413598908 | -2218511.912568619 | -2348813.664786716 | -2234986.159165136 | -2270129.308382916 | -2358613.027695604 | -2106736.287237869 | -2182061.965934432 | -2199188.54868737 | -2365082.248962083 | -2223422.612349291 | -2448826.618201744 | -1333265.00987864
 | Prod. Margin | 0 | 17862046.22996653 | 17142259.9877242 | 14966610.49754593 | 14467357.9012657 | 13990287.13381726 | 14331949.10453727 | 15512395.18489114 | 16252357.38738858 | 16537715.25084482 | 16541605.6168597 | 16890612.70529703 | 16777188.30169267 | 16971352.67526964 | 17634852.76800304 | 19642043.71399426 | 18846478.24846167 | 19224330.48969128 | 20756870.87992952 | 22632345.60197358
 | Fixed O&M | 0 | -2882633.337382667 | -2940286.00413032 | -2999091.724212927 | -3059073.558697185 | -3120255.029871129 | -3182660.130468552 | -3246313.333077923 | -3311239.599739481 | -3377464.391734271 | -3445013.679568956 | -3513913.953160335 | -3584192.232223542 | -3655876.076868013 | -3728993.598405373 | -3803573.470373481 | -3879644.939780951 | -3957237.83857657 | -4036382.595348101 | -4117110.247255063
 | Property Tax | 0 | -246782.1000297976 | -252279.4078560588 | -258194.9515947142 | -269260.2490431773 | -319346.274729274 | -397860.8881223199 | -444395.5322818126 | -491727.3947200574 | -528611.1040856825 | -547568.3935606119 | -554386.161843414 | -561746.1369085201 | -568913.2481835545 | -576259.5372404647 | -583790.2181527033 | -591509.1660877479 | -599419.5439315815 | -607528.4722592955 | -615840.934688035
 | A&G | 0 | -307061.972034519 | -313540.979644449 | -320407.527098663 | -327648.737211091 | -335446.777156715 | -343853.10711533 | -352381.622102413 | -361301.129180596 | -370225.267071357 | -379666.011381676 | -388853.928857114 | -398653.047864312 | -408778.835280065 | -418998.306162066 | -429515.163646734 | -440253.042737903 | -451171.318197802 | -462495.718284568 | -474104.360813511
 | Operating Income | 0 | 14425568.82051954 | 13636153.59609338 | 11388916.29463962 | 10811375.35631424 | 10215239.05206015 | 10407574.97883107 | 11469304.697429 | 12088089.26374844 | 12261414.48795351 | 12169357.53234846 | 12433458.66143617 | 12232596.8846963 | 12337784.51493801 | 12910601.32619513 | 14825164.86182134 | 13935071.09985507 | 14216501.78898532 | 15650464.09403755 | 17425290.05921697
 | Depreciation | 0 | -890142.1840113637 | -1111218.8981599 | -1122040.279563391 | -1124456.476994709 | -1180782.167981282 | -1271626.202392807 | -1299362.101742482 | -1258793.733667378 | -1241521.527924354 | -1293522.768058179 | -1360727.683296995 | -1399709.747351917 | -1474496.958803464 | -1528857.710462193 | -1586338.948335457 | -1667153.251214237 | -1751318.229003244 | -1870089.900813422 | -1986353.925050632
 | Total Tax | 0 | -5414170.654603273 | -5009973.87917339 | -4106750.406030492 | -3874767.551727814 | -3613782.753631546 | -3654379.510575304 | -4067977.038274606 | -4331718.212032427 | -4407957.184011663 | -4350333.905716113 | -4429092.391255669 | -4333154.854937753 | -4345315.02245382 | -4552697.446293175 | -5295530.365394354 | -4907167.139456333 | -4986073.423992831 | -5512149.677289653 | -6175574.453666537
 | Net Margin | 0 | 8121255.981904907 | 7514960.818760085 | 6160125.609045737 | 5812151.32759172 | 5420674.130447319 | 5481569.265862955 | 6101965.557411908 | 6497577.31804864 | 6611935.776017495 | 6525500.858574168 | 6643638.586883504 | 6499732.282406628 | 6517972.53368073 | 6829046.169439763 | 7943295.548091531 | 7360750.709184499 | 7479110.135989247 | 8268224.515934478 | 9263361.680499803
 | Depreciation | 0 | 890142.1840113637 | 1111218.8981599 | 1122040.279563391 | 1124456.476994709 | 1180782.167981282 | 1271626.202392807 | 1299362.101742482 | 1258793.733667378 | 1241521.527924354 | 1293522.768058179 | 1360727.683296995 | 1399709.747351917 | 1474496.958803464 | 1528857.710462193 | 1586338.948335457 | 1667153.251214237 | 1751318.229003244 | 1870089.900813422 | 1986353.925050632
 | [NAME] | 0 | -5440512.71 | -1207895.95 | -294093.1 | -776726.04 | -1724501.212 | -1776236.24836 | -1829523.3358108 | -1884409.035885124 | -1940941.306961678 | -1999169.546170528 | -2059144.632555644 | -2120918.971532314 | -2184546.540678283 | -2250082.936898632 | -2317585.425005591 | -2387112.987755759 | -2458726.377388432 | -2532488.168710085 | -2608462.813771387
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 3570885.455916272 | 7418283.766919984 | 6988072.788609128 | 6159881.764586429 | 4876955.086428601 | 4976959.219895762 | 5571804.323343591 | 5871962.015830895 | 5912515.996980172 | 5819854.080461819 | 5945221.637624855 | 5778523.058226231 | 5807922.95180591 | 6107820.943003324 | 7212049.071421398 | 6640790.972642977 | 6771701.98760406 | 7605826.248037815 | 8641252.791779047 | 40757505.79025158
Unlevered | NPV ('00-'05) | 22929900.79714055 |  | Levered | NPV ('00-'05) | 22929900.79714055
 | NPV ('06-'19) | 29017669.32919301 |  |  | NPV ('06-'19) | 29017669.32919301
 | NPV (TV) | 6354044.299390467 |  |  | NPV (TV) | 6354044.299390467
 | NPV | 58301614.42572402 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 58301614.42572402
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 8121255.981904907 | 7514960.818760085 | 6160125.609045737 | 5812151.32759172 | 5420674.130447319 | 5481569.265862955 | 6101965.557411908 | 6497577.31804864 | 6611935.776017495 | 6525500.858574168 | 6643638.586883504 | 6499732.282406628 | 6517972.53368073 | 6829046.169439763 | 7943295.548091531 | 7360750.709184499 | 7479110.135989247 | 8268224.515934478 | 9263361.680499803
 | Income Taxes (Per Cash Flow) |  | 5414170.654603273 | 5009973.87917339 | 4106750.406030492 | 3874767.551727814 | 3613782.753631546 | 3654379.510575304 | 4067977.038274606 | 4331718.212032427 | 4407957.184011663 | 4350333.905716113 | 4429092.391255669 | 4333154.854937753 | 4345315.02245382 | 4552697.446293175 | 5295530.365394354 | 4907167.139456333 | 4986073.423992831 | 5512149.677289653 | 6175574.453666537
 | Tax Depreciation (Per Cash Flow) |  | 890142.1840113637 | 1111218.8981599 | 1122040.279563391 | 1124456.476994709 | 1180782.167981282 | 1271626.202392807 | 1299362.101742482 | 1258793.733667378 | 1241521.527924354 | 1293522.768058179 | 1360727.683296995 | 1399709.747351917 | 1474496.958803464 | 1528857.710462193 | 1586338.948335457 | 1667153.251214237 | 1751318.229003244 | 1870089.900813422 | 1986353.925050632
 | EBITDA |  | 14425568.82051954 | 13636153.59609338 | 11388916.29463962 | 10811375.35631424 | 10215239.05206015 | 10407574.97883107 | 11469304.697429 | 12088089.26374844 | 12261414.48795351 | 12169357.53234846 | 12433458.66143617 | 12232596.8846963 | 12337784.51493801 | 12910601.32619513 | 14825164.86182134 | 13935071.09985507 | 14216501.78898532 | 15650464.09403755 | 17425290.05921697
Less: | Book Depreciation |  | -1321672.129002046 | -1380157.12104229 | -1387955.023685949 | -1397144.367869852 | -1398252.042011176 | -1487063.854429176 | -1169901.524334878 | -909027.6503292001 | -1005717.438827216 | -1092124.327055256 | -1093012.416362876 | -1199058.364939492 | -1308285.691973406 | -1420789.838818338 | -1536669.110068617 | -1655381.784086392 | -1776579.874548164 | -1903204.282983668 | -2033627.423672237
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 13103896.6915175 | 12255996.47505109 | 10000961.27095367 | 9414230.98844439 | 8816987.01004897 | 8920511.12440189 | 10299403.17309412 | 11179061.61341924 | 11255697.0491263 | 11077233.2052932 | 11340446.24507329 | 11033538.51975681 | 11029498.82296461 | 11489811.48737679 | 13288495.75175272 | 12279689.31576868 | 12439921.91443716 | 13747259.81105388 | 15391662.63554474
 | Income Taxes |  | -5241558.676607 | -4902398.590020435 | -4000384.508381469 | -3765692.395377756 | -3526794.804019589 | -3568204.449760756 | -4119761.269237647 | -4471624.645367698 | -4502278.819650519 | -4430893.282117282 | -4536178.498029317 | -4413415.407902722 | -4411799.529185844 | -4595924.594950718 | -5315398.30070109 | -4911875.726307471 | -4975968.765774864 | -5498903.924421553 | -6156665.054217895
 | Net Income - GAAP Basis |  | 7862338.014910499 | 7353597.885030651 | 6000576.762572203 | 5648538.593066634 | 5290192.206029382 | 5352306.674641134 | 6179641.903856471 | 6707436.968051546 | 6753418.229475779 | 6646339.923175923 | 6804267.747043976 | 6620123.111854083 | 6617699.293778765 | 6893886.892426076 | 7973097.451051635 | 7367813.589461206 | 7463953.148662296 | 8248355.88663233 | 9234997.581326842
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 3570885.455916272 | 7418283.766919984 | 6988072.788609128 | 6159881.764586429 | 4876955.086428601 | 4976959.219895762 | 5571804.323343591 | 5871962.015830895 | 5912515.996980172 | 5819854.080461819 | 5945221.637624855 | 5778523.058226231 | 5807922.95180591 | 6107820.943003324 | 7212049.071421398 | 6640790.972642977 | 6771701.98760406 | 7605826.248037815 | 8641252.791779047 | 40757505.79025158
Unit | WC Beckjord 2 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 94
 | Revenue | 0 | 27254126.55061453 | 26569766.40399511 | 26618343.0734742 | 25928789.24523731 | 25693713.16520455 | 27126520.79901977 | 29177052.12631809 | 29962849.00760114 | 30581565.26062111 | 30691268.73018592 | 31362179.24109972 | 31701477.52869381 | 32082953.13476143 | 33229541.04253225 | 35573602.52380078 | 35390557.97936278 | 35871082.19020105 | 37583619.36717369 | 38709898.41803919
 | Fuel | 0 | -8954364.91791634 | -8960126.31889035 | -8988541.94425064 | -9111600.65142457 | -9287010.824546957 | -9553031.945754908 | -9773370.004183736 | -9983379.716123719 | -10147944.70351275 | -10229194.36255838 | -10368282.76194158 | -10593440.71539854 | -10835124.02323765 | -11065101.87172275 | -11222092.73835329 | -11452070.58683838 | -11713722.03122261 | -12000850.06361268 | -12297617.88605901
 | Variable O&M | 0 | -725452.1600687889 | -730067.0056154024 | -734367.9844334483 | -738332.2414068491 | -741935.7895925795 | -749803.6197739284 | -764937.922726723 | -780377.7018333082 | -796129.1229330248 | -812198.4763187071 | -828592.1792486978 | -845316.7785095639 | -862378.9530305424 | -879785.5165507519 | -897543.420340246 | -915659.755975985 | -934141.7581738415 | -952996.8076777657 | -972232.4342072697
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -692182.504653419 | -767229.0121318109 | -905639.5196023107 | -929862.158750807 | -1034149.68729019 | -1139194.08683888 | -1262192.894145969 | -1415250.266457023 | -1575394.392150838 | -1745055.731355468 | -1916069.047027565 | -1882444.425835601 | -1610533.023045972 | -1669825.607132744
 | NOx Costs | 0 | 0 | 0 | -2040498.062844634 | -1713433.17473307 | -1752094.436050838 | -1802616.669348707 | -2366049.981821098 | -2066123.721533866 | -2187475.128163697 | -2081466.362470174 | -2141081.274590149 | -2196601.378984018 | -1962025.893761666 | -2032177.498859612 | -2074173.221542929 | -2202626.233501499 | -2070697.108428341 | -2280618.254572336 | -1241683.873048006
 | Prod. Margin | 0 | 17574309.4726294 | 16879573.07948936 | 14854935.08194548 | 14365423.17767282 | 13912672.11501418 | 14328886.0594888 | 15505465.20545472 | 16227328.34850794 | 16520154.14726083 | 16534259.84154848 | 16885028.93848042 | 16803925.76165573 | 17008173.99827455 | 17677081.7632483 | 19634737.41220884 | 18904132.35601935 | 19270076.86654066 | 20738621.21826494 | 22528538.61759216
 | Fixed O&M | 0 | -3115421.812955906 | -3177730.249215024 | -3241284.854199325 | -3306110.551283311 | -3372232.762308978 | -3439677.417555157 | -3508470.96590626 | -3578640.385224385 | -3650213.192928873 | -3723217.456787451 | -3797681.8059232 | -3873635.442041664 | -3951108.150882497 | -4030130.313900148 | -4110732.920178151 | -4192947.578581714 | -4276806.530153348 | -4362342.660756415 | -4449589.513971543
 | Property Tax | 0 | -246782.1000297976 | -252279.4078560588 | -257897.1067237151 | -268962.4041721783 | -318736.4347000426 | -402826.8822186515 | -443315.6150709971 | -490647.4775092419 | -533196.673363126 | -552153.9628380554 | -558971.7311208575 | -565961.3071643863 | -573128.4184394206 | -580474.7074963308 | -588005.3884085694 | -595724.336343614 | -603634.7141874477 | -611743.6425151617 | -620056.1049439012
 | A&G | 0 | -307061.972034519 | -313540.979644449 | -320407.527098663 | -327648.737211091 | -335446.777156715 | -343853.10711533 | -352381.622102413 | -361301.129180596 | -370225.267071357 | -379666.011381676 | -388853.928857114 | -398653.047864312 | -408778.835280065 | -418998.306162066 | -429515.163646734 | -440253.042737903 | -451171.318197802 | -462495.718284568 | -474104.360813511
 | Operating Income | 0 | 13905043.58760918 | 13136022.44277383 | 11035345.59392377 | 10462701.48500624 | 9886256.140848447 | 10142528.65259966 | 11201297.00237505 | 11796739.35659371 | 11966519.01389747 | 11879222.4105413 | 12139521.47257925 | 11965675.96458536 | 12075158.59367257 | 12647478.43568975 | 14506483.93997539 | 13675207.39835612 | 13938464.30400206 | 15302039.1967088 | 16984788.63786321
 | Depreciation | 0 | -711001.6772613636 | -942429.1527157 | -1141876.549531591 | -1142692.046215109 | -1196917.070413682 | -1285050.222461997 | -1310158.978850206 | -1267185.087557642 | -1234350.747631056 | -1282194.95181667 | -1348188.507424156 | -1385995.303424933 | -1459584.49091579 | -1512711.27789501 | -1568921.532148378 | -1648426.721898666 | -1731243.313165325 | -1848626.146857485 | -1963459.667833137
 | Total Tax | 0 | -5277616.764139125 | -4877437.316023252 | -3957387.617756873 | -3728003.775516453 | -3475735.628173906 | -3542991.372055067 | -3956455.209409938 | -4211821.707614428 | -4292867.306506568 | -4238810.983489851 | -4316533.186062037 | -4231872.264464173 | -4246229.641102712 | -4453906.863117899 | -5175024.963130806 | -4810712.270582982 | -4882888.396334693 | -5381365.219940526 | -6008531.588012028
 | Net Margin | 0 | 7916425.146208687 | 7316155.974034878 | 5936081.42663531 | 5592005.663274679 | 5213603.442260858 | 5314487.058082601 | 5934682.814114907 | 6317732.561421643 | 6439300.959759851 | 6358216.475234775 | 6474799.779093056 | 6347808.396696257 | 6369344.461654066 | 6680860.294676847 | 7762537.444696207 | 7216068.405874473 | 7324332.594502039 | 8072047.829910789 | 9012797.38201804
 | Depreciation | 0 | 711001.6772613636 | 942429.1527157 | 1141876.549531591 | 1142692.046215109 | 1196917.070413682 | 1285050.222461997 | 1310158.978850206 | 1267185.087557642 | 1234350.747631056 | 1282194.95181667 | 1348188.507424156 | 1385995.303424933 | 1459584.49091579 | 1512711.27789501 | 1568921.532148378 | 1648426.721898666 | 1731243.313165325 | 1848626.146857485 | 1963459.667833137
 | [NAME] | 0 | -663432.53 | -5903033.89 | -291631.14 | -776726.04 | -1704336.478 | -1755466.57234 | -1808130.5695102 | -1862374.486595506 | -1918245.721193372 | -1975793.092829173 | -2035066.885614048 | -2096118.89218247 | -2159002.458947944 | -2223772.532716382 | -2290485.708697873 | -2359200.279958809 | -2429976.288357574 | -2502875.577008301 | -2577961.84431855
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 7963994.29347005 | 2355551.236750579 | 6786326.836166902 | 5957971.669489789 | 4706184.034674539 | 4844070.708204598 | 5436711.223454913 | 5722543.162383778 | 5755405.986197535 | 5664618.334222272 | 5787921.400903164 | 5637684.807938721 | 5669926.493621913 | 5969799.039855475 | 7040973.268146711 | 6505294.847814331 | 6625599.619309791 | 7417798.399759972 | 8398295.205532629 | 39766354.96434529
Unlevered | NPV ('00-'05) | 22315447.13092688 |  | Levered | NPV ('00-'05) | 22315447.13092688
 | NPV ('06-'19) | 28294264.69576156 |  |  | NPV ('06-'19) | 28294264.69576156
 | NPV (TV) | 6199525.12229469 |  |  | NPV (TV) | 6199525.12229469
 | NPV | 56809236.94898312 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 56809236.94898312
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 7916425.146208687 | 7316155.974034878 | 5936081.42663531 | 5592005.663274679 | 5213603.442260858 | 5314487.058082601 | 5934682.814114907 | 6317732.561421643 | 6439300.959759851 | 6358216.475234775 | 6474799.779093056 | 6347808.396696257 | 6369344.461654066 | 6680860.294676847 | 7762537.444696207 | 7216068.405874473 | 7324332.594502039 | 8072047.829910789 | 9012797.38201804
 | Income Taxes (Per Cash Flow) |  | 5277616.764139125 | 4877437.316023252 | 3957387.617756873 | 3728003.775516453 | 3475735.628173906 | 3542991.372055067 | 3956455.209409938 | 4211821.707614428 | 4292867.306506568 | 4238810.983489851 | 4316533.186062037 | 4231872.264464173 | 4246229.641102712 | 4453906.863117899 | 5175024.963130806 | 4810712.270582982 | 4882888.396334693 | 5381365.219940526 | 6008531.588012028
 | Tax Depreciation (Per Cash Flow) |  | 711001.6772613636 | 942429.1527157 | 1141876.549531591 | 1142692.046215109 | 1196917.070413682 | 1285050.222461997 | 1310158.978850206 | 1267185.087557642 | 1234350.747631056 | 1282194.95181667 | 1348188.507424156 | 1385995.303424933 | 1459584.49091579 | 1512711.27789501 | 1568921.532148378 | 1648426.721898666 | 1731243.313165325 | 1848626.146857485 | 1963459.667833137
 | EBITDA |  | 13905043.58760918 | 13136022.44277383 | 11035345.59392377 | 10462701.48500624 | 9886256.140848447 | 10142528.65259966 | 11201297.00237505 | 11796739.35659371 | 11966519.01389747 | 11879222.4105413 | 12139521.47257925 | 11965675.96458536 | 12075158.59367257 | 12647478.43568975 | 14506483.93997539 | 13675207.39835612 | 13938464.30400206 | 15302039.1967088 | 16984788.63786321
Less: | Book Depreciation |  | -1082818.120002046 | -1376060.00904229 | -1383734.813685949 | -1392924.157869852 | -1393023.595311176 | -1480796.923928176 | -1162564.955518848 | -900589.3540486894 | -996144.3632582899 | -1081382.428819262 | -1081066.630779803 | -1185872.575388926 | -1293822.698336323 | -1405011.324972142 | -1519535.610407036 | -1636852.649034963 | -1756613.235045192 | -1881757.013895607 | -2010655.106111535
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 12822225.46760713 | 11759962.43373154 | 9651610.780237824 | 9069777.32713639 | 8493232.54553727 | 8661731.72867149 | 10038732.0468562 | 10896150.00254502 | 10970374.65063919 | 10797839.98172203 | 11058454.84179945 | 10779803.38919644 | 10781335.89533624 | 11242467.11071761 | 12986948.32956835 | 12038354.74932116 | 12181851.06895686 | 13420282.18281319 | 14974133.53175167
 | Income Taxes |  | -5128890.187042852 | -4703984.973492617 | -3860644.31209513 | -3627910.930854556 | -3397293.018214908 | -3464692.691468596 | -4015492.818742482 | -4358460.001018009 | -4388149.860255674 | -4319135.992688814 | -4423381.936719779 | -4311921.355678575 | -4312534.358134498 | -4496986.844287045 | -5194779.331827343 | -4815341.899728464 | -4872740.427582746 | -5368112.873125277 | -5989653.41270067
 | Net Income - GAAP Basis |  | 7693335.280564277 | 7055977.460238924 | 5790966.468142694 | 5441866.396281834 | 5095939.527322362 | 5197039.037202893 | 6023239.228113722 | 6537690.001527014 | 6582224.790383511 | 6478703.98903322 | 6635072.905079668 | 6467882.033517862 | 6468801.537201746 | 6745480.266430568 | 7792168.997741012 | 7223012.849592695 | 7309110.641374119 | 8052169.309687916 | 8984480.119051004
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 7963994.29347005 | 2355551.236750579 | 6786326.836166902 | 5957971.669489789 | 4706184.034674539 | 4844070.708204598 | 5436711.223454913 | 5722543.162383778 | 5755405.986197535 | 5664618.334222272 | 5787921.400903164 | 5637684.807938721 | 5669926.493621913 | 5969799.039855475 | 7040973.268146711 | 6505294.847814331 | 6625599.619309791 | 7417798.399759972 | 8398295.205532629 | 39766354.96434529
Unit | WC Beckjord 3 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 128
 | Revenue | 0 | 38171230.02013174 | 37212737.78870003 | 37280772.66851372 | 36315006.3380459 | 35985766.5399369 | 37992509.61656392 | 40864416.10795077 | 41964977.28164504 | 42831530.84252909 | 42985177.90081914 | 43924833.01643822 | 44400042.99820516 | 44934325.14000235 | 46540198.31610809 | 49823213.4520606 | 49566847.30520583 | 50239853.65336696 | 52638376.69459698 | 54215805.95609259
 | Fuel | 0 | -12005360.7786499 | -12013085.24575813 | -12051182.84813735 | -12216171.00644004 | -12451348.20011976 | -12808009.95828111 | -13103423.19070507 | -13384988.92785915 | -13605625.68582579 | -13714559.31528213 | -13901038.91824975 | -14202914.31513298 | -14526945.704448 | -14835283.26579051 | -15045765.19389258 | -15354102.75523508 | -15704905.96873853 | -16089866.33724099 | -16487751.03466201
 | Variable O&M | 0 | -1016044.349069876 | -1022507.74941184 | -1028531.558374144 | -1034083.765835629 | -1039130.776475676 | -1050150.199719854 | -1071346.80487 | -1092971.249837736 | -1115032.170294117 | -1137538.37621565 | -1160498.855402545 | -1183922.777067965 | -1207819.495499737 | -1232198.553795955 | -1257069.687676005 | -1282442.829368491 | -1308328.111577657 | -1334735.871529848 | -1361676.655101666
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -916308.2939592334 | -1015654.545522692 | -1199881.32673929 | -1230947.622302047 | -1369003.01479567 | -1508060.349954159 | -1670885.654732717 | -1873502.361681195 | -2085500.483008413 | -2310097.4516291 | -2536484.161021982 | -2491972.028640274 | -2132016.855079539 | -2210508.128990294
 | NOx Costs | 0 | 0 | 0 | -2462176.164745562 | -2067521.84651954 | -2114172.631369051 | -2175135.511403502 | -2855004.851960083 | -2493097.481055254 | -2639526.701647494 | -2511610.747745135 | -2583545.349574933 | -2650538.933245479 | -2367487.368990171 | -2452136.118790998 | -2502810.446444108 | -2657808.851046 | -2498615.978920446 | -2751918.27404307 | -1498283.429931655
 | Prod. Margin | 0 | 25149824.89241197 | 24177144.79353007 | 21738882.09725666 | 20997229.71925069 | 20381114.93197242 | 21042905.65320021 | 22818986.71489292 | 23794038.2961536 | 24240398.66245964 | 24252466.44678055 | 24771689.54325683 | 24691781.31802602 | 24958570.20938325 | 25935079.8947222 | 28707470.6724188 | 27736008.70853427 | 28236031.56549005 | 30329839.35670353 | 32657586.70740697
 | Fixed O&M | 0 | -2889131.174661676 | -2946913.79815491 | -3005852.074118008 | -3065969.115600368 | -3127288.497912376 | -3189834.267870623 | -3253630.953228035 | -3318703.572292596 | -3385077.643738448 | -3452779.196613217 | -3521834.780545481 | -3592271.476156391 | -3664116.905679519 | -3737399.24379311 | -3812147.228668972 | -3888390.173242352 | -3966157.976707199 | -4045481.136241343 | -4126390.75896617
 | Property Tax | 0 | -335704.1971330356 | -343014.8640770646 | -351211.6402517355 | -366096.3750998766 | -433641.9252325083 | -540363.491302833 | -603486.29148456 | -667736.4991774447 | -717705.2555865074 | -743736.7948568633 | -752803.493465049 | -762550.1021273832 | -772081.3790975882 | -781850.9379920484 | -791865.7128147595 | -802130.8570080384 | -812650.5767773106 | -823434.3415127916 | -834488.7787431332
 | A&G | 0 | -418126.94064275 | -426949.419090314 | -436299.611368393 | -446159.982585315 | -456778.590170846 | -468225.507561301 | -479838.804564989 | -491984.516331025 | -504136.533884402 | -516992.015498452 | -529503.222273517 | -542846.703474808 | -556635.009743067 | -570550.884986643 | -584871.712199808 | -599493.505004804 | -614360.943928923 | -629781.40362154 | -645588.91685244
 | Operating Income | 0 | 21506862.57997451 | 20460266.71220778 | 17945518.77151852 | 17119004.24596513 | 16363405.91865669 | 16844482.38646546 | 18482030.66561533 | 19315613.70835254 | 19633479.22925028 | 19538958.43981202 | 19967548.04697279 | 19794113.03626744 | 19965736.91486307 | 20845278.8279504 | 23518586.01873526 | 22445994.17327908 | 22842862.06807662 | 24831142.47532785 | 27051118.25284522
 | Depreciation | 0 | -964456.016534091 | -1335489.6346815 | -1670269.890860373 | -1670507.261320727 | -1748116.590804846 | -1884310.129472472 | -1934208.961055413 | -1891010.372068805 | -1860983.930470949 | -1944868.487729985 | -2054391.28875899 | -2125047.385189861 | -2244799.828950895 | -2337274.95511567 | -2434552.813247208 | -2564173.521668145 | -2698944.122250801 | -2881443.620850938 | -3061151.48622726
 | Total Tax | 0 | -8216962.625376169 | -7649910.83101051 | -6510099.552263261 | -6179398.793857762 | -5846115.731140737 | -5984068.902797194 | -6619128.681823968 | -6969841.334513495 | -7108998.119511733 | -7037635.980832814 | -7165262.70328552 | -7067626.260431033 | -7088374.834364871 | -7403201.549133891 | -8433613.282195223 | -7952728.260644373 | -8057567.178330328 | -8779879.541790767 | -9595986.706647186
 | Net Margin | 0 | 12325443.93806425 | 11474866.24651577 | 9765149.32839489 | 9269098.190786641 | 8769173.596711107 | 8976103.35419579 | 9928693.02273595 | 10454762.00177024 | 10663497.1792676 | 10556453.97124922 | 10747894.05492828 | 10601439.39064655 | 10632562.2515473 | 11104802.32370084 | 12650419.92329283 | 11929092.39096656 | 12086350.76749549 | 13169819.31268615 | 14393980.05997078
 | Depreciation | 0 | 964456.016534091 | 1335489.6346815 | 1670269.890860373 | 1670507.261320727 | 1748116.590804846 | 1884310.129472472 | 1934208.961055413 | 1891010.372068805 | 1860983.930470949 | 1944868.487729985 | 2054391.28875899 | 2125047.385189861 | 2244799.828950895 | 2337274.95511567 | 2434552.813247208 | 2564173.521668145 | 2698944.122250801 | 2881443.620850938 | 3061151.48622726
 | [NAME] | 0 | -804291.35 | -9620475.79 | -604210.52 | -1057868.9 | -2649788.426 | -2729282.07878 | -2811160.5411434 | -2895495.357377702 | -2982360.218099033 | -3071831.024642005 | -3163985.955381265 | -3258905.534042703 | -3356672.700063984 | -3457372.881065904 | -3561094.067497882 | -3667926.889522818 | -3777964.696208503 | -3891303.637094758 | -4008042.746207601
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 12485608.60459834 | 3189880.091197267 | 10831208.69925526 | 9881736.552107368 | 7867501.761515952 | 8131131.404888262 | 9051741.442647962 | 9450277.016461344 | 9542120.891639514 | 9429491.434337199 | 9638299.388306005 | 9467581.241793705 | 9520689.380434215 | 9984704.397750601 | 11523878.66904216 | 10825339.02311189 | 11007330.19353779 | 12159959.29644233 | 13447088.79999044 | 65749548.18352584
Unlevered | NPV ('00-'05) | 35406658.04160758 |  | Levered | NPV ('00-'05) | 35406658.04160758
 | NPV ('06-'19) | 46971694.56015442 |  |  | NPV ('06-'19) | 46971694.56015442
 | NPV (TV) | 10250272.52582652 |  |  | NPV (TV) | 10250272.52582652
 | NPV | 92628625.12758847 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 92628625.12758847
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 12325443.93806425 | 11474866.24651577 | 9765149.32839489 | 9269098.190786641 | 8769173.596711107 | 8976103.35419579 | 9928693.02273595 | 10454762.00177024 | 10663497.1792676 | 10556453.97124922 | 10747894.05492828 | 10601439.39064655 | 10632562.2515473 | 11104802.32370084 | 12650419.92329283 | 11929092.39096656 | 12086350.76749549 | 13169819.31268615 | 14393980.05997078
 | Income Taxes (Per Cash Flow) |  | 8216962.625376169 | 7649910.83101051 | 6510099.552263261 | 6179398.793857762 | 5846115.731140737 | 5984068.902797194 | 6619128.681823968 | 6969841.334513495 | 7108998.119511733 | 7037635.980832814 | 7165262.70328552 | 7067626.260431033 | 7088374.834364871 | 7403201.549133891 | 8433613.282195223 | 7952728.260644373 | 8057567.178330328 | 8779879.541790767 | 9595986.706647186
 | Tax Depreciation (Per Cash Flow) |  | 964456.016534091 | 1335489.6346815 | 1670269.890860373 | 1670507.261320727 | 1748116.590804846 | 1884310.129472472 | 1934208.961055413 | 1891010.372068805 | 1860983.930470949 | 1944868.487729985 | 2054391.28875899 | 2125047.385189861 | 2244799.828950895 | 2337274.95511567 | 2434552.813247208 | 2564173.521668145 | 2698944.122250801 | 2881443.620850938 | 3061151.48622726
 | EBITDA |  | 21506862.57997451 | 20460266.71220778 | 17945518.77151852 | 17119004.24596513 | 16363405.91865669 | 16844482.38646546 | 18482030.66561533 | 19315613.70835254 | 19633479.22925028 | 19538958.43981202 | 19967548.04697279 | 19794113.03626744 | 19965736.91486307 | 20845278.8279504 | 23518586.01873526 | 22445994.17327908 | 22842862.06807662 | 24831142.47532785 | 27051118.25284522
Less: | Book Depreciation |  | -1469520.430992148 | -1947943.634334181 | -1968749.220955335 | -1981272.340418521 | -1997857.23547692 | -2134321.33941592 | -1718435.455821395 | -1379677.524728669 | -1528309.030986719 | -1663447.354534753 | -1682658.884038063 | -1845604.160740199 | -2013437.795743398 | -2186306.439796693 | -2364361.143171587 | -2546881.946718348 | -2733413.232207718 | -2927978.414062456 | -3128380.551372836
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 20037342.14898236 | 18512323.0778736 | 15976769.55056319 | 15137731.90554661 | 14365548.68317977 | 14710161.04704954 | 16763595.20979394 | 17935936.18362387 | 18105170.19826356 | 17875511.08527727 | 18284889.16293472 | 17948508.87552724 | 17952299.11911967 | 18658972.3881537 | 21154224.87556368 | 19899112.22656073 | 20109448.8358689 | 21903164.0612654 | 23922737.70147239
 | Income Taxes |  | -8014936.859592944 | -7404929.231149439 | -6390707.820225275 | -6055092.762218644 | -5746219.473271907 | -5884064.418819815 | -6705438.083917575 | -7174374.47344955 | -7242068.079305425 | -7150204.434110907 | -7313955.66517389 | -7179403.550210897 | -7180919.64764787 | -7463588.955261481 | -8461689.95022547 | -7959644.890624292 | -8043779.534347561 | -8761265.624506159 | -9569095.080588955
 | Net Income - GAAP Basis |  | 12022405.28938942 | 11107393.84672416 | 9586061.73033791 | 9082639.143327966 | 8619329.20990786 | 8826096.628229722 | 10058157.12587636 | 10761561.71017432 | 10863102.11895814 | 10725306.65116636 | 10970933.49776083 | 10769105.32531634 | 10771379.47147181 | 11195383.43289222 | 12692534.92533821 | 11939467.33593644 | 12065669.30152134 | 13141898.43675924 | 14353642.62088343
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 12485608.60459834 | 3189880.091197267 | 10831208.69925526 | 9881736.552107368 | 7867501.761515952 | 8131131.404888262 | 9051741.442647962 | 9450277.016461344 | 9542120.891639514 | 9429491.434337199 | 9638299.388306005 | 9467581.241793705 | 9520689.380434215 | 9984704.397750601 | 11523878.66904216 | 10825339.02311189 | 11007330.19353779 | 12159959.29644233 | 13447088.79999044 | 65749548.18352584
Unit | WC Beckjord 4 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 150
 | Revenue | 0 | 42694927.02458117 | 41622843.26272644 | 41698940.99987663 | 40618721.08083356 | 40250462.86263002 | 42495026.35111302 | 45707284.32672752 | 46938273.7125079 | 47907523.09287427 | 48079378.96279979 | 49130393.21013927 | 49661920.63228913 | 50259520.89412352 | 52055707.13251311 | 55727794.50240301 | 55441046.23870374 | 56193811.0017639 | 58876584.55027373 | 60640955.96745034
 | Fuel | 0 | -13116578.65583103 | -13125018.100698 | -13166642.02249586 | -13346901.50786731 | -13603846.73557288 | -13993521.15608425 | -14316277.87872711 | -14623905.37999608 | -14864964.30721997 | -14983980.84869452 | -15187721.02986282 | -15517538.05581348 | -15871561.83596237 | -16208439.16522085 | -16438403.33010388 | -16775280.65936236 | -17158554.26750075 | -17579146.62169473 | -18013859.58250431
 | Variable O&M | 0 | -1136456.417946123 | -1143685.800016998 | -1150423.49445126 | -1156633.697587718 | -1162278.832702709 | -1174604.174878349 | -1198312.803329071 | -1222499.975169162 | -1247175.349488604 | -1272348.780339884 | -1298030.320673188 | -1324230.226351029 | -1350958.960243895 | -1378227.196408569 | -1406045.824350799 | -1434425.953373986 | -1463378.917015663 | -1492916.277573518 | -1523049.830722766
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -844148.9624951645 | -935671.6909676061 | -1118949.589025066 | -1134010.425423904 | -1261193.947725994 | -1389300.509649796 | -1539303.312203162 | -1725963.941690329 | -1921267.198628063 | -2128177.142901846 | -2336735.885757883 | -2295729.086391143 | -1964120.403692064 | -2036430.485215385
 | NOx Costs | 0 | 0 | 0 | -1554265.865143261 | -1305137.576057789 | -1334586.20914584 | -1373069.452073409 | -1802241.711928239 | -1573785.161582564 | -1666219.627679985 | -1585471.790216364 | -1630881.008999164 | -1673171.175630483 | -1494492.902850235 | -1547928.016156221 | -1579916.538682778 | -1677760.361912738 | -1577268.751823402 | -1737167.591113899 | -945801.8580458417
 | Prod. Margin | 0 | 28441891.95080402 | 27354139.36201144 | 25827609.61778625 | 24810048.29932074 | 24149751.08520859 | 25109682.60558185 | 27454780.2417755 | 28399133.60673503 | 28995153.38306181 | 28976383.59582303 | 29624460.3409543 | 29607677.86229097 | 29816543.25337669 | 30999845.55609941 | 34175251.66636371 | 33216843.37829677 | 33698879.97903294 | 36103233.65619952 | 38121814.21096203
 | Fixed O&M | 0 | -3664228.16325901 | -3737512.72652419 | -3812262.981054674 | -3888508.240675767 | -3966278.405489283 | -4045603.973599068 | -4126516.05307105 | -4209046.374132471 | -4293227.301615121 | -4379091.847647423 | -4466673.684600372 | -4556007.158292379 | -4647127.301458227 | -4740069.847487391 | -4834871.244437139 | -4931568.669325882 | -5030200.0427124 | -5130804.043566648 | -5233420.124437981
 | Property Tax | 0 | -393146.9276872238 | -401581.9194686317 | -410201.6375700523 | -427506.5420235405 | -480416.5260749619 | -605335.8849842112 | -670008.3254912829 | -735803.3438330175 | -803302.707793162 | -842959.5749667108 | -854544.488889062 | -865269.1960268079 | -876266.3107258524 | -887538.3532923732 | -899093.3241273137 | -910937.1692331275 | -923074.7416975657 | -935516.9672308611 | -948271.4926250423
 | A&G | 0 | -489992.508565722 | -500331.350496462 | -511288.607072335 | -522843.729592166 | -535287.410356461 | -548701.766673399 | -562311.099099596 | -576544.35507542 | -590785.000645783 | -605850.018162248 | -620511.588601778 | -636148.480634541 | -652306.652042657 | -668614.318343723 | -685396.53773415 | -702531.451177505 | -719954.231166706 | -738025.082368992 | -756549.511936453
 | Operating Income | 0 | 23894524.35129206 | 22714713.36552216 | 21093856.39208919 | 19971189.78702927 | 19167768.74328788 | 19910040.98032517 | 22095944.76411357 | 22877739.53369412 | 23307838.37300775 | 23148482.15504665 | 23682730.57886309 | 23550253.02733725 | 23640842.98914995 | 24703623.03697592 | 27755890.56006511 | 26671806.08856026 | 27025650.96345627 | 29298887.56303302 | 31183573.08196255
 | Depreciation | 0 | -1157067.613534091 | -1248571.8319963 | -1533828.356936273 | -1803208.439992827 | -1882871.175623746 | -2008606.399159512 | -2034408.520124529 | -1951994.431590584 | -1888031.79431135 | -1931327.305394369 | -2019159.359217389 | -2066503.655192807 | -2170696.220311055 | -2241838.90897376 | -2317493.001165665 | -2429898.569106281 | -2547154.355931707 | -2719122.089799395 | -2886561.412501295
 | Total Tax | 0 | -9094982.695103189 | -8586456.613410344 | -7824011.214061167 | -7267192.538814578 | -6913959.027065656 | -7160573.832466263 | -8024614.497595616 | -8370298.040841416 | -8567922.631478561 | -8486861.939860912 | -8665428.48785828 | -8593499.748857776 | -8588058.70753556 | -8984713.651200866 | -10175359.02355978 | -9696763.007781593 | -9791398.643009827 | -10631906.18929345 | -11318804.6677845
 | Net Margin | 0 | 13642474.04265478 | 12879684.92011551 | 11736016.82109175 | 10900788.80822187 | 10370938.54059848 | 10740860.74869939 | 12036921.74639342 | 12555447.06126212 | 12851883.94721784 | 12730292.90979137 | 12998142.73178742 | 12890249.62328666 | 12882088.06130334 | 13477070.4768013 | 15263038.53533966 | 14545144.51167239 | 14687097.96451474 | 15947859.28394017 | 16978207.00167675
 | Depreciation | 0 | 1157067.613534091 | 1248571.8319963 | 1533828.356936273 | 1803208.439992827 | 1882871.175623746 | 2008606.399159512 | 2034408.520124529 | 1951994.431590584 | 1888031.79431135 | 1931327.305394369 | 2019159.359217389 | 2066503.655192807 | 2170696.220311055 | 2241838.90897376 | 2317493.001165665 | 2429898.569106281 | 2547154.355931707 | 2719122.089799395 | 2886561.412501295
 | [NAME] | 0 | -1658414.77 | -1457064.86 | -7037610.23 | -1239680.15 | -2496885.342 | -2571791.90226 | -2648945.6593278 | -2728414.029107634 | -2810266.449980863 | -2894574.443480289 | -2981411.676784698 | -3070854.027088239 | -3162979.647900886 | -3257869.037337913 | -3355605.10845805 | -3456273.261711792 | -3559961.459563145 | -3666760.30335004 | -3776763.112450541
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 13141126.88618888 | 12671191.89211181 | 6232234.948028021 | 11464317.09821469 | 9756924.374222226 | 10177675.2455989 | 11422384.60719015 | 11779027.46374507 | 11929649.29154833 | 11767045.77170545 | 12035890.41422011 | 11885899.25139123 | 11889804.63371351 | 12461040.34843714 | 14224926.42804728 | 13518769.81906687 | 13674290.8608833 | 15000221.07038953 | 16088005.30172751 | 81443713.96515945
Unlevered | NPV ('00-'05) | 42990123.0000824 |  | Levered | NPV ('00-'05) | 42990123.0000824
 | NPV ('06-'19) | 58533977.41070072 |  |  | NPV ('06-'19) | 58533977.41070072
 | NPV (TV) | 12696973.38950718 |  |  | NPV (TV) | 12696973.38950718
 | NPV | 114221073.8002903 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 114221073.8002903
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 13642474.04265478 | 12879684.92011551 | 11736016.82109175 | 10900788.80822187 | 10370938.54059848 | 10740860.74869939 | 12036921.74639342 | 12555447.06126212 | 12851883.94721784 | 12730292.90979137 | 12998142.73178742 | 12890249.62328666 | 12882088.06130334 | 13477070.4768013 | 15263038.53533966 | 14545144.51167239 | 14687097.96451474 | 15947859.28394017 | 16978207.00167675
 | Income Taxes (Per Cash Flow) |  | 9094982.695103189 | 8586456.613410344 | 7824011.214061167 | 7267192.538814578 | 6913959.027065656 | 7160573.832466263 | 8024614.497595616 | 8370298.040841416 | 8567922.631478561 | 8486861.939860912 | 8665428.48785828 | 8593499.748857776 | 8588058.70753556 | 8984713.651200866 | 10175359.02355978 | 9696763.007781593 | 9791398.643009827 | 10631906.18929345 | 11318804.6677845
 | Tax Depreciation (Per Cash Flow) |  | 1157067.613534091 | 1248571.8319963 | 1533828.356936273 | 1803208.439992827 | 1882871.175623746 | 2008606.399159512 | 2034408.520124529 | 1951994.431590584 | 1888031.79431135 | 1931327.305394369 | 2019159.359217389 | 2066503.655192807 | 2170696.220311055 | 2241838.90897376 | 2317493.001165665 | 2429898.569106281 | 2547154.355931707 | 2719122.089799395 | 2886561.412501295
 | EBITDA |  | 23894524.35129206 | 22714713.36552216 | 21093856.39208919 | 19971189.78702927 | 19167768.74328788 | 19910040.98032517 | 22095944.76411357 | 22877739.53369412 | 23307838.37300775 | 23148482.15504665 | 23682730.57886309 | 23550253.02733725 | 23640842.98914995 | 24703623.03697592 | 27755890.56006511 | 26671806.08856026 | 27025650.96345627 | 29298887.56303302 | 31183573.08196255
Less: | Book Depreciation |  | -1757888.547279861 | -1827694.228375994 | -2168553.326541408 | -2183228.358802955 | -2172247.009213578 | -2300836.604326578 | -1781201.179498014 | -1350981.999357757 | -1490925.199223712 | -1614029.045205461 | -1600223.338108267 | -1753766.039462679 | -1911915.021857724 | -2074808.473724619 | -2242588.729147522 | -2414376.367706494 | -2589600.671949041 | -2772938.687116543 | -2961776.84273907
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 22136635.8040122 | 20887019.13714616 | 18925303.06554778 | 17787961.42822631 | 16995521.73407431 | 17609204.37599859 | 20314743.58461555 | 21526757.53433637 | 21816913.17378404 | 21534453.10984119 | 22082507.24075482 | 21796486.98787457 | 21728927.96729223 | 22628814.56325131 | 25513301.83091758 | 24257429.72085377 | 24436050.29150723 | 26525948.87591648 | 28221796.23922348
 | Income Taxes |  | -8854654.321604881 | -8354807.654858466 | -7570121.226219112 | -7115184.571290527 | -6798208.693629723 | -7043681.750399437 | -8125897.433846222 | -8610703.013734547 | -8726765.269513616 | -8613781.243936475 | -8833002.89630193 | -8718594.795149827 | -8691571.186916891 | -9051525.825300522 | -10205320.73236703 | -9702971.888341507 | -9774420.116602894 | -10610379.55036659 | -11288718.49568939
 | Net Income - GAAP Basis |  | 13281981.48240732 | 12532211.4822877 | 11355181.83932867 | 10672776.85693579 | 10197313.04044458 | 10565522.62559915 | 12188846.15076933 | 12916054.52060182 | 13090147.90427042 | 12920671.86590471 | 13249504.34445289 | 13077892.19272474 | 13037356.78037534 | 13577288.73795078 | 15307981.09855055 | 14554457.83251226 | 14661630.17490434 | 15915569.32554989 | 16933077.74353409
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 13141126.88618888 | 12671191.89211181 | 6232234.948028021 | 11464317.09821469 | 9756924.374222226 | 10177675.2455989 | 11422384.60719015 | 11779027.46374507 | 11929649.29154833 | 11767045.77170545 | 12035890.41422011 | 11885899.25139123 | 11889804.63371351 | 12461040.34843714 | 14224926.42804728 | 13518769.81906687 | 13674290.8608833 | 15000221.07038953 | 16088005.30172751 | 81443713.96515945
Unit | WC Beckjord 5 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 238
 | Revenue | 0 | 67087570.81189151 | 65402979.68357552 | 65522553.8973164 | 63825178.22855148 | 63246525.18912674 | 66773462.05187605 | 71820960.6523779 | 73755244.02847277 | 75278249.0075485 | 75548290.28988688 | 77199774.38077427 | 78034976.26673636 | 78974000.00273982 | 81796390.8547006 | 87566430.49695382 | 87115856.01921688 | 88298693.48647438 | 92514200.40850987 | 95286599.86290331
 | Fuel | 0 | -20913247.1200939 | -20926703.08301611 | -20993068.81645218 | -21280476.93271718 | -21690153.81449659 | -22311455.88315082 | -22826063.48604893 | -23316548.85756119 | -23700896.41097571 | -23890657.96454437 | -24215504.0138738 | -24741368.65808531 | -25305828.87251415 | -25842950.55803905 | -26209608.47510394 | -26746730.16062884 | -27357826.68907034 | -28028424.72159693 | -28721536.83675031
 | Variable O&M | 0 | -1738332.374036056 | -1749390.491795458 | -1759696.520409038 | -1769195.694324528 | -1777830.53589983 | -1796683.472965122 | -1832948.371230527 | -1869945.253101273 | -1907688.893194805 | -1946194.364344699 | -1985477.043619968 | -2025552.618465849 | -2066437.092968562 | -2108146.794246488 | -2150698.378970377 | -2194108.840015145 | -2238395.513245936 | -2283576.08444117 | -2329668.596355301
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -1382672.409518251 | -1532581.912609539 | -1829016.959150798 | -1857450.517625517 | -2065770.559520325 | -2275602.492650603 | -2521299.337231091 | -2827039.809353858 | -3146936.458943597 | -3485844.263031505 | -3827452.71405475 | -3760285.694244112 | -3217127.795939715 | -3335567.975451146
 | NOx Costs | 0 | 0 | 0 | -5361365.178431529 | -4502009.154459425 | -4603590.794725411 | -4736336.886119477 | -6216745.908241554 | -5428696.05057129 | -5747544.285571259 | -5469008.512689694 | -5625645.423929747 | -5771523.31512715 | -5155181.226357154 | -5339503.073866718 | -5449845.940315469 | -5787353.491986084 | -5440712.527180608 | -5992275.865390229 | -3262497.91695414
 | Prod. Margin | 0 | 44435991.31776156 | 42726886.10876395 | 37408423.38202365 | 36273496.44705035 | 35174950.04400491 | 36546313.40012239 | 39412620.97424736 | 41311036.90808821 | 42064668.9001812 | 42176658.88878778 | 43097545.40670015 | 42975232.33782697 | 43619513.0015461 | 45358853.96960474 | 50270433.43953252 | 48560210.81253207 | 49501473.06273338 | 52992795.94114183 | 57637328.53739241
 | Fixed O&M | 0 | -4760452.237584299 | -4855661.282335985 | -4952774.507982705 | -5051829.998142359 | -5152866.598105206 | -5255923.93006731 | -5361042.408668657 | -5468263.25684203 | -5577628.521978871 | -5689181.092418448 | -5802964.714266817 | -5919024.008552154 | -6037404.488723197 | -6158152.578497661 | -6281315.630067615 | -6406941.942668967 | -6535080.781522347 | -6665782.397152794 | -6799098.04509585
 | Property Tax | 0 | -622178.0225454128 | -634728.9117832163 | -647554.6654953277 | -674141.6853217869 | -757099.3386478126 | -954391.5943186148 | -1070440.816046693 | -1188704.882943438 | -1294820.71342437 | -1356734.711748673 | -1373610.247464269 | -1389568.130397887 | -1405931.343558017 | -1422703.637047152 | -1439896.915102863 | -1457520.025109967 | -1475580.188245248 | -1494093.661475224 | -1513071.822883272
 | A&G | 0 | -777454.780257613 | -793859.076121053 | -811244.589888105 | -829578.71761957 | -849322.691098917 | -870606.803121793 | -892200.277238025 | -914783.710052999 | -937378.867691309 | -961282.028817434 | -984545.053914821 | -1009355.58927347 | -1034993.22124101 | -1060868.05177204 | -1087495.83987152 | -1114683.23586831 | -1142327.38011784 | -1170999.7973588 | -1200391.89227251
 | Operating Income | 0 | 38275906.27737423 | 36442636.83852369 | 30996849.61865752 | 29717946.04596663 | 28415661.41615297 | 29465391.07261467 | 32088937.47229398 | 33739285.05824975 | 34254840.79708666 | 34169461.05580322 | 34936425.39105424 | 34657284.60960346 | 35141183.94802387 | 36717129.70228788 | 41461725.05449052 | 39581065.60888482 | 40348484.71284795 | 43661920.085155 | 48124766.77714078
 | Depreciation | 0 | -1861976.120784091 | -2024526.6287447 | -2173411.418427373 | -2276338.563347127 | -2332789.311126845 | -2452482.827691612 | -2415769.615367313 | -2209238.868761579 | -2035437.271528998 | -2032965.717669241 | -2080312.680051789 | -2057629.00292227 | -2122403.05968543 | -2131721.634742396 | -2145091.468670389 | -2213573.604349175 | -2286455.379694916 | -2442751.85548853 | -2588366.482374134
 | Total Tax | 0 | -14565572.06263606 | -13767244.0839116 | -11529375.28009206 | -10976642.9930478 | -10433148.84201045 | -10805163.29796923 | -11869267.14277067 | -12612018.47579527 | -12887761.41022306 | -12854598.13525359 | -13142445.08440098 | -13039862.24267248 | -13207512.35533538 | -13834163.2270182 | -15726653.43432805 | -14946996.80181426 | -15224811.73326121 | -16487667.29186659 | -18214560.11790666
 | Net Margin | 0 | 21848358.09395409 | 20650866.1258674 | 17294062.92013808 | 16464964.4895717 | 15649723.26301567 | 16207744.94695384 | 17803900.714156 | 18918027.7136929 | 19331642.11533459 | 19281897.20288039 | 19713667.62660147 | 19559793.36400871 | 19811268.53300306 | 20751244.84052729 | 23589980.15149208 | 22420495.20272139 | 22837217.59989182 | 24731500.93779988 | 27321840.17685999
 | Depreciation | 0 | 1861976.120784091 | 2024526.6287447 | 2173411.418427373 | 2276338.563347127 | 2332789.311126845 | 2452482.827691612 | 2415769.615367313 | 2209238.868761579 | 2035437.271528998 | 2032965.717669241 | 2080312.680051789 | 2057629.00292227 | 2122403.05968543 | 2131721.634742396 | 2145091.468670389 | 2213573.604349175 | 2286455.379694916 | 2442751.85548853 | 2588366.482374134
 | [NAME] | 0 | -3327231.63 | -2131175.73 | -3334634.44 | -625478.58 | -2269388.462 | -2337470.11586 | -2407594.2193358 | -2479822.045915874 | -2554216.70729335 | -2630843.208512151 | -2709768.504767515 | -2791061.559910541 | -2874793.406707857 | -2961037.208909093 | -3049868.325176366 | -3141364.374931657 | -3235605.306179606 | -3332673.465364994 | -3432653.669325945
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 20383102.58473818 | 20544217.0246121 | 16132839.89856546 | 18115824.47291883 | 15713124.11214252 | 16322757.65878545 | 17812076.11018752 | 18647444.5365386 | 18812862.67957024 | 18684019.71203748 | 19084211.80188575 | 18826360.80702044 | 19058878.18598064 | 19921929.2663606 | 22685203.2949861 | 21492704.4321389 | 21888067.67340713 | 23841579.32792342 | 26477552.98990818 | 130240556.2041656
Unlevered | NPV ('00-'05) | 73164477.43317738 |  | Levered | NPV ('00-'05) | 73164477.43317738
 | NPV ('06-'19) | 93077157.61488868 |  |  | NPV ('06-'19) | 93077157.61488868
 | NPV (TV) | 20304340.21054491 |  |  | NPV (TV) | 20304340.21054491
 | NPV | 186545975.258611 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 186545975.258611
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 21848358.09395409 | 20650866.1258674 | 17294062.92013808 | 16464964.4895717 | 15649723.26301567 | 16207744.94695384 | 17803900.714156 | 18918027.7136929 | 19331642.11533459 | 19281897.20288039 | 19713667.62660147 | 19559793.36400871 | 19811268.53300306 | 20751244.84052729 | 23589980.15149208 | 22420495.20272139 | 22837217.59989182 | 24731500.93779988 | 27321840.17685999
 | Income Taxes (Per Cash Flow) |  | 14565572.06263606 | 13767244.0839116 | 11529375.28009206 | 10976642.9930478 | 10433148.84201045 | 10805163.29796923 | 11869267.14277067 | 12612018.47579527 | 12887761.41022306 | 12854598.13525359 | 13142445.08440098 | 13039862.24267248 | 13207512.35533538 | 13834163.2270182 | 15726653.43432805 | 14946996.80181426 | 15224811.73326121 | 16487667.29186659 | 18214560.11790666
 | Tax Depreciation (Per Cash Flow) |  | 1861976.120784091 | 2024526.6287447 | 2173411.418427373 | 2276338.563347127 | 2332789.311126845 | 2452482.827691612 | 2415769.615367313 | 2209238.868761579 | 2035437.271528998 | 2032965.717669241 | 2080312.680051789 | 2057629.00292227 | 2122403.05968543 | 2131721.634742396 | 2145091.468670389 | 2213573.604349175 | 2286455.379694916 | 2442751.85548853 | 2588366.482374134
 | EBITDA |  | 38275906.27737423 | 36442636.83852369 | 30996849.61865752 | 29717946.04596663 | 28415661.41615297 | 29465391.07261467 | 32088937.47229398 | 33739285.05824975 | 34254840.79708666 | 34169461.05580322 | 34936425.39105424 | 34657284.60960345 | 35141183.94802387 | 36717129.70228788 | 41461725.05449052 | 39581065.60888482 | 40348484.71284795 | 43661920.085155 | 48124766.77714078
Less: | Book Depreciation |  | -2823977.171430713 | -2925700.493043244 | -3074944.9058857 | -3031155.260840688 | -2929114.705460211 | -3045988.211253211 | -2131730.025852006 | -1356652.516016053 | -1483458.756802889 | -1580689.447003434 | -1457747.490622677 | -1597300.568618204 | -1741040.238953597 | -1889092.099399052 | -2041585.51565787 | -2197025.775488886 | -2354404.994404031 | -2521038.667672281 | -2692671.351138578
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 35451929.10594352 | 33516936.34548045 | 27921904.71277182 | 26686790.78512594 | 25486546.71069276 | 26419402.86136146 | 29957207.44644198 | 32382632.5422337 | 32771382.04028377 | 32588771.60879979 | 33478677.90043157 | 33059984.04098525 | 33400143.70907027 | 34828037.60288883 | 39420139.53883265 | 37384039.83339594 | 37994079.71844392 | 41140881.41748272 | 45432095.4260022
 | Income Taxes |  | -14180771.64237741 | -13406774.53819218 | -11168761.88510873 | -10674716.31405038 | -10194618.68427711 | -10567761.14454459 | -11982882.97857679 | -12953053.01689348 | -13108552.81611351 | -13035508.64351992 | -13391471.16017263 | -13223993.6163941 | -13360057.48362811 | -13931215.04115553 | -15768055.81553306 | -14953615.93335837 | -15197631.88737757 | -16456352.56699309 | -18172838.17040088
 | Net Income - GAAP Basis |  | 21271157.46356611 | 20110161.80728827 | 16753142.82766309 | 16012074.47107557 | 15291928.02641566 | 15851641.71681688 | 17974324.46786518 | 19429579.52534022 | 19662829.22417026 | 19553262.96527987 | 20087206.74025894 | 19835990.42459115 | 20040086.22544216 | 20896822.5617333 | 23652083.72329959 | 22430423.90003756 | 22796447.83106635 | 24684528.85048963 | 27259257.25560132
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 20383102.58473818 | 20544217.0246121 | 16132839.89856546 | 18115824.47291883 | 15713124.11214252 | 16322757.65878545 | 17812076.11018752 | 18647444.5365386 | 18812862.67957024 | 18684019.71203748 | 19084211.80188575 | 18826360.80702044 | 19058878.18598064 | 19921929.2663606 | 22685203.2949861 | 21492704.4321389 | 21888067.67340713 | 23841579.32792342 | 26477552.98990818 | 130240556.2041656
Unit | WC Beckjord 6 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 155.25
 | Revenue | 0 | 42003117.46390824 | 40948405.26930941 | 41023269.95265731 | 39960553.43553346 | 39598262.30929855 | 41806455.89182116 | 44966663.87148181 | 46177706.85412924 | 47131250.94970548 | 47300322.14374179 | 48334306.22484409 | 48857221.0136432 | 49445138.02729304 | 51212219.66476011 | 54824806.16822027 | 54542704.24553055 | 55283271.54401318 | 57922574.62613925 | 59658356.95557066
 | Fuel | 0 | -13146903.37995341 | -13155362.33629849 | -13197082.49004666 | -13377758.72427524 | -13635297.99356353 | -14025873.31739807 | -14349376.23375726 | -14657714.95091211 | -14899331.19156788 | -15018622.89197534 | -15222834.10792707 | -15553413.65058162 | -15908255.9119631 | -16245912.080913 | -16476407.90881893 | -16814064.07776882 | -17198223.79094536 | -17619788.52882593 | -18055506.51929722
 | Variable O&M | 0 | -1088359.2596113 | -1095282.679457284 | -1101735.220892364 | -1107682.595539468 | -1113088.816998679 | -1124892.525502502 | -1147597.756340708 | -1170761.277633982 | -1194392.339679876 | -1218500.379487236 | -1243095.024544851 | -1268186.09666617 | -1293783.615911615 | -1319897.804590076 | -1346539.091341155 | -1373718.115299831 | -1401445.730345164 | -1429733.009434773 | -1458591.249026788
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -733967.6794196705 | -813544.5403951528 | -984387.2777006156 | -985995.4076421256 | -1096578.490571663 | -1207964.134754318 | -1338388.045447889 | -1500685.074942252 | -1670496.665842018 | -1850399.998541256 | -2031736.922849333 | -1996082.474749711 | -1707756.520291821 | -1770628.436378106
 | NOx Costs | 0 | 0 | 0 | -3201850.10494492 | -2688635.823886548 | -2749301.190770077 | -2828578.216772894 | -3712690.308579645 | -3242060.639547936 | -3432479.352080929 | -3266135.563894382 | -3359680.378321465 | -3446799.82004847 | -3078715.402007108 | -3188793.881489603 | -3254691.522624023 | -3456253.728101772 | -3249236.97535274 | -3578635.00618169 | -1948389.813065893
 | Prod. Margin | 0 | 27767854.82434352 | 26697760.25355364 | 23522602.13677337 | 22786476.29183221 | 22100574.30796626 | 23093144.15272802 | 24943455.03240904 | 26122782.70833459 | 26619052.65873468 | 26700484.81781318 | 27300732.57929639 | 27250433.40089905 | 27663698.02246896 | 28787119.23192541 | 31896767.64689491 | 30866931.40151079 | 31438282.5726202 | 33586661.56140503 | 36425240.93780265
 | Fixed O&M | 0 | -1835944.930186536 | -1872663.828790267 | -1910117.105366072 | -1948319.447473394 | -1987285.836422862 | -2027031.553151319 | -2067572.184214345 | -2108923.627898632 | -2151102.100456605 | -2194124.142465737 | -2238006.625315052 | -2282766.757821353 | -2328422.09297778 | -2374990.534837335 | -2422490.345534082 | -2470940.152444764 | -2520358.955493659 | -2570766.134603532 | -2622181.457295603
 | Property Tax | 0 | -261504.6165177097 | -268705.3172224817 | -276063.7132726882 | -283588.4090736292 | -291597.9935541126 | -299494.83470563 | -307908.5431745487 | -316206.0910691678 | -325045.9424579406 | -334343.5165368117 | -343867.4226473877 | -354846.9986072775 | -364234.907169134 | -373857.513445037 | -383721.6471384651 | -393832.384174229 | -404193.8674884798 | -414815.4240339183 | -425703.5816486473
 | A&G | 0 | -358876.373490596 | -366448.664971249 | -374473.89073412 | -382937.000664708 | -392050.901280529 | -401875.736280201 | -411843.374114171 | -422267.981017894 | -432698.000149037 | -443731.799152836 | -454470.108692336 | -465922.755431382 | -477757.193419338 | -489701.123254821 | -501992.621448517 | -514542.436984731 | -527303.089421952 | -540538.396966444 | -554105.910730301
 | Operating Income | 0 | 25311528.90414868 | 24189942.44256964 | 20961947.42740049 | 20171631.43462048 | 19429639.57670876 | 20364742.02859087 | 22156130.93090598 | 23275385.0083489 | 23710206.61567109 | 23728285.35965779 | 24264388.42264161 | 24146896.88903904 | 24493283.82890271 | 25548570.06038822 | 28588563.03277384 | 27487616.42790706 | 27986426.66021611 | 30060541.60580114 | 32823249.9881281
 | Depreciation | 0 | -641088.66925 | -871932.4461592 | -942106.2492477 | -1016154.0382083 | -1153065.6329874 | -1285472.58596742 | -1414452.698748104 | -1539643.821017814 | -1557855.43054361 | -1580559.040186897 | -1717915.034397936 | -1858373.371665996 | -2002947.286492986 | -2044074.768764786 | -2089627.975504739 | -2247653.968446892 | -2410426.831177309 | -2578076.789789638 | -2743578.337160338
 | Total Tax | 0 | -9868176.093959473 | -9327203.998564176 | -8007936.471261116 | -7662190.958564874 | -7310629.577488545 | -7631707.777049381 | -8296671.292863149 | -8694296.474932434 | -8860940.474050993 | -8859090.52778836 | -9018589.35529747 | -8915409.406949218 | -8996134.616963891 | -9401798.116649373 | -10599574.02290764 | -10095984.98378407 | -10230399.93161552 | -10992985.9264046 | -12031868.6603871
 | Net Margin | 0 | 14802264.14093921 | 13990805.99784626 | 12011904.70689167 | 11493286.43784731 | 10965944.36623282 | 11447561.66557407 | 12445006.93929472 | 13041444.71239865 | 13291410.71107649 | 13288635.79168254 | 13527884.0329462 | 13373114.11042383 | 13494201.92544583 | 14102697.17497406 | 15899361.03436146 | 15143977.4756761 | 15345599.89742328 | 16489478.8896069 | 18047802.99058066
 | Depreciation | 0 | 641088.66925 | 871932.4461592 | 942106.2492477 | 1016154.0382083 | 1153065.6329874 | 1285472.58596742 | 1414452.698748104 | 1539643.821017814 | 1557855.43054361 | 1580559.040186897 | 1717915.034397936 | 1858373.371665996 | 2002947.286492986 | 2044074.768764786 | 2089627.975504739 | 2247653.968446892 | 2410426.831177309 | 2578076.789789638 | 2743578.337160338
 | [NAME] | 0 | -4505591.18 | -2109515.17 | -609625.87 | -2352594.68 | -2434176.648 | -2507201.94744 | -2582418.0058632 | -2659890.546039096 | -2739687.262420269 | -2821877.880292878 | -2906534.216701664 | -2993730.243202714 | -3083542.150498796 | -3176048.41501376 | -3271329.867464173 | -3369469.763488098 | -3470553.856392741 | -3574670.472084524 | -3681910.58624706
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 10937761.63018921 | 12753223.27400547 | 12344385.08613937 | 10156845.79605561 | 9684833.351220217 | 10225832.30410149 | 11277041.63217963 | 11921197.98737737 | 12109578.87919983 | 12047316.95157656 | 12339264.85064248 | 12237757.23888711 | 12413607.06144002 | 12970723.52872509 | 14717659.14240203 | 14022161.68063489 | 14285472.87220785 | 15492885.20731202 | 17109470.74149393 | 84571559.99694113
Unlevered | NPV ('00-'05) | 44793131.05208053 |  | Levered | NPV ('00-'05) | 44793131.05208053
 | NPV ('06-'19) | 59909730.84460314 |  |  | NPV ('06-'19) | 59909730.84460314
 | NPV (TV) | 13184600.68323542 |  |  | NPV (TV) | 13184600.68323542
 | NPV | 117887462.5799191 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 117887462.5799191
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 14802264.14093921 | 13990805.99784626 | 12011904.70689167 | 11493286.43784731 | 10965944.36623282 | 11447561.66557407 | 12445006.93929472 | 13041444.71239865 | 13291410.71107649 | 13288635.79168254 | 13527884.0329462 | 13373114.11042383 | 13494201.92544583 | 14102697.17497406 | 15899361.03436146 | 15143977.4756761 | 15345599.89742328 | 16489478.8896069 | 18047802.99058066
 | Income Taxes (Per Cash Flow) |  | 9868176.093959473 | 9327203.998564176 | 8007936.471261116 | 7662190.958564874 | 7310629.577488545 | 7631707.777049381 | 8296671.292863149 | 8694296.474932434 | 8860940.474050993 | 8859090.52778836 | 9018589.35529747 | 8915409.406949218 | 8996134.616963891 | 9401798.116649373 | 10599574.02290764 | 10095984.98378407 | 10230399.93161552 | 10992985.9264046 | 12031868.6603871
 | Tax Depreciation (Per Cash Flow) |  | 641088.66925 | 871932.4461592 | 942106.2492477 | 1016154.0382083 | 1153065.6329874 | 1285472.58596742 | 1414452.698748104 | 1539643.821017814 | 1557855.43054361 | 1580559.040186897 | 1717915.034397936 | 1858373.371665996 | 2002947.286492986 | 2044074.768764786 | 2089627.975504739 | 2247653.968446892 | 2410426.831177309 | 2578076.789789638 | 2743578.337160338
 | EBITDA |  | 25311528.90414868 | 24189942.44256964 | 20961947.42740049 | 20171631.43462048 | 19429639.57670876 | 20364742.02859087 | 22156130.93090598 | 23275385.0083489 | 23710206.61567109 | 23728285.35965779 | 24264388.42264161 | 24146896.88903904 | 24493283.82890271 | 25548570.06038822 | 28588563.03277384 | 27487616.42790706 | 27986426.66021611 | 30060541.60580114 | 32823249.9881281
Less: | Book Depreciation |  | -1958871.241087156 | -2061192.773016654 | -2080266.903715357 | -2148931.848343558 | -2130061.167470053 | -2255421.264842053 | -1709636.562567436 | -1256158.812417904 | -1392553.098613672 | -1511265.245769321 | -1488014.995485201 | -1637701.507645336 | -1791878.615170276 | -1950681.035920964 | -2114247.529294173 | -2281659.082083529 | -2452315.924261809 | -2631049.447866035 | -2815144.977178388
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 23352657.66306153 | 22128749.66955299 | 18881680.52368513 | 18022699.58627692 | 17299578.40923871 | 18109320.76374882 | 20446494.36833854 | 22019226.19593099 | 22317653.51705742 | 22217020.11388847 | 22776373.42715641 | 22509195.3813937 | 22701405.21373243 | 23597889.02446726 | 26474315.50347967 | 25205957.34582353 | 25534110.7359543 | 27429492.15793511 | 30008105.01094971
 | Income Taxes |  | -9341063.06522461 | -8851499.867821194 | -7552672.209474053 | -7209079.83451077 | -6919831.363695484 | -7243728.305499529 | -8178597.747335416 | -8807690.478372397 | -8927061.406822968 | -8886808.045555389 | -9110549.370862564 | -9003678.152557483 | -9080562.085492974 | -9439155.609786903 | -10589726.20139187 | -10082382.93832941 | -10213644.29438172 | -10971796.86317404 | -12003242.00437989
 | Net Income - GAAP Basis |  | 14011594.59783692 | 13277249.80173179 | 11329008.31421108 | 10813619.75176615 | 10379747.04554322 | 10865592.45824929 | 12267896.62100312 | 13211535.71755859 | 13390592.11023445 | 13330212.06833308 | 13665824.05629385 | 13505517.22883622 | 13620843.12823946 | 14158733.41468035 | 15884589.3020878 | 15123574.40749412 | 15320466.44157258 | 16457695.29476107 | 18004863.00656983
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 10937761.63018921 | 12753223.27400547 | 12344385.08613937 | 10156845.79605561 | 9684833.351220217 | 10225832.30410149 | 11277041.63217963 | 11921197.98737737 | 12109578.87919983 | 12047316.95157656 | 12339264.85064248 | 12237757.23888711 | 12413607.06144002 | 12970723.52872509 | 14717659.14240203 | 14022161.68063489 | 14285472.87220785 | 15492885.20731202 | 17109470.74149393 | 84571559.99694113
Unit | WH Zimmer 1 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 604.5
 | Revenue | 0 | 173212702.1709148 | 168863273.8363143 | 169172001.2566302 | 164789564.6498508 | 163295546.3784305 | 172401708.0264052 | 185433792.229428 | 190427898.3847561 | 194360129.1191964 | 195057345.9008665 | 199321295.5194474 | 201477694.5927031 | 203902150.2220752 | 211189251.843646 | 226086857.2565823 | 224923523.6930987 | 227977479.4624488 | 238861452.9936016 | 246019482.3451061
 | Fuel | 0 | -38209977.49665371 | -37542793.1486657 | -37086393.45796474 | -36984559.25109348 | -37113212.41607028 | -38028246.93385858 | -39555517.38312232 | -40787568.02904901 | -42027491.20306468 | -43511462.74783901 | -44956071.65216839 | -45869284.91049105 | -46487278.36547664 | -47404427.88784378 | -48317641.14616644 | -49262344.51684507 | -50218856.67965715 | -51195050.1626917 | -52186988.70190427
 | Variable O&M | 0 | -4243372.355095822 | -4270365.875955528 | -6555941.536822015 | -6602059.347336959 | -6645112.594227385 | -6726577.807800099 | -6873621.747912451 | -7023915.482740849 | -7177531.652485935 | -7334544.539673703 | -7495030.106708016 | -7659066.034291191 | -7826731.760732895 | -7998108.522168131 | -8173279.393705544 | -8352329.331527772 | -8535345.21596614 | -8722415.895572426 | -8913632.232211033
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 493837.0830306341 | 547378.9568798186 | 517229.3153619482 | 663409.4520028238 | 737813.3101531388 | 812757.1573510747 | 900510.5631485716 | 1009709.229353332 | 1123963.934384809 | 1245008.688178229 | 1367018.008557095 | 1343028.54806681 | 1149033.563949676 | 1191335.813102044
 | NOx Costs | 0 | 0 | 0 | -2351205.594537916 | -1974338.392991653 | -2018886.621464611 | -2077101.897304127 | -2726329.446477737 | -2380733.283473748 | -2520562.921819662 | -2398412.155049908 | -2467104.655889123 | -2531078.830840414 | -2260784.433977644 | -2341618.054638947 | -2390008.484366688 | -2538021.092588034 | -2386003.061989138 | -2627888.992788551 | -1430755.618992358
 | Prod. Margin | 0 | 130759352.3191653 | 127050114.811693 | 123178460.6673055 | 119228607.6584288 | 117518334.7466683 | 126063618.470473 | 136825702.6087953 | 140752910.9048545 | 143297952.7938289 | 142550739.768457 | 145215846.262033 | 146318775.3802291 | 148337064.8912414 | 154569061.31338 | 168450936.9205218 | 166137846.7606949 | 168180303.0529032 | 177465131.5064986 | 184679441.6051005
 | Fixed O&M | 0 | -10912034.37830393 | -11130275.06587001 | -11405648.56718741 | -11634025.37853116 | -11866976.32210179 | -12104593.04544382 | -12346969.0331752 | -12594199.64383177 | -12846382.14745129 | -13103615.76391178 | -13366001.70203926 | -13633643.19950053 | -13906645.56349653 | -14185116.2122726 | -14469164.71746184 | -14758902.84727847 | -15054444.61057812 | -15355906.30180261 | -15663406.54682691
 | Property Tax | 0 | -3795503.963039357 | -3803753.91741711 | -3812184.545795736 | -3820805.706375719 | -3829632.050577505 | -3838679.583852316 | -3847951.521157609 | -3857458.150357246 | -3867199.593298113 | -3877189.443033973 | -3887421.047133441 | -3897910.487656215 | -3908666.359968267 | -3919691.129088121 | -3930992.619912884 | -3942576.648008265 | -3954447.960000412 | -3966617.241923561 | -3979091.972822982
 | A&G | 0 | -1314527.41905882 | -1342263.94760097 | -1371659.52805344 | -1402659.03338743 | -1436042.31838206 | -1472029.68324863 | -1508540.12027896 | -1546724.38823332 | -1584928.48062268 | -1625344.15687855 | -1664677.48547502 | -1706627.35810899 | -1749975.69300495 | -1793725.08533008 | -1838747.58497186 | -1884716.27459616 | -1931457.23820614 | -1979936.81488512 | -2029633.22893874
 | Operating Income | 0 | 114737286.5587632 | 110773821.8808049 | 106588968.0262689 | 102371117.5401345 | 100385684.0556069 | 108648316.1579282 | 119122241.9341836 | 122754528.7224322 | 124999442.5724568 | 123944590.4046327 | 126297746.0273852 | 127080594.3349633 | 128771777.2747716 | 134670528.8866892 | 148212031.9981752 | 145551650.990812 | 147239953.2441185 | 156162671.1478873 | 163007309.8565119
 | Depreciation | 0 | -44637673.787173 | -47669468.5797089 | -50850855.7807751 | -51374016.8585807 | -9696845.073951002 | -8370228.74619152 | -6466648.001449998 | -4426034.881999639 | -4401674.106780128 | -4733687.056282179 | -5084603.238360348 | -5443621.05762649 | -5652728.429188299 | -5872889.291896963 | -6264780.120486884 | -6525309.363934507 | -6797966.744685556 | -7226180.566859136 | -7574706.033697925
 | Total Tax | 0 | -28039845.10863608 | -25241741.32043842 | -22295244.89819754 | -20398840.2726215 | -36275535.59266236 | -40111234.96469469 | -45062237.57309342 | -47331397.53617301 | -48239107.38627068 | -47684361.33934021 | -48485257.11560996 | -48654789.31093474 | -49247619.53823333 | -51519055.83791688 | -56778900.75107533 | -55610536.65075101 | -56176794.5997732 | -59574596.23241127 | -62173041.52912559
 | Net Margin | 0 | 42059767.66295412 | 37862611.98065762 | 33442867.34729631 | 30598260.40893225 | 54413303.38899355 | 60166852.44704203 | 67593356.35964012 | 70997096.30425951 | 72358661.07940602 | 71526542.0090103 | 72727885.67341493 | 72982183.9664021 | 73871429.30734998 | 77278583.7568753 | 85168351.12661299 | 83415804.9761265 | 84265191.89965978 | 89361894.3486169 | 93259562.29368837
 | Depreciation | 0 | 44637673.787173 | 47669468.5797089 | 50850855.7807751 | 51374016.8585807 | 9696845.073951002 | 8370228.74619152 | 6466648.001449998 | 4426034.881999639 | 4401674.106780128 | 4733687.056282179 | 5084603.238360348 | 5443621.05762649 | 5652728.429188299 | 5872889.291896963 | 6264780.120486884 | 6525309.363934507 | 6797966.744685556 | 7226180.566859136 | 7574706.033697925
 | [NAME] | 0 | -2047591.71 | -7775098.570000008 | -3053459.57 | -5375258.97 | -6217891.388000001 | -6404428.129640002 | -6596560.973529202 | -6794457.802735078 | -6998291.536817131 | -7208240.282921645 | -7424487.491409294 | -7647222.116151573 | -7876638.77963612 | -8112937.943025204 | -8356326.081315961 | -8607015.86375544 | -8865226.339668104 | -9131183.129858147 | -9405118.623753892
 | Env Cap Ads | 0 | -2705818.05 | -33595797.91 | -5038796.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 81944031.69012713 | 44161184.0803665 | 76201467.5480714 | 76597018.29751295 | 57892257.07494455 | 62132653.06359355 | 67463443.38756092 | 68628673.38352408 | 69762043.64936902 | 69051988.78237084 | 70388001.42036599 | 70778582.90787701 | 71647518.95690216 | 75038535.10574707 | 83076805.16578391 | 81334098.47630557 | 82197932.30467723 | 87456891.78561789 | 91429149.7036324 | 480750625.9541824
Unlevered | NPV ('00-'05) | 269025806.4863414 |  | Levered | NPV ('00-'05) | 269025806.4863414
 | NPV ('06-'19) | 346298580.6529324 |  |  | NPV ('06-'19) | 346298580.6529324
 | NPV (TV) | 74948422.75169842 |  |  | NPV (TV) | 74948422.75169842
 | NPV | 690272809.8909721 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 690272809.8909721
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 42059767.66295412 | 37862611.98065762 | 33442867.34729631 | 30598260.40893225 | 54413303.38899355 | 60166852.44704203 | 67593356.35964012 | 70997096.30425951 | 72358661.07940602 | 71526542.0090103 | 72727885.67341493 | 72982183.9664021 | 73871429.30734998 | 77278583.7568753 | 85168351.12661299 | 83415804.9761265 | 84265191.89965978 | 89361894.3486169 | 93259562.29368837
 | Income Taxes (Per Cash Flow) |  | 28039845.10863608 | 25241741.32043842 | 22295244.89819754 | 20398840.2726215 | 36275535.59266236 | 40111234.96469469 | 45062237.57309342 | 47331397.53617301 | 48239107.38627068 | 47684361.33934021 | 48485257.11560996 | 48654789.31093474 | 49247619.53823333 | 51519055.83791688 | 56778900.75107533 | 55610536.65075101 | 56176794.5997732 | 59574596.23241127 | 62173041.52912559
 | Tax Depreciation (Per Cash Flow) |  | 44637673.787173 | 47669468.5797089 | 50850855.7807751 | 51374016.8585807 | 9696845.073951002 | 8370228.74619152 | 6466648.001449998 | 4426034.881999639 | 4401674.106780128 | 4733687.056282179 | 5084603.238360348 | 5443621.05762649 | 5652728.429188299 | 5872889.291896963 | 6264780.120486884 | 6525309.363934507 | 6797966.744685556 | 7226180.566859136 | 7574706.033697925
 | EBITDA |  | 114737286.5587632 | 110773821.8808049 | 106588968.0262689 | 102371117.5401345 | 100385684.0556069 | 108648316.1579282 | 119122241.9341835 | 122754528.7224322 | 124999442.5724568 | 123944590.4046327 | 126297746.0273852 | 127080594.3349633 | 128771777.2747716 | 134670528.8866892 | 148212031.9981752 | 145551650.990812 | 147239953.2441185 | 156162671.1478873 | 163007309.8565119
Less: | Book Depreciation |  | -38013885.58617281 | -40082430.41017281 | -40235103.38867281 | -40503866.33717281 | -40814760.9065728 | -41134982.31305481 | -41464810.36173127 | -41804533.25186802 | -42154447.82870888 | -42514859.84285496 | -42886084.21742543 | -43268445.323233 | -43662277.26221481 | -44067924.15936607 | -44485740.46343186 | -44916091.25661964 | -45359352.57360304 | -45815911.73009595 | -46286167.66128365
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 76723400.97259039 | 70691391.47063212 | 66353864.63759614 | 61867251.20296165 | 59570923.14903411 | 67513333.84487343 | 77657431.57245228 | 80949995.47056414 | 82844994.74374795 | 81429730.56177773 | 83411661.8099598 | 83812149.01173031 | 85109500.0125568 | 90602604.72732309 | 103726291.5347433 | 100635559.7341924 | 101880600.6705155 | 110346759.4177913 | 116721142.1952282
 | Income Taxes |  | -30689360.38903616 | -28276556.58825285 | -26541545.85503846 | -24746900.48118466 | -23828369.25961365 | -27005333.53794937 | -31062972.62898091 | -32379998.18822566 | -33137997.89749918 | -32571892.22471109 | -33364664.72398392 | -33524859.60469213 | -34043800.00502273 | -36241041.89092924 | -41490516.61389734 | -40254223.89367697 | -40752240.26820621 | -44138703.76711654 | -46688456.87809131
 | Net Income - GAAP Basis |  | 46034040.58355423 | 42414834.88237927 | 39812318.78255768 | 37120350.72177699 | 35742553.88942046 | 40508000.30692406 | 46594458.94347136 | 48569997.28233849 | 49706996.84624877 | 48857838.33706664 | 50046997.08597588 | 50287289.40703818 | 51065700.00753408 | 54361562.83639385 | 62235774.920846 | 60381335.84051543 | 61128360.4023093 | 66208055.6506748 | 70032685.31713694
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 81944031.69012713 | 44161184.0803665 | 76201467.5480714 | 76597018.29751295 | 57892257.07494455 | 62132653.06359355 | 67463443.38756092 | 68628673.38352408 | 69762043.64936902 | 69051988.78237084 | 70388001.42036599 | 70778582.90787701 | 71647518.95690216 | 75038535.10574707 | 83076805.16578391 | 81334098.47630557 | 82197932.30467723 | 87456891.78561789 | 91429149.7036324 | 480750625.9541824
Unit | Dicks Creek 1 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 92
 | Revenue | 0 | 5817480.460609556 | 4323072.269988852 | 3418813.145129231 | 2946586.528946062 | 3032325.823514224 | 2268837.515332718 | 2575773.5209036 | 4144193.406008588 | 4178433.55968406 | 4583864.51363978 | 3843395.886077065 | 4185775.09993123 | 4743831.558432669 | 5728281.700235787 | 4622222.409282213 | 3744579.423050271 | 4681760.843024394 | 5622167.973223586 | 4436610.361988968
 | Fuel | 0 | -835970.3454915334 | -920432.6181686053 | -804802.8847420263 | -781170.6148480772 | -1088897.251750279 | -1015174.613378415 | -1184418.216030621 | -2046810.421240566 | -2036723.890944519 | -2080590.901725691 | -2174194.389046387 | -2205311.194235457 | -2637303.241418004 | -3100987.854229722 | -2571808.256038931 | -2282910.483603818 | -2799310.524450913 | -3483085.67789701 | -2943075.465248257
 | Variable O&M | 0 | -35411.9626949208 | -43311.79348896873 | -39771.28524427786 | -39069.42454995676 | -55197.41481251779 | -51658.07261806951 | -60643.37111560312 | -115562.2341335055 | -114591.1259223698 | -115342.9614232451 | -119068.3019984296 | -125266.0707217929 | -144073.37668917 | -174322.4935265994 | -134708.4109456759 | -116512.7790033498 | -142330.6309742584 | -169104.0545004974 | -143891.2722211242
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -14492.73029140139 | -18497.97830524224 | -39779.70607244803 | -40708.33287729478 | -44617.78124371719 | -49872.65226620639 | -56859.06735271809 | -71835.46122049348 | -94957.34268192638 | -79718.19377790109 | -74157.7667050619 | -87188.79509556187 | -86856.87743176265 | -75222.04181595876
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -14492.73029140139 | -18497.97830524224 | -39779.70607244803 | -40708.33287729478 | -44617.78124371719 | -49872.65226620639 | -56859.06735271809 | -71835.46122049348 | -94957.34268192638 | -79718.19377790109 | -74157.7667050619 | -87188.79509556187 | -86856.87743176265 | -75222.04181595876
 | Prod. Margin | 0 | 4946098.152423102 | 3359327.858331278 | 2574238.975142927 | 2126346.489548028 | 1888231.156951428 | 1173019.36875343 | 1293715.977146892 | 1902261.33848962 | 1945701.877062581 | 2298695.088003409 | 1450387.890499836 | 1741479.700268544 | 1818784.017884509 | 2263056.667115613 | 1756269.354741804 | 1196840.627032979 | 1565742.0974081 | 1796264.485962553 | 1199199.540887669
 | Fixed O&M | 0 | -270082.3564621104 | -275484.0035913525 | -280993.6836631796 | -286613.5573364432 | -292345.8284831721 | -298192.7450528356 | -304156.5999538923 | -310239.7319529701 | -316444.5265920295 | -322773.4171238702 | -329228.8854663476 | -335813.4631756746 | -342529.7324391881 | -349380.3270879718 | -356367.9336297313 | -363495.292302326 | -370765.1981483725 | -378180.5021113399 | -385744.1121535667
 | Property Tax | 0 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796 | -71397.46947826796
 | A&G | 0 | -11201.203682604 | -11437.549080307 | -11688.0314051657 | -11952.1809149224 | -12236.6428206976 | -12543.2943199559 | -12854.4029630989 | -13179.7744666725 | -13505.3148959993 | -13849.7004258473 | -14184.8631761529 | -14542.3217281919 | -14911.6967000879 | -15284.4891175901 | -15668.1297944416 | -16059.8330393027 | -16458.1168986774 | -16871.2156328342 | -17294.6831452183
 | Operating Income | 0 | 4593417.122800119 | 3001008.83618135 | 2210159.790596314 | 1756383.281818395 | 1512251.21616929 | 790885.8599023711 | 905307.5047516329 | 1507444.36259171 | 1544354.566096284 | 1890674.500975423 | 1035576.672379068 | 1319726.44588641 | 1389945.119266965 | 1826994.381431783 | 1312835.821839364 | 745888.0322130825 | 1107121.312882782 | 1329815.298740111 | 724763.2761106163
 | Depreciation | 0 | -468884.7783770608 | -442736.4787699548 | -399348.9005627819 | -341975.1580581765 | -309910.8817370648 | -292616.2709856482 | -296265.1248224827 | -299264.7575249216 | -302753.5229430133 | -306537.0610586471 | -286122.3230948707 | -264943.9169545086 | -269408.977839464 | -165446.2015117413 | -61976.43740299867 | -66456.23176383063 | -71070.41995548755 | -75823.03379289419 | -80718.226045423
 | Total Tax | 0 | -1649812.937769223 | -1023308.942964558 | -724324.3560134128 | -565763.2495040873 | -480936.1337728902 | -199307.8355666891 | -243616.9519716601 | -483271.8420267153 | -496640.4172613084 | -633654.9759667106 | -299781.7397136787 | -421913.0115727605 | -448214.4565710003 | -664619.2719680169 | -500343.753774546 | -271772.7201797008 | -414420.3571709179 | -501596.9059788869 | -257618.0200260773
 | Net Margin | 0 | 2474719.406653835 | 1534963.414446837 | 1086486.534020119 | 848644.8742561308 | 721404.2006593352 | 298961.7533500337 | 365425.4279574901 | 724907.7630400729 | 744960.6258919626 | 950482.4639500657 | 449672.609570518 | 632869.5173591406 | 672321.6848565004 | 996928.9079520251 | 750515.6306618189 | 407659.0802695511 | 621630.5357563768 | 752395.3589683303 | 386427.030039116
 | Depreciation | 0 | 468884.7783770608 | 442736.4787699548 | 399348.9005627819 | 341975.1580581765 | 309910.8817370648 | 292616.2709856482 | 296265.1248224827 | 299264.7575249216 | 302753.5229430133 | 306537.0610586471 | 286122.3230948707 | 264943.9169545086 | 269408.977839464 | 165446.2015117413 | 61976.43740299867 | 66456.23176383063 | 71070.41995548755 | 75823.03379289419 | 80718.226045423
 | [NAME] | 0 | -2815.86 | -332999.72 | -3047.79 | -3183.29 | -69003.862 | -71073.97786 | -73206.1971958 | -75402.383111674 | -77664.45460502422 | -79994.38824317495 | -82394.21989047021 | -84866.04648718431 | -87412.02788179985 | -90034.38871825385 | -92735.42037980146 | -95517.48299119552 | -98383.00748093138 | -101334.4977053593 | -104374.5326365201
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 2940788.325030896 | 1644700.173216792 | 1482787.644582901 | 1187436.742314307 | 962311.2203964001 | 520504.0464756819 | 588484.3555841728 | 948770.1374533204 | 970049.6942299517 | 1177025.136765538 | 653400.7127749186 | 812947.3878264647 | 854318.6348141645 | 1072340.720745512 | 719756.6476850162 | 378597.8290421863 | 594317.948230933 | 726883.8950558652 | 362770.7234480189 | 4517706.717106436
Unlevered | NPV ('00-'05) | 6875251.824051486 |  | Levered | NPV ('00-'05) | 6875251.824051486
 | NPV ('06-'19) | 3653858.275943404 |  |  | NPV ('06-'19) | 3653858.275943404
 | NPV (TV) | 704304.8404354035 |  |  | NPV (TV) | 704304.8404354035
 | NPV | 11233414.94043029 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 11233414.94043029
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 2474719.406653835 | 1534963.414446837 | 1086486.534020119 | 848644.8742561308 | 721404.2006593352 | 298961.7533500337 | 365425.4279574901 | 724907.7630400729 | 744960.6258919626 | 950482.4639500657 | 449672.609570518 | 632869.5173591406 | 672321.6848565004 | 996928.9079520251 | 750515.6306618189 | 407659.0802695511 | 621630.5357563768 | 752395.3589683303 | 386427.030039116
 | Income Taxes (Per Cash Flow) |  | 1649812.937769223 | 1023308.942964558 | 724324.3560134128 | 565763.2495040873 | 480936.1337728902 | 199307.8355666891 | 243616.9519716601 | 483271.8420267153 | 496640.4172613084 | 633654.9759667106 | 299781.7397136787 | 421913.0115727605 | 448214.4565710003 | 664619.2719680169 | 500343.753774546 | 271772.7201797008 | 414420.3571709179 | 501596.9059788869 | 257618.0200260773
 | Tax Depreciation (Per Cash Flow) |  | 468884.7783770608 | 442736.4787699548 | 399348.9005627819 | 341975.1580581765 | 309910.8817370648 | 292616.2709856482 | 296265.1248224827 | 299264.7575249216 | 302753.5229430133 | 306537.0610586471 | 286122.3230948707 | 264943.9169545086 | 269408.977839464 | 165446.2015117413 | 61976.43740299867 | 66456.23176383063 | 71070.41995548755 | 75823.03379289419 | 80718.226045423
 | EBITDA |  | 4593417.122800119 | 3001008.83618135 | 2210159.790596314 | 1756383.281818395 | 1512251.21616929 | 790885.8599023711 | 905307.5047516329 | 1507444.36259171 | 1544354.566096284 | 1890674.500975423 | 1035576.672379067 | 1319726.44588641 | 1389945.119266964 | 1826994.381431783 | 1312835.821839364 | 745888.0322130825 | 1107121.312882782 | 1329815.298740111 | 724763.2761106163
Less: | Book Depreciation |  | -660552.9210076004 | -677202.9070076004 | -677355.2965076005 | -636338.564091301 | -48972.12664798222 | -52525.82554098223 | -56186.13540077223 | -59956.25455635593 | -63839.47728660714 | -67839.19669876588 | -71958.9076932894 | -76202.21001764861 | -80572.8114117386 | -85074.5308476513 | -89711.30186664138 | -94487.17601620115 | -99406.32639024773 | -104473.0512755157 | -109691.7779073417
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 3932864.201792519 | 2323805.929173749 | 1532804.494088713 | 1120044.717727093 | 1463279.089521308 | 738360.0343613889 | 849121.3693508607 | 1447488.108035354 | 1480515.088809677 | 1822835.304276657 | 963617.764685778 | 1243524.235868761 | 1309372.307855226 | 1741919.850584132 | 1223124.519972722 | 651400.8561968814 | 1007714.986492534 | 1225342.247464596 | 615071.4982032746
 | Income Taxes |  | -1573145.680717007 | -929522.3716694997 | -613121.7976354853 | -448017.8870908374 | -585311.6358085232 | -295344.0137445556 | -339648.5477403443 | -578995.2432141415 | -592206.0355238708 | -729134.121710663 | -385447.1058743112 | -497409.6943475045 | -523748.9231420904 | -696767.9402336527 | -489249.8079890888 | -260560.3424787526 | -403085.9945970138 | -490136.8989858383 | -246028.5992813098
 | Net Income - GAAP Basis |  | 2359718.521075511 | 1394283.557504249 | 919682.696453228 | 672026.8306362561 | 877967.4537127848 | 443016.0206168333 | 509472.8216105164 | 868492.8648212122 | 888309.0532858063 | 1093701.182565994 | 578170.6588114668 | 746114.5415212566 | 785623.3847131354 | 1045151.910350479 | 733874.7119836332 | 390840.5137181288 | 604628.9918955206 | 735205.3484787573 | 369042.8989219647
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
1
Cash Flows Modified for Leverage |  |  | 2940788.325030896 | 1644700.173216792 | 1482787.644582901 | 1187436.742314307 | 962311.2203964001 | 520504.0464756819 | 588484.3555841728 | 948770.1374533204 | 970049.6942299517 | 1177025.136765538 | 653400.7127749186 | 812947.3878264647 | 854318.6348141645 | 1072340.720745512 | 719756.6476850162 | 378597.8290421863 | 594317.948230933 | 726883.8950558652 | 362770.7234480189 | 4517706.717106436
Unit | Dicks Creek 3 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 14.2
 | Revenue | 0 | 897915.4623984313 | 667256.8068895836 | 527686.3767482074 | 454799.2251199356 | 468032.8988467604 | 350190.1382361369 | 397565.0434438166 | 639647.2431013254 | 644932.1363860177 | 707509.5227574441 | 593219.799807547 | 646065.2871632985 | 732200.0883667812 | 884147.8276450884 | 713429.9805631242 | 577967.6935577593 | 722619.608379852 | 867769.4045627707 | 684781.1645678625
 | Fuel | 0 | -129030.2054997802 | -142066.7736738499 | -124219.5756884432 | -120571.9862048119 | -168068.9236397169 | -156689.9946736249 | -182812.3768221175 | -315920.738930609 | -314363.9049066541 | -321134.682657661 | -335582.1774397683 | -340384.9886754726 | -407062.0220449528 | -478630.7340224137 | -396953.0134320958 | -352362.2702953719 | -432067.4939913365 | -537606.7024580165 | -454257.3000709266
 | Variable O&M | 0 | -5465.759459433429 | -6685.08116894952 | -6138.611418138538 | -6030.280745754195 | -8519.600981932092 | -7973.311208441164 | -9360.172498277872 | -17836.77961625846 | -17686.89117497447 | -17802.93535010956 | -18377.93356932283 | -19334.54569836369 | -22237.41248898059 | -26906.29791388817 | -20791.95038509345 | -17983.49415051704 | -21968.42347646162 | -26100.84319464199 | -22209.305060217
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -2236.921414542388 | -2855.122738417823 | -6139.911154660456 | -6283.242683234629 | -6886.657539791131 | -7697.735458479683 | -8776.073439223881 | -11087.64727533704 | -14656.45941394951 | -12304.32990919778 | -11446.09007838999 | -13457.40098214107 | -13406.1702122938 | -11610.35862811537
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -2236.921414542388 | -2855.122738417823 | -6139.911154660456 | -6283.242683234629 | -6886.657539791131 | -7697.735458479683 | -8776.073439223881 | -11087.64727533704 | -14656.45941394951 | -12304.32990919778 | -11446.09007838999 | -13457.40098214107 | -13406.1702122938 | -11610.35862811537
 | Prod. Margin | 0 | 763419.4974392178 | 518504.9520467842 | 397328.1896416256 | 328196.9581693695 | 291444.3742251114 | 181052.989524986 | 199682.2486465855 | 293609.902245137 | 300314.8549379199 | 354798.5896700912 | 223864.2178814965 | 268793.6059110144 | 280725.3592821739 | 349297.8768808875 | 271076.3569275395 | 184729.7489550903 | 241668.8889477718 | 277249.5184855247 | 185093.8421804881
 | Fixed O&M | 0 | -43632.11666277328 | -44504.75899602875 | -45394.85417594932 | -46302.75125946831 | -47228.80628465768 | -48173.38241035083 | -49136.85005855785 | -50119.58705972901 | -51121.97880092359 | -52144.41837694206 | -53187.30674448091 | -54251.05287937052 | -55336.07393695793 | -56442.79541569709 | -57571.65132401103 | -58723.08435049125 | -59897.54603750107 | -61095.4969582511 | -62317.40689741612
 | Property Tax | 0 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909 | -11310.49021437909
 | A&G | 0 | -1728.88143796714 | -1765.36083630825 | -1804.02223862341 | -1844.79314121628 | -1888.69921797723 | -1936.03021025407 | -1984.04915300005 | -2034.26953724728 | -2084.51599481729 | -2137.67115268512 | -2189.40279458011 | -2244.57574500353 | -2301.58796892661 | -2359.12766814978 | -2418.34177262034 | -2478.80031693585 | -2540.27456479585 | -2604.03545637223 | -2669.39674632718
 | Operating Income | 0 | 706748.0091240982 | 460924.342000068 | 338818.8230126738 | 268738.9235543058 | 231016.3785080974 | 119633.086690002 | 137250.8592206485 | 230145.5554337816 | 235797.8699277999 | 289206.0099260849 | 157177.0181280564 | 200987.4870722613 | 211777.2071619102 | 279185.4635826615 | 199775.873616529 | 112217.3740732841 | 167920.5781310958 | 202239.4958565223 | 108796.5483223658
 | Depreciation | 0 | -75748.24435905815 | -69523.09099424342 | -60662.79170765248 | -51681.30584915978 | -48224.46691992465 | -48526.19725998411 | -52068.47506921845 | -55375.69976198411 | -58644.86036706845 | -61707.54243559161 | -60746.52419607096 | -59589.58457937721 | -62619.20973063889 | -48201.44121574485 | -33934.64553700908 | -37180.69165021934 | -40524.11914682593 | -43967.84946833071 | -47514.89169948063
 | Total Tax | 0 | -252399.905906016 | -156560.5004023299 | -111262.4125220085 | -86823.04708205842 | -73116.76463526911 | -28442.75577200716 | -34072.95366057203 | -69907.942268719 | -70861.20382429259 | -90999.38699619733 | -38572.19757279416 | -56559.16099715364 | -59663.19897250854 | -92393.60894676668 | -66336.49123180796 | -30014.67296922591 | -50958.58359370795 | -63308.65855527663 | -24512.66264915405
 | Net Margin | 0 | 378599.858859024 | 234840.7506034948 | 166893.6187830127 | 130234.5706230876 | 109675.1469529037 | 42664.13365801075 | 51109.43049085805 | 104861.9134030785 | 106291.8057364389 | 136499.080494296 | 57858.29635919124 | 84838.74149573044 | 89494.79845876279 | 138590.41342015 | 99504.73684771195 | 45022.00945383887 | 76437.87539056191 | 94962.98783291492 | 36768.99397373106
 | Depreciation | 0 | 75748.24435905815 | 69523.09099424342 | 60662.79170765248 | 51681.30584915978 | 48224.46691992465 | 48526.19725998411 | 52068.47506921845 | 55375.69976198411 | 58644.86036706845 | 61707.54243559161 | 60746.52419607096 | 59589.58457937721 | 62619.20973063889 | 48201.44121574485 | 33934.64553700908 | 37180.69165021934 | 40524.11914682593 | 43967.84946833071 | 47514.89169948063
 | [NAME] | 0 | -438.02 | -455.7 | -474.1 | -495.18 | -50000 | -51500 | -53045 | -54636.35 | -56275.4405 | -57963.703715 | -59702.61482645 | -61493.6932712435 | -63338.5040693808 | -65238.65919146223 | -67195.8189672061 | -69211.69353622229 | -71288.04434230896 | -73426.68567257823 | -75629.48624275558
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 453910.0832180821 | 303908.1415977382 | 227082.3104906652 | 181420.6964722474 | 107899.6138728283 | 39690.33091799486 | 50132.9055600765 | 105601.2631650626 | 108661.2256035073 | 140242.9192148876 | 58902.20572881221 | 82934.63280386414 | 88775.50412002087 | 121553.1954444326 | 66243.56341751492 | 12991.00756783593 | 45673.95019507888 | 65504.1516286674 | 8654.39943045612 | 424881.7793282309
Unlevered | NPV ('00-'05) | 1075374.68571933 |  | Levered | NPV ('00-'05) | 1075374.68571933
 | NPV ('06-'19) | 360013.3696394137 |  |  | NPV ('06-'19) | 360013.3696394137
 | NPV (TV) | 66238.53927050524 |  |  | NPV (TV) | 66238.53927050524
 | NPV | 1501626.594629249 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 1501626.594629249
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 378599.858859024 | 234840.7506034948 | 166893.6187830127 | 130234.5706230876 | 109675.1469529037 | 42664.13365801075 | 51109.43049085805 | 104861.9134030785 | 106291.8057364389 | 136499.080494296 | 57858.29635919124 | 84838.74149573044 | 89494.79845876279 | 138590.41342015 | 99504.73684771195 | 45022.00945383887 | 76437.87539056191 | 94962.98783291492 | 36768.99397373106
 | Income Taxes (Per Cash Flow) |  | 252399.905906016 | 156560.5004023299 | 111262.4125220085 | 86823.04708205842 | 73116.76463526911 | 28442.75577200716 | 34072.95366057203 | 69907.942268719 | 70861.20382429259 | 90999.38699619733 | 38572.19757279416 | 56559.16099715364 | 59663.19897250854 | 92393.60894676668 | 66336.49123180796 | 30014.67296922591 | 50958.58359370795 | 63308.65855527663 | 24512.66264915405
 | Tax Depreciation (Per Cash Flow) |  | 75748.24435905815 | 69523.09099424342 | 60662.79170765248 | 51681.30584915978 | 48224.46691992465 | 48526.19725998411 | 52068.47506921845 | 55375.69976198411 | 58644.86036706845 | 61707.54243559161 | 60746.52419607096 | 59589.58457937721 | 62619.20973063889 | 48201.44121574485 | 33934.64553700908 | 37180.69165021934 | 40524.11914682593 | 43967.84946833071 | 47514.89169948063
 | EBITDA |  | 706748.0091240981 | 460924.342000068 | 338818.8230126738 | 268738.9235543058 | 231016.3785080974 | 119633.086690002 | 137250.8592206485 | 230145.5554337816 | 235797.8699277999 | 289206.009926085 | 157177.0181280564 | 200987.4870722613 | 211777.2071619102 | 279185.4635826615 | 199775.873616529 | 112217.3740732841 | 167920.5781310958 | 202239.4958565223 | 108796.5483223658
Less: | Book Depreciation |  | -101955.077279434 | -101977.862279434 | -102001.567279434 | -95670.91610322255 | -6979.653562840735 | -9554.653562840735 | -12206.90356284073 | -14938.72106284073 | -17752.49308784073 | -20650.67827359073 | -23635.80901491323 | -26710.49367847541 | -29877.41888194445 | -33139.35184151756 | -36499.14278987786 | -39959.72746668898 | -43524.12968380443 | -47195.46396743334 | -50976.93827957111
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 604792.9318446642 | 358946.4797206341 | 236817.2557332398 | 173068.0074510832 | 224036.7249452567 | 110078.4331271613 | 125043.9556578078 | 215206.8343709409 | 218045.3768399592 | 268555.3316524942 | 133541.2091131432 | 174276.9933937859 | 181899.7882799658 | 246046.111741144 | 163276.7308266511 | 72257.64660659514 | 124396.4484472914 | 155044.0318890889 | 57819.61004279464
 | Income Taxes |  | -241917.1727378657 | -143578.5918882536 | -94726.9022932959 | -69227.2029804333 | -89614.68997810269 | -44031.37325086452 | -50017.58226312313 | -86082.73374837635 | -87218.15073598368 | -107422.1326609977 | -53416.48364525726 | -69710.79735751436 | -72759.91531198632 | -98418.44469645759 | -65310.69233066045 | -28903.05864263806 | -49758.57937891655 | -62017.61275563557 | -23127.84401711786
 | Net Income - GAAP Basis |  | 362875.7591067984 | 215367.8878323804 | 142090.3534399439 | 103840.8044706499 | 134422.034967154 | 66047.05987629677 | 75026.37339468468 | 129124.1006225645 | 130827.2261039755 | 161133.1989914965 | 80124.72546788589 | 104566.1960362715 | 109139.8729679795 | 147627.6670446864 | 97966.03849599068 | 43354.58796395708 | 74637.86906837481 | 93026.41913345334 | 34691.76602567678
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 453910.0832180821 | 303908.1415977382 | 227082.3104906652 | 181420.6964722474 | 107899.6138728283 | 39690.33091799486 | 50132.9055600765 | 105601.2631650626 | 108661.2256035073 | 140242.9192148876 | 58902.20572881221 | 82934.63280386414 | 88775.50412002087 | 121553.1954444326 | 66243.56341751492 | 12991.00756783593 | 45673.95019507888 | 65504.1516286674 | 8654.39943045612 | 424881.7793282309
Unit | Dicks [NAME] | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 30
 | Revenue | 0 | 2008592.99790867 | 1492620.860482084 | 1136901.84225566 | 1017363.635313858 | 992808.5681764627 | 726272.7476160051 | 889333.5685984299 | 1306318.586274405 | 1428812.219516505 | 1557208.93787602 | 1207188.861373683 | 1326437.827714914 | 1472714.145957973 | 1808580.443111006 | 1562290.191367578 | 1241766.774943513 | 1616464.741197681 | 1767509.333145792 | 1495529.237864752
 | Fuel | 0 | -288634.2625098645 | -317796.4282679328 | -247142.0986524288 | -269713.6393976737 | -334188.4148594205 | -308371.5138979824 | -408942.3508034113 | -605031.9640404294 | -691859.2186162407 | -697562.6955019151 | -655099.0667435757 | -665116.5914603752 | -777493.3911597243 | -932191.2276318242 | -860376.7405297016 | -746252.2187580595 | -966513.8639408522 | -1059513.541521933 | -984038.910641055
 | Variable O&M | 0 | -12226.63673609798 | -14954.19979798153 | -12206.67908961632 | -13489.44325893648 | -16945.08219587863 | -15676.81969332565 | -20938.24833914686 | -34301.74795901739 | -38997.28798120491 | -38651.01693392196 | -35744.10709990431 | -37777.70034758053 | -42298.37868781926 | -52600.50845885772 | -45229.03680263717 | -38264.90614210661 | -49142.28946681558 | -51514.36267070676 | -48282.44623036483
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -4397.352483208279 | -6386.770003088752 | -11835.98985349292 | -13851.60665011921 | -14952.02463071763 | -14973.4416900653 | -17143.12862441016 | -21082.14622775352 | -28644.42118053534 | -26759.62387045913 | -24345.11397009077 | -30103.54817877457 | -26460.83598605678 | -25240.20458613364
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -4397.352483208279 | -6386.770003088752 | -11835.98985349292 | -13851.60665011921 | -14952.02463071763 | -14973.4416900653 | -17143.12862441016 | -21082.14622775352 | -28644.42118053534 | -26759.62387045913 | -24345.11397009077 | -30103.54817877457 | -26460.83598605678 | -25240.20458613364
 | Prod. Margin | 0 | 1707732.098662707 | 1159870.23241617 | 877553.0645136152 | 734160.5526572475 | 641675.0711211635 | 393429.7090582805 | 446679.4294496942 | 643312.8945679725 | 670252.4996188211 | 791091.1761787479 | 486398.8041500723 | 589257.2786581385 | 610758.0836549221 | 766499.8646592537 | 603165.1662943214 | 408559.4221031652 | 540601.4914324642 | 603559.7569810383 | 412727.4718210649
 | Fixed O&M | 0 | -95881.41876565503 | -97799.04714096813 | -99755.0280837875 | -101750.1286454632 | -103785.1312183725 | -105860.83384274 | -107978.0505195948 | -110137.6115299867 | -112340.3637605864 | -114587.1710357982 | -116878.9144565141 | -119216.4927456444 | -121600.8226005573 | -124032.8390525684 | -126513.4958336198 | -129043.7657502922 | -131624.6410652981 | -134257.133886604 | -136942.2765643361
 | Property Tax | 0 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294 | -25448.60298235294
 | A&G | 0 | -3652.56641824043 | -3729.63556966532 | -3811.314588641 | -3897.45029834425 | -3990.20961544486 | -4090.20466955085 | -4191.65314014095 | -4297.75254348017 | -4403.90703130414 | -4516.20666060238 | -4625.49886178897 | -4742.06143310604 | -4862.50979350693 | -4984.0725383446 | -5109.17275905705 | -5236.90207803348 | -5366.7772495687 | -5501.48335853289 | -5639.57059083206
 | Operating Income | 0 | 1582749.510496459 | 1032892.946723184 | 748538.1188588337 | 603064.370731087 | 508451.1273049932 | 258030.0675636367 | 309061.1228076055 | 503428.9275121526 | 528059.6258445777 | 646539.1954999944 | 339445.7878494163 | 439850.1214970351 | 458846.1482785049 | 612034.3500859877 | 446093.8947192917 | 248830.1512924865 | 378161.4701352445 | 438352.5367535484 | 244697.0216835438
 | Depreciation | 0 | -168361.3360705419 | -154519.9530873629 | -134821.6546173835 | -114854.1272936469 | -106751.6166534433 | -106607.3573246292 | -113701.4288454586 | -120305.2125066292 | -126853.2221277586 | -132968.1887794442 | -130162.7896353018 | -126942.4182873176 | -133014.8138617758 | -100287.4583745309 | -67875.22688061815 | -74367.31910703868 | -81054.17410025187 | -87941.63474326141 | -95035.71920556127
 | Total Tax | 0 | -565755.2697703668 | -351349.1974543284 | -245486.5856965801 | -195284.0973749761 | -160679.80426062 | -60569.08409560297 | -78143.87758485878 | -153249.4860022094 | -160482.5614867277 | -205428.4026882201 | -83713.1992856458 | -125163.081283887 | -130332.5337666916 | -204698.7566845827 | -151287.4671354694 | -69785.13287417915 | -118842.918413997 | -140164.3608041148 | -59864.52099119303
 | Net Margin | 0 | 848632.9046555501 | 527023.7961814925 | 368229.8785448701 | 292926.1460624641 | 241019.7063909299 | 90853.62614340446 | 117215.8163772882 | 229874.229003314 | 240723.8422300915 | 308142.6040323301 | 125569.7989284687 | 187744.6219258304 | 195498.8006500374 | 307048.1350268741 | 226931.2007032041 | 104677.6993112687 | 178264.3776209956 | 210246.5412061722 | 89796.78148678954
 | Depreciation | 0 | 168361.3360705419 | 154519.9530873629 | 134821.6546173835 | 114854.1272936469 | 106751.6166534433 | 106607.3573246292 | 113701.4288454586 | 120305.2125066292 | 126853.2221277586 | 132968.1887794442 | 130162.7896353018 | 126942.4182873176 | 133014.8138617758 | 100287.4583745309 | 67875.22688061815 | 74367.31910703868 | 81054.17410025187 | 87941.63474326141 | 95035.71920556127
 | [NAME] | 0 | -907.34 | -943.94 | -982.06 | -1025.72 | -100000 | -103000 | -106090 | -109272.7 | -112550.881 | -115927.40743 | -119405.2296529 | -122987.386542487 | -126677.0081387616 | -130477.3183829245 | -134391.6379344122 | -138423.3870724446 | -142576.0886846179 | -146853.3713451565 | -151258.9724855112
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 1016086.900726092 | 680599.8092688555 | 502069.4731622536 | 406754.553356111 | 247771.3230443733 | 94460.9834680337 | 124827.2452227467 | 240906.7415099433 | 255026.18335785 | 325183.3853817743 | 136327.3589108704 | 191699.6536706611 | 201836.6063730516 | 276858.2750184804 | 160414.7896494101 | 40621.63134586281 | 116742.4630366295 | 151334.8046042772 | 33573.52820683963 | 1004386.328336907
Unlevered | NPV ('00-'05) | 2407091.92826121 |  | Levered | NPV ('00-'05) | 2407091.92826121
 | NPV ('06-'19) | 845939.1587887064 |  |  | NPV ('06-'19) | 845939.1587887064
 | NPV (TV) | 156582.575410718 |  |  | NPV (TV) | 156582.575410718
 | NPV | 3409613.662460635 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 3409613.662460635
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 848632.9046555501 | 527023.7961814925 | 368229.8785448701 | 292926.1460624641 | 241019.7063909299 | 90853.62614340446 | 117215.8163772882 | 229874.229003314 | 240723.8422300915 | 308142.6040323301 | 125569.7989284687 | 187744.6219258304 | 195498.8006500374 | 307048.1350268741 | 226931.2007032041 | 104677.6993112687 | 178264.3776209956 | 210246.5412061722 | 89796.78148678954
 | Income Taxes (Per Cash Flow) |  | 565755.2697703668 | 351349.1974543284 | 245486.5856965801 | 195284.0973749761 | 160679.80426062 | 60569.08409560297 | 78143.87758485878 | 153249.4860022094 | 160482.5614867277 | 205428.4026882201 | 83713.1992856458 | 125163.081283887 | 130332.5337666916 | 204698.7566845827 | 151287.4671354694 | 69785.13287417915 | 118842.918413997 | 140164.3608041148 | 59864.52099119303
 | Tax Depreciation (Per Cash Flow) |  | 168361.3360705419 | 154519.9530873629 | 134821.6546173835 | 114854.1272936469 | 106751.6166534433 | 106607.3573246292 | 113701.4288454586 | 120305.2125066292 | 126853.2221277586 | 132968.1887794442 | 130162.7896353018 | 126942.4182873176 | 133014.8138617758 | 100287.4583745309 | 67875.22688061815 | 74367.31910703868 | 81054.17410025187 | 87941.63474326141 | 95035.71920556127
 | EBITDA |  | 1582749.510496459 | 1032892.946723184 | 748538.1188588337 | 603064.370731087 | 508451.1273049932 | 258030.0675636367 | 309061.1228076055 | 503428.9275121526 | 528059.6258445777 | 646539.1954999944 | 339445.7878494163 | 439850.121497035 | 458846.1482785048 | 612034.3500859877 | 446093.8947192917 | 248830.1512924865 | 378161.4701352445 | 438352.5367535484 | 244697.0216835438
Less: | Book Depreciation |  | -215397.1478720436 | -215444.3448720436 | -215493.4478720436 | -202117.8109645547 | -14460.21404825507 | -19610.21404825507 | -24914.71404825507 | -30378.34904825508 | -36005.89309825508 | -41802.26346975507 | -47772.52495240008 | -53921.89427952443 | -60255.74468646251 | -66779.61060560873 | -73499.19250232934 | -80420.36185595157 | -87549.16629018247 | -94891.83485744029 | -102454.7834817158
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 1367352.362624415 | 817448.6018511401 | 533044.6709867901 | 400946.5597665323 | 493990.9132567382 | 238419.8535153816 | 284146.4087593505 | 473050.5784638976 | 492053.7327463226 | 604736.9320302394 | 291673.2628970162 | 385928.2272175106 | 398590.4035920423 | 545254.739480379 | 372594.7022169623 | 168409.7894365349 | 290612.303845062 | 343460.7018961081 | 142242.238201828
 | Income Taxes |  | -546940.9450497662 | -326979.4407404561 | -213217.8683947161 | -160378.6239066129 | -197596.3653026953 | -95367.94140615263 | -113658.5635037402 | -189220.231385559 | -196821.4930985291 | -241894.7728120958 | -116669.3051588065 | -154371.2908870042 | -159436.1614368169 | -218101.8957921516 | -149037.8808867849 | -67363.91577461398 | -116244.9215380248 | -137384.2807584433 | -56896.89528073119
 | Net Income - GAAP Basis |  | 820411.4175746492 | 490469.161110684 | 319826.802592074 | 240567.9358599194 | 296394.5479540429 | 143051.912109229 | 170487.8452556103 | 283830.3470783385 | 295232.2396477935 | 362842.1592181436 | 175003.9577382097 | 231556.9363305063 | 239154.2421552254 | 327152.8436882274 | 223556.8213301774 | 101045.873661921 | 174367.3823070372 | 206076.4211376648 | 85345.34292109677
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 1016086.900726092 | 680599.8092688555 | 502069.4731622536 | 406754.553356111 | 247771.3230443733 | 94460.9834680337 | 124827.2452227467 | 240906.7415099433 | 255026.18335785 | 325183.3853817743 | 136327.3589108704 | 191699.6536706611 | 201836.6063730516 | 276858.2750184804 | 160414.7896494101 | 40621.63134586281 | 116742.4630366295 | 151334.8046042772 | 33573.52820683963 | 1004386.328336907
Unit | Miami Fort 3-6 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 56.8
 | Revenue | 0 | 3655305.946166733 | 2748401.424069818 | 2149663.328972703 | 1838034.966292374 | 1953648.58347878 | 1485150.072825198 | 1766800.872748483 | 2769335.537438314 | 2602796.781588939 | 2964150.505903653 | 2574805.60497123 | 2702882.021326833 | 2953725.527633775 | 3658940.366245867 | 2952115.608689237 | 2570411.257281329 | 3107978.671107812 | 3763143.801746496 | 3328642.025506915
 | Fuel | 0 | -508718.5820936896 | -569562.0992662684 | -469376.5676674728 | -438617.6767553838 | -661150.9155341106 | -621186.7975793971 | -772029.2187971993 | -1265300.596379915 | -1114869.766867923 | -1223476.6706092 | -1323570.073998408 | -1280490.284368692 | -1441403.778119904 | -1766504.390307949 | -1462897.493911862 | -1434981.859712978 | -1681091.093460445 | -2099924.648762358 | -2074706.937924464
 | Variable O&M | 0 | -24494.96877375538 | -30303.12929275402 | -26374.06951203084 | -25054.69830557114 | -37894.42914300223 | -35754.15005065054 | -45331.22163922821 | -81356.03607238448 | -71765.58605321702 | -77495.32978569936 | -83120.17427016512 | -82782.70015899195 | -90048.7192686522 | -113259.6428267672 | -87808.57027450328 | -83740.6085325764 | -97473.71183758776 | -116666.9351920722 | -115092.433203298
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -8759.746210257308 | -12071.2440513798 | -24406.5822202191 | -22263.10814761692 | -26174.85632236509 | -30392.15577098212 | -32810.17183525288 | -39209.15166628829 | -53883.83243924061 | -45361.98759588673 | -46530.60353037995 | -52152.64801237076 | -52331.40817616646 | -52544.60430513498
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -8759.746210257308 | -12071.2440513798 | -24406.5822202191 | -22263.10814761692 | -26174.85632236509 | -30392.15577098212 | -32810.17183525288 | -39209.15166628829 | -53883.83243924061 | -45361.98759588673 | -46530.60353037995 | -52152.64801237076 | -52331.40817616646 | -52544.60430513498
 | Prod. Margin | 0 | 3122092.395299288 | 2148536.195510795 | 1653912.691793199 | 1374362.591231419 | 1254603.238801667 | 810689.6327746353 | 925297.9442092963 | 1373865.740545577 | 1371635.212372565 | 1610828.792864023 | 1107331.045160692 | 1273988.693128644 | 1343854.726912642 | 1671408.668232669 | 1310685.569311098 | 958627.5819750156 | 1225108.569785038 | 1441889.401439733 | 1033753.445768883
 | Fixed O&M | 0 | -192749.9153755016 | -196604.9136830116 | -200537.0119566718 | -204547.7521958053 | -208638.7072397214 | -212811.4813845158 | -217067.7110122061 | -221409.0652324503 | -225837.2465370993 | -230353.9914678413 | -234961.0712971981 | -239660.2927231421 | -244453.4985776049 | -249342.568549157 | -254329.4199201401 | -259416.008318543 | -264604.3284849139 | -269896.4150546122 | -275294.3433557044
 | Property Tax | 0 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725 | -59295.153725
 | A&G | 0 | -5527.55051293718 | -5644.18182876019 | -5767.78941081004 | -5898.14145149431 | -6038.51721803988 | -6189.84306658695 | -6343.36841874663 | -6503.93218246666 | -6664.57930737359 | -6834.52607971159 | -6999.92161084065 | -7176.31963543381 | -7358.59815417381 | -7542.56310802815 | -7731.88144203966 | -7925.17847809067 | -8121.7229043473 | -8325.57814924644 | -8534.55016079252
 | Operating Income | 0 | 2864519.77568585 | 1886991.946274024 | 1388312.736700717 | 1104621.543859119 | 980630.8606189053 | 532393.1545985325 | 642591.7110533435 | 1086657.58940566 | 1079838.232803092 | 1314345.12159147 | 806074.8985276531 | 967856.9270450681 | 1032747.476455864 | 1355228.382850484 | 989329.1142239182 | 631991.241453382 | 893087.3646707764 | 1104372.254510874 | 690629.3985273857
 | Depreciation | 0 | -302992.9774362326 | -278092.3639769737 | -242651.1668306099 | -206725.2233966391 | -192897.8676796986 | -194104.7890399364 | -208273.9002768738 | -221502.7990479365 | -234579.4414682738 | -246830.1697423664 | -242986.0967842838 | -238358.3383175088 | -250476.8389225556 | -192805.7648629794 | -135738.5821480363 | -148722.7666008774 | -162096.4765873037 | -175871.3978733228 | -190059.5667979225
 | Total Tax | 0 | -1024610.719299847 | -643559.83291882 | -458264.6279480429 | -359158.5281849921 | -315093.1971756827 | -135315.3462234384 | -173727.1243105879 | -346061.9161430893 | -338103.5165339273 | -427005.9807396416 | -225235.5206973477 | -291799.4354910238 | -312908.2550133232 | -464969.0471950017 | -341436.2128303528 | -193307.3899410018 | -292396.3552333891 | -371400.3426550206 | -200227.9326917853
 | Net Margin | 0 | 1536916.07894977 | 965339.74937823 | 687396.9419220644 | 538737.7922774882 | 472639.795763524 | 202973.0193351576 | 260590.6864658818 | 519092.8742146338 | 507155.2748008908 | 640508.9711094623 | 337853.2810460215 | 437699.1532365356 | 469362.3825199848 | 697453.5707925025 | 512154.3192455291 | 289961.0849115027 | 438594.5328500835 | 557100.5139825309 | 300341.8990376779
 | Depreciation | 0 | 302992.9774362326 | 278092.3639769737 | 242651.1668306099 | 206725.2233966391 | 192897.8676796986 | 194104.7890399364 | 208273.9002768738 | 221502.7990479365 | 234579.4414682738 | 246830.1697423664 | 242986.0967842838 | 238358.3383175088 | 250476.8389225556 | 192805.7648629794 | 135738.5821480363 | 148722.7666008774 | 162096.4765873037 | 175871.3978733228 | 190059.5667979225
 | [NAME] | 0 | -1752.08 | -1822.8 | -1896.4 | -1980.72 | -200000 | -206000 | -212180 | -218545.4 | -225101.762 | -231854.81486 | -238810.4593058 | -245974.773084974 | -253354.0162775232 | -260954.6367658489 | -268783.2758688244 | -276846.7741448891 | -285152.1773692358 | -293706.7426903129 | -302517.9449710223
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 1838156.976386003 | 1241609.313355203 | 928151.7087526743 | 743482.2956741273 | 465537.6634432225 | 191077.8083750941 | 256684.5867427556 | 522050.2732625703 | 516632.9542691646 | 655484.3259918287 | 342028.9185245053 | 430082.7184690704 | 466485.2051650172 | 629304.698889633 | 379109.625524741 | 161837.0773674909 | 315538.8320681515 | 439265.1691655408 | 187883.5208645781 | 2462140.384938872
Unlevered | NPV ('00-'05) | 4395956.415506717 |  | Levered | NPV ('00-'05) | 4395956.415506717
 | NPV ('06-'19) | 1899209.748096401 |  |  | NPV ('06-'19) | 1899209.748096401
 | NPV (TV) | 383844.6139891556 |  |  | NPV (TV) | 383844.6139891556
 | NPV | 6679010.777592274 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 6679010.777592274
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1536916.07894977 | 965339.74937823 | 687396.9419220644 | 538737.7922774882 | 472639.795763524 | 202973.0193351576 | 260590.6864658818 | 519092.8742146338 | 507155.2748008908 | 640508.9711094623 | 337853.2810460215 | 437699.1532365356 | 469362.3825199848 | 697453.5707925025 | 512154.3192455291 | 289961.0849115027 | 438594.5328500835 | 557100.5139825309 | 300341.8990376779
 | Income Taxes (Per Cash Flow) |  | 1024610.719299847 | 643559.83291882 | 458264.6279480429 | 359158.5281849921 | 315093.1971756827 | 135315.3462234384 | 173727.1243105879 | 346061.9161430893 | 338103.5165339273 | 427005.9807396416 | 225235.5206973477 | 291799.4354910238 | 312908.2550133232 | 464969.0471950017 | 341436.2128303528 | 193307.3899410018 | 292396.3552333891 | 371400.3426550206 | 200227.9326917853
 | Tax Depreciation (Per Cash Flow) |  | 302992.9774362326 | 278092.3639769737 | 242651.1668306099 | 206725.2233966391 | 192897.8676796986 | 194104.7890399364 | 208273.9002768738 | 221502.7990479365 | 234579.4414682738 | 246830.1697423664 | 242986.0967842838 | 238358.3383175088 | 250476.8389225556 | 192805.7648629794 | 135738.5821480363 | 148722.7666008774 | 162096.4765873037 | 175871.3978733228 | 190059.5667979225
 | EBITDA |  | 2864519.77568585 | 1886991.946274024 | 1388312.736700717 | 1104621.543859119 | 980630.8606189053 | 532393.1545985325 | 642591.7110533435 | 1086657.58940566 | 1079838.232803092 | 1314345.12159147 | 806074.8985276531 | 967856.9270450681 | 1032747.476455864 | 1355228.382850484 | 989329.1142239182 | 631991.241453382 | 893087.3646707763 | 1104372.254510874 | 690629.3985273857
Less: | Book Depreciation |  | -625019.4995526726 | -623803.9361519489 | -619173.1037322852 | -619206.3434777629 | -629139.1148333705 | -639439.1148333705 | -552705.1530031932 | -490171.3275956605 | -466481.105953162 | -475040.2842871388 | -486980.8072524288 | -499279.5459066776 | -428276.5096616055 | -327004.1591674863 | -166675.0243356874 | -169580.5103508704 | -183091.6730563188 | -197777.0101908344 | -212264.5088013774
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 2239500.276133177 | 1263188.010122075 | 769139.6329684322 | 485415.2003813564 | 351491.7457855347 | -107045.9602348381 | 89886.55805015028 | 596486.2618099991 | 613357.1268499298 | 839304.8373043316 | 319094.0912752242 | 468577.3811383906 | 604470.9667942581 | 1028224.223682997 | 822654.0898882308 | 462410.7311025115 | 709995.6916144575 | 906595.24432004 | 478364.8897260082
 | Income Taxes |  | -895800.1104532708 | -505275.2040488299 | -307655.8531873728 | -194166.0801525426 | -140596.6983142139 | 42818.38409393523 | -35954.62322006012 | -238594.5047239996 | -245342.8507399719 | -335721.9349217326 | -127637.6365100897 | -187430.9524553563 | -241788.3867177033 | -411289.689473199 | -329061.6359552923 | -184964.2924410046 | -283998.276645783 | -362638.097728016 | -191345.9558904033
 | Net Income - GAAP Basis |  | 1343700.165679906 | 757912.8060732449 | 461483.7797810593 | 291249.1202288138 | 210895.0474713208 | -64227.57614090284 | 53931.93483009017 | 357891.7570859995 | 368014.2761099578 | 503582.902382599 | 191456.4547651345 | 281146.4286830343 | 362682.5800765548 | 616934.5342097983 | 493592.4539329385 | 277446.4386615069 | 425997.4149686745 | 543957.146592024 | 287018.9338356049
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 1838156.976386003 | 1241609.313355203 | 928151.7087526743 | 743482.2956741273 | 465537.6634432225 | 191077.8083750941 | 256684.5867427556 | 522050.2732625703 | 516632.9542691646 | 655484.3259918287 | 342028.9185245053 | 430082.7184690704 | 466485.2051650172 | 629304.698889633 | 379109.625524741 | 161837.0773674909 | 315538.8320681515 | 439265.1691655408 | 187883.5208645781 | 2462140.384938872
Unit | [NAME] | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 51.225
 | Revenue | 0 | 3932629.250593291 | 3141040.778354283 | 2615520.699422322 | 2326762.691974048 | 2724752.317385615 | 2561881.873529067 | 2507578.608556859 | 3758660.554275953 | 3844320.998319883 | 4054799.143128296 | 3177612.147359341 | 4036787.069422118 | 3461174.59960719 | 4377009.510474759 | 3952327.745740719 | 3107784.984880793 | 3407390.507938915 | 4372681.279843202 | 4856559.380834687
 | Fuel | 0 | -921514.6317183679 | -1017134.280873826 | -888691.4181009689 | -901742.6277599557 | -1309413.207952609 | -1424418.912662746 | -1264154.525643069 | -1917918.190547418 | -1968538.935589765 | -1969411.936502703 | -1664135.190027217 | -2172160.986647341 | -1699763.99333358 | -2175452.872164735 | -2116084.970615353 | -1686679.291937277 | -1768139.682110275 | -2369503.806886505 | -3137999.298518037
 | Variable O&M | 0 | -29761.10661984621 | -37108.00923297823 | -33915.45081391869 | -34017.0431708852 | -49833.61576859849 | -56078.02773900412 | -50745.19433285837 | -84134.52079434901 | -86431.11360291555 | -84158.84313420899 | -71809.43284931747 | -95309.25636864685 | -72989.52036616401 | -94239.82312898044 | -86056.71662049016 | -67219.20420350501 | -69752.86736395606 | -89393.8520020761 | -117840.3051094829
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -19765.76339817152 | -19428.53167352457 | -36246.04375144846 | -38576.81818535356 | -40953.20061637356 | -37747.65200150096 | -54404.24937734533 | -45751.10633928469 | -64508.95286051025 | -63934.50674805648 | -53682.36042399958 | -53754.53855179944 | -57704.32753785486 | -77372.50768571306
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -19765.76339817152 | -19428.53167352457 | -36246.04375144846 | -38576.81818535356 | -40953.20061637356 | -37747.65200150096 | -54404.24937734533 | -45751.10633928469 | -64508.95286051025 | -63934.50674805648 | -53682.36042399958 | -53754.53855179944 | -57704.32753785486 | -77372.50768571306
 | Prod. Margin | 0 | 2981353.512255077 | 2086798.488247479 | 1692913.830507434 | 1391003.021043207 | 1365505.493664407 | 1041853.406330974 | 1153821.825233882 | 1684115.755431289 | 1712197.312756495 | 1919321.962258637 | 1366172.220479804 | 1660508.327651439 | 1596918.873228877 | 1978298.909460024 | 1622317.045008763 | 1246521.767892012 | 1461988.881361085 | 1798374.965878911 | 1445974.76183574
 | Fixed O&M | 0 | -91566.27137894466 | -93397.59680652355 | -95265.54874265402 | -97170.8597175071 | -99114.27691185725 | -101096.5624500944 | -103118.4936990963 | -105180.8635730782 | -107284.4808445398 | -109430.1704614306 | -111618.7738706592 | -113851.1493480724 | -116128.1723350338 | -118450.7357817345 | -120819.7504973692 | -123236.1455073166 | -125700.8684174629 | -128214.8857858122 | -130779.1835015284
 | Property Tax | 0 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875
 | A&G | 0 | -4145.66288470289 | -4233.13637157014 | -4325.84205810753 | -4423.60608862073 | -4528.88791352991 | -4642.38229994021 | -4757.52631405997 | -4877.94913684999 | -4998.43448053019 | -5125.8945597837 | -5249.94120813049 | -5382.23972657536 | -5518.94861563036 | -5656.92233102112 | -5798.91108152975 | -5943.883858568 | -6091.29217826048 | -6244.18361193483 | -6400.91262059439
 | Operating Income | 0 | 2840480.167519554 | 1944006.344597511 | 1548161.029234798 | 1244247.144765204 | 1216700.918367145 | 890953.0511090641 | 1000784.394748851 | 1528895.532249486 | 1554752.98695955 | 1759604.486765548 | 1204142.09492914 | 1496113.528104916 | 1430110.341806338 | 1809029.840875393 | 1450536.972957989 | 1072180.328054252 | 1285035.310293487 | 1618754.486009289 | 1263633.255241742
 | Depreciation | 0 | -256373.4873767766 | -235299.6378148162 | -205307.079458943 | -174904.4712588694 | -160607.0694228421 | -156554.005204633 | -163690.9918052956 | -170232.886172733 | -176826.6568438956 | -182884.160105948 | -175467.7702121846 | -167517.1753621763 | -173658.1615184044 | -120623.7257772273 | -67973.17705761816 | -74465.26928403869 | -81152.12427725187 | -88039.58492026142 | -95133.66938256127
 | Total Tax | 0 | -1033642.672057111 | -683482.6827130778 | -537141.5799103419 | -427737.0694025337 | -422437.5395777213 | -293759.6183617724 | -334837.3611774221 | -543465.0584307013 | -551170.5320462618 | -630688.1306638401 | -411469.729886782 | -531438.5410970959 | -502580.8721151734 | -675362.4460392662 | -553025.5183601482 | -399086.0235080854 | -481553.274406494 | -612285.9604356108 | -467399.8343436725
 | Net Margin | 0 | 1550464.008085666 | 1025224.024069616 | 805712.3698655127 | 641605.6041038005 | 633656.3093665818 | 440639.4275426587 | 502256.041766133 | 815197.5876460518 | 826755.7980693927 | 946032.1959957602 | 617204.594830173 | 797157.8116456438 | 753871.3081727601 | 1013043.669058899 | 829538.2775402223 | 598629.035262128 | 722329.9116097409 | 918428.9406534162 | 701099.7515155086
 | Depreciation | 0 | 256373.4873767766 | 235299.6378148162 | 205307.079458943 | 174904.4712588694 | 160607.0694228421 | 156554.005204633 | 163690.9918052956 | 170232.886172733 | 176826.6568438956 | 182884.160105948 | 175467.7702121846 | 167517.1753621763 | 173658.1615184044 | 120623.7257772273 | 67973.17705761816 | 74465.26928403869 | 81152.12427725187 | 88039.58492026142 | 95133.66938256127
 | [NAME] | 0 | -1423.58 | -1481.02 | -1540.83 | -1609.33 | -100000 | -103000 | -106090 | -109272.7 | -112550.881 | -115927.40743 | -119405.2296529 | -122987.386542487 | -126677.0081387616 | -130477.3183829245 | -134391.6379344122 | -138423.3870724446 | -142576.0886846179 | -146853.3713451565 | -151258.9724855112
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 1805413.915462443 | 1259042.641884433 | 1009478.619324456 | 814900.7453626699 | 694263.378789424 | 494193.4327472916 | 559857.0335714286 | 876157.7738187849 | 891031.5739132883 | 1012988.948671708 | 673267.1353894575 | 841687.6004653331 | 800852.4615524029 | 1003190.076453202 | 763119.8166634282 | 534670.9174737221 | 660905.9472023749 | 859615.1542285212 | 644974.4484125588 | 4789857.50235221
Unlevered | NPV ('00-'05) | 4644045.685802274 |  | Levered | NPV ('00-'05) | 4644045.685802274
 | NPV ('06-'19) | 3601197.094115803 |  |  | NPV ('06-'19) | 3601197.094115803
 | NPV (TV) | 746732.8082915512 |  |  | NPV (TV) | 746732.8082915512
 | NPV | 8991975.588209627 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 8991975.588209627
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1550464.008085666 | 1025224.024069616 | 805712.3698655127 | 641605.6041038005 | 633656.3093665818 | 440639.4275426587 | 502256.041766133 | 815197.5876460518 | 826755.7980693927 | 946032.1959957602 | 617204.594830173 | 797157.8116456438 | 753871.3081727601 | 1013043.669058899 | 829538.2775402223 | 598629.035262128 | 722329.9116097409 | 918428.9406534162 | 701099.7515155086
 | Income Taxes (Per Cash Flow) |  | 1033642.672057111 | 683482.6827130778 | 537141.5799103419 | 427737.0694025337 | 422437.5395777213 | 293759.6183617724 | 334837.3611774221 | 543465.0584307013 | 551170.5320462618 | 630688.1306638401 | 411469.729886782 | 531438.5410970959 | 502580.8721151734 | 675362.4460392662 | 553025.5183601482 | 399086.0235080854 | 481553.274406494 | 612285.9604356108 | 467399.8343436725
 | Tax Depreciation (Per Cash Flow) |  | 256373.4873767766 | 235299.6378148162 | 205307.079458943 | 174904.4712588694 | 160607.0694228421 | 156554.005204633 | 163690.9918052956 | 170232.886172733 | 176826.6568438956 | 182884.160105948 | 175467.7702121846 | 167517.1753621763 | 173658.1615184044 | 120623.7257772273 | 67973.17705761816 | 74465.26928403869 | 81152.12427725187 | 88039.58492026142 | 95133.66938256127
 | EBITDA |  | 2840480.167519554 | 1944006.344597511 | 1548161.029234798 | 1244247.144765204 | 1216700.918367145 | 890953.0511090641 | 1000784.394748851 | 1528895.532249486 | 1554752.98695955 | 1759604.486765548 | 1204142.09492914 | 1496113.528104916 | 1430110.341806338 | 1809029.840875393 | 1450536.972957989 | 1072180.328054252 | 1285035.310293487 | 1618754.486009289 | 1263633.255241742
Less: | Book Depreciation |  | -572072.6856983226 | -571105.994308152 | -567419.2231543908 | -551343.6746104591 | -509959.226511037 | -515109.226511037 | -297727.4817990601 | -109683.5972341493 | -115116.44440495 | -113527.9195567913 | -63875.92768464591 | -70025.29701177025 | -76359.14741870834 | -82883.01333785456 | -89602.59523457516 | -96173.37721235752 | -102354.9396233774 | -109697.6081906352 | -117260.5568149108
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 2268407.481821232 | 1372900.350289359 | 980741.8060804069 | 692903.4701547445 | 706741.6918561081 | 375843.8245980272 | 703056.9129497906 | 1419211.935015337 | 1439636.5425546 | 1646076.567208757 | 1140266.167244494 | 1426088.231093146 | 1353751.19438763 | 1726146.827537538 | 1360934.377723414 | 976006.9508418946 | 1182680.37067011 | 1509056.877818653 | 1146372.698426832
 | Income Taxes |  | -907362.9927284927 | -549160.1401157434 | -392296.7224321628 | -277161.3880618978 | -282696.6767424433 | -150337.5298392109 | -281222.7651799162 | -567684.7740061347 | -575854.6170218401 | -658430.6268835028 | -456106.4668977975 | -570435.2924372583 | -541500.4777550519 | -690458.7310150154 | -544373.7510893655 | -390402.7803367579 | -473072.1482680438 | -603622.7511274613 | -458549.0793707327
 | Net Income - GAAP Basis |  | 1361044.489092739 | 823740.2101736151 | 588445.0836482442 | 415742.0820928467 | 424045.0151136648 | 225506.2947588163 | 421834.1477698744 | 851527.1610092019 | 863781.9255327601 | 987645.9403252541 | 684159.7003466962 | 855652.9386558874 | 812250.7166325777 | 1035688.096522523 | 816560.6266340481 | 585604.1705051367 | 709608.2224020658 | 905434.126691192 | 687823.6190560989
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 1805413.915462443 | 1259042.641884433 | 1009478.619324456 | 814900.7453626699 | 694263.378789424 | 494193.4327472916 | 559857.0335714286 | 876157.7738187849 | 891031.5739132883 | 1012988.948671708 | 673267.1353894575 | 841687.6004653331 | 800852.4615524029 | 1003190.076453202 | 763119.8166634282 | 534670.9174737221 | 660905.9472023749 | 859615.1542285212 | 644974.4484125588 | 4789857.50235221
Unit | Beckjord CT2 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 51.225
 | Revenue | 0 | 3932629.250593291 | 3141040.778354283 | 2615520.699422322 | 2326762.691974048 | 2724752.317385615 | 2561881.873529067 | 2507578.608556859 | 3758660.554275953 | 3844320.998319883 | 4054799.143128296 | 3177612.147359341 | 4036787.069422118 | 3461174.59960719 | 4377009.510474759 | 3952327.745740719 | 3107784.984880793 | 3407390.507938915 | 4372681.279843202 | 4856559.380834687
 | Fuel | 0 | -921514.6317183679 | -1017134.280873826 | -888691.4181009689 | -901742.6277599557 | -1309413.207952609 | -1424418.912662746 | -1264154.525643069 | -1917918.190547418 | -1968538.935589765 | -1969411.936502703 | -1664135.190027217 | -2172160.986647341 | -1699763.99333358 | -2175452.872164735 | -2116084.970615353 | -1686679.291937277 | -1768139.682110275 | -2369503.806886505 | -3137999.298518037
 | Variable O&M | 0 | -29761.10661984621 | -37108.00923297823 | -33915.45081391869 | -34017.0431708852 | -49833.61576859849 | -56078.02773900412 | -50745.19433285837 | -84134.52079434901 | -86431.11360291555 | -84158.84313420899 | -71809.43284931747 | -95309.25636864685 | -72989.52036616401 | -94239.82312898044 | -86056.71662049016 | -67219.20420350501 | -69752.86736395606 | -89393.8520020761 | -117840.3051094829
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -19765.76339817152 | -19428.53167352457 | -36246.04375144846 | -38576.81818535356 | -40953.20061637356 | -37747.65200150096 | -54404.24937734533 | -45751.10633928469 | -64508.95286051025 | -63934.50674805648 | -53682.36042399958 | -53754.53855179944 | -57704.32753785486 | -77372.50768571306
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -19765.76339817152 | -19428.53167352457 | -36246.04375144846 | -38576.81818535356 | -40953.20061637356 | -37747.65200150096 | -54404.24937734533 | -45751.10633928469 | -64508.95286051025 | -63934.50674805648 | -53682.36042399958 | -53754.53855179944 | -57704.32753785486 | -77372.50768571306
 | Prod. Margin | 0 | 2981353.512255077 | 2086798.488247479 | 1692913.830507434 | 1391003.021043207 | 1365505.493664407 | 1041853.406330974 | 1153821.825233882 | 1684115.755431289 | 1712197.312756495 | 1919321.962258637 | 1366172.220479804 | 1660508.327651439 | 1596918.873228877 | 1978298.909460024 | 1622317.045008763 | 1246521.767892012 | 1461988.881361085 | 1798374.965878911 | 1445974.76183574
 | Fixed O&M | 0 | -91566.27137894466 | -93397.59680652355 | -95265.54874265402 | -97170.8597175071 | -99114.27691185725 | -101096.5624500944 | -103118.4936990963 | -105180.8635730782 | -107284.4808445398 | -109430.1704614306 | -111618.7738706592 | -113851.1493480724 | -116128.1723350338 | -118450.7357817345 | -120819.7504973692 | -123236.1455073166 | -125700.8684174629 | -128214.8857858122 | -130779.1835015284
 | Property Tax | 0 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875
 | A&G | 0 | -4145.66288470289 | -4233.13637157014 | -4325.84205810753 | -4423.60608862073 | -4528.88791352991 | -4642.38229994021 | -4757.52631405997 | -4877.94913684999 | -4998.43448053019 | -5125.8945597837 | -5249.94120813049 | -5382.23972657536 | -5518.94861563036 | -5656.92233102112 | -5798.91108152975 | -5943.883858568 | -6091.29217826048 | -6244.18361193483 | -6400.91262059439
 | Operating Income | 0 | 2840480.167519554 | 1944006.344597511 | 1548161.029234798 | 1244247.144765204 | 1216700.918367145 | 890953.0511090641 | 1000784.394748851 | 1528895.532249486 | 1554752.98695955 | 1759604.486765548 | 1204142.09492914 | 1496113.528104916 | 1430110.341806338 | 1809029.840875393 | 1450536.972957989 | 1072180.328054252 | 1285035.310293487 | 1618754.486009289 | 1263633.255241742
 | Depreciation | 0 | -256373.4873767766 | -235299.6378148162 | -205307.079458943 | -174904.4712588694 | -160607.0694228421 | -156554.005204633 | -163690.9918052956 | -170232.886172733 | -176826.6568438956 | -182884.160105948 | -175467.7702121846 | -167517.1753621763 | -173658.1615184044 | -120623.7257772273 | -67973.17705761816 | -74465.26928403869 | -81152.12427725187 | -88039.58492026142 | -95133.66938256127
 | Total Tax | 0 | -1033642.672057111 | -683482.6827130778 | -537141.5799103419 | -427737.0694025337 | -422437.5395777213 | -293759.6183617724 | -334837.3611774221 | -543465.0584307013 | -551170.5320462618 | -630688.1306638401 | -411469.729886782 | -531438.5410970959 | -502580.8721151734 | -675362.4460392662 | -553025.5183601482 | -399086.0235080854 | -481553.274406494 | -612285.9604356108 | -467399.8343436725
 | Net Margin | 0 | 1550464.008085666 | 1025224.024069616 | 805712.3698655127 | 641605.6041038005 | 633656.3093665818 | 440639.4275426587 | 502256.041766133 | 815197.5876460518 | 826755.7980693927 | 946032.1959957602 | 617204.594830173 | 797157.8116456438 | 753871.3081727601 | 1013043.669058899 | 829538.2775402223 | 598629.035262128 | 722329.9116097409 | 918428.9406534162 | 701099.7515155086
 | Depreciation | 0 | 256373.4873767766 | 235299.6378148162 | 205307.079458943 | 174904.4712588694 | 160607.0694228421 | 156554.005204633 | 163690.9918052956 | 170232.886172733 | 176826.6568438956 | 182884.160105948 | 175467.7702121846 | 167517.1753621763 | 173658.1615184044 | 120623.7257772273 | 67973.17705761816 | 74465.26928403869 | 81152.12427725187 | 88039.58492026142 | 95133.66938256127
 | [NAME] | 0 | -1423.58 | -1481.02 | -1540.83 | -1609.33 | -100000 | -103000 | -106090 | -109272.7 | -112550.881 | -115927.40743 | -119405.2296529 | -122987.386542487 | -126677.0081387616 | -130477.3183829245 | -134391.6379344122 | -138423.3870724446 | -142576.0886846179 | -146853.3713451565 | -151258.9724855112
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 1805413.915462443 | 1259042.641884433 | 1009478.619324456 | 814900.7453626699 | 694263.378789424 | 494193.4327472916 | 559857.0335714286 | 876157.7738187849 | 891031.5739132883 | 1012988.948671708 | 673267.1353894575 | 841687.6004653331 | 800852.4615524029 | 1003190.076453202 | 763119.8166634282 | 534670.9174737221 | 660905.9472023749 | 859615.1542285212 | 644974.4484125588 | 4789857.50235221
Unlevered | NPV ('00-'05) | 4644045.685802274 |  | Levered | NPV ('00-'05) | 4644045.685802274
 | NPV ('06-'19) | 3601197.094115803 |  |  | NPV ('06-'19) | 3601197.094115803
 | NPV (TV) | 746732.8082915512 |  |  | NPV (TV) | 746732.8082915512
 | NPV | 8991975.588209627 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 8991975.588209627
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1550464.008085666 | 1025224.024069616 | 805712.3698655127 | 641605.6041038005 | 633656.3093665818 | 440639.4275426587 | 502256.041766133 | 815197.5876460518 | 826755.7980693927 | 946032.1959957602 | 617204.594830173 | 797157.8116456438 | 753871.3081727601 | 1013043.669058899 | 829538.2775402223 | 598629.035262128 | 722329.9116097409 | 918428.9406534162 | 701099.7515155086
 | Income Taxes (Per Cash Flow) |  | 1033642.672057111 | 683482.6827130778 | 537141.5799103419 | 427737.0694025337 | 422437.5395777213 | 293759.6183617724 | 334837.3611774221 | 543465.0584307013 | 551170.5320462618 | 630688.1306638401 | 411469.729886782 | 531438.5410970959 | 502580.8721151734 | 675362.4460392662 | 553025.5183601482 | 399086.0235080854 | 481553.274406494 | 612285.9604356108 | 467399.8343436725
 | Tax Depreciation (Per Cash Flow) |  | 256373.4873767766 | 235299.6378148162 | 205307.079458943 | 174904.4712588694 | 160607.0694228421 | 156554.005204633 | 163690.9918052956 | 170232.886172733 | 176826.6568438956 | 182884.160105948 | 175467.7702121846 | 167517.1753621763 | 173658.1615184044 | 120623.7257772273 | 67973.17705761816 | 74465.26928403869 | 81152.12427725187 | 88039.58492026142 | 95133.66938256127
 | EBITDA |  | 2840480.167519554 | 1944006.344597511 | 1548161.029234798 | 1244247.144765204 | 1216700.918367145 | 890953.0511090641 | 1000784.394748851 | 1528895.532249486 | 1554752.98695955 | 1759604.486765548 | 1204142.09492914 | 1496113.528104916 | 1430110.341806338 | 1809029.840875393 | 1450536.972957989 | 1072180.328054252 | 1285035.310293487 | 1618754.486009289 | 1263633.255241742
Less: | Book Depreciation |  | -572072.6856983226 | -571105.994308152 | -567419.2231543908 | -551343.6746104591 | -509959.226511037 | -515109.226511037 | -297727.4817990601 | -109683.5972341493 | -115116.44440495 | -113527.9195567913 | -63875.92768464591 | -70025.29701177025 | -76359.14741870834 | -82883.01333785456 | -89602.59523457516 | -96173.37721235752 | -102354.9396233774 | -109697.6081906352 | -117260.5568149108
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 2268407.481821232 | 1372900.350289359 | 980741.8060804069 | 692903.4701547445 | 706741.6918561081 | 375843.8245980272 | 703056.9129497906 | 1419211.935015337 | 1439636.5425546 | 1646076.567208757 | 1140266.167244494 | 1426088.231093146 | 1353751.19438763 | 1726146.827537538 | 1360934.377723414 | 976006.9508418946 | 1182680.37067011 | 1509056.877818653 | 1146372.698426832
 | Income Taxes |  | -907362.9927284927 | -549160.1401157434 | -392296.7224321628 | -277161.3880618978 | -282696.6767424433 | -150337.5298392109 | -281222.7651799162 | -567684.7740061347 | -575854.6170218401 | -658430.6268835028 | -456106.4668977975 | -570435.2924372583 | -541500.4777550519 | -690458.7310150154 | -544373.7510893655 | -390402.7803367579 | -473072.1482680438 | -603622.7511274613 | -458549.0793707327
 | Net Income - GAAP Basis |  | 1361044.489092739 | 823740.2101736151 | 588445.0836482442 | 415742.0820928467 | 424045.0151136648 | 225506.2947588163 | 421834.1477698744 | 851527.1610092019 | 863781.9255327601 | 987645.9403252541 | 684159.7003466962 | 855652.9386558874 | 812250.7166325777 | 1035688.096522523 | 816560.6266340481 | 585604.1705051367 | 709608.2224020658 | 905434.126691192 | 687823.6190560989
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 1805413.915462443 | 1259042.641884433 | 1009478.619324456 | 814900.7453626699 | 694263.378789424 | 494193.4327472916 | 559857.0335714286 | 876157.7738187849 | 891031.5739132883 | 1012988.948671708 | 673267.1353894575 | 841687.6004653331 | 800852.4615524029 | 1003190.076453202 | 763119.8166634282 | 534670.9174737221 | 660905.9472023749 | 859615.1542285212 | 644974.4484125588 | 4789857.50235221
Unit | Beckjord CT3 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 51.225
 | Revenue | 0 | 3932629.250593291 | 3141040.778354283 | 2615520.699422322 | 2326762.691974048 | 2724752.317385615 | 2561881.873529067 | 2507578.608556859 | 3758660.554275953 | 3844320.998319883 | 4054799.143128296 | 3177612.147359341 | 4036787.069422118 | 3461174.59960719 | 4377009.510474759 | 3952327.745740719 | 3107784.984880793 | 3407390.507938915 | 4372681.279843202 | 4856559.380834687
 | Fuel | 0 | -921514.6317183679 | -1017134.280873826 | -888691.4181009689 | -901742.6277599557 | -1309413.207952609 | -1424418.912662746 | -1264154.525643069 | -1917918.190547418 | -1968538.935589765 | -1969411.936502703 | -1664135.190027217 | -2172160.986647341 | -1699763.99333358 | -2175452.872164735 | -2116084.970615353 | -1686679.291937277 | -1768139.682110275 | -2369503.806886505 | -3137999.298518037
 | Variable O&M | 0 | -29761.10661984621 | -37108.00923297823 | -33915.45081391869 | -34017.0431708852 | -49833.61576859849 | -56078.02773900412 | -50745.19433285837 | -84134.52079434901 | -86431.11360291555 | -84158.84313420899 | -71809.43284931747 | -95309.25636864685 | -72989.52036616401 | -94239.82312898044 | -86056.71662049016 | -67219.20420350501 | -69752.86736395606 | -89393.8520020761 | -117840.3051094829
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -19765.76339817152 | -19428.53167352457 | -36246.04375144846 | -38576.81818535356 | -40953.20061637356 | -37747.65200150096 | -54404.24937734533 | -45751.10633928469 | -64508.95286051025 | -63934.50674805648 | -53682.36042399958 | -53754.53855179944 | -57704.32753785486 | -77372.50768571306
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -19765.76339817152 | -19428.53167352457 | -36246.04375144846 | -38576.81818535356 | -40953.20061637356 | -37747.65200150096 | -54404.24937734533 | -45751.10633928469 | -64508.95286051025 | -63934.50674805648 | -53682.36042399958 | -53754.53855179944 | -57704.32753785486 | -77372.50768571306
 | Prod. Margin | 0 | 2981353.512255077 | 2086798.488247479 | 1692913.830507434 | 1391003.021043207 | 1365505.493664407 | 1041853.406330974 | 1153821.825233882 | 1684115.755431289 | 1712197.312756495 | 1919321.962258637 | 1366172.220479804 | 1660508.327651439 | 1596918.873228877 | 1978298.909460024 | 1622317.045008763 | 1246521.767892012 | 1461988.881361085 | 1798374.965878911 | 1445974.76183574
 | Fixed O&M | 0 | -91566.27137894466 | -93397.59680652355 | -95265.54874265402 | -97170.8597175071 | -99114.27691185725 | -101096.5624500944 | -103118.4936990963 | -105180.8635730782 | -107284.4808445398 | -109430.1704614306 | -111618.7738706592 | -113851.1493480724 | -116128.1723350338 | -118450.7357817345 | -120819.7504973692 | -123236.1455073166 | -125700.8684174629 | -128214.8857858122 | -130779.1835015284
 | Property Tax | 0 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875
 | A&G | 0 | -4145.66288470289 | -4233.13637157014 | -4325.84205810753 | -4423.60608862073 | -4528.88791352991 | -4642.38229994021 | -4757.52631405997 | -4877.94913684999 | -4998.43448053019 | -5125.8945597837 | -5249.94120813049 | -5382.23972657536 | -5518.94861563036 | -5656.92233102112 | -5798.91108152975 | -5943.883858568 | -6091.29217826048 | -6244.18361193483 | -6400.91262059439
 | Operating Income | 0 | 2840480.167519554 | 1944006.344597511 | 1548161.029234798 | 1244247.144765204 | 1216700.918367145 | 890953.0511090641 | 1000784.394748851 | 1528895.532249486 | 1554752.98695955 | 1759604.486765548 | 1204142.09492914 | 1496113.528104916 | 1430110.341806338 | 1809029.840875393 | 1450536.972957989 | 1072180.328054252 | 1285035.310293487 | 1618754.486009289 | 1263633.255241742
 | Depreciation | 0 | -256373.4873767766 | -235299.6378148162 | -205307.079458943 | -174904.4712588694 | -160607.0694228421 | -156554.005204633 | -163690.9918052956 | -170232.886172733 | -176826.6568438956 | -182884.160105948 | -175467.7702121846 | -167517.1753621763 | -173658.1615184044 | -120623.7257772273 | -67973.17705761816 | -74465.26928403869 | -81152.12427725187 | -88039.58492026142 | -95133.66938256127
 | Total Tax | 0 | -1033642.672057111 | -683482.6827130778 | -537141.5799103419 | -427737.0694025337 | -422437.5395777213 | -293759.6183617724 | -334837.3611774221 | -543465.0584307013 | -551170.5320462618 | -630688.1306638401 | -411469.729886782 | -531438.5410970959 | -502580.8721151734 | -675362.4460392662 | -553025.5183601482 | -399086.0235080854 | -481553.274406494 | -612285.9604356108 | -467399.8343436725
 | Net Margin | 0 | 1550464.008085666 | 1025224.024069616 | 805712.3698655127 | 641605.6041038005 | 633656.3093665818 | 440639.4275426587 | 502256.041766133 | 815197.5876460518 | 826755.7980693927 | 946032.1959957602 | 617204.594830173 | 797157.8116456438 | 753871.3081727601 | 1013043.669058899 | 829538.2775402223 | 598629.035262128 | 722329.9116097409 | 918428.9406534162 | 701099.7515155086
 | Depreciation | 0 | 256373.4873767766 | 235299.6378148162 | 205307.079458943 | 174904.4712588694 | 160607.0694228421 | 156554.005204633 | 163690.9918052956 | 170232.886172733 | 176826.6568438956 | 182884.160105948 | 175467.7702121846 | 167517.1753621763 | 173658.1615184044 | 120623.7257772273 | 67973.17705761816 | 74465.26928403869 | 81152.12427725187 | 88039.58492026142 | 95133.66938256127
 | [NAME] | 0 | -1423.58 | -1481.02 | -1540.83 | -1609.33 | -100000 | -103000 | -106090 | -109272.7 | -112550.881 | -115927.40743 | -119405.2296529 | -122987.386542487 | -126677.0081387616 | -130477.3183829245 | -134391.6379344122 | -138423.3870724446 | -142576.0886846179 | -146853.3713451565 | -151258.9724855112
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 1805413.915462443 | 1259042.641884433 | 1009478.619324456 | 814900.7453626699 | 694263.378789424 | 494193.4327472916 | 559857.0335714286 | 876157.7738187849 | 891031.5739132883 | 1012988.948671708 | 673267.1353894575 | 841687.6004653331 | 800852.4615524029 | 1003190.076453202 | 763119.8166634282 | 534670.9174737221 | 660905.9472023749 | 859615.1542285212 | 644974.4484125588 | 4789857.50235221
Unlevered | NPV ('00-'05) | 4644045.685802274 |  | Levered | NPV ('00-'05) | 4644045.685802274
 | NPV ('06-'19) | 3601197.094115803 |  |  | NPV ('06-'19) | 3601197.094115803
 | NPV (TV) | 746732.8082915512 |  |  | NPV (TV) | 746732.8082915512
 | NPV | 8991975.588209627 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 8991975.588209627
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1550464.008085666 | 1025224.024069616 | 805712.3698655127 | 641605.6041038005 | 633656.3093665818 | 440639.4275426587 | 502256.041766133 | 815197.5876460518 | 826755.7980693927 | 946032.1959957602 | 617204.594830173 | 797157.8116456438 | 753871.3081727601 | 1013043.669058899 | 829538.2775402223 | 598629.035262128 | 722329.9116097409 | 918428.9406534162 | 701099.7515155086
 | Income Taxes (Per Cash Flow) |  | 1033642.672057111 | 683482.6827130778 | 537141.5799103419 | 427737.0694025337 | 422437.5395777213 | 293759.6183617724 | 334837.3611774221 | 543465.0584307013 | 551170.5320462618 | 630688.1306638401 | 411469.729886782 | 531438.5410970959 | 502580.8721151734 | 675362.4460392662 | 553025.5183601482 | 399086.0235080854 | 481553.274406494 | 612285.9604356108 | 467399.8343436725
 | Tax Depreciation (Per Cash Flow) |  | 256373.4873767766 | 235299.6378148162 | 205307.079458943 | 174904.4712588694 | 160607.0694228421 | 156554.005204633 | 163690.9918052956 | 170232.886172733 | 176826.6568438956 | 182884.160105948 | 175467.7702121846 | 167517.1753621763 | 173658.1615184044 | 120623.7257772273 | 67973.17705761816 | 74465.26928403869 | 81152.12427725187 | 88039.58492026142 | 95133.66938256127
 | EBITDA |  | 2840480.167519554 | 1944006.344597511 | 1548161.029234798 | 1244247.144765204 | 1216700.918367145 | 890953.0511090641 | 1000784.394748851 | 1528895.532249486 | 1554752.98695955 | 1759604.486765548 | 1204142.09492914 | 1496113.528104916 | 1430110.341806338 | 1809029.840875393 | 1450536.972957989 | 1072180.328054252 | 1285035.310293487 | 1618754.486009289 | 1263633.255241742
Less: | Book Depreciation |  | -572072.6856983226 | -571105.994308152 | -567419.2231543908 | -551343.6746104591 | -509959.226511037 | -515109.226511037 | -297727.4817990601 | -109683.5972341493 | -115116.44440495 | -113527.9195567913 | -63875.92768464591 | -70025.29701177025 | -76359.14741870834 | -82883.01333785456 | -89602.59523457516 | -96173.37721235752 | -102354.9396233774 | -109697.6081906352 | -117260.5568149108
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 2268407.481821232 | 1372900.350289359 | 980741.8060804069 | 692903.4701547445 | 706741.6918561081 | 375843.8245980272 | 703056.9129497906 | 1419211.935015337 | 1439636.5425546 | 1646076.567208757 | 1140266.167244494 | 1426088.231093146 | 1353751.19438763 | 1726146.827537538 | 1360934.377723414 | 976006.9508418946 | 1182680.37067011 | 1509056.877818653 | 1146372.698426832
 | Income Taxes |  | -907362.9927284927 | -549160.1401157434 | -392296.7224321628 | -277161.3880618978 | -282696.6767424433 | -150337.5298392109 | -281222.7651799162 | -567684.7740061347 | -575854.6170218401 | -658430.6268835028 | -456106.4668977975 | -570435.2924372583 | -541500.4777550519 | -690458.7310150154 | -544373.7510893655 | -390402.7803367579 | -473072.1482680438 | -603622.7511274613 | -458549.0793707327
 | Net Income - GAAP Basis |  | 1361044.489092739 | 823740.2101736151 | 588445.0836482442 | 415742.0820928467 | 424045.0151136648 | 225506.2947588163 | 421834.1477698744 | 851527.1610092019 | 863781.9255327601 | 987645.9403252541 | 684159.7003466962 | 855652.9386558874 | 812250.7166325777 | 1035688.096522523 | 816560.6266340481 | 585604.1705051367 | 709608.2224020658 | 905434.126691192 | 687823.6190560989
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 1805413.915462443 | 1259042.641884433 | 1009478.619324456 | 814900.7453626699 | 694263.378789424 | 494193.4327472916 | 559857.0335714286 | 876157.7738187849 | 891031.5739132883 | 1012988.948671708 | 673267.1353894575 | 841687.6004653331 | 800852.4615524029 | 1003190.076453202 | 763119.8166634282 | 534670.9174737221 | 660905.9472023749 | 859615.1542285212 | 644974.4484125588 | 4789857.50235221
Unit | Beckjord CT4 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 51.225
 | Revenue | 0 | 3932629.250593291 | 3141040.778354283 | 2615520.699422322 | 2326762.691974048 | 2724752.317385615 | 2561881.873529067 | 2507578.608556859 | 3758660.554275953 | 3844320.998319883 | 4054799.143128296 | 3177612.147359341 | 4036787.069422118 | 3461174.59960719 | 4377009.510474759 | 3952327.745740719 | 3107784.984880793 | 3407390.507938915 | 4372681.279843202 | 4856559.380834687
 | Fuel | 0 | -921514.6317183679 | -1017134.280873826 | -888691.4181009689 | -901742.6277599557 | -1309413.207952609 | -1424418.912662746 | -1264154.525643069 | -1917918.190547418 | -1968538.935589765 | -1969411.936502703 | -1664135.190027217 | -2172160.986647341 | -1699763.99333358 | -2175452.872164735 | -2116084.970615353 | -1686679.291937277 | -1768139.682110275 | -2369503.806886505 | -3137999.298518037
 | Variable O&M | 0 | -29761.10661984621 | -37108.00923297823 | -33915.45081391869 | -34017.0431708852 | -49833.61576859849 | -56078.02773900412 | -50745.19433285837 | -84134.52079434901 | -86431.11360291555 | -84158.84313420899 | -71809.43284931747 | -95309.25636864685 | -72989.52036616401 | -94239.82312898044 | -86056.71662049016 | -67219.20420350501 | -69752.86736395606 | -89393.8520020761 | -117840.3051094829
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -19765.76339817152 | -19428.53167352457 | -36246.04375144846 | -38576.81818535356 | -40953.20061637356 | -37747.65200150096 | -54404.24937734533 | -45751.10633928469 | -64508.95286051025 | -63934.50674805648 | -53682.36042399958 | -53754.53855179944 | -57704.32753785486 | -77372.50768571306
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -19765.76339817152 | -19428.53167352457 | -36246.04375144846 | -38576.81818535356 | -40953.20061637356 | -37747.65200150096 | -54404.24937734533 | -45751.10633928469 | -64508.95286051025 | -63934.50674805648 | -53682.36042399958 | -53754.53855179944 | -57704.32753785486 | -77372.50768571306
 | Prod. Margin | 0 | 2981353.512255077 | 2086798.488247479 | 1692913.830507434 | 1391003.021043207 | 1365505.493664407 | 1041853.406330974 | 1153821.825233882 | 1684115.755431289 | 1712197.312756495 | 1919321.962258637 | 1366172.220479804 | 1660508.327651439 | 1596918.873228877 | 1978298.909460024 | 1622317.045008763 | 1246521.767892012 | 1461988.881361085 | 1798374.965878911 | 1445974.76183574
 | Fixed O&M | 0 | -91566.27137894466 | -93397.59680652355 | -95265.54874265402 | -97170.8597175071 | -99114.27691185725 | -101096.5624500944 | -103118.4936990963 | -105180.8635730782 | -107284.4808445398 | -109430.1704614306 | -111618.7738706592 | -113851.1493480724 | -116128.1723350338 | -118450.7357817345 | -120819.7504973692 | -123236.1455073166 | -125700.8684174629 | -128214.8857858122 | -130779.1835015284
 | Property Tax | 0 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875 | -45161.410471875
 | A&G | 0 | -4145.66288470289 | -4233.13637157014 | -4325.84205810753 | -4423.60608862073 | -4528.88791352991 | -4642.38229994021 | -4757.52631405997 | -4877.94913684999 | -4998.43448053019 | -5125.8945597837 | -5249.94120813049 | -5382.23972657536 | -5518.94861563036 | -5656.92233102112 | -5798.91108152975 | -5943.883858568 | -6091.29217826048 | -6244.18361193483 | -6400.91262059439
 | Operating Income | 0 | 2840480.167519554 | 1944006.344597511 | 1548161.029234798 | 1244247.144765204 | 1216700.918367145 | 890953.0511090641 | 1000784.394748851 | 1528895.532249486 | 1554752.98695955 | 1759604.486765548 | 1204142.09492914 | 1496113.528104916 | 1430110.341806338 | 1809029.840875393 | 1450536.972957989 | 1072180.328054252 | 1285035.310293487 | 1618754.486009289 | 1263633.255241742
 | Depreciation | 0 | -256373.4873767766 | -235299.6378148162 | -205307.079458943 | -174904.4712588694 | -160607.0694228421 | -156554.005204633 | -163690.9918052956 | -170232.886172733 | -176826.6568438956 | -182884.160105948 | -175467.7702121846 | -167517.1753621763 | -173658.1615184044 | -120623.7257772273 | -67973.17705761816 | -74465.26928403869 | -81152.12427725187 | -88039.58492026142 | -95133.66938256127
 | Total Tax | 0 | -1033642.672057111 | -683482.6827130778 | -537141.5799103419 | -427737.0694025337 | -422437.5395777213 | -293759.6183617724 | -334837.3611774221 | -543465.0584307013 | -551170.5320462618 | -630688.1306638401 | -411469.729886782 | -531438.5410970959 | -502580.8721151734 | -675362.4460392662 | -553025.5183601482 | -399086.0235080854 | -481553.274406494 | -612285.9604356108 | -467399.8343436725
 | Net Margin | 0 | 1550464.008085666 | 1025224.024069616 | 805712.3698655127 | 641605.6041038005 | 633656.3093665818 | 440639.4275426587 | 502256.041766133 | 815197.5876460518 | 826755.7980693927 | 946032.1959957602 | 617204.594830173 | 797157.8116456438 | 753871.3081727601 | 1013043.669058899 | 829538.2775402223 | 598629.035262128 | 722329.9116097409 | 918428.9406534162 | 701099.7515155086
 | Depreciation | 0 | 256373.4873767766 | 235299.6378148162 | 205307.079458943 | 174904.4712588694 | 160607.0694228421 | 156554.005204633 | 163690.9918052956 | 170232.886172733 | 176826.6568438956 | 182884.160105948 | 175467.7702121846 | 167517.1753621763 | 173658.1615184044 | 120623.7257772273 | 67973.17705761816 | 74465.26928403869 | 81152.12427725187 | 88039.58492026142 | 95133.66938256127
 | [NAME] | 0 | -1423.58 | -1481.02 | -1540.83 | -1609.33 | -100000 | -103000 | -106090 | -109272.7 | -112550.881 | -115927.40743 | -119405.2296529 | -122987.386542487 | -126677.0081387616 | -130477.3183829245 | -134391.6379344122 | -138423.3870724446 | -142576.0886846179 | -146853.3713451565 | -151258.9724855112
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 1805413.915462443 | 1259042.641884433 | 1009478.619324456 | 814900.7453626699 | 694263.378789424 | 494193.4327472916 | 559857.0335714286 | 876157.7738187849 | 891031.5739132883 | 1012988.948671708 | 673267.1353894575 | 841687.6004653331 | 800852.4615524029 | 1003190.076453202 | 763119.8166634282 | 534670.9174737221 | 660905.9472023749 | 859615.1542285212 | 644974.4484125588 | 4789857.50235221
Unlevered | NPV ('00-'05) | 4644045.685802274 |  | Levered | NPV ('00-'05) | 4644045.685802274
 | NPV ('06-'19) | 3601197.094115803 |  |  | NPV ('06-'19) | 3601197.094115803
 | NPV (TV) | 746732.8082915512 |  |  | NPV (TV) | 746732.8082915512
 | NPV | 8991975.588209627 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 8991975.588209627
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1550464.008085666 | 1025224.024069616 | 805712.3698655127 | 641605.6041038005 | 633656.3093665818 | 440639.4275426587 | 502256.041766133 | 815197.5876460518 | 826755.7980693927 | 946032.1959957602 | 617204.594830173 | 797157.8116456438 | 753871.3081727601 | 1013043.669058899 | 829538.2775402223 | 598629.035262128 | 722329.9116097409 | 918428.9406534162 | 701099.7515155086
 | Income Taxes (Per Cash Flow) |  | 1033642.672057111 | 683482.6827130778 | 537141.5799103419 | 427737.0694025337 | 422437.5395777213 | 293759.6183617724 | 334837.3611774221 | 543465.0584307013 | 551170.5320462618 | 630688.1306638401 | 411469.729886782 | 531438.5410970959 | 502580.8721151734 | 675362.4460392662 | 553025.5183601482 | 399086.0235080854 | 481553.274406494 | 612285.9604356108 | 467399.8343436725
 | Tax Depreciation (Per Cash Flow) |  | 256373.4873767766 | 235299.6378148162 | 205307.079458943 | 174904.4712588694 | 160607.0694228421 | 156554.005204633 | 163690.9918052956 | 170232.886172733 | 176826.6568438956 | 182884.160105948 | 175467.7702121846 | 167517.1753621763 | 173658.1615184044 | 120623.7257772273 | 67973.17705761816 | 74465.26928403869 | 81152.12427725187 | 88039.58492026142 | 95133.66938256127
 | EBITDA |  | 2840480.167519554 | 1944006.344597511 | 1548161.029234798 | 1244247.144765204 | 1216700.918367145 | 890953.0511090641 | 1000784.394748851 | 1528895.532249486 | 1554752.98695955 | 1759604.486765548 | 1204142.09492914 | 1496113.528104916 | 1430110.341806338 | 1809029.840875393 | 1450536.972957989 | 1072180.328054252 | 1285035.310293487 | 1618754.486009289 | 1263633.255241742
Less: | Book Depreciation |  | -572072.6856983226 | -571105.994308152 | -567419.2231543908 | -551343.6746104591 | -509959.226511037 | -515109.226511037 | -297727.4817990601 | -109683.5972341493 | -115116.44440495 | -113527.9195567913 | -63875.92768464591 | -70025.29701177025 | -76359.14741870834 | -82883.01333785456 | -89602.59523457516 | -96173.37721235752 | -102354.9396233774 | -109697.6081906352 | -117260.5568149108
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 2268407.481821232 | 1372900.350289359 | 980741.8060804069 | 692903.4701547445 | 706741.6918561081 | 375843.8245980272 | 703056.9129497906 | 1419211.935015337 | 1439636.5425546 | 1646076.567208757 | 1140266.167244494 | 1426088.231093146 | 1353751.19438763 | 1726146.827537538 | 1360934.377723414 | 976006.9508418946 | 1182680.37067011 | 1509056.877818653 | 1146372.698426832
 | Income Taxes |  | -907362.9927284927 | -549160.1401157434 | -392296.7224321628 | -277161.3880618978 | -282696.6767424433 | -150337.5298392109 | -281222.7651799162 | -567684.7740061347 | -575854.6170218401 | -658430.6268835028 | -456106.4668977975 | -570435.2924372583 | -541500.4777550519 | -690458.7310150154 | -544373.7510893655 | -390402.7803367579 | -473072.1482680438 | -603622.7511274613 | -458549.0793707327
 | Net Income - GAAP Basis |  | 1361044.489092739 | 823740.2101736151 | 588445.0836482442 | 415742.0820928467 | 424045.0151136648 | 225506.2947588163 | 421834.1477698744 | 851527.1610092019 | 863781.9255327601 | 987645.9403252541 | 684159.7003466962 | 855652.9386558874 | 812250.7166325777 | 1035688.096522523 | 816560.6266340481 | 585604.1705051367 | 709608.2224020658 | 905434.126691192 | 687823.6190560989
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 1805413.915462443 | 1259042.641884433 | 1009478.619324456 | 814900.7453626699 | 694263.378789424 | 494193.4327472916 | 559857.0335714286 | 876157.7738187849 | 891031.5739132883 | 1012988.948671708 | 673267.1353894575 | 841687.6004653331 | 800852.4615524029 | 1003190.076453202 | 763119.8166634282 | 534670.9174737221 | 660905.9472023749 | 859615.1542285212 | 644974.4484125588 | 4789857.50235221
Unit | Woodsdale 1 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 83.433
 | Revenue | 0 | 7778399.10752535 | 6842254.555253792 | 6629692.712203956 | 6318609.896136067 | 6451264.700665589 | 7455383.786886823 | 8933942.25250882 | 11309729.68379276 | 11987941.94925799 | 10329741.49882317 | 10137023.42522544 | 10141395.00844456 | 9373421.028978419 | 10829294.72856276 | 10140669.30697541 | 10206249.17801836 | 9435440.725730276 | 10663951.61529241 | 11535367.73486133
 | Fuel | 0 | -2279367.918988176 | -2812929.523775281 | -3058770.05555297 | -3311731.792616126 | -3520069.620490247 | -4670164.80031357 | -5800826.583662371 | -7183424.373793559 | -7682495.642718245 | -6000707.990030092 | -6623381.363024161 | -6143418.202151797 | -5621870.618610689 | -6288111.6403606 | -6156692.717052671 | -6876253.888986621 | -5875497.520190418 | -6567394.438918319 | -7797811.081934783
 | Variable O&M | 0 | -57028.15214719066 | -81185.61306089532 | -93622.50681315867 | -101362.7616941249 | -107716.4803515206 | -148291.9762156706 | -179818.3953495612 | -244348.6475810888 | -255192.4362321676 | -193964.4446920416 | -219273.6320542626 | -204927.3158973582 | -185685.142641007 | -206543.6834930339 | -190880.2024497575 | -209068.5703584156 | -179130.3720879239 | -188414.5307504979 | -229337.4179037381
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 93418.02332708838 | 103546.416256845 | 114259.1674633766 | 125495.637715741 | 139570.4441552573 | 153747.3990789202 | 170347.5086930325 | 191004.3688141883 | 212617.6681524196 | 235515.425372474 | 258595.6474313915 | 254057.6164558062 | 217360.0322234202 | 225362.2512423981
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Prod. Margin | 0 | 5442003.036389982 | 3948139.418417615 | 3477300.149837827 | 2905515.341825816 | 2823478.599823822 | 2730345.033684672 | 3056843.689753732 | 3996215.829881486 | 4175749.508023322 | 4274639.508256289 | 3448115.829225933 | 3963396.999088438 | 3756869.63654091 | 4547257.072861549 | 4028611.812845455 | 3379522.36610471 | 3634870.44990774 | 4125502.67784701 | 3733581.486265209
 | Fixed O&M | 0 | -355535.1627707806 | -362645.8660261962 | -369898.7833467202 | -377296.7590136545 | -384842.6941939276 | -392539.5480778062 | -400390.3390393623 | -408398.1458201496 | -416566.1087365526 | -424897.4309112836 | -433395.3795295093 | -442063.2871200995 | -450904.5528625015 | -459922.6439197516 | -469121.0967981466 | -478503.5187341095 | -488073.5891087917 | -497835.0608909676 | -507791.7621087869
 | Property Tax | 0 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875
 | A&G | 0 | -34547.1907058574 | -35276.1364297512 | -36048.6838175628 | -36863.3840718394 | -37740.7326127493 | -38686.5191661684 | -39646.0526171664 | -40649.5761404166 | -41653.6206710849 | -42715.7879981975 | -43749.510067754 | -44851.9977214613 | -45991.2384635863 | -47141.019425176 | -48324.2590127479 | -49532.3654880667 | -50760.7681521706 | -52034.8634327902 | -53340.9385049533
 | Operating Income | 0 | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
 | Depreciation | 0 | -2192518.107416667 | -2196485.7847648 | -2208445.851192433 | -2225236.784286234 | -2223926.6574112 | -2231283.128648596 | -1261138.46276919 | -181716.7264770876 | -61620.69014825288 | -53309.8126783308 | -58386.21131267006 | -63583.03401909883 | -68891.05019789112 | -74234.96352871387 | -79743.05092612794 | -85542.89927879779 | -91516.74308204773 | -97669.80219939514 | -104007.453090263
 | Total Tax | 0 | -1075115.998479921 | -472847.620759997 | -276517.7008736946 | -37802.33406288531 | -2142.374523628131 | 41510.69660190959 | -473622.5024124554 | -1277535.520858783 | -1393718.603668223 | -1432841.558948641 | -1096388.85960765 | -1296514.440372362 | -1207788.086288023 | -1517738.346676413 | -1303924.330724623 | -1037732.401322745 | -1133162.708107142 | -1322540.148810793 | -1158731.501305732
 | Net Margin | 0 | 1612673.997719882 | 709271.4311399953 | 414776.5513105419 | 56703.50109432796 | 3213.561785442196 | -62266.04490286438 | 710433.7536186832 | 1916303.281288174 | 2090577.905502334 | 2149262.338422962 | 1644583.289411475 | 1944771.660558542 | 1811682.129432034 | 2276607.520014619 | 1955886.496086934 | 1556598.601984117 | 1699744.062160713 | 1983810.223216189 | 1738097.251958598
 | Depreciation | 0 | 2192518.107416667 | 2196485.7847648 | 2208445.851192433 | 2225236.784286234 | 2223926.6574112 | 2231283.128648596 | 1261138.46276919 | 181716.7264770876 | 61620.69014825288 | 53309.8126783308 | 58386.21131267006 | 63583.03401909883 | 68891.05019789112 | 74234.96352871387 | 79743.05092612794 | 85542.89927879779 | 91516.74308204773 | 97669.80219939514 | 104007.453090263
 | [NAME] | 0 | -14278.42 | -14707.35 | -387074.17 | -15661.04 | -89337.122 | -92017.23566 | -94777.7527298 | -97621.08531169401 | -100549.7178710448 | -103566.2094071762 | -106673.1956893915 | -109873.3915600732 | -113169.5933068754 | -116564.6811060817 | -120061.6215392641 | -123663.4701854421 | -127373.3742910053 | -131194.5755197355 | -135130.4127853276
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 3790913.685136548 | 2891049.865904795 | 2236148.232502976 | 2266279.245380561 | 2137803.097196642 | 2076999.848085732 | 1876794.463658073 | 2000398.922453567 | 2051648.877779542 | 2099005.941694116 | 1596296.305034753 | 1898481.303017568 | 1767403.58632305 | 2234277.802437251 | 1915567.925473798 | 1518478.031077472 | 1663887.430951755 | 1950285.449895849 | 1706974.292263534 | 11275684.99337064
Unlevered | NPV ('00-'05) | 10898110.42949934 |  | Levered | NPV ('00-'05) | 10898110.42949934
 | NPV ('06-'19) | 9188495.044336995 |  |  | NPV ('06-'19) | 9188495.044336995
 | NPV (TV) | 1757865.221747347 |  |  | NPV (TV) | 1757865.221747347
 | NPV | 21844470.69558368 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21844470.69558368
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1612673.997719882 | 709271.4311399953 | 414776.5513105419 | 56703.50109432796 | 3213.561785442196 | -62266.04490286438 | 710433.7536186832 | 1916303.281288174 | 2090577.905502334 | 2149262.338422962 | 1644583.289411475 | 1944771.660558542 | 1811682.129432034 | 2276607.520014619 | 1955886.496086934 | 1556598.601984117 | 1699744.062160713 | 1983810.223216189 | 1738097.251958598
 | Income Taxes (Per Cash Flow) |  | 1075115.998479921 | 472847.620759997 | 276517.7008736946 | 37802.33406288531 | 2142.374523628131 | -41510.69660190959 | 473622.5024124554 | 1277535.520858783 | 1393718.603668223 | 1432841.558948641 | 1096388.85960765 | 1296514.440372362 | 1207788.086288023 | 1517738.346676413 | 1303924.330724623 | 1037732.401322745 | 1133162.708107142 | 1322540.148810793 | 1158731.501305732
 | Tax Depreciation (Per Cash Flow) |  | 2192518.107416667 | 2196485.7847648 | 2208445.851192433 | 2225236.784286234 | 2223926.6574112 | 2231283.128648596 | 1261138.46276919 | 181716.7264770876 | 61620.69014825288 | 53309.8126783308 | 58386.21131267006 | 63583.03401909883 | 68891.05019789112 | 74234.96352871387 | 79743.05092612794 | 85542.89927879779 | 91516.74308204773 | 97669.80219939514 | 104007.453090263
 | EBITDA |  | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
Less: | Book Depreciation |  | -1830936.402530867 | -1831671.770030867 | -1851025.478530867 | -1851808.530530867 | -1856275.386630867 | -1860876.248413867 | -1865615.136050357 | -1870496.190315941 | -1875523.676209494 | -1880701.986679852 | -1886035.646464322 | -1891529.316042325 | -1897187.795707669 | -1903016.029762974 | -545622.147506608 | -163064.4510158754 | -169433.1197304257 | -175992.8485064125 | -182749.3691456788
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 3049371.701085603 | 1546933.066633926 | 1048714.624845803 | 467934.0889125802 | 373007.2070894036 | 266630.1387299558 | 579579.5827499717 | 1505059.338308103 | 1670393.523109316 | 1754711.723370081 | 913322.7138674727 | 1413339.818907677 | 1191173.470210278 | 1965564.800456773 | 2793931.730231077 | 2516809.451569784 | 2754990.393619477 | 3228027.325719965 | 2818086.837208915
 | Income Taxes |  | -1219748.680434241 | -618773.2266535704 | -419485.8499383213 | -187173.6355650321 | -149202.8828357615 | -106652.0554919823 | -231831.8330999887 | -602023.7353232412 | -668157.4092437264 | -701884.6893480325 | -365329.0855469891 | -565335.9275630709 | -476469.3880841113 | -786225.9201827091 | -1117572.692092431 | -1006723.780627914 | -1101996.157447791 | -1291210.930287986 | -1127234.734883566
 | Net Income - GAAP Basis |  | 1829623.020651362 | 928159.8399803556 | 629228.7749074819 | 280760.4533475481 | 223804.3242536422 | 159978.0832379734 | 347747.749649983 | 903035.6029848617 | 1002236.113865589 | 1052827.034022049 | 547993.6283204836 | 848003.8913446063 | 714704.0821261669 | 1179338.880274063 | 1676359.038138646 | 1510085.67094187 | 1652994.236171686 | 1936816.395431979 | 1690852.102325349
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 3790913.685136548 | 2891049.865904795 | 2236148.232502976 | 2266279.245380561 | 2137803.097196642 | 2076999.848085732 | 1876794.463658073 | 2000398.922453567 | 2051648.877779542 | 2099005.941694116 | 1596296.305034753 | 1898481.303017568 | 1767403.58632305 | 2234277.802437251 | 1915567.925473798 | 1518478.031077472 | 1663887.430951755 | 1950285.449895849 | 1706974.292263534 | 11275684.99337064
Unit | [NAME] | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 83.433
 | Revenue | 0 | 7778399.10752535 | 6842254.555253792 | 6629692.712203956 | 6318609.896136067 | 6451264.700665589 | 7455383.786886823 | 8933942.25250882 | 11309729.68379276 | 11987941.94925799 | 10329741.49882317 | 10137023.42522544 | 10141395.00844456 | 9373421.028978419 | 10829294.72856276 | 10140669.30697541 | 10206249.17801836 | 9435440.725730276 | 10663951.61529241 | 11535367.73486133
 | Fuel | 0 | -2279367.918988176 | -2812929.523775281 | -3058770.05555297 | -3311731.792616126 | -3520069.620490247 | -4670164.80031357 | -5800826.583662371 | -7183424.373793559 | -7682495.642718245 | -6000707.990030092 | -6623381.363024161 | -6143418.202151797 | -5621870.618610689 | -6288111.6403606 | -6156692.717052671 | -6876253.888986621 | -5875497.520190418 | -6567394.438918319 | -7797811.081934783
 | Variable O&M | 0 | -57028.15214719066 | -81185.61306089532 | -93622.50681315867 | -101362.7616941249 | -107716.4803515206 | -148291.9762156706 | -179818.3953495612 | -244348.6475810888 | -255192.4362321676 | -193964.4446920416 | -219273.6320542626 | -204927.3158973582 | -185685.142641007 | -206543.6834930339 | -190880.2024497575 | -209068.5703584156 | -179130.3720879239 | -188414.5307504979 | -229337.4179037381
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 93418.02332708838 | 103546.416256845 | 114259.1674633766 | 125495.637715741 | 139570.4441552573 | 153747.3990789202 | 170347.5086930325 | 191004.3688141883 | 212617.6681524196 | 235515.425372474 | 258595.6474313915 | 254057.6164558062 | 217360.0322234202 | 225362.2512423981
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Prod. Margin | 0 | 5442003.036389982 | 3948139.418417615 | 3477300.149837827 | 2905515.341825816 | 2823478.599823822 | 2730345.033684672 | 3056843.689753732 | 3996215.829881486 | 4175749.508023322 | 4274639.508256289 | 3448115.829225933 | 3963396.999088438 | 3756869.63654091 | 4547257.072861549 | 4028611.812845455 | 3379522.36610471 | 3634870.44990774 | 4125502.67784701 | 3733581.486265209
 | Fixed O&M | 0 | -355535.1627707806 | -362645.8660261962 | -369898.7833467202 | -377296.7590136545 | -384842.6941939276 | -392539.5480778062 | -400390.3390393623 | -408398.1458201496 | -416566.1087365526 | -424897.4309112836 | -433395.3795295093 | -442063.2871200995 | -450904.5528625015 | -459922.6439197516 | -469121.0967981466 | -478503.5187341095 | -488073.5891087917 | -497835.0608909676 | -507791.7621087869
 | Property Tax | 0 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875
 | A&G | 0 | -34547.1907058574 | -35276.1364297512 | -36048.6838175628 | -36863.3840718394 | -37740.7326127493 | -38686.5191661684 | -39646.0526171664 | -40649.5761404166 | -41653.6206710849 | -42715.7879981975 | -43749.510067754 | -44851.9977214613 | -45991.2384635863 | -47141.019425176 | -48324.2590127479 | -49532.3654880667 | -50760.7681521706 | -52034.8634327902 | -53340.9385049533
 | Operating Income | 0 | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
 | Depreciation | 0 | -2192540.633291666 | -2196552.2388259 | -2208433.171291234 | -2225152.151742434 | -2223872.161221 | -2231231.587003036 | -1261089.636832553 | -181670.3944747497 | -61578.26590072284 | -53273.04318307187 | -58347.78795837636 | -63543.35591823632 | -68850.50325827274 | -74193.52168517692 | -79700.6873315549 | -85499.58628065755 | -91472.45219823327 | -97624.50409333628 | -103961.1175452924
 | Total Tax | 0 | -1075106.988129921 | -472821.0391355571 | -276522.7728341745 | -37836.18708040528 | -2164.172999708168 | 41490.07994368561 | -473642.0327871102 | -1277554.053659718 | -1393735.573367235 | -1432856.266746745 | -1096404.228949367 | -1296530.311612707 | -1207804.30506387 | -1517754.923413828 | -1303941.276162452 | -1037749.726522001 | -1133180.424460668 | -1322558.268053216 | -1158750.035523721
 | Net Margin | 0 | 1612660.482194882 | 709231.5587033355 | 414784.1592512618 | 56754.28062060792 | 3246.259499562252 | -62235.1199155284 | 710463.0491806653 | 1916331.080489577 | 2090603.360050852 | 2149284.400120117 | 1644606.343424051 | 1944795.467419059 | 1811706.457595805 | 2276632.385120741 | 1955911.914243678 | 1556624.589783001 | 1699770.636691001 | 1983837.402079824 | 1738125.053285581
 | Depreciation | 0 | 2192540.633291666 | 2196552.2388259 | 2208433.171291234 | 2225152.151742434 | 2223872.161221 | 2231231.587003036 | 1261089.636832553 | 181670.3944747497 | 61578.26590072284 | 53273.04318307187 | 58347.78795837636 | 63543.35591823632 | 68850.50325827274 | 74193.52168517692 | 79700.6873315549 | 85499.58628065755 | 91472.45219823327 | 97624.50409333628 | 103961.1175452924
 | [NAME] | 0 | -14879.11 | -15323.09 | -384480.99 | -16310.09 | -89322.498 | -92002.17294 | -94762.23812820001 | -97605.10527204601 | -100533.2584302074 | -103549.2561831136 | -106655.733868607 | -109855.4058846653 | -113151.0680612052 | -116545.6001030414 | -120041.9681061326 | -123643.2271493166 | -127352.5239637961 | -131173.09968271 | -135108.2926731913
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 3790322.005486548 | 2890460.707529236 | 2238736.340542495 | 2265596.342363042 | 2137795.922720562 | 2076994.294147508 | 1876790.447885018 | 2000396.36969228 | 2051648.367521367 | 2099008.187120075 | 1596298.39751382 | 1898483.417452631 | 1767405.892792872 | 2234280.306702876 | 1915570.6334691 | 1518480.948914342 | 1663890.564925438 | 1950288.806490451 | 1706977.878157682 | 11275701.56242328
Unlevered | NPV ('00-'05) | 10898581.1336542 |  | Levered | NPV ('00-'05) | 10898581.1336542
 | NPV ('06-'19) | 9188495.139443915 |  |  | NPV ('06-'19) | 9188495.139443915
 | NPV (TV) | 1757867.804841979 |  |  | NPV (TV) | 1757867.804841979
 | NPV | 21844944.0779401 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21844944.0779401
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1612660.482194882 | 709231.5587033355 | 414784.1592512618 | 56754.28062060792 | 3246.259499562252 | -62235.1199155284 | 710463.0491806653 | 1916331.080489577 | 2090603.360050852 | 2149284.400120117 | 1644606.343424051 | 1944795.467419059 | 1811706.457595805 | 2276632.385120741 | 1955911.914243678 | 1556624.589783001 | 1699770.636691001 | 1983837.402079824 | 1738125.053285581
 | Income Taxes (Per Cash Flow) |  | 1075106.988129921 | 472821.0391355571 | 276522.7728341745 | 37836.18708040528 | 2164.172999708168 | -41490.07994368561 | 473642.0327871102 | 1277554.053659718 | 1393735.573367235 | 1432856.266746745 | 1096404.228949367 | 1296530.311612707 | 1207804.30506387 | 1517754.923413828 | 1303941.276162452 | 1037749.726522001 | 1133180.424460668 | 1322558.268053216 | 1158750.035523721
 | Tax Depreciation (Per Cash Flow) |  | 2192540.633291666 | 2196552.2388259 | 2208433.171291234 | 2225152.151742434 | 2223872.161221 | 2231231.587003036 | 1261089.636832553 | 181670.3944747497 | 61578.26590072284 | 53273.04318307187 | 58347.78795837636 | 63543.35591823632 | 68850.50325827274 | 74193.52168517692 | 79700.6873315549 | 85499.58628065755 | 91472.45219823327 | 97624.50409333628 | 103961.1175452924
 | EBITDA |  | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
Less: | Book Depreciation |  | -1830966.437030867 | -1831732.591530867 | -1850956.641030867 | -1851772.145530867 | -1856238.270430867 | -1860838.379077867 | -1865576.490984277 | -1870456.746247879 | -1875483.409169389 | -1880660.871978545 | -1885993.658671975 | -1891486.428966209 | -1897143.982369269 | -1902971.262374421 | -545576.397446399 | -163017.68880386 | -169385.3150020498 | -175943.9699861853 | -182699.3846198449
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 3049341.666585603 | 1546872.245133926 | 1048783.462345803 | 467970.4739125802 | 373044.3232894037 | 266668.0080659557 | 579618.2278160516 | 1505098.782376165 | 1670433.79014942 | 1754752.838071388 | 913364.7016598193 | 1413382.705983794 | 1191217.283548679 | 1965609.567845325 | 2793977.480291286 | 2516856.213781799 | 2755038.198347853 | 3228076.204240192 | 2818136.821734748
 | Income Taxes |  | -1219736.666634241 | -618748.8980535704 | -419513.3849383213 | -187188.1895650321 | -149217.7293157615 | -106667.2032263823 | -231847.2911264206 | -602039.5129504659 | -668173.5160597682 | -701901.1352285554 | -365345.8806639278 | -565353.0823935176 | -476486.9134194715 | -786243.8271381301 | -1117590.992116514 | -1006742.48551272 | -1102015.279339141 | -1291230.481696077 | -1127254.728693899
 | Net Income - GAAP Basis |  | 1829604.999951362 | 928123.3470803555 | 629270.0774074818 | 280782.2843475481 | 223826.5939736422 | 160000.8048395734 | 347770.936689631 | 903059.2694256989 | 1002260.274089652 | 1052851.702842833 | 548018.8209958916 | 848029.6235902765 | 714730.3701292071 | 1179365.740707195 | 1676386.488174772 | 1510113.728269079 | 1653022.919008712 | 1936845.722544115 | 1690882.093040849
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 3790322.005486548 | 2890460.707529236 | 2238736.340542495 | 2265596.342363042 | 2137795.922720562 | 2076994.294147508 | 1876790.447885018 | 2000396.36969228 | 2051648.367521367 | 2099008.187120075 | 1596298.39751382 | 1898483.417452631 | 1767405.892792872 | 2234280.306702876 | 1915570.6334691 | 1518480.948914342 | 1663890.564925438 | 1950288.806490451 | 1706977.878157682 | 11275701.56242328
Unit | Woodsdale 3 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 83.433
 | Revenue | 0 | 7778399.10752535 | 6842254.555253792 | 6629692.712203956 | 6318609.896136067 | 6451264.700665589 | 7455383.786886823 | 8933942.25250882 | 11309729.68379276 | 11987941.94925799 | 10329741.49882317 | 10137023.42522544 | 10141395.00844456 | 9373421.028978419 | 10829294.72856276 | 10140669.30697541 | 10206249.17801836 | 9435440.725730276 | 10663951.61529241 | 11535367.73486133
 | Fuel | 0 | -2279367.918988176 | -2812929.523775281 | -3058770.05555297 | -3311731.792616126 | -3520069.620490247 | -4670164.80031357 | -5800826.583662371 | -7183424.373793559 | -7682495.642718245 | -6000707.990030092 | -6623381.363024161 | -6143418.202151797 | -5621870.618610689 | -6288111.6403606 | -6156692.717052671 | -6876253.888986621 | -5875497.520190418 | -6567394.438918319 | -7797811.081934783
 | Variable O&M | 0 | -57028.15214719066 | -81185.61306089532 | -93622.50681315867 | -101362.7616941249 | -107716.4803515206 | -148291.9762156706 | -179818.3953495612 | -244348.6475810888 | -255192.4362321676 | -193964.4446920416 | -219273.6320542626 | -204927.3158973582 | -185685.142641007 | -206543.6834930339 | -190880.2024497575 | -209068.5703584156 | -179130.3720879239 | -188414.5307504979 | -229337.4179037381
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 93418.02332708838 | 103546.416256845 | 114259.1674633766 | 125495.637715741 | 139570.4441552573 | 153747.3990789202 | 170347.5086930325 | 191004.3688141883 | 212617.6681524196 | 235515.425372474 | 258595.6474313915 | 254057.6164558062 | 217360.0322234202 | 225362.2512423981
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Prod. Margin | 0 | 5442003.036389982 | 3948139.418417615 | 3477300.149837827 | 2905515.341825816 | 2823478.599823822 | 2730345.033684672 | 3056843.689753732 | 3996215.829881486 | 4175749.508023322 | 4274639.508256289 | 3448115.829225933 | 3963396.999088438 | 3756869.63654091 | 4547257.072861549 | 4028611.812845455 | 3379522.36610471 | 3634870.44990774 | 4125502.67784701 | 3733581.486265209
 | Fixed O&M | 0 | -355535.1627707806 | -362645.8660261962 | -369898.7833467202 | -377296.7590136545 | -384842.6941939276 | -392539.5480778062 | -400390.3390393623 | -408398.1458201496 | -416566.1087365526 | -424897.4309112836 | -433395.3795295093 | -442063.2871200995 | -450904.5528625015 | -459922.6439197516 | -469121.0967981466 | -478503.5187341095 | -488073.5891087917 | -497835.0608909676 | -507791.7621087869
 | Property Tax | 0 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875
 | A&G | 0 | -34547.1907058574 | -35276.1364297512 | -36048.6838175628 | -36863.3840718394 | -37740.7326127493 | -38686.5191661684 | -39646.0526171664 | -40649.5761404166 | -41653.6206710849 | -42715.7879981975 | -43749.510067754 | -44851.9977214613 | -45991.2384635863 | -47141.019425176 | -48324.2590127479 | -49532.3654880667 | -50760.7681521706 | -52034.8634327902 | -53340.9385049533
 | Operating Income | 0 | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
 | Depreciation | 0 | -2192540.633291666 | -2210158.6552009 | -2220800.173907533 | -2222765.993472633 | -2221622.5140418 | -2229059.541524167 | -1258985.903135856 | -179632.7474821657 | -59593.3221034993 | -52343.29261925862 | -57576.10826216172 | -62703.34028773224 | -67940.82855181053 | -73212.09813047784 | -78645.36246317187 | -84368.14305918 | -90262.60707306842 | -96333.90500737348 | -102587.3418797077
 | Total Tax | 0 | -1075106.988129921 | -467378.472585557 | -271575.9717876546 | -38790.65038832538 | -3064.031871388108 | 40621.26175213773 | -474483.5262657891 | -1278369.112456752 | -1394529.550886124 | -1433228.16697227 | -1096712.900827853 | -1296866.317864908 | -1208168.174946455 | -1518147.492835707 | -1304363.406109805 | -1038202.303810592 | -1133664.362510734 | -1323074.507687601 | -1159299.545789954
 | Net Margin | 0 | 1612660.482194882 | 701067.7088783355 | 407363.9576814819 | 58185.97558248806 | 4596.047807082161 | -60931.89262820659 | 711725.2893986835 | 1917553.668685127 | 2091794.326329186 | 2149842.250458404 | 1645069.35124178 | 1945299.476797362 | 1812252.262419682 | 2277221.239253561 | 1956545.109164708 | 1557303.455715887 | 1700496.5437661 | 1984611.761531402 | 1738949.318684931
 | Depreciation | 0 | 2192540.633291666 | 2210158.6552009 | 2220800.173907533 | 2222765.993472633 | 2221622.5140418 | 2229059.541524167 | 1258985.903135856 | 179632.7474821657 | 59593.3221034993 | 52343.29261925862 | 57576.10826216172 | 62703.34028773224 | 67940.82855181053 | 73212.09813047784 | 78645.36246317187 | 84368.14305918 | 90262.60707306842 | 96333.90500737348 | 102587.3418797077
 | [NAME] | 0 | -14879.11 | -378160.86 | -15780.83 | -16310.09 | -88150.02 | -90794.5206 | -93518.356218 | -96323.90690454001 | -99213.62411167621 | -102190.0328350265 | -105255.7338200773 | -108413.4058346796 | -111665.80800972 | -115015.7822500116 | -118466.255717512 | -122020.2433890374 | -125680.8506907085 | -129451.2762114297 | -133334.8144977726
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 3790322.005486548 | 2533065.504079236 | 2612383.301589015 | 2264641.879055121 | 2138068.541848882 | 2077333.12829596 | 1877192.836316539 | 2000862.509262753 | 2052174.024321009 | 2099995.510242636 | 1597389.725683864 | 1899589.411250415 | 1768527.282961773 | 2235417.555134027 | 1916724.215910368 | 1519651.35538603 | 1665078.30014846 | 1951494.390327346 | 1708201.846066867 | 11282696.88144949
Unlevered | NPV ('00-'05) | 10882718.86384719 |  | Levered | NPV ('00-'05) | 10882718.86384719
 | NPV ('06-'19) | 9192439.527010016 |  |  | NPV ('06-'19) | 9192439.527010016
 | NPV (TV) | 1758958.366350078 |  |  | NPV (TV) | 1758958.366350078
 | NPV | 21834116.75720728 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21834116.75720728
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1612660.482194882 | 701067.7088783355 | 407363.9576814819 | 58185.97558248806 | 4596.047807082161 | -60931.89262820659 | 711725.2893986835 | 1917553.668685127 | 2091794.326329186 | 2149842.250458404 | 1645069.35124178 | 1945299.476797362 | 1812252.262419682 | 2277221.239253561 | 1956545.109164708 | 1557303.455715887 | 1700496.5437661 | 1984611.761531402 | 1738949.318684931
 | Income Taxes (Per Cash Flow) |  | 1075106.988129921 | 467378.472585557 | 271575.9717876546 | 38790.65038832538 | 3064.031871388108 | -40621.26175213773 | 474483.5262657891 | 1278369.112456752 | 1394529.550886124 | 1433228.16697227 | 1096712.900827853 | 1296866.317864908 | 1208168.174946455 | 1518147.492835707 | 1304363.406109805 | 1038202.303810592 | 1133664.362510734 | 1323074.507687601 | 1159299.545789954
 | Tax Depreciation (Per Cash Flow) |  | 2192540.633291666 | 2210158.6552009 | 2220800.173907533 | 2222765.993472633 | 2221622.5140418 | 2229059.541524167 | 1258985.903135856 | 179632.7474821657 | 59593.3221034993 | 52343.29261925862 | 57576.10826216172 | 62703.34028773224 | 67940.82855181053 | 73212.09813047784 | 78645.36246317187 | 84368.14305918 | 90262.60707306842 | 96333.90500737348 | 102587.3418797077
 | EBITDA |  | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
Less: | Book Depreciation |  | -1830966.437030867 | -1849874.480030867 | -1850663.521530867 | -1851479.026030867 | -1855886.527030867 | -1860426.253060867 | -1865102.170871767 | -1869918.366216994 | -1874879.047422577 | -1879988.549064329 | -1885251.335755333 | -1890672.006047067 | -1896255.296447553 | -1902006.085560053 | -544532.4350126002 | -161892.5771820473 | -168176.6197165827 | -174649.1835271542 | -181315.9242520428
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 3049341.666585603 | 1528730.356633926 | 1049076.581845803 | 468263.5934125802 | 373396.0666894037 | 267080.1340829558 | 580092.5479285617 | 1505637.162407051 | 1671038.151896232 | 1755425.160985605 | 914107.0245764621 | 1414197.128902936 | 1192105.969470395 | 1966574.744659693 | 2795021.442725085 | 2517981.325403612 | 2756246.89363332 | 3229370.990699223 | 2819520.28210255
 | Income Taxes |  | -1219736.666634241 | -611492.1426535704 | -419630.6327383213 | -187305.4373650321 | -149358.4266757615 | -106832.0536331823 | -232037.0191714247 | -602254.8649628203 | -668415.2607584929 | -702170.0643942419 | -365642.8098305849 | -565678.8515611745 | -476842.387788158 | -786629.8978638772 | -1118008.577090034 | -1007192.530161445 | -1102498.757453328 | -1291748.396279689 | -1127808.11284102
 | Net Income - GAAP Basis |  | 1829604.999951362 | 917238.2139803556 | 629445.9491074819 | 280958.1560475481 | 224037.6400136422 | 160248.0804497735 | 348055.528757137 | 903382.2974442303 | 1002622.891137739 | 1053255.096591363 | 548464.2147458773 | 848518.2773417616 | 715263.581682237 | 1179944.846795816 | 1677012.865635051 | 1510788.795242167 | 1653748.136179992 | 1937622.594419534 | 1691712.16926153
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 3790322.005486548 | 2533065.504079236 | 2612383.301589015 | 2264641.879055121 | 2138068.541848882 | 2077333.12829596 | 1877192.836316539 | 2000862.509262753 | 2052174.024321009 | 2099995.510242636 | 1597389.725683864 | 1899589.411250415 | 1768527.282961773 | 2235417.555134027 | 1916724.215910368 | 1519651.35538603 | 1665078.30014846 | 1951494.390327346 | 1708201.846066867 | 11282696.88144949
Unit | [NAME] | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 83.433
 | Revenue | 0 | 7778399.10752535 | 6842254.555253792 | 6629692.712203956 | 6318609.896136067 | 6451264.700665589 | 7455383.786886823 | 8933942.25250882 | 11309729.68379276 | 11987941.94925799 | 10329741.49882317 | 10137023.42522544 | 10141395.00844456 | 9373421.028978419 | 10829294.72856276 | 10140669.30697541 | 10206249.17801836 | 9435440.725730276 | 10663951.61529241 | 11535367.73486133
 | Fuel | 0 | -2279367.918988176 | -2812929.523775281 | -3058770.05555297 | -3311731.792616126 | -3520069.620490247 | -4670164.80031357 | -5800826.583662371 | -7183424.373793559 | -7682495.642718245 | -6000707.990030092 | -6623381.363024161 | -6143418.202151797 | -5621870.618610689 | -6288111.6403606 | -6156692.717052671 | -6876253.888986621 | -5875497.520190418 | -6567394.438918319 | -7797811.081934783
 | Variable O&M | 0 | -57028.15214719066 | -81185.61306089532 | -93622.50681315867 | -101362.7616941249 | -107716.4803515206 | -148291.9762156706 | -179818.3953495612 | -244348.6475810888 | -255192.4362321676 | -193964.4446920416 | -219273.6320542626 | -204927.3158973582 | -185685.142641007 | -206543.6834930339 | -190880.2024497575 | -209068.5703584156 | -179130.3720879239 | -188414.5307504979 | -229337.4179037381
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 93418.02332708838 | 103546.416256845 | 114259.1674633766 | 125495.637715741 | 139570.4441552573 | 153747.3990789202 | 170347.5086930325 | 191004.3688141883 | 212617.6681524196 | 235515.425372474 | 258595.6474313915 | 254057.6164558062 | 217360.0322234202 | 225362.2512423981
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Prod. Margin | 0 | 5442003.036389982 | 3948139.418417615 | 3477300.149837827 | 2905515.341825816 | 2823478.599823822 | 2730345.033684672 | 3056843.689753732 | 3996215.829881486 | 4175749.508023322 | 4274639.508256289 | 3448115.829225933 | 3963396.999088438 | 3756869.63654091 | 4547257.072861549 | 4028611.812845455 | 3379522.36610471 | 3634870.44990774 | 4125502.67784701 | 3733581.486265209
 | Fixed O&M | 0 | -355535.1627707806 | -362645.8660261962 | -369898.7833467202 | -377296.7590136545 | -384842.6941939276 | -392539.5480778062 | -400390.3390393623 | -408398.1458201496 | -416566.1087365526 | -424897.4309112836 | -433395.3795295093 | -442063.2871200995 | -450904.5528625015 | -459922.6439197516 | -469121.0967981466 | -478503.5187341095 | -488073.5891087917 | -497835.0608909676 | -507791.7621087869
 | Property Tax | 0 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875
 | A&G | 0 | -34547.1907058574 | -35276.1364297512 | -36048.6838175628 | -36863.3840718394 | -37740.7326127493 | -38686.5191661684 | -39646.0526171664 | -40649.5761404166 | -41653.6206710849 | -42715.7879981975 | -43749.510067754 | -44851.9977214613 | -45991.2384635863 | -47141.019425176 | -48324.2590127479 | -49532.3654880667 | -50760.7681521706 | -52034.8634327902 | -53340.9385049533
 | Operating Income | 0 | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
 | Depreciation | 0 | -2192540.633291666 | -2210158.6552009 | -2220800.173907533 | -2222765.993472633 | -2221622.5140418 | -2229059.541524167 | -1258985.903135856 | -179632.7474821657 | -59593.3221034993 | -52343.29261925862 | -57576.10826216172 | -62703.34028773224 | -67940.82855181053 | -73212.09813047784 | -78645.36246317187 | -84368.14305918 | -90262.60707306842 | -96333.90500737348 | -102587.3418797077
 | Total Tax | 0 | -1075106.988129921 | -467378.472585557 | -271575.9717876546 | -38790.65038832538 | -3064.031871388108 | 40621.26175213773 | -474483.5262657891 | -1278369.112456752 | -1394529.550886124 | -1433228.16697227 | -1096712.900827853 | -1296866.317864908 | -1208168.174946455 | -1518147.492835707 | -1304363.406109805 | -1038202.303810592 | -1133664.362510734 | -1323074.507687601 | -1159299.545789954
 | Net Margin | 0 | 1612660.482194882 | 701067.7088783355 | 407363.9576814819 | 58185.97558248806 | 4596.047807082161 | -60931.89262820659 | 711725.2893986835 | 1917553.668685127 | 2091794.326329186 | 2149842.250458404 | 1645069.35124178 | 1945299.476797362 | 1812252.262419682 | 2277221.239253561 | 1956545.109164708 | 1557303.455715887 | 1700496.5437661 | 1984611.761531402 | 1738949.318684931
 | Depreciation | 0 | 2192540.633291666 | 2210158.6552009 | 2220800.173907533 | 2222765.993472633 | 2221622.5140418 | 2229059.541524167 | 1258985.903135856 | 179632.7474821657 | 59593.3221034993 | 52343.29261925862 | 57576.10826216172 | 62703.34028773224 | 67940.82855181053 | 73212.09813047784 | 78645.36246317187 | 84368.14305918 | 90262.60707306842 | 96333.90500737348 | 102587.3418797077
 | [NAME] | 0 | -14879.11 | -378160.86 | -15780.83 | -16310.09 | -88150.02 | -90794.5206 | -93518.356218 | -96323.90690454001 | -99213.62411167621 | -102190.0328350265 | -105255.7338200773 | -108413.4058346796 | -111665.80800972 | -115015.7822500116 | -118466.255717512 | -122020.2433890374 | -125680.8506907085 | -129451.2762114297 | -133334.8144977726
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 3790322.005486548 | 2533065.504079236 | 2612383.301589015 | 2264641.879055121 | 2138068.541848882 | 2077333.12829596 | 1877192.836316539 | 2000862.509262753 | 2052174.024321009 | 2099995.510242636 | 1597389.725683864 | 1899589.411250415 | 1768527.282961773 | 2235417.555134027 | 1916724.215910368 | 1519651.35538603 | 1665078.30014846 | 1951494.390327346 | 1708201.846066867 | 11282696.88144949
Unlevered | NPV ('00-'05) | 10882718.86384719 |  | Levered | NPV ('00-'05) | 10882718.86384719
 | NPV ('06-'19) | 9192439.527010016 |  |  | NPV ('06-'19) | 9192439.527010016
 | NPV (TV) | 1758958.366350078 |  |  | NPV (TV) | 1758958.366350078
 | NPV | 21834116.75720728 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21834116.75720728
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1612660.482194882 | 701067.7088783355 | 407363.9576814819 | 58185.97558248806 | 4596.047807082161 | -60931.89262820659 | 711725.2893986835 | 1917553.668685127 | 2091794.326329186 | 2149842.250458404 | 1645069.35124178 | 1945299.476797362 | 1812252.262419682 | 2277221.239253561 | 1956545.109164708 | 1557303.455715887 | 1700496.5437661 | 1984611.761531402 | 1738949.318684931
 | Income Taxes (Per Cash Flow) |  | 1075106.988129921 | 467378.472585557 | 271575.9717876546 | 38790.65038832538 | 3064.031871388108 | -40621.26175213773 | 474483.5262657891 | 1278369.112456752 | 1394529.550886124 | 1433228.16697227 | 1096712.900827853 | 1296866.317864908 | 1208168.174946455 | 1518147.492835707 | 1304363.406109805 | 1038202.303810592 | 1133664.362510734 | 1323074.507687601 | 1159299.545789954
 | Tax Depreciation (Per Cash Flow) |  | 2192540.633291666 | 2210158.6552009 | 2220800.173907533 | 2222765.993472633 | 2221622.5140418 | 2229059.541524167 | 1258985.903135856 | 179632.7474821657 | 59593.3221034993 | 52343.29261925862 | 57576.10826216172 | 62703.34028773224 | 67940.82855181053 | 73212.09813047784 | 78645.36246317187 | 84368.14305918 | 90262.60707306842 | 96333.90500737348 | 102587.3418797077
 | EBITDA |  | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
Less: | Book Depreciation |  | -1830966.437030867 | -1849874.480030867 | -1850663.521530867 | -1851479.026030867 | -1855886.527030867 | -1860426.253060867 | -1865102.170871767 | -1869918.366216994 | -1874879.047422577 | -1879988.549064329 | -1885251.335755333 | -1890672.006047067 | -1896255.296447553 | -1902006.085560053 | -544532.4350126002 | -161892.5771820473 | -168176.6197165827 | -174649.1835271542 | -181315.9242520428
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 3049341.666585603 | 1528730.356633926 | 1049076.581845803 | 468263.5934125802 | 373396.0666894037 | 267080.1340829558 | 580092.5479285617 | 1505637.162407051 | 1671038.151896232 | 1755425.160985605 | 914107.0245764621 | 1414197.128902936 | 1192105.969470395 | 1966574.744659693 | 2795021.442725085 | 2517981.325403612 | 2756246.89363332 | 3229370.990699223 | 2819520.28210255
 | Income Taxes |  | -1219736.666634241 | -611492.1426535704 | -419630.6327383213 | -187305.4373650321 | -149358.4266757615 | -106832.0536331823 | -232037.0191714247 | -602254.8649628203 | -668415.2607584929 | -702170.0643942419 | -365642.8098305849 | -565678.8515611745 | -476842.387788158 | -786629.8978638772 | -1118008.577090034 | -1007192.530161445 | -1102498.757453328 | -1291748.396279689 | -1127808.11284102
 | Net Income - GAAP Basis |  | 1829604.999951362 | 917238.2139803556 | 629445.9491074819 | 280958.1560475481 | 224037.6400136422 | 160248.0804497735 | 348055.528757137 | 903382.2974442303 | 1002622.891137739 | 1053255.096591363 | 548464.2147458773 | 848518.2773417616 | 715263.581682237 | 1179944.846795816 | 1677012.865635051 | 1510788.795242167 | 1653748.136179992 | 1937622.594419534 | 1691712.16926153
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 3790322.005486548 | 2533065.504079236 | 2612383.301589015 | 2264641.879055121 | 2138068.541848882 | 2077333.12829596 | 1877192.836316539 | 2000862.509262753 | 2052174.024321009 | 2099995.510242636 | 1597389.725683864 | 1899589.411250415 | 1768527.282961773 | 2235417.555134027 | 1916724.215910368 | 1519651.35538603 | 1665078.30014846 | 1951494.390327346 | 1708201.846066867 | 11282696.88144949
Unit | Woodsdale 5 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 83.433
 | Revenue | 0 | 7778399.10752535 | 6842254.555253792 | 6629692.712203956 | 6318609.896136067 | 6451264.700665589 | 7455383.786886823 | 8933942.25250882 | 11309729.68379276 | 11987941.94925799 | 10329741.49882317 | 10137023.42522544 | 10141395.00844456 | 9373421.028978419 | 10829294.72856276 | 10140669.30697541 | 10206249.17801836 | 9435440.725730276 | 10663951.61529241 | 11535367.73486133
 | Fuel | 0 | -2279367.918988176 | -2812929.523775281 | -3058770.05555297 | -3311731.792616126 | -3520069.620490247 | -4670164.80031357 | -5800826.583662371 | -7183424.373793559 | -7682495.642718245 | -6000707.990030092 | -6623381.363024161 | -6143418.202151797 | -5621870.618610689 | -6288111.6403606 | -6156692.717052671 | -6876253.888986621 | -5875497.520190418 | -6567394.438918319 | -7797811.081934783
 | Variable O&M | 0 | -57028.15214719066 | -81185.61306089532 | -93622.50681315867 | -101362.7616941249 | -107716.4803515206 | -148291.9762156706 | -179818.3953495612 | -244348.6475810888 | -255192.4362321676 | -193964.4446920416 | -219273.6320542626 | -204927.3158973582 | -185685.142641007 | -206543.6834930339 | -190880.2024497575 | -209068.5703584156 | -179130.3720879239 | -188414.5307504979 | -229337.4179037381
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 93418.02332708838 | 103546.416256845 | 114259.1674633766 | 125495.637715741 | 139570.4441552573 | 153747.3990789202 | 170347.5086930325 | 191004.3688141883 | 212617.6681524196 | 235515.425372474 | 258595.6474313915 | 254057.6164558062 | 217360.0322234202 | 225362.2512423981
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Prod. Margin | 0 | 5442003.036389982 | 3948139.418417615 | 3477300.149837827 | 2905515.341825816 | 2823478.599823822 | 2730345.033684672 | 3056843.689753732 | 3996215.829881486 | 4175749.508023322 | 4274639.508256289 | 3448115.829225933 | 3963396.999088438 | 3756869.63654091 | 4547257.072861549 | 4028611.812845455 | 3379522.36610471 | 3634870.44990774 | 4125502.67784701 | 3733581.486265209
 | Fixed O&M | 0 | -355535.1627707806 | -362645.8660261962 | -369898.7833467202 | -377296.7590136545 | -384842.6941939276 | -392539.5480778062 | -400390.3390393623 | -408398.1458201496 | -416566.1087365526 | -424897.4309112836 | -433395.3795295093 | -442063.2871200995 | -450904.5528625015 | -459922.6439197516 | -469121.0967981466 | -478503.5187341095 | -488073.5891087917 | -497835.0608909676 | -507791.7621087869
 | Property Tax | 0 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875
 | A&G | 0 | -34547.1907058574 | -35276.1364297512 | -36048.6838175628 | -36863.3840718394 | -37740.7326127493 | -38686.5191661684 | -39646.0526171664 | -40649.5761404166 | -41653.6206710849 | -42715.7879981975 | -43749.510067754 | -44851.9977214613 | -45991.2384635863 | -47141.019425176 | -48324.2590127479 | -49532.3654880667 | -50760.7681521706 | -52034.8634327902 | -53340.9385049533
 | Operating Income | 0 | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
 | Depreciation | 0 | -2205815.003666666 | -2222106.2867558 | -2218245.914055034 | -2220404.769905834 | -2219370.1278627 | -2226838.671835986 | -1256795.685157617 | -177461.2299763161 | -58419.55966831526 | -51284.26516026906 | -56410.56244025048 | -61434.57979905166 | -66566.85492179754 | -71729.75496489248 | -77051.39867594691 | -82659.21003166633 | -88435.2557280573 | -94384.58279534001 | -100512.3896746412
 | Total Tax | 0 | -1069797.239979921 | -462599.4199635971 | -272597.6757286545 | -39735.13981504534 | -3964.98634302821 | 39732.91387686562 | -475359.6134570844 | -1279237.719459091 | -1394999.055860198 | -1433651.777955866 | -1097179.119156618 | -1297373.82206038 | -1208717.76439846 | -1518740.430101942 | -1305000.991624695 | -1038885.877021597 | -1134395.303048738 | -1323854.236572415 | -1160129.526671981
 | Net Margin | 0 | 1604695.859969882 | 693899.1299453957 | 408896.5135929817 | 59602.709722568 | 5947.479514542315 | -59599.37081529843 | 713039.4201856265 | 1918856.579188637 | 2092498.583790296 | 2150477.666933798 | 1645768.678734927 | 1946060.73309057 | 1813076.64659769 | 2278110.645152912 | 1957501.487437043 | 1558328.815532396 | 1701592.954573107 | 1985781.354858622 | 1740194.290007971
 | Depreciation | 0 | 2205815.003666666 | 2222106.2867558 | 2218245.914055034 | 2220404.769905834 | 2219370.1278627 | 2226838.671835986 | 1256795.685157617 | 177461.2299763161 | 58419.55966831526 | 51284.26516026906 | 56410.56244025048 | 61434.57979905166 | 66566.85492179754 | 71729.75496489248 | 77051.39867594691 | 82659.21003166633 | 88435.2557280573 | 94384.58279534001 | 100512.3896746412
 | [NAME] | 0 | -368862.32 | -15323.09 | -15780.83 | -16310.09 | -86379.10800000002 | -88970.48124000002 | -91639.59567720002 | -94388.78354751602 | -97220.4470539415 | -100137.0604655598 | -103141.1722795266 | -106235.4074479124 | -109422.4696713497 | -112705.1437614902 | -116086.2980743349 | -119568.887016565 | -123155.9536270619 | -126850.6322358738 | -130656.15120295
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 3441648.543636548 | 2900682.326701196 | 2611361.597648015 | 2263697.389628401 | 2138938.499377242 | 2078268.819780688 | 1878195.509666044 | 2001929.025617437 | 2053697.69640467 | 2101624.871628508 | 1599038.068895651 | 1901259.90544171 | 1770221.031848137 | 2237135.256356315 | 1918466.588038655 | 1521419.138547497 | 1666872.256674103 | 1953315.305418089 | 1710050.528479662 | 11293347.47972236
Unlevered | NPV ('00-'05) | 10868001.07231363 |  | Levered | NPV ('00-'05) | 10868001.07231363
 | NPV ('06-'19) | 9199418.408432055 |  |  | NPV ('06-'19) | 9199418.408432055
 | NPV (TV) | 1760618.781332023 |  |  | NPV (TV) | 1760618.781332023
 | NPV | 21828038.2620777 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21828038.2620777
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1604695.859969882 | 693899.1299453957 | 408896.5135929817 | 59602.709722568 | 5947.479514542315 | -59599.37081529843 | 713039.4201856265 | 1918856.579188637 | 2092498.583790296 | 2150477.666933798 | 1645768.678734927 | 1946060.73309057 | 1813076.64659769 | 2278110.645152912 | 1957501.487437043 | 1558328.815532396 | 1701592.954573107 | 1985781.354858622 | 1740194.290007971
 | Income Taxes (Per Cash Flow) |  | 1069797.239979921 | 462599.4199635971 | 272597.6757286545 | 39735.13981504534 | 3964.98634302821 | -39732.91387686562 | 475359.6134570844 | 1279237.719459091 | 1394999.055860198 | 1433651.777955866 | 1097179.119156618 | 1297373.82206038 | 1208717.76439846 | 1518740.430101942 | 1305000.991624695 | 1038885.877021597 | 1134395.303048738 | 1323854.236572415 | 1160129.526671981
 | Tax Depreciation (Per Cash Flow) |  | 2205815.003666666 | 2222106.2867558 | 2218245.914055034 | 2220404.769905834 | 2219370.1278627 | 2226838.671835986 | 1256795.685157617 | 177461.2299763161 | 58419.55966831526 | 51284.26516026906 | 56410.56244025048 | 61434.57979905166 | 66566.85492179754 | 71729.75496489248 | 77051.39867594691 | 82659.21003166633 | 88435.2557280573 | 94384.58279534001 | 100512.3896746412
 | EBITDA |  | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
Less: | Book Depreciation |  | -1848665.597530867 | -1849431.752030867 | -1850220.793530867 | -1851036.298030867 | -1855355.253430867 | -1859803.777492867 | -1864385.757276727 | -1869105.196454102 | -1873966.2188068 | -1878973.071830078 | -1884130.130444054 | -1889441.900816449 | -1894913.024300017 | -1900548.281488091 | -542955.6330584796 | -160193.2074093031 | -166351.0050906562 | -172693.5367024498 | -179226.3442625974
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 3031642.506085603 | 1529173.084633926 | 1049519.309845803 | 468706.3214125803 | 373927.3402894037 | 267702.6096509558 | 580808.9615236016 | 1506450.332169942 | 1671950.98051201 | 1756440.638219855 | 915228.2298877409 | 1415427.234133553 | 1193448.241617931 | 1968032.548731655 | 2796598.244679206 | 2519680.695176356 | 2758072.508259247 | 3231326.637523927 | 2821609.862091996
 | Income Taxes |  | -1212657.002434241 | -611669.2338535704 | -419807.7239383213 | -187482.5285650321 | -149570.9361157615 | -107081.0438603823 | -232323.5846094406 | -602580.1328679768 | -668780.392204804 | -702576.2552879421 | -366091.2919550964 | -566170.8936534213 | -477379.2966471722 | -787213.0194926619 | -1118639.297871682 | -1007872.278070542 | -1103229.003303699 | -1292530.655009571 | -1128643.944836799
 | Net Income - GAAP Basis |  | 1818985.503651362 | 917503.8507803555 | 629711.585907482 | 281223.7928475481 | 224356.4041736422 | 160621.5657905735 | 348485.3769141609 | 903870.1993019651 | 1003170.588307206 | 1053864.382931913 | 549136.9379326445 | 849256.3404801319 | 716068.9449707584 | 1180819.529238993 | 1677958.946807523 | 1511808.417105814 | 1654843.504955548 | 1938795.982514356 | 1692965.917255198
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 3441648.543636548 | 2900682.326701196 | 2611361.597648015 | 2263697.389628401 | 2138938.499377242 | 2078268.819780688 | 1878195.509666044 | 2001929.025617437 | 2053697.69640467 | 2101624.871628508 | 1599038.068895651 | 1901259.90544171 | 1770221.031848137 | 2237135.256356315 | 1918466.588038655 | 1521419.138547497 | 1666872.256674103 | 1953315.305418089 | 1710050.528479662 | 11293347.47972236
Unit | Woodsdale 6 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 83.433
 | Revenue | 0 | 7778399.10752535 | 6842254.555253792 | 6629692.712203956 | 6318609.896136067 | 6451264.700665589 | 7455383.786886823 | 8933942.25250882 | 11309729.68379276 | 11987941.94925799 | 10329741.49882317 | 10137023.42522544 | 10141395.00844456 | 9373421.028978419 | 10829294.72856276 | 10140669.30697541 | 10206249.17801836 | 9435440.725730276 | 10663951.61529241 | 11535367.73486133
 | Fuel | 0 | -2279367.918988176 | -2812929.523775281 | -3058770.05555297 | -3311731.792616126 | -3520069.620490247 | -4670164.80031357 | -5800826.583662371 | -7183424.373793559 | -7682495.642718245 | -6000707.990030092 | -6623381.363024161 | -6143418.202151797 | -5621870.618610689 | -6288111.6403606 | -6156692.717052671 | -6876253.888986621 | -5875497.520190418 | -6567394.438918319 | -7797811.081934783
 | Variable O&M | 0 | -57028.15214719066 | -81185.61306089532 | -93622.50681315867 | -101362.7616941249 | -107716.4803515206 | -148291.9762156706 | -179818.3953495612 | -244348.6475810888 | -255192.4362321676 | -193964.4446920416 | -219273.6320542626 | -204927.3158973582 | -185685.142641007 | -206543.6834930339 | -190880.2024497575 | -209068.5703584156 | -179130.3720879239 | -188414.5307504979 | -229337.4179037381
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 93418.02332708838 | 103546.416256845 | 114259.1674633766 | 125495.637715741 | 139570.4441552573 | 153747.3990789202 | 170347.5086930325 | 191004.3688141883 | 212617.6681524196 | 235515.425372474 | 258595.6474313915 | 254057.6164558062 | 217360.0322234202 | 225362.2512423981
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Prod. Margin | 0 | 5442003.036389982 | 3948139.418417615 | 3477300.149837827 | 2905515.341825816 | 2823478.599823822 | 2730345.033684672 | 3056843.689753732 | 3996215.829881486 | 4175749.508023322 | 4274639.508256289 | 3448115.829225933 | 3963396.999088438 | 3756869.63654091 | 4547257.072861549 | 4028611.812845455 | 3379522.36610471 | 3634870.44990774 | 4125502.67784701 | 3733581.486265209
 | Fixed O&M | 0 | -355535.1627707806 | -362645.8660261962 | -369898.7833467202 | -377296.7590136545 | -384842.6941939276 | -392539.5480778062 | -400390.3390393623 | -408398.1458201496 | -416566.1087365526 | -424897.4309112836 | -433395.3795295093 | -442063.2871200995 | -450904.5528625015 | -459922.6439197516 | -469121.0967981466 | -478503.5187341095 | -488073.5891087917 | -497835.0608909676 | -507791.7621087869
 | Property Tax | 0 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875
 | A&G | 0 | -34547.1907058574 | -35276.1364297512 | -36048.6838175628 | -36863.3840718394 | -37740.7326127493 | -38686.5191661684 | -39646.0526171664 | -40649.5761404166 | -41653.6206710849 | -42715.7879981975 | -43749.510067754 | -44851.9977214613 | -45991.2384635863 | -47141.019425176 | -48324.2590127479 | -49532.3654880667 | -50760.7681521706 | -52034.8634327902 | -53340.9385049533
 | Operating Income | 0 | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
 | Depreciation | 0 | -2205792.477791667 | -2222039.8326947 | -2218137.681956233 | -2220256.638788833 | -2219185.1215633 | -2226619.554387786 | -1256543.572766049 | -177177.1162321231 | -58102.65225317443 | -50933.398863777 | -56024.56123764865 | -61012.24851504777 | -66107.07991941953 | -71231.41293258911 | -76513.33260282045 | -82080.22819649207 | -87814.13065797384 | -93720.05019330006 | -99803.14731468607
 | Total Tax | 0 | -1069806.250329921 | -462626.0015880371 | -272640.9685681746 | -39794.39226184544 | -4038.988862788119 | 39645.26689758562 | -475460.4584137116 | -1279351.364956768 | -1395125.818826254 | -1433792.124474463 | -1097333.519637658 | -1297542.754573982 | -1208901.674399411 | -1518939.766914863 | -1305216.218053946 | -1039117.469755667 | -1134643.753076772 | -1324120.049613231 | -1160413.223615963
 | Net Margin | 0 | 1604709.375494882 | 693939.0023820556 | 408961.4528522618 | 59691.58839276814 | 6058.483294182177 | -59467.90034637842 | 713190.6876205674 | 1919027.047435153 | 2092688.728239381 | 2150688.186711694 | 1646000.279456488 | 1946314.131860973 | 1813352.511599117 | 2278409.650372294 | 1957824.327080919 | 1558676.2046335 | 1701965.629615157 | 1986180.074419846 | 1740619.835423945
 | Depreciation | 0 | 2205792.477791667 | 2222039.8326947 | 2218137.681956233 | 2220256.638788833 | 2219185.1215633 | 2226619.554387786 | 1256543.572766049 | 177177.1162321231 | 58102.65225317443 | 50933.398863777 | 56024.56123764865 | 61012.24851504777 | 66107.07991941953 | 71231.41293258911 | 76513.33260282045 | 82080.22819649207 | 87814.13065797384 | 93720.05019330006 | 99803.14731468607
 | [NAME] | 0 | -368261.63 | -14707.35 | -15149.69 | -15661.04 | -85748.86799999999 | -88321.33403999999 | -90970.97406119999 | -93700.10328303599 | -96511.10638152708 | -99406.43957297289 | -102388.6327601621 | -105460.2917429669 | -108624.1004952559 | -111882.8235101136 | -115239.308215417 | -118696.4874618796 | -122257.382085736 | -125925.103548308 | -129702.8566547573
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 3442240.223286549 | 2901271.485076756 | 2611949.444808495 | 2264287.187181601 | 2139494.736857482 | 2078830.320001408 | 1878763.286325417 | 2002504.06038424 | 2054280.274111028 | 2102215.146002498 | 1599636.207933974 | 1901866.088633054 | 1770835.49102328 | 2237758.239794769 | 1919098.351468322 | 1522059.945368113 | 1667522.378187395 | 1953975.021064838 | 1710720.126083873 | 11297208.75287011
Unlevered | NPV ('00-'05) | 10870323.84408628 |  | Levered | NPV ('00-'05) | 10870323.84408628
 | NPV ('06-'19) | 9202295.822730912 |  |  | NPV ('06-'19) | 9202295.822730912
 | NPV (TV) | 1761220.74899803 |  |  | NPV (TV) | 1761220.74899803
 | NPV | 21833840.41581523 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21833840.41581523
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1604709.375494882 | 693939.0023820556 | 408961.4528522618 | 59691.58839276814 | 6058.483294182177 | -59467.90034637842 | 713190.6876205674 | 1919027.047435153 | 2092688.728239381 | 2150688.186711694 | 1646000.279456488 | 1946314.131860973 | 1813352.511599117 | 2278409.650372294 | 1957824.327080919 | 1558676.2046335 | 1701965.629615157 | 1986180.074419846 | 1740619.835423945
 | Income Taxes (Per Cash Flow) |  | 1069806.250329921 | 462626.0015880371 | 272640.9685681746 | 39794.39226184544 | 4038.988862788119 | -39645.26689758562 | 475460.4584137116 | 1279351.364956768 | 1395125.818826254 | 1433792.124474463 | 1097333.519637658 | 1297542.754573982 | 1208901.674399411 | 1518939.766914863 | 1305216.218053946 | 1039117.469755667 | 1134643.753076772 | 1324120.049613231 | 1160413.223615963
 | Tax Depreciation (Per Cash Flow) |  | 2205792.477791667 | 2222039.8326947 | 2218137.681956233 | 2220256.638788833 | 2219185.1215633 | 2226619.554387786 | 1256543.572766049 | 177177.1162321231 | 58102.65225317443 | 50933.398863777 | 56024.56123764865 | 61012.24851504777 | 66107.07991941953 | 71231.41293258911 | 76513.33260282045 | 82080.22819649207 | 87814.13065797384 | 93720.05019330006 | 99803.14731468607
 | EBITDA |  | 4880308.10361647 | 3378604.836664793 | 2899740.10337667 | 2319742.619443447 | 2229282.59372027 | 2127506.387143822 | 2445194.718800328 | 3375555.528624044 | 3545917.199318809 | 3635413.710049933 | 2799358.360331795 | 3304869.134950003 | 3088361.265917948 | 3868580.830219746 | 3339553.877737685 | 2679873.902585659 | 2924423.513349903 | 3404020.174226377 | 3000836.206354593
Less: | Book Depreciation |  | -1848635.563030867 | -1849370.930530867 | -1850128.415030867 | -1850911.467030867 | -1855198.910430867 | -1859614.977132867 | -1864163.525835927 | -1868848.531000078 | -1873674.086319155 | -1878644.408297803 | -1883763.839935811 | -1889036.85452296 | -1894468.059547723 | -1900062.200723228 | -542427.2028006706 | -159621.1571737598 | -165734.0262780466 | -172030.281455462 | -178515.4242881999
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 3031672.540585603 | 1529233.906133926 | 1049611.688345803 | 468831.1524125803 | 374083.6832894038 | 267891.4100109558 | 581031.1929644016 | 1506706.997623966 | 1672243.112999655 | 1756769.30175213 | 915594.5203959832 | 1415832.280427043 | 1193893.206370225 | 1968518.629496518 | 2797126.674937014 | 2520252.745411899 | 2758689.487071856 | 3231989.892770915 | 2822320.782066394
 | Income Taxes |  | -1212669.016234241 | -611693.5624535704 | -419844.6753383213 | -187532.4609650321 | -149633.4733157615 | -107156.5640043823 | -232412.4771857606 | -602682.7990495864 | -668897.2451998619 | -702707.720700852 | -366237.8081583933 | -566332.9121708171 | -477557.28254809 | -787407.4517986071 | -1118850.669974806 | -1008101.09816476 | -1103475.794828743 | -1292795.957108366 | -1128928.312826558
 | Net Income - GAAP Basis |  | 1819003.524351361 | 917540.3436803556 | 629767.0130074818 | 281298.6914475482 | 224450.2099736423 | 160734.8460065735 | 348618.7157786409 | 904024.1985743794 | 1003345.867799793 | 1054061.581051278 | 549356.71223759 | 849499.3682562257 | 716335.923822135 | 1181111.177697911 | 1678276.004962209 | 1512151.64724714 | 1655213.692243114 | 1939193.935662549 | 1693392.469239836
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 3442240.223286549 | 2901271.485076756 | 2611949.444808495 | 2264287.187181601 | 2139494.736857482 | 2078830.320001408 | 1878763.286325417 | 2002504.06038424 | 2054280.274111028 | 2102215.146002498 | 1599636.207933974 | 1901866.088633054 | 1770835.49102328 | 2237758.239794769 | 1919098.351468322 | 1522059.945368113 | 1667522.378187395 | 1953975.021064838 | 1710720.126083873 | 11297208.75287011
Unit | VMC | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Capacity | 705
 | Revenue | 0 | 116696769.5589039 | 114128767.0003653 | 124668970.3120369 | 101129760.6344645 | 106166830.733606 | 122861926.3622418 | 134810026.0454176 | 156171254.608628 | 153984450.4733348 | 142029450.1911115 | 153519624.9174798 | 145603059.0281256 | 147394867.9360246 | 161302135.4396859 | 171785879.2421906 | 150009948.9924935 | 146996135.4486584 | 147637489.8882955 | 164310861.1729538
 | Fuel | 0 | -56753780.65735615 | -61895460.47249027 | -72071715.59312467 | -57220200.29256206 | -60959786.06963814 | -75333063.47711992 | -81154068.88406661 | -90367268.16256337 | -89885398.8028618 | -80323848.55416606 | -93909032.87570056 | -85350575.0147729 | -87766959.08151728 | -94376494.97680004 | -108998862.7768479 | -93427428.44456662 | -88463582.55601126 | -84365541.09886955 | -100931674.739911
 | Variable O&M | 0 | -761026.382952739 | -940620.0466197702 | -1179290.62020345 | -945325.1523294027 | -1017531.929556669 | -1270198.206943862 | -1386915.416381915 | -1674698.941689852 | -1651648.763229368 | -1434413.404009835 | -1699447.889306168 | -1573206.697861768 | -1563589.312140468 | -1721147.163413987 | -1862898.285284758 | -1550436.861447673 | -1427436.126043688 | -1318703.439234445 | -1622983.520696122
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Prod. Margin | 0 | 59181962.51859502 | 51292686.48125525 | 51417964.09870876 | 42964235.189573 | 44189512.73441123 | 46258664.67817806 | 52269041.74496905 | 64129287.50437476 | 62447402.90724359 | 60271188.23293558 | 57911144.15247308 | 58679277.31549091 | 58064319.54236686 | 65204493.29947191 | 60924118.1800579 | 55032083.68647922 | 57105116.76660349 | 61953245.35019154 | 61756202.91234668
 | Fixed O&M | 0 | -3235950 | -3300669 | -3366682.38 | -3434016.0276 | -3502696.348152 | -3572750.27511504 | -3644205.280617341 | -3717089.386229688 | -3791431.173954281 | -3867259.797433367 | -3944604.993382034 | -4023497.093249675 | -4103967.035114668 | -4186046.375816962 | -4269767.303333301 | -4355162.649399967 | -4442265.902387966 | -4531111.220435726 | -4621733.444844441
 | Property Tax | 0 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875 | -171612.579296875
 | A&G | 0 | -374900 | -383147.8 | -391577.0516 | -400191.7467352 | -408995.965163374 | -417993.876396969 | -427189.741677702 | -436587.915994611 | -446192.850146493 | -456009.092849716 | -466041.292892409 | -476294.201336043 | -486772.673765435 | -497481.672588275 | -508426.269385217 | -519611.647311692 | -531043.103552549 | -542726.051830705 | -554666.024970981
 | Operating Income | 0 | 55399499.93929815 | 47437257.10195838 | 47488092.08781189 | 38958414.83594093 | 40106207.84179899 | 42096307.94736918 | 48026034.14337713 | 59803997.62285358 | 58038166.30384595 | 55776306.76335562 | 53328885.28690176 | 54007873.44160832 | 53301967.25418989 | 60349352.67176981 | 55974312.02804251 | 49985696.81047069 | 51960195.1813661 | 56707795.49862824 | 56408190.86323439
 | Depreciation | 0 | -32528000 | -29275200 | -26364800 | -23728320 | -21331520 | -20201600 | -20201600 | -20235840 | -20201600 | -20235840 | -20201600 | -20235840 | -20235840 | -20235840 | -10100800 | -10846000 | -10846000 | -10846000 | -10846000
 | Total Tax | 0 | -9148599.975719262 | -7264822.840783352 | -8449316.835124755 | -6092037.934376371 | -7509875.136719597 | -8757883.178947672 | -11129773.65735085 | -15827263.04914143 | -15134626.52153838 | -14216186.70534225 | -13250914.11476071 | -13508813.37664333 | -13226450.90167595 | -16045405.06870792 | -18349404.81121701 | -15655878.72418828 | -16445678.07254644 | -18344718.1994513 | -18224876.34529376
 | Net Margin | 0 | 13722899.96357889 | 10897234.26117503 | 12673975.25268713 | 9138056.901564557 | 11264812.7050794 | 13136824.76842151 | 16694660.48602628 | 23740894.57371215 | 22701939.78230757 | 21324280.05801337 | 19876371.17214106 | 20263220.06496499 | 19839676.35251393 | 24068107.60306188 | 27524107.2168255 | 23483818.08628241 | 24668517.10881966 | 27517077.29917695 | 27337314.51794063
 | Depreciation | 0 | 32528000 | 29275200 | 26364800 | 23728320 | 21331520 | 20201600 | 20201600 | 20235840 | 20201600 | 20235840 | 20201600 | 20235840 | 20235840 | 20235840 | 10100800 | 10846000 | 10846000 | 10846000 | 10846000
 | [NAME] | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Env Cap Ads | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Free Cash Flow | 0 | 46250899.96357889 | 40172434.26117503 | 39038775.25268713 | 32866376.90156456 | 32596332.7050794 | 33338424.76842151 | 36896260.48602628 | 43976734.57371215 | 42903539.78230757 | 41560120.05801337 | 40077971.17214106 | 40499060.06496499 | 40075516.35251393 | 44303947.60306188 | 37624907.2168255 | 34329818.08628241 | 35514517.10881966 | 38363077.29917695 | 38183314.51794063 | 239965161.3870069
Unlevered | NPV ('00-'05) | 154452810.8267078 |  | Levered | NPV ('00-'05) | 154452810.8267078
 | NPV ('06-'19) | 188114893.5673317 |  |  | NPV ('06-'19) | 188114893.5673317
 | NPV (TV) | 37410269.25470292 |  |  | NPV (TV) | 37410269.25470292
 | NPV | 379977973.6487424 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 379977973.6487424
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 13722899.96357889 | 10897234.26117503 | 12673975.25268713 | 9138056.901564557 | 11264812.7050794 | 13136824.76842151 | 16694660.48602628 | 23740894.57371215 | 22701939.78230757 | 21324280.05801337 | 19876371.17214106 | 20263220.06496499 | 19839676.35251393 | 24068107.60306188 | 27524107.2168255 | 23483818.08628241 | 24668517.10881966 | 27517077.29917695 | 27337314.51794063
 | Income Taxes (Per Cash Flow) |  | 9148599.975719262 | 7264822.840783352 | 8449316.835124755 | 6092037.934376371 | 7509875.136719597 | 8757883.178947672 | 11129773.65735085 | 15827263.04914143 | 15134626.52153838 | 14216186.70534225 | 13250914.11476071 | 13508813.37664333 | 13226450.90167595 | 16045405.06870792 | 18349404.81121701 | 15655878.72418828 | 16445678.07254644 | 18344718.1994513 | 18224876.34529376
 | Tax Depreciation (Per Cash Flow) |  | 32528000 | 29275200 | 26364800 | 23728320 | 21331520 | 20201600 | 20201600 | 20235840 | 20201600 | 20235840 | 20201600 | 20235840 | 20235840 | 20235840 | 10100800 | 10846000 | 10846000 | 10846000 | 10846000
 | EBITDA |  | 55399499.93929815 | 47437257.10195838 | 47488092.08781189 | 38958414.83594093 | 40106207.84179899 | 42096307.94736918 | 48026034.14337713 | 59803997.62285358 | 58038166.30384595 | 55776306.76335562 | 53328885.28690176 | 54007873.44160832 | 53301967.25418989 | 60349352.67176981 | 55974312.02804251 | 49985696.81047069 | 51960195.1813661 | 56707795.49862824 | 56408190.86323439
Less: | Book Depreciation |  | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000 | -10846000
 | Interest Expense |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
 | Earnings Before Income Taxes |  | 44553499.93929815 | 36591257.10195838 | 36642092.08781189 | 28112414.83594093 | 29260207.84179899 | 31250307.94736918 | 37180034.14337713 | 48957997.62285358 | 47192166.30384595 | 44930306.76335562 | 42482885.28690176 | 43161873.44160832 | 42455967.25418989 | 49503352.67176981 | 45128312.02804251 | 39139696.81047069 | 41114195.1813661 | 45861795.49862824 | 45562190.86323439
 | Income Taxes |  | -17821399.97571926 | -14636502.84078335 | -14656836.83512476 | -11244965.93437637 | -11704083.1367196 | -12500123.17894767 | -14872013.65735085 | -19583199.04914143 | -18876866.52153838 | -17972122.70534225 | -16993154.11476071 | -17264749.37664333 | -16982386.90167595 | -19801341.06870792 | -18051324.81121701 | -15655878.72418828 | -16445678.07254644 | -18344718.1994513 | -18224876.34529376
 | Net Income - GAAP Basis |  | 26732099.96357889 | 21954754.26117503 | 21985255.25268713 | 16867448.90156455 | 17556124.70507939 | 18750184.76842151 | 22308020.48602628 | 29374798.57371215 | 28315299.78230757 | 26958184.05801337 | 25489731.17214106 | 25897124.06496499 | 25473580.35251393 | 29702011.60306188 | 27076987.2168255 | 23483818.08628241 | 24668517.10881966 | 27517077.29917695 | 27337314.51794063
Leveraged Cash Flows
Leverage Level |  | 0
FMV of Assets/Borrowing |  | 0
Amortization Period Years |  | 15
Princ PMTS |  | 0
Interest Rate |  | 0.0875
 |  |  | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | TV
Beginning Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Payment |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Principal Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Payments |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Ending Balance |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Tax Benefit of Interest |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Debt Payments (after-tax) |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Cash Flows Modified for Leverage |  |  | 46250899.96357889 | 40172434.26117503 | 39038775.25268713 | 32866376.90156456 | 32596332.7050794 | 33338424.76842151 | 36896260.48602628 | 43976734.57371215 | 42903539.78230757 | 41560120.05801337 | 40077971.17214106 | 40499060.06496499 | 40075516.35251393 | 44303947.60306188 | 37624907.2168255 | 34329818.08628241 | 35514517.10881966 | 38363077.29917695 | 38183314.51794063 | 239965161.3870069
 | [NAME] | 2
 | East Bend 2
 | JM Stuart 1
 | JM Stuart 2
 | JM Stuart 3
 | JM Stuart 4
 | [NAME]
 | Miami Fort 5
 | Miami Fort 6
 | Miami Fort 7
 | Miami Fort 8
 | WC Beckjord 1
 | WC Beckjord 2
 | WC Beckjord 3
 | WC Beckjord 4
 | WC Beckjord 5
 | WC Beckjord 6
 | WH Zimmer 1
 | Dicks Creek 1
 | Dicks Creek 3
 | Dicks [NAME]
 | Miami Fort 3-6
 | [NAME]
 | Beckjord CT2
 | Beckjord CT3
 | Beckjord CT4
 | Woodsdale 1
 | [NAME]
 | Woodsdale 3
 | [NAME]
 | Woodsdale 5
 | Woodsdale 6
 | VMC