Spreadsheet: benjamin_rogers__1192__test model from Erin
Sheet: ASSUM 1

DELMARVA, VA
Assumptions
POWER SALES (megawatts) |  |  |  |  | [NAME] |  |  |  |  |  |  | 15 Yr MACRS | Debt |  | 144A CONSTRUCTION FINANCING ASSUMPTIONS
GE - LM6000 SC | per GT | Winter | Summer |  |  |  |  |  |  | Project Years |  | Annual rate | Amort |  | Construction Schedule |  | Start Date | End Date
Net Plant  Output |  | 320 |  |  | Book Depreciation Rates: (Straight Line per year) |  |  |  |  |  |  | 0.05 | 0 |  | [NAME] (months) | 17 | 1999-11-10 00:00:00
Net Installed Capacity | 0.98 |  |  |  |  |  |  |  |  |  |  | 0.095 | 0.034
Capacity Rate |  |  | 1 |  |  |  | Rate/Year | # of Years |  |  |  | 0.0855 | 0.031 |  |  |  |  | 144A
Transmission & Line Losses |  |  | 0 |  | Category 1 |  |  | 28.5 |  |  |  | 0.077 | 0.0405 |  | Lender |  |  | Long-term
Total Capacity Sales |  |  |  |  | Category 2 |  |  |  |  |  |  | 0.0693 | 0.0471 |  | Amount (%) |  |  | 1
Net Energy Produced (MWh's) |  |  |  |  | Category 3 |  |  |  |  |  |  | 0.0623 | 0.009 |  | Amount (MMs) |  |  | 90
Degredation/yr |  |  | 0 |  | Category 4 |  |  |  |  |  |  | 0.059 | 0.0445 |  | Draw Date |  |  | 2000-04-01 00:00:00
Net Energy Available |  |  |  |  | Category 5 |  |  |  |  |  |  | 0.059 | 0.0885 |  | Interest Rates:
 |  |  |  |  | Category 6 - Amortization (S-L) |  |  |  |  |  |  | 0.0591 | 0.1005 |  | Base Rate Index |  |  | Unknown
TARIFF |  |  |  |  |  |  |  |  |  |  |  | 0.059 | 0.095 |  | Base Rate |  |  | 0.065
FIXED: | Year |  | Escalation |  | Tax Depn & Amrtn Rates |  |  |  |  |  |  | 0.0591 | 0.095 |  | Spread |  |  | 0.015
Capacity ($/kw/month) |  |  |  |  | Category 1 - Major Equip. |  | 0 | 15 MACRS |  |  |  | 0.059 | 0.09 |  | Swap Spread |  |  | 0
US $ Component |  |  |  |  | Category 2 - Engineering/Construction |  | 0 |  |  |  |  | 0.0591 | 0.09 |  | Total
 |  |  |  |  | Category 3 - Other (Straight Line) |  | 0 |  |  |  |  | 0.059 | 0.085
VARIABLE: |  |  |  |  | Category 4 - Soft/finance Costs |  |  |  |  |  |  | 0.0591 | 0.08
Net Option Revenue ($/kWh) |  |  |  |  |  |  |  |  |  |  |  | 0.0295 |  |  | Financing Fees (on total amount) |  |  | 0.03
US $ Component
July/August peak hrs optioned |  |  |  |  | US E&P / Book Depreciation |  |  | 28.5
 |  |  |  |  | US E&P Amortization Rt. |  |  | 10 |  |  |  |  |  |  | DEBT ASSUMPTIONS
Net Spot Revenue ($/kWh) |  |  |  |  |  |  |  |  |  | 144A On/Off |  |  | 1
US $ Component |  |  |  |  | OPERATING EXPENSES |  |  | 1999 |  |  |  |  |  |  | Lender
 |  |  |  |  |  |  |  |  |  | Working Capital Requirement (First full Year ) |  |  |  |  | Amount (%) |  |  | 1
Resulting 1st Year Power Cost |  |  |  |  |  |  | Component | Annual |  | O&M Days |  | 30 |  |  | Amount (MMs)
 |  |  |  |  | O&M: |  | in US$ [NAME] | Escalation |  | Fuel days |  | 45 |  |  | Debt ratio
PLANT OPERATING DATA |  |  |  |  | Management Fee |  | 0.6 |  |  |  | Total |  |  |  | Amortization:
Heat Rates: |  | Degradation |  |  | Fixed Costs |  | 1.53 |  |  |  |  |  |  |  | Term (Years) |  |  | 15
Diesel (Btu/kWh) |  | 0 | 9579 |  | Variable Costs mills/kw |  | 0.002 |  |  | INFLATION |  |  |  |  | Method | (1=S/L,0=Mortgage) |  | 0
Heating Value (HHV Btu/bbl) |  |  |  |  | Maintenance Reserve |  | 1.4 |  |  | US Inflation |  | 0.027 | per year |  | Payments per year |  |  | Semi
 |  |  |  |  | O&M Fee |  | 0.3 |  |  |  |  |  |  |  | Grace Period (Years) |  |  | 0
Project Life Years |  |  | 20 |  | TPS Parts Co. |  |  | 0 |  |  |  |  |  |  | DSRF Y/N 1/0 |  |  | 1
Commercial Operations Date |  |  | 2000 |  | Other |  | 0 |  |  | TAXES |  |  |  |  | Interest Rates:
Months of Operation Year 1 |  | 7 | 7 |  | Total O&M Costs in (US cents/kWh) |  |  |  |  | Federal Income Tax Rate |  |  | 0.35 |  | Base Rate Index |  |  | Unknown
 |  |  |  |  | Other: |  |  |  |  | VA Liscense & Special Regulatory Tax year: |  | 2000 |  |  | Base Rate
FUEL |  |  |  |  | Marketing Fee |  | 0.15 |  |  | Virginia Income Tax Rate Post 2000 |  |  | 0.06 |  | Spread
 |  |  | Annual |  | Property Tax | per $100 | See TAXES |  |  | VA State Recording/document tax $/$100 of value |  |  | 0.03 |  | Swap Spread
Commodity Prices - HHV |  |  | Escalation |  | Operating Insurance | per $100 | 0.6 |  |  | Property Tangible Assets per $100 | yr 0- | 1 | 0.81 |  | Total
Fuel Oil ($/MMBtu) |  |  | 0.027 |  | Other |  | 0 |  |  | These are effective rates |  | 3 | 0.49 |  | Interest Rate on reserves |  |  | 0.05
 |  |  |  |  | Other |  | 0 |  |  |  |  | and older | 0.2916
Fuel Taxes (%) |  |  | 0 |  | Other |  | 0 |  |  | Real Property per $100 |  |  | 0.75 |  | Debt Service Reserve Fund | Switch | 0 | LC Charge
 |  |  |  |  | Other |  | 0 |  |  |  |  |  |  |  | DSRF months | 12 |  | 0.008
 |  |  |  |  | Other |  | 0
 |  |  |  |  | Other |  | 0
 |  |  |  |  | Other |  | 0
 |  |  |  |  | Other |  | 0