Spreadsheet: phillip_allen__29914__Valuation Summary Recallable
Sheet: 9-13-01

60% SJ/40% Perm |  |  | 6-5-01 Curves
Start | End | Year | PV Volume |  | PV Rec Price | PV Del Price | PV Spread | [NAME] | Value Over Tolls |  | Yearly Value |  | Cumulative Value
2001-07-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 41105262.77830882 |  |  |  | 1.862370704581388 | 0.5292416779920284 | 1.33312902658936 |  | 54798618.95534668 |  | 54798618.95534668
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 78921002.98984492 |  |  |  | 1.13741991662453 | 0.5275331820234525 | 0.6098867346010777 |  | 48132872.80491841 |  | 102931491.7602651
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 74842910.30793871 |  |  |  | 0.4222058982863064 | 0.5251746284956142 | -0.1029687302093078 |  | -7706479.43957756 |  | 95225012.32068752
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 70697079.95636024 |  |  |  | 0.4113299560333242 | 0.4641719436640607 | -0.05284198763073661 |  | -3735774.224583185 |  | 91489238.09610434
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 66249684.3681384 |  |  |  | 0.4283602121923456 | 0.4654190812708699 | -0.0370588690785242 |  | -2455138.379492392 |  | 89034099.71661195
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 26193321.54645195 |  |  |  | 0.4149721338914635 | 0.4671202671044102 | -0.05214813321294673 |  | -1365932.821293924 |  | 87668166.89531803
 |  |  |  |  |  |  |  |  |  |  | 87668166.89531803
50% SJ/50% Perm |  |  | 6-5-01 Curves
Start | End | Year | PV Volume |  | PV Rec Price | PV Del Price | PV Spread | [NAME] | Value Over Tolls |  | Yearly Value |  | Cumulative Value
2001-07-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 41105262.77830882 |  |  |  | 1.812343928636992 | 0.5327164025305678 | 1.279627526106424 |  | 52599425.71896178 |  | 52599425.71896178 |  | -1
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 78921002.98984492 |  |  |  | 1.108158165483514 | 0.5302614584518941 | 0.5778967070316198 |  | 45608187.743464 |  | 98207613.46242577
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 74842910.30793871 |  |  |  | 0.4044053605361577 | 0.5274909044012516 | -0.1230855438650939 |  | -9212080.319699077 |  | 88995533.14272669
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 70697079.95636022 |  |  |  | 0.4004807400160842 | 0.466238337808451 | -0.06575759779236662 |  | -4648870.14886512 |  | 84346662.99386157
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 66249684.36813841 |  |  |  | 0.4183590020447076 | 0.4674549918312184 | -0.0490959897865109 |  | -3252593.827097694 |  | 81094069.16676387
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 26193321.54645195 |  |  |  | 0.4049709237438255 | 0.469156177664759 | -0.06418525392093345 |  | -1681224.994491676 |  | 79412844.17227219
ENRON EL PASO RECALLABLE PG&E CAPACITY VALUATION SCENARIOS: CAPACITY PER DAY = 200,000 |  |  |  |  |  |  |  |  |  |  |  | CONFIDENTIAL
50% Perm/50% SJ |  |  | 09-13-01 Mid Curves
 |  |  |  |  | Swap Prices |  |  |  |  |  | Value
Start | End | Year | PV Volume |  | Rec B & I | Del B & I | Spread | Tolls | Value Over Tolls |  | Yearly | Delta | Cumulative
2001-10-01 00:00:00 | 2006-05-31 00:00:00 | 2001 - 2006 | 307778704.319512 |  | -0.1849431942328263 | 0.2255947727746305 | 0.4105379670074568 | -0.4761501573028528 | -0.065612190295396 |  | -20194034.91668224 | -24510681.65113795 | -20194034.91668224
2001-10-01 00:00:00 | 2001-12-31 00:00:00 | 2001 | 18231478.57630271 |  | -0.2500685573305774 | 0.09065879540017019 | 0.3407273527307476 | -0.4885424683954905 | -0.1478151156647429 |  | -2694888.114495468 | -4265479.993569479 | -2694888.114495468
2002-01-01 00:00:00 | 2002-12-31 00:00:00 | 2002 | 70978355.20772542 |  | -0.2279457288227271 | 0.09524786056411574 | 0.3231935893868428 | -0.5022629891568644 | -0.1790693997700216 |  | -12710051.46371078 | -14765550.94810702 | -15404939.57820624
2003-01-01 00:00:00 | 2003-12-31 00:00:00 | 2003 | 68171970.06964809 |  | -0.1879858967328472 | 0.2712511499103658 | 0.459237046643213 | -0.5070025530392019 | -0.04776550639598898 |  | -3256268.672388945 | -3708372.236939289 | -18661208.25059519
2004-01-01 00:00:00 | 2004-12-31 00:00:00 | 2004 | 64918136.74976502 |  | -0.1667753460332221 | 0.2732567605492742 | 0.4400321065824964 | -0.4464397593176275 | -0.006407652735131164 |  | -415972.8765042507 | -1439083.60188827 | -19077181.12709944
2005-01-01 00:00:00 | 2005-12-31 00:00:00 | 2005 | 61170192.85551865 |  | -0.1501628163942374 | 0.29 | 0.4401628163942373 | -0.4490016971645702 | -0.008838880770332902 |  | -540676.0413481988 | -200384.8812886135 | -19617857.16844764
2006-01-01 00:00:00 | 2006-05-31 00:00:00 | 2006 | 24308570.86055208 |  | -0.1380435803681434 | 0.29 | 0.4280435803681434 | -0.451746238642046 | -0.02370265827390255 |  | -576177.7482346112 | -131809.9893452454 | -20194034.91668225
Note Start Date Changed to October