Spreadsheet: benjamin_rogers__1057__FP&L Operating Margin Comparison
Sheet: Sheet1

 |  |  |  |  | 2001
Revenue
[NAME]
PPA Demand |  |  |  |  | 314916.494730667 | 316970.1140317798 | 336236.0187294425 | 349315.9266856953 | 353926.7954073678 | 365865.5416245862 | 377103.9471405238 | 368868.7623171151 | 392158.1693291528 | 409581.308656455 | 329711.2603515608 | 130704.4626106195 | 132812.6895951236 | 126021.6200426767 | 139860.7823306015 | 101639.2293547835 | 10767.96611101322 | 11066.59192585926 | 11256.87074336684 | 10729.35144803694
Market |  |  |  |  | 976.6391450419983 | 976.6391450419983 | 976.6391450419983 | 987.8524480819974 | 14352.91374642254 | 15861.03903014615 | 17281.21421146513 | 16414.39096481401 | 19507.644677541 | 23752.45607637245 | 81229.3447892004 | 207482.357919266 | 214984.6417468466 | 210622.9186376663 | 217143.0672455419 | 268117.0608500826 | 355545.3620853815 | 366878.9431644893 | 377465.4535515045 | 366013.988853142
Steam/Hedges |  |  |  |  | 4668.3 | 4668.3 | 4736.322377622378 | 4804.344755244754 | 5225.300988017726 | 5355.446981160889 | 5427.501390927007 | 4496.401193086958 | 5280.121428574294 | 5369.87891800744 | 4664.557781807911 | 2805.684500390909 | 2843.126033104594 | 2432.182553588831 | 2376.115898412522 | 2427.242326339248 | 2924.235470124059 | 3278.667336248784 | 3322.057457309537 | 2836.24028420103
Interest |  |  |  |  | 1645.5984374585 | 1922.740542847107 | 2585.39920531224 | 3271.501049403621 | 1657.841572361289 | 1592.692279575649 | 1703.578821039612 | 1794.909376063163 | 1721.317741301852 | 1637.316966643567 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351
Total FP&L Model
PV@9%
[NAME] (Based off of Prospectus)
[NAME]
PPA |  |  |  |  | 166134.8 | 160305.3 | 180246.6 | 181557.2 | 194154.7 | 203373 | 210748.7 | 204596.9 | 231312.2 | 234393.4 | 215775.7 | 130819.5476395675 | 133206.4769211502 | 127223.0939255173 | 140743.0655454305 | 107709.7863176519 | 10702.34370661132 | 10889.28420803685 | 11079.49004573181 | 11273.01825613761 | 0
Market |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Steam/Hedges |  |  |  |  | 1626 | 1482 | 2078 | 2130 | 2325 | 2417 | 2449 | 1477 | 2220 | 2269 | 2699 | 1613.569230769231 | 1894.909506903354 | 2225.303985030092 | 2613.305705496878 | 3068.959007993769 | 0 | 0 | 0 | 0 | 0
Total Bellingham Revenue
Sayreville
PPA
Market |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Steam/Hedges |  |  |  |  | 2747 | 2785 | 2823 | 2861 | 2900 | 2939 | 2979 | 3019 | 3060 | 3101 | 1965 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Sayreville Revenue |  |  |  |  | 151896.8 | 150583 | 147997.8 | 160903.2 | 162896 | 165749 | 169711.5 | 167630 | 164095.8 | 178725.9 | 115540.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
ENA Model Total Consolidated Revenue
PV@9%
Revenue Comparison
Comments:  The difference in Revenue appears to be primarily due to the difference in hedges in place and merchant sales over the contracted capacity.  The ENA model assumes 0 merchant sales
Expenses
[NAME]
Fuel  (Includes Fixed Transportation) |  |  |  |  | 166091.6952059584 | 168146.0467302271 | 175829.7356725003 | 182565.6029893896 | 194415.4366437652 | 200161.9237649649 | 205460.2582759269 | 202990.2358907569 | 211093.8939628886 | 219580.5378410171 | 228413.1120970426 | 234697.9424626338 | 241680.5368427984 | 185259.079639483 | 192087.5630098361 | 200509.1572220399 | 206490.5073796013 | 211778.0960308535 | 216955.9269688173 | 214512.1300636999
Fixed O&M |  |  |  |  | 7423.72401136396 | 7801.412184818779 | 7863.639509055427 | 8163.672147037151 | 9275.83660248239 | 9535.380190749413 | 9801.283455899646 | 10073.71810920894 | 10352.86049815758 | 10638.89173160783 | 10941.96470009285 | 11252.85171169545 | 11571.77155962292 | 11898.94916329237 | 12234.61573986455 | 12579.00898058076 | 12932.37323203702 | 13294.95968253406 | 13667.02655364501 | 14048.83929714707
Variable O&M |  |  |  |  | 1926.9346 | 1980.8887688 | 2036.3536543264 | 2093.371556647539 | 5067.077167914739 | 5149.908544877539 | 5202.934806509174 | 5077.478730113495 | 5360.210027148247 | 5340.854530551222 | 5495.105906736033 | 5589.84282040329 | 5655.109306503957 | 5542.237811198831 | 5837.908000103815 | 5566.45938902978 | 5032.0784030634 | 5127.880372865957 | 5214.713980093975 | 5240.266175551653
Major Maintenance & Ongoing Capex (Cash) |  |  |  |  | 1719 | 9441 | 3085 | 2733 | 4279.552981315348 | 3427.56686421779 | 1507.242650011532 | 8146.143096726822 | 5393.649246758419 | 5014.584170713583 | 3932.095716006314 | 3644.093470671491 | 1916.201594198095 | 12253.82562696964 | 6877.229872119825 | 4387.077951843065 | 6682.338703986108 | 3329.129376185866 | 1495.217948949274 | 7894.370790644801
Insurance |  |  |  |  | 833.9519999999999 | 853.966848 | 874.4620523520002 | 894.5746795560957 | 1977.679733302748 | 2031.077086101922 | 2085.916167426673 | 2142.235903947193 | 2200.076273353767 | 2259.478332734319 | 2322.74372605088 | 2387.780550380305 | 2454.638405790953 | 2523.3682811531 | 2594.022593025387 | 2666.655225630098 | 2741.321571947741 | 2847.034891860823 | 2929.847868832926 | 3013.859609160248
SG&A |  |  |  |  | 1511.0887768 | 1534.0917305472 | 1558.699139447245 | 1596.534524596853 | 1814.575523617109 | 1863.569062754771 | 1913.88542744915 | 1965.560333990277 | 2018.630463008014 | 2073.13348550923 | 2131.181223103489 | 2190.854297350386 | 2252.198217676198 | 2315.259767771131 | 2380.087041268723 | 2446.729478424247 | 2515.237903820126 | 2585.664565127089 | 2658.063172950648 | 2732.488941793266
Utility Start Up Power (included in O&M) |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Property, Other Taxes |  |  |  |  | 4107.088437499999 | 4188.115648437498 | 4271.168539648437 | 4356.297753139646 | 5214.609986689803 | 5316.628123507063 | 5416.698861135703 | 5514.304589402827 | 5608.876903142354 | 5699.792593427872 | 5795.97935097243 | 5887.414462391257 | 5973.249563150753 | 6052.555300844572 | 6124.314874109227 | 6187.417098936076 | 6240.648969541156 | 6282.6876787488 | 6312.09206049488 | 6327.293414551516
Debt Service L/C Fee |  |  |  |  | 39.30333 | 38.24865 | 37.19397 | 36.13929 | 41.552775 | 52.907085 | 50.270385 | 54.10185000000001 | 63.87414 | 104.932575 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Marketing Fee |  |  |  |  | 1563.66 | 1601.18784 | 1639.61634816 | 1677.32752416768 | 1814.575523617109 | 1863.569062754771 | 1913.88542744915 | 1965.560333990276 | 2018.630463008014 | 2073.13348550923 | 2131.181223103489 | 2190.854297350386 | 2252.198217676197 | 2315.259767771131 | 2380.087041268722 | 2446.729478424247 | 2515.237903820126 | 2585.664565127089 | 2658.063172950648 | 2732.488941793266
Administrative Fee |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
O&M Fees |  |  |  |  | 1563.66 | 1601.18784 | 1639.61634816 | 1677.32752416768 | 1814.575523617109 | 1863.569062754771 | 1913.88542744915 | 1965.560333990276 | 2018.630463008014 | 2073.13348550923 | 2131.181223103489 | 2190.854297350386 | 2252.198217676197 | 2315.259767771131 | 2380.087041268722 | 2446.729478424247 | 2515.237903820126 | 2585.664565127089 | 2658.063172950648 | 2732.488941793266
Total Expense |  |  |  |  | 186780.1063616223 | 197186.1462408306 | 198835.4852336498 | 205793.8479887022 | 225715.4724613215 | 231266.0988476829 | 235266.2608842571 | 239894.8991721271 | 246129.332440473 | 254858.4722315797 | 263294.5451662116 | 270032.4883702268 | 276008.1019250937 | 230475.7951262549 | 232895.9152128651 | 239235.9643033324 | 247664.9819716371 | 250416.7817284302 | 254549.0148996853 | 259234.226176135
PV@9%
[NAME]
Cost of Gas Used in Generation |  |  |  |  | 165394.95966 | 168355.3302 | 166969.69536 | 178739.36967 | 182346.9708 | 189944.5208 | 194643.69616 | 198231.37895 | 195730.92336 | 209433.91545 | 179894.515 | 100997.8075449941 | 104036.2674518365 | 60338.06353560991 | 65296.66711150977 | 65050.83353001317 | 8288.943044844875 | 9293.85188249625 | 9466.871606871877 | 9056.309771454002 | 9768.267643808626
Variable O&M |  |  |  |  | 4791.96 | 4681.10116513984 | 4916.557594722741 | 5152.160282836496 | 5357.052205036638 | 5519.035138738938 | 5663.945556124399 | 5512.454113561671 | 5771.681549956274 | 6029.991557836749 | 4933.202370867401 | 2496.447034712266 | 2546.284773232756 | 2435.11132245737 | 2694.044832798571 | 2092.97127521813 | 341.1227617113504 | 350.4765658731633 | 360.3678858880073 | 370.827342691566 | 286.610995937235
Fixed O&M |  |  |  |  | 16836.04 | 5817.89883486016 | 6482.442405277259 | 5891.839717163504 | 3234.947794963362 | 4039.964861261062 | 10232.0544438756 | 6417.545886438329 | 6402.318450043726 | 1085.00844216325 | 7020.797629132599 | 909.0449252819071 | 3154.352202180968 | 5065.320253621139 | 695.0249309318401 | 5252.417781362656 | 356.4739306450483 | 366.2486736710412 | 376.5851217792536 | 387.5152739053426 | 399.345376525734
Water costs and easement fee |  |  |  |  | 1589 | 2570 | 2644.59267331468 | 2720.024899218988 | 2796.245489634234 | 2872.359811358944 | 2949.10658539871 | 3026.426170268481 | 3104.559734254602 | 3183.46601794119 | 3263.739773670373 | 1149.406113319813 | 1178.504530406329 | 1208.812003940217 | 1240.383455895443 | 1273.525344469366 | 0 | 0 | 0 | 0 | 0
Insurance |  |  |  |  | 1776 | 1829.327662760606 | 1882.422775886601 | 1936.115483089075 | 1990.369348660498 | 2044.547572109241 | 2099.175975525032 | 2154.212106060222 | 2209.827627457065 | 2265.993171236642 | 2323.132082500876 | 1292.523277832895 | 1325.244855521206 | 1359.326034123703 | 1394.828574169579 | 1432.097092195305 | 0 | 0 | 0 | 0 | 0
G&A and Professional Fees |  |  |  |  | 1412 | 1454.397894041653 | 1496.610900648581 | 1539.299021464963 | 1582.433288462062 | 1625.507416564329 | 1668.939458018776 | 1712.695660899231 | 1756.912505613388 | 1801.5666428976 | 1846.994651177498 | 946.5989980809379 | 970.5631410767338 | 995.5230083935004 | 1021.523831290169 | 1048.81799490652 | 0 | 0 | 0 | 0 | 0
Property Taxes |  |  |  |  | 4806 | 4950.308979294747 | 5093.988660422863 | 5239.285479575505 | 5386.100838773847 | 5532.711504255075 | 5680.540393228212 | 5829.472624845398 | 5979.972735111855 | 6131.961250542397 | 6286.583777308113 | 5277.356453890327 | 5410.958248269155 | 5550.111276256114 | 5695.067705323094 | 5847.234600498673 | 0 | 0 | 0 | 0 | 0
Management Fees |  |  |  |  | 4402 | 4534.178137090194 | 4665.779875818028 | 4798.862813377314 | 4933.336640092067 | 5067.622979968965 | 5203.025137534455 | 5339.437889007376 | 5477.286720757884 | 5616.498839968298 | 5758.123551333816 | 2951.082712147513 | 3025.792455396446 | 3103.606432682853 | 3184.665655339465 | 3269.756950126418 | 0 | 0 | 0 | 0 | 0
Fuel Management Fees |  |  |  |  | 978 | 1007.366246722901 | 1036.604434018635 | 1066.171701836214 | 1096.047985917774 | 1125.882615722319 | 1155.965148684393 | 1186.272207053433 | 1216.898321876695 | 1247.827320647205 | 1279.29232921501 | 655.6471813903381 | 672.2455750517322 | 689.5336417909657 | 707.5427103412079 | 726.4475913729301 | 0 | 0 | 0 | 0 | 0
Other |  |  |  |  | 1499 | 2702 | 2939.860485889928 | 2850.888228949464 | 2909.073031397948 | 2899.236662807696 | 2909.526292499665 | 2747.930038590452 | 2999.495947057726 | 2882.215798126805 | 2997.208079423825 | 2405.71118825883 | 2466.614281373124 | 2530.047934042453 | 2596.127098158686 | 2665.49319184687 | 0 | 0 | 0 | 0 | 0
Total
PV@9%
Expense Comparison
Comments:  Expenses are higher in FP&L model  primarily due to higher fuel cost associated with merchant sales
Operating Margin
FP&L
ENA
[NAME] PV
[NAME] PV
Comments:  ENA Model does not look at taxes and the debt service is exactly the same in both models so I looked at the
difference between PV of Operating Margins.  As you can see the difference appears due primarily driven by their assumptions
regarding sales of available capacity after meeting contractual requirements