Spreadsheet: benjamin_rogers__1070__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 | 85927433.39391983 | 84735727.0596678 | 86366744.40191749 | 85142598.3585731 | 85783908.21671106 | 91576197.07982692 | 98193054.30846219 | 100734070.3878023 | 102842515.1838449 | 103209657.2805041 | 105439495.0972964 | 106623558.1786263 | 107878309.0354345 | 111675757.2161426 | 119599040.1476637 | 118910062.8195259 | 120425550.0617304 | 126212651.7963599 | 130046181.1687137
 | Fuel | 0 | -22632816.67198358 | -22580344.91772087 | -22361712.6082929 | -22265514.39214459 | -22116844.42173357 | -22523500.5172696 | -23225310.23053339 | -23868089.22025162 | -24596134.81064676 | -24950319.15192008 | -25370093.18602179 | -25510017.86405569 | -25503458.89477285 | -25689296.35778663 | -25800798.83559489 | -26004126.8833629 | -26220572.8696966 | -26395478.71723897 | -26533217.07217859
 | Variable O&M | 0 | -1956276.230585045 | -1995762.405834441 | -2036045.584089574 | -2077141.852342589 | -2119067.622291205 | -2161839.636892686 | -2205474.977050096 | -2249991.068433527 | -2295405.688438992 | -2341736.973287788 | -2389003.425269151 | -2437223.920129111 | -2486417.71460846 | -2536604.454132904 | -2587804.180658404 | -2640037.34067489 | -2693324.793371518 | -2747687.818966737 | -2803148.127206491
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -5869544.509159645 | -6505921.205970201 | -7574145.610929311 | -7885011.960687926 | -8769345.624710036 | -9660097.376515314 | -10703098.27470182 | -12000988.72006142 | -13358973.16393429 | -14797661.33540698 | -16247813.94869635 | -15962685.0854803 | -13656940.47261858 | -14159727.6118784
 | NOx Costs | 0 | 0 | 0 | -1464693.339264318 | -1248010.536607235 | -1295605.440575474 | -1345600.324672512 | -1690367.893382096 | -1476517.410733173 | -1562789.354675342 | -1487053.924180558 | -1529644.374166251 | -1569309.386581747 | -1401722.534300123 | -1451840.67290154 | -1481843.513851086 | -1573613.699980405 | -1479360.087867777 | -1629333.23649529 | -887091.3838917295
 | Prod. Margin | 0 | 61338340.49135119 | 60159619.73611248 | 60504292.8702707 | 59551931.57747868 | 60252390.73211081 | 59675712.09183248 | 64565980.00152641 | 65565327.07745471 | 66503173.36939589 | 65661201.60640561 | 66490656.73532391 | 66403908.7331579 | 66485721.17169163 | 68639042.56738722 | 74930932.28215234 | 72444470.94681133 | 74069607.22531424 | 81783211.5510403 | 85662996.97355846
 | 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 | 56214724.63594415 | 54875575.84502845 | 55069175.04852774 | 54005145.42239316 | 54590951.2869966 | 53895995.31550261 | 58666146.30056207 | 59542530.58956071 | 60355192.59956349 | 59384881.98567965 | 60084131.57543188 | 59863770.03385369 | 59808997.2719883 | 61823116.37338273 | 67972785.15429823 | 65341164.49625989 | 66818222.45346911 | 74380384.04470383 | 78105515.91299449
 | 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 | -21911940.95030806 | -20687858.52754818 | -20051913.5940717 | -19558791.1318135 | -19811551.10616304 | -19581967.34016697 | -22043346.16051267 | -23102313.0469666 | -23624465.45446321 | -23229841.16384558 | -23557503.3447164 | -23517018.81484036 | -23483795.86186737 | -24277842.20675151 | -26769610.41657386 | -25748533.97973837 | -26326646.13979329 | -29338430.60277355 | -30828357.79137078
 | Net Margin | 0 | 32867911.42546209 | 31031787.79132227 | 30077870.39110754 | 29338186.69772025 | 29717326.65924456 | 29372951.01025046 | 33065019.24076901 | 34653469.57044989 | 35436698.18169481 | 34844761.74576837 | 35336255.01707458 | 35275528.22226053 | 35225693.79280104 | 36416763.31012726 | 40154415.62486079 | 38622800.96960755 | 39489969.20968993 | 44007645.90416032 | 46242536.68705615
 | 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 | 31588220.58563609 | 12735769.40748026 | 31781346.97445604 | 34206354.41057965 | 34304400.24283356 | 33824778.03919563 | 36118872.70582519 | 35921172.28534319 | 36196110.53013183 | 35604385.70841656 | 35959453.46389544 | 35762561.2091887 | 35723485.70000155 | 36925506.98520827 | 40564814.54085873 | 38935119.51374992 | 39814339.98082106 | 44344400.01908989 | 46558678.0960981 | 239756550.7147004
Unlevered | NPV ('00-'05) | 107783523.7125811 |  | Levered | NPV ('00-'05) | 107783523.7125811
 | NPV ('06-'19) | 169183002.4070187 |  |  | NPV ('06-'19) | 169183002.4070187
 | NPV (TV) | 35638283.54078762 |  |  | NPV (TV) | 35638283.54078762
 | NPV | 312604809.6603875 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 312604809.6603875
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 32867911.42546209 | 31031787.79132227 | 30077870.39110754 | 29338186.69772025 | 29717326.65924456 | 29372951.01025046 | 33065019.24076901 | 34653469.57044989 | 35436698.18169481 | 34844761.74576837 | 35336255.01707458 | 35275528.22226053 | 35225693.79280104 | 36416763.31012726 | 40154415.62486079 | 38622800.96960755 | 39489969.20968993 | 44007645.90416032 | 46242536.68705615
 | Income Taxes (Per Cash Flow) |  | 21911940.95030806 | 20687858.52754818 | 20051913.5940717 | 19558791.1318135 | 19811551.10616304 | 19581967.34016697 | 22043346.16051267 | 23102313.0469666 | 23624465.45446321 | 23229841.16384558 | 23557503.3447164 | 23517018.81484036 | 23483795.86186737 | 24277842.20675151 | 26769610.41657386 | 25748533.97973837 | 26326646.13979329 | 29338430.60277355 | 30828357.79137078
 | 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 |  | 56214724.63594415 | 54875575.84502845 | 55069175.04852774 | 54005145.42239316 | 54590951.2869966 | 53895995.31550261 | 58666146.30056207 | 59542530.58956071 | 60355192.59956349 | 59384881.98567965 | 60084131.57543188 | 59863770.03385369 | 59808997.2719883 | 61823116.37338274 | 67972785.15429825 | 65341164.4962599 | 66818222.45346911 | 74380384.04470383 | 78105515.91299449
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 |  | 53622721.47287112 | 51210975.28645542 | 51384574.49195471 | 50308544.87182013 | 50870600.73952357 | 50151182.27122258 | 54896136.88457083 | 55746568.91070692 | 56532500.08996128 | 55534656.72040656 | 56205547.57181779 | 55955976.52974838 | 55873929.71237701 | 59843195.96470031 | 66328780.69577253 | 63664284.4875956 | 65107480.62816208 | 72634764.54825477 | 76323972.41526915
 | Income Taxes |  | -21449088.58914845 | -20484390.11458217 | -20553829.79678189 | -20123417.94872805 | -20348240.29580943 | -20060472.90848903 | -21958454.75382833 | -22298627.56428277 | -22613000.03598452 | -22213862.68816262 | -22482219.02872712 | -22382390.61189935 | -22349571.88495081 | -23937278.38588013 | -26531512.27830901 | -25465713.79503824 | -26042992.25126483 | -29053905.81930191 | -30529588.96610766
 | Net Income - GAAP Basis |  | 32173632.88372267 | 30726585.17187325 | 30830744.69517283 | 30185126.92309207 | 30522360.44371414 | 30090709.36273355 | 32937682.1307425 | 33447941.34642415 | 33919500.05397677 | 33320794.03224394 | 33723328.54309067 | 33573585.91784903 | 33524357.82742621 | 35905917.57882018 | 39797268.41746351 | 38198570.69255736 | 39064488.37689725 | 43580858.72895286 | 45794383.44916148
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 |  |  | 31588220.58563609 | 12735769.40748026 | 31781346.97445604 | 34206354.41057965 | 34304400.24283356 | 33824778.03919563 | 36118872.70582519 | 35921172.28534319 | 36196110.53013183 | 35604385.70841656 | 35959453.46389544 | 35762561.2091887 | 35723485.70000155 | 36925506.98520827 | 40564814.54085873 | 38935119.51374992 | 39814339.98082106 | 44344400.01908989 | 46558678.0960981 | 239756550.7147004
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 | 122148115.2194988 | 120454073.2020129 | 122772607.4160257 | 121032451.4955941 | 121944090.3907549 | 130177981.9372765 | 139584019.1855798 | 143196140.6300895 | 146193350.5746749 | 146715252.7583356 | 149885026.0869269 | 151568203.0185874 | 153351864.4893838 | 158750037.3382196 | 170013193.2153346 | 169033793.7530558 | 171188098.8796369 | 179414616.786065 | 184864080.0014382
 | Fuel | 0 | -29354569.50751023 | -29249629.54501995 | -29313229.52228678 | -29669389.39498108 | -30225889.19606595 | -31259388.82665211 | -32505948.38108217 | -33514008.0207616 | -34528427.65816771 | -35740007.22510102 | -36922966.80226425 | -37673446.53401297 | -38188606.34987438 | -38945446.07934978 | -39699105.80996183 | -40478205.53148063 | -41266845.24958946 | -42074564.96087831 | -42891824.66875723
 | Variable O&M | 0 | -6565213.538915861 | -6697728.144110354 | -8452152.226626704 | -8630551.13209328 | -8812745.845987234 | -8998817.857792625 | -9188850.423644654 | -9382928.605034336 | -9581139.308370577 | -9783571.32541879 | -9990315.374635778 | -10201464.14342093 | -10417112.33130429 | -10637356.69409246 | -10862296.08899397 | -11092031.52074588 | -11326666.18876425 | -11566305.53534146 | -11811057.2949137
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 2563557.466426271 | 2841498.664422565 | 3064812.33466997 | 3443824.51707075 | 3830062.352677616 | 4219103.325194173 | 4674639.991772436 | 5241501.140301538 | 5834608.689779761 | 6462964.058425905 | 7096326.588253246 | 6971794.910360612 | 5964747.632884545 | 6184342.820017246
 | NOx Costs | 0 | 0 | 0 | -1597793.288029436 | -1361420.036075694 | -1413339.995063869 | -1467878.025725072 | -1843975.391943102 | -1610691.839230335 | -1704803.507031929 | -1622185.82914219 | -1668646.56825873 | -1711916.02877182 | -1529100.18564656 | -1583772.671223707 | -1616501.937211275 | -1716611.484723989 | -1613792.836772924 | -1777394.379729377 | -967703.3554087655
 | Prod. Margin | 0 | 86228332.1730727 | 84506715.51288256 | 83409432.37908281 | 81371090.93244405 | 81492115.35363786 | 91015454.693533 | 98886743.65333241 | 101753324.4997332 | 103822804.6181755 | 103399550.7313513 | 105522200.6669624 | 106656016.3041541 | 108458546.7628602 | 113418070.5833334 | 124298253.4375934 | 122843271.8043585 | 123952589.5148709 | 129961099.5430004 | 135377837.5023758
 | 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 | 82251173.33718137 | 80444834.42758153 | 79185981.86637264 | 77055978.54317519 | 77082129.55436784 | 86507168.57878265 | 94278242.4380514 | 97041799.72116143 | 99006649.07521266 | 98475485.84028283 | 100489374.9561245 | 101510785.8155649 | 103198127.831247 | 108040387.9648094 | 118800545.9265919 | 117222982.8972351 | 118207255.7394479 | 124087494.5437579 | 129373078.9797843
 | 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 | -31230707.96624215 | -29838100.5769719 | -29207470.2333427 | -28219098.1221082 | -28332941.6815873 | -32627722.84065361 | -36082462.0524219 | -37082293.06388452 | -37748687.95046733 | -37411630.33657006 | -38191190.24936012 | -38570825.48143495 | -39106806.19451772 | -40973581.40395688 | -45203303.08336452 | -44420353.2411573 | -44657626.29266398 | -46903823.56244817 | -48911413.70536072
 | Net Margin | 0 | 46846061.94936323 | 44757150.86545784 | 43811205.35001405 | 42328647.18316229 | 42499412.52238095 | 48941584.2609804 | 54123693.07863285 | 55623439.59582678 | 56623031.92570098 | 56117445.50485509 | 57286785.37404018 | 57856238.22215242 | 58660209.29177659 | 61460372.10593531 | 67804954.62504679 | 66630529.86173595 | 66986439.43899596 | 70355735.34367225 | 73367120.55804107
 | 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 | 25718036.09093924 | 46458271.78060964 | 40704985.08302994 | 44792851.42106699 | 42899693.39678055 | 47854466.42784904 | 51990051.69604111 | 53567606.10700084 | 54674303.557961 | 54282688.2099249 | 55313582.39416287 | 55745819.95215039 | 56681357.04329038 | 59434543.02961039 | 65736011.40604799 | 64705561.27578307 | 65209649.01508037 | 68593491.13665508 | 71613780.03442925 | 379314255.8305783
Unlevered | NPV ('00-'05) | 149589011.1152095 |  | Levered | NPV ('00-'05) | 149589011.1152095
 | NPV ('06-'19) | 258782362.6825195 |  |  | NPV ('06-'19) | 258782362.6825195
 | NPV (TV) | 56382647.14793528 |  |  | NPV (TV) | 56382647.14793528
 | NPV | 464754020.9456641 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 464754020.9456641
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 46846061.94936323 | 44757150.86545784 | 43811205.35001405 | 42328647.18316229 | 42499412.52238095 | 48941584.2609804 | 54123693.07863285 | 55623439.59582678 | 56623031.92570098 | 56117445.50485509 | 57286785.37404018 | 57856238.22215242 | 58660209.29177659 | 61460372.10593531 | 67804954.62504679 | 66630529.86173595 | 66986439.43899596 | 70355735.34367225 | 73367120.55804107
 | Income Taxes (Per Cash Flow) |  | 31230707.96624215 | 29838100.5769719 | 29207470.2333427 | 28219098.1221082 | 28332941.6815873 | 32627722.84065361 | 36082462.0524219 | 37082293.06388452 | 37748687.95046733 | 37411630.33657006 | 38191190.24936012 | 38570825.48143495 | 39106806.19451772 | 40973581.40395688 | 45203303.08336452 | 44420353.2411573 | 44657626.29266398 | 46903823.56244817 | 48911413.70536072
 | 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 |  | 82251173.33718137 | 80444834.42758153 | 79185981.86637264 | 77055978.54317519 | 77082129.55436784 | 86507168.57878265 | 94278242.4380514 | 97041799.72116143 | 99006649.07521266 | 98475485.84028283 | 100489374.9561245 | 101510785.8155649 | 103198127.831247 | 108040387.9648094 | 118800545.9265919 | 117222982.8972351 | 118207255.7394479 | 124087494.5437579 | 129373078.9797843
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 |  | 71004951.1864554 | 68991189.17335555 | 67268660.28464666 | 64936455.51144921 | 64670131.79884186 | 73793921.85774267 | 81254709.282532 | 83698671.53812823 | 85334338.01384024 | 84464116.41422102 | 86128775.41443262 | 86790479.25477402 | 88107323.04078422 | 92567969.99778445 | 102935066.387708 | 105584425.5493366 | 110719638.7199641 | 116170368.5320414 | 121013558.706068
 | Income Taxes |  | -28401980.47458216 | -27596475.66934222 | -26907464.11385867 | -25974582.20457968 | -25868052.71953675 | -29517568.74309707 | -32501883.7130128 | -33479468.61525129 | -34133735.2055361 | -33785646.56568841 | -34451510.16577305 | -34716191.70190961 | -35242929.21631369 | -37027187.99911378 | -41174026.5550832 | -42233770.21973466 | -44287855.48798566 | -46468147.41281657 | -48405423.48242722
 | Net Income - GAAP Basis |  | 42602970.71187323 | 41394713.50401333 | 40361196.17078799 | 38961873.30686952 | 38802079.07930511 | 44276353.1146456 | 48752825.56951921 | 50219202.92287694 | 51200602.80830415 | 50678469.84853261 | 51677265.24865957 | 52074287.55286441 | 52864393.82447053 | 55540781.99867067 | 61761039.83262479 | 63350655.32960198 | 66431783.23197848 | 69702221.11922485 | 72608135.22364083
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 |  |  | 25718036.09093924 | 46458271.78060964 | 40704985.08302994 | 44792851.42106699 | 42899693.39678055 | 47854466.42784904 | 51990051.69604111 | 53567606.10700084 | 54674303.557961 | 54282688.2099249 | 55313582.39416287 | 55745819.95215039 | 56681357.04329038 | 59434543.02961039 | 65736011.40604799 | 64705561.27578307 | 65209649.01508037 | 68593491.13665508 | 71613780.03442925 | 379314255.8305783
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 | 64146320.49017099 | 63256691.02693945 | 64474273.78286031 | 63560427.51372805 | 64039176.45418616 | 68363220.62855077 | 73302819.39999239 | 75199732.00820218 | 76773722.64519417 | 77047800.59291741 | 78712413.22694479 | 79596336.86920427 | 80533030.1628018 | 83367891.14285472 | 89282759.37742285 | 88768425.84323485 | 89899763.37419026 | 94219935.26710571 | 97081731.48299137
 | Fuel | 0 | -19021493.93170195 | -19294003.60515378 | -19628664.60763848 | -20192807.4403984 | -20898782.79325899 | -21706750.07068635 | -22207147.95059204 | -22685235.09699877 | -23054955.82355329 | -23233441.69154514 | -23545791.96053086 | -24055751.58336469 | -24602364.5540897 | -25123479.54367303 | -25475670.40819264 | -25996785.39777597 | -26589613.45932029 | -27242999.22607613 | -27915508.47868826
 | Variable O&M | 0 | -1430282.941826293 | -1459152.2814493 | -2421156.143179718 | -2474516.457774514 | -2529066.086884378 | -2584831.84283015 | -2641841.149291431 | -2700122.055400699 | -2759703.250165767 | -2820614.077228286 | -2882884.549966235 | -2946545.366948453 | -3011627.927749541 | -3078164.349133574 | -3146187.481615346 | -3215730.926408018 | -3286829.05276628 | -3359517.015734337 | -3433830.774308273
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -483450.7351660319 | -535866.5199744585 | -729020.6246469826 | -649456.6696340297 | -722295.6709119631 | -795663.3042246783 | -881571.0863737399 | -988473.0936751366 | -1100324.801539325 | -1218823.750322783 | -1338266.978993022 | -1314782.063200367 | -1124867.168364221 | -1166279.719496234
 | NOx Costs | 0 | 0 | 0 | -1512466.807977609 | -1288716.526541217 | -1337863.81939161 | -1389489.371811638 | -1745502.122168172 | -1524676.541682536 | -1613762.392061138 | -1535556.721467462 | -1579536.331542392 | -1620495.085916594 | -1447442.102923776 | -1499194.930003837 | -1530176.364727923 | -1624939.791830171 | -1527611.937575062 | -1682476.71595996 | -916025.3807483466
 | Prod. Margin | 0 | 43694543.61664275 | 42503535.14033636 | 40911986.22406451 | 39604387.08901393 | 39273463.75465117 | 42198698.6080566 | 46172461.65796629 | 47560677.6894732 | 48695844.50977995 | 48735892.43176457 | 49908537.08068062 | 50091973.74660079 | 50483122.48436365 | 52566727.51850496 | 57911901.37256417 | 56592702.74822768 | 57180926.86132825 | 60810075.14097107 | 63650087.12975024
 | 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 | 40006180.71902244 | 38739605.30858739 | 37028512.27504102 | 35640329.473828 | 35226451.5144451 | 38065828.06082233 | 41952452.89703622 | 43250922.20817787 | 44295226.53903493 | 44241940.91845667 | 45320103.6760575 | 45406359.37428286 | 45698087.62633822 | 47680408.45593638 | 52922042.36799548 | 51497145.9992644 | 51977550.7644925 | 55496322.81086971 | 58223575.39011642
 | 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 | -15177280.14060898 | -14366877.36200295 | -13549708.59032449 | -12954132.18533492 | -12802628.11971704 | -14079374.77195121 | -15865253.36215778 | -16519281.27229077 | -17024046.31301653 | -17034583.70230206 | -17431986.96458891 | -17478991.48097898 | -17607415.94636172 | -18391391.87969838 | -20478049.03506435 | -19917165.36683052 | -20117256.95955811 | -21483876.88034444 | -22543824.59734564
 | Net Margin | 0 | 22765920.21091346 | 21550316.04300443 | 20324562.88548673 | 19431198.27800237 | 19203942.17957556 | 21119062.15792681 | 23797880.04323666 | 24778921.90843615 | 25536069.46952479 | 25551875.5534531 | 26147980.44688337 | 26218487.22146847 | 26411123.91954257 | 27587087.81954757 | 30717073.55259652 | 29875748.05024577 | 30175885.43933716 | 32225815.32051666 | 33815736.89601845
 | 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 | 17211684.57841346 | 20025884.82658443 | 19318930.90471653 | 21969938.85849307 | 20939462.90672806 | 22457561.98623113 | 24512441.49315925 | 25109640.15291633 | 25600519.4195585 | 25486576.58550091 | 26115712.66189528 | 26101791.72224337 | 26210328.22378418 | 27352262.8163599 | 30449136.96025669 | 29525278.56857921 | 29743950.67916407 | 31832612.51098185 | 33434522.37064106 | 175889568.6763097
Unlevered | NPV ('00-'05) | 74719425.6112762 |  | Levered | NPV ('00-'05) | 74719425.6112762
 | NPV ('06-'19) | 120709445.2834871 |  |  | NPV ('06-'19) | 120709445.2834871
 | NPV (TV) | 26144863.61964842 |  |  | NPV (TV) | 26144863.61964842
 | NPV | 221573734.5144117 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 221573734.5144117
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 22765920.21091346 | 21550316.04300443 | 20324562.88548673 | 19431198.27800237 | 19203942.17957556 | 21119062.15792681 | 23797880.04323666 | 24778921.90843615 | 25536069.46952479 | 25551875.5534531 | 26147980.44688337 | 26218487.22146847 | 26411123.91954257 | 27587087.81954757 | 30717073.55259652 | 29875748.05024577 | 30175885.43933716 | 32225815.32051666 | 33815736.89601845
 | Income Taxes (Per Cash Flow) |  | 15177280.14060898 | 14366877.36200295 | 13549708.59032449 | 12954132.18533492 | 12802628.11971704 | 14079374.77195121 | 15865253.36215778 | 16519281.27229077 | 17024046.31301653 | 17034583.70230206 | 17431986.96458891 | 17478991.48097898 | 17607415.94636172 | 18391391.87969838 | 20478049.03506435 | 19917165.36683052 | 20117256.95955811 | 21483876.88034444 | 22543824.59734564
 | 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 |  | 40006180.71902244 | 38739605.30858739 | 37028512.27504102 | 35640329.473828 | 35226451.5144451 | 38065828.06082233 | 41952452.89703622 | 43250922.20817787 | 44295226.53903493 | 44241940.91845667 | 45320103.6760575 | 45406359.37428286 | 45698087.62633822 | 47680408.45593638 | 52922042.36799548 | 51497145.9992644 | 51977550.7644925 | 55496322.81086971 | 58223575.39011642
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 |  | 37244624.61348806 | 35760707.04705301 | 33951624.95900664 | 32527629.23629361 | 32039533.25251072 | 34802465.23375595 | 38610352.16788389 | 39827721.439877 | 40788492.73041106 | 40649168.07830012 | 41638710.63342227 | 41633687.52309461 | 41831398.60234036 | 43716881.74394461 | 49788179.67486997 | 49591220.52794617 | 49967012.40938576 | 53376792.7847858 | 55991783.94292602
 | Income Taxes |  | -14897849.84539522 | -14304282.8188212 | -13580649.98360266 | -13011051.69451745 | -12815813.30100429 | -13920986.09350238 | -15444140.86715356 | -15931088.5759508 | -16315397.09216443 | -16259667.23132005 | -16655484.25336891 | -16653475.00923784 | -16732559.44093614 | -17486752.69757785 | -19915271.86994799 | -19836488.21117847 | -19986804.9637543 | -21350717.11391432 | -22396713.57717041
 | Net Income - GAAP Basis |  | 22346774.76809283 | 21456424.2282318 | 20370974.97540399 | 19516577.54177617 | 19223719.95150643 | 20881479.14025357 | 23166211.30073033 | 23896632.86392619 | 24473095.63824663 | 24389500.84698007 | 24983226.38005336 | 24980212.51385676 | 25098839.16140421 | 26230129.04636676 | 29872907.80492198 | 29754732.3167677 | 29980207.44563145 | 32026075.67087148 | 33595070.36575561
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 |  |  | 17211684.57841346 | 20025884.82658443 | 19318930.90471653 | 21969938.85849307 | 20939462.90672806 | 22457561.98623113 | 24512441.49315925 | 25109640.15291633 | 25600519.4195585 | 25486576.58550091 | 26115712.66189528 | 26101791.72224337 | 26210328.22378418 | 27352262.8163599 | 30449136.96025669 | 29525278.56857921 | 29743950.67916407 | 31832612.51098185 | 33434522.37064106 | 175889568.6763097
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 | 64146320.49017099 | 63256691.02693945 | 64474273.78286031 | 63560427.51372805 | 64039176.45418616 | 68363220.62855077 | 73302819.39999239 | 75199732.00820218 | 76773722.64519417 | 77047800.59291741 | 78712413.22694479 | 79596336.86920427 | 80533030.1628018 | 83367891.14285472 | 89282759.37742285 | 88768425.84323485 | 89899763.37419026 | 94219935.26710571 | 97081731.48299137
 | Fuel | 0 | -18705406.30698308 | -18973387.58031536 | -19302487.38967079 | -19857255.63972709 | -20551499.52327212 | -21346040.4915731 | -21838123.06365693 | -22308265.64845041 | -22671842.5806907 | -22847362.47901359 | -23154522.30107866 | -23656007.72485837 | -24193537.41347225 | -24705992.83089713 | -25052331.201695 | -25564786.61911988 | -26147763.42426379 | -26790291.62348155 | -27451625.52609102
 | Variable O&M | 0 | -1385116.112084411 | -1413073.788350901 | -2374147.585387353 | -2426559.062531594 | -2480140.702518316 | -2534918.93110419 | -2590920.777602094 | -2648173.888817752 | -2706706.543311507 | -2766547.665992932 | -2827726.843056084 | -2890274.337263453 | -2954221.103586814 | -3019598.805213401 | -3086439.829926008 | -3154777.306865849 | -3224645.123687197 | -3296077.944113047 | -3369111.225901274
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -562319.3534237226 | -623286.0829759063 | -823196.0290260212 | -755406.9690677193 | -840128.6937923087 | -925465.2899037325 | -1025387.794924922 | -1149729.456345247 | -1279828.296765726 | -1417658.787887891 | -1556587.605720018 | -1529271.435316014 | -1308374.427406574 | -1356542.890669295
 | NOx Costs | 0 | 0 | 0 | -1487333.553853809 | -1267301.418596858 | -1315632.011606837 | -1366399.681975233 | -1716496.428834151 | -1499340.393625216 | -1586945.869489422 | -1510039.773195549 | -1553288.556841463 | -1593566.683530581 | -1423389.38982595 | -1474282.219881436 | -1504748.823954077 | -1597937.530022818 | -1502227.01089296 | -1654518.340518888 | -900803.4277396828
 | Prod. Margin | 0 | 44055798.0711035 | 42870229.6582732 | 41310305.25394835 | 40009311.39287252 | 39691904.21678889 | 42553542.17047453 | 46533993.04692331 | 47920756.04828278 | 49052820.68263482 | 49083721.98092303 | 50251410.23606485 | 50431100.32862694 | 50812152.79957154 | 52888188.99009702 | 58221580.73395988 | 56894336.78150629 | 57495856.3800303 | 61170672.93158565 | 64003648.41259009
 | 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 | 40322316.68515588 | 39060278.96843036 | 37379890.02966914 | 35997373.67692574 | 35596054.27380674 | 38370857.16640868 | 42263173.54002503 | 43559173.60609987 | 44599339.21178447 | 44535849.6975077 | 45607977.64593213 | 45689386.78708922 | 45969896.78894193 | 47943504.35187218 | 53172188.84222181 | 51738056.48763023 | 52230542.26738351 | 55793743.82535704 | 58512696.36130647
 | 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 | -15248189.52706235 | -14384123.99794015 | -13582484.00817573 | -13003812.73937402 | -12861243.8606617 | -14097311.02286575 | -15871071.87406969 | -16510137.69208146 | -16995523.15892089 | -16983728.13035916 | -17360970.06926055 | -17389414.21111297 | -17496534.97377698 | -18259704.7057297 | -20323341.57085359 | -19740387.77107051 | -19926384.76028699 | -21291281.66611103 | -22327829.70160446
 | Net Margin | 0 | 22872284.29059353 | 21576185.99691021 | 20373726.0122636 | 19505719.10906103 | 19291865.79099254 | 21145966.53429862 | 23806607.81110454 | 24765206.53812219 | 25493284.73838133 | 25475592.19553874 | 26041455.10389083 | 26084121.31666945 | 26244802.46066547 | 27389557.05859455 | 30485012.35628039 | 29610581.65660577 | 29889577.14043049 | 31936922.49916654 | 33491744.55240669
 | 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 | 13753911.15809353 | 20056311.85049021 | 19572333.2414934 | 22780402.50755173 | 20542829.92514504 | 22015806.24090294 | 24066629.56623613 | 24653799.65130764 | 25136722.70227148 | 25011015.41603867 | 25629668.24102842 | 25604113.06026381 | 25696626.51398112 | 26823762.28592314 | 29903008.7903423 | 28963455.08110301 | 29178917.46257611 | 31283464.91339 | 32869299.49647032 | 172639804.3176268
Unlevered | NPV ('00-'05) | 72098806.15781717 |  | Levered | NPV ('00-'05) | 72098806.15781717
 | NPV ('06-'19) | 118465728.8647262 |  |  | NPV ('06-'19) | 118465728.8647262
 | NPV (TV) | 25661806.85515024 |  |  | NPV (TV) | 25661806.85515024
 | NPV | 216226341.8776936 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 216226341.8776936
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 22872284.29059353 | 21576185.99691021 | 20373726.0122636 | 19505719.10906103 | 19291865.79099254 | 21145966.53429862 | 23806607.81110454 | 24765206.53812219 | 25493284.73838133 | 25475592.19553874 | 26041455.10389083 | 26084121.31666945 | 26244802.46066547 | 27389557.05859455 | 30485012.35628039 | 29610581.65660577 | 29889577.14043049 | 31936922.49916654 | 33491744.55240669
 | Income Taxes (Per Cash Flow) |  | 15248189.52706235 | 14384123.99794015 | 13582484.00817573 | 13003812.73937402 | 12861243.8606617 | 14097311.02286575 | 15871071.87406969 | 16510137.69208146 | 16995523.15892089 | 16983728.13035916 | 17360970.06926055 | 17389414.21111297 | 17496534.97377698 | 18259704.7057297 | 20323341.57085359 | 19740387.77107051 | 19926384.76028699 | 21291281.66611103 | 22327829.70160446
 | 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 |  | 40322316.68515588 | 39060278.96843036 | 37379890.02966914 | 35997373.67692574 | 35596054.27380674 | 38370857.16640868 | 42263173.54002503 | 43559173.60609987 | 44599339.21178447 | 44535849.6975077 | 45607977.64593213 | 45689386.78708922 | 45969896.78894193 | 47943504.35187218 | 53172188.84222181 | 51738056.48763023 | 52230542.26738351 | 55793743.82535705 | 58512696.36130647
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 |  | 37375610.57962149 | 35882580.70689598 | 34100942.71363476 | 32707768.43939136 | 32196850.01187236 | 34858765.9093423 | 38634808.67797269 | 39811046.930912 | 40727857.86906698 | 40537313.04723472 | 41478574.028877 | 41425190.19424847 | 41566863.43104199 | 43397469.12596126 | 49408268.52975958 | 49153097.81839518 | 49490525.86842244 | 52892777.56410318 | 55445951.74189102
 | Income Taxes |  | -14950244.2318486 | -14353032.28275839 | -13640377.08545391 | -13083107.37575654 | -12878740.00474895 | -13943506.36373692 | -15453923.47118908 | -15924418.7723648 | -16291143.14762679 | -16214925.21889389 | -16591429.6115508 | -16570076.07769939 | -16626745.37241679 | -17358987.6503845 | -19763307.41190383 | -19661239.12735808 | -19796210.34736898 | -21157111.02564127 | -22178380.69675641
 | Net Income - GAAP Basis |  | 22425366.3477729 | 21529548.42413759 | 20460565.62818085 | 19624661.06363481 | 19318110.00712342 | 20915259.54560538 | 23180885.20678362 | 23886628.1585472 | 24436714.72144019 | 24322387.82834083 | 24887144.4173262 | 24855114.11654908 | 24940118.05862519 | 26038481.47557675 | 29644961.11785575 | 29491858.69103711 | 29694315.52105346 | 31735666.5384619 | 33267571.04513461
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 |  |  | 13753911.15809353 | 20056311.85049021 | 19572333.2414934 | 22780402.50755173 | 20542829.92514504 | 22015806.24090294 | 24066629.56623613 | 24653799.65130764 | 25136722.70227148 | 25011015.41603867 | 25629668.24102842 | 25604113.06026381 | 25696626.51398112 | 26823762.28592314 | 29903008.7903423 | 28963455.08110301 | 29178917.46257611 | 31283464.91339 | 32869299.49647032 | 172639804.3176268
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 | 64146320.49017099 | 63256691.02693945 | 64474273.78286031 | 63560427.51372805 | 64039176.45418616 | 68363220.62855077 | 73302819.39999239 | 75199732.00820218 | 76773722.64519417 | 77047800.59291741 | 78712413.22694479 | 79596336.86920427 | 80533030.1628018 | 83367891.14285472 | 89282759.37742285 | 88768425.84323485 | 89899763.37419026 | 94219935.26710571 | 97081731.48299137
 | Fuel | 0 | -19007919.61652997 | -19280234.81881103 | -19614656.99705091 | -20178397.24036957 | -20883868.78779943 | -21691259.47526431 | -22191300.25606109 | -22669046.22497521 | -23038503.10760213 | -23216861.60266341 | -23528988.96902064 | -24038584.6691957 | -24584807.56032085 | -25105550.66643725 | -25457490.19687066 | -25978233.30298705 | -26570638.30444057 | -27223557.79528987 | -27895587.12489575
 | Variable O&M | 0 | -1400171.721998372 | -1428433.286050367 | -2389817.104651474 | -2442544.860945899 | -2496449.163973669 | -2551556.568346175 | -2607894.234831872 | -2665489.944345399 | -2724372.112262926 | -2784569.803071382 | -2846112.745359466 | -2909031.347158451 | -2973356.711641055 | -3039120.65318679 | -3106355.713822452 | -3175095.18004657 | -3245373.10004689 | -3317224.301320143 | -3390684.408703607
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -670403.8720978745 | -743089.1377073065 | -957583.8951472458 | -900605.2414687397 | -1001611.497007264 | -1103350.809581918 | -1222479.6175592 | -1370721.236439519 | -1525826.633118995 | -1690149.796422649 | -1855782.397992482 | -1823215.73227445 | -1559859.672171479 | -1617286.691333663
 | NOx Costs | 0 | 0 | 0 | -1511387.465775974 | -1287796.859328883 | -1336909.079179994 | -1388497.790039523 | -1744256.478896159 | -1523588.486244492 | -1612610.762257444 | -1534460.901603024 | -1578409.126493885 | -1619338.651458299 | -1446409.164324482 | -1498125.059016986 | -1529084.384449291 | -1623780.185494885 | -1526521.787349449 | -1681276.049529975 | -915371.6772449069
 | Prod. Margin | 0 | 43738229.15164264 | 42548022.92207806 | 40958412.21538195 | 39651688.5530837 | 39321949.42323306 | 42061502.92280289 | 46016279.29249597 | 47384023.45748983 | 48497631.42160293 | 48510296.78857233 | 49655551.57648888 | 49806902.58383261 | 50157735.49007589 | 52199268.13109469 | 57499679.28585781 | 56135534.77671386 | 56734014.4500789 | 60438017.44879424 | 63262801.58081343
 | 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 | 40019787.26180413 | 38753412.51826651 | 37043644.08285465 | 35655710.87072387 | 35242378.71450961 | 37895422.7376809 | 41762396.70092043 | 43039716.66893612 | 44061771.11745436 | 43980398.09519281 | 45030452.04819269 | 45083888.76536816 | 45334553.19698101 | 47274038.68475527 | 52470131.68984286 | 50999495.66447539 | 51489346.34270246 | 55082147.26794138 | 57793329.63341308
 | 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 | -15192878.59772165 | -14374286.91493061 | -13564536.95572194 | -12961649.65956527 | -12768594.16070285 | -13953098.30952984 | -15714110.72638819 | -16343298.9565647 | -16824117.7459275 | -16807660.13370889 | -17180103.19195482 | -17198622.08686477 | -17294435.60369692 | -18044606.41731925 | -20095876.0974223 | -19499010.32068535 | -19684663.44538853 | -21062131.57949882 | -22096324.97262266
 | Net Margin | 0 | 22789317.89658248 | 21561430.37239591 | 20346805.43358291 | 19442474.4893479 | 19152891.24105427 | 20929647.46429475 | 23571166.08958228 | 24514948.43484706 | 25236176.61889125 | 25211490.20056334 | 25770154.78793222 | 25797933.13029714 | 25941653.40554537 | 27066909.62597888 | 30143814.14613344 | 29248515.48102803 | 29526995.1680828 | 31593197.36924822 | 33144487.45893398
 | 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 | 17886748.66408248 | 18854682.48333591 | 20965534.34713271 | 19881202.7811586 | 20308355.26580677 | 21711932.26151108 | 23750982.04289304 | 24330194.66278304 | 24800443.63045084 | 24662411.92817561 | 25264713.04193032 | 25222061.78976662 | 25297016.5578852 | 26404038.20097517 | 29464099.70396589 | 28503024.77868172 | 28717298.51525236 | 30840009.77491914 | 32421598.5698613 | 170079327.3205899
Unlevered | NPV ('00-'05) | 73783798.9143284 |  | Levered | NPV ('00-'05) | 73783798.9143284
 | NPV ('06-'19) | 116778749.4866572 |  |  | NPV ('06-'19) | 116778749.4866572
 | NPV (TV) | 25281208.26483831 |  |  | NPV (TV) | 25281208.26483831
 | NPV | 215843756.6658238 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 215843756.6658238
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 22789317.89658248 | 21561430.37239591 | 20346805.43358291 | 19442474.4893479 | 19152891.24105427 | 20929647.46429475 | 23571166.08958228 | 24514948.43484706 | 25236176.61889125 | 25211490.20056334 | 25770154.78793222 | 25797933.13029714 | 25941653.40554537 | 27066909.62597888 | 30143814.14613344 | 29248515.48102803 | 29526995.1680828 | 31593197.36924822 | 33144487.45893398
 | Income Taxes (Per Cash Flow) |  | 15192878.59772165 | 14374286.91493061 | 13564536.95572194 | 12961649.65956527 | 12768594.16070285 | 13953098.30952984 | 15714110.72638819 | 16343298.9565647 | 16824117.7459275 | 16807660.13370889 | 17180103.19195482 | 17198622.08686477 | 17294435.60369692 | 18044606.41731925 | 20095876.0974223 | 19499010.32068535 | 19684663.44538853 | 21062131.57949882 | 22096324.97262266
 | 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 |  | 40019787.26180413 | 38753412.51826651 | 37043644.08285465 | 35655710.87072387 | 35242378.71450961 | 37895422.7376809 | 41762396.70092043 | 43039716.66893612 | 44061771.11745436 | 43980398.09519281 | 45030452.04819269 | 45083888.76536816 | 45334553.19698101 | 47274038.68475527 | 52470131.68984286 | 50999495.66447539 | 51489346.34270246 | 55082147.26794138 | 57793329.63341308
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 |  | 37292083.95626975 | 35749487.05673213 | 34024044.56682027 | 32495468.43318949 | 31973864.81257523 | 34515389.22741453 | 38267497.99407209 | 39426506.80960836 | 40326700.7710728 | 40119811.44714583 | 41040583.60943034 | 40960860.08216897 | 41074369.46201187 | 42872585.24646309 | 48852577.29462793 | 48562740.56600506 | 48899426.29762906 | 52333226.9271918 | 54880638.98811704
 | Income Taxes |  | -14916833.5825079 | -14299794.82269285 | -13609617.82672811 | -12998187.3732758 | -12789545.92503009 | -13806155.69096581 | -15306999.19762884 | -15770602.72384335 | -16130680.30842912 | -16047924.57885833 | -16416233.44377214 | -16384344.03286759 | -16429747.78480475 | -17149034.09858524 | -19541030.91785118 | -19425096.22640203 | -19559770.51905162 | -20933290.77087672 | -21952255.59524682
 | Net Income - GAAP Basis |  | 22375250.37376185 | 21449692.23403928 | 20414426.74009216 | 19497281.05991369 | 19184318.88754514 | 20709233.53644872 | 22960498.79644325 | 23655904.08576502 | 24196020.46264368 | 24071886.8682875 | 24624350.16565821 | 24576516.04930139 | 24644621.67720712 | 25723551.14787785 | 29311546.37677676 | 29137644.33960303 | 29339655.77857744 | 31399936.15631508 | 32928383.39287022
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 |  |  | 17886748.66408248 | 18854682.48333591 | 20965534.34713271 | 19881202.7811586 | 20308355.26580677 | 21711932.26151108 | 23750982.04289304 | 24330194.66278304 | 24800443.63045084 | 24662411.92817561 | 25264713.04193032 | 25222061.78976662 | 25297016.5578852 | 26404038.20097517 | 29464099.70396589 | 28503024.77868172 | 28717298.51525236 | 30840009.77491914 | 32421598.5698613 | 170079327.3205899
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 | 64146320.49017099 | 63256691.02693945 | 64474273.78286031 | 63560427.51372805 | 64039176.45418616 | 68363220.62855077 | 73302819.39999239 | 75199732.00820218 | 76773722.64519417 | 77047800.59291741 | 78712413.22694479 | 79596336.86920427 | 80533030.1628018 | 83367891.14285472 | 89282759.37742285 | 88768425.84323485 | 89899763.37419026 | 94219935.26710571 | 97081731.48299137
 | Fuel | 0 | -18974953.42254089 | -19246796.33769291 | -19580638.51419538 | -20143401.04029956 | -20847649.06025479 | -21653639.45781078 | -22152812.99791448 | -22629730.39291802 | -22998546.51172076 | -23176595.67252209 | -23488181.7039244 | -23996893.59192818 | -24542169.14688222 | -25062009.10743609 | -25413338.25508869 | -25933178.21564255 | -26524555.78544694 | -27176342.89195179 | -27847206.69425676
 | Variable O&M | 0 | -1400171.721998372 | -1428433.286050367 | -2389817.104651474 | -2442544.860945899 | -2496449.163973669 | -2551556.568346175 | -2607894.234831872 | -2665489.944345399 | -2724372.112262926 | -2784569.803071382 | -2846112.745359466 | -2909031.347158451 | -2973356.711641055 | -3039120.65318679 | -3106355.713822452 | -3175095.18004657 | -3245373.10004689 | -3317224.301320143 | -3390684.408703607
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -454419.1117038191 | -503687.2845275179 | -693175.2257491066 | -610456.2501158714 | -678921.2080742959 | -747883.0532689798 | -828632.0008100634 | -929114.4526168108 | -1034249.371302463 | -1145632.358496649 | -1257902.920775807 | -1235828.293938654 | -1057317.948347545 | -1096243.640936128
 | NOx Costs | 0 | 0 | 0 | -1508766.20614343 | -1285563.381813213 | -1334590.424380355 | -1386089.662878671 | -1741231.345235556 | -1520946.065894955 | -1609813.947019903 | -1531799.62478939 | -1575671.628518942 | -1616530.167773868 | -1443900.59915477 | -1495526.80090606 | -1526432.432344043 | -1620963.998680622 | -1523874.279658678 | -1678360.14534287 | -913784.1115936966
 | Prod. Margin | 0 | 43771195.34563173 | 42581461.40319619 | 40995051.95787002 | 39688918.23066938 | 39360487.80557735 | 42317515.82781132 | 46297193.53748297 | 47690390.3792947 | 48830533.82407471 | 48875914.28446027 | 50054564.09587301 | 50245249.76153371 | 50644489.25250694 | 52736985.21002331 | 58091000.61767102 | 56781285.5280893 | 57370131.9150991 | 60990689.98014337 | 63833812.62750118
 | 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 | 40052753.45579321 | 38786850.99938464 | 37080283.82534272 | 35692940.54830955 | 35280917.0968539 | 38151435.64268934 | 42043310.94590743 | 43346083.59074099 | 44394673.51992615 | 44346015.59108075 | 45429464.56757682 | 45522235.94306926 | 45821306.95941206 | 47811755.76368389 | 53061453.02165608 | 51645246.41585083 | 52125463.80772266 | 55634819.79929051 | 58364340.68010083
 | 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 | -15202174.73531728 | -14376961.64352186 | -13566082.58364517 | -12992481.28592754 | -12829612.09948056 | -14103352.06969801 | -15876575.73422825 | -16518198.84720168 | -17011604.44212724 | -17009951.98342456 | -17397480.45504368 | -17435604.70882399 | -17555200.35902362 | -18330308.58370473 | -20407708.61195515 | -19837443.90944644 | -20024217.90520297 | -21373431.47700814 | -22420237.38976564
 | Net Margin | 0 | 22803262.10297593 | 21565442.46528278 | 20349123.87546775 | 19488721.92889131 | 19244418.14922084 | 21155028.10454701 | 23814863.60134238 | 24777298.27080251 | 25517406.66319086 | 25514927.97513683 | 26096220.68256552 | 26153407.06323599 | 26332800.53853543 | 27495462.87555709 | 30611562.91793273 | 29756165.86416967 | 30036326.85780446 | 32060147.21551221 | 33630356.08464846
 | 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 | 17651062.72047593 | 18671346.23586278 | 21000628.46169755 | 21758800.83238201 | 20471844.50937334 | 22009239.27035134 | 24066725.57995997 | 24664874.82286854 | 25155168.859508 | 25041326.38281657 | 25668404.77094832 | 25652144.5124129 | 25758585.27690111 | 26898700.21678722 | 29993515.03761322 | 29067766.25315405 | 29279008.56167184 | 31354483.86120908 | 32949991.6954297 | 173070289.8059153
Unlevered | NPV ('00-'05) | 74828326.82357125 |  | Levered | NPV ('00-'05) | 74828326.82357125
 | NPV ('06-'19) | 118643446.3439347 |  |  | NPV ('06-'19) | 118643446.3439347
 | NPV (TV) | 25725795.77994119 |  |  | NPV (TV) | 25725795.77994119
 | NPV | 219197568.9474472 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 219197568.9474472
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 22803262.10297593 | 21565442.46528278 | 20349123.87546775 | 19488721.92889131 | 19244418.14922084 | 21155028.10454701 | 23814863.60134238 | 24777298.27080251 | 25517406.66319086 | 25514927.97513683 | 26096220.68256552 | 26153407.06323599 | 26332800.53853543 | 27495462.87555709 | 30611562.91793273 | 29756165.86416967 | 30036326.85780446 | 32060147.21551221 | 33630356.08464846
 | Income Taxes (Per Cash Flow) |  | 15202174.73531728 | 14376961.64352186 | 13566082.58364517 | 12992481.28592754 | 12829612.09948056 | 14103352.06969801 | 15876575.73422825 | 16518198.84720168 | 17011604.44212724 | 17009951.98342456 | 17397480.45504368 | 17435604.70882399 | 17555200.35902362 | 18330308.58370473 | 20407708.61195515 | 19837443.90944644 | 20024217.90520297 | 21373431.47700814 | 22420237.38976564
 | 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 |  | 40052753.45579321 | 38786850.99938464 | 37080283.82534272 | 35692940.54830955 | 35280917.0968539 | 38151435.64268934 | 42043310.94590743 | 43346083.59074099 | 44394673.51992615 | 44346015.59108075 | 45429464.56757682 | 45522235.94306926 | 45821306.95941206 | 47811755.76368389 | 53061453.02165608 | 51645246.41585083 | 52125463.80772266 | 55634819.79929051 | 58364340.68010083
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 |  | 37312082.35025883 | 35759252.73785026 | 34037011.50930835 | 32602585.31077517 | 32091588.83491952 | 34860165.16562296 | 38647039.98725509 | 39841662.13605511 | 40778857.05432572 | 40615462.26423835 | 41580732.27365518 | 41551779.31305599 | 41725474.26322443 | 43586785.71933667 | 49632878.34620445 | 49410342.2527367 | 49750652.05006614 | 53114662.81858032 | 55694478.11964536
 | Income Taxes |  | -14924832.94010353 | -14303701.09514011 | -13614804.60372334 | -13041034.12431007 | -12836635.53396781 | -13944066.06624918 | -15458815.99490204 | -15936664.85442205 | -16311542.82173029 | -16246184.90569534 | -16632292.90946207 | -16620711.7252224 | -16690189.70528977 | -17434714.28773467 | -19853151.33848178 | -19764136.90109468 | -19900260.82002645 | -21245865.12743213 | -22277791.24785815
 | Net Income - GAAP Basis |  | 22387249.4101553 | 21455551.64271016 | 20422206.90558501 | 19561551.1864651 | 19254953.30095171 | 20916099.09937377 | 23188223.99235305 | 23904997.28163306 | 24467314.23259543 | 24369277.35854301 | 24948439.3641931 | 24931067.58783359 | 25035284.55793466 | 26152071.431602 | 29779727.00772267 | 29646205.35164202 | 29850391.23003968 | 31868797.69114819 | 33416686.87178722
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 |  |  | 17651062.72047593 | 18671346.23586278 | 21000628.46169755 | 21758800.83238201 | 20471844.50937334 | 22009239.27035134 | 24066725.57995997 | 24664874.82286854 | 25155168.859508 | 25041326.38281657 | 25668404.77094832 | 25652144.5124129 | 25758585.27690111 | 26898700.21678722 | 29993515.03761322 | 29067766.25315405 | 29279008.56167184 | 31354483.86120908 | 32949991.6954297 | 173070289.8059153
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 | 59029311.85429499 | 58210648.91901547 | 59331104.02319682 | 58490156.0780102 | 58930714.79268417 | 62909826.14451029 | 67455388.75958182 | 69200982.97378962 | 70649414.98760991 | 70901629.4953933 | 72433454.50951327 | 73246866.78219865 | 74108839.22453174 | 76717560.84061813 | 82160594.81244016 | 81687290.11850452 | 82728379.85548277 | 86703927.82117063 | 89337436.02553976
 | Fuel | 0 | -17654877.86926611 | -17907791.76812641 | -18217239.36202608 | -18742407.63436542 | -19398496.04258538 | -20151286.823899 | -20615458.2147485 | -21057313.67334561 | -21400979.03003227 | -21564629.19988305 | -21853248.59034716 | -22326346.35409762 | -22832174.15181823 | -23317173.74610328 | -23642986.35698804 | -24125010.49363943 | -24675470.15586481 | -25280975.78431272 | -25905821.88737934
 | Variable O&M | 0 | -1205351.123493476 | -1229680.359291166 | -2050467.725712765 | -2095688.189855444 | -2141917.227286797 | -2189177.591092722 | -2237492.553507594 | -2286885.917890244 | -2337382.030979098 | -2389005.795433049 | -2441782.682664784 | -2495738.745973456 | -2550900.633983744 | -2607295.604398532 | -2664951.538072577 | -2723896.95341475 | -2784161.021126576 | -2845773.579285021 | -2908765.148777618
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -1254558.656163235 | -1390578.051248895 | -1663008.286253568 | -1685345.429069412 | -1874363.239804839 | -2064752.855042608 | -2287684.26022472 | -2565095.853311108 | -2855351.960294724 | -3162857.712440238 | -3472813.878701663 | -3411870.327986363 | -2919039.605184404 | -3026505.51787688
 | NOx Costs | 0 | 0 | 0 | -955152.5376431771 | -813849.8340168316 | -844887.3161200684 | -877489.867885919 | -1102318.922079223 | -962863.2246286338 | -1019122.691354387 | -969734.2721628818 | -997508.2609513011 | -1023374.519948108 | -914088.1574438412 | -946771.0856608425 | -966336.4710567081 | -1026181.439154558 | -964716.9848704748 | -1062517.138424704 | -578488.0450614777
 | Prod. Margin | 0 | 40169082.8615354 | 39073176.7915979 | 38108244.39781479 | 36838210.41977251 | 36545414.20669192 | 38437313.20546942 | 42109541.01799761 | 43230911.87167156 | 44206585.80617474 | 44103896.98810947 | 45076162.12050742 | 45113722.90195475 | 45246580.42797481 | 46990968.44416075 | 51723462.73388259 | 50339387.35359412 | 50892161.36563456 | 54595621.71396378 | 56917855.42644443
 | 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 | 36594147.55215404 | 35434232.26118441 | 34368065.7110475 | 33029750.08485429 | 32666643.71082808 | 34485745.17667202 | 38084096.9699221 | 39129364.65314352 | 40028002.01003246 | 39846165.64825432 | 40738329.1975173 | 40693480.08926976 | 40742022.21380351 | 42400518.79106073 | 47045204.05519239 | 45571488.76154864 | 46032824.70550557 | 49642669.58235724 | 51869263.44708651
 | 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 | -14209755.14916162 | -13447912.72794409 | -12930439.94587644 | -12357510.74594316 | -12248579.31921683 | -13178765.95657159 | -14830811.5389374 | -15321833.07946352 | -15705666.02399503 | -15650092.47778589 | -16023121.37544229 | -15991353.9035349 | -15996646.79394521 | -16645512.36266283 | -18504602.79826466 | -17915894.11665479 | -18084539.95716064 | -19512112.71471207 | -20385894.11161886
 | Net Margin | 0 | 21314632.72374243 | 20171869.09191613 | 19395659.91881466 | 18536266.11891473 | 18372868.97882525 | 19768148.93485738 | 22246217.3084061 | 22982749.61919528 | 23558499.03599255 | 23475138.71667883 | 24034682.06316343 | 23987030.85530234 | 23994970.19091782 | 24968268.54399424 | 27756904.19739698 | 26873841.17498219 | 27126809.93574096 | 29268169.0720681 | 30578841.16742829
 | 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 | 12745421.22299242 | 20168202.41324033 | 19507532.98517106 | 20617442.83891113 | 19824043.09561125 | 20695137.28522043 | 22623088.23805831 | 23158428.46496579 | 23653759.7840618 | 23507439.68243355 | 24005915.32939908 | 23971554.91827865 | 23992887.01437839 | 24979943.37075361 | 27742286.30755411 | 26833330.24703901 | 27101352.41855446 | 29258216.56796098 | 30584858.82679293 | 160974007.8189436
Unlevered | NPV ('00-'05) | 69302142.64740767 |  | Levered | NPV ('00-'05) | 69302142.64740767
 | NPV ('06-'19) | 110875262.6293007 |  |  | NPV ('06-'19) | 110875262.6293007
 | NPV (TV) | 23927760.53979462 |  |  | NPV (TV) | 23927760.53979462
 | NPV | 204105165.816503 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 204105165.816503
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 21314632.72374243 | 20171869.09191613 | 19395659.91881466 | 18536266.11891473 | 18372868.97882525 | 19768148.93485738 | 22246217.3084061 | 22982749.61919528 | 23558499.03599255 | 23475138.71667883 | 24034682.06316343 | 23987030.85530234 | 23994970.19091782 | 24968268.54399424 | 27756904.19739698 | 26873841.17498219 | 27126809.93574096 | 29268169.0720681 | 30578841.16742829
 | Income Taxes (Per Cash Flow) |  | 14209755.14916162 | 13447912.72794409 | 12930439.94587644 | 12357510.74594316 | 12248579.31921683 | 13178765.95657159 | 14830811.5389374 | 15321833.07946352 | 15705666.02399503 | 15650092.47778589 | 16023121.37544229 | 15991353.9035349 | 15996646.79394521 | 16645512.36266283 | 18504602.79826466 | 17915894.11665479 | 18084539.95716064 | 19512112.71471207 | 20385894.11161886
 | 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 |  | 36594147.55215404 | 35434232.26118441 | 34368065.7110475 | 33029750.08485429 | 32666643.71082808 | 34485745.17667202 | 38084096.9699221 | 39129364.65314352 | 40028002.01003246 | 39846165.64825432 | 40738329.1975173 | 40693480.08926976 | 40742022.21380351 | 42400518.79106073 | 47045204.05519239 | 45571488.76154864 | 46032824.70550557 | 49642669.58235724 | 51869263.44708651
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 |  | 30675262.31378654 | 29424441.16681691 | 28335575.23668 | 26994519.78548679 | 26601712.34666058 | 28390221.71576052 | 31957063.64936428 | 32969876.17714999 | 33835084.72394015 | 33618816.68776026 | 34475515.61238945 | 34394137.94076911 | 34405055.64502885 | 36024799.06940386 | 40629568.58606683 | 39114740.07253034 | 41424078.01999775 | 48241934.26186521 | 50423602.60116075
 | Income Taxes |  | -12270104.92551462 | -11769776.46672677 | -11334230.094672 | -10797807.91419472 | -10640684.93866423 | -11356088.68630421 | -12782825.45974571 | -13187950.47086 | -13534033.88957606 | -13447526.67510411 | -13790206.24495578 | -13757655.17630764 | -13762022.25801154 | -14409919.62776154 | -16251827.43442673 | -15645896.02901214 | -16569631.2079991 | -19296773.70474609 | -20169441.0404643
 | Net Income - GAAP Basis |  | 18405157.38827192 | 17654664.70009014 | 17001345.142008 | 16196711.87129207 | 15961027.40799635 | 17034133.02945631 | 19174238.18961857 | 19781925.70628999 | 20301050.83436409 | 20171290.01265616 | 20685309.36743367 | 20636482.76446147 | 20643033.38701731 | 21614879.44164231 | 24377741.1516401 | 23468844.04351821 | 24854446.81199865 | 28945160.55711913 | 30254161.56069645
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 |  |  | 12745421.22299242 | 20168202.41324033 | 19507532.98517106 | 20617442.83891113 | 19824043.09561125 | 20695137.28522043 | 22623088.23805831 | 23158428.46496579 | 23653759.7840618 | 23507439.68243355 | 24005915.32939908 | 23971554.91827865 | 23992887.01437839 | 24979943.37075361 | 27742286.30755411 | 26833330.24703901 | 27101352.41855446 | 29258216.56796098 | 30584858.82679293 | 160974007.8189436
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 | 21964140.09411873 | 21659524.86423555 | 20589808.97286082 | 20335325.51611032 | 20408149.82722165 | 17043267.1195613 | 16000067.43784737 | 16586300.69155833 | 16699188.9497452 | 17456717.14609521 | 18824947.74085469 | 17622862.89843213 | 17719192.81640639 | 19557148.55580508 | 25283584.69220598 | 19998098.2671312 | 20634101.68275149 | 23970526.47248485 | 31097032.93246377
 | Fuel | 0 | -9335046.596601576 | -9470699.571174698 | -8815821.826516353 | -9054934.055358222 | -9341098.690645216 | -6795533.14506193 | -5126713.33145117 | -5266363.947623303 | -5317518.447177334 | -5633371.082138435 | -6475500.11922498 | -5847576.299469954 | -5848619.043346984 | -6538261.170737153 | -9165595.60277997 | -6629535.828347262 | -6823960.418446317 | -8089127.244479505 | -12226131.89498489
 | Variable O&M | 0 | -721720.1734347901 | -736287.6301179129 | -687236.8706682179 | -700129.080009376 | -712219.645340269 | -509104.7453269375 | -383194.5173031989 | -392796.7884380753 | -398238.4651888153 | -426781.7567938204 | -494017.1588402493 | -445179.635976314 | -443921.2950907954 | -496153.9571517712 | -699252.9644819311 | -505734.230673312 | -519095.0790386287 | -612667.5497797678 | -921988.9356091347
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -811968.4375193588 | -637230.4850263239 | -737294.631627157 | -771279.8392124127 | -908191.402015934 | -1154496.830106111 | -1111248.35979129 | -1214362.321499573 | -1499163.509124604 | -2382741.240584622 | -1781025.743850925 | -1762418.425736652 | -1777773.676795439 | -2822716.759045204
 | NOx Costs | 0 | 0 | 0 | -5106693.036422634 | -4335443.166074036 | -4467058.956639959 | -1633623.622844649 | -3447695.883806253 | -3023302.840810721 | -3183823.479663111 | -3183242.252118899 | -3713065.954561182 | -3366675.052512019 | -2940695.041613047 | -3333873.913797129 | -4703112.080507655 | -3539786.066823099 | -3348842.939414077 | -4267423.475681651 | -3426845.471232573
 | Prod. Margin | 0 | 11907373.32408236 | 11452537.66294294 | 5980057.239253617 | 6244819.214668682 | 5887772.534596207 | 7293037.168808426 | 6405233.220260426 | 7166542.483059072 | 7028328.718503531 | 7305130.65302812 | 6987867.678122164 | 6852183.550682549 | 7271595.114855992 | 7689696.004994428 | 8332882.8038518 | 7542016.397436604 | 8179784.820115812 | 9223534.525748491 | 11699349.87159197
 | 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 | 10550438.79556393 | 10067512.21211007 | 4558572.924822342 | 4786995.029351975 | 4356852.787019077 | 5667783.451694375 | 4713208.617748227 | 5411061.507063278 | 5213462.142007251 | 5450579.839146839 | 5098476.643917929 | 4926578.634298516 | 5309264.819050484 | 5689954.560048321 | 6294881.833632865 | 5464950.548592038 | 6062866.067711296 | 7065793.937809031 | 9499893.270270383
 | 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 | -3939847.788442648 | -3726457.406908451 | -1490800.83037387 | -1572196.803008181 | -1392646.688960765 | -1904012.610734916 | -1509238.526797652 | -1775768.07445075 | -1684031.783821634 | -1788820.753586323 | -1657002.752073975 | -1573159.515360401 | -1771915.938584618 | -1969477.975791 | -2240533.602355048 | -1937175.467641291 | -2158902.791485049 | -2542112.958506491 | -3498222.083347376
 | Net Margin | 0 | 5909771.682663972 | 5589686.110362677 | 2236201.245560805 | 2358295.204512271 | 2088970.033441147 | 2856018.916102374 | 2263857.790196477 | 2663652.111676124 | 2526047.675732451 | 2683231.130379484 | 2485504.128110963 | 2359739.273040601 | 2657873.907876926 | 2954216.9636865 | 3360800.403532572 | 2905763.201461936 | 3238354.187227573 | 3813169.437759735 | 5247333.125021063
 | 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 | 6314551.957121276 | 4684703.035201622 | 2299512.404448471 | 2944251.226343794 | 2312242.018058311 | 3092247.838559458 | 2512301.398478575 | 2922874.679366368 | 2795639.042342072 | 2905954.030241665 | 2662994.684865538 | 2551585.535750347 | 2711460.289782465 | 2869811.335853417 | 3178163.025421795 | 2625304.318919044 | 2974418.391333594 | 3566249.747863107 | 5015517.018540391 | 19085921.54081848
Unlevered | NPV ('00-'05) | 14786498.4611668 |  | Levered | NPV ('00-'05) | 14786498.4611668
 | NPV ('06-'19) | 13373881.31844035 |  |  | NPV ('06-'19) | 13373881.31844035
 | NPV (TV) | 2837000.62201141 |  |  | NPV (TV) | 2837000.62201141
 | NPV | 30997380.40161856 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 30997380.40161856
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 5909771.682663972 | 5589686.110362677 | 2236201.245560805 | 2358295.204512271 | 2088970.033441147 | 2856018.916102374 | 2263857.790196477 | 2663652.111676124 | 2526047.675732451 | 2683231.130379484 | 2485504.128110963 | 2359739.273040601 | 2657873.907876926 | 2954216.9636865 | 3360800.403532572 | 2905763.201461936 | 3238354.187227573 | 3813169.437759735 | 5247333.125021063
 | Income Taxes (Per Cash Flow) |  | 3939847.788442648 | 3726457.406908451 | 1490800.83037387 | 1572196.803008181 | 1392646.688960765 | 1904012.610734916 | 1509238.526797652 | 1775768.07445075 | 1684031.783821634 | 1788820.753586323 | 1657002.752073975 | 1573159.515360401 | 1771915.938584618 | 1969477.975791 | 2240533.602355048 | 1937175.467641291 | 2158902.791485049 | 2542112.958506491 | 3498222.083347376
 | 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 |  | 10550438.79556393 | 10067512.21211007 | 4558572.924822342 | 4786995.029351975 | 4356852.787019077 | 5667783.451694375 | 4713208.617748227 | 5411061.507063278 | 5213462.142007251 | 5450579.839146839 | 5098476.643917929 | 4926578.634298516 | 5309264.819050485 | 5689954.560048321 | 6294881.833632865 | 5464950.548592038 | 6062866.067711296 | 7065793.937809031 | 9499893.270270383
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 |  | 9655451.07467988 | 9091547.33005099 | 3550850.906741658 | 3765838.332052309 | 3303192.573950949 | 4580547.088506248 | 3728491.583077594 | 4494189.866290242 | 4309119.681558234 | 4512719.749043179 | 4121692.593465349 | 3909702.904686547 | 4368940.768438076 | 4868111.447483902 | 5673973.543346405 | 4814322.738080136 | 5366812.345578725 | 6321868.654104488 | 8707559.431157988
 | Income Taxes |  | -3862180.429871952 | -3636618.932020396 | -1420340.362696663 | -1506335.332820924 | -1321277.02958038 | -1832218.835402499 | -1491396.633231038 | -1797675.946516097 | -1723647.872623294 | -1805087.899617271 | -1648677.03738614 | -1563881.161874619 | -1747576.30737523 | -1947244.578993561 | -2269589.417338562 | -1925729.095232054 | -2146724.93823149 | -2528747.461641795 | -3483023.772463195
 | Net Income - GAAP Basis |  | 5793270.644807927 | 5454928.398030594 | 2130510.544044995 | 2259502.999231385 | 1981915.544370569 | 2748328.253103749 | 2237094.949846556 | 2696513.919774145 | 2585471.80893494 | 2707631.849425907 | 2473015.556079209 | 2345821.742811928 | 2621364.461062845 | 2920866.868490341 | 3404384.126007843 | 2888593.642848081 | 3220087.407347234 | 3793121.192462693 | 5224535.658694793
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 |  |  | 6314551.957121276 | 4684703.035201622 | 2299512.404448471 | 2944251.226343794 | 2312242.018058311 | 3092247.838559458 | 2512301.398478575 | 2922874.679366368 | 2795639.042342072 | 2905954.030241665 | 2662994.684865538 | 2551585.535750347 | 2711460.289782465 | 2869811.335853417 | 3178163.025421795 | 2625304.318919044 | 2974418.391333594 | 3566249.747863107 | 5015517.018540391 | 19085921.54081848
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 | 44329663.06041424 | 43714865.92080723 | 44556302.07654765 | 43924769.40421211 | 44255618.92229617 | 47243840.53568238 | 50657454.09166481 | 51968355.42060199 | 53056094.73386146 | 53245502.06045512 | 54395867.60954143 | 55006721.62163554 | 55654043.21044732 | 57613133.47639821 | 61700727.49397443 | 61345286.49444407 | 62127121.07469163 | 65112666.66659124 | 67090371.09341359
 | Fuel | 0 | -13753991.32775846 | -13953858.55033264 | -14196155.686079 | -14601473.01453949 | -15106165.66595586 | -15684552.37709232 | -16046323.21571821 | -16391345.40440772 | -16662673.53337714 | -16800012.46285549 | -17030027.25531516 | -17400730.70724045 | -17797115.42240154 | -18176751.48762624 | -18435797.27330898 | -18814316.76187126 | -19244198.77690511 | -19716510.70511114 | -20204454.70659113
 | Variable O&M | 0 | -655483.2280629855 | -668713.7346814676 | -682211.2905513836 | -695981.2858898093 | -710029.219711878 | -724360.7020268019 | -738981.456078213 | -753897.3206297299 | -769114.2522966517 | -784638.3279247193 | -800475.7470168908 | -816632.8342090958 | -833116.0417959649 | -849931.9523075394 | -867087.2811379881 | -884588.8792273835 | -902443.73579761 | -920658.9811434923 | -939241.8894802615
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -526392.6027962146 | -583464.1498762679 | -740318.2462693914 | -707143.7932855978 | -786452.6218358334 | -866337.0374572412 | -959875.4639328234 | -1076272.899647132 | -1198059.686484081 | -1327084.146561317 | -1457136.760928563 | -1431565.828770813 | -1224781.996353567 | -1269872.962181395
 | NOx Costs | 0 | 0 | 0 | -831148.0710400211 | -708190.2554836005 | -735198.2383589825 | -763568.1027976326 | -959208.3040660138 | -837857.7036502945 | -886813.1797695635 | -843836.7045732316 | -868004.883263875 | -890513.006755088 | -795414.9508879788 | -823854.7567545138 | -840880.0293576248 | -892955.5124199553 | -839470.7959978043 | -924573.8614983031 | -503384.7514648801
 | Prod. Margin | 0 | 29920188.50459279 | 29092293.63579312 | 28846787.02887725 | 27919124.84829921 | 27704225.79826945 | 29544966.75096941 | 32329476.9659261 | 33244936.74564485 | 34030349.97513251 | 34030561.94326585 | 34831022.68648826 | 34938969.60949808 | 35152123.89571471 | 36564535.59322584 | 40229878.76360852 | 39296288.57999691 | 39709441.9372203 | 42326141.12248474 | 44173416.78369592
 | 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 | 26334888.09579021 | 25433869.27949537 | 25113374.90663526 | 24099621.49124931 | 23757994.96288906 | 25391686.85770186 | 28033739.26281302 | 28803260.31826775 | 29439653.11329943 | 29319083.84378632 | 30029593.68688999 | 30045095.69110295 | 30163699.22611301 | 31479772.00250677 | 35046649.11416001 | 34012545.44020937 | 34323164.99211187 | 36834933.49004774 | 38575025.53987405
 | 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 | -9962417.107149007 | -9504809.678544244 | -9265151.087856332 | -8854097.553404173 | -8697075.306402571 | -9303766.747536322 | -10314641.87807216 | -10577791.64080767 | -10788054.64264179 | -10738023.92311561 | -11018829.59340703 | -10973411.59185991 | -11092669.98748936 | -11689471.82011695 | -13152928.05241165 | -12774357.01543538 | -12839144.80426408 | -13782610.54924774 | -14417543.21505734
 | Net Margin | 0 | 14943625.66072351 | 14257214.51781637 | 13897726.6317845 | 13281146.33010626 | 13045612.95960386 | 13955650.12130448 | 15471962.81710825 | 15866687.4612115 | 16182081.96396269 | 16107035.88467341 | 16528244.39011055 | 16460117.38778986 | 16639004.98123404 | 17534207.73017542 | 19729392.07861748 | 19161535.52315307 | 19258717.20639611 | 20673915.82387161 | 21626314.822586
 | 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 | 15744599.3086412 | 8843607.040951122 | 14638845.56877893 | 14810896.30784513 | 12837940.44048649 | 13798251.51768554 | 15360738.73448646 | 15796359.26769805 | 16149615.77860274 | 16004017.74785418 | 16356410.65548192 | 16337700.05810197 | 16255025.67624834 | 16889816.51314327 | 18906222.8824244 | 18161065.30007032 | 18314583.36940301 | 19787803.01780187 | 20795026.80412865 | 109255117.266464
Unlevered | NPV ('00-'05) | 50707812.02018376 |  | Levered | NPV ('00-'05) | 50707812.02018376
 | NPV ('06-'19) | 75215232.2675086 |  |  | NPV ('06-'19) | 75215232.2675086
 | NPV (TV) | 16240077.01069046 |  |  | NPV (TV) | 16240077.01069046
 | NPV | 142163121.2983828 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 142163121.2983828
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 14943625.66072351 | 14257214.51781637 | 13897726.6317845 | 13281146.33010626 | 13045612.95960386 | 13955650.12130448 | 15471962.81710825 | 15866687.4612115 | 16182081.96396269 | 16107035.88467341 | 16528244.39011055 | 16460117.38778986 | 16639004.98123404 | 17534207.73017542 | 19729392.07861748 | 19161535.52315307 | 19258717.20639611 | 20673915.82387161 | 21626314.822586
 | Income Taxes (Per Cash Flow) |  | 9962417.107149007 | 9504809.678544244 | 9265151.087856332 | 8854097.553404173 | 8697075.306402571 | 9303766.747536322 | 10314641.87807216 | 10577791.64080767 | 10788054.64264179 | 10738023.92311561 | 11018829.59340703 | 10973411.59185991 | 11092669.98748936 | 11689471.82011695 | 13152928.05241165 | 12774357.01543538 | 12839144.80426408 | 13782610.54924774 | 14417543.21505734
 | 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 |  | 26334888.09579021 | 25433869.27949537 | 25113374.90663526 | 24099621.49124931 | 23757994.96288906 | 25391686.85770186 | 28033739.26281302 | 28803260.31826775 | 29439653.11329943 | 29319083.84378632 | 30029593.68688999 | 30045095.69110295 | 30163699.22611301 | 31479772.00250678 | 35046649.11416001 | 34012545.44020937 | 34323164.99211187 | 36834933.49004774 | 38575025.53987405
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 |  | 24510116.00870772 | 23258574.43508748 | 22891172.44100212 | 21855876.46083249 | 21403293.89894401 | 22922502.3641328 | 25725983.71663123 | 26584861.95215115 | 27196438.80779184 | 26955722.89922718 | 27533515.0704308 | 27412317.8725867 | 27630232.67561547 | 29129347.70200084 | 33045515.9729258 | 31888941.82916261 | 32043231.6303642 | 34391774.13215016 | 35965575.43020256
 | Income Taxes |  | -9804046.403483087 | -9303429.774034994 | -9156468.976400848 | -8742350.584332995 | -8561317.559577603 | -9169000.94565312 | -10290393.48665249 | -10633944.78086046 | -10878575.52311674 | -10782289.15969087 | -11013406.02817232 | -10964927.14903468 | -11052093.07024619 | -11651739.08080034 | -13218206.38917032 | -12755576.73166505 | -12817292.65214568 | -13756709.65286006 | -14386230.17208102
 | Net Income - GAAP Basis |  | 14706069.60522463 | 13955144.66105249 | 13734703.46460127 | 13113525.87649949 | 12841976.3393664 | 13753501.41847968 | 15435590.22997873 | 15950917.17129069 | 16317863.2846751 | 16173433.73953631 | 16520109.04225848 | 16447390.72355202 | 16578139.60536928 | 17477608.6212005 | 19827309.58375548 | 19133365.09749757 | 19225938.97821852 | 20635064.47929009 | 21579345.25812154
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 |  |  | 15744599.3086412 | 8843607.040951122 | 14638845.56877893 | 14810896.30784513 | 12837940.44048649 | 13798251.51768554 | 15360738.73448646 | 15796359.26769805 | 16149615.77860274 | 16004017.74785418 | 16356410.65548192 | 16337700.05810197 | 16255025.67624834 | 16889816.51314327 | 18906222.8824244 | 18161065.30007032 | 18314583.36940301 | 19787803.01780187 | 20795026.80412865 | 109255117.266464
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 | 93747292.3078581 | 92447134.28323641 | 94226582.98202515 | 92891033.06018803 | 93590705.56704804 | 99910123.89172599 | 107129150.7411433 | 109901412.9598556 | 112201737.5803227 | 112602291.5837949 | 115035056.6432566 | 116326875.837803 | 117695815.775849 | 121838852.1794707 | 130483196.5021272 | 129731518.5289434 | 131384923.2667815 | 137698682.406363 | 141881083.5842647
 | Fuel | 0 | -29592587.22279843 | -30022614.26557168 | -30543931.96546999 | -31415997.97958558 | -32501876.32223088 | -33746312.12198812 | -34524685.09326484 | -35267022.27883431 | -35850802.00729185 | -36146295.45009134 | -36641186.90713765 | -37438778.96412491 | -38291625.89252997 | -39108437.03522777 | -39665790.52083332 | -40480199.27781729 | -41405117.77763687 | -42421326.93458148 | -43471169.49151953
 | Variable O&M | 0 | -1870269.806261822 | -1908019.997251784 | -3401544.965743033 | -3477209.78339035 | -3554577.017234439 | -3633685.408714454 | -3714574.590722166 | -3797285.108332395 | -3881858.44002031 | -3968337.019377116 | -4056764.257335947 | -4147184.564920061 | -4239643.376525735 | -4334187.173752511 | -4430863.509793796 | -4529721.034401125 | -4630809.519435658 | -4734179.885020887 | -4839884.226310807
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -1107552.78096491 | -1227633.782002367 | -1562246.812344932 | -1487861.095758486 | -1654730.297850765 | -1822810.560011098 | -2019619.450979155 | -2264524.68509103 | -2520769.346831201 | -2792242.385798585 | -3065878.705817245 | -3012076.359673435 | -2576994.241429906 | -2671867.581848672
 | NOx Costs | 0 | 0 | 0 | -1676501.197079306 | -1428484.108243797 | -1482961.664288193 | -1540186.259218503 | -1934810.325677397 | -1690035.135850301 | -1788782.780436472 | -1702095.324105444 | -1750844.737017382 | -1796245.66772015 | -1604424.24617534 | -1661789.919322229 | -1696131.441482054 | -1801172.423630079 | -1693288.889718988 | -1864949.507312885 | -1015372.793161068
 | Prod. Margin | 0 | 62284435.27879784 | 60516500.02041294 | 58604604.85373282 | 56569341.1889683 | 56051290.56329454 | 59882387.32084 | 65727446.94947654 | 67584823.62449367 | 69192433.25681555 | 69130833.49237022 | 70763450.18175451 | 70925047.19005874 | 71295597.57552692 | 74213668.704337 | 81898168.64421943 | 79854547.08727764 | 80643630.72031657 | 86101231.83801785 | 89882789.49142459
 | 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 | 57107889.59783033 | 55235991.11158296 | 53148554.62277813 | 51002271.20122636 | 50370036.1613664 | 54083017.98673187 | 59808226.23790425 | 61542165.80952073 | 63024797.10043829 | 62834897.74484387 | 64337514.5529291 | 64365499.00836233 | 64599380.94519722 | 67378183.56783876 | 74920326.78500517 | 72731373.90677577 | 73372189.72110288 | 78678044.08156785 | 82304581.82174237
 | 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 | -21466380.55950933 | -19743301.3810683 | -18752986.86198229 | -17862589.96186174 | -17655238.86226196 | -19833801.42560464 | -22850923.67679876 | -23609004.08472684 | -24161841.86011344 | -24090579.02578284 | -24692584.26704972 | -24651563.83889462 | -24691569.58332896 | -25813321.30317698 | -28838822.52495869 | -27904654.68862952 | -28100677.73477184 | -30210380.89498165 | -31650662.41155599
 | Net Margin | 0 | 32199570.83926399 | 29614952.07160246 | 28129480.29297343 | 26793884.94279262 | 26482858.29339295 | 29750702.13840695 | 34276385.51519813 | 35413506.12709026 | 36242762.79017015 | 36135868.53867427 | 37038876.40057458 | 36977345.75834192 | 37037354.37499344 | 38719981.95476546 | 43258233.78743802 | 41856982.03294428 | 42151016.60215776 | 45315571.34247248 | 47475993.61733398
 | 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 | 5913379.448321 | 29646007.78051465 | 30636032.52079583 | 31470419.26936462 | 30459496.42710444 | 31926256.66296723 | 34564653.86600069 | 35468733.56883594 | 36324594.23968817 | 36129806.88840525 | 36951983.10030392 | 36940199.568325 | 37050863.69269126 | 38622206.16540946 | 43050568.4778166 | 41704855.36244947 | 42055992.21496335 | 45155677.8220775 | 47242574.4847424 | 248796427.1243997
Unlevered | NPV ('00-'05) | 93301607.67689751 |  | Levered | NPV ('00-'05) | 93301607.67689751
 | NPV ('06-'19) | 170813250.1771931 |  |  | NPV ('06-'19) | 170813250.1771931
 | NPV (TV) | 36982003.56721519 |  |  | NPV (TV) | 36982003.56721519
 | NPV | 301096861.4213058 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 301096861.4213058
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 32199570.83926399 | 29614952.07160246 | 28129480.29297343 | 26793884.94279262 | 26482858.29339295 | 29750702.13840695 | 34276385.51519813 | 35413506.12709026 | 36242762.79017015 | 36135868.53867427 | 37038876.40057458 | 36977345.75834192 | 37037354.37499344 | 38719981.95476546 | 43258233.78743802 | 41856982.03294428 | 42151016.60215776 | 45315571.34247248 | 47475993.61733398
 | Income Taxes (Per Cash Flow) |  | 21466380.55950933 | 19743301.3810683 | 18752986.86198229 | 17862589.96186174 | 17655238.86226196 | 19833801.42560464 | 22850923.67679876 | 23609004.08472684 | 24161841.86011344 | 24090579.02578284 | 24692584.26704972 | 24651563.83889462 | 24691569.58332896 | 25813321.30317698 | 28838822.52495869 | 27904654.68862952 | 28100677.73477184 | 30210380.89498165 | 31650662.41155599
 | 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 |  | 57107889.59783033 | 55235991.11158296 | 53148554.62277813 | 51002271.20122636 | 50370036.1613664 | 54083017.98673187 | 59808226.23790425 | 61542165.80952072 | 63024797.1004383 | 62834897.74484387 | 64337514.55292909 | 64365499.00836234 | 64599380.94519722 | 67378183.56783876 | 74920326.78500517 | 72731373.90677577 | 73372189.72110288 | 78678044.08156785 | 82304581.82174237
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 |  | 51990563.88829415 | 49833693.01384662 | 47584903.15695539 | 45355527.32002769 | 44610905.98949389 | 48207739.81995136 | 54361726.68893288 | 56386310.17899107 | 57938898.40434159 | 57635363.94965958 | 59003333.39846603 | 58892631.07384214 | 59455050.06135309 | 62730776.68090475 | 71100349.43924272 | 68816919.43973306 | 69301164.59598762 | 74441419.68822716 | 77900986.7941746
 | Income Taxes |  | -20796225.55531766 | -19933477.20553865 | -19033961.26278216 | -18142210.92801108 | -17844362.39579756 | -19283095.92798055 | -21744690.67557316 | -22554524.07159643 | -23175559.36173664 | -23054145.57986383 | -23601333.35938641 | -23557052.42953686 | -23782020.02454124 | -25092310.6723619 | -28440139.77569709 | -27526767.77589323 | -27720465.83839505 | -29776567.87529087 | -31160394.71766984
 | Net Income - GAAP Basis |  | 31194338.33297649 | 29900215.80830797 | 28550941.89417323 | 27213316.39201662 | 26766543.59369633 | 28924643.89197082 | 32617036.01335973 | 33831786.10739464 | 34763339.04260495 | 34581218.36979575 | 35402000.03907961 | 35335578.64430528 | 35673030.03681186 | 37638466.00854285 | 42660209.66354563 | 41290151.66383983 | 41580698.75759257 | 44664851.81293629 | 46740592.07650475
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 |  |  | 5913379.448321 | 29646007.78051465 | 30636032.52079583 | 31470419.26936462 | 30459496.42710444 | 31926256.66296723 | 34564653.86600069 | 35468733.56883594 | 36324594.23968817 | 36129806.88840525 | 36951983.10030392 | 36940199.568325 | 37050863.69269126 | 38622206.16540946 | 43050568.4778166 | 41704855.36244947 | 42055992.21496335 | 45155677.8220775 | 47242574.4847424 | 248796427.1243997
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 | 100539398.3359645 | 99145042.27170748 | 101053414.2058901 | 99621102.05816218 | 100371466.6941979 | 107148734.6083468 | 114890788.7855292 | 117863904.7938675 | 120330890.747549 | 120760465.3786532 | 123369487.2431762 | 124754900.3189164 | 126223021.6303806 | 130666226.0904757 | 139936863.7357184 | 139130725.7736949 | 140903921.7077402 | 147675120.4219083 | 152160541.6823432
 | Fuel | 0 | -31121823.32881121 | -31574072.58809496 | -32122330.07001995 | -33039461.24946129 | -34181453.79245713 | -35490197.45898774 | -36308793.88361308 | -37089492.32561687 | -37703439.64408586 | -38014203.10158251 | -38534668.72958504 | -39373477.41160852 | -40270396.33365173 | -41129417.27307337 | -41715572.7376199 | -42572067.14486678 | -43544782.03215305 | -44613505.14208055 | -45717599.70245485
 | Variable O&M | 0 | -1699007.837939889 | -1733301.216446526 | -3210564.373686002 | -3282313.042819926 | -3355683.550008249 | -3430712.971942042 | -3507439.242204872 | -3585901.171281703 | -3666138.467039499 | -3748191.755690741 | -3832102.603251329 | -3917913.537504647 | -4005668.070483828 | -4095410.721484545 | -4187187.040620963 | -4281043.632937772 | -4377028.183091557 | -4475189.480615037 | -4575577.44577809
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -1026671.868782157 | -1137983.751934986 | -1474049.938336354 | -1379207.526651528 | -1533890.823464716 | -1689696.740639339 | -1872133.329988234 | -2099153.945801338 | -2336685.908390997 | -2588334.170244306 | -2841987.73589693 | -2792114.396937668 | -2388804.885113213 | -2476749.939632855
 | NOx Costs | 0 | 0 | 0 | -1727873.882731315 | -1472256.856619727 | -1528403.757348538 | -1587381.873917866 | -1994098.325489414 | -1741822.539239062 | -1843596.087840714 | -1754252.285393249 | -1804495.51666309 | -1851287.658863568 | -1653588.292461033 | -1712711.810278074 | -1748105.65272601 | -1856365.384354125 | -1745175.997226647 | -1922096.776257853 | -1046486.655419884
 | Prod. Margin | 0 | 67718567.16921343 | 65837668.46716598 | 63992645.87945287 | 61827070.90926124 | 61305925.594384 | 65613770.434717 | 71942473.58228679 | 73972638.81939346 | 75738509.0219314 | 75709927.41252197 | 77508523.65303741 | 77740088.38095143 | 78194214.98798262 | 81392000.37724872 | 89697664.13450718 | 87579261.87563926 | 88444821.09833132 | 94275524.13784167 | 98344127.93905753
 | 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 | 61652966.23064319 | 59650323.19558122 | 57611622.5584883 | 55316528.36970922 | 54662329.18960959 | 58832812.25770567 | 65021420.57883528 | 66908750.76923874 | 68528574.90193449 | 68350860.30272003 | 69998206.59530728 | 70074483.7023886 | 70369833.29146557 | 73405799.4338558 | 81546104.71287672 | 79258909.3420893 | 79952269.71962495 | 85606816.35492554 | 89495502.40299626
 | 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 | -22739458.54449768 | -21263307.31258153 | -20437600.79721096 | -19462393.08189997 | -19464942.13925936 | -21749214.42373127 | -24499648.72122423 | -25182694.5286559 | -25730931.07204944 | -25606225.75311108 | -26210601.79664423 | -26130562.56271216 | -26134681.26452995 | -27297010.06565866 | -30497619.13576482 | -29458072.61670258 | -29607049.35184714 | -31786123.3616216 | -33259054.95917373
 | Net Margin | 0 | 34109187.81674651 | 31894960.96887229 | 30656401.19581644 | 29193589.62284996 | 29197413.20888903 | 32623821.6355969 | 36749473.08183634 | 37774041.79298384 | 38596396.60807415 | 38409338.62966663 | 39315902.69496635 | 39195843.84406824 | 39202021.89679493 | 40945515.09848799 | 45746428.70364723 | 44187108.92505386 | 44410574.02777071 | 47679185.0424324 | 49888582.43876059
 | 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 | 7251093.996145522 | 35931368.37299969 | 34036387.39127734 | 30194713.32780925 | 30397387.05035023 | 32139597.83397441 | 35429451.85761105 | 36480966.64058284 | 37395201.54188505 | 37180118.99296895 | 38056153.77532385 | 38040526.58563706 | 38154655.63627505 | 39845878.08581676 | 44597686.95626011 | 43156514.14590938 | 43501568.11091614 | 46771731.16873644 | 48976016.76451799 | 257015475.3222513
Unlevered | NPV ('00-'05) | 101357072.2805852 |  | Levered | NPV ('00-'05) | 101357072.2805852
 | NPV ('06-'19) | 175634597.9168494 |  |  | NPV ('06-'19) | 175634597.9168494
 | NPV (TV) | 38203712.71024915 |  |  | NPV (TV) | 38203712.71024915
 | NPV | 315195382.9076836 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 315195382.9076836
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 34109187.81674651 | 31894960.96887229 | 30656401.19581644 | 29193589.62284996 | 29197413.20888903 | 32623821.6355969 | 36749473.08183634 | 37774041.79298384 | 38596396.60807415 | 38409338.62966663 | 39315902.69496635 | 39195843.84406824 | 39202021.89679493 | 40945515.09848799 | 45746428.70364723 | 44187108.92505386 | 44410574.02777071 | 47679185.0424324 | 49888582.43876059
 | Income Taxes (Per Cash Flow) |  | 22739458.54449768 | 21263307.31258153 | 20437600.79721096 | 19462393.08189997 | 19464942.13925936 | 21749214.42373127 | 24499648.72122423 | 25182694.5286559 | 25730931.07204944 | 25606225.75311108 | 26210601.79664423 | 26130562.56271216 | 26134681.26452995 | 27297010.06565866 | 30497619.13576482 | 29458072.61670258 | 29607049.35184714 | 31786123.3616216 | 33259054.95917373
 | 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 |  | 61652966.23064318 | 59650323.19558122 | 57611622.5584883 | 55316528.36970922 | 54662329.18960959 | 58832812.25770567 | 65021420.57883528 | 66908750.76923875 | 68528574.90193449 | 68350860.30272003 | 69998206.59530728 | 70074483.7023886 | 70369833.29146558 | 73405799.4338558 | 81546104.71287672 | 79258909.3420893 | 79952269.71962495 | 85606816.35492554 | 89495502.40299626
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 |  | 55837717.002107 | 53719653.30084489 | 51550694.33916557 | 48972999.73551056 | 48079179.30833708 | 52002462.37643316 | 58484865.75012715 | 60523806.78677024 | 62070383.78953076 | 61631533.9049295 | 62992307.64634979 | 62773415.02572914 | 63236124.22940801 | 66603001.60955196 | 75399743.28781334 | 72841947.85955662 | 73197330.95474504 | 78499429.49881725 | 82028690.62496786
 | Income Taxes |  | -22335086.8008428 | -21487861.32033795 | -20620277.73566623 | -19589199.89420423 | -19231671.72333483 | -20800984.95057327 | -23393946.30005086 | -24209522.7147081 | -24828153.51581231 | -24652613.5619718 | -25196923.05853992 | -25109366.01029166 | -25294449.69176321 | -26641200.64382078 | -30159897.31512534 | -29136779.14382265 | -29278932.38189802 | -31399771.7995269 | -32811476.24998714
 | Net Income - GAAP Basis |  | 33502630.2012642 | 32231791.98050693 | 30930416.60349934 | 29383799.84130633 | 28847507.58500225 | 31201477.4258599 | 35090919.45007629 | 36314284.07206214 | 37242230.27371845 | 36978920.3429577 | 37795384.58780988 | 37664049.01543748 | 37941674.5376448 | 39961800.96573117 | 45239845.972688 | 43705168.71573397 | 43918398.57284702 | 47099657.69929035 | 49217214.37498072
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 |  |  | 7251093.996145522 | 35931368.37299969 | 34036387.39127734 | 30194713.32780925 | 30397387.05035023 | 32139597.83397441 | 35429451.85761105 | 36480966.64058284 | 37395201.54188505 | 37180118.99296895 | 38056153.77532385 | 38040526.58563706 | 38154655.63627505 | 39845878.08581676 | 44597686.95626011 | 43156514.14590938 | 43501568.11091614 | 46771731.16873644 | 48976016.76451799 | 257015475.3222513
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 | 29030304.42042896 | 28627690.30411419 | 29178724.21831763 | 28765150.45159709 | 28981814.90524391 | 30938720.8937709 | 33174204.62773969 | 34032678.66108225 | 34745009.8906464 | 34869047.65612592 | 35384817.83998922 | 36022422.99179231 | 36446336.49538721 | 37729292.03534123 | 40138618.42568702 | 40173378.69825664 | 40685381.1432126 | 42640534.67721975 | 43935680.13063854
 | Fuel | 0 | -9851572.383024642 | -9993315.798878402 | -10167457.70978445 | -10458234.20287874 | -10821907.30984068 | -11237418.00888628 | -11496605.96930459 | -11743644.49407829 | -11937225.50201572 | -12032801.06241997 | -12032765.41351691 | -12461271.15948648 | -12745567.95357032 | -13016095.38725692 | -13023642.62913392 | -13471294.24274158 | -13779079.94573832 | -14116834.25665843 | -14465928.04084684
 | Variable O&M | 0 | -769939.5652601304 | -785480.299298602 | -801334.7130404575 | -817509.1379084002 | -834010.0331208211 | -850843.9882712727 | -868017.7259600078 | -885538.1044786329 | -903412.1205489526 | -921646.9121170928 | -927645.3684748093 | -959228.0968136109 | -978589.4978993868 | -998341.6963911701 | -1004816.558437292 | -1039050.196782202 | -1060022.755524988 | -1081418.63185299 | -1103246.370158914
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -926111.9008920174 | -1026521.060656782 | -1202716.834479964 | -1244117.563820039 | -1383650.014648593 | -1490815.210429032 | -1688762.505020569 | -1893547.013533251 | -2107813.308427905 | -2283680.768191203 | -2563622.072868711 | -2518633.703992706 | -2154827.360407347 | -2234158.414555984
 | NOx Costs | 0 | 0 | 0 | -2411652.291640451 | -2054878.922377025 | -2133245.059607541 | -2215562.820991967 | -2783230.792759627 | -2431120.90550655 | -2573169.705576134 | -2448469.524579297 | -2484801.900174317 | -2583905.092613907 | -2307969.369060478 | -2390490.071907102 | -2407152.695857903 | -2590992.246623241 | -2435801.44077102 | -2682735.783869584 | -1460616.984802797
 | Prod. Margin | 0 | 18408792.47214418 | 17848894.20593718 | 15798279.50385226 | 15434528.18843293 | 15192652.50267487 | 15708784.17472936 | 16999829.07905868 | 17769658.32253881 | 18087084.99868556 | 18082480.14236096 | 18448789.94739415 | 18329256.13785775 | 18520662.66132378 | 19216551.57135813 | 21419325.77406671 | 20508419.93924091 | 20891843.29718557 | 22604718.6444314 | 24671730.32027401
 | 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 | 14972315.0626972 | 14342787.81430635 | 12220585.30094596 | 11778545.64348147 | 11417604.42091775 | 11784410.04902316 | 12956738.59159653 | 13605390.19889868 | 13810784.23579425 | 13710232.05784972 | 13991635.90353329 | 13784664.72086137 | 13887094.50099215 | 14492300.12955023 | 16602446.92189379 | 15597012.7906343 | 15884014.59647961 | 17498311.85853944 | 19464674.7775174
 | 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 | -5632869.151474334 | -5292627.566458581 | -4439418.008553027 | -4261635.666594706 | -4094728.901174587 | -4205113.53865214 | -4662950.595941621 | -4938638.58609252 | -5027705.083147958 | -4966683.715916616 | -5052363.288094518 | -4953981.989403782 | -4965039.016875474 | -5185376.967635214 | -6006443.189423334 | -5571943.815768027 | -5653078.546990547 | -6251288.783090406 | -6991328.340986708
 | Net Margin | 0 | 8449303.7272115 | 7938941.349687871 | 6659127.012829541 | 6392453.499892057 | 6142093.35176188 | 6307670.30797821 | 6994425.89391243 | 7407957.87913878 | 7541557.624721937 | 7450025.573874923 | 7578544.932141776 | 7430972.984105673 | 7447558.52531321 | 7778065.451452821 | 9009664.784135 | 8357915.72365204 | 8479617.820485821 | 9376933.174635608 | 10486992.51148006
 | 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 | 3898933.201222864 | 7842264.297847771 | 7487074.192392932 | 6740183.936886766 | 5598374.307743162 | 5803060.262011018 | 6464264.659844113 | 6782342.576921035 | 6842137.845684614 | 6744378.795762575 | 6880127.982883126 | 6709763.759925276 | 6737508.94343839 | 7056840.225016383 | 8278418.307464868 | 7637955.987110518 | 7772209.672100634 | 8714534.906738944 | 9864883.622759305 | 46942417.1776731
Unlevered | NPV ('00-'05) | 23730630.85076145 |  | Levered | NPV ('00-'05) | 23730630.85076145
 | NPV ('06-'19) | 31980239.21324166 |  |  | NPV ('06-'19) | 31980239.21324166
 | NPV (TV) | 6977691.197512204 |  |  | NPV (TV) | 6977691.197512204
 | NPV | 62688561.26151529 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 62688561.26151529
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 8449303.7272115 | 7938941.349687871 | 6659127.012829541 | 6392453.499892057 | 6142093.35176188 | 6307670.30797821 | 6994425.89391243 | 7407957.87913878 | 7541557.624721937 | 7450025.573874923 | 7578544.932141776 | 7430972.984105673 | 7447558.52531321 | 7778065.451452821 | 9009664.784135 | 8357915.72365204 | 8479617.820485821 | 9376933.174635608 | 10486992.51148006
 | Income Taxes (Per Cash Flow) |  | 5632869.151474334 | 5292627.566458581 | 4439418.008553027 | 4261635.666594706 | 4094728.901174587 | 4205113.53865214 | 4662950.595941621 | 4938638.58609252 | 5027705.083147958 | 4966683.715916616 | 5052363.288094518 | 4953981.989403782 | 4965039.016875474 | 5185376.967635214 | 6006443.189423334 | 5571943.815768027 | 5653078.546990547 | 6251288.783090406 | 6991328.340986708
 | 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 |  | 14972315.0626972 | 14342787.81430635 | 12220585.30094596 | 11778545.64348147 | 11417604.42091775 | 11784410.04902316 | 12956738.59159653 | 13605390.19889868 | 13810784.23579425 | 13710232.05784972 | 13991635.90353329 | 13784664.72086137 | 13887094.50099215 | 14492300.12955023 | 16602446.92189379 | 15597012.7906343 | 15884014.59647961 | 17498311.85853944 | 19464674.7775174
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 |  | 13650642.93369515 | 12962630.69326406 | 10832630.27726001 | 10381401.27561162 | 10019352.37890657 | 10297346.19459398 | 11786837.06726165 | 12696362.54856948 | 12805066.79696703 | 12618107.73079446 | 12898623.48717041 | 12585606.35592188 | 12578808.80901874 | 13071510.29073189 | 15065777.81182517 | 13941631.00654791 | 14107434.72193145 | 15595107.57555577 | 17431047.35384516
 | Income Taxes |  | -5460257.173478061 | -5185052.277305625 | -4333052.110904004 | -4152560.510244648 | -4007740.95156263 | -4118938.477837592 | -4714734.826904662 | -5078545.019427791 | -5122026.718786813 | -5047243.092317786 | -5159449.394868165 | -5034242.542368752 | -5031523.523607497 | -5228604.116292757 | -6026311.12473007 | -5576652.402619165 | -5642973.888772581 | -6238043.030222308 | -6972418.941538066
 | Net Income - GAAP Basis |  | 8190385.760217091 | 7777578.415958438 | 6499578.166356007 | 6228840.765366971 | 6011611.427343944 | 6178407.716756389 | 7072102.240356993 | 7617817.529141685 | 7683040.07818022 | 7570864.638476677 | 7739174.092302248 | 7551363.813553127 | 7547285.285411245 | 7842906.174439135 | 9039466.687095106 | 8364978.603928748 | 8464460.83315887 | 9357064.54533346 | 10458628.4123071
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 |  |  | 3898933.201222864 | 7842264.297847771 | 7487074.192392932 | 6740183.936886766 | 5598374.307743162 | 5803060.262011018 | 6464264.659844113 | 6782342.576921035 | 6842137.845684614 | 6744378.795762575 | 6880127.982883126 | 6709763.759925276 | 6737508.94343839 | 7056840.225016383 | 8278418.307464868 | 7637955.987110518 | 7772209.672100634 | 8714534.906738944 | 9864883.622759305 | 46942417.1776731
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 | 28028526.35079674 | 27639805.64691083 | 28171824.47663985 | 27772522.31808696 | 27981710.11234403 | 29871087.16713173 | 32029428.80340575 | 32858278.60520407 | 33546028.70073131 | 33665786.16961231 | 34393133.25234725 | 34779360.81629549 | 35188645.90796705 | 36427329.20379901 | 39011811.6637007 | 38787075.29681446 | 39281409.55567327 | 41169094.62966135 | 42419547.18928789
 | Fuel | 0 | -9174874.058444148 | -9306881.208014788 | -9469061.420344437 | -9739864.658606496 | -10078557.28807631 | -10465526.81796054 | -10706911.32003258 | -10936980.92356998 | -11117264.97355503 | -11206275.50869409 | -11358649.47562706 | -11605314.26368192 | -11870082.88939218 | -12122027.96342986 | -12294014.42115619 | -12545959.49519387 | -12832603.59140441 | -13147157.77066702 | -13472272.52189529
 | Variable O&M | 0 | -743370.4821306756 | -758374.9363451306 | -773682.245800257 | -789298.5234339524 | -805230.0055698275 | -821483.0544076666 | -838064.1605641575 | -854979.9456649036 | -872237.1649887551 | -889842.7101655131 | -907803.6119280851 | -926127.0429201935 | -944820.3205607523 | -963890.9099660609 | -983346.4269309825 | -1003194.640970291 | -1023443.478421412 | -1044101.025609783 | -1065175.532078112
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -814924.5507652141 | -903278.7651265678 | -1061916.273030709 | -1094751.018552534 | -1217531.451132123 | -1341202.967729441 | -1486012.677763321 | -1666211.121863469 | -1854752.985911398 | -2054499.714128384 | -2255838.159570216 | -2216251.014366029 | -1896122.614303061 | -1965929.322975674
 | NOx Costs | 0 | 0 | 0 | -2245997.409173581 | -1913730.578749733 | -1986713.795192993 | -2063377.201206896 | -2592052.416237053 | -2264128.736170856 | -2396420.293307181 | -2280285.689486719 | -2345594.950994968 | -2406418.273346381 | -2149436.401478827 | -2226288.809033246 | -2272295.91593685 | -2413018.615194398 | -2268487.768405307 | -2498460.34644146 | -1360288.120735069
 | Prod. Margin | 0 | 18110281.81022191 | 17574549.50255091 | 15683083.40132158 | 15329628.55729678 | 15111209.0235049 | 15705775.54279142 | 16989122.14144539 | 17740272.72676761 | 18065355.25032781 | 18071850.81013386 | 18439882.24606768 | 18355488.55858367 | 18558095.17467181 | 19260368.53545844 | 21407655.1855483 | 20569064.38588568 | 20940623.70307611 | 22583252.87264002 | 24555881.69160375
 | 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 | 14441015.92520169 | 13830998.86583538 | 11863493.91329988 | 11426906.8646302 | 11084793.04933917 | 11519418.13590228 | 12684953.93836572 | 13309683.73485339 | 13511720.11696445 | 13416813.37912668 | 13694374.78016651 | 13517238.76151331 | 13625079.77006983 | 14230765.20789989 | 16279401.71331484 | 15340139.42822245 | 15609011.14053752 | 17146670.85108388 | 19012131.71187479
 | 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 | -5492005.69917613 | -5155427.885247871 | -4288646.945507315 | -4113685.927366035 | -3955150.391570196 | -4093747.165376112 | -4549917.983806207 | -4816999.4589183 | -4910947.747733357 | -4853847.370924004 | -4938474.509096942 | -4852497.383235349 | -4866198.111661617 | -5087221.572001955 | -5884192.072466586 | -5476685.082529515 | -5551107.130948876 | -6119217.881690559 | -6819468.817616663
 | Net Margin | 0 | 8238008.548764194 | 7733141.827871805 | 6432970.418260972 | 6170528.891049052 | 5932725.587355293 | 6140620.748064168 | 6824876.975709311 | 7225499.18837745 | 7366421.621600037 | 7280771.056386006 | 7407711.763645413 | 7278746.074853024 | 7299297.167492425 | 7630832.358002931 | 8826288.108699879 | 8215027.623794271 | 8326660.696423314 | 9178826.822535839 | 10229203.22642499
 | 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 | 8285577.696025557 | 2772537.090587505 | 7283215.827792563 | 6536494.897264161 | 5425306.179768975 | 5670204.398186165 | 6326905.385049317 | 6630309.789339585 | 6682526.64803772 | 6587172.915373503 | 6720833.385455522 | 6568622.486095488 | 6599879.199460272 | 6919771.103181558 | 8104723.932150383 | 7504254.065734128 | 7627927.721231065 | 8524577.392385023 | 9614701.04993958 | 45944441.8104647
Unlevered | NPV ('00-'05) | 23128886.43393182 |  | Levered | NPV ('00-'05) | 23128886.43393182
 | NPV ('06-'19) | 31284472.65453895 |  |  | NPV ('06-'19) | 31284472.65453895
 | NPV (TV) | 6829348.518251621 |  |  | NPV (TV) | 6829348.518251621
 | NPV | 61242707.60672237 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 61242707.60672237
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 8238008.548764194 | 7733141.827871805 | 6432970.418260972 | 6170528.891049052 | 5932725.587355293 | 6140620.748064168 | 6824876.975709311 | 7225499.18837745 | 7366421.621600037 | 7280771.056386006 | 7407711.763645413 | 7278746.074853024 | 7299297.167492425 | 7630832.358002931 | 8826288.108699879 | 8215027.623794271 | 8326660.696423314 | 9178826.822535839 | 10229203.22642499
 | Income Taxes (Per Cash Flow) |  | 5492005.69917613 | 5155427.885247871 | 4288646.945507315 | 4113685.927366035 | 3955150.391570196 | 4093747.165376112 | 4549917.983806207 | 4816999.4589183 | 4910947.747733357 | 4853847.370924004 | 4938474.509096942 | 4852497.383235349 | 4866198.111661617 | 5087221.572001955 | 5884192.072466586 | 5476685.082529515 | 5551107.130948876 | 6119217.881690559 | 6819468.817616663
 | 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 |  | 14441015.92520169 | 13830998.86583538 | 11863493.91329988 | 11426906.8646302 | 11084793.04933917 | 11519418.13590228 | 12684953.93836572 | 13309683.73485339 | 13511720.11696445 | 13416813.37912668 | 13694374.78016651 | 13517238.76151331 | 13625079.77006983 | 14230765.20789989 | 16279401.71331484 | 15340139.42822245 | 15609011.14053752 | 17146670.85108388 | 19012131.71187479
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 |  | 13358197.80519964 | 12454938.85679309 | 10479759.09961393 | 10033982.70676035 | 9691769.454027995 | 10038621.2119741 | 11522388.98284688 | 12409094.3808047 | 12515575.75370616 | 12335430.95030742 | 12613308.14938671 | 12331366.18612438 | 12331257.07173351 | 12825753.88292775 | 14759866.10290781 | 13703286.77918749 | 13852397.90549232 | 15264913.83718828 | 17001476.60576326
 | Income Taxes |  | -5343279.122079857 | -4981975.542717235 | -4191903.639845571 | -4013593.082704138 | -3876707.781611199 | -4015448.484789641 | -4608955.593138751 | -4963637.752321881 | -5006230.301482464 | -4934172.380122968 | -5045323.259754684 | -4932546.474449753 | -4932502.828693404 | -5130301.553171102 | -5903946.441163123 | -5481314.711674996 | -5540959.16219693 | -6105965.534875311 | -6800590.642305304
 | Net Income - GAAP Basis |  | 8014918.683119785 | 7472963.314075852 | 6287855.459768357 | 6020389.624056207 | 5815061.672416797 | 6023172.72718446 | 6913433.389708126 | 7445456.628482821 | 7509345.452223697 | 7401258.570184452 | 7567984.889632026 | 7398819.711674628 | 7398754.243040104 | 7695452.329756651 | 8855919.661744684 | 8221972.067512494 | 8311438.743295393 | 9158948.302312965 | 10200885.96345796
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 |  |  | 8285577.696025557 | 2772537.090587505 | 7283215.827792563 | 6536494.897264161 | 5425306.179768975 | 5670204.398186165 | 6326905.385049317 | 6630309.789339585 | 6682526.64803772 | 6587172.915373503 | 6720833.385455522 | 6568622.486095488 | 6599879.199460272 | 6919771.103181558 | 8104723.932150383 | 7504254.065734128 | 7627927.721231065 | 8524577.392385023 | 9614701.04993958 | 45944441.8104647
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 | 39255828.81824045 | 38711399.43159104 | 39456527.44319374 | 38897278.02041913 | 39190259.54001255 | 41836458.67683405 | 44859360.72828088 | 46020220.40132256 | 46983460.48329639 | 47151188.84115797 | 48169887.15636484 | 48710824.73351319 | 49284055.92288889 | 51018914.85955261 | 54638655.68216499 | 54323897.34498724 | 55016245.59055247 | 57660074.99491635 | 59411417.57396119
 | Fuel | 0 | -12301003.38550072 | -12477988.96409668 | -12695428.38922886 | -13058501.66189142 | -13512596.08926047 | -14031416.67108748 | -14355047.44337723 | -14663508.0232159 | -14905219.75626981 | -15024558.60355165 | -15228850.52855956 | -15559560.72399314 | -15914543.22734847 | -16252332.84592589 | -16482919.77118234 | -16820709.38975976 | -17205020.93185385 | -17626752.28199393 | -18062642.47842168
 | Variable O&M | 0 | -1041140.15948702 | -1062154.902780402 | -1083593.815126973 | -1105465.458105771 | -1127778.566105792 | -1150542.049814045 | -1173764.999774016 | -1197456.690015953 | -1221626.581760428 | -1246284.327196659 | -1271439.773337077 | -1297102.96594972 | -1323284.153569981 | -1349993.791593332 | -1377242.546450671 | -1405041.299867928 | -1433401.153211662 | -1462333.431922361 | -1491849.690037234
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -1080871.896156571 | -1198060.152566941 | -1409405.823833452 | -1452018.604828028 | -1614867.937135676 | -1778899.155141789 | -1970966.93088769 | -2209972.411549796 | -2460044.153660181 | -2724977.422238521 | -2992021.858548094 | -2939515.607926371 | -2514914.593679446 | -2607502.440611493
 | NOx Costs | 0 | 0 | 0 | -2710142.875234155 | -2309211.60992109 | -2397277.136287014 | -2489783.379950142 | -3127711.705902244 | -2732021.122501716 | -2891651.324906342 | -2751516.982886787 | -2830322.697016488 | -2903715.43248692 | -2593627.101012643 | -2686361.404234674 | -2741876.08669854 | -2911679.764663108 | -2737280.968352322 | -3014778.413949662 | -1641397.778830157
 | Prod. Margin | 0 | 25913685.27325271 | 25171255.56471396 | 22967362.36360376 | 22424099.29050085 | 22152607.74835927 | 23083844.67982581 | 25004776.42666045 | 26017828.74175554 | 26512944.21553179 | 26513960.9903872 | 27060375.00230993 | 26979478.68019571 | 27242629.029408 | 28270182.66413854 | 31311639.85559492 | 30194445.03214834 | 30701026.92920827 | 33041296.27337096 | 35608025.18606062
 | 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 | 22270722.96081524 | 21454377.48339167 | 19173999.03786562 | 18545873.81721529 | 18134898.73504354 | 18885421.41309105 | 20667820.37738286 | 21539404.15395448 | 21906024.78232243 | 21800452.98341867 | 22256233.50602588 | 22081810.39843713 | 22249795.73488783 | 23180381.59736674 | 26122755.20191138 | 24904430.49689315 | 25307857.43179484 | 27542599.39199528 | 30001556.73149888
 | 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 | -8522506.777712462 | -8047555.139484067 | -7001491.6588021 | -6750146.622357827 | -6554712.85769548 | -6800444.513447431 | -7493444.56653098 | -7859357.512754269 | -8018016.340740593 | -7942233.798275473 | -8080736.886906758 | -7982705.205298907 | -8001998.362374772 | -8337242.656900427 | -9475280.955465669 | -8936102.79009 | -9043565.323817616 | -9864462.308457738 | -10776162.09810865
 | Net Margin | 0 | 12783760.16656869 | 12071332.7092261 | 10502237.48820315 | 10125219.93353674 | 9832069.28654322 | 10200666.77017115 | 11240166.84979647 | 11789036.2691314 | 12027024.51111089 | 11913350.69741321 | 12121105.33036014 | 11974057.80794836 | 12002997.54356216 | 12505863.98535064 | 14212921.4331985 | 13404154.185135 | 13565347.98572642 | 14796693.46268661 | 16164243.14716297
 | 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 | 12943924.83310278 | 3786346.553907603 | 11568296.85906352 | 10737858.29485746 | 8930397.451348066 | 9355694.82086362 | 10363215.26970848 | 10784551.28382251 | 10905648.2234828 | 10786388.16050119 | 11011510.66373786 | 10840199.65909552 | 10891124.67244907 | 11385766.05940041 | 13086380.17894783 | 12300400.81728033 | 12486327.41176872 | 13786833.44644279 | 15217351.88718263 | 74836085.55850694
Unlevered | NPV ('00-'05) | 36467024.97131649 |  | Levered | NPV ('00-'05) | 36467024.97131649
 | NPV ('06-'19) | 51128149.6666076 |  |  | NPV ('06-'19) | 51128149.6666076
 | NPV (TV) | 11123907.26454168 |  |  | NPV (TV) | 11123907.26454168
 | NPV | 98719081.90246576 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 98719081.90246576
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 12783760.16656869 | 12071332.7092261 | 10502237.48820315 | 10125219.93353674 | 9832069.28654322 | 10200666.77017115 | 11240166.84979647 | 11789036.2691314 | 12027024.51111089 | 11913350.69741321 | 12121105.33036014 | 11974057.80794836 | 12002997.54356216 | 12505863.98535064 | 14212921.4331985 | 13404154.185135 | 13565347.98572642 | 14796693.46268661 | 16164243.14716297
 | Income Taxes (Per Cash Flow) |  | 8522506.777712462 | 8047555.139484067 | 7001491.6588021 | 6750146.622357827 | 6554712.85769548 | 6800444.513447431 | 7493444.56653098 | 7859357.512754269 | 8018016.340740593 | 7942233.798275473 | 8080736.886906758 | 7982705.205298907 | 8001998.362374772 | 8337242.656900427 | 9475280.955465669 | 8936102.79009 | 9043565.323817616 | 9864462.308457738 | 10776162.09810865
 | 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 |  | 22270722.96081524 | 21454377.48339167 | 19173999.03786562 | 18545873.81721529 | 18134898.73504354 | 18885421.41309105 | 20667820.37738286 | 21539404.15395448 | 21906024.78232243 | 21800452.98341867 | 22256233.50602588 | 22081810.39843713 | 22249795.73488783 | 23180381.59736674 | 26122755.20191138 | 24904430.49689315 | 25307857.43179484 | 27542599.39199528 | 30001556.73149888
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 |  | 20801202.52982309 | 19506433.84905749 | 17205249.81691029 | 16564601.47679677 | 16137041.49956662 | 16751100.07367513 | 18949384.92156147 | 20159726.62922581 | 20377715.75133571 | 20137005.62888391 | 20573574.62198782 | 20236206.23769693 | 20236357.93914443 | 20994075.15757004 | 23758394.05873979 | 22357548.5501748 | 22574444.19958712 | 24614620.97793283 | 26873176.18012604
 | Income Taxes |  | -8320481.011929238 | -7802573.539622996 | -6882099.926764115 | -6625840.590718709 | -6454816.59982665 | -6700440.029470053 | -7579753.968624588 | -8063890.651690324 | -8151086.300534286 | -8054802.251553565 | -8229429.848795128 | -8094482.495078772 | -8094543.175657772 | -8397630.063028017 | -9503357.623495918 | -8943019.42006992 | -9029777.679834848 | -9845848.391173132 | -10749270.47205042
 | Net Income - GAAP Basis |  | 12480721.51789386 | 11703860.30943449 | 10323149.89014617 | 9938760.886078063 | 9682224.899739973 | 10050660.04420508 | 11369630.95293688 | 12095835.97753549 | 12226629.45080143 | 12082203.37733035 | 12344144.77319269 | 12141723.74261816 | 12141814.76348666 | 12596445.09454202 | 14255036.43524387 | 13414529.13010488 | 13544666.51975227 | 14768772.5867597 | 16123905.70807562
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 |  |  | 12943924.83310278 | 3786346.553907603 | 11568296.85906352 | 10737858.29485746 | 8930397.451348066 | 9355694.82086362 | 10363215.26970848 | 10784551.28382251 | 10905648.2234828 | 10786388.16050119 | 11011510.66373786 | 10840199.65909552 | 10891124.67244907 | 11385766.05940041 | 13086380.17894783 | 12300400.81728033 | 12486327.41176872 | 13786833.44644279 | 15217351.88718263 | 74836085.55850694
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 | 43908062.32338545 | 43299112.2601893 | 44132545.87138208 | 43507019.44005387 | 43834722.38784976 | 46794524.28523476 | 50175672.40178506 | 51474106.30082771 | 52551500.58404401 | 52739106.53740405 | 53878531.44471999 | 54483575.88182669 | 55124741.06790273 | 57065199.2522404 | 61113917.88634846 | 60761857.33631916 | 61536256.21747695 | 64493407.54388753 | 66452302.85765982
 | Fuel | 0 | -13439585.98382988 | -13632953.37239933 | -13870519.02121323 | -14267198.40690713 | -14763323.87815104 | -15330166.56578605 | -15683752.64774162 | -16020764.38210552 | -16284848.98706608 | -16415233.85478719 | -16638435.06902165 | -16999755.84652 | -17387595.58016501 | -17756651.05320613 | -18008581.13659947 | -18377636.60964059 | -18797520.08196283 | -19258286.94501118 | -19734523.19914508
 | Variable O&M | 0 | -1164526.34898627 | -1188031.56301469 | -1212011.214643429 | -1236474.880089761 | -1261432.328860735 | -1286893.527654605 | -1312868.644341008 | -1339368.052021478 | -1366402.33317192 | -1393982.283868696 | -1422118.918100014 | -1450823.472164337 | -1480107.409157573 | -1509982.423550836 | -1540460.445860602 | -1571553.647413137 | -1603274.445205085 | -1635635.506862167 | -1668649.755697966
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -1023944.594788607 | -1134960.786578571 | -1347867.702951841 | -1375543.769093228 | -1529816.161755379 | -1685208.192625262 | -1867160.153359375 | -2093577.706557895 | -2330478.683957541 | -2581458.461769408 | -2834438.216446968 | -2784697.362134901 | -2382459.210670449 | -2470170.645990673
 | NOx Costs | 0 | 0 | 0 | -1710796.579444977 | -1457705.923761049 | -1513297.90108838 | -1571693.112160972 | -1974389.814221606 | -1724607.375522051 | -1825375.053398203 | -1736914.27327453 | -1786660.929587683 | -1832990.605394195 | -1637245.184863124 | -1695784.360121829 | -1730828.390359516 | -1838018.145591095 | -1727927.689875901 | -1903099.886541596 | -1036143.788282231
 | Prod. Margin | 0 | 29303949.9905693 | 28478127.32477528 | 27339219.05608045 | 26545640.22929593 | 26296668.27974961 | 27581826.48484453 | 30069700.50890226 | 31041498.78822682 | 31699330.44131458 | 31663159.96371826 | 32346108.33538538 | 32332845.80438879 | 32526215.18715913 | 33772302.73140406 | 37252589.45175947 | 36140210.71722737 | 36622836.63829823 | 39313925.99480213 | 41542815.46854387
 | 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 | 24756582.39105735 | 23838701.328286 | 22605465.83038338 | 21706781.71700446 | 21314685.93782891 | 22382184.85958786 | 24710865.03124033 | 25520104.71518591 | 26012015.43126052 | 25835258.52294188 | 26404378.57329417 | 26275420.96943506 | 26350514.92293239 | 27476080.21228058 | 30833228.34546086 | 29595173.42749086 | 29949607.62272156 | 32509579.90163564 | 34604574.33954439
 | 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 | -9439805.911009304 | -9036051.79851588 | -8428654.989378845 | -7961429.310804652 | -7772725.904882065 | -8149431.384171337 | -9070582.60444632 | -9427244.113438133 | -9649593.454779668 | -9561572.487019004 | -9754087.685630713 | -9683566.9256969 | -9671927.481048537 | -10093696.52132273 | -11406294.13771808 | -10866109.94335383 | -10960981.30671594 | -11916183.1247345 | -12687205.17081724
 | Net Margin | 0 | 14159708.86651396 | 13554077.69777382 | 12642982.48406827 | 11942143.96620698 | 11659088.8573231 | 12224147.07625701 | 13605873.90666948 | 14140866.1701572 | 14474390.1821695 | 14342358.73052851 | 14631131.52844607 | 14525350.38854535 | 14507891.2215728 | 15140544.78198409 | 17109441.20657711 | 16299164.91503074 | 16441471.96007391 | 17874274.68710174 | 19030807.75622586
 | 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 | 13658361.71004805 | 13345584.66977012 | 7139200.611004538 | 12505672.25619981 | 11045074.69094684 | 11660961.57315652 | 12991336.76746621 | 13364446.57264015 | 13552155.52649999 | 13379111.59244259 | 13668879.21087876 | 13521000.01664992 | 13515607.79398297 | 14124514.65361994 | 16071329.09928473 | 15272790.22242523 | 15428664.85644247 | 16926636.4735511 | 18140606.05627661 | 92198700.9733069
Unlevered | NPV ('00-'05) | 44209553.17708519 |  | Levered | NPV ('00-'05) | 44209553.17708519
 | NPV ('06-'19) | 63356847.68526394 |  |  | NPV ('06-'19) | 63356847.68526394
 | NPV (TV) | 13704749.41178547 |  |  | NPV (TV) | 13704749.41178547
 | NPV | 121271150.2741346 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 121271150.2741346
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 14159708.86651396 | 13554077.69777382 | 12642982.48406827 | 11942143.96620698 | 11659088.8573231 | 12224147.07625701 | 13605873.90666948 | 14140866.1701572 | 14474390.1821695 | 14342358.73052851 | 14631131.52844607 | 14525350.38854535 | 14507891.2215728 | 15140544.78198409 | 17109441.20657711 | 16299164.91503074 | 16441471.96007391 | 17874274.68710174 | 19030807.75622586
 | Income Taxes (Per Cash Flow) |  | 9439805.911009304 | 9036051.79851588 | 8428654.989378845 | 7961429.310804652 | 7772725.904882065 | 8149431.384171337 | 9070582.60444632 | 9427244.113438133 | 9649593.454779668 | 9561572.487019004 | 9754087.685630713 | 9683566.9256969 | 9671927.481048537 | 10093696.52132273 | 11406294.13771808 | 10866109.94335383 | 10960981.30671594 | 11916183.1247345 | 12687205.17081724
 | 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 |  | 24756582.39105735 | 23838701.328286 | 22605465.83038338 | 21706781.71700446 | 21314685.93782891 | 22382184.85958786 | 24710865.03124033 | 25520104.71518591 | 26012015.43126052 | 25835258.52294188 | 26404378.57329417 | 26275420.96943506 | 26350514.92293239 | 27476080.21228058 | 30833228.34546086 | 29595173.42749086 | 29949607.62272156 | 32509579.90163564 | 34604574.33954439
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 |  | 22998693.84377749 | 22011007.09991001 | 20436912.50384197 | 19523553.3582015 | 19142438.92861533 | 20081348.25526128 | 22929663.85174232 | 24169122.71582816 | 24521090.23203681 | 24221229.47773642 | 24804155.2351859 | 24521654.92997238 | 24438599.90107467 | 25401271.73855596 | 28590639.61631334 | 27180797.05978436 | 27360006.95077252 | 29736641.2145191 | 31642797.49680533
 | Income Taxes |  | -9199477.537510997 | -8804402.839964002 | -8174765.00153679 | -7809421.3432806 | -7656975.571446132 | -8032539.30210451 | -9171865.540696926 | -9667649.086331263 | -9808436.092814723 | -9688491.791094568 | -9921662.094074361 | -9808661.971988952 | -9775439.960429868 | -10160508.69542238 | -11436255.84652534 | -10872318.82391375 | -10944002.78030901 | -11894656.48580764 | -12657118.99872213
 | Net Income - GAAP Basis |  | 13799216.30626649 | 13206604.259946 | 12262147.50230518 | 11714132.0149209 | 11485463.3571692 | 12048808.95315677 | 13757798.31104539 | 14501473.62949689 | 14712654.13922208 | 14532737.68664185 | 14882493.14111154 | 14712992.95798343 | 14663159.9406448 | 15240763.04313357 | 17154383.769788 | 16308478.23587062 | 16416004.17046351 | 17841984.72871146 | 18985678.4980832
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 |  |  | 13658361.71004805 | 13345584.66977012 | 7139200.611004538 | 12505672.25619981 | 11045074.69094684 | 11660961.57315652 | 12991336.76746621 | 13364446.57264015 | 13552155.52649999 | 13379111.59244259 | 13668879.21087876 | 13521000.01664992 | 13515607.79398297 | 14124514.65361994 | 16071329.09928473 | 15272790.22242523 | 15428664.85644247 | 16926636.4735511 | 18140606.05627661 | 92198700.9733069
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 | 68993799.62957004 | 68036941.67635097 | 69346536.05452415 | 68363631.25339216 | 68878558.81616479 | 73529367.07883409 | 78842246.84002838 | 80882507.41001214 | 82575443.08890401 | 82870232.85803807 | 84660638.75591858 | 85611359.70446053 | 86618838.05893189 | 89667926.90675485 | 96029776.35802037 | 95476575.10611127 | 96693406.78605317 | 101340050.1424836 | 104418109.6974308
 | Fuel | 0 | -21428254.29149815 | -21736561.82261812 | -22115339.64656551 | -22747810.52469162 | -23538839.56167942 | -24442621.06719109 | -25006383.40981046 | -25543719.39261955 | -25964779.3922634 | -26172666.75610429 | -26528541.73488276 | -27104636.37874694 | -27723013.19830756 | -28311440.14341652 | -28713120.81253282 | -29301547.7576418 | -29971015.5395023 | -30705668.34222816 | -31464985.74744363
 | Variable O&M | 0 | -1781268.353888439 | -1817222.107907527 | -1853901.565285821 | -1891321.373878043 | -1929496.477196424 | -1968442.120378362 | -2008173.856274528 | -2048707.551659867 | -2090059.393569948 | -2132245.895765228 | -2175283.905325776 | -2219190.609379118 | -2263983.541963875 | -2309680.591031941 | -2356300.00559199 | -2403860.402997183 | -2452380.776379956 | -2501880.502236886 | -2552379.34816665
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -1669340.952278428 | -1850331.092042037 | -2194007.038685616 | -2242554.486918119 | -2494065.38329633 | -2747401.630305245 | -3044038.636786556 | -3413168.075813479 | -3799388.683081452 | -4208562.014751403 | -4620995.916673399 | -4539903.20372091 | -3884132.742871888 | -4027129.045316747
 | NOx Costs | 0 | 0 | 0 | -5901310.331852807 | -5028286.315305199 | -5220048.16128477 | -5421479.626938745 | -6810562.488703904 | -5948950.007171301 | -6296543.254499556 | -5991402.057714518 | -6163000.750629358 | -6322812.734002073 | -5647598.3417874 | -5849526.404961582 | -5970409.097969136 | -6340154.991558725 | -5960403.271479165 | -6564651.319702401 | -3574128.05037216
 | Prod. Margin | 0 | 45784276.98418345 | 44483157.74582532 | 39475984.51082001 | 38696213.03951731 | 38190174.61600418 | 40027483.31204746 | 43166795.99319744 | 45147123.41987581 | 45981506.56165299 | 46079852.7651577 | 47046410.73477544 | 46920681.34554584 | 47571074.90105958 | 49397891.08426335 | 54781384.42717501 | 52810016.03724017 | 53769703.99497084 | 57683717.23544427 | 62799487.50613162
 | 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 | 39624191.94379612 | 38198908.47558507 | 33064410.74745387 | 32140662.63843359 | 31430885.98815224 | 32946560.98453974 | 35843112.49124406 | 37575371.57003734 | 38171678.45855844 | 38072654.93217314 | 38885290.71912953 | 38602733.61732233 | 39092745.84753735 | 40756166.8169465 | 45972676.04213301 | 43830870.83359292 | 44616715.6450854 | 48352841.37945744 | 53286925.74587999
 | 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 | -15104886.32920481 | -14469752.73873615 | -12356399.7316106 | -11945729.63003459 | -11639238.67081016 | -12197631.26273925 | -13370937.1503507 | -14146453.08051031 | -14454496.47481178 | -14415875.68580156 | -14721991.2156311 | -14618041.84576003 | -14788137.11514077 | -15449778.07288164 | -17531033.82938505 | -16646918.8916975 | -16932104.1061562 | -18364035.80958756 | -20279423.70540234
 | Net Margin | 0 | 22657329.49380722 | 21704629.10810422 | 18534599.59741589 | 17918594.44505188 | 17458858.00621524 | 18296446.89410888 | 20056405.72552605 | 21219679.62076546 | 21681744.71221767 | 21623813.52870234 | 22082986.82344665 | 21927062.76864003 | 22182205.67271115 | 23174667.10932246 | 26296550.74407757 | 24970378.33754625 | 25398156.15923429 | 27546053.71438135 | 30419135.55810352
 | 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 | 21192073.98459131 | 21597980.00684892 | 17373376.57584327 | 19569454.42839901 | 17522258.85534208 | 18411459.60594049 | 20064581.12155756 | 20949096.44361116 | 21162965.27645331 | 21025936.03785943 | 21453530.99873092 | 21193630.21165176 | 21429815.32568873 | 22345351.53515577 | 25391773.8875716 | 24042587.56696377 | 24449006.2327496 | 26656132.10450488 | 29574848.37115171 | 145971941.291198
Unlevered | NPV ('00-'05) | 74414111.86102997 |  | Levered | NPV ('00-'05) | 74414111.86102997
 | NPV ('06-'19) | 99685656.12715274 |  |  | NPV ('06-'19) | 99685656.12715274
 | NPV (TV) | 21697798.94325095 |  |  | NPV (TV) | 21697798.94325095
 | NPV | 195797566.9314336 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 195797566.9314336
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 22657329.49380722 | 21704629.10810422 | 18534599.59741589 | 17918594.44505188 | 17458858.00621524 | 18296446.89410888 | 20056405.72552605 | 21219679.62076546 | 21681744.71221767 | 21623813.52870234 | 22082986.82344665 | 21927062.76864003 | 22182205.67271115 | 23174667.10932246 | 26296550.74407757 | 24970378.33754625 | 25398156.15923429 | 27546053.71438135 | 30419135.55810352
 | Income Taxes (Per Cash Flow) |  | 15104886.32920481 | 14469752.73873615 | 12356399.7316106 | 11945729.63003459 | 11639238.67081016 | 12197631.26273925 | 13370937.1503507 | 14146453.08051031 | 14454496.47481178 | 14415875.68580156 | 14721991.2156311 | 14618041.84576003 | 14788137.11514077 | 15449778.07288164 | 17531033.82938505 | 16646918.8916975 | 16932104.1061562 | 18364035.80958756 | 20279423.70540234
 | 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 |  | 39624191.94379612 | 38198908.47558507 | 33064410.74745386 | 32140662.63843359 | 31430885.98815224 | 32946560.98453974 | 35843112.49124406 | 37575371.57003734 | 38171678.45855844 | 38072654.93217314 | 38885290.71912953 | 38602733.61732233 | 39092745.84753735 | 40756166.8169465 | 45972676.04213301 | 43830870.83359292 | 44616715.6450854 | 48352841.37945744 | 53286925.74587999
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 |  | 36800214.77236541 | 35273207.98254182 | 29989465.84156816 | 29109507.37759291 | 28501771.28269203 | 29900572.77328653 | 33711382.46539205 | 36218719.05402129 | 36688219.70175555 | 36491965.48516971 | 37427543.22850686 | 37005433.04870412 | 37351705.60858376 | 38867074.71754745 | 43931090.52647514 | 41633845.05810404 | 42262310.65068137 | 45831802.71178516 | 50594254.39474142
 | Income Taxes |  | -14720085.90894616 | -14109283.19301673 | -11995786.33662727 | -11643802.95103716 | -11400708.51307681 | -11960229.10931461 | -13484552.98615682 | -14487487.62160852 | -14675287.88070222 | -14596786.19406788 | -14971017.29140274 | -14802173.21948165 | -14940682.2434335 | -15546829.88701898 | -17572436.21059006 | -16653538.02324162 | -16904924.26027255 | -18332721.08471407 | -20237701.75789657
 | Net Income - GAAP Basis |  | 22080128.86341924 | 21163924.78952509 | 17993679.5049409 | 17465704.42655575 | 17101062.76961522 | 17940343.66397192 | 20226829.47923523 | 21731231.43241277 | 22012931.82105333 | 21895179.29110182 | 22456525.93710411 | 22203259.82922247 | 22411023.36515025 | 23320244.83052847 | 26358654.31588508 | 24980307.03486242 | 25357386.39040882 | 27499081.62707109 | 30356552.63684485
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 |  |  | 21192073.98459131 | 21597980.00684892 | 17373376.57584327 | 19569454.42839901 | 17522258.85534208 | 18411459.60594049 | 20064581.12155756 | 20949096.44361116 | 21162965.27645331 | 21025936.03785943 | 21453530.99873092 | 21193630.21165176 | 21429815.32568873 | 22345351.53515577 | 25391773.8875716 | 24042587.56696377 | 24449006.2327496 | 26656132.10450488 | 29574848.37115171 | 145971941.291198
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 | 43639020.56310534 | 43041184.15439182 | 43867259.85843297 | 43250085.99579843 | 43577282.07574333 | 46480501.53441046 | 49856831.10280132 | 51149511.67199819 | 52219770.23712021 | 52404296.44068076 | 53536843.69299503 | 54138234.4446615 | 54776331.94835188 | 56702391.05007347 | 60730659.6054134 | 60382588.23027527 | 61154141.68062612 | 64087785.32976644 | 66034465.83606116
 | Fuel | 0 | -13613732.53826132 | -13809605.52964468 | -14050249.49048708 | -14452068.94138208 | -14954623.07355994 | -15528810.75687229 | -15886978.5125447 | -16228357.15466998 | -16495863.69718781 | -16627938.05709202 | -16854031.45286024 | -17220034.12818799 | -17612899.38519117 | -17986736.98017425 | -18241931.50609085 | -18615769.10107394 | -19041093.31093493 | -19507830.66754556 | -19990237.86346685
 | Variable O&M | 0 | -1127083.237386064 | -1149832.686332123 | -1173041.318247267 | -1196718.401443868 | -1220873.391309209 | -1245515.934081476 | -1270655.870701955 | -1296303.240744991 | -1322468.286427272 | -1349161.456698026 | -1376393.411411793 | -1404175.025585404 | -1432517.393740902 | -1461431.834336106 | -1490929.894284616 | -1521023.35356704 | -1551724.229935308 | -1583044.783711926 | -1614997.522686114
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -936131.6828766852 | -1037627.188566967 | -1241670.89389343 | -1257577.909962623 | -1398619.989093914 | -1540685.686890659 | -1707033.549921179 | -1914033.661242937 | -2130618.144209072 | -2360074.037591222 | -2591358.390949156 | -2545883.284296054 | -2178140.85021898 | -2258330.202232504
 | NOx Costs | 0 | 0 | 0 | -3544045.751408682 | -3019749.132059082 | -3134912.158117535 | -3255882.296935311 | -4110522.310884692 | -3590453.755250347 | -3800285.449549775 | -3616117.152227001 | -3719685.727791063 | -3816140.422141177 | -3408614.049916809 | -3530487.949502623 | -3603446.828806869 | -3826607.360331077 | -3597407.801473358 | -3962102.360498368 | -2157168.826713089
 | Prod. Margin | 0 | 28898204.78745795 | 28081745.93841502 | 25099923.29828994 | 24581549.5209134 | 24266873.45275665 | 25514160.8636447 | 27551047.220103 | 28792726.62743944 | 29343574.89399273 | 29412459.78556979 | 30046047.41404127 | 29990851.31882576 | 30408267.45826006 | 31593116.14185141 | 35034277.33863984 | 33827830.02435406 | 34418033.05398647 | 36856666.66779161 | 40013731.42096261
 | 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 | 26441878.86726311 | 25573928.12743102 | 22539268.58891706 | 21966704.66370167 | 21595938.72149915 | 22785758.73950756 | 24763723.11859994 | 25945328.92745375 | 26434728.85092914 | 26440260.32741441 | 27009703.2573865 | 26887314.80696575 | 27237853.26469381 | 28354566.97031422 | 31726072.72451878 | 30448515.05075033 | 30966177.14158238 | 33330546.71218772 | 36411740.47128806
 | 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 | -10320316.07920524 | -9880798.272508731 | -8638864.935867744 | -8380220.25019735 | -8177149.235404699 | -8600114.461416055 | -9339708.167940734 | -9762274.042574374 | -9950749.368154213 | -9943880.514891004 | -10116715.28919543 | -10011576.5741199 | -10093962.39128033 | -10524196.88061977 | -11854577.89960562 | -11280344.43292138 | -11422300.12416203 | -12300987.96895923 | -13467264.85365109
 | Net Margin | 0 | 15480474.11880787 | 14821197.40876309 | 12958297.40380161 | 12570330.37529602 | 12265723.85310705 | 12900171.69212408 | 14009562.2519111 | 14643411.06386156 | 14926124.05223132 | 14915820.77233651 | 15175072.93379313 | 15017364.86117985 | 15140943.58692049 | 15786295.32092966 | 17781866.84940842 | 16920516.64938206 | 17133450.18624304 | 18451481.95343885 | 20200897.28047663
 | 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 | 11615971.60805787 | 13583614.68492229 | 13290777.78304932 | 11233889.73350432 | 10984612.83809445 | 11678442.3306515 | 12841596.944796 | 13523164.33884028 | 13744292.22035466 | 13674501.93223053 | 13986453.75148941 | 13882007.98964313 | 14060348.72291468 | 14654321.67468068 | 16600164.95744899 | 15798700.85434086 | 16073323.16102761 | 17454888.27114397 | 19262565.03138991 | 95515622.0908921
Unlevered | NPV ('00-'05) | 46265138.27261424 |  | Levered | NPV ('00-'05) | 46265138.27261424
 | NPV ('06-'19) | 64729986.16570944 |  |  | NPV ('06-'19) | 64729986.16570944
 | NPV (TV) | 14197788.60057323 |  |  | NPV (TV) | 14197788.60057323
 | NPV | 125192913.0388969 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 125192913.0388969
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 15480474.11880787 | 14821197.40876309 | 12958297.40380161 | 12570330.37529602 | 12265723.85310705 | 12900171.69212408 | 14009562.2519111 | 14643411.06386156 | 14926124.05223132 | 14915820.77233651 | 15175072.93379313 | 15017364.86117985 | 15140943.58692049 | 15786295.32092966 | 17781866.84940842 | 16920516.64938206 | 17133450.18624304 | 18451481.95343885 | 20200897.28047663
 | Income Taxes (Per Cash Flow) |  | 10320316.07920524 | 9880798.272508731 | 8638864.935867744 | 8380220.25019735 | 8177149.235404699 | 8600114.461416055 | 9339708.167940734 | 9762274.042574374 | 9950749.368154213 | 9943880.514891004 | 10116715.28919543 | 10011576.5741199 | 10093962.39128033 | 10524196.88061977 | 11854577.89960562 | 11280344.43292138 | 11422300.12416203 | 12300987.96895923 | 13467264.85365109
 | 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 |  | 26441878.86726311 | 25573928.12743102 | 22539268.58891706 | 21966704.66370167 | 21595938.72149915 | 22785758.73950756 | 24763723.11859994 | 25945328.92745375 | 26434728.85092914 | 26440260.32741441 | 27009703.2573865 | 26887314.80696575 | 27237853.26469381 | 28354566.97031422 | 31726072.72451878 | 30448515.05075033 | 30966177.14158238 | 33330546.71218772 | 36411740.47128806
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 |  | 24483007.62617595 | 23512735.35441437 | 20459001.6852017 | 19817772.81535811 | 19465877.55402909 | 20530337.4746655 | 23054086.5560325 | 24689170.11503584 | 25042175.75231547 | 24928995.08164509 | 25521688.2619013 | 25249613.29932041 | 25445974.64952353 | 26403885.93439325 | 29611825.1952246 | 28166855.9686668 | 28513861.21732057 | 30699497.26432169 | 33596595.49410967
 | Income Taxes |  | -9793203.050470382 | -9405094.14176575 | -8183600.674080681 | -7927109.126143246 | -7786351.021611637 | -8212134.989866202 | -9221634.622413 | -9875668.046014337 | -10016870.30092619 | -9971598.032658035 | -10208675.30476052 | -10099845.31972817 | -10178389.85980941 | -10561554.3737573 | -11844730.07808984 | -11266742.38746672 | -11405544.48692823 | -12279798.90572868 | -13438638.19764387
 | Net Income - GAAP Basis |  | 14689804.57570557 | 14107641.21264862 | 12275401.01112102 | 11890663.68921487 | 11679526.53241745 | 12318202.4847993 | 13832451.9336195 | 14813502.0690215 | 15025305.45138928 | 14957397.04898705 | 15313012.95714078 | 15149767.97959225 | 15267584.78971412 | 15842331.56063595 | 17767095.11713476 | 16900113.58120008 | 17108316.73039234 | 18419698.35859301 | 20157957.2964658
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 |  |  | 11615971.60805787 | 13583614.68492229 | 13290777.78304932 | 11233889.73350432 | 10984612.83809445 | 11678442.3306515 | 12841596.944796 | 13523164.33884028 | 13744292.22035466 | 13674501.93223053 | 13986453.75148941 | 13882007.98964313 | 14060348.72291468 | 14654321.67468068 | 16600164.95744899 | 15798700.85434086 | 16073323.16102761 | 17454888.27114397 | 19262565.03138991 | 95515622.0908921
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 | 178134374.5532995 | 175663872.9437611 | 179045101.0646488 | 176507349.3690596 | 177836835.4942946 | 189844709.0349025 | 203561978.0999273 | 208829705.6712617 | 213200678.7143106 | 213961793.3569506 | 218584423.7458817 | 221039080.2867958 | 223640278.1844811 | 231512689.0066207 | 247938282.0177025 | 246509977.4520742 | 249651702.5260216 | 261648822.7384763 | 269596032.7283916
 | Fuel | 0 | -39150931.92218931 | -38995690.86599381 | -39068999.14253058 | -39534722.31111702 | -40276429.57960657 | -41660662.33068298 | -43333815.93634543 | -44683550.67493396 | -46041909.91664446 | -47667628.75513608 | -49250225.07801784 | -50250667.44016653 | -50927690.93524129 | -51932445.54895096 | -52932887.91109964 | -53967828.28573622 | -55015705.41505575 | -56085143.80218019 | -57171831.19554859
 | Variable O&M | 0 | -4348181.626709134 | -4435946.871230401 | -6906741.577110789 | -7057616.997148566 | -7211824.422614112 | -7369438.274947262 | -7530534.656913103 | -7695191.391017833 | -7863488.058812026 | -8035506.041102008 | -8211328.559090485 | -8391040.71646821 | -8574729.542478818 | -8762484.035979634 | -8954395.210521635 | -9150556.140472505 | -9351062.008207042 | -9556010.152389955 | -9765500.117376555
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | 313405.5217996554 | 347384.9848421132 | 287501.52852424 | 421021.8159312899 | 468240.9916246231 | 515802.8624193389 | 571494.1073231874 | 640795.231393707 | 713305.0867263703 | 790124.133993797 | 867555.3274616795 | 852330.8138700491 | 729215.1117226379 | 756061.5331933293
 | NOx Costs | 0 | 0 | 0 | -2587996.416132192 | -2205135.17024459 | -2289231.572948125 | -2377568.549296406 | -2986745.370341535 | -2608888.608214431 | -2761324.258565128 | -2627505.787872022 | -2702759.7191692 | -2772844.635393849 | -2476732.021600192 | -2565286.778836155 | -2618299.408012314 | -2780450.014179304 | -2613911.392192046 | -2878901.995179981 | -1567419.787302825
 | Prod. Margin | 0 | 134635261.0044011 | 132232235.2065369 | 130481363.9288753 | 127709874.8905494 | 128059349.9191258 | 138750445.4017755 | 150058267.1211694 | 154129576.5256197 | 156954978.2962203 | 156099393.7644651 | 158935913.2520235 | 160196021.6020904 | 162301920.9165545 | 168965777.7295804 | 184222823.6220627 | 181478698.3391479 | 183523354.5244368 | 193857981.9004488 | 201847343.161357
 | 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 | 118613195.243999 | 115955942.2756488 | 113891871.2878387 | 110852384.7722551 | 110926699.2280644 | 121335143.0892307 | 132354806.4465576 | 136131194.3431973 | 138656468.0748482 | 137493244.4006408 | 140017813.0173757 | 140957840.5568247 | 142736633.3000847 | 149067245.3028896 | 163983918.6997161 | 160892502.569265 | 162583004.7156521 | 172555521.5418375 | 180175211.4127684
 | 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 | -29590208.58273041 | -27314589.47837595 | -25216406.20282543 | -23791347.16546977 | -40491941.66164538 | -45185965.7372157 | -50355263.37804306 | -52682063.78447908 | -53701917.58722723 | -53103822.93774346 | -53973283.91160616 | -54205687.79967927 | -54833561.94835857 | -57277742.40439704 | -63087655.43169168 | -61746877.28213221 | -62314015.18838661 | -66131736.38999137 | -69040202.15162818
 | Net Margin | 0 | 44385312.8740956 | 40971884.21756392 | 37824609.30423815 | 35687020.74820465 | 60737912.49246805 | 67778948.60582353 | 75532895.06706457 | 79023095.67671862 | 80552876.38084084 | 79655734.40661518 | 80959925.86740923 | 81308531.69951889 | 82250342.92253783 | 85916613.60659555 | 94631483.14753753 | 92620315.92319831 | 93471022.7825799 | 99197604.58498704 | 103560303.2274422
 | 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 | 84269576.90126862 | 47270456.3172728 | 80583209.50501324 | 81685778.63678536 | 64216866.17841905 | 69744749.22237505 | 75402982.09498537 | 76654672.75598319 | 77956258.95080383 | 77181181.17997572 | 78620041.61436027 | 79104930.6409938 | 80026432.57209001 | 83676564.95546731 | 92539937.18670845 | 90538609.42337738 | 91403763.18759735 | 97292602.02198803 | 101729890.6373863 | 535876271.0610261
Unlevered | NPV ('00-'05) | 271884664.5344557 |  | Levered | NPV ('00-'05) | 271884664.5344557
 | NPV ('06-'19) | 368690532.8449074 |  |  | NPV ('06-'19) | 368690532.8449074
 | NPV (TV) | 79654593.10256025 |  |  | NPV (TV) | 79654593.10256025
 | NPV | 720229790.4819235 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 720229790.4819235
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 44385312.8740956 | 40971884.21756392 | 37824609.30423815 | 35687020.74820465 | 60737912.49246805 | 67778948.60582353 | 75532895.06706457 | 79023095.67671862 | 80552876.38084084 | 79655734.40661518 | 80959925.86740923 | 81308531.69951889 | 82250342.92253783 | 85916613.60659555 | 94631483.14753753 | 92620315.92319831 | 93471022.7825799 | 99197604.58498704 | 103560303.2274422
 | Income Taxes (Per Cash Flow) |  | 29590208.58273041 | 27314589.47837595 | 25216406.20282543 | 23791347.16546977 | 40491941.66164538 | 45185965.7372157 | 50355263.37804306 | 52682063.78447908 | 53701917.58722723 | 53103822.93774346 | 53973283.91160616 | 54205687.79967927 | 54833561.94835857 | 57277742.40439704 | 63087655.43169168 | 61746877.28213221 | 62314015.18838661 | 66131736.38999137 | 69040202.15162818
 | 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 |  | 118613195.243999 | 115955942.2756488 | 113891871.2878387 | 110852384.7722551 | 110926699.2280644 | 121335143.0892307 | 132354806.4465576 | 136131194.3431973 | 138656468.0748482 | 137493244.4006408 | 140017813.0173757 | 140957840.5568247 | 142736633.3000847 | 149067245.3028896 | 163983918.6997161 | 160892502.569265 | 162583004.7156521 | 172555521.5418375 | 180175211.4127684
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 |  | 80599309.65782622 | 75873511.86547597 | 73656767.89916587 | 70348518.43508232 | 70111938.32149163 | 80200160.77617595 | 90889996.08482635 | 94326661.09132932 | 96502020.24613932 | 94978384.55778585 | 97131728.7999503 | 97689395.23359165 | 99074356.0378699 | 104999321.1435235 | 119498178.2362842 | 115976411.3126454 | 117223652.142049 | 126739609.8117416 | 133889043.7514847
 | Income Taxes |  | -32239723.86313049 | -30349404.74619039 | -29462707.15966635 | -28139407.37403293 | -28044775.32859665 | -32080064.31047038 | -36355998.43393054 | -37730664.43653173 | -38600808.09845573 | -37991353.82311434 | -38852691.51998013 | -39075758.09343666 | -39629742.41514796 | -41999728.4574094 | -47799271.29451369 | -46390564.52505817 | -46889460.85681962 | -50695843.92469664 | -53555617.50059389
 | Net Income - GAAP Basis |  | 48359585.79469573 | 45524107.11928558 | 44194060.73949952 | 42209111.06104939 | 42067162.99289498 | 48120096.46570557 | 54533997.65089581 | 56595996.65479759 | 57901212.14768359 | 56987030.73467151 | 58279037.27997018 | 58613637.14015499 | 59444613.62272194 | 62999592.68611409 | 71698906.94177052 | 69585846.78758724 | 70334191.28522941 | 76043765.88704495 | 80333426.25089082
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 |  |  | 84269576.90126862 | 47270456.3172728 | 80583209.50501324 | 81685778.63678536 | 64216866.17841905 | 69744749.22237505 | 75402982.09498537 | 76654672.75598319 | 77956258.95080383 | 77181181.17997572 | 78620041.61436027 | 79104930.6409938 | 80026432.57209001 | 83676564.95546731 | 92539937.18670845 | 90538609.42337738 | 91403763.18759735 | 97292602.02198803 | 101729890.6373863 | 535876271.0610261
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 | 6115476.710894232 | 4570871.612548222 | 3589988.606332143 | 3086926.350125126 | 3189473.215774921 | 2417121.442600137 | 2731142.593565123 | 4467837.537780972 | 4487183.604321782 | 4859896.124767757 | 4125407.751168538 | 4452042.668495239 | 5102274.301108495 | 6152071.204778688 | 4901017.826736917 | 4008478.041717719 | 4973332.718689271 | 5976625.262855612 | 4729271.265042092
 | Fuel | 0 | -884933.1345143344 | -982523.7491285075 | -851195.1457991306 | -821723.8651766989 | -1148249.797205776 | -1084244.173197092 | -1258821.966000139 | -2228063.825863572 | -2200393.522587185 | -2224415.170981749 | -2343869.614467904 | -2352548.155274724 | -2850908.997422263 | -3347090.037963656 | -2735855.656473866 | -2452274.734225409 | -2981091.689221684 | -3717678.596300704 | -3149185.77739667
 | Variable O&M | 0 | -37487.01455343002 | -46184.48549712164 | -42036.97098446133 | -41087.4678033918 | -58207.47744446258 | -55121.82575525404 | -64396.53002515984 | -125438.2874968387 | -123567.1588215007 | -123169.4908297193 | -128037.4018631356 | -133496.9390700477 | -155414.0348982505 | -187808.2506154954 | -143168.106593322 | -124996.8223363697 | -151467.6430709538 | -180251.8487097051 | -153739.9923593767
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -15463.43528439287 | -19643.66378682743 | -43181.24518493347 | -43898.48149065755 | -47642.65944448659 | -53637.94515313414 | -60593.18354637276 | -77482.73463494463 | -102306.1213235377 | -84729.39277716592 | -79559.79826250691 | -92785.68219915526 | -92576.531775872 | -80375.93230383952
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -15463.43528439287 | -19643.66378682743 | -43181.24518493347 | -43898.48149065755 | -47642.65944448659 | -53637.94515313414 | -60593.18354637276 | -77482.73463494463 | -102306.1213235377 | -84729.39277716592 | -79559.79826250691 | -92785.68219915526 | -92576.531775872 | -80375.93230383952
 | Prod. Margin | 0 | 5193056.561826468 | 3542163.377922593 | 2696756.489548551 | 2224115.017145035 | 1983015.941124682 | 1246828.573079005 | 1368636.769966169 | 2027972.934050695 | 2075425.95993178 | 2417026.144067315 | 1546224.844531229 | 1844811.207057722 | 1940985.799518093 | 2412560.673552461 | 1852535.278115397 | 1272086.888630927 | 1655202.021998323 | 1893541.754293458 | 1265593.630678366
 | 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 | 4840375.532203484 | 3183844.355772665 | 2332677.305001938 | 1854151.809415401 | 1607036.000342544 | 864695.0642279453 | 980228.2975709102 | 1633155.958152784 | 1674078.648965483 | 2009005.55703933 | 1131413.626410461 | 1423057.952675588 | 1512146.900900549 | 1976498.387868632 | 1409101.745212957 | 821134.29381103 | 1196581.237473005 | 1427092.567071016 | 791157.3659013133
 | 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 | -1748596.30153057 | -1096443.150801084 | -773331.3617756624 | -604870.66054289 | -518850.0474421917 | -228831.5172969189 | -273585.269099371 | -533556.480251145 | -548530.050408988 | -680987.3983922731 | -338116.5213262362 | -463245.6142884317 | -497095.169224434 | -724420.8745427562 | -538850.1231239833 | -301871.2248188797 | -450204.3270070071 | -540507.8133112489 | -284175.6559423562
 | Net Margin | 0 | 2622894.452295854 | 1644664.726201626 | 1159997.042663494 | 907305.990814335 | 778275.0711632876 | 343247.2759453782 | 410377.9036490565 | 800334.7203767175 | 822795.0756134819 | 1021481.097588409 | 507174.7819893542 | 694868.4214326475 | 745642.7538366509 | 1086631.311814134 | 808275.1846859747 | 452806.8372283196 | 675306.4905105105 | 810761.7199668732 | 426263.4839135341
 | 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 | 3088963.370672915 | 1754401.484971581 | 1556298.153226275 | 1246097.858872511 | 1019182.090900352 | 564789.5690710265 | 633436.8312757392 | 1024197.094789965 | 1047884.143951471 | 1248023.770403882 | 710902.8851937547 | 874946.2918999718 | 927639.703794315 | 1162043.124607622 | 777516.201709172 | 423745.5860009547 | 647993.9029850668 | 785250.256054408 | 402607.1773224371 | 4891486.42621717
Unlevered | NPV ('00-'05) | 6911270.435180964 |  | Levered | NPV ('00-'05) | 6911270.435180964
 | NPV ('06-'19) | 3763504.906176125 |  |  | NPV ('06-'19) | 3763504.906176125
 | NPV (TV) | 727088.2888237719 |  |  | NPV (TV) | 727088.2888237719
 | NPV | 11401863.63018086 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 11401863.63018086
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 2622894.452295854 | 1644664.726201626 | 1159997.042663494 | 907305.990814335 | 778275.0711632876 | 343247.2759453782 | 410377.9036490565 | 800334.7203767175 | 822795.0756134819 | 1021481.097588409 | 507174.7819893542 | 694868.4214326475 | 745642.7538366509 | 1086631.311814134 | 808275.1846859747 | 452806.8372283196 | 675306.4905105105 | 810761.7199668732 | 426263.4839135341
 | Income Taxes (Per Cash Flow) |  | 1748596.30153057 | 1096443.150801084 | 773331.3617756624 | 604870.66054289 | 518850.0474421917 | 228831.5172969189 | 273585.269099371 | 533556.480251145 | 548530.050408988 | 680987.3983922731 | 338116.5213262362 | 463245.6142884317 | 497095.169224434 | 724420.8745427562 | 538850.1231239833 | 301871.2248188797 | 450204.3270070071 | 540507.8133112489 | 284175.6559423562
 | 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 |  | 4840375.532203484 | 3183844.355772665 | 2332677.305001938 | 1854151.809415401 | 1607036.000342544 | 864695.0642279454 | 980228.2975709102 | 1633155.958152784 | 1674078.648965483 | 2009005.55703933 | 1131413.626410461 | 1423057.952675588 | 1512146.900900549 | 1976498.387868632 | 1409101.745212957 | 821134.29381103 | 1196581.237473005 | 1427092.567071016 | 791157.3659013133
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 |  | 4179822.611195884 | 2506641.448765065 | 1655322.008494337 | 1217813.2453241 | 1558063.873694562 | 812169.2386869632 | 924042.162170138 | 1573199.703596428 | 1610239.171678876 | 1941166.360340564 | 1059454.718717172 | 1346855.742657939 | 1431574.08948881 | 1891423.85702098 | 1319390.443346315 | 726647.1177948288 | 1097174.911082757 | 1322619.5157955 | 681465.5879939715
 | Income Taxes |  | -1671929.044478354 | -1002656.579506026 | -662128.803397735 | -487125.2981296402 | -623225.5494778248 | -324867.6954747853 | -369616.8648680552 | -629279.8814385713 | -644095.6686715506 | -776466.5441362255 | -423781.8874868687 | -538742.2970631757 | -572629.6357955241 | -756569.5428083921 | -527756.177338526 | -290658.8471179315 | -438869.964433103 | -529047.8063182002 | -272586.2351975886
 | Net Income - GAAP Basis |  | 2507893.56671753 | 1503984.869259039 | 993193.2050966023 | 730687.9471944602 | 934838.3242167371 | 487301.5432121779 | 554425.2973020828 | 943919.8221578568 | 966143.5030073257 | 1164699.816204338 | 635672.8312303029 | 808113.4455947635 | 858944.453693286 | 1134854.314212588 | 791634.2660077891 | 435988.2706768973 | 658304.9466496544 | 793571.7094773003 | 408879.3527963829
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 |  |  | 3088963.370672915 | 1754401.484971581 | 1556298.153226275 | 1246097.858872511 | 1019182.090900352 | 564789.5690710265 | 633436.8312757392 | 1024197.094789965 | 1047884.143951471 | 1248023.770403882 | 710902.8851937547 | 874946.2918999718 | 927639.703794315 | 1162043.124607622 | 777516.201709172 | 423745.5860009547 | 647993.9029850668 | 785250.256054408 | 402607.1773224371 | 4891486.42621717
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 | 942332.1486639392 | 706930.2794057945 | 554891.1673312603 | 476144.0199428964 | 491382.6196384087 | 375136.4570508893 | 423422.2549578493 | 706866.6594043315 | 700863.3482064714 | 751736.4123552322 | 649893.7523365156 | 689091.0205965186 | 799761.316903331 | 963356.6608761197 | 760485.0724939514 | 621775.9605176304 | 767694.9765042101 | 927474.1671472443 | 737218.5922590406
 | Fuel | 0 | -136080.7349204982 | -153067.8979406337 | -132071.2520924783 | -126594.803550063 | -176771.4596224737 | -168674.1929587658 | -195739.0005647902 | -355063.4434389751 | -345343.6414679625 | -344580.3068744933 | -370483.3100254578 | -364527.2656323237 | -448226.2888710031 | -526697.1871306151 | -425578.5231519089 | -381188.874877699 | -460551.619980423 | -578151.9082015554 | -492249.850482333
 | Variable O&M | 0 | -5764.527885701822 | -7184.99241869763 | -6517.144212860538 | -6330.397923215984 | -8960.896225677336 | -8564.678295657277 | -10001.92069667166 | -19930.53786132817 | -19352.58757962086 | -19066.77036441193 | -20185.44399032412 | -20669.95525943517 | -24387.38759785968 | -29484.98443666421 | -22244.41794568504 | -19406.1887174444 | -23388.28748694994 | -28004.4284554484 | -23991.77252499002
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -2402.503617450765 | -3051.265407532752 | -6861.712008988028 | -6875.947237817004 | -7375.178142523555 | -8457.849484015027 | -9381.8688536933 | -12157.79010312378 | -16062.69588595551 | -13165.63209288234 | -12353.29390893626 | -14327.91635484482 | -14382.57272439324 | -12543.96458860097
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -2402.503617450765 | -3051.265407532752 | -6861.712008988028 | -6875.947237817004 | -7375.178142523555 | -8457.849484015027 | -9381.8688536933 | -12157.79010312378 | -16062.69588595551 | -13165.63209288234 | -12353.29390893626 | -14327.91635484482 | -14382.57272439324 | -12543.96458860097
 | Prod. Margin | 0 | 800486.8858577391 | 546677.3890464631 | 416302.7710259215 | 343218.8184696174 | 305650.2637902576 | 193092.5785615646 | 211578.802881322 | 318149.2540860522 | 322415.2246832541 | 373338.9788312798 | 242309.2993527036 | 285130.0619973731 | 302832.0602282207 | 375049.0975369294 | 286330.8672105927 | 196474.3091046146 | 255099.2363271476 | 292552.6850414541 | 195889.0400745156
 | 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 | 743815.3975426196 | 489096.778999747 | 357793.4043969696 | 283760.7838545537 | 245222.2680732436 | 131672.6757265806 | 149147.413455385 | 254684.9072746968 | 257898.2396731341 | 307746.3990872735 | 175622.0995992635 | 217323.94315862 | 233883.908107957 | 304936.6842387034 | 215030.3838995823 | 123961.9342228084 | 181350.9255104716 | 217542.6624124517 | 119591.7462163933
 | 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 | -267226.8612734246 | -167829.4752022014 | -118852.2450757268 | -92831.79120215758 | -78799.12046132756 | -33258.5913866386 | -38831.57535446664 | -79723.68300508507 | -79701.35172242625 | -98415.54266067277 | -45950.230161277 | -63093.74343169711 | -68505.87935092725 | -102694.0972091834 | -72438.29534502927 | -34712.49702903561 | -56330.72254545827 | -69429.92517764839 | -28830.74180676505
 | Net Margin | 0 | 400840.2919101369 | 251744.2128033021 | 178278.3676135903 | 139247.6868032364 | 118198.6806919913 | 49887.88707995789 | 58247.36303169995 | 119585.5245076276 | 119552.0275836394 | 147623.3139910091 | 68925.3452419155 | 94640.61514754567 | 102758.8190263909 | 154041.1458137751 | 108657.4430175439 | 52068.74554355341 | 84496.08381818738 | 104144.8877664726 | 43246.11271014757
 | 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 | 476150.516269195 | 320811.6037975455 | 238467.0593212427 | 190433.8126523962 | 116423.147611916 | 46914.084339942 | 57270.83810091839 | 120324.8742696117 | 121921.4474507078 | 151367.1527116008 | 69969.25461153645 | 92736.50645567937 | 102039.524687649 | 137003.9278380577 | 75396.26958734689 | 20037.74365755047 | 53732.15862270436 | 74686.05156222504 | 15131.51816687263 | 486711.2267434985
Unlevered | NPV ('00-'05) | 1079519.965000227 |  | Levered | NPV ('00-'05) | 1079519.965000227
 | NPV ('06-'19) | 390723.290416859 |  |  | NPV ('06-'19) | 390723.290416859
 | NPV (TV) | 72346.52254323516 |  |  | NPV (TV) | 72346.52254323516
 | NPV | 1542589.777960322 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 1542589.777960322
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 400840.2919101369 | 251744.2128033021 | 178278.3676135903 | 139247.6868032364 | 118198.6806919913 | 49887.88707995789 | 58247.36303169995 | 119585.5245076276 | 119552.0275836394 | 147623.3139910091 | 68925.3452419155 | 94640.61514754567 | 102758.8190263909 | 154041.1458137751 | 108657.4430175439 | 52068.74554355341 | 84496.08381818738 | 104144.8877664726 | 43246.11271014757
 | Income Taxes (Per Cash Flow) |  | 267226.8612734246 | 167829.4752022014 | 118852.2450757268 | 92831.79120215758 | 78799.12046132756 | 33258.5913866386 | 38831.57535446664 | 79723.68300508507 | 79701.35172242625 | 98415.54266067277 | 45950.230161277 | 63093.74343169711 | 68505.87935092725 | 102694.0972091834 | 72438.29534502927 | 34712.49702903561 | 56330.72254545827 | 69429.92517764839 | 28830.74180676505
 | 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 |  | 743815.3975426196 | 489096.7789997469 | 357793.4043969696 | 283760.7838545537 | 245222.2680732436 | 131672.6757265806 | 149147.413455385 | 254684.9072746968 | 257898.2396731341 | 307746.3990872735 | 175622.0995992635 | 217323.94315862 | 233883.908107957 | 304936.6842387035 | 215030.3838995823 | 123961.9342228084 | 181350.9255104716 | 217542.6624124517 | 119591.7462163933
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 |  | 641860.3202631857 | 387118.9167203129 | 255791.8371175356 | 188089.8677513312 | 238242.6145104028 | 122118.0221637399 | 136940.5098925443 | 239746.186211856 | 240145.7465852933 | 287095.7208136828 | 151986.2905843502 | 190613.4494801446 | 204006.4892260126 | 271797.3323971859 | 178531.2411097044 | 84002.20675611938 | 137826.7958266671 | 170347.1984450183 | 68614.80793682214
 | Income Taxes |  | -256744.1281052743 | -154847.5666881252 | -102316.7348470142 | -75235.94710053246 | -95297.04580416113 | -48847.20886549595 | -54776.20395701772 | -95898.47448474242 | -96058.29863411734 | -114838.2883254731 | -60794.5162337401 | -76245.37979205784 | -81602.59569040504 | -108718.9329588744 | -71412.49644388176 | -33600.88270244776 | -55130.71833066686 | -68138.87937800733 | -27445.92317472886
 | Net Income - GAAP Basis |  | 385116.1921579114 | 232271.3500321877 | 153475.1022705213 | 112853.9206507987 | 142945.5687062417 | 73270.81329824393 | 82164.30593552659 | 143847.7117271136 | 144087.447951176 | 172257.4324882097 | 91191.77435061014 | 114368.0696880867 | 122403.8935356075 | 163078.3994383115 | 107118.7446658226 | 50401.32405367163 | 82696.07749600027 | 102208.319067011 | 41168.88476209328
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 |  |  | 476150.516269195 | 320811.6037975455 | 238467.0593212427 | 190433.8126523962 | 116423.147611916 | 46914.084339942 | 57270.83810091839 | 120324.8742696117 | 121921.4474507078 | 151367.1527116008 | 69969.25461153645 | 92736.50645567937 | 102039.524687649 | 137003.9278380577 | 75396.26958734689 | 20037.74365755047 | 53732.15862270436 | 74686.05156222504 | 15131.51816687263 | 486711.2267434985
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 | 2126587.108092398 | 1602470.676817011 | 1198941.233614374 | 1068846.087482662 | 1053281.793983481 | 796475.2018432445 | 961391.522564414 | 1464628.993245154 | 1587338.443275065 | 1678421.813611054 | 1351204.09062356 | 1446107.012371004 | 1659439.054551199 | 2004584.991543158 | 1677514.301093105 | 1358426.535963559 | 1753399.807095292 | 1915117.741009582 | 1625873.471072081
 | Fuel | 0 | -310389.4369628702 | -349113.848307697 | -264658.4068381831 | -285978.6298259372 | -357176.7231483935 | -341375.8108281025 | -444685.6821451596 | -693970.0566951783 | -778408.6118615918 | -765468.7630321565 | -743380.1092580293 | -731586.5802892183 | -891480.2530170952 | -1044140.515708073 | -928281.8217898465 | -820540.7718825678 | -1054507.226422767 | -1158747.341400953 | -1077217.727590024
 | Variable O&M | 0 | -13148.95309110674 | -16384.39401519165 | -13047.54498563284 | -14294.95950323187 | -18111.7045799714 | -17310.46730654012 | -22718.50080054712 | -39068.25326638163 | -43694.1690137179 | -42287.91685017946 | -40289.50333879785 | -41449.90548723898 | -48234.7023617111 | -58706.16745318432 | -48738.2893093957 | -41990.59995497041 | -53526.75657768734 | -56189.38669204647 | -52712.0196084768
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -4854.726187331359 | -6930.596087383383 | -13485.31899227755 | -15520.71093598213 | -16356.96238338149 | -16884.81623095798 | -18807.80081366783 | -24035.57970456834 | -31968.09408087689 | -28838.03887989626 | -26715.03003574371 | -32789.4964438726 | -28858.94331045603 | -27560.30082000554
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -4854.726187331359 | -6930.596087383383 | -13485.31899227755 | -15520.71093598213 | -16356.96238338149 | -16884.81623095798 | -18807.80081366783 | -24035.57970456834 | -31968.09408087689 | -28838.03887989626 | -26715.03003574371 | -32789.4964438726 | -28858.94331045603 | -27560.30082000554
 | Prod. Margin | 0 | 1803048.718038421 | 1236972.434494123 | 921235.281790558 | 768572.4981534929 | 677993.3662551163 | 428079.4713339392 | 480126.1474439405 | 704620.045299039 | 734194.2405277906 | 837951.208961955 | 533764.8455648166 | 635454.9249672111 | 671652.9397632557 | 837802.120220147 | 642818.1122340697 | 442465.1040545329 | 579786.8312070929 | 642463.1262956709 | 440823.1222335689
 | 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 | 1678066.129872172 | 1109995.148801136 | 792220.3361357765 | 637476.3162273325 | 544769.422438946 | 292679.8298392954 | 342507.8408018518 | 564736.0782432192 | 592001.3667535471 | 693399.2282832016 | 386811.8292641606 | 486047.7678061077 | 519741.0043868385 | 683336.6056468809 | 485746.84065904 | 282735.8332438543 | 417346.8099098731 | 477255.906068181 | 272792.6720960478
 | 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 | -603881.9175206522 | -382190.0782855094 | -262959.4726073572 | -209048.8755734742 | -175207.1223142011 | -74428.98900586645 | -91522.56478255731 | -177772.346294636 | -186059.2578503154 | -224172.415801503 | -102659.6158515435 | -143642.139807516 | -154690.4762100251 | -233219.65890894 | -167148.6455113688 | -83347.40565472626 | -134517.0543238485 | -155725.7085299679 | -71102.78115619463
 | Net Margin | 0 | 905822.8762809782 | 573285.117428264 | 394439.2089110358 | 313573.3133602113 | 262810.6834713016 | 111643.4835087997 | 137283.8471738359 | 266658.519441954 | 279088.8867754731 | 336258.6237022544 | 153989.4237773153 | 215463.209711274 | 232035.7143150376 | 349829.48836341 | 250722.9682670531 | 125021.1084820894 | 201775.5814857727 | 233588.5627949518 | 106654.1717342919
 | 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 | 1073276.87235152 | 726861.130515627 | 528278.8035284192 | 427401.7206538582 | 269562.3001247449 | 115250.8408334289 | 144895.2760192945 | 277691.0319485832 | 293391.2279032317 | 353299.4050516986 | 164746.9837597171 | 219418.2414561046 | 238373.5200380518 | 319639.6283550164 | 184206.557213259 | 60965.04051668345 | 140253.6669014067 | 174676.8261930568 | 50430.91845434206 | 1171161.119069031
Unlevered | NPV ('00-'05) | 2432619.715890951 |  | Levered | NPV ('00-'05) | 2432619.715890951
 | NPV ('06-'19) | 935246.3977497519 |  |  | NPV ('06-'19) | 935246.3977497519
 | NPV (TV) | 174085.6377392367 |  |  | NPV (TV) | 174085.6377392367
 | NPV | 3541951.75137994 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 3541951.75137994
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 905822.8762809782 | 573285.117428264 | 394439.2089110358 | 313573.3133602113 | 262810.6834713016 | 111643.4835087997 | 137283.8471738359 | 266658.519441954 | 279088.8867754731 | 336258.6237022544 | 153989.4237773153 | 215463.209711274 | 232035.7143150376 | 349829.48836341 | 250722.9682670531 | 125021.1084820894 | 201775.5814857727 | 233588.5627949518 | 106654.1717342919
 | Income Taxes (Per Cash Flow) |  | 603881.9175206522 | 382190.0782855094 | 262959.4726073572 | 209048.8755734742 | 175207.1223142011 | 74428.98900586645 | 91522.56478255731 | 177772.346294636 | 186059.2578503154 | 224172.415801503 | 102659.6158515435 | 143642.139807516 | 154690.4762100251 | 233219.65890894 | 167148.6455113688 | 83347.40565472626 | 134517.0543238485 | 155725.7085299679 | 71102.78115619463
 | 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 |  | 1678066.129872172 | 1109995.148801136 | 792220.3361357765 | 637476.3162273325 | 544769.422438946 | 292679.8298392954 | 342507.8408018518 | 564736.0782432193 | 592001.3667535471 | 693399.2282832016 | 386811.8292641606 | 486047.7678061076 | 519741.0043868385 | 683336.6056468809 | 485746.84065904 | 282735.8332438543 | 417346.8099098731 | 477255.906068181 | 272792.6720960478
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 |  | 1462668.982000129 | 894550.8039290926 | 576726.8882637329 | 435358.5052627777 | 530309.2083906909 | 273069.6157910403 | 317593.1267535968 | 534357.7291949642 | 555995.4736552921 | 651596.9648134465 | 339039.3043117605 | 432125.8735265832 | 459485.259700376 | 616556.9950412721 | 412247.6481567106 | 202315.4713879027 | 329797.6436196907 | 382364.0712107407 | 170337.888614332
 | Income Taxes |  | -585067.5928000516 | -357820.3215716371 | -230690.7553054932 | -174143.4021051111 | -212123.6833562764 | -109227.8463164161 | -127037.2507014387 | -213743.0916779857 | -222398.1894621168 | -260638.7859253786 | -135615.7217247042 | -172850.3494106333 | -183794.1038801504 | -246622.7980165089 | -164899.0592626843 | -80926.18855516109 | -131919.0574478763 | -152945.6284842963 | -68135.1554457328
 | Net Income - GAAP Basis |  | 877601.3892000773 | 536730.4823574555 | 346036.1329582398 | 261215.1031576666 | 318185.5250344145 | 163841.7694746242 | 190555.8760521581 | 320614.6375169785 | 333597.2841931753 | 390958.1788880679 | 203423.5825870563 | 259275.5241159499 | 275691.1558202256 | 369934.1970247633 | 247348.5888940264 | 121389.2828327416 | 197878.5861718144 | 229418.4427264444 | 102202.7331685992
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 |  |  | 1073276.87235152 | 726861.130515627 | 528278.8035284192 | 427401.7206538582 | 269562.3001247449 | 115250.8408334289 | 144895.2760192945 | 277691.0319485832 | 293391.2279032317 | 353299.4050516986 | 164746.9837597171 | 219418.2414561046 | 238373.5200380518 | 319639.6283550164 | 184206.557213259 | 60965.04051668345 | 140253.6669014067 | 174676.8261930568 | 50430.91845434206 | 1171161.119069031
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 | 3844271.397607669 | 2931550.172984334 | 2267996.810252598 | 1925370.147178983 | 2077472.821355669 | 1610849.239151763 | 1883387.555312154 | 3095037.911219695 | 2828916.859195406 | 3162444.799200721 | 2818399.410623848 | 2913201.963948753 | 3233273.499743583 | 4002044.271878342 | 3150552.636737582 | 2776098.144354222 | 3333784.363138558 | 4026995.297388965 | 3649712.348540263
 | Fuel | 0 | -543837.6969947523 | -630580.645867559 | -505386.5260930849 | -461470.6444074855 | -719220.55454409 | -685831.1937031383 | -827132.3903626229 | -1446222.943286974 | -1224826.631806463 | -1322084.053591799 | -1458508.425091181 | -1394558.464440746 | -1592522.816878728 | -1954819.562229081 | -1570817.643894325 | -1559741.67595135 | -1817164.149934058 | -2261084.972618158 | -2301536.795138281
 | Variable O&M | 0 | -26149.53209481531 | -33390.89559015763 | -28324.08309331146 | -26352.10238223953 | -41083.90121945867 | -39302.35725374636 | -48486.85945731947 | -92380.65013321233 | -78534.0752727138 | -83526.66529695263 | -91137.95682192474 | -89861.82555521712 | -99058.83571525791 | -124763.5745752354 | -94100.30267486298 | -90745.51538640009 | -105113.2400027256 | -125306.1795782666 | -127040.0805341776
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -9627.739660849818 | -12912.81043628307 | -27703.20191182362 | -24366.23123122859 | -28209.17473906813 | -33333.50795621723 | -35615.34790572349 | -43127.43995845484 | -59365.37907469052 | -48618.09749330861 | -50425.7077817617 | -56248.24838162233 | -56203.93400314875 | -58014.08370631153
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -9627.739660849818 | -12912.81043628307 | -27703.20191182362 | -24366.23123122859 | -28209.17473906813 | -33333.50795621723 | -35615.34790572349 | -43127.43995845484 | -59365.37907469052 | -48618.09749330861 | -50425.7077817617 | -56248.24838162233 | -56203.93400314875 | -58014.08370631153
 | Prod. Margin | 0 | 3274284.168518102 | 2267578.631526617 | 1734286.201066201 | 1437547.400389258 | 1317168.36559212 | 866460.2088731786 | 981942.6846196455 | 1501027.913975862 | 1476823.689653771 | 1700415.730833832 | 1202086.012798308 | 1357550.978141343 | 1455436.967232687 | 1803730.376924644 | 1388398.495181777 | 1024759.537452949 | 1299010.476438529 | 1528196.277186243 | 1105107.305455181
 | 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 | 3016711.548904663 | 2006034.382289845 | 1468686.245973719 | 1167806.353016959 | 1043195.987409359 | 588163.7306970758 | 699236.4514636927 | 1213819.762835945 | 1185026.710084298 | 1403932.05956128 | 900829.8661652697 | 1051419.212057767 | 1144329.716775909 | 1487550.091542459 | 1067042.040094597 | 698123.1969313149 | 966989.2713242682 | 1190679.130257384 | 761983.2582136844
 | 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 | -1085487.428587372 | -691176.8073251488 | -490414.0316572437 | -384432.4518481278 | -340119.2478918641 | -157623.5766628558 | -196385.0204747276 | -396926.7855152034 | -380178.9074464099 | -462840.7559275653 | -263137.5077523944 | -325224.3494961032 | -357541.1511413413 | -517897.7306717918 | -372521.3831786241 | -219760.172132175 | -321957.1178947858 | -405923.0929536246 | -228769.4765663047
 | Net Margin | 0 | 1628231.142881058 | 1036765.210987723 | 735621.0474858655 | 576648.6777721916 | 510178.8718377961 | 236435.3649942836 | 294577.5307120913 | 595390.1782728052 | 570268.3611696148 | 694261.1338913478 | 394706.2616285915 | 487836.5242441547 | 536311.7267120117 | 776846.5960076875 | 558782.0747679361 | 329640.2581982625 | 482935.6768421786 | 608884.6394304368 | 343154.2148494571
 | 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 | 1929472.040317291 | 1313034.774964697 | 976375.8143164754 | 781393.1811688307 | 503076.7395174947 | 224540.15403422 | 290671.4309889651 | 598347.5773207416 | 579746.0406378886 | 709236.4887737143 | 398881.8991070753 | 480220.0894766896 | 533434.549357044 | 708697.724104818 | 425737.3810471481 | 201516.2506542507 | 359879.9760602465 | 491049.2946134467 | 230695.8366763573 | 2789233.755675741
Unlevered | NPV ('00-'05) | 4418856.929688545 |  | Levered | NPV ('00-'05) | 4418856.929688545
 | NPV ('06-'19) | 2051323.58397608 |  |  | NPV ('06-'19) | 2051323.58397608
 | NPV (TV) | 414601.8248510496 |  |  | NPV (TV) | 414601.8248510496
 | NPV | 6884782.338515675 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 6884782.338515675
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1628231.142881058 | 1036765.210987723 | 735621.0474858655 | 576648.6777721916 | 510178.8718377961 | 236435.3649942836 | 294577.5307120913 | 595390.1782728052 | 570268.3611696148 | 694261.1338913478 | 394706.2616285915 | 487836.5242441547 | 536311.7267120117 | 776846.5960076875 | 558782.0747679361 | 329640.2581982625 | 482935.6768421786 | 608884.6394304368 | 343154.2148494571
 | Income Taxes (Per Cash Flow) |  | 1085487.428587372 | 691176.8073251488 | 490414.0316572437 | 384432.4518481278 | 340119.2478918641 | 157623.5766628558 | 196385.0204747276 | 396926.7855152034 | 380178.9074464099 | 462840.7559275653 | 263137.5077523944 | 325224.3494961032 | 357541.1511413413 | 517897.7306717918 | 372521.3831786241 | 219760.172132175 | 321957.1178947858 | 405923.0929536246 | 228769.4765663047
 | 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 |  | 3016711.548904663 | 2006034.382289845 | 1468686.245973719 | 1167806.353016959 | 1043195.987409359 | 588163.7306970758 | 699236.4514636927 | 1213819.762835945 | 1185026.710084298 | 1403932.05956128 | 900829.8661652697 | 1051419.212057767 | 1144329.716775909 | 1487550.091542459 | 1067042.040094597 | 698123.1969313149 | 966989.2713242681 | 1190679.130257384 | 761983.2582136844
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 |  | 2391692.04935199 | 1382230.446137897 | 849513.1422414341 | 548600.0095391957 | 414056.8725759883 | -51275.38413629471 | 146531.2984604995 | 723648.4352402845 | 718545.6041311363 | 928891.7752741408 | 413849.0589128409 | 552139.6661510891 | 716053.2071143031 | 1160545.932374972 | 900367.0157589092 | 528542.6865804445 | 783897.5982679493 | 992902.1200665497 | 549718.749412307
 | Income Taxes |  | -956676.8197407961 | -552892.1784551587 | -339805.2568965736 | -219440.0038156783 | -165622.7490303953 | 20510.15365451789 | -58612.5193841998 | -289459.3740961138 | -287418.2416524545 | -371556.7101096563 | -165539.6235651364 | -220855.8664604357 | -286421.2828457213 | -464218.372949989 | -360146.8063035637 | -211417.0746321778 | -313559.0393071797 | -397160.8480266199 | -219887.4997649228
 | Net Income - GAAP Basis |  | 1435015.229611194 | 829338.267682738 | 509707.8853448604 | 329160.0057235174 | 248434.123545593 | -30765.23048177683 | 87918.77907629969 | 434189.0611441707 | 431127.3624786818 | 557335.0651644844 | 248309.4353477045 | 331283.7996906535 | 429631.9242685818 | 696327.5594249833 | 540220.2094553455 | 317125.6119482666 | 470338.5589607696 | 595741.2720399299 | 329831.2496473842
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 |  |  | 1929472.040317291 | 1313034.774964697 | 976375.8143164754 | 781393.1811688307 | 503076.7395174947 | 224540.15403422 | 290671.4309889651 | 598347.5773207416 | 579746.0406378886 | 709236.4887737143 | 398881.8991070753 | 480220.0894766896 | 533434.549357044 | 708697.724104818 | 425737.3810471481 | 201516.2506542507 | 359879.9760602465 | 491049.2946134467 | 230695.8366763573 | 2789233.755675741
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 | 4173272.135473615 | 3336543.819390164 | 2771530.811703233 | 2486417.300992534 | 2957557.510193548 | 2731177.540879806 | 2671668.777774653 | 4099251.725291413 | 4150887.330453829 | 4383220.714442891 | 3427575.697934313 | 4360652.298839948 | 3733289.038766561 | 4762503.061055033 | 4233544.441920345 | 3344910.620600868 | 3656345.545633078 | 4710739.338020103 | 5317042.105782926
 | Fuel | 0 | -1014828.750407615 | -1103189.6758056 | -960682.6468350741 | -991659.7065113634 | -1464368.700588379 | -1528562.595066564 | -1355653.273795479 | -2113963.279583138 | -2144949.248935305 | -2164648.435185536 | -1807332.641892983 | -2369988.26563911 | -1849371.480623925 | -2401822.19821342 | -2286059.305630915 | -1829657.990626475 | -1917552.419599453 | -2579940.635879485 | -3469740.219183748
 | Variable O&M | 0 | -32661.70900800744 | -40135.67757245153 | -36577.73270548834 | -37291.01923067433 | -55519.94752417941 | -60077.8360407795 | -54305.2243555372 | -92448.62186365401 | -93901.67651038148 | -92184.27578170928 | -77753.02173522755 | -103672.4180691963 | -79173.00548319214 | -103660.3347100699 | -92744.77415854072 | -72717.02389832932 | -75426.80569574752 | -97037.32962618921 | -129811.4732851137
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -21176.66010559116 | -20791.17671157383 | -39807.11821420911 | -41915.07039400373 | -44865.43781720861 | -40876.08790671877 | -59183.91572754913 | -49630.06706499965 | -70963.99036282764 | -68907.71549501372 | -58073.26453505496 | -58137.82494347238 | -62643.31465527749 | -85243.08436085896
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -21176.66010559116 | -20791.17671157383 | -39807.11821420911 | -41915.07039400373 | -44865.43781720861 | -40876.08790671877 | -59183.91572754913 | -49630.06706499965 | -70963.99036282764 | -68907.71549501372 | -58073.26453505496 | -58137.82494347238 | -62643.31465527749 | -85243.08436085896
 | Prod. Margin | 0 | 3125781.676057993 | 2193218.466012112 | 1774270.432162671 | 1457466.575250496 | 1437668.86208099 | 1100183.78956128 | 1220127.92620049 | 1813225.587416203 | 1828206.264220135 | 2036657.127841229 | 1460737.858492665 | 1768623.783676544 | 1705484.418529444 | 2115092.547405887 | 1716924.931140862 | 1326389.077005953 | 1547090.670450933 | 1908474.743203874 | 1547004.244592347
 | 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 | 2984908.33132247 | 2050426.322362143 | 1629517.630890034 | 1310710.698972493 | 1288864.286783727 | 949283.4343393702 | 1067090.495715458 | 1658005.3642344 | 1670761.93842319 | 1876939.652348139 | 1298707.732942 | 1604228.984130021 | 1538675.887106905 | 1945823.478821257 | 1545144.859090088 | 1152047.637168194 | 1370137.099383334 | 1728854.263334251 | 1364662.737998349
 | 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 | -1091413.937578277 | -726050.6738189309 | -569684.2205724365 | -454322.4910854495 | -451302.8869443542 | -317091.7716538949 | -361359.8015640652 | -595108.9912246667 | -597574.1126317179 | -677622.1968968767 | -449295.9850919261 | -574684.7235071379 | -546007.0902354004 | -730079.9012176117 | -590868.672812988 | -431032.947153662 | -515593.990042433 | -656325.8713655961 | -507811.6274463152
 | Net Margin | 0 | 1637120.906367416 | 1089076.010728396 | 854526.3308586546 | 681483.7366281741 | 676954.3304165312 | 475637.6574808423 | 542039.7023460977 | 892663.486837 | 896361.1689475768 | 1016433.295345315 | 673943.9776378891 | 862027.0852607068 | 819010.6353531004 | 1095119.851826417 | 886303.0092194821 | 646549.4207304929 | 773390.9850636495 | 984488.8070483939 | 761717.4411694726
 | 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 | 1892070.813744192 | 1322894.628543212 | 1058292.580317598 | 854778.8778870435 | 737561.3998393733 | 529191.6626854753 | 599640.6941513933 | 953623.673009733 | 960636.9447914723 | 1083390.048021263 | 730006.5181971737 | 906556.8740803961 | 865991.7887327431 | 1085266.25922072 | 819884.548342688 | 582591.3029420871 | 711967.0206562835 | 925675.020623499 | 705592.1380665228 | 5171833.909622871
Unlevered | NPV ('00-'05) | 4650269.67649583 |  | Levered | NPV ('00-'05) | 4650269.67649583
 | NPV ('06-'19) | 3703529.066825124 |  |  | NPV ('06-'19) | 3703529.066825124
 | NPV (TV) | 768760.1558646339 |  |  | NPV (TV) | 768760.1558646339
 | NPV | 9122558.899185589 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 9122558.899185589
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1637120.906367416 | 1089076.010728396 | 854526.3308586546 | 681483.7366281741 | 676954.3304165312 | 475637.6574808423 | 542039.7023460977 | 892663.486837 | 896361.1689475768 | 1016433.295345315 | 673943.9776378891 | 862027.0852607068 | 819010.6353531004 | 1095119.851826417 | 886303.0092194821 | 646549.4207304929 | 773390.9850636495 | 984488.8070483939 | 761717.4411694726
 | Income Taxes (Per Cash Flow) |  | 1091413.937578277 | 726050.6738189309 | 569684.2205724365 | 454322.4910854495 | 451302.8869443542 | 317091.7716538949 | 361359.8015640652 | 595108.9912246667 | 597574.1126317179 | 677622.1968968767 | 449295.9850919261 | 574684.7235071379 | 546007.0902354004 | 730079.9012176117 | 590868.672812988 | 431032.947153662 | 515593.990042433 | 656325.8713655961 | 507811.6274463152
 | 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 |  | 2984908.33132247 | 2050426.322362143 | 1629517.630890034 | 1310710.698972493 | 1288864.286783727 | 949283.4343393702 | 1067090.495715458 | 1658005.3642344 | 1670761.93842319 | 1876939.652348139 | 1298707.732942 | 1604228.984130021 | 1538675.887106905 | 1945823.478821257 | 1545144.859090088 | 1152047.637168194 | 1370137.099383334 | 1728854.263334251 | 1364662.737998349
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 |  | 2412835.645624147 | 1479320.328053991 | 1062098.407735643 | 759367.0243620338 | 778905.0602726904 | 434174.2078283333 | 769363.0139163983 | 1548321.767000251 | 1555645.49401824 | 1763411.732791348 | 1234831.805257354 | 1534203.687118251 | 1462316.739688197 | 1862940.465483402 | 1455542.263855513 | 1055874.259955836 | 1267782.159759957 | 1619156.655143616 | 1247402.181183438
 | Income Taxes |  | -965134.258249659 | -591728.1312215965 | -424839.3630942574 | -303746.8097448135 | -311562.0241090762 | -173669.6831313333 | -307745.2055665593 | -619328.7068001003 | -622258.1976072962 | -705364.6931165393 | -493932.7221029416 | -613681.4748473003 | -584926.6958752788 | -745176.186193361 | -582216.9055422053 | -422349.7039823345 | -507112.8639039828 | -647662.6620574465 | -498960.8724733753
 | Net Income - GAAP Basis |  | 1447701.387374488 | 887592.1968323948 | 637259.044641386 | 455620.2146172203 | 467343.0361636142 | 260504.5246969999 | 461617.8083498389 | 928993.0602001502 | 933387.2964109442 | 1058047.039674809 | 740899.0831544123 | 920522.2122709503 | 877390.0438129181 | 1117764.279290041 | 873325.3583133079 | 633524.5559735016 | 760669.2958559741 | 971493.9930861697 | 748441.3087100629
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 |  |  | 1892070.813744192 | 1322894.628543212 | 1058292.580317598 | 854778.8778870435 | 737561.3998393733 | 529191.6626854753 | 599640.6941513933 | 953623.673009733 | 960636.9447914723 | 1083390.048021263 | 730006.5181971737 | 906556.8740803961 | 865991.7887327431 | 1085266.25922072 | 819884.548342688 | 582591.3029420871 | 711967.0206562835 | 925675.020623499 | 705592.1380665228 | 5171833.909622871
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 | 4173272.135473615 | 3336543.819390164 | 2771530.811703233 | 2486417.300992534 | 2957557.510193548 | 2731177.540879806 | 2671668.777774653 | 4099251.725291413 | 4150887.330453829 | 4383220.714442891 | 3427575.697934313 | 4360652.298839948 | 3733289.038766561 | 4762503.061055033 | 4233544.441920345 | 3344910.620600868 | 3656345.545633078 | 4710739.338020103 | 5317042.105782926
 | Fuel | 0 | -1014828.750407615 | -1103189.6758056 | -960682.6468350741 | -991659.7065113634 | -1464368.700588379 | -1528562.595066564 | -1355653.273795479 | -2113963.279583138 | -2144949.248935305 | -2164648.435185536 | -1807332.641892983 | -2369988.26563911 | -1849371.480623925 | -2401822.19821342 | -2286059.305630915 | -1829657.990626475 | -1917552.419599453 | -2579940.635879485 | -3469740.219183748
 | Variable O&M | 0 | -32661.70900800744 | -40135.67757245153 | -36577.73270548834 | -37291.01923067433 | -55519.94752417941 | -60077.8360407795 | -54305.2243555372 | -92448.62186365401 | -93901.67651038148 | -92184.27578170928 | -77753.02173522755 | -103672.4180691963 | -79173.00548319214 | -103660.3347100699 | -92744.77415854072 | -72717.02389832932 | -75426.80569574752 | -97037.32962618921 | -129811.4732851137
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -21176.66010559116 | -20791.17671157383 | -39807.11821420911 | -41915.07039400373 | -44865.43781720861 | -40876.08790671877 | -59183.91572754913 | -49630.06706499965 | -70963.99036282764 | -68907.71549501372 | -58073.26453505496 | -58137.82494347238 | -62643.31465527749 | -85243.08436085896
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -21176.66010559116 | -20791.17671157383 | -39807.11821420911 | -41915.07039400373 | -44865.43781720861 | -40876.08790671877 | -59183.91572754913 | -49630.06706499965 | -70963.99036282764 | -68907.71549501372 | -58073.26453505496 | -58137.82494347238 | -62643.31465527749 | -85243.08436085896
 | Prod. Margin | 0 | 3125781.676057993 | 2193218.466012112 | 1774270.432162671 | 1457466.575250496 | 1437668.86208099 | 1100183.78956128 | 1220127.92620049 | 1813225.587416203 | 1828206.264220135 | 2036657.127841229 | 1460737.858492665 | 1768623.783676544 | 1705484.418529444 | 2115092.547405887 | 1716924.931140862 | 1326389.077005953 | 1547090.670450933 | 1908474.743203874 | 1547004.244592347
 | 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 | 2984908.33132247 | 2050426.322362143 | 1629517.630890034 | 1310710.698972493 | 1288864.286783727 | 949283.4343393702 | 1067090.495715458 | 1658005.3642344 | 1670761.93842319 | 1876939.652348139 | 1298707.732942 | 1604228.984130021 | 1538675.887106905 | 1945823.478821257 | 1545144.859090088 | 1152047.637168194 | 1370137.099383334 | 1728854.263334251 | 1364662.737998349
 | 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 | -1091413.937578277 | -726050.6738189309 | -569684.2205724365 | -454322.4910854495 | -451302.8869443542 | -317091.7716538949 | -361359.8015640652 | -595108.9912246667 | -597574.1126317179 | -677622.1968968767 | -449295.9850919261 | -574684.7235071379 | -546007.0902354004 | -730079.9012176117 | -590868.672812988 | -431032.947153662 | -515593.990042433 | -656325.8713655961 | -507811.6274463152
 | Net Margin | 0 | 1637120.906367416 | 1089076.010728396 | 854526.3308586546 | 681483.7366281741 | 676954.3304165312 | 475637.6574808423 | 542039.7023460977 | 892663.486837 | 896361.1689475768 | 1016433.295345315 | 673943.9776378891 | 862027.0852607068 | 819010.6353531004 | 1095119.851826417 | 886303.0092194821 | 646549.4207304929 | 773390.9850636495 | 984488.8070483939 | 761717.4411694726
 | 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 | 1892070.813744192 | 1322894.628543212 | 1058292.580317598 | 854778.8778870435 | 737561.3998393733 | 529191.6626854753 | 599640.6941513933 | 953623.673009733 | 960636.9447914723 | 1083390.048021263 | 730006.5181971737 | 906556.8740803961 | 865991.7887327431 | 1085266.25922072 | 819884.548342688 | 582591.3029420871 | 711967.0206562835 | 925675.020623499 | 705592.1380665228 | 5171833.909622871
Unlevered | NPV ('00-'05) | 4650269.67649583 |  | Levered | NPV ('00-'05) | 4650269.67649583
 | NPV ('06-'19) | 3703529.066825124 |  |  | NPV ('06-'19) | 3703529.066825124
 | NPV (TV) | 768760.1558646339 |  |  | NPV (TV) | 768760.1558646339
 | NPV | 9122558.899185589 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 9122558.899185589
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1637120.906367416 | 1089076.010728396 | 854526.3308586546 | 681483.7366281741 | 676954.3304165312 | 475637.6574808423 | 542039.7023460977 | 892663.486837 | 896361.1689475768 | 1016433.295345315 | 673943.9776378891 | 862027.0852607068 | 819010.6353531004 | 1095119.851826417 | 886303.0092194821 | 646549.4207304929 | 773390.9850636495 | 984488.8070483939 | 761717.4411694726
 | Income Taxes (Per Cash Flow) |  | 1091413.937578277 | 726050.6738189309 | 569684.2205724365 | 454322.4910854495 | 451302.8869443542 | 317091.7716538949 | 361359.8015640652 | 595108.9912246667 | 597574.1126317179 | 677622.1968968767 | 449295.9850919261 | 574684.7235071379 | 546007.0902354004 | 730079.9012176117 | 590868.672812988 | 431032.947153662 | 515593.990042433 | 656325.8713655961 | 507811.6274463152
 | 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 |  | 2984908.33132247 | 2050426.322362143 | 1629517.630890034 | 1310710.698972493 | 1288864.286783727 | 949283.4343393702 | 1067090.495715458 | 1658005.3642344 | 1670761.93842319 | 1876939.652348139 | 1298707.732942 | 1604228.984130021 | 1538675.887106905 | 1945823.478821257 | 1545144.859090088 | 1152047.637168194 | 1370137.099383334 | 1728854.263334251 | 1364662.737998349
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 |  | 2412835.645624147 | 1479320.328053991 | 1062098.407735643 | 759367.0243620338 | 778905.0602726904 | 434174.2078283333 | 769363.0139163983 | 1548321.767000251 | 1555645.49401824 | 1763411.732791348 | 1234831.805257354 | 1534203.687118251 | 1462316.739688197 | 1862940.465483402 | 1455542.263855513 | 1055874.259955836 | 1267782.159759957 | 1619156.655143616 | 1247402.181183438
 | Income Taxes |  | -965134.258249659 | -591728.1312215965 | -424839.3630942574 | -303746.8097448135 | -311562.0241090762 | -173669.6831313333 | -307745.2055665593 | -619328.7068001003 | -622258.1976072962 | -705364.6931165393 | -493932.7221029416 | -613681.4748473003 | -584926.6958752788 | -745176.186193361 | -582216.9055422053 | -422349.7039823345 | -507112.8639039828 | -647662.6620574465 | -498960.8724733753
 | Net Income - GAAP Basis |  | 1447701.387374488 | 887592.1968323948 | 637259.044641386 | 455620.2146172203 | 467343.0361636142 | 260504.5246969999 | 461617.8083498389 | 928993.0602001502 | 933387.2964109442 | 1058047.039674809 | 740899.0831544123 | 920522.2122709503 | 877390.0438129181 | 1117764.279290041 | 873325.3583133079 | 633524.5559735016 | 760669.2958559741 | 971493.9930861697 | 748441.3087100629
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 |  |  | 1892070.813744192 | 1322894.628543212 | 1058292.580317598 | 854778.8778870435 | 737561.3998393733 | 529191.6626854753 | 599640.6941513933 | 953623.673009733 | 960636.9447914723 | 1083390.048021263 | 730006.5181971737 | 906556.8740803961 | 865991.7887327431 | 1085266.25922072 | 819884.548342688 | 582591.3029420871 | 711967.0206562835 | 925675.020623499 | 705592.1380665228 | 5171833.909622871
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 | 4173272.135473615 | 3336543.819390164 | 2771530.811703233 | 2486417.300992534 | 2957557.510193548 | 2731177.540879806 | 2671668.777774653 | 4099251.725291413 | 4150887.330453829 | 4383220.714442891 | 3427575.697934313 | 4360652.298839948 | 3733289.038766561 | 4762503.061055033 | 4233544.441920345 | 3344910.620600868 | 3656345.545633078 | 4710739.338020103 | 5317042.105782926
 | Fuel | 0 | -1014828.750407615 | -1103189.6758056 | -960682.6468350741 | -991659.7065113634 | -1464368.700588379 | -1528562.595066564 | -1355653.273795479 | -2113963.279583138 | -2144949.248935305 | -2164648.435185536 | -1807332.641892983 | -2369988.26563911 | -1849371.480623925 | -2401822.19821342 | -2286059.305630915 | -1829657.990626475 | -1917552.419599453 | -2579940.635879485 | -3469740.219183748
 | Variable O&M | 0 | -32661.70900800744 | -40135.67757245153 | -36577.73270548834 | -37291.01923067433 | -55519.94752417941 | -60077.8360407795 | -54305.2243555372 | -92448.62186365401 | -93901.67651038148 | -92184.27578170928 | -77753.02173522755 | -103672.4180691963 | -79173.00548319214 | -103660.3347100699 | -92744.77415854072 | -72717.02389832932 | -75426.80569574752 | -97037.32962618921 | -129811.4732851137
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -21176.66010559116 | -20791.17671157383 | -39807.11821420911 | -41915.07039400373 | -44865.43781720861 | -40876.08790671877 | -59183.91572754913 | -49630.06706499965 | -70963.99036282764 | -68907.71549501372 | -58073.26453505496 | -58137.82494347238 | -62643.31465527749 | -85243.08436085896
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -21176.66010559116 | -20791.17671157383 | -39807.11821420911 | -41915.07039400373 | -44865.43781720861 | -40876.08790671877 | -59183.91572754913 | -49630.06706499965 | -70963.99036282764 | -68907.71549501372 | -58073.26453505496 | -58137.82494347238 | -62643.31465527749 | -85243.08436085896
 | Prod. Margin | 0 | 3125781.676057993 | 2193218.466012112 | 1774270.432162671 | 1457466.575250496 | 1437668.86208099 | 1100183.78956128 | 1220127.92620049 | 1813225.587416203 | 1828206.264220135 | 2036657.127841229 | 1460737.858492665 | 1768623.783676544 | 1705484.418529444 | 2115092.547405887 | 1716924.931140862 | 1326389.077005953 | 1547090.670450933 | 1908474.743203874 | 1547004.244592347
 | 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 | 2984908.33132247 | 2050426.322362143 | 1629517.630890034 | 1310710.698972493 | 1288864.286783727 | 949283.4343393702 | 1067090.495715458 | 1658005.3642344 | 1670761.93842319 | 1876939.652348139 | 1298707.732942 | 1604228.984130021 | 1538675.887106905 | 1945823.478821257 | 1545144.859090088 | 1152047.637168194 | 1370137.099383334 | 1728854.263334251 | 1364662.737998349
 | 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 | -1091413.937578277 | -726050.6738189309 | -569684.2205724365 | -454322.4910854495 | -451302.8869443542 | -317091.7716538949 | -361359.8015640652 | -595108.9912246667 | -597574.1126317179 | -677622.1968968767 | -449295.9850919261 | -574684.7235071379 | -546007.0902354004 | -730079.9012176117 | -590868.672812988 | -431032.947153662 | -515593.990042433 | -656325.8713655961 | -507811.6274463152
 | Net Margin | 0 | 1637120.906367416 | 1089076.010728396 | 854526.3308586546 | 681483.7366281741 | 676954.3304165312 | 475637.6574808423 | 542039.7023460977 | 892663.486837 | 896361.1689475768 | 1016433.295345315 | 673943.9776378891 | 862027.0852607068 | 819010.6353531004 | 1095119.851826417 | 886303.0092194821 | 646549.4207304929 | 773390.9850636495 | 984488.8070483939 | 761717.4411694726
 | 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 | 1892070.813744192 | 1322894.628543212 | 1058292.580317598 | 854778.8778870435 | 737561.3998393733 | 529191.6626854753 | 599640.6941513933 | 953623.673009733 | 960636.9447914723 | 1083390.048021263 | 730006.5181971737 | 906556.8740803961 | 865991.7887327431 | 1085266.25922072 | 819884.548342688 | 582591.3029420871 | 711967.0206562835 | 925675.020623499 | 705592.1380665228 | 5171833.909622871
Unlevered | NPV ('00-'05) | 4650269.67649583 |  | Levered | NPV ('00-'05) | 4650269.67649583
 | NPV ('06-'19) | 3703529.066825124 |  |  | NPV ('06-'19) | 3703529.066825124
 | NPV (TV) | 768760.1558646339 |  |  | NPV (TV) | 768760.1558646339
 | NPV | 9122558.899185589 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 9122558.899185589
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1637120.906367416 | 1089076.010728396 | 854526.3308586546 | 681483.7366281741 | 676954.3304165312 | 475637.6574808423 | 542039.7023460977 | 892663.486837 | 896361.1689475768 | 1016433.295345315 | 673943.9776378891 | 862027.0852607068 | 819010.6353531004 | 1095119.851826417 | 886303.0092194821 | 646549.4207304929 | 773390.9850636495 | 984488.8070483939 | 761717.4411694726
 | Income Taxes (Per Cash Flow) |  | 1091413.937578277 | 726050.6738189309 | 569684.2205724365 | 454322.4910854495 | 451302.8869443542 | 317091.7716538949 | 361359.8015640652 | 595108.9912246667 | 597574.1126317179 | 677622.1968968767 | 449295.9850919261 | 574684.7235071379 | 546007.0902354004 | 730079.9012176117 | 590868.672812988 | 431032.947153662 | 515593.990042433 | 656325.8713655961 | 507811.6274463152
 | 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 |  | 2984908.33132247 | 2050426.322362143 | 1629517.630890034 | 1310710.698972493 | 1288864.286783727 | 949283.4343393702 | 1067090.495715458 | 1658005.3642344 | 1670761.93842319 | 1876939.652348139 | 1298707.732942 | 1604228.984130021 | 1538675.887106905 | 1945823.478821257 | 1545144.859090088 | 1152047.637168194 | 1370137.099383334 | 1728854.263334251 | 1364662.737998349
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 |  | 2412835.645624147 | 1479320.328053991 | 1062098.407735643 | 759367.0243620338 | 778905.0602726904 | 434174.2078283333 | 769363.0139163983 | 1548321.767000251 | 1555645.49401824 | 1763411.732791348 | 1234831.805257354 | 1534203.687118251 | 1462316.739688197 | 1862940.465483402 | 1455542.263855513 | 1055874.259955836 | 1267782.159759957 | 1619156.655143616 | 1247402.181183438
 | Income Taxes |  | -965134.258249659 | -591728.1312215965 | -424839.3630942574 | -303746.8097448135 | -311562.0241090762 | -173669.6831313333 | -307745.2055665593 | -619328.7068001003 | -622258.1976072962 | -705364.6931165393 | -493932.7221029416 | -613681.4748473003 | -584926.6958752788 | -745176.186193361 | -582216.9055422053 | -422349.7039823345 | -507112.8639039828 | -647662.6620574465 | -498960.8724733753
 | Net Income - GAAP Basis |  | 1447701.387374488 | 887592.1968323948 | 637259.044641386 | 455620.2146172203 | 467343.0361636142 | 260504.5246969999 | 461617.8083498389 | 928993.0602001502 | 933387.2964109442 | 1058047.039674809 | 740899.0831544123 | 920522.2122709503 | 877390.0438129181 | 1117764.279290041 | 873325.3583133079 | 633524.5559735016 | 760669.2958559741 | 971493.9930861697 | 748441.3087100629
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 |  |  | 1892070.813744192 | 1322894.628543212 | 1058292.580317598 | 854778.8778870435 | 737561.3998393733 | 529191.6626854753 | 599640.6941513933 | 953623.673009733 | 960636.9447914723 | 1083390.048021263 | 730006.5181971737 | 906556.8740803961 | 865991.7887327431 | 1085266.25922072 | 819884.548342688 | 582591.3029420871 | 711967.0206562835 | 925675.020623499 | 705592.1380665228 | 5171833.909622871
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 | 4173272.135473615 | 3336543.819390164 | 2771530.811703233 | 2486417.300992534 | 2957557.510193548 | 2731177.540879806 | 2671668.777774653 | 4099251.725291413 | 4150887.330453829 | 4383220.714442891 | 3427575.697934313 | 4360652.298839948 | 3733289.038766561 | 4762503.061055033 | 4233544.441920345 | 3344910.620600868 | 3656345.545633078 | 4710739.338020103 | 5317042.105782926
 | Fuel | 0 | -1014828.750407615 | -1103189.6758056 | -960682.6468350741 | -991659.7065113634 | -1464368.700588379 | -1528562.595066564 | -1355653.273795479 | -2113963.279583138 | -2144949.248935305 | -2164648.435185536 | -1807332.641892983 | -2369988.26563911 | -1849371.480623925 | -2401822.19821342 | -2286059.305630915 | -1829657.990626475 | -1917552.419599453 | -2579940.635879485 | -3469740.219183748
 | Variable O&M | 0 | -32661.70900800744 | -40135.67757245153 | -36577.73270548834 | -37291.01923067433 | -55519.94752417941 | -60077.8360407795 | -54305.2243555372 | -92448.62186365401 | -93901.67651038148 | -92184.27578170928 | -77753.02173522755 | -103672.4180691963 | -79173.00548319214 | -103660.3347100699 | -92744.77415854072 | -72717.02389832932 | -75426.80569574752 | -97037.32962618921 | -129811.4732851137
 | SO2 Costs | 0 | 0 | 0 | 0 | 0 | 0 | -21176.66010559116 | -20791.17671157383 | -39807.11821420911 | -41915.07039400373 | -44865.43781720861 | -40876.08790671877 | -59183.91572754913 | -49630.06706499965 | -70963.99036282764 | -68907.71549501372 | -58073.26453505496 | -58137.82494347238 | -62643.31465527749 | -85243.08436085896
 | NOx Costs | 0 | 0 | 0 | 0 | 0 | 0 | -21176.66010559116 | -20791.17671157383 | -39807.11821420911 | -41915.07039400373 | -44865.43781720861 | -40876.08790671877 | -59183.91572754913 | -49630.06706499965 | -70963.99036282764 | -68907.71549501372 | -58073.26453505496 | -58137.82494347238 | -62643.31465527749 | -85243.08436085896
 | Prod. Margin | 0 | 3125781.676057993 | 2193218.466012112 | 1774270.432162671 | 1457466.575250496 | 1437668.86208099 | 1100183.78956128 | 1220127.92620049 | 1813225.587416203 | 1828206.264220135 | 2036657.127841229 | 1460737.858492665 | 1768623.783676544 | 1705484.418529444 | 2115092.547405887 | 1716924.931140862 | 1326389.077005953 | 1547090.670450933 | 1908474.743203874 | 1547004.244592347
 | 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 | 2984908.33132247 | 2050426.322362143 | 1629517.630890034 | 1310710.698972493 | 1288864.286783727 | 949283.4343393702 | 1067090.495715458 | 1658005.3642344 | 1670761.93842319 | 1876939.652348139 | 1298707.732942 | 1604228.984130021 | 1538675.887106905 | 1945823.478821257 | 1545144.859090088 | 1152047.637168194 | 1370137.099383334 | 1728854.263334251 | 1364662.737998349
 | 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 | -1091413.937578277 | -726050.6738189309 | -569684.2205724365 | -454322.4910854495 | -451302.8869443542 | -317091.7716538949 | -361359.8015640652 | -595108.9912246667 | -597574.1126317179 | -677622.1968968767 | -449295.9850919261 | -574684.7235071379 | -546007.0902354004 | -730079.9012176117 | -590868.672812988 | -431032.947153662 | -515593.990042433 | -656325.8713655961 | -507811.6274463152
 | Net Margin | 0 | 1637120.906367416 | 1089076.010728396 | 854526.3308586546 | 681483.7366281741 | 676954.3304165312 | 475637.6574808423 | 542039.7023460977 | 892663.486837 | 896361.1689475768 | 1016433.295345315 | 673943.9776378891 | 862027.0852607068 | 819010.6353531004 | 1095119.851826417 | 886303.0092194821 | 646549.4207304929 | 773390.9850636495 | 984488.8070483939 | 761717.4411694726
 | 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 | 1892070.813744192 | 1322894.628543212 | 1058292.580317598 | 854778.8778870435 | 737561.3998393733 | 529191.6626854753 | 599640.6941513933 | 953623.673009733 | 960636.9447914723 | 1083390.048021263 | 730006.5181971737 | 906556.8740803961 | 865991.7887327431 | 1085266.25922072 | 819884.548342688 | 582591.3029420871 | 711967.0206562835 | 925675.020623499 | 705592.1380665228 | 5171833.909622871
Unlevered | NPV ('00-'05) | 4650269.67649583 |  | Levered | NPV ('00-'05) | 4650269.67649583
 | NPV ('06-'19) | 3703529.066825124 |  |  | NPV ('06-'19) | 3703529.066825124
 | NPV (TV) | 768760.1558646339 |  |  | NPV (TV) | 768760.1558646339
 | NPV | 9122558.899185589 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 9122558.899185589
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1637120.906367416 | 1089076.010728396 | 854526.3308586546 | 681483.7366281741 | 676954.3304165312 | 475637.6574808423 | 542039.7023460977 | 892663.486837 | 896361.1689475768 | 1016433.295345315 | 673943.9776378891 | 862027.0852607068 | 819010.6353531004 | 1095119.851826417 | 886303.0092194821 | 646549.4207304929 | 773390.9850636495 | 984488.8070483939 | 761717.4411694726
 | Income Taxes (Per Cash Flow) |  | 1091413.937578277 | 726050.6738189309 | 569684.2205724365 | 454322.4910854495 | 451302.8869443542 | 317091.7716538949 | 361359.8015640652 | 595108.9912246667 | 597574.1126317179 | 677622.1968968767 | 449295.9850919261 | 574684.7235071379 | 546007.0902354004 | 730079.9012176117 | 590868.672812988 | 431032.947153662 | 515593.990042433 | 656325.8713655961 | 507811.6274463152
 | 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 |  | 2984908.33132247 | 2050426.322362143 | 1629517.630890034 | 1310710.698972493 | 1288864.286783727 | 949283.4343393702 | 1067090.495715458 | 1658005.3642344 | 1670761.93842319 | 1876939.652348139 | 1298707.732942 | 1604228.984130021 | 1538675.887106905 | 1945823.478821257 | 1545144.859090088 | 1152047.637168194 | 1370137.099383334 | 1728854.263334251 | 1364662.737998349
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 |  | 2412835.645624147 | 1479320.328053991 | 1062098.407735643 | 759367.0243620338 | 778905.0602726904 | 434174.2078283333 | 769363.0139163983 | 1548321.767000251 | 1555645.49401824 | 1763411.732791348 | 1234831.805257354 | 1534203.687118251 | 1462316.739688197 | 1862940.465483402 | 1455542.263855513 | 1055874.259955836 | 1267782.159759957 | 1619156.655143616 | 1247402.181183438
 | Income Taxes |  | -965134.258249659 | -591728.1312215965 | -424839.3630942574 | -303746.8097448135 | -311562.0241090762 | -173669.6831313333 | -307745.2055665593 | -619328.7068001003 | -622258.1976072962 | -705364.6931165393 | -493932.7221029416 | -613681.4748473003 | -584926.6958752788 | -745176.186193361 | -582216.9055422053 | -422349.7039823345 | -507112.8639039828 | -647662.6620574465 | -498960.8724733753
 | Net Income - GAAP Basis |  | 1447701.387374488 | 887592.1968323948 | 637259.044641386 | 455620.2146172203 | 467343.0361636142 | 260504.5246969999 | 461617.8083498389 | 928993.0602001502 | 933387.2964109442 | 1058047.039674809 | 740899.0831544123 | 920522.2122709503 | 877390.0438129181 | 1117764.279290041 | 873325.3583133079 | 633524.5559735016 | 760669.2958559741 | 971493.9930861697 | 748441.3087100629
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 |  |  | 1892070.813744192 | 1322894.628543212 | 1058292.580317598 | 854778.8778870435 | 737561.3998393733 | 529191.6626854753 | 599640.6941513933 | 953623.673009733 | 960636.9447914723 | 1083390.048021263 | 730006.5181971737 | 906556.8740803961 | 865991.7887327431 | 1085266.25922072 | 819884.548342688 | 582591.3029420871 | 711967.0206562835 | 925675.020623499 | 705592.1380665228 | 5171833.909622871
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 | 8202175.39141969 | 7219125.195562468 | 6975429.928910354 | 6698801.539819548 | 6877286.901249149 | 7875918.161164012 | 9532366.51234013 | 12117113.01036762 | 12861496.06619582 | 11066696.09716346 | 10846097.9980071 | 10837165.46197684 | 10010041.08073997 | 11607660.59929679 | 10822858.67626653 | 10915874.08166484 | 10065899.07740911 | 11407206.88630372 | 12342873.48412281
 | Fuel | 0 | -2443747.150953876 | -2991581.05241517 | -3235039.699892793 | -3544191.97559814 | -3794796.96567439 | -4944426.379624729 | -6219182.822686155 | -7723082.376592651 | -8284094.122529551 | -6482347.866821143 | -7112818.166952359 | -6598867.186659608 | -6033835.200692493 | -6785562.718612771 | -6609183.756585882 | -7384920.386592149 | -6300625.620558014 | -7074580.360230226 | -8373327.414721277
 | Variable O&M | 0 | -60965.99602704872 | -86226.88174449258 | -98920.0929284977 | -108302.3578003991 | -115803.7159039766 | -156864.885978719 | -192371.5306182226 | -262154.6828551096 | -274514.6264625685 | -209035.4643653702 | -234968.3606316906 | -219679.0921676907 | -198816.5275071582 | -222370.2728947877 | -204501.4707889943 | -224078.6436578123 | -191744.2672995479 | -202409.8596508272 | -245710.9901222865
 | 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 | 5697462.244438766 | 4141317.261402805 | 3641470.136089064 | 3046307.206421009 | 2966686.219670782 | 2868044.918887652 | 3224358.575292598 | 4246135.118383238 | 4428382.954919437 | 4514883.210132203 | 3652058.869501971 | 4188966.691842569 | 3968393.721354505 | 4812345.275941647 | 4244688.874264125 | 3565470.698846272 | 3827586.806007349 | 4347576.698646086 | 3949197.330521646
 | 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 | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
 | 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 | -1177299.681699435 | -550118.7579540731 | -342185.6953741892 | -94119.07990096249 | -59425.42246241235 | -13569.25747928247 | -540628.4566280018 | -1377503.236259484 | -1494771.982426669 | -1528939.039699007 | -1177966.075718065 | -1386742.317474014 | -1292397.720213461 | -1623773.627908452 | -1390355.155292091 | -1112111.734419369 | -1210249.250546986 | -1411369.757130424 | -1244977.839008307
 | Net Margin | 0 | 1765949.522549152 | 825178.1369311097 | 513278.5430612836 | 141178.6198514437 | 89138.13369361851 | 20353.8862189237 | 810942.6849420026 | 2066254.854389226 | 2242157.973640003 | 2293408.55954851 | 1766949.113577097 | 2080113.476211021 | 1938596.580320191 | 2435660.441862678 | 2085532.732938136 | 1668167.601629054 | 1815373.875820478 | 2117054.635695635 | 1867466.758512461
 | 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 | 3944189.209965819 | 3006956.57169591 | 2334650.224253717 | 2350754.364137677 | 2223727.669104819 | 2159619.77920752 | 1977303.394981392 | 2150350.495554619 | 2203228.945917211 | 2243152.162819664 | 1718662.129200376 | 2033823.118670046 | 1894318.037211207 | 2393330.72428531 | 2045214.162325 | 1630047.030722409 | 1779517.244611521 | 2083529.862375295 | 1836343.798817396 | 12078952.08661947
Unlevered | NPV ('00-'05) | 10811128.68609414 |  | Levered | NPV ('00-'05) | 10811128.68609414
 | NPV ('06-'19) | 9336883.478956213 |  |  | NPV ('06-'19) | 9336883.478956213
 | NPV (TV) | 1795459.260884916 |  |  | NPV (TV) | 1795459.260884916
 | NPV | 21943471.42593527 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21943471.42593527
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1765949.522549152 | 825178.1369311097 | 513278.5430612836 | 141178.6198514437 | 89138.13369361851 | 20353.8862189237 | 810942.6849420026 | 2066254.854389226 | 2242157.973640003 | 2293408.55954851 | 1766949.113577097 | 2080113.476211021 | 1938596.580320191 | 2435660.441862678 | 2085532.732938136 | 1668167.601629054 | 1815373.875820478 | 2117054.635695635 | 1867466.758512461
 | Income Taxes (Per Cash Flow) |  | 1177299.681699435 | 550118.7579540731 | 342185.6953741892 | 94119.07990096249 | 59425.42246241235 | 13569.25747928247 | 540628.4566280018 | 1377503.236259484 | 1494771.982426669 | 1528939.039699007 | 1177966.075718065 | 1386742.317474014 | 1292397.720213461 | 1623773.627908452 | 1390355.155292091 | 1112111.734419369 | 1210249.250546986 | 1411369.757130424 | 1244977.839008307
 | 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 |  | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
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 |  | 3304830.909134386 | 1740110.909619116 | 1212884.61109704 | 608725.9535077731 | 516214.8269363642 | 404330.0239329359 | 747094.4682888375 | 1754978.626809855 | 1923026.970005431 | 1994955.425245995 | 1117265.754143511 | 1638909.511661808 | 1402697.555023873 | 2230653.003536871 | 3010008.791649747 | 2702757.784311345 | 2947706.749719087 | 3450101.346519042 | 3033702.681465352
 | Income Taxes |  | -1321932.363653755 | -696044.3638476466 | -485153.8444388159 | -243490.3814031093 | -206485.9307745457 | -161732.0095731744 | -298837.787315535 | -701991.4507239423 | -769210.7880021724 | -797982.170098398 | -446906.3016574043 | -655563.8046647232 | -561079.0220095492 | -892261.2014147483 | -1204003.516659899 | -1081103.113724538 | -1179082.699887635 | -1380040.538607617 | -1213481.072586141
 | Net Income - GAAP Basis |  | 1982898.545480632 | 1044066.54577147 | 727730.7666582237 | 365235.5721046638 | 309728.8961618185 | 242598.0143597615 | 448256.6809733025 | 1052987.176085913 | 1153816.182003258 | 1196973.255147597 | 670359.4524861064 | 983345.7069970848 | 841618.5330143238 | 1338391.802122122 | 1806005.274989848 | 1621654.670586807 | 1768624.049831452 | 2070060.807911425 | 1820221.608879211
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 |  |  | 3944189.209965819 | 3006956.57169591 | 2334650.224253717 | 2350754.364137677 | 2223727.669104819 | 2159619.77920752 | 1977303.394981392 | 2150350.495554619 | 2203228.945917211 | 2243152.162819664 | 1718662.129200376 | 2033823.118670046 | 1894318.037211207 | 2393330.72428531 | 2045214.162325 | 1630047.030722409 | 1779517.244611521 | 2083529.862375295 | 1836343.798817396 | 12078952.08661947
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 | 8202175.39141969 | 7219125.195562468 | 6975429.928910354 | 6698801.539819548 | 6877286.901249149 | 7875918.161164012 | 9532366.51234013 | 12117113.01036762 | 12861496.06619582 | 11066696.09716346 | 10846097.9980071 | 10837165.46197684 | 10010041.08073997 | 11607660.59929679 | 10822858.67626653 | 10915874.08166484 | 10065899.07740911 | 11407206.88630372 | 12342873.48412281
 | Fuel | 0 | -2443747.150953876 | -2991581.05241517 | -3235039.699892793 | -3544191.97559814 | -3794796.96567439 | -4944426.379624729 | -6219182.822686155 | -7723082.376592651 | -8284094.122529551 | -6482347.866821143 | -7112818.166952359 | -6598867.186659608 | -6033835.200692493 | -6785562.718612771 | -6609183.756585882 | -7384920.386592149 | -6300625.620558014 | -7074580.360230226 | -8373327.414721277
 | Variable O&M | 0 | -60965.99602704872 | -86226.88174449258 | -98920.0929284977 | -108302.3578003991 | -115803.7159039766 | -156864.885978719 | -192371.5306182226 | -262154.6828551096 | -274514.6264625685 | -209035.4643653702 | -234968.3606316906 | -219679.0921676907 | -198816.5275071582 | -222370.2728947877 | -204501.4707889943 | -224078.6436578123 | -191744.2672995479 | -202409.8596508272 | -245710.9901222865
 | 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 | 5697462.244438766 | 4141317.261402805 | 3641470.136089064 | 3046307.206421009 | 2966686.219670782 | 2868044.918887652 | 3224358.575292598 | 4246135.118383238 | 4428382.954919437 | 4514883.210132203 | 3652058.869501971 | 4188966.691842569 | 3968393.721354505 | 4812345.275941647 | 4244688.874264125 | 3565470.698846272 | 3827586.806007349 | 4347576.698646086 | 3949197.330521646
 | 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 | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
 | 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 | -1177290.671349435 | -550092.1763296332 | -342190.7673346691 | -94152.93291848246 | -59447.22093849238 | -13589.87413750645 | -540647.9870026566 | -1377521.769060419 | -1494788.952125681 | -1528953.74749711 | -1177981.445059783 | -1386758.188714359 | -1292413.938989308 | -1623790.204645867 | -1390372.10072992 | -1112129.059618625 | -1210266.966900511 | -1411387.876372847 | -1244996.373226295
 | Net Margin | 0 | 1765936.007024152 | 825138.2644944498 | 513286.1510020036 | 141229.3993777237 | 89170.83140773856 | 20384.81120625967 | 810971.9805039847 | 2066282.653590628 | 2242183.428188521 | 2293430.621245665 | 1766972.167589674 | 2080137.283071538 | 1938620.908483962 | 2435685.3069688 | 2085558.15109488 | 1668193.589427938 | 1815400.450350767 | 2117081.814559271 | 1867494.559839443
 | 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 | 3943597.530315818 | 3006367.41332035 | 2337238.332293237 | 2350071.461120158 | 2223720.494628738 | 2159614.225269296 | 1977299.379208338 | 2150347.942793332 | 2203228.435659036 | 2243154.408245624 | 1718664.221679443 | 2033825.233105109 | 1894320.343681029 | 2393333.228550935 | 2045216.870320302 | 1630049.948559279 | 1779520.378585204 | 2083533.218969897 | 1836347.384711544 | 12078968.65567211
Unlevered | NPV ('00-'05) | 10811577.4848964 |  | Levered | NPV ('00-'05) | 10811577.4848964
 | NPV ('06-'19) | 9336883.569637109 |  |  | NPV ('06-'19) | 9336883.569637109
 | NPV (TV) | 1795461.723769014 |  |  | NPV (TV) | 1795461.723769014
 | NPV | 21943922.77830252 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21943922.77830252
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1765936.007024152 | 825138.2644944498 | 513286.1510020036 | 141229.3993777237 | 89170.83140773856 | 20384.81120625967 | 810971.9805039847 | 2066282.653590628 | 2242183.428188521 | 2293430.621245665 | 1766972.167589674 | 2080137.283071538 | 1938620.908483962 | 2435685.3069688 | 2085558.15109488 | 1668193.589427938 | 1815400.450350767 | 2117081.814559271 | 1867494.559839443
 | Income Taxes (Per Cash Flow) |  | 1177290.671349435 | 550092.1763296332 | 342190.7673346691 | 94152.93291848246 | 59447.22093849238 | 13589.87413750645 | 540647.9870026566 | 1377521.769060419 | 1494788.952125681 | 1528953.74749711 | 1177981.445059783 | 1386758.188714359 | 1292413.938989308 | 1623790.204645867 | 1390372.10072992 | 1112129.059618625 | 1210266.966900511 | 1411387.876372847 | 1244996.373226295
 | 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 |  | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125796 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299843 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
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 |  | 3304800.874634386 | 1740050.088119116 | 1212953.44859704 | 608762.3385077731 | 516251.9431363642 | 404367.8932689358 | 747133.1133549174 | 1755018.070877917 | 1923067.237045535 | 1994996.539947302 | 1117307.741935857 | 1638952.398737925 | 1402741.368362274 | 2230697.770925422 | 3010054.541709956 | 2702804.546523361 | 2947754.554447462 | 3450150.225039268 | 3033752.665991186
 | Income Taxes |  | -1321920.349853755 | -696020.0352476466 | -485181.3794388159 | -243504.9354031093 | -206500.7772545457 | -161747.1573075744 | -298853.245341967 | -702007.2283511669 | -769226.8948182141 | -797998.615978921 | -446923.0967743429 | -655580.95949517 | -561096.5473449094 | -892279.108370169 | -1204021.816683982 | -1081121.818609344 | -1179101.821778985 | -1380060.090015708 | -1213501.066396474
 | Net Income - GAAP Basis |  | 1982880.524780632 | 1044030.05287147 | 727772.0691582237 | 365257.4031046638 | 309751.1658818185 | 242620.7359613615 | 448279.8680129504 | 1053010.84252675 | 1153840.342227321 | 1196997.923968381 | 670384.6451615144 | 983371.4392427548 | 841644.8210173642 | 1338418.662555253 | 1806032.725025974 | 1621682.727914016 | 1768652.732668477 | 2070090.135023561 | 1820251.599594711
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 |  |  | 3943597.530315818 | 3006367.41332035 | 2337238.332293237 | 2350071.461120158 | 2223720.494628738 | 2159614.225269296 | 1977299.379208338 | 2150347.942793332 | 2203228.435659036 | 2243154.408245624 | 1718664.221679443 | 2033825.233105109 | 1894320.343681029 | 2393333.228550935 | 2045216.870320302 | 1630049.948559279 | 1779520.378585204 | 2083533.218969897 | 1836347.384711544 | 12078968.65567211
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 | 8202175.39141969 | 7219125.195562468 | 6975429.928910354 | 6698801.539819548 | 6877286.901249149 | 7875918.161164012 | 9532366.51234013 | 12117113.01036762 | 12861496.06619582 | 11066696.09716346 | 10846097.9980071 | 10837165.46197684 | 10010041.08073997 | 11607660.59929679 | 10822858.67626653 | 10915874.08166484 | 10065899.07740911 | 11407206.88630372 | 12342873.48412281
 | Fuel | 0 | -2443747.150953876 | -2991581.05241517 | -3235039.699892793 | -3544191.97559814 | -3794796.96567439 | -4944426.379624729 | -6219182.822686155 | -7723082.376592651 | -8284094.122529551 | -6482347.866821143 | -7112818.166952359 | -6598867.186659608 | -6033835.200692493 | -6785562.718612771 | -6609183.756585882 | -7384920.386592149 | -6300625.620558014 | -7074580.360230226 | -8373327.414721277
 | Variable O&M | 0 | -60965.99602704872 | -86226.88174449258 | -98920.0929284977 | -108302.3578003991 | -115803.7159039766 | -156864.885978719 | -192371.5306182226 | -262154.6828551096 | -274514.6264625685 | -209035.4643653702 | -234968.3606316906 | -219679.0921676907 | -198816.5275071582 | -222370.2728947877 | -204501.4707889943 | -224078.6436578123 | -191744.2672995479 | -202409.8596508272 | -245710.9901222865
 | 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 | 5697462.244438766 | 4141317.261402805 | 3641470.136089064 | 3046307.206421009 | 2966686.219670782 | 2868044.918887652 | 3224358.575292598 | 4246135.118383238 | 4428382.954919437 | 4514883.210132203 | 3652058.869501971 | 4188966.691842569 | 3968393.721354505 | 4812345.275941647 | 4244688.874264125 | 3565470.698846272 | 3827586.806007349 | 4347576.698646086 | 3949197.330521646
 | 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 | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
 | 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 | -1177290.671349435 | -544649.6097796332 | -337243.9662881492 | -95107.39622640256 | -60347.07981017232 | -14458.69232905433 | -541489.4804813353 | -1378336.827857452 | -1495582.92964457 | -1529325.647722635 | -1178290.116938269 | -1387094.19496656 | -1292777.808871893 | -1624182.774067746 | -1390794.230677273 | -1112581.636907216 | -1210750.904950578 | -1411904.116007232 | -1245545.883492529
 | Net Margin | 0 | 1765936.007024152 | 816974.4146694498 | 505865.9494322237 | 142661.0943396038 | 90520.61971525848 | 21688.03849358149 | 812234.220722003 | 2067505.241786179 | 2243374.394466855 | 2293988.471583953 | 1767435.175407402 | 2080641.292449841 | 1939166.713307839 | 2436274.161101619 | 2086191.34601591 | 1668872.455360824 | 1816126.357425866 | 2117856.174010848 | 1868318.825238794
 | 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 | 3943597.530315818 | 2648972.20987035 | 2710885.293339757 | 2349116.997812238 | 2223993.113757059 | 2159953.059417748 | 1977701.767639859 | 2150814.082363804 | 2203754.092458678 | 2244141.731368185 | 1719755.549849487 | 2034931.226902893 | 1895441.733849929 | 2394470.476982085 | 2046370.45276157 | 1631220.355030967 | 1780708.113808226 | 2084738.802806792 | 1837571.352620729 | 12085963.97469832
Unlevered | NPV ('00-'05) | 10796453.4040549 |  | Levered | NPV ('00-'05) | 10796453.4040549
 | NPV ('06-'19) | 9340644.395618867 |  |  | NPV ('06-'19) | 9340644.395618867
 | NPV (TV) | 1796501.533368255 |  |  | NPV (TV) | 1796501.533368255
 | NPV | 21933599.33304202 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21933599.33304202
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1765936.007024152 | 816974.4146694498 | 505865.9494322237 | 142661.0943396038 | 90520.61971525848 | 21688.03849358149 | 812234.220722003 | 2067505.241786179 | 2243374.394466855 | 2293988.471583953 | 1767435.175407402 | 2080641.292449841 | 1939166.713307839 | 2436274.161101619 | 2086191.34601591 | 1668872.455360824 | 1816126.357425866 | 2117856.174010848 | 1868318.825238794
 | Income Taxes (Per Cash Flow) |  | 1177290.671349435 | 544649.6097796332 | 337243.9662881492 | 95107.39622640256 | 60347.07981017232 | 14458.69232905433 | 541489.4804813353 | 1378336.827857452 | 1495582.92964457 | 1529325.647722635 | 1178290.116938269 | 1387094.19496656 | 1292777.808871893 | 1624182.774067746 | 1390794.230677273 | 1112581.636907216 | 1210750.904950578 | 1411904.116007232 | 1245545.883492529
 | 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 |  | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
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 |  | 3304800.874634386 | 1721908.199619116 | 1213246.56809704 | 609055.4580077732 | 516603.6865363643 | 404780.0192859359 | 747607.4334674275 | 1755556.450908803 | 1923671.598792346 | 1995668.862861519 | 1118050.0648525 | 1639766.821657067 | 1403630.05428399 | 2231662.947739791 | 3011098.504143755 | 2703929.658145173 | 2948963.249732929 | 3451445.011498299 | 3035136.126358988
 | Income Taxes |  | -1321920.349853755 | -688763.2798476466 | -485298.6272388159 | -243622.1832031093 | -206641.4746145457 | -161912.0077143744 | -299042.973386971 | -702222.5803635214 | -769468.6395169386 | -798267.5451446074 | -447220.0259410001 | -655906.7286628268 | -561452.021713596 | -892665.1790959163 | -1204439.401657502 | -1081571.863258069 | -1179585.299893172 | -1380578.00459932 | -1214054.450543595
 | Net Income - GAAP Basis |  | 1982880.524780632 | 1033144.91977147 | 727947.9408582237 | 365433.2748046638 | 309962.2119218186 | 242868.0115715615 | 448564.4600804565 | 1053333.870545282 | 1154202.959275408 | 1197401.317716911 | 670830.0389115 | 983860.0929942401 | 842178.0325703939 | 1338997.768643874 | 1806659.102486253 | 1622357.794887104 | 1769377.949839758 | 2070867.00689898 | 1821081.675815393
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 |  |  | 3943597.530315818 | 2648972.20987035 | 2710885.293339757 | 2349116.997812238 | 2223993.113757059 | 2159953.059417748 | 1977701.767639859 | 2150814.082363804 | 2203754.092458678 | 2244141.731368185 | 1719755.549849487 | 2034931.226902893 | 1895441.733849929 | 2394470.476982085 | 2046370.45276157 | 1631220.355030967 | 1780708.113808226 | 2084738.802806792 | 1837571.352620729 | 12085963.97469832
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 | 8202175.39141969 | 7219125.195562468 | 6975429.928910354 | 6698801.539819548 | 6877286.901249149 | 7875918.161164012 | 9532366.51234013 | 12117113.01036762 | 12861496.06619582 | 11066696.09716346 | 10846097.9980071 | 10837165.46197684 | 10010041.08073997 | 11607660.59929679 | 10822858.67626653 | 10915874.08166484 | 10065899.07740911 | 11407206.88630372 | 12342873.48412281
 | Fuel | 0 | -2443747.150953876 | -2991581.05241517 | -3235039.699892793 | -3544191.97559814 | -3794796.96567439 | -4944426.379624729 | -6219182.822686155 | -7723082.376592651 | -8284094.122529551 | -6482347.866821143 | -7112818.166952359 | -6598867.186659608 | -6033835.200692493 | -6785562.718612771 | -6609183.756585882 | -7384920.386592149 | -6300625.620558014 | -7074580.360230226 | -8373327.414721277
 | Variable O&M | 0 | -60965.99602704872 | -86226.88174449258 | -98920.0929284977 | -108302.3578003991 | -115803.7159039766 | -156864.885978719 | -192371.5306182226 | -262154.6828551096 | -274514.6264625685 | -209035.4643653702 | -234968.3606316906 | -219679.0921676907 | -198816.5275071582 | -222370.2728947877 | -204501.4707889943 | -224078.6436578123 | -191744.2672995479 | -202409.8596508272 | -245710.9901222865
 | 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 | 5697462.244438766 | 4141317.261402805 | 3641470.136089064 | 3046307.206421009 | 2966686.219670782 | 2868044.918887652 | 3224358.575292598 | 4246135.118383238 | 4428382.954919437 | 4514883.210132203 | 3652058.869501971 | 4188966.691842569 | 3968393.721354505 | 4812345.275941647 | 4244688.874264125 | 3565470.698846272 | 3827586.806007349 | 4347576.698646086 | 3949197.330521646
 | 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 | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
 | 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 | -1177290.671349435 | -544649.6097796332 | -337243.9662881492 | -95107.39622640256 | -60347.07981017232 | -14458.69232905433 | -541489.4804813353 | -1378336.827857452 | -1495582.92964457 | -1529325.647722635 | -1178290.116938269 | -1387094.19496656 | -1292777.808871893 | -1624182.774067746 | -1390794.230677273 | -1112581.636907216 | -1210750.904950578 | -1411904.116007232 | -1245545.883492529
 | Net Margin | 0 | 1765936.007024152 | 816974.4146694498 | 505865.9494322237 | 142661.0943396038 | 90520.61971525848 | 21688.03849358149 | 812234.220722003 | 2067505.241786179 | 2243374.394466855 | 2293988.471583953 | 1767435.175407402 | 2080641.292449841 | 1939166.713307839 | 2436274.161101619 | 2086191.34601591 | 1668872.455360824 | 1816126.357425866 | 2117856.174010848 | 1868318.825238794
 | 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 | 3943597.530315818 | 2648972.20987035 | 2710885.293339757 | 2349116.997812238 | 2223993.113757059 | 2159953.059417748 | 1977701.767639859 | 2150814.082363804 | 2203754.092458678 | 2244141.731368185 | 1719755.549849487 | 2034931.226902893 | 1895441.733849929 | 2394470.476982085 | 2046370.45276157 | 1631220.355030967 | 1780708.113808226 | 2084738.802806792 | 1837571.352620729 | 12085963.97469832
Unlevered | NPV ('00-'05) | 10796453.4040549 |  | Levered | NPV ('00-'05) | 10796453.4040549
 | NPV ('06-'19) | 9340644.395618867 |  |  | NPV ('06-'19) | 9340644.395618867
 | NPV (TV) | 1796501.533368255 |  |  | NPV (TV) | 1796501.533368255
 | NPV | 21933599.33304202 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21933599.33304202
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1765936.007024152 | 816974.4146694498 | 505865.9494322237 | 142661.0943396038 | 90520.61971525848 | 21688.03849358149 | 812234.220722003 | 2067505.241786179 | 2243374.394466855 | 2293988.471583953 | 1767435.175407402 | 2080641.292449841 | 1939166.713307839 | 2436274.161101619 | 2086191.34601591 | 1668872.455360824 | 1816126.357425866 | 2117856.174010848 | 1868318.825238794
 | Income Taxes (Per Cash Flow) |  | 1177290.671349435 | 544649.6097796332 | 337243.9662881492 | 95107.39622640256 | 60347.07981017232 | 14458.69232905433 | 541489.4804813353 | 1378336.827857452 | 1495582.92964457 | 1529325.647722635 | 1178290.116938269 | 1387094.19496656 | 1292777.808871893 | 1624182.774067746 | 1390794.230677273 | 1112581.636907216 | 1210750.904950578 | 1411904.116007232 | 1245545.883492529
 | 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 |  | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
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 |  | 3304800.874634386 | 1721908.199619116 | 1213246.56809704 | 609055.4580077732 | 516603.6865363643 | 404780.0192859359 | 747607.4334674275 | 1755556.450908803 | 1923671.598792346 | 1995668.862861519 | 1118050.0648525 | 1639766.821657067 | 1403630.05428399 | 2231662.947739791 | 3011098.504143755 | 2703929.658145173 | 2948963.249732929 | 3451445.011498299 | 3035136.126358988
 | Income Taxes |  | -1321920.349853755 | -688763.2798476466 | -485298.6272388159 | -243622.1832031093 | -206641.4746145457 | -161912.0077143744 | -299042.973386971 | -702222.5803635214 | -769468.6395169386 | -798267.5451446074 | -447220.0259410001 | -655906.7286628268 | -561452.021713596 | -892665.1790959163 | -1204439.401657502 | -1081571.863258069 | -1179585.299893172 | -1380578.00459932 | -1214054.450543595
 | Net Income - GAAP Basis |  | 1982880.524780632 | 1033144.91977147 | 727947.9408582237 | 365433.2748046638 | 309962.2119218186 | 242868.0115715615 | 448564.4600804565 | 1053333.870545282 | 1154202.959275408 | 1197401.317716911 | 670830.0389115 | 983860.0929942401 | 842178.0325703939 | 1338997.768643874 | 1806659.102486253 | 1622357.794887104 | 1769377.949839758 | 2070867.00689898 | 1821081.675815393
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 |  |  | 3943597.530315818 | 2648972.20987035 | 2710885.293339757 | 2349116.997812238 | 2223993.113757059 | 2159953.059417748 | 1977701.767639859 | 2150814.082363804 | 2203754.092458678 | 2244141.731368185 | 1719755.549849487 | 2034931.226902893 | 1895441.733849929 | 2394470.476982085 | 2046370.45276157 | 1631220.355030967 | 1780708.113808226 | 2084738.802806792 | 1837571.352620729 | 12085963.97469832
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 | 8202175.39141969 | 7219125.195562468 | 6975429.928910354 | 6698801.539819548 | 6877286.901249149 | 7875918.161164012 | 9532366.51234013 | 12117113.01036762 | 12861496.06619582 | 11066696.09716346 | 10846097.9980071 | 10837165.46197684 | 10010041.08073997 | 11607660.59929679 | 10822858.67626653 | 10915874.08166484 | 10065899.07740911 | 11407206.88630372 | 12342873.48412281
 | Fuel | 0 | -2443747.150953876 | -2991581.05241517 | -3235039.699892793 | -3544191.97559814 | -3794796.96567439 | -4944426.379624729 | -6219182.822686155 | -7723082.376592651 | -8284094.122529551 | -6482347.866821143 | -7112818.166952359 | -6598867.186659608 | -6033835.200692493 | -6785562.718612771 | -6609183.756585882 | -7384920.386592149 | -6300625.620558014 | -7074580.360230226 | -8373327.414721277
 | Variable O&M | 0 | -60965.99602704872 | -86226.88174449258 | -98920.0929284977 | -108302.3578003991 | -115803.7159039766 | -156864.885978719 | -192371.5306182226 | -262154.6828551096 | -274514.6264625685 | -209035.4643653702 | -234968.3606316906 | -219679.0921676907 | -198816.5275071582 | -222370.2728947877 | -204501.4707889943 | -224078.6436578123 | -191744.2672995479 | -202409.8596508272 | -245710.9901222865
 | 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 | 5697462.244438766 | 4141317.261402805 | 3641470.136089064 | 3046307.206421009 | 2966686.219670782 | 2868044.918887652 | 3224358.575292598 | 4246135.118383238 | 4428382.954919437 | 4514883.210132203 | 3652058.869501971 | 4188966.691842569 | 3968393.721354505 | 4812345.275941647 | 4244688.874264125 | 3565470.698846272 | 3827586.806007349 | 4347576.698646086 | 3949197.330521646
 | 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 | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
 | 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 | -1171980.923199435 | -539870.5571576733 | -338265.6702291491 | -96051.88565312252 | -61248.03428181243 | -15347.04020432644 | -542365.5676726307 | -1379205.434859792 | -1496052.434618644 | -1529749.258706231 | -1178756.335267033 | -1387601.699162033 | -1293327.398323898 | -1624775.711333981 | -1391431.816192163 | -1113265.210118222 | -1211481.845488582 | -1412683.844892045 | -1246375.864374556
 | Net Margin | 0 | 1757971.384799152 | 809805.83573651 | 507398.5053437236 | 144077.8284796838 | 91872.05142271862 | 23020.56030648965 | 813548.351508946 | 2068808.152289688 | 2244078.651927966 | 2294623.888059347 | 1768134.502900549 | 2081402.548743049 | 1939991.097485847 | 2437163.567000971 | 2087147.724288245 | 1669897.815177332 | 1817222.768232873 | 2119025.767338068 | 1869563.796561834
 | 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 | 3594924.068465818 | 3016589.03249231 | 2709863.589398757 | 2348172.508385518 | 2224863.071285418 | 2160888.750902476 | 1978704.440989363 | 2151880.598718489 | 2205277.764542339 | 2245771.092754056 | 1721403.893061273 | 2036601.721094188 | 1897135.482736294 | 2396188.178204373 | 2048112.824889857 | 1632988.138192434 | 1782502.070333868 | 2086559.717897535 | 1839420.035033525 | 12096614.57297119
Unlevered | NPV ('00-'05) | 10782420.54043132 |  | Levered | NPV ('00-'05) | 10782420.54043132
 | NPV ('06-'19) | 9347298.497969564 |  |  | NPV ('06-'19) | 9347298.497969564
 | NPV (TV) | 1798084.676936163 |  |  | NPV (TV) | 1798084.676936163
 | NPV | 21927803.71533705 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21927803.71533705
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1757971.384799152 | 809805.83573651 | 507398.5053437236 | 144077.8284796838 | 91872.05142271862 | 23020.56030648965 | 813548.351508946 | 2068808.152289688 | 2244078.651927966 | 2294623.888059347 | 1768134.502900549 | 2081402.548743049 | 1939991.097485847 | 2437163.567000971 | 2087147.724288245 | 1669897.815177332 | 1817222.768232873 | 2119025.767338068 | 1869563.796561834
 | Income Taxes (Per Cash Flow) |  | 1171980.923199435 | 539870.5571576733 | 338265.6702291491 | 96051.88565312252 | 61248.03428181243 | 15347.04020432644 | 542365.5676726307 | 1379205.434859792 | 1496052.434618644 | 1529749.258706231 | 1178756.335267033 | 1387601.699162033 | 1293327.398323898 | 1624775.711333981 | 1391431.816192163 | 1113265.210118222 | 1211481.845488582 | 1412683.844892045 | 1246375.864374556
 | 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 |  | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925848 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
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 |  | 3287101.714134386 | 1722350.927619116 | 1213689.29609704 | 609498.1860077733 | 517134.9601363642 | 405402.4948539359 | 748323.8470624674 | 1756369.620671694 | 1924584.427408125 | 1996684.34009577 | 1119171.270163779 | 1640996.926887684 | 1404972.326431525 | 2233120.751811752 | 3012675.306097876 | 2705629.027917917 | 2950788.864358856 | 3453400.658323004 | 3037225.706348434
 | Income Taxes |  | -1314840.685653755 | -688940.3710476466 | -485475.7184388159 | -243799.2744031093 | -206853.9840545457 | -162160.9979415744 | -299329.538824987 | -702547.8482686778 | -769833.77096325 | -798673.7360383081 | -447668.5080655116 | -656398.7707550736 | -561988.9305726102 | -893248.3007247009 | -1205070.12243915 | -1082251.611167167 | -1180315.545743542 | -1381360.263329202 | -1214890.282539373
 | Net Income - GAAP Basis |  | 1972261.028480632 | 1033410.55657147 | 728213.5776582238 | 365698.9116046639 | 310280.9760818185 | 243241.4969123615 | 448994.3082374804 | 1053821.772403017 | 1154750.656444875 | 1198010.604057462 | 671502.7620982673 | 984598.1561326104 | 842983.3958589152 | 1339872.451087051 | 1807605.183658725 | 1623377.41675075 | 1770473.318615313 | 2072040.394993802 | 1822335.42380906
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 |  |  | 3594924.068465818 | 3016589.03249231 | 2709863.589398757 | 2348172.508385518 | 2224863.071285418 | 2160888.750902476 | 1978704.440989363 | 2151880.598718489 | 2205277.764542339 | 2245771.092754056 | 1721403.893061273 | 2036601.721094188 | 1897135.482736294 | 2396188.178204373 | 2048112.824889857 | 1632988.138192434 | 1782502.070333868 | 2086559.717897535 | 1839420.035033525 | 12096614.57297119
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 | 8202175.39141969 | 7219125.195562468 | 6975429.928910354 | 6698801.539819548 | 6877286.901249149 | 7875918.161164012 | 9532366.51234013 | 12117113.01036762 | 12861496.06619582 | 11066696.09716346 | 10846097.9980071 | 10837165.46197684 | 10010041.08073997 | 11607660.59929679 | 10822858.67626653 | 10915874.08166484 | 10065899.07740911 | 11407206.88630372 | 12342873.48412281
 | Fuel | 0 | -2443747.150953876 | -2991581.05241517 | -3235039.699892793 | -3544191.97559814 | -3794796.96567439 | -4944426.379624729 | -6219182.822686155 | -7723082.376592651 | -8284094.122529551 | -6482347.866821143 | -7112818.166952359 | -6598867.186659608 | -6033835.200692493 | -6785562.718612771 | -6609183.756585882 | -7384920.386592149 | -6300625.620558014 | -7074580.360230226 | -8373327.414721277
 | Variable O&M | 0 | -60965.99602704872 | -86226.88174449258 | -98920.0929284977 | -108302.3578003991 | -115803.7159039766 | -156864.885978719 | -192371.5306182226 | -262154.6828551096 | -274514.6264625685 | -209035.4643653702 | -234968.3606316906 | -219679.0921676907 | -198816.5275071582 | -222370.2728947877 | -204501.4707889943 | -224078.6436578123 | -191744.2672995479 | -202409.8596508272 | -245710.9901222865
 | 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 | 5697462.244438766 | 4141317.261402805 | 3641470.136089064 | 3046307.206421009 | 2966686.219670782 | 2868044.918887652 | 3224358.575292598 | 4246135.118383238 | 4428382.954919437 | 4514883.210132203 | 3652058.869501971 | 4188966.691842569 | 3968393.721354505 | 4812345.275941647 | 4244688.874264125 | 3565470.698846272 | 3827586.806007349 | 4347576.698646086 | 3949197.330521646
 | 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 | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299844 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
 | 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 | -1171989.933549435 | -539897.1387821132 | -338308.9630686691 | -96111.13809992262 | -61322.03680157234 | -15434.68718360644 | -542466.4126292579 | -1379319.08035747 | -1496179.1975847 | -1529889.605224828 | -1178910.735748074 | -1387770.631675635 | -1293511.308324849 | -1624975.048146902 | -1391647.042621414 | -1113496.802852291 | -1211730.295516616 | -1412949.657932862 | -1246659.561318538
 | Net Margin | 0 | 1757984.900324152 | 809845.7081731699 | 507463.4446030036 | 144166.7071498839 | 91983.05520235849 | 23152.03077540966 | 813699.6189438868 | 2068978.620536204 | 2244268.79637705 | 2294834.407837242 | 1768366.10362211 | 2081655.947513451 | 1940266.962487273 | 2437462.572220352 | 2087470.563932121 | 1670245.204278437 | 1817595.443274923 | 2119424.486899292 | 1869989.341977807
 | 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 | 3595515.748115818 | 3017178.19086787 | 2710451.436559237 | 2348762.305938717 | 2225419.308765659 | 2161450.251123196 | 1979272.217648736 | 2152455.633485291 | 2205860.342248697 | 2246361.367128046 | 1722002.032099597 | 2037207.904285532 | 1897749.941911437 | 2396811.161642828 | 2048744.588319524 | 1633628.94501305 | 1783152.191847161 | 2087219.433544284 | 1840089.632637736 | 12100475.84611894
Unlevered | NPV ('00-'05) | 10784635.21641991 |  | Levered | NPV ('00-'05) | 10784635.21641991
 | NPV ('06-'19) | 9350042.004857283 |  |  | NPV ('06-'19) | 9350042.004857283
 | NPV (TV) | 1798658.630585637 |  |  | NPV (TV) | 1798658.630585637
 | NPV | 21933335.85186283 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 21933335.85186283
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 1757984.900324152 | 809845.7081731699 | 507463.4446030036 | 144166.7071498839 | 91983.05520235849 | 23152.03077540966 | 813699.6189438868 | 2068978.620536204 | 2244268.79637705 | 2294834.407837242 | 1768366.10362211 | 2081655.947513451 | 1940266.962487273 | 2437462.572220352 | 2087470.563932121 | 1670245.204278437 | 1817595.443274923 | 2119424.486899292 | 1869989.341977807
 | Income Taxes (Per Cash Flow) |  | 1171989.933549435 | 539897.1387821132 | 338308.9630686691 | 96111.13809992262 | 61322.03680157234 | 15434.68718360644 | 542466.4126292579 | 1379319.08035747 | 1496179.1975847 | 1529889.605224828 | 1178910.735748074 | 1387770.631675635 | 1293511.308324849 | 1624975.048146902 | 1391647.042621414 | 1113496.802852291 | 1211730.295516616 | 1412949.657932862 | 1246659.561318538
 | 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 |  | 5135767.311665253 | 3571782.679649983 | 3063910.089627906 | 2460534.48403864 | 2372490.213567231 | 2265206.272346803 | 2612709.604339194 | 3625474.817125797 | 3798550.646214924 | 3875657.411925847 | 3003301.400607833 | 3530438.827704133 | 3299885.350731542 | 4133669.033299843 | 3555630.939156355 | 2865822.235327221 | 3117139.869449512 | 3626094.195025454 | 3216452.050611031
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 |  | 3287131.748634386 | 1722411.749119116 | 1213781.67459704 | 609623.0170077733 | 517291.3031363643 | 405591.2952139359 | 748546.0785032674 | 1756626.286125718 | 1924876.559895769 | 1997013.003628044 | 1119537.560672021 | 1641401.973181174 | 1405417.29118382 | 2233606.832576615 | 3013203.736355685 | 2706201.078153461 | 2951405.843171466 | 3454063.913569992 | 3037936.626322831
 | Income Taxes |  | -1314852.699453754 | -688964.6996476466 | -485512.6698388159 | -243849.2068031093 | -206916.5212545457 | -162236.5180855744 | -299418.4314013069 | -702650.5144502874 | -769950.6239583077 | -798805.2014512175 | -447815.0242688085 | -656560.7892724695 | -562166.9164735279 | -893442.733030646 | -1205281.494542274 | -1082480.431261384 | -1180562.337268586 | -1381625.565427997 | -1215174.650529132
 | Net Income - GAAP Basis |  | 1972279.049180632 | 1033447.04947147 | 728269.0047582237 | 365773.810204664 | 310374.7818818185 | 243354.7771283615 | 449127.6471019604 | 1053975.771675431 | 1154925.935937461 | 1198207.802176826 | 671722.5364032127 | 984841.1839087042 | 843250.3747102919 | 1340164.099545969 | 1807922.241813411 | 1623720.646892076 | 1770843.505902879 | 2072438.348141995 | 1822761.975793699
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 |  |  | 3595515.748115818 | 3017178.19086787 | 2710451.436559237 | 2348762.305938717 | 2225419.308765659 | 2161450.251123196 | 1979272.217648736 | 2152455.633485291 | 2205860.342248697 | 2246361.367128046 | 1722002.032099597 | 2037207.904285532 | 1897749.941911437 | 2396811.161642828 | 2048744.588319524 | 1633628.94501305 | 1783152.191847161 | 2087219.433544284 | 1840089.632637736 | 12100475.84611894
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 | 120377710.5424295 | 117550058.8795538 | 128518742.1298446 | 104186860.2553421 | 109276259.3019465 | 126403348.7801942 | 138612873.4278589 | 160241383.9345998 | 158167046.6446322 | 145972996.6867613 | 157796271.5715902 | 149704969.2377689 | 151331084.2787851 | 165717611.8277531 | 176489496.3549118 | 154172018.605188 | 150840898.8105302 | 151684851.3011354 | 168908307.0331382
 | Fuel | 0 | -58074337.23570868 | -63426607.7426945 | -73979802.78638647 | -58708561.38249788 | -62532308.35462609 | -77290926.62036853 | -83281850.042701 | -92558008.95262939 | -92194228.26115324 | -82359172.70954154 | -96395067.72446679 | -87589725.46633285 | -89899624.54863015 | -96769735.45178887 | -111731236.8541374 | -95866462.7815741 | -90504686.16008109 | -86418779.35944873 | -103582712.8783292
 | Variable O&M | 0 | -779656.8344516107 | -964911.0238639503 | -1211779.4455034 | -970917.9735592862 | -1044934.555959196 | -1304686.017538176 | -1424641.463861786 | -1717117.861769334 | -1695930.870913269 | -1472182.3608346 | -1746246.287803844 | -1616025.996518855 | -1603321.901827599 | -1766521.789015457 | -1911564.610299361 | -1592542.206970824 | -1462251.821673206 | -1352164.357823418 | -1667278.023356886
 | 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 | 61523716.47226921 | 53158540.11299533 | 53327159.89795469 | 44507380.89928489 | 45699016.39136119 | 47807736.14228752 | 53906381.9212961 | 65966257.12020113 | 64276887.51256572 | 62141641.61638512 | 59654957.55931962 | 60499217.77491718 | 59828137.82832734 | 67181354.5869488 | 62846694.890475 | 56713013.61664309 | 58873960.82877589 | 63913907.58386321 | 63658316.13145205
 | 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 | 57741253.89297234 | 49303110.73369846 | 49397287.88705781 | 40501560.54565282 | 41615711.49874895 | 43645379.41147864 | 49663374.31970418 | 61640967.23867995 | 59867650.90916807 | 57646760.14680516 | 55072698.6937483 | 55827813.90103459 | 55065785.54015036 | 62326213.95924669 | 57896888.73845962 | 51666626.74063455 | 53729039.2435385 | 58668457.73229992 | 58310304.08233976
 | Depreciation | 0 | -32528000 | -29275200 | -26364800 | -23728320 | -21331520 | -20201600 | -20201600 | -20235840 | -20201600 | -20235840 | -20201600 | -20235840 | -20235840 | -20235840 | -10100800 | -10846000 | -10846000 | -10846000 | -10846000
 | Total Tax | 0 | -10085301.55718894 | -8011164.293479383 | -9212995.154823124 | -6709296.218261129 | -8113676.59949958 | -9377511.764591455 | -11784709.72788167 | -16562050.89547198 | -15866420.36366723 | -14964368.05872206 | -13948439.47749932 | -14236789.56041384 | -13931978.21606014 | -16836149.58369868 | -19118435.49538385 | -16328250.69625382 | -17153215.6974154 | -19128983.09291997 | -18985721.63293591
 | Net Margin | 0 | 15127952.33578341 | 12016746.44021907 | 13819492.73223469 | 10063944.32739169 | 12170514.89924937 | 14066267.64688718 | 17677064.59182251 | 24843076.34320797 | 23799630.54550084 | 22446552.0880831 | 20922659.21624897 | 21355184.34062076 | 20897967.32409021 | 25254224.37554801 | 28677653.24307577 | 24492376.04438073 | 25729823.5461231 | 28693474.63937995 | 28478582.44940386
 | 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 | 47655952.33578341 | 41291946.44021907 | 40184292.73223469 | 33792264.32739169 | 33502034.89924937 | 34267867.64688718 | 37878664.5918225 | 45078916.34320797 | 44001230.54550084 | 42682392.0880831 | 41124259.21624897 | 41591024.34062076 | 41133807.32409021 | 45490064.37554801 | 38778453.24307577 | 35338376.04438073 | 36575823.5461231 | 39539474.63937995 | 39324582.44940385 | 246752454.9968742
Unlevered | NPV ('00-'05) | 151522921.5541264 |  | Levered | NPV ('00-'05) | 151522921.5541264
 | NPV ('06-'19) | 184239025.6865358 |  |  | NPV ('06-'19) | 184239025.6865358
 | NPV (TV) | 36678180.13459957 |  |  | NPV (TV) | 36678180.13459957
 | NPV | 372440127.3752618 |  |  | Plus Leverage | 0
 |  |  |  |  | NPV | 372440127.3752618
 | Net Income Calculation
Add Back: | Net Cash Income Per Above |  | 15127952.33578341 | 12016746.44021907 | 13819492.73223469 | 10063944.32739169 | 12170514.89924937 | 14066267.64688718 | 17677064.59182251 | 24843076.34320797 | 23799630.54550084 | 22446552.0880831 | 20922659.21624897 | 21355184.34062076 | 20897967.32409021 | 25254224.37554801 | 28677653.24307577 | 24492376.04438073 | 25729823.5461231 | 28693474.63937995 | 28478582.44940386
 | Income Taxes (Per Cash Flow) |  | 10085301.55718894 | 8011164.293479383 | 9212995.154823124 | 6709296.218261129 | 8113676.59949958 | 9377511.764591455 | 11784709.72788167 | 16562050.89547198 | 15866420.36366723 | 14964368.05872206 | 13948439.47749932 | 14236789.56041384 | 13931978.21606014 | 16836149.58369868 | 19118435.49538385 | 16328250.69625382 | 17153215.6974154 | 19128983.09291997 | 18985721.63293591
 | 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 |  | 57741253.89297234 | 49303110.73369846 | 49397287.88705781 | 40501560.54565282 | 41615711.49874895 | 43645379.41147864 | 49663374.31970418 | 61640967.23867995 | 59867650.90916807 | 57646760.14680516 | 55072698.6937483 | 55827813.90103459 | 55065785.54015036 | 62326213.95924669 | 57896888.73845962 | 51666626.74063455 | 53729039.2435385 | 58668457.73229992 | 58310304.08233976
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 |  | 46895253.89297234 | 38457110.73369846 | 38551287.88705781 | 29655560.54565282 | 30769711.49874895 | 32799379.41147864 | 38817374.31970418 | 50794967.23867995 | 49021650.90916807 | 46800760.14680516 | 44226698.6937483 | 44981813.90103459 | 44219785.54015036 | 51480213.95924669 | 47050888.73845962 | 40820626.74063455 | 42883039.2435385 | 47822457.73229992 | 47464304.08233976
 | Income Taxes |  | -18758101.55718894 | -15382844.29347938 | -15420515.15482312 | -11862224.21826113 | -12307884.59949958 | -13119751.76459146 | -15526949.72788167 | -20317986.89547198 | -19608660.36366723 | -18720304.05872206 | -17690679.47749932 | -17992725.56041384 | -17687914.21606014 | -20592085.58369868 | -18820355.49538385 | -16328250.69625382 | -17153215.6974154 | -19128983.09291997 | -18985721.63293591
 | Net Income - GAAP Basis |  | 28137152.3357834 | 23074266.44021907 | 23130772.73223469 | 17793336.32739169 | 18461826.89924937 | 19679627.64688718 | 23290424.59182251 | 30476980.34320797 | 29412990.54550084 | 28080456.0880831 | 26536019.21624898 | 26989088.34062076 | 26531871.32409022 | 30888128.37554801 | 28230533.24307577 | 24492376.04438073 | 25729823.5461231 | 28693474.63937995 | 28478582.44940386
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 |  |  | 47655952.33578341 | 41291946.44021907 | 40184292.73223469 | 33792264.32739169 | 33502034.89924937 | 34267867.64688718 | 37878664.5918225 | 45078916.34320797 | 44001230.54550084 | 42682392.0880831 | 41124259.21624897 | 41591024.34062076 | 41133807.32409021 | 45490064.37554801 | 38778453.24307577 | 35338376.04438073 | 36575823.5461231 | 39539474.63937995 | 39324582.44940385 | 246752454.9968742
 | [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