Spreadsheet: benjamin_rogers__1061__Trachtebel_77000
Sheet: Sayreville

Sayreville Merchant Valuation
Tolling Agreement | Annualized Capacity Revenue
 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018
Revenue
Capacity Revenue ($/Kwm) | 3.402665005409153 | 2.960401319440968 | 2.834860461682299 | 2.821866240758205 | 2.84693181158051 | 2.932481757985978 | 3.001203826506254 | 3.029150317811956 | 3.187551139080136 | 3.19185555909292 | 3.262352947194213 | 3.384927454016742 | 3.44433108707412 | 3.463586717896986 | 3.623368886993182 | 3.608680983601925 | 3.678485415987305 | 3.808636512636196
Energy Revenue (Notional) | 13768713.15784929 | 13301993.7765576 | 13239756.76447508 | 13350460.90993872 | 13479460.44731898 | 13570042.24478752 | 13661993.76695453 | 13777605.08315417 | 14341211.30801164 | 14317828.96881755 | 14552263.94169768 | 14626453.9959331 | 14584481.36059638 | 14679088.90530081 | 15146076.34430126 | 15104676.245764 | 15264907.06069497 | 15275381.24688865
Yearly Capacity Revenue (not.) | 12249594.01947295 | 10657444.74998748 | 10205497.66205628 | 10158718.46672954 | 10248954.52168984 | 10556934.32874952 | 10804333.77542251 | 10904941.14412304 | 11475184.10068849 | 11490680.01273452 | 11744470.60989917 | 12185738.83446027 | 12399591.91346683 | 12468912.18442915 | 13044127.99317545 | 12991251.54096693 | 13242547.4975543 | 13711091.44549031
[NAME]. Rev of Deal ($/Kwm) | 3.29483591238023
Expenses
Fuel | 10497897.6208857 | 10042833.36859624 | 10011452.98065606 | 10118958.29962322 | 10248564.56115742 | 10354072.33711846 | 10465456.25252615 | 10599650.27876448 | 11080773.12571197 | 11109372.41531542 | 11342232.14772736 | 11450014.63259909 | 11466511.28313327 | 11589814.92199763 | 12008964.72242253 | 12027127.68969592 | 12204528.64603742 | 12260703.62614307
Variable O&M | 2191948.404296259 | 2184137.679072051 | 2163459.005118589 | 2165602.709817113 | 2165196.111515848 | 2155193.415133407 | 2142170.729239264 | 2129717.461497172 | 2184993.98398752 | 2150158.314715486 | 2151213.967592145 | 2128701.883404718 | 2089518.488188235 | 2070287.700914373 | 2102346.260731019 | 2062429.865084979 | 2050923.235120366 | 2020296.689184548
Per Start | 1078867.132667331 | 1075022.728889315 | 1064844.77870043 | 1065899.900498392 | 1065699.774645715 | 1060776.492535646 | 1054366.785189112 | 1048237.342892516 | 1075444.19831215 | 1058298.238786641 | 1058817.826378165 | 1047737.479929292 | 1028451.589274877 | 1018986.282388811 | 1034765.361147708 | 1015118.690983095 | 1009455.179537181 | 994380.931561034
Marginal Cash Flows | 15656323.71863341 | 15428559.95426832 | 15436244.63292205 | 15764905.37569285 | 16549785.0379941 | 18127103.50948926 | 19156672.18900829 | 19737119.47261454 | 20626924.18851782 | 21032896.18650912 | 21246987.7647287 | 21485272.30275137 | 21488939.54393242 | 21377815.08907656 | 21750770.77884457 | 21459475.40678561 | 21448480.70800795
Check | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
PV of Marginal Cash Flows
Fixed Expenses
Fixed O&M | 1500
Insurance | 812
G&A and Professional Fees
Property Taxes | 870
Management Fees | 0
Fuel Management Fees | 0
Subtotal
Operating Margin | 0
Merchant Value per $kwh
Merchant Value @ 14%
Assumptions:
East Hub
TRANSCO Z6 + $0.30
8 hr blocks Mon - Sun
95% Availability - No unit contingency
8300 HR
VOM $5.92
[NAME] correlation curve
No run hours constraints