Spreadsheet: benjamin_rogers__1088__LV Cogen
Sheet: Summary

 | Project Name |  | LVCOGEN LLP
 | Project Scenario |  | Base Case |  |  |  |  |  |  |  |  |  |  |  | 2000-01-01 00:00:00
 | PLANT SUMMARY: |  |  |  |  | CAPITAL COST: |  |  |  |  | PROJECT REVENUES:
 | Output: |  |  |  |  |  |  | $/kW | ($'000s) |  | Anchor Tenant: |  | Based on 1999 Prices
 | Nameplate Capacity (MW) |  |  |  |  | EPC Turnkey: |  | 0 | 0 |  |  |  | Summer | Winter
 | Net Output (MW) |  |  | 54 |  |  |  |  |  |  | Energy Price ($/MWh)
 |  |  |  |  |  | Site Prep / Balance of Construction: |  |  |  |  | Peak |  | 26.67 | 26.67
 | Expected Fuel Use Rates (HHV): |  |  |  |  | Spare Parts/Shop Tools |  |  | 0 |  | Off-Peak |  | 23.31 | 23.31
 | Pre-Upgrade Heat Rate (Btu/kWh) |  |  | 8473 |  | Switchyard / Interconnect / Trans. Line Upgrade |  |  | 0 |  | Capacity Charge ($/MWh) |  | 56.09 | 26.77
 | Baseload Heat Rate (Btu/kWh) |  |  | 7664 |  | Black Start Capability |  |  | 0
 | Annual Degradation |  |  | 0.001 |  | Fuel Gas Line |  |  | 0 |  | NPC Contract Amount (MW) |  |  | 45
 |  |  |  |  |  | Zero Discharge |  |  | 0 |  | NPC Energy Only Sales (MW) |  |  | 0
 | Operating Parameters: |  |  |  |  | Fuel Gas Compressor |  |  | 0 |  | Include Winter Afternoon @ Avoided Cost |  |  | No
 | Dispatchability |  |  | 1 |  | SCR |  |  | 0 |  | Include All Off-Peak Hours at Avoided Cost |  |  | No
 | Planned Outages |  |  | 0 |  | Foundation |  |  | 0 |  | [NAME] From Market Sales |  |  | No
 | Forced Outages |  |  | 0.015 |  | Inlet Air Cooling |  |  | 0
 | Net Plant Availability Factor |  |  |  |  | Intake and Water Discharge Structure |  |  | 0 |  | Merchant Sales:
 | Timing: |  |  |  |  | Duct Burner |  |  | 0 |  | Include Merchant Sales |  |  | yes
 | Funding Date |  |  | 1999-08-01 00:00:00 |  | 230 kV Line |  |  | 0 |  | [NAME] (MW)
 | Commercial Operation Date |  |  | 2000-01-01 00:00:00 |  | Passthrough Interconnect |  |  | 0 |  | Wheeling ($/MWh) Prior to Deregulation |  |  | 3.75
 | Scheduled Upgrade |  |  | 1999-11-01 00:00:00 |  | Total: |  |  |  |  | Wheeling ($/MWh) POST Deregulation |  |  | 0
 | Effective Availability for upgrade month |  |  | 0.25 |  |  |  |  |  |  | Wheeling Losses |  |  | 0.035
 | Date Supplemental Energy Sales Begin |  |  | 2000-05-01 00:00:00 |  | Soft Costs: |  |  |  |  | Adder for losses into California |  |  | 0
 | Date of NEV Deregulation |  |  | 2003-01-01 00:00:00 |  | Asset Purchase Price |  |  | 72189 |  | Adder for Interruptible Power |  |  | 0
 | Commercial Ending Date |  |  | 2022-12-31 00:00:00 |  | Plant Improvements |  |  | 4370 |  | Power Curve Date
 |  |  |  |  |  | [NAME] |  |  | 300 |  | Region
 | CORPORATE ASSUMPTIONS: |  |  |  |  | Additional Turbine |  |  | 160 |  | Price Curve
 | Taxes: |  |  |  |  | HRSG Modifications |  |  | 134 |  | Include Supplemental Time Value (on Merchant Sales) |  |  | no
 | Federal Income Tax Rate |  |  | 0 |  | Working Capital Adjustment |  |  | 0 |  |  | Intrinsic
 | State Income Tax Rate |  |  | 0 |  | Environmental Offsets |  |  | 0 |  |  | Time Value |  | 0
 | Effective Tax Rate |  |  |  |  | Equity Fees |  |  | 200 |  |  | Total Option
 |  |  |  |  |  | Equity Legal Fees |  |  | 60 |  | Option Price ($/Mwh)
 | Depreciation: |  |  |  |  | Enron Legal Fees |  |  | 400 |  | Option Price ($/kW-Mo)
 |  |  | Book | Tax |  | Nevada Council |  |  | 50
 | Acquisition Basis |  |  |  |  | Lenders' Legal Fee |  |  | 200 |  | Other Revenues:
 | Term (Years) |  | 15 | 15 |  | Title Policy
 | Method  (SL/DB) |  | SL | DB |  | Contingency Fee |  |  |  |  |  |  | Esc. (%) | ($'000s)
 | If DB, state rate |  | 0 | 1.5 |  | Other Fees  (%) |  |  | 0 |  | Option 2 - Enron Sells Thermal Energy to Greenhouse
 | Start Depreciation |  | 1999-08-01 00:00:00 |  |  | Startup and Acceptance |  |  | 0
 |  |  |  |  |  | Water Entitlements |  |  | 0 |  | (ii)  Sale of Thermal Energy
 | Partial Overhaul 1 Basis |  |  |  |  | Sales and Property Tax |  | 0.0725 | 0 |  | Gas [NAME] (mmbtu) |  | 0 | 65000
 | Term (Years) |  | 8 |  |  | Insurance and Perf. Bond |  |  | 0
 | Method  (SL/DB) |  | SL | DB |  | Contingency @ |  | 0.05 | 0 |  |  |  | 0.02
 | If DB, state rate |  | 0 | 1.5 |  | Total:
 | Start Depreciation |  | 2003-08-01 00:00:00
 |  |  |  |  |  | Total Project Cost
 | [NAME]
 | Term (Years) |  | 8 |  |  |  |  |  |  |  | ADDITIONAL PROJECT REVENUES:
 | Method  (SL/DB) |  | SL | DB |  | SHARING AGREEMENT: |  |  |  |  | Sources of Revenues:
 | If DB, state rate |  | 0 | 1.5 |  |  |  |  |  |  | Annual Lease Revenues (LV Cogen II)
 | Start Depreciation |  | 2007-08-01 00:00:00 |  |  | Gas Transport ($/MMBtu) |  |  | 0.15 |  | Annual O&M Revenues ([NAME])
 |  |  |  |  |  | Heat Rate (MMBtu?Mwh |  |  | 8.5 |  | Date Lease Revenues Begin: |  |  | 2001-01-01 00:00:00
 | Partial Overhaul 2 Basis |  |  |  |  | O&M Charges ($/MWh) |  |  | 3.75 |  | O&MLease Revenues Begin: |  |  | 2001-01-01 00:00:00 |  |  |  |  |  |  |  |  |  |  | 0
 | Term (Years) |  | 8 |  |  | Market Service Fee for Sierra ($/Mwh) |  |  | 1.75
 | Method  (SL/DB) |  | SL | DB |  | EPMI Based Market Service Fee ($/MWh) |  |  | 0.5
 | If DB, state rate |  | 0 | 1.5 |  | EPMI Profit Sharing (%) |  |  | 0.121048781448
 | Start Depreciation |  | 2011-08-01 00:00:00 |  |  | Gas Daily Premium ($/MMBtu) |  |  | 0.04
 |  |  |  |  |  | End of Sharing with NPC |  |  | 2001-04-30 00:00:00
 | [NAME] |  |  |  |  |  |  |  |  |  | PROJECT EXPENSES:
 | Term (Years) |  | 8 |  |  |  |  |  |  |  | Fixed Expenses: |  | $/kW | ($'000s)
 | Method  (SL/DB) |  | SL | DB |  |  |  |  |  |  | Labour
 | If DB, state rate |  | 0 | 1.5 |  |  |  |  |  |  | Repairs & Maintenance
 | Start Depreciation |  | 2015-08-01 00:00:00 |  |  |  |  |  |  |  | Chemicals
 |  |  |  |  |  |  |  |  |  |  | Consulting
 |  |  |  |  |  |  |  |  |  |  | Other
 | Escalation: |  |  |  |  |  |  |  |  |  | Gas Transport Dem Chg
 | Use Fixed US CPI? (3%) |  |  | yes |  |  |  |  |  |  | Inc. O&M Adjustment |  |  | 0
 | If no, fix rate of inflation to |  |  | 0.03 |  |  |  |  |  |  | Total:
 |  |  |  |  |  |  |  |  |  |  | Variable Expenses:
 | Interest Income: |  |  |  |  |  |  |  |  |  | Gas Curve Henwood=1 |  |  | 1
 | Interest on Cash Balance |  |  | yes |  |  |  |  |  |  | Maximum Take (mmbtu/day) |  |  | 5000
 | If yes, Interest Rate |  |  | 0.05 |  |  |  |  |  |  | Sell-Back Volumes Spread from Purchase |  |  | -0.03
 |  |  |  |  |  |  |  |  |  |  | Purchase [NAME] thru 2010 |  |  | Curve
 | FINANCING: |  |  |  |  |  |  |  |  |  | [NAME]. Fee Mid Basis (Rockies) thru |  | 2010-04-30 00:00:00 | -0.25
 | Interest During Construction: |  |  |  |  |  |  |  |  |  | UP Fuels Reservation Fee |  |  | 0.04
 | Interest Rate on Construction Loan |  |  | 0 |  |  |  |  |  |  | Swing Penalty |  |  | 0.2
 | Term (Mths) |  |  | 0 |  |  |  |  |  |  | Fixed Price thru | 2000-04-30 00:00:00 |  | 2.045
 | Drawdown Schedule (SL/Custom) |  |  | SL |  |  |  |  |  |  | NYMEX  Delivered Basis thru |  |  | -0.28
 | Drawdown Fee (BPS) |  |  | 0
 | Total IDC |  |  | 0 |  |  |  |  |  |  | Duke contract End |  | 2010-04-30 00:00:00
 |  |  | $/kW | ($'000s)
 | Total Capital Cost |  | 0 | 0 |  |  |  |  |  |  | Reservation Premium after UP [NAME] |  |  | 0.01
 |  |  |  |  |  |  |  |  |  |  | Transport Charges
 |  |  |  |  |  |  |  |  |  |  | Kern P/Lfixed thru 9/30/01 ($/mmbtu-mo) |  |  | 0.5902
 | Long Term Financing: |  |  |  |  |  |  |  |  |  | Kern P/L 10/1/01 |  |  | 0.42
 | Equity (% of Asset) |  | 0.3 | 24000 |  |  |  |  |  |  |  | Variable ($/mmbtu) |  | 0.067
 | Closing Cost Fees |  |  | 0 |  |  |  |  |  |  |  | Variable ($%) |  | 0.013
 | Total Equity Amount |  |  |  |  |  |  |  |  |  | SWGas P/L | Fixed ($/mmbtu-mo) |  | 0.1451
 |  |  |  |  |  |  |  |  |  |  | SWGas P/L Reduc. effective Jan 2012 |  |  | -0.093
 | Debt (% of Asset) |  |  |  |  |  |  |  |  |  |  | Variable ($/mmbtu) |  | 0
 | Debt Fees |  |  |  |  |  |  |  |  |  | Other Variable Cost ($/MWh) (Market Volumes Only) |  |  | 1.5
 | Working Capital
 | Debt Service/O&M Reserve |  |  |  |  |  |  |  |  |  | General & Administrative Expenses:
 | Total Debt Amount: |  |  |  |  |  |  |  |  |  | G&A
 | 6/30/00 Payoff w/penalties |  |  | 55500
 | Sr. Secured Debt Terms:
 | One Yr. LIBOR Rate (15 yr. Swap) |  |  | 0.065 |  |  |  |  |  |  | RETURNS:
 | Interest rate SWAP (1= "Yes") |  |  | 1 |  |  |  |  |  |  | Debt Service Coverage Ratio (Pre-Tax):
 | Southwest Gas [NAME] |  |  | 888.896 |  |  |  |  |  |  | Minimum
 | [NAME] |  |  | 3000 |  |  |  |  |  |  | Maximum
 | Funding Spread over Base Spread |  |  | 0.005 |  |  |  |  |  |  | Average
 |  |  | Spread (BPS) | Rate (%) |  |  |  |  |  |  | Weighted Average Loan Life (Yrs.)
 | Yrs. 1-3 |  | 125
 | Yrs. 4-6 |  | 137.5 |  |  |  |  |  |  |  | Current Value of Assets ($ per kW) |  |  | 0
 | Yrs. 7-9 |  | 162.5 |  |  |  |  |  |  |  |  |  |  | 0
 | Yrs. 10-13 |  | 175 |  |  |  |  |  |  |  | Buy-Out Date (MM/DD/YY) |  |  | 2000-12-31 00:00:00
 | Yrs. 14-17 |  | 187.5 |  |  |  |  |  |  |  | Effective Date of Buy-Out
 | Debt Term (Yrs.) |  |  | 17 |  |  |  |  |  |  | Equity Returns:
 | Capitalized Fees |  |  |  |  |  |  |  |  |  | Equity Investment
 | - amortized over |  |  | 15 |  |  |  |  |  |  |  |  | (Pre-Tax)
 | Debt Service Reserve Scenario |  |  |  |  |  |  |  |  |  | NPV @ | 0.09 | (nominal)
 | Reserve Account=1, LOC=2 |  |  | 2
 | Amount subject to LOC, if 2 above
 | Debt Service Reserve % |  |  | 0.5
 | LOC Fee % of reserve if 2 above |  |  | 0.0125
 |  |  | Check