Spreadsheet: benjamin_rogers__1298__Caledonia model template  final version III
Sheet: ASS

ASSUMPTIONS
Power Line Data |  |  |  |  |  | Taxes |  |  |  |  |  |  |  |  |  |  | Amount |  | Project and Enron Economics ($000) |  | [NAME] | IRR | NPV
Capacity |  |  | 500 | MW |  | Project Company Tax Position |  |  | ASSUME EXEMPT |  |  | Project Costs ($000)
Availability |  |  | 1 |  |  | AL Corporate Net Income Tax |  | 0.05 |  |  |  | Major Mechanical & Elec. Equip. |  |  |  |  | 3300 |  | PROJECT |  | 0.1
Heat Rate |  | HHV | 12500 | Btu/kWh |  | [NAME] |  | 0 |  |  |  | Electrical Equip. |  |  |  |  | 0 |  | Target IRR |  |  | 0.1
Dispatch |  |  | 1 |  |  |  |  |  |  |  |  | Import Duties |  |  |  |  | 0
Line Loss (Cross-Sound Cable Only) |  |  | 0.03 |  |  | US Taxes |  |  |  |  |  | TOTAL POWER PLANT EQUIPMENT, DUTIES & VAT |  |  |  |  |  |  | Enron
 |  |  |  |  |  | Enron's Tax Position |  |  |  |  |  | Operations Mobilization |  |  |  |  |  |  | TOTAL PARTNERS
Project Operations |  |  |  |  |  | State Corporate Tax |  | 0.05 |  |  |  | TOTAL CONSTRUCTION COSTS
Start of Construction |  |  |  | 2000 |  | Federal Income Tax |  | 0.35 |  |  |  | [NAME]
Term of Construction (Mos) |  |  |  | 6 |  |  |  |  |  |  |  | Construction Costs |  |  |  |  | 8800
Start of Operations - Month / Year |  |  | 6 | 2001 |  | Depreciation Assumptions |  | Basis ($000) | Life (Yrs) | Method |  | Transmission Mobilization |  |  |  |  |  |  | Financing
Term of Contract (Yrs) |  |  |  | n/a |  |  |  |  |  |  |  | TOTAL TRANSMISSION LINE COSTS |  |  |  |  |  |  | Debt/Equity Structure | (pari-passu, equity last, etc.)
Type of Contract |  |  |  | n/a |  | Tax: | Asset | 13000 | 20 | MACRS |  | Mainline Pipe - 20"
 |  |  |  | 32.37 |  |  |  |  |  |  |  | Lateral Pipe |  |  |  |  | 0 |  | Debt
Pricing |  | 2000 |  | Escalation |  | Book: | Asset | 13000 | 28.5 | S/L |  | Pipeline Mobilization |  |  |  |  |  |  | Equity |  | 1
Margin to SOCO/FL |  | hardcoded |  |  |  |  |  |  |  |  |  | TOTAL PIPELINE COSTS |  |  |  |  |  |  | Total Investment
Lower transmission costs |  | hardcoded |  |  |  | US GAAP: | Asset | 13000 | 28.5 | S/L |  | IDC (Interest During Construction) |  |  |  |  | 0
Decrease transmission losses |  | hardcoded |  |  |  |  |  |  |  |  |  | Withholding Tax on IDC |  |  |  |  |  |  | Interest Rate |  | 0
Capacity Payments: |  |  |  |  |  | Project Ownership |  | % of Equity | % of Cash Flow | Equity $s |  | Financing Costs |  |  |  |  | 0 |  | Dividend Rate |  | 0
Fixed Capacity |  | 0.0084 | /kW-Mon | 0.02 |  | Enron |  | 1 | 1 |  |  | [NAME] Expenses |  |  |  |  | 0 |  | New additions |  | 0
(includes ROE, Taxes, Debt Service, Fixed O&M) |  |  |  |  |  | Total |  |  |  |  |  | Bank Environmental Consultant |  |  |  |  | 0
Energy (Variable) Payments: |  |  |  |  |  |  |  |  |  |  |  | Bank Independent Engineer |  |  |  |  | 0 |  | Revenue Analysis
Variable O&M |  |  | /kWh | 0.02 |  |  |  |  |  |  |  | Completion Bond |  |  |  |  | 0 |  |  | Year 2001 | Year 2002 | Year 2003
Misc |  | 0 | /kWh | 0.02 |  | Balance Sheet Assumptions |  |  |  |  |  | Overheads |  |  |  |  | 0 |  | Forward Curve ($/MWh) | 120 | 93 | 80
Other |  | 0 | /kWh | 0.02 |  | Account Receivable |  | 0 |  |  |  | Insurance -Builders Risk (30 BP on Total Cost)  and delay of operation (.25 of 1st yr DS) |  |  |  |  | 0 |  | Peaker Days | 20 | 20 | 20
All-in-Cost |  |  | Cents/kWh |  |  | Construction in Progress |  | 0 |  |  |  | Permits & Licenses |  |  |  |  | 0 |  | Peaker Hours | 16 | 16 | 16
 |  |  |  |  |  | Land |  | 0 |  |  |  | Legal Fees |  |  |  |  | 0 |  | SOCO premium over TVA ($ in 10 x 3) | 0.02 | 0.015 | 0.01
Conn.  Line Data |  |  |  |  |  | Other liabilities |  | 0 |  |  |  | TOTAL THIRD PARTY DEVMT/FINANCING COSTS |  |  |  |  |  |  | Decrease TVA Transmission Cost (in 000's) | 3300 | 3300 | 3300
Capacity |  |  | 500 | kv |  |  |  |  |  |  |  | Development Fees |  |  | 0.03 |  |  |  | Decrease Transmission Losses to TVA (in 000's) | 600 | 500 | 400
Availability |  |  | 1 |  |  |  |  |  |  |  |  | Development Costs |  |  |  |  | 0
Historical Dispatch |  |  |  |  |  |  |  |  |  |  |  | Financial Advisor |  | 0 |  |  | 0
 |  |  |  |  |  |  |  |  |  |  |  | Profit |  |  |  |  | 0 |  | Cost Analysis
Operating Expenses ($000) |  |  | CPI [NAME]: | 0.02 |  |  |  |  |  |  |  | Commission & Startup (Operator) |  |  |  |  | 0 |  | Month | % of Total Cost
 |  |  |  |  |  |  |  |  |  |  |  | TOTAL ENRON COSTS |  |  |  |  |  |  | 2000-08-01 00:00:00 | 0.031
Fixed: |  | 2000 |  | Escalation |  |  |  |  |  |  |  | Vendor Reps |  |  |  |  | 0 |  | 2000-09-01 00:00:00 | 0.205
Miscellaneous O&M |  | 48 |  |  |  |  |  |  |  |  |  | Owner's Engineer Services |  |  |  |  | 0 |  | 2000-10-01 00:00:00 | 0
Miscellaneous G&A |  | 0 |  |  |  |  |  |  |  |  |  | TOTAL TURNKEY OTHER COSTS |  |  |  |  |  |  | 2000-11-01 00:00:00 | 0.063
[NAME] |  | 0 |  |  |  |  |  |  |  |  |  | Working Capital |  |  |  |  | 0 |  | 2000-12-01 00:00:00 | 0.7
Plant Insurance |  | 0 |  |  |  |  |  |  |  |  |  | Spare Parts |  | 0 |  |  | 0 |  | 2001-01-01 00:00:00 | 0
Payroll |  | 0 |  |  |  |  |  |  |  |  |  | Other Costs |  |  |  |  | 900
Spare Parts |  | 0 |  |  |  |  |  |  |  |  |  | TOTAL OTHER COSTS
Water & Chemicals |  | 0 |  |  |  |  |  |  |  |  |  | Contingency - Material & Labor ? |  |  | 776012.5695296015 |  | 0
Plant Operations (O&M Fee) |  | 0 |  |  |  |  |  |  |  |  |  | Contingency -Distribution Service to New Sub? |  |  |  |  | 0
Transmission Capacity Pmt. |  | 0 |  |  |  |  |  |  |  |  |  | Contingency - |  |  |  |  | 0
Pipeline Operations |  | 0 |  |  |  |  |  |  |  |  |  | TOTAL CONTINGENCY
Other |  | 0 |  |  |  |  |  |  |  |  |  | TOTAL PROJECT COSTS
Property Tax |  | 0
Total Fixed O&M
Variable: |  | 0
Power Cost |  | 0
[NAME] |  | 0
[NAME] (Major Maint) |  | 0
Other |  | 0
Interest on Maintenance Reserve Account |  |  | 0.04
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