Spreadsheet: benjamin_rogers__1065__Peaker Valuation 071700
Sheet: Summary

GENCO SUMMARY
Valuation Date: | Week of | 2000-07-17 00:00:00
ASSET SUMMARY: |  |  |  |  |  |  |  |  | VALUATION:
 |  |  |  |  |  |  |  |  |  | 2000 | 2001 | 2002
1999 Assets |  |  | 2000 Assets |  |  |  |  |  | GenCo EBITDA (000 $)
Total Cost (000$) |  |  | Current Estimates of Total Cost (000$)
 |  |  |  |  |  |  |  |  |  | Brownsville | Caledonia | New Albany | [NAME] | Wheatland | [NAME] | GenCo |  | GenCo with old book value | Difference |  | Old Book Value | New Book Value | Difference
Current Book Value as of 26-Jun-00 (000$) |  |  | Dollar Spent on the 2000 Assets as of 30-June-00 (000$) |  |  |  |  |  | Enterprise Value (without Salvage Value)
 |  |  |  |  |  |  |  |  | Enterprise Value (with Salvage Value) |  |  |  |  |  |  |  |  | 939203.3381965894 |  |  | 932385.1485898424
1999 & 2000 Assets Total Cost:
 |  |  |  |  |  |  |  |  | 2000 Capacity Prices ($/kW-mo)
 |  |  |  |  |  |  |  |  | 2001 Capacity Prices ($/kW-mo) | 6.957806757982008 | 6.61066042340808 | 6.290272503033393 | 7.412491733052563 | 6.595732375690772 | 6.125399532807404 | 6.657822499374467
 |  |  |  |  |  |  |  |  | 2002 Capacity Prices ($/kW-mo) | 5.445258677080806 | 5.176847554256773 | 4.928413850246332 | 5.821925467906722 | 5.026906770140314 | 4.612371293277346 | 5.154768586732041
FINANCING ASSUMPTIONS:
 | Debt |  | Equity |  | Total
Capitalization Ratio | 0.5
Amount ('000 $)
Cost of Funds
10-yr Treasury Rate (%) | 0.0609 | (Dated: 14-Jul-00)
Spread (%) |  | (Dated: 14-Jul-00)
All In Coupon Rate (%) |  |  | 0.2 |  |  | ([NAME])
GenCo Book Value at the end of Year 3 (000$)
Salvage Value at year 3 ($/kW)
Rates
Valuation Date |  | 2000-07-10 00:00:00 | 2000-07-03 00:00:00 | 2000-06-26 00:00:00 | 2000-06-19 00:00:00 | 2000-06-12 00:00:00 | 2000-06-05 00:00:00 | 2000-05-29 00:00:00 | 2000-05-22 00:00:00 | 2000-05-15 00:00:00 | 2000-05-08 00:00:00 | 2000-05-01 00:00:00 | 2000-04-24 00:00:00 | 2000-04-17 00:00:00
Treasury (%) |  | 0.06 | 0.0602 | 0.06182 | 0.0599 | 0.06128 | 0.0615 | 0.0633 | 0.0651 | 0.065 | 0.0652 | 0.0622 | 0.0598 | 0.0587
Spreads (%) |  | 0.029722 | 0.029928 | 0.02925233333333334 | 0.03116666666666667 | 0.03007166666666667 | 0.031107 | 0.03015433333333334 | 0.02783933333333334 | 0.02644333333333334 | 0.02587333333333333 | 0.02739666666666667 | 0.0322 | 0.0324
All-in Rate (%) |  | 0.089722 | 0.090128 | 0.09107233333333334 | 0.09106666666666667 | 0.09135166666666666 | 0.092607 | 0.09345433333333333 | 0.09293933333333335 | 0.09144333333333333 | 0.09107333333333333 | 0.08959666666666666 | 0.092 | 0.0911
Enterprise Values (with Salvage)
Valuation Date |  | 2000-07-10 00:00:00 | 2000-07-03 00:00:00 | 2000-06-26 00:00:00 | 2000-06-19 00:00:00 | 2000-06-12 00:00:00 | 2000-06-05 00:00:00 | 2000-05-29 00:00:00 | 2000-05-22 00:00:00 | 2000-05-15 00:00:00 | 2000-05-08 00:00:00 | 2000-05-01 00:00:00 | 2000-04-24 00:00:00 | 2000-04-17 00:00:00
[NAME] |  | 202018.1665717811 | 219108.4782871029 | 222856.2022374925 | 234295.3708368728 | 240916.4205743751 | 250615.9769801882 | 243613.0689595694 | 235379.9578634875 | 222284.6671366818 | 217247.1225252696 | 213822.0790947673 | 215319.3314431804 | 213935.0063588939
[NAME] |  | 177255.2931643181 | 192618.3980436675 | 191369.2839478043 | 198050.9452387424 | 207269.1991447398 | 215888.187280033 | 204375.368007439 | 193727.5103151566 | 185886.0014188931 | 180460.876373819 | 177406.9220602943 | 179089.63823087 | 177569.5557497604
Brownsville |  | 159962.9743680108 | 173650.289885722 | 172365.1771889921 | 178673.8803635428 | 187786.9429536918 | 197429.3795580923 | 201606.0947591427 | 189524.1624953417 | 181011.7955209148 | 175266.8378175432 | 172032.9454476191 | 174377.915537505 | 172632.8260008596
Caledonia |  | 160827.7054483389 | 173820.6996950872 | 173207.6353203164 | 179157.6074335303 | 188009.0399779365 | 197105.2956119431 | 200803.1747033794 | 187998.6602207334 | 179521.9024041457 | 172423.0864648711 | 169764.8272071096 | 171872.6871235795 | 170181.3682436593
Wheatland |  | 160777.6457763839 | 174744.0080911095 | 175735.3409217823 | 184652.1793666845 | 189688.747541887 | 198752.4779370273 | 196380.6594136147 | 186630.9412652817 | 175928.485104726 | 171980.4543827021 | 168718.7649400349 | 169921.9409295647 | 168753.2130519465
New Albany |  | 122195.6053773914 | 132694.0015565924 | 132171.7444646598 | 136978.021595462 | 144111.1190667764 | 151882.6125420402 | 155354.1260733313 | 145308.9664861259 | 139184.7812203487 | 133943.7202816911 | 132084.6626219407 | 133447.3004341213 | 132085.078316234
Enterprise Values (with Salvage)
Valuation Date |  | 2000-07-10 00:00:00 | 2000-07-03 00:00:00 | 2000-06-26 00:00:00 | 2000-06-19 00:00:00 | 2000-06-12 00:00:00 | 2000-06-05 00:00:00 | 2000-05-29 00:00:00 | 2000-05-22 00:00:00 | 2000-05-15 00:00:00 | 2000-05-08 00:00:00 | 2000-05-01 00:00:00 | 2000-04-24 00:00:00 | 2000-04-17 00:00:00
GenCo |  | 983037.390706224 | 1066635.875559282 | 1067705.384081047 | 1111808.004834834 | 1157781.469259407 | 1211673.929909324 | 1202132.491916476 | 1138570.198646127 | 1083817.63280571 | 1051322.097845896 | 1033830.201371766 | 1044028.813698821 | 1035157.047721354
Capacity Prices | 2000 | 2001 | 2002
Wheatland
[NAME]
[NAME]
Brownsville
Caledonia
New Albany
GenCo
 | Valuation
 | Required Changes for Weekly/Monthly Valuation
 | Weekly Changes
1 | Desk (Source: [NAME])
2 | 10-yr Treasury
3 | Spreads
4 | USD Libor Forward Curve (Source: http://home.ect.enron.com/dept/irfx/curves/)
 | Monthly Changes
1 | Accounting Numbers
2 | Depreciation Value