Spreadsheet: benjamin_rogers__1037__CFTejon8a revised 21 - 750 MW
Sheet: Budget

 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Permit/
 |  |  |  | Sign Land |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Financial | Commercial
 |  | Sign |  | Lease |  |  |  |  |  |  | File |  |  |  |  |  |  |  |  |  |  |  | Close | Operations
 |  | LOI |  | Option |  |  |  |  |  |  | AFC |  |  |  |  |  |  |  |  |  |  |  | Date | Date
 | Total Dry Hole | 1999-03-01 00:00:00 | 1999-04-29 00:00:00 | 1999-04-30 00:00:00 | 1999-05-31 00:00:00 | 1999-06-30 00:00:00 | 1999-07-31 00:00:00 | 1999-08-31 00:00:00 | 1999-09-30 00:00:00 | 1999-10-31 00:00:00 | 1999-11-30 00:00:00 | 1999-12-31 00:00:00 | 2000-01-31 00:00:00 | 2000-02-29 00:00:00 | 2000-03-31 00:00:00 | 2000-04-30 00:00:00 | 2000-05-31 00:00:00 | 2000-06-30 00:00:00 | 2000-07-31 00:00:00 | 2000-08-31 00:00:00 | 2000-09-30 00:00:00 | 2000-10-31 00:00:00 | 2000-11-30 00:00:00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2021-12-31 00:00:00
Development Costs at Risk:
EPC Turnkey |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3000 | 0 | -1600 | 0 | 0 | -5300 | 0 | 0
Internal Costs |  | 0 | 0 |  |  |  |  |  |  |  |  |  | -39 | -31 | -55
[NAME]) |  | 0 | 0 | -500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
[NAME] 12/31/1999 Payment |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -250 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
[NAME] (Data Adequacy and Water) |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1000 | 0
[NAME] Payments |  | 0 | 0 | 0 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100 | -100
Transmission Queue Position |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Environmental Permitting-Woody Clyde |  | 0 | 0 |  |  |  |  |  |  |  |  |  |  | -98 | -131
Environmental Permitting-Patch |  | 0 | 0 |  |  |  |  |  |  |  |  |  | -27 | -55 | -198
Air District Filing Fee |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100 | 0 | 0 | 0 | 0 | 0
Pre-Financial Closing Legal Fees |  | 0
Engineering |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Advance Water Payments |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500 | 0 | 0 | 0 | 0 | 0
Miscellaneous |  | 0
Contingency |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Total Development Costs at Risk
Air Pollution Offset Costs:
Air Pollution Offsets |  | 0 | 0 |  |  |  |  |  |  |  |  |  | 0 |  |  |  |  | -2070 |  | 0 |  | 0 | 0
Contingency
Total Environmental Offsets Costs:
Cumulative Total during Development
Closing Costs:
[NAME]
Patch/Thompson
Financial Closing Legal Fees |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Lender's Legal Fees |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -125 | -125
Contingency
Total Closing Costs
Development Cost Reimbursement
Total Cost at Financial Close
Total Dry Hole Cost at Financial Close |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Here is where the discounting of future cash flows takes place
Net Equity Cash Flows
Cumulative Equity Cash Flows
IRR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Equity NPV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Year 2021 cash flows plus a terminal value equal to 3 times 2021 EBDIT
NPV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | The discount rate in this cell is linked to the assumption tab at Cell L29 (Required return for equity investor).
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Different rates
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Price Curve |  |  | Gas Curve | NPV
NPV of Monthly Payments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Mid |  |  | Mid | 123784
NPV of Payment at Signing of Land Lease Option |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Mid |  |  | Henwood | 93202 |  | WHAT IS THE POWER CURVE ADDER?
NPV of Payment at 12/31/99
NPV of Payment at AFC Filing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Henwood |  |  | Mid | 63096
NPV of Payments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Henwood |  |  | Henwood | 33083
Total Payment |  | 5000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Why the lowest rates for the Henwood pair?
NPV of Makeup Payment at Financial Close
FV of Makeup Payment at Financial Close
 |  |  |  |  |  |  |  |  | Permit/
 |  |  |  |  |  |  |  |  | Financial
 |  |  |  |  |  |  |  |  | Close
 | Total |  |  |  |  |  |  |  | Date
 | to 3/31/00 | Total | 1999-06-30 00:00:00 | 1999-09-30 00:00:00 | 1999-12-31 00:00:00 | 2000-03-31 00:00:00 | 2000-06-30 00:00:00 | 2000-09-30 00:00:00 | 2000-11-30 00:00:00
Development Costs at Risk:
[NAME] 12/31/1999 Payment
Total Development Costs at Risk
Environmental Offsets Costs:
Cumulative Total during Development
Closing Costs:
Contingency
Total Closing Costs
Total Quarterly Cash Flow
Cumulative Quarterly Cash Flows