Spreadsheet: gerald_nemec__11310__Bay2-23termsheet
Sheet: Cash Flows

Bay Gas Storage
Cash Flow Analysis
Date: 1/11/01
I. Assumptions |  |  |  |  |  |  | Today's Date
 |  |  |  |  |  | Retail Traiff Summary
Project Start Date: | 2002-04-02 00:00:00 |  |  |  |  |  | Customer Charge: | 1000 | $/month |  | 10
Project End Date | 2012-04-01 00:00:00 |  |  |  |  |  | Demand Charge: | 0 |  |  | 15
 |  |  |  |  |  |  | Off-Peak | 0 | $/kW | 0.1153 | 0.014629
 |  |  |  |  |  |  | Intermediate | 0 | $/kW
Horsepower (Gas): | 13000 |  |  |  |  |  | On-Peak Hours | 0 | $/kW | 0.0375 | 0.014629
Horsepower (Electric): | 13000 |  |  |  |  |  | Energy & Fuel Charge: |  |  | 0.0109 | 0.014629
 |  |  |  |  |  |  | Off-Peak | 0.02553 | $/kWh
Heat Rate (Gas): | 7800 | Btu/HPhr |  |  |  |  | Intermediate | 0.05213
Heat Rate (Electric): | 7521.25707748261 | Btu/HPhr |  |  |  |  | On-Peak Hours | 0.12993 | $/kWh
 |  |  |  |  |  |  | Weighted Average Cost |  | $/kWh
 | Begin Month | End Month
Summer Annual Charge : | 7 | 10 | 93 | /hp/yr
Winter Annual Charge : |  |  |  | /hp/yr |  |  | State Sales Tax Rate | 0.06
Annual Charge : |  |  |  | $'s/yr
Capital Expenditure (Gas): |  | M | 1200 |  |  |  | Gas Swap Price: | 3.44 | /MMBTU | 4.33 was price [NAME] with no swing for 10 yrs out of April 02 on( Feb 23, 01).
[NAME] |  | M | 800 |  |  |  | as of: | 2001-01-11 00:00:00
ECS Funded | 1700 | M
Capital Expenditure (Electric): |  | M |  |  |  | Syndication Valuation
 |  |  |  | savings elec vrs gas |  |  | Weight | Rate
Ad Valorem Tax Rate: | 0.0265 |  |  |  |  | Debt | 0.97
 |  |  | Annual Dollars |  |  | Equity | 0.03 | 0.375
O&M Expense (Gas): | 35 | /hp*yr |  | Normally $55 - $65/hp*yr |  | Discount Rate
O&M Expense (Electric): | 10 | /hp*yr
Equipment Lease from Customer: | 39 | M/yr |  |  |  | Deal Values: |  | (post syndication)
Equipment Lease from Third Party: | 0 | M/yr |  |  |  | ECS Perspective
Total Lease Expense: |  | M/yr |  |  |  | Customer Perspective
Conversion Factor | 0.7457 | Kw/HP
Efficiency Factor
[NAME]
[NAME] | 7 | yrs
Interest Rate on Debt | 0.09
II. Cash Flow Analysis
Monthly Period: | 1
Term Year:
Days in Month:
Load Factor | 0.2
Intermediate hrs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | 91 | 92 | 93 | 94 | 95 | 96 | 97 | 98 | 99 | 100 | 101 | 102 | 103 | 104 | 105 | 106 | 107 | 108 | 109 | 110 | 111 | 112 | 113 | 114 | 115 | 116 | 117 | 118 | 119 | 120
Off-Peak hrs
Total hrs
Intermediate  HP-hrs
Off-Peak HP-hrs
Total HP-hrs Used
Intermediate kWhrs
Off-Peak kWhrs
Total kWh Consumed
$'s/month
Gas Delivery (MMBtu)
Gas Delivery/Day  ([NAME])
Revenues  ($000)
Annual Charge
Gas Revenue | 0
Total Revenues:
Expenses  ($000)
Electric Demand Charge | 0
Customer Charge | 0
On-Peak Energy Charge/Intermediate hrs | 0
Off-Peak Energy Charge | 0
On Peak Fuel Charge/Intermediate hrs | 0
Off Peak Fuel Charge | 0
Transformer Ownership Discount | 0
Subtotal Electric Expense:
State Utility Tax
Sales Tax | 0
Total Electric Expense:
O&M Expense
Lease Payments
Capital Recovery (P&I pmt) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0
Total Expenses:
Total of Fixed Expenses
Total of Variable Expenses
Total Expenses
Difference in Variable Expense & Gas Revenue
EBITDA:
Debt Service (P&I)
Ad Valorem
Pre-Tax Cash Flows:
Quarterly Cash Flows:
Annual Cash Flows:
Discount Factor
Discounted Cash Flows:
Cumulative DCF:
Discount Rate
NPV
INPUTS
Fixed
HP
O&M | $15/HP/yr
Start Date
Project Term | 10
[NAME] | 7
Total Electric Capex
Variable
Swap Price | 1
Power Price | 1
Load Factor | 1
Heat Rate | 1
OUTPUTS
ECS Value | Customer Value
 | SWAP PRICE | POWER PRICE | LOAD FACTOR | HEAT RATE
1 | 4.1 | 0.01395 | 0.6 | 7950
2 | 5.12 | 0.0758 | 1 | 8150
 |  | 0.051 |  | 8600
 |  | 0.067
 | EES Premium | 0
 | No Premium | 0 |  |  |  | Average AC
 |  |  |  |  |  | AC Summer | 110 |  | AC Summer | 132.5 |  | AC Summer | 150 |  | AC Summer | 170 |  | AC Summer | 200
VARIABLES |  |  |  |  |  | AC Winter | 110 |  | AC Winter | 132.5 |  | AC Winter | 150 |  | AC Winter | 170 |  | AC Winter | 200
COMBO | SWAP PRICE | POWER PRICE | LOAD FACTOR | HEAT RATE |  | ECS CF | Cust CF |  | ECS CF | Cust CF |  | ECS CF | Cust CF |  | ECS CF | Cust CF |  | ECS CF | Cust CF
1 |  |  |  |  |  | 2283.014604131166 | 2781.700118667359 |  | 2986.332109988792 | 1943.487067736209 |  | 3533.356836766943 | 1291.543583678646 |  | 4158.527953084833 | 546.4653161842907 |  | 5096.284627561668 | -571.1520850572379
2 |  |  |  |  |  | 2283.014604131166 | 2781.700118667359 |  | 2986.332109988792 | 1943.487067736209 |  | 3533.356836766943 | 1291.543583678646 |  | 4158.527953084833 | 546.4653161842907 |  | 5096.284627561668 | -571.1520850572379
3 |  |  |  |  |  | 4484.005946589672 | 2628.388918717301 |  | 5187.323452447297 | 1790.175867786154 |  | 5734.348179225449 | 1138.232383728595 |  | 6359.51929554334 | 393.1541162342401 |  | 7297.275970020171 | -724.4632850072958
4 |  |  |  |  |  | 4484.005946589672 | 2628.388918717301 |  | 5187.323452447297 | 1790.175867786154 |  | 5734.348179225449 | 1138.232383728595 |  | 6359.51929554334 | 393.1541162342401 |  | 7297.275970020171 | -724.4632850072958
5 |  |  |  |  |  | 4250.808994116281 | 2883.907585300723 |  | 4954.126499973907 | 2045.69453436957 |  | 5501.151226752058 | 1393.75105031201 |  | 6126.322343069952 | 648.6727828176554 |  | 7064.079017546778 | -468.9446184238805
6 |  |  |  |  |  | 2422.9327756152 | 2628.388918717306 |  | 3126.250281472825 | 1790.175867786162 |  | 3673.275008250976 | 1138.232383728595 |  | 4298.446124568866 | 393.1541162342401 |  | 5236.2027990457 | -724.4632850072921
7 |  |  |  |  |  | 2422.9327756152 | 2628.388918717306 |  | 3126.250281472825 | 1790.175867786162 |  | 3673.275008250976 | 1138.232383728595 |  | 4298.446124568866 | 393.1541162342401 |  | 5236.2027990457 | -724.4632850072921
8 |  |  |  |  |  | 4250.808994116281 | 2883.907585300723 |  | 4954.126499973907 | 2045.69453436957 |  | 5501.151226752058 | 1393.75105031201 |  | 6126.322343069952 | 648.6727828176554 |  | 7064.079017546778 | -468.9446184238805
9 |  |  |  |  |  | 3666.668814575111 | 2781.700118667359 |  | 4369.986320432739 | 1943.487067736209 |  | 4917.011047210891 | 1291.543583678646 |  | 5542.18216352878 | 546.4653161842907 |  | 6479.938838005612 | -571.1520850572379
10 |  |  |  |  |  | 3666.668814575111 | 2781.700118667359 |  | 4369.986320432739 | 1943.487067736209 |  | 4917.011047210891 | 1291.543583678646 |  | 5542.18216352878 | 546.4653161842907 |  | 6479.938838005612 | -571.1520850572379
11 |  |  |  |  |  | 7503.337708065264 | 2053.471918904626 |  | 8206.655213922893 | 1215.258867973484 |  | 8753.67994070105 | 563.3153839159131 |  | 9378.851057018937 | -181.7628835784417 |  | 10316.60773149577 | -1299.380284819978
12 |  |  |  |  |  | 7503.337708065264 | 2053.471918904626 |  | 8206.655213922893 | 1215.258867973484 |  | 8753.67994070105 | 563.3153839159131 |  | 9378.851057018937 | -181.7628835784417 |  | 10316.60773149577 | -1299.380284819978
13 |  |  |  |  |  | 6556.89934485619 | 2883.907585300723 |  | 7260.216850713819 | 2045.69453436957 |  | 7807.241577491972 | 1393.75105031201 |  | 8432.412693809858 | 648.6727828176554 |  | 9370.169368286692 | -468.9446184238805
14 |  |  |  |  |  | 4234.53183250056 | 2283.438718829702 |  | 4937.849338358185 | 1445.225667898552 |  | 5484.874065136338 | 793.2821838409873 |  | 6110.045181454228 | 48.20391634663247 |  | 7047.801855931061 | -1069.4134848949
15 |  |  |  |  |  | 4234.53183250056 | 2283.438718829702 |  | 4937.849338358185 | 1445.225667898552 |  | 5484.874065136338 | 793.2821838409873 |  | 6110.045181454228 | 48.20391634663247 |  | 7047.801855931061 | -1069.4134848949
16 |  |  |  |  |  | 6556.89934485619 | 2883.907585300723 |  | 7260.216850713819 | 2045.69453436957 |  | 7807.241577491972 | 1393.75105031201 |  | 8432.412693809858 | 648.6727828176554 |  | 9370.169368286692 | -468.9446184238805
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Min
 | SWAP PRICE | POWER PRICE | LOAD FACTOR | HEAT RATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | [NAME]
 | 1 | 2 | 2 | 1
A/C | Nesting 1 | Nesting 2 | Nesting 3 | Nesting 4 |  | ECS Value |  |  |  |  |  |  |  |  |  | ECS |  | Customer
A/C | Nesting 1 | Nesting 2 | Nesting 3 | Nesting 4 |  | Cust Value