Spreadsheet: benjamin_rogers__1159__Base
Sheet: Assumptions

Unhide Sub Debt, 1999 Columns
ASSUMPTIONS & SUMMARY OUTPUT
SOURCES & USES: |  |  |  |  |  |  |  |  | TECHNICAL ASSUMPTIONS: |  | 1999 PROJECTS |  |  |  | 2000 PROJECTS
Sources of Funds | % | 000 $ |  | Uses of Funds 1999 | % | 000 $
Total Equity |  |  |  | 1999 Uses |  |  |  |  |  |  | Brownsville | Caledonia | New Albany |  | [NAME] | Wheatland | [NAME]
Bond Proceeds |  |  |  | 2000 Uses |  |  |  |  | Nominal Capacity (MW) |  | 500 | 504 | 425 |  | 544 | 514 | 672
 |  |  |  |  |  |  |  |  | Degradation Factor |  | 0.02
Total Sources |  |  |  | Transactions Costs |  | 19500 |  |  | Number of Turbines |  | 4 | 6 | 6 |  | 3 | 4 | 8
 |  |  |  | Capitalized Interest |  |  |  |  | Heat Rate Btu/ kWh |  | 11411 | 12064 | 12228 |  | 10904 | 11735 | 11973
Equity Partner's Share | 0.5 |  |  |  |  |  |  |  | Permitted Hours |  | 1258 | 1500 | 1068 |  | 3000 | 3000 | 3000
Enron's Share |  |  |  | Total Uses |  |  |  |  | Annual Operating Hours
 |  |  |  |  |  |  |  |  | Annual Generation (MWh)
 |  |  |  |  |  |  |  |  | from 1/1/2000 till 5/31/2000 only |  |  |  |  |  | 0 | 0 | 0
CAPITAL MARKET DEBT ASSUMPTIONS: | Debt Issued | 2000-01-01 00:00:00 |  |  |  |  |  |  | from 6/1/2000 to 5/31/2003
 | Equity Closed | 1999-12-31 00:00:00 |  |  |  |  |  |  | Initial Spare Parts (000$) |  | 820 | 787.8 | 813.05 |  | 1000 | 1000 | 1204
 |  |  |  |  |  |  |  |  | Number of Starts per year
 | Tranche 1 | Tranche 2 | Tranche 3 | Total |  |  |  |  | Evaporative Cooler (MW) (only from 6/1/2000 onwards) |  | 0 | 15 | 12 |  | 0 | 0 | 0
Summary
Amount ('000 $) |  |  |  |  |  |  |  |  | PPA & MARKET PRICE ASSUMPTIONS:
Term (yrs)
Final Maturity | 2003-02-15 00:00:00 | 2009-08-15 00:00:00 | 2019-08-15 00:00:00 |  |  |  |  |  | PPA Period
Average Life (yrs) |  |  |  |  |  |  |  |  | Demand Charge ($/kW-m) |  | 4
 |  |  |  |  |  |  |  |  | Energy Charge ($/MWh)
 |  |  |  |  |  |  |  |  | Block Charge ($/start/turbine)
Treasury Rate (%) |  |  |  |  |  |  |  |  | Contractual Capacity
Spread (%) |  |  |  |  |  |  |  |  | from 1/1/2000 till 5/31/2000 only |  | 458 |  |  |  | 0 | 0 | 0
All In Coupon Rate (%) |  |  |  |  |  |  |  |  | from 6/1/2000 to 5/31/2003 |  |  |  |  |  | 510 | 470 | 608
Maximum DSR Amount (12mths) (000 $) |  |  |  |  |  |  |  |  | Market Period
Debt Service Reserve [NAME] | 0.02 |  |  |  |  |  |  |  | Degraded Capacity (used during market price period)
Interest Income Rate | 0.05 |  |  |  |  |  |  |  | Annual Degraded Generation (MWh)
 |  |  |  |  |  |  |  |  | Capacity Factor for Market Period Energy Margins |  | 0.02
 |  |  |  |  |  |  |  |  | Market Period Energy Margin ($/MWh) |  | 1
DEPRECIATION ASSUMPTIONS:
 | Initial Basis (000 $) |  |  |  |  |  |  |  | End of Fixed Price Period |  | 2003-05-01 00:00:00
 | 1999 | 2000 | Year | Method | Residual (%) |  |  |  | Annual Escalator (Variable Rate Only)
Federal & State Tax Depreciation
EPC Costs |  |  | 15 | MACRS | 0 |  |  |  | TAX ASSUMPTIONS:
Transaction Costs |  |  | 20 | SL | 0
 |  |  |  |  |  |  |  |  | Federal Income Tax Rate |  | 0.35 | 0.35 | 0.35 |  | 0.35 | 0.35 | 0.35
Book Depreciation |  |  |  |  |  |  |  |  | State Income Tax Rate |  | 0.06 | 0.05 | 0.05 |  | 0.0825 | 0.045 | 0.0718
EPC Costs |  |  | 30 | SL | 0.1 |  |  |  | Franchise Tax Rate |  | 0.0025 | 0.0025 | 0.0025 |  | 0.0021 | 0 | 0.001
Transaction Costs |  |  | 20 | SL | 0 |  |  |  | [NAME] |  | 0.03 | N/A | N/A |  | N/A | N/A | N/A
 |  |  |  |  |  |  |  |  | OPERATING COSTS ASSUMPTIONS:
SUMMARY OUTPUT: |  |  |  |  |  |  |  |  | Variable O&M ($/MWh) |  | 1.408748180494906 | 0.8901206636500755 | 1.04052540913006 |  | 1.216785947712418 | 1.163475177304965 | 0.8627741228070176
 |  |  |  |  |  |  |  |  | Marketing Fee ($/kW -m in 2003 $) |  | 0.07
DSCR |  |  | Min | [NAME].
Fixed Price Period (2000 - 2002) |  |  |  |  |  |  |  |  | CPI Escalator
Market Price Period (2003 - 2019) |  |  |  |  |  |  |  |  | Operating Months in the 1st yr.* |  | 0 | 0 | 0 |  | 6 | 6 | 7
 |  |  | 1999 Projects | 2000 Projects | 1999 & 2000 Projects |  |  |  | Escalated Costs (1999 $):
Average Heat Rate (average) (Btu/kWh) |  |  |  |  |  |  |  |  | Fixed O&M
 |  |  |  |  |  |  |  |  | Variable O&M
Total Nominal Capacity for 1999 & 2000 Projects (MW) |  |  |  |  |  |  |  |  | from 1/1/2000 till 5/31/2000 only |  | 774.248 |  |  |  | 744.673 | 656.2 | 629.48
 |  |  |  |  |  |  |  |  | from 6/1/2000 to 5/31/2003
Total Cost per MW (000 $) |  |  |  |  |  |  |  |  | fron 6/2003 onward
 |  |  |  |  |  |  |  |  | Major Maintenance & Ongoing Capex |  | 1973.16 | 1349.28 | 1349.28 |  | 2296.44 | 2078.4 | 1799.04
Equity Partner's IRR w After-Tax Cashflow & w/o Residual Value (20 yrs) (1) |  |  |  |  |  |  |  |  | Insurance
Equity Partner's IRR w After -Tax Cashflow & 25% Before-Tax Total Cost Residual Value (20 yrs) (1) |  |  |  |  |  |  |  |  | SG&A
Equity Partner's IRR w After-Tax Cashflow & 5x EBITDA Residual Value (20 yrs) (1) |  |  |  |  |  |  |  |  | Utilities, Start Power
 |  |  |  |  |  |  |  |  | Admin Fees |  | 158.477508650519 | 152.9411764705883 | 133.9100346020761 |  | 176.4705882352941 | 162.6297577854671 | 210.3806228373703
 |  |  |  |  |  |  |  |  | O&M Fees |  | 200 | 200 | 200 |  | 250 | 250 | 250
 | 2000 | 2001 | 2002 | 2003 | 2004
EGC EBITDA (000 $) |  |  |  |  |  |  |  |  | Non-Escalated Costs (1999 $):
EGC Net Income (000 $) |  |  |  |  |  |  |  |  | Property Taxes & Other ([NAME]) |  | 902.1851306900734 | 844.7869757903093 | 1002.960345016805 |  | 483.3777144471676 | 496.7375853050326 | 523.6976099236487
EGC Pre-Tax Cashflow (000 $) |  |  |  |  |  |  |  |  | *Operations for 1999 projects not included in EGC results until 1/1/2000.
EGC After-Tax Cashflow (000 $)
 |  |  |  |  |  |  |  |  | FUEL |  | 1999 PROJECTS |  |  |  | 2000 PROJECTS
 |  |  |  |  |  |  |  |  | (de-escalate at 3% to 1998 $, and using nominal MW)
 |  |  |  |  |  |  |  |  |  |  | Brownsville | Caledonia | New Albany |  | [NAME] | Wheatland | [NAME]
 |  |  |  |  |  |  |  |  | Fixed O&M (1998$/ kWyr)*
 |  |  |  |  |  |  |  |  | Variable O&M (1998$/MWh)
 |  |  |  |  |  |  |  |  | Capital Costs (1998$/kW-m)
 |  |  |  |  |  |  |  |  | Heat Rate (BTU/kWh)
 |  |  |  |  |  |  |  |  | * Include Fixed O&M, Insurance, SG&A, Property Tax, Admin Fees, O&M Fees, and Utilities Start Power
 |  |  |  |  |  |  |  |  | * If include Major [NAME], the average Fixed O&M (1998$/ kWyr) would be $8.39/ kWyr
 |  |  |  |  |  |  |  |  | FUEL |  | 1999 PROJECTS |  |  |  | 2000 PROJECTS
 |  |  |  |  |  |  |  |  | (de-escalate at 3% to 1998 $, and using nominal MW)
 |  |  |  |  |  |  |  |  |  |  | Brownsville | Caledonia | New Albany |  | [NAME] | Wheatland | [NAME]
 |  |  |  |  |  |  |  |  | Fixed O&M (1998$/ kWyr)* |  | 5.090845901632219 | 5.08990307108356 | 6.910472597644502 |  | 4.584609335170013 | 5.21583495729383 | 4.085006693193797
 |  |  |  |  |  |  |  |  | Fixed O&M (1998$/ kWyr)**
 |  |  |  |  |  |  |  |  | Variable O&M (1998$/MWh) |  | 1.252828478964402 | 0.7578851389531002 | 0.9198933942509042 |  | 1.107511481534361 | 1.032891340208782 | 0.7578690861457852
 |  |  |  |  |  |  |  |  | Variable O&M (1998$/MWh)**
 |  |  |  |  |  |  |  |  | Capital Costs (1998$/kW-m)
 |  |  |  |  |  |  |  |  | Heat Rate (BTU/kWh) |  | 11411 | 12064 | 12228 |  | 10904 | 11735 | 11973
 |  |  |  |  |  |  |  |  | * Include Fixed O&M, Insurance, SG&A, Property Tax, Admin Fees, O&M Fees, and Utilities Start Power
 |  |  |  |  |  |  |  |  | * Includes 2/3 Major [NAME] O&M, 1/3 Major [NAME]