Spreadsheet: jeff_dasovich__14164__m010508g
Sheet: Curves

 |  |  | Total |  |  |  | Contracted |  |  |  | Non-Contracted |  |  | Contractual/Spot |  | MTM |  |  | Present
 |  |  |  |  |  |  |  |  |  |  |  |  |  | Spread |  | Position |  |  | Value of |  |  |  |  | 8 yr BBB- Utility Interest Rate |  |  | 0.0734
 |  |  | Total Cost | [NAME] |  |  | Cost | [NAME] |  |  | Cost | [NAME] |  |  |  |  |  |  | Future |  |  |  |  | Source: [NAME] 5/10/01 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | NPV | NPV |  | NPV |  |  |  | NPV
 |  | Mwh | ($1000s) | ($/Mwh) |  | Mwh | ($1000s) | ($/Mwh) |  | Mwh | ($1000s) | ($/Mwh) |  | ($1000s) |  | ($1000s) |  |  | Spread |  | PV of Future Mrkt Purchases |  |  |  |  |  |  |  |  | ENA | ENA | Henwood | Henwood | Henwood | Henwood |  | Inflation |  | Floating | Fixed |  | Contracted & Non Contracted |  |  |  | Fixed
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | At Indicated |  |  |  |  | Curve Selection: |  | 1 |  |  |  | SP15 | NP15 | SP15 | NP15 | SP15 | NP15 |  | Index |  | 0.0734 | 0.0734 |  | 0.0734 |  |  |  | 0.0734
2001 | Q1 | 13308000 |  | 285 |  | n/a | n/a | n/a |  | n/a | n/a | n/a |  |  |  |  |  |  | Point in Time |  |  |  |  | 1= DWR |  |  |  | 2001 | Q1 |  |  | uninflated | uninflated | inflated | inflated | DWR |  |  |  |  |  |  |  | Price | Volume
 | Q2 | 17301661 |  | 263 |  | 6835030 |  | 135 |  | 10466630 |  | 346 |  |  |  |  |  | 2001-06-30 00:00:00 |  |  |  |  |  | 2= Henwood |  |  |  |  | Q2 | n/a | n/a | n/a | n/a | n/a | n/a | 346 | 1
 | Q3 | 21250889 |  | 173 |  | 8241181 |  | 138 |  | 13009708 |  |  |  |  |  |  |  | 2001-09-30 00:00:00 |  |  |  |  |  | 3= ENA |  |  |  |  | Q3 | 249.6795686716567 | 260.8781349379903 | 198.5575147670251 | 216.4630620788531 |  |  | 195 |  |  |  | 82.75458201525662 |  |  |  | 106.1453048139065
 | Q4 | 17494520 |  | 177 |  | 7583534 |  | 124 |  | 9910986 |  |  |  |  |  |  |  | 2001-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 132.645161760873 | 170.6140982836436 | 116.2263954599761 | 289.615413739546 |  |  | 216
2002 | Q1 | 13607508 |  | 135 |  | 8874797 |  | 100 |  | 4732711 |  |  |  |  |  |  |  | 2002-03-31 00:00:00 |  |  |  |  |  | NP-15 % of Blend: |  | 0.4 |  | 2002 | Q1 | 84.77009706926964 | 114.6236555891124 | 85.32210665642602 | 94.58714802867382 |  |  | 200
 | Q2 | 15078598 |  | 127 |  | 9736927 |  | 106 |  | 5341672 |  |  |  |  |  |  |  | 2002-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 76.56296322020115 | 72.92066930207727 | 45.69710886499402 | 46.25568353643967 |  |  | 166
 | Q3 | 21547911 |  | 131 |  | 12466863 |  | 112 |  | 9081049 |  |  |  |  |  |  |  | 2002-09-30 00:00:00 |  |  |  |  |  | Yearly [NAME] |  | 0.015 |  |  | Q3 | 130.9010746194778 | 121.1835119233483 | 88.2217677419355 | 87.64640215053764 |  |  | 157
 | Q4 | 18261734 |  | 121 |  | 11408290 |  | 93 |  | 6853444 |  |  |  |  |  |  |  | 2002-12-31 00:00:00 |  |  |  |  |  | Inflation |  |  |  |  | Q4 | 53.13381138818256 | 62.23655927540866 | 67.46878028673835 | 74.3418778972521 |  |  | 168
2003 | Q1 | 16026397 |  | 98 |  | 12528699 |  | 87 |  | 3497698 |  |  |  |  |  |  |  | 2003-03-31 00:00:00 |  |  |  |  |  |  |  |  |  | 2003 | Q1 | 44.77368139881779 | 46.10189440081643 | 45.57450727086533 | 46.87308899129545 |  |  | 137
 | Q2 | 16532781 |  | 92 |  | 13862979 |  | 87 |  | 2669802 |  |  |  |  |  |  |  | 2003-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 41.82395474442649 | 45.38733588331062 | 31.70513292712067 | 31.52083751493429 |  |  | 117
 | Q3 | 24085451 |  | 98 |  | 18336722 |  | 92 |  | 5748729 |  |  |  |  |  |  |  | 2003-09-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q3 | 89.92771758765578 | 77.79211429400391 | 68.49071063321385 | 67.36564814814814 |  |  | 120
 | Q4 | 22311602 |  | 83 |  | 19737558 |  | 81 |  | 2574043 |  |  |  |  |  |  |  | 2003-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 39.59641587123221 | 42.96630832178244 | 54.21759247311828 | 56.35390193548387 |  |  | 103
2004 | Q1 | 21643805 |  | 77 |  | 21398531 |  | 76 |  | 245274 |  |  |  |  |  |  |  | 2004-03-31 00:00:00 |  |  |  |  |  |  |  |  |  | 2004 | Q1 | 42.27567657047106 | 41.05197121891533 | 31.74471689531579 | 32.3806467309356 |  |  | 91
 | Q2 | 20861843 |  | 77 |  | 20019949 |  | 77 |  | 841894 |  |  |  |  |  |  |  | 2004-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 42.4931901127278 | 40.00274805225067 | 26.95260485065711 | 26.2766629390681 |  |  | 91
 | Q3 | 26363885 |  | 82 |  | 21412396 |  | 81 |  | 4951489 |  |  |  |  |  |  |  | 2004-09-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q3 | 71.09289092544284 | 69.05973680066155 | 55.19474336917563 | 54.3379403823178 |  |  | 85
 | Q4 | 24659502 |  | 73 |  | 23182863 |  | 74 |  | 1476640 |  |  |  |  |  |  |  | 2004-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 40.19265241440266 | 39.75149349683368 | 45.21245173237753 | 46.43394826762246 |  |  | 67
2005 | Q1 | 21135169 |  | 67 |  | 20750188 |  | 66 |  | 384980 |  |  |  |  |  |  |  | 2005-03-31 00:00:00 |  |  |  |  |  |  |  |  |  | 2005 | Q1 | 39.8822323617874 | 38.41847192314227 | 32.93401510496672 | 33.4962688172043 |  |  | 80
 | Q2 | 20467158 |  | 68 |  | 19542403 |  | 67 |  | 924755 |  |  |  |  |  |  |  | 2005-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 40.11487469110403 | 37.38721638173399 | 27.39459068100358 | 26.82323624850657 |  |  | 79
 | Q3 | 27079042 |  | 73 |  | 20486838 |  | 74 |  | 6592204 |  |  |  |  |  |  |  | 2005-09-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q3 | 67.3014482895748 | 63.91278341921713 | 55.43435758661888 | 55.0877780167264 |  |  | 71
 | Q4 | 24684859 |  | 66 |  | 21060134 |  | 65 |  | 3624725 |  |  |  |  |  |  |  | 2005-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 37.97662792523283 | 37.13918764285939 | 44.38709534050179 | 45.29823870967743 |  |  | 68
2006 | Q1 | 21949030 |  | 60 |  | 21151029 |  | 59 |  | 798000 |  |  |  |  |  |  |  | 2006-03-31 00:00:00 |  |  |  |  |  |  |  |  |  | 2006 | Q1 | 39.41738341266296 | 38.22493633734477 | 32.63256979006656 | 33.20068269329237 |  |  | 82
 | Q2 | 21490395 |  | 62 |  | 19575129 |  | 60 |  | 1915266 |  |  |  |  |  |  |  | 2006-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 39.6585425510513 | 37.19505688296041 | 27.73430422939068 | 27.16027612903225 |  |  | 79
 | Q3 | 28313503 |  | 68 |  | 19753088 |  | 67 |  | 8560415 |  |  |  |  |  |  |  | 2006-09-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q3 | 66.8483718282779 | 62.09983539956776 | 54.14916200716846 | 53.88852258064517 |  |  | 71
 | Q4 | 25180516 |  | 62 |  | 19795707 |  | 59 |  | 5384808 |  |  |  |  |  |  |  | 2006-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 37.45679518834442 | 36.87474618464388 | 43.6349982078853 | 44.67704157706093 |  |  | 71
2007 | Q1 | 21684137 |  | 61 |  | 19359819 |  | 58 |  | 2324318 |  |  |  |  |  |  |  | 2007-03-31 00:00:00 |  |  |  |  |  |  |  |  |  | 2007 | Q1 | 39.50161280303018 | 38.30513346966249 | 33.38312928827445 | 33.95678284690221 |  |  | 81
 | Q2 | 22053673 |  | 63 |  | 18428604 |  | 60 |  | 3625069 |  |  |  |  |  |  |  | 2007-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 39.6585425510513 | 37.19505688296041 | 28.63128673835125 | 28.24352482676224 |  |  | 77
 | Q3 | 29732503 |  | 68 |  | 19684263 |  | 67 |  | 10048240 |  |  |  |  |  |  |  | 2007-09-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q3 | 66.4244620337615 | 61.15277745955921 | 54.933509390681 | 54.75962315412187 |  |  | 70
 | Q4 | 26183861 |  | 62 |  | 19591520 |  | 59 |  | 6592341 |  |  |  |  |  |  |  | 2007-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 37.53968049423901 | 36.94598274484517 | 44.32699307048984 | 45.37419545997611 |  |  | 71
2008 | Q1 | 22554855 |  | 61 |  | 19153515 |  | 58 |  | 3401340 |  |  |  |  |  |  |  | 2008-03-31 00:00:00 |  |  |  |  |  |  |  |  |  | 2008 | Q1 | 39.58707195508241 | 38.51243346748995 | 31.89420111234705 | 32.56276995427017 |  |  | 79
 | Q2 | 23429388 |  | 63 |  | 18763391 |  | 60 |  | 4665997 |  |  |  |  |  |  |  | 2008-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 39.78746130838737 | 37.43565724179037 | 28.90110893667862 | 28.6042729749104 |  |  | 77
 | Q3 | 31332995 |  | 68 |  | 19294144 |  | 67 |  | 12038851 |  |  |  |  |  |  |  | 2008-09-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q3 | 66.6526131697167 | 60.78397519301607 | 55.57934002389486 | 55.27848876941457 |  |  | 71
 | Q4 | 27099273 |  | 62 |  | 18854008 |  | 59 |  | 8245265 |  |  |  |  |  |  |  | 2008-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 37.68473127072858 | 37.20804068953982 | 43.55373906810036 | 44.55919383512545 |  |  | 70
2009 | Q1 | 23076526 |  | 61 |  | 18797465 |  | 58 |  | 4279061 |  |  |  |  |  |  |  | 2009-03-31 00:00:00 |  |  |  |  |  |  |  |  |  | 2009 | Q1 | 40.01495145779959 | 39.02117289449105 | 32.84878458781362 | 33.45945647721454 |  |  | 77
 | Q2 | 24316954 |  | 63 |  | 18709911 |  | 60 |  | 5607044 |  |  |  |  |  |  |  | 2009-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 40.20717828617759 | 37.97571100760024 | 28.77337197132617 | 28.40017230585424 |  |  | 75
 | Q3 | 32144744 |  | 68 |  | 19293801 |  | 67 |  | 12850943 |  |  |  |  |  |  |  | 2009-09-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q3 | 66.34743983028966 | 61.30235930035801 | 55.13311911589008 | 55.1325440860215 |  |  | 71
 | Q4 | 27451467 |  | 63 |  | 18779557 |  | 59 |  | 8671910 |  |  |  |  |  |  |  | 2009-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 38.06765165460171 | 37.72639194495478 | 42.57014093189965 | 43.62672007168459 |  |  | 70
2010 | Q1 | 23781978 |  | 62 |  | 18709260 |  | 58 |  | 5072718 |  |  |  |  |  |  |  | 2010-03-31 00:00:00 |  |  |  |  |  |  |  |  |  | 2010 | Q1 | 40.42979721070939 | 39.65410940087535 | 33.03258632872504 | 33.65877122375832 |  |  | 76
 | Q2 | 24950229 |  | 64 |  | 18604505 |  | 60 |  | 6342724 |  |  |  |  |  |  |  | 2010-06-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q2 | 40.58745980934302 | 38.62320204905498 | 29.11477096774194 | 28.81621966547192 |  |  | 74
 | Q3 | 33368529 |  | 69 |  | 18922185 |  | 67 |  | 14446344 |  |  |  |  |  |  |  | 2010-09-30 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q3 | 66.07541897202911 | 61.94864065915561 | 55.37293811230585 | 54.30437037037038 |  |  | 71
 | Q4 | 28418492 |  | 63 |  | 18490208 |  | 59 |  | 9928284 |  |  |  |  |  |  |  | 2010-12-31 00:00:00 |  |  |  |  |  |  |  |  |  |  | Q4 | 38.42113247904431 | 38.37323782356631 | 42.06292962962963 | 43.02687992831542 |  |  | 71