Spreadsheet: david_delainey__8062__Sweetwater_129 MW_13June00_Breakeven
Sheet: EWCSum

 | Enron Wind Corp. Summary
 | TOTAL NUMBER WTG |  |  | <<<<<<<<
 | NET CAPACITY FACTOR
 | MWh PRODUCED
 | [NAME]
 |  |  |  |  |  |  |  |  | 20 YR LEVELIZED  RATE @
 |  |  |  |  |  |  |  |  | FIRST YEAR BID RATE
 |  |  |  |  |  |  |  |  | FIRST YEAR TOTAL RATE
 | SOURCES OF FUNDS |  |  |  | $ PER WTG
 |  |  |  |  |  |  |  |  | OUTSIDE |  |  |  | EWC
 |  |  |  |  |  |  |  |  | EQUITY RETURN: |  |  |  | EQUITY RETURN:
 |  |  |  |  |  |  |  |  | PRE TAX | AFTER TAX |  |  | PRE TAX | AFTER TAX
 |  |  |  |  |  |  |  | 10 YEAR IRR
 |  |  |  |  |  |  |  | 20 YEAR IRR
 |  |  |  |  |  |  |  | 30 YEAR IRR
 | USES OF FUNDS |  |  |  |  | NET GAIN
 |  |  |  |  |  |  |  |  | PRE TAX | AFTER TAX @ |  |  | PRE TAX | AFTER TAX @
 |  |  |  |  |  | n/a
 |  |  |  |  |  | n/a |  | 10 YEAR NPV
 |  |  |  |  |  |  |  | 20 YEAR NPV
 |  |  |  |  |  | n/a |  | 30 YEAR NPV
 |  |  |  |  |  | n/a
 |  |  |  |  |  | n/a |  |  |  |  |  |  | CASH & TAX ASSUMPTIONS SWITCH
 | CONSTRUCTION COSTS |  |  |  |  |  |  |  | TOTAL | % | EFF. TAX |  | 2 | OUTSIDE EQUITY
 |  |  |  |  |  |  |  | OUTSIDE |  |  |  |  | 2 | ZOND/ENRON EQUITY
 |  |  |  |  |  |  |  | EWC |  |  |  |  | 1)  PTC'S ANNUALLY, CASH PAID ANNUALLY
 |  |  |  |  |  | n/a |  | TOTAL |  |  |  |  | 2)  PTC'S QUARTERLY, CASH PAID ANNUALLY
 |  |  |  |  |  | n/a
 |  |  |  |  |  | n/a
 | TOTAL FACILITY COST
 | TOTAL PROJECT COST |  |  |  |  |  |  |  |  |  | BEGINNING | LOAN
 | TOTAL CONTINGENCY |  |  |  |  |  |  |  | DEBT | TERM | INT. RATE | AMOUNT
 | WTG MARKUP |  |  |  |  |  |  |  | TRANCHE A
 | PROJECT MARKUP |  |  |  |  |  |  |  | TRANCHE B
 | $ COST / MWh PRODUCED (000) |  |  |  |  |  |  |  | JR DEBT
 |  |  |  |  |  |  |  |  | AGGREGATE LOAN
 | ALL IN EWC
 | TOTAL PROJECT NET GAIN |  |  |  |  |  |  |  | COVERAGE RATIOS
 | LESS EWC EQUITY |  |  |  |  |  |  |  | YEAR | DATE |  |  | JR DEBT
 | EWC CASH GAIN |  |  |  |  |  |  |  | 1
 | PROJECT CASH TO EWC | NPV@ |  |  |  |  |  |  | 2 | 2003-12-30 00:00:00 | 1.4
 | TAX BENEFITS | NPV@ |  |  |  |  |  |  | 3 | 2004-12-30 00:00:00 | 1.4
 | PTC | NPV@ |  |  |  |  |  |  | 4 | 2005-12-30 00:00:00 | 1.4
 | TOTAL EWC  BENEFIT |  |  |  |  |  |  |  | 5 | 2006-12-30 00:00:00 | 1.4
 | TOTAL EWC VALUE MARKUP |  |  |  |  |  |  |  | 6 | 2007-12-30 00:00:00 | 1.4
 |  |  |  |  |  |  |  |  | 7 | 2008-12-30 00:00:00 | 1.4
 |  |  |  |  |  |  |  |  | 8 | 2009-12-30 00:00:00 | 1.4
 |  |  |  |  |  |  |  |  | 9 | 2010-12-30 00:00:00 | 1.4
 | EWC BOOK EARNINGS : 5 YEAR |  | 1 |  |  |  |  |  | 10 | 2011-12-30 00:00:00 | 1.4
 |  |  |  |  |  |  |  |  | 11 | 2012-12-30 00:00:00 | 1.4
 | EWC NET GAIN |  |  |  |  |  |  |  | 12 | 2013-12-30 00:00:00 | 1.4
 | LESS RESERVE FOR  WARRANTIES | ??? |  |  |  |  |  |  | 13 | 2014-12-30 00:00:00 | 1.4
 | BOOK ELIMINATION |  |  |  |  |  |  |  | 14 | 2015-12-30 00:00:00 | 1.4
 | PROJECT INCOME |  |  |  |  |  |  |  | 15 | 2016-12-30 00:00:00 | 1.4
 | TOTAL EARNINGS |  |  |  |  |  |  |  | 16 | 2017-12-30 00:00:00 | 1.4
 | PROJECT OPEX EXPENSE |  |  |  |  |  |  |  | 17 | 2018-12-30 00:00:00 | 1.4
 | EBITDA |  |  |  |  |  |  |  | 18 | 2019-12-30 00:00:00 | 1.781476258529206
 | BOOK DEPRECIATION |  |  |  |  |  |  |  | 19 | 2020-12-30 00:00:00
 | INTEREST EXPENSE |  |  |  |  |  |  |  | 20 | 2021-12-30 00:00:00
 | EBT |  |  |  |  |  |  |  | 21 | 2022-12-30 00:00:00
 | CURRENT PORTION OF TAX |  |  |  |  |  |  |  | 22 | 2023-12-30 00:00:00
 | DEFERRED PORTION OF TAX |  |  |  |  |  |  |  | 23 | 2024-12-30 00:00:00
 | PROJECT TAX BENEFIT (PMT) |  |  |  |  |  |  |  | 24 | 2025-12-30 00:00:00
 | PROJECT PTC |  |  |  |  |  |  |  | 25 | 2026-12-30 00:00:00
 | TOTAL PROJECT BOOK EFFECT