Spreadsheet: benjamin_rogers__1064__FP&L Operating Margin Comparison 71100
Sheet: Sheet1

FPL Model Comparison
 |  |  |  |  | 2001
Revenue
FPL PPA |  |  |  |  | 314916.494730667 | 316970.1140317798 | 336236.0187294425 | 349315.9266856953 | 353926.7954073678 | 365865.5416245862 | 377103.9471405238 | 368868.7623171151 | 392158.1693291528 | 409581.308656455 | 329711.2603515608 | 130704.4626106195 | 132812.6895951236 | 126021.6200426767 | 139860.7823306015 | 101639.2293547835 | 10767.96611101322 | 11066.59192585926 | 11256.87074336684 | 10729.35144803694
ENA PPA
Difference @ PV 9%
FPL share (50%)
FPL Market |  |  |  |  | 976.6391450419983 | 976.6391450419983 | 976.6391450419983 | 987.8524480819974 | 14352.91374642254 | 15861.03903014615 | 17281.21421146513 | 16414.39096481401 | 19507.644677541 | 23752.45607637245 | 81229.3447892004 | 207482.357919266 | 214984.6417468466 | 210622.9186376663 | 217143.0672455419 | 268117.0608500826 | 355545.3620853815 | 366878.9431644893 | 377465.4535515045 | 366013.988853142
ENA Market
Difference @ PV 9%
FPL share (50%)
FPL Steam/Hedges |  |  |  |  | 4668.3 | 4668.3 | 4736.322377622378 | 4804.344755244754 | 5225.300988017726 | 5355.446981160889 | 5427.501390927007 | 4496.401193086958 | 5280.121428574294 | 5369.87891800744 | 4664.557781807911 | 2805.684500390909 | 2843.126033104594 | 2432.182553588831 | 2376.115898412522 | 2427.242326339248 | 2924.235470124059 | 3278.667336248784 | 3322.057457309537 | 2836.24028420103
ENA Steam/Hedges
Difference @ PV 9%
FPL share (50%)
FPL Interest Income |  |  |  |  | 1645.5984374585 | 1922.740542847107 | 2585.39920531224 | 3271.501049403621 | 1657.841572361289 | 1592.692279575649 | 1703.578821039612 | 1794.909376063163 | 1721.317741301852 | 1637.316966643567 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351 | 1544.335921012351
ENA Interest Income (From Prospectus)
Difference @ PV 9%
[NAME] (Based off of Prospectus)
[NAME]
PPA |  |  |  |  | 166134.8 | 160305.3 | 180246.6 | 181557.2 | 194154.7 | 203373 | 210748.7 | 204596.9 | 231312.2 | 234393.4 | 215775.7 | 130819.5476395675 | 133206.4769211502 | 127223.0939255173 | 140743.0655454305 | 107709.7863176519 | 10702.34370661132 | 10889.28420803685 | 11079.49004573181 | 11273.01825613761
Market |  |  |  |  | 1130.272476633264 | 1003.775707530594 | 956.8432371305084 | 911.5348868362427 | 912.4827969290162 | 924.8997720464326 | 940.0137023537445 | 949.6771971305085 | 963.335346650696 | 968.3076468362427 | 983.9858769290163 | 8968.221775584201 | 9688.300516949583 | 9219.248125026781 | 9460.267034516542 | 9214.729535774659 | 25382.03650610581
Steam/Hedges |  |  |  |  | 1626 | 1482 | 2078 | 2130 | 2325 | 2417 | 2449 | 1477 | 2220 | 2269 | 2699 | 1613.569230769231 | 1894.909506903354 | 2225.303985030092 | 2613.305705496878 | 3068.959007993769 | 0 | 0 | 0 | 0
Interest Income |  |  |  |  | 552 | 479 | 518 | 541 | 439 | 480 | 578 | 514 | 519 | 514 | 404
Total Bellingham Revenue
Sayreville
PPA |  |  |  |  | 149149.8 | 147798 | 145174.8 | 158042.2 | 159996 | 162810 | 166732.5 | 164611 | 161035.8 | 175624.9 | 113575.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Market |  |  |  |  | 4006.990394983715 | 4254.390152819088 | 4245.130519566734 | 4627.817121789438 | 4691.973465883326 | 4767.889309041119 | 5098.852258782783 | 5229.806910314553 | 5385.372674273048 | 5431.101438860191 | 5515.724153386969 | 32817.40841804058 | 33309.05136602409 | 31613.71854357945 | 32729.22297529221 | 33013.36138351995 | 33571.66113827674
Steam/Hedges |  |  |  |  | 2747 | 2785 | 2823 | 2861 | 2900 | 2939 | 2979 | 3019 | 3060 | 3101 | 1965 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Interest Income |  |  |  |  | 389 | 476 | 396 | 378 | 406 | 323 | 382 | 493 | 400 | 284 | 284
Total Sayreville Revenue
Consolidated
FPL share (50%)
Total Revenue
ENA Model Total Consolidated Revenue
FPL
ENA
Difference @ PV 9%
FPL share (50%)
 | Comments:  The difference in Revenue is primarily due to the FP&L more aggressive view on the dispatch of excess capacity.
Expenses
Cost Of Gas
FPL Model - Fuel  (Includes Fixed Transportation) |  |  |  |  | 166091.6952059584 | 168146.0467302271 | 175829.7356725003 | 182565.6029893896 | 194415.4366437652 | 200161.9237649649 | 205460.2582759269 | 202990.2358907569 | 211093.8939628886 | 219580.5378410171 | 228413.1120970426 | 234697.9424626338 | 241680.5368427984 | 185259.079639483 | 192087.5630098361 | 200509.1572220399 | 206490.5073796013 | 211778.0960308535 | 216955.9269688173 | 214512.1300636999
[NAME] |  |  |  |  | 165394.95966 | 168355.3302 | 166969.69536 | 178739.36967 | 182346.9708 | 189944.5208 | 194643.69616 | 198231.37895 | 195730.92336 | 209433.91545 | 179894.515 | 100997.8075449941 | 104036.2674518365 | 100677.2200755075 | 110259.301406117 | 81880.03435311253 | 14350.99495843633 | 16301.99179646626 | 16829.1070866301 | 16321.41547043379 | 17853.08821272553
[NAME] |  |  |  |  | 2307.204618 | 2414.5346072 | 2394.183106800001 | 2335.2260156 | 2692.125086 | 2696.004506 | 2715.584538000001 | 2781.2520796 | 2823.6241772 | 2850.4256076 | 2906.378829200001 | 17330.29565904 | 18209.58720768 | 16620.67101720001 | 17178.64301248 | 17322.20173808 | 23362.849711
ENA Total Fuel
Difference
Difference @ PV 9%
FPL share (50%)
Operational Expenses
FPL
Fixed O&M |  |  |  |  | 7423.72401136396 | 7801.412184818779 | 7863.639509055427 | 8163.672147037151 | 9275.83660248239 | 9535.380190749413 | 9801.283455899646 | 10073.71810920894 | 10352.86049815758 | 10638.89173160783 | 10941.96470009285 | 11252.85171169545 | 11571.77155962292 | 11898.94916329237 | 12234.61573986455 | 12579.00898058076 | 12932.37323203702 | 13294.95968253406 | 13667.02655364501 | 14048.83929714707
Variable O&M |  |  |  |  | 1926.9346 | 1980.8887688 | 2036.3536543264 | 2093.371556647539 | 5067.077167914739 | 5149.908544877539 | 5202.934806509174 | 5077.478730113495 | 5360.210027148247 | 5340.854530551222 | 5495.105906736033 | 5589.84282040329 | 5655.109306503957 | 5542.237811198831 | 5837.908000103815 | 5566.45938902978 | 5032.0784030634 | 5127.880372865957 | 5214.713980093975 | 5240.266175551653
Major Maintenance & Ongoing Capex (Cash) |  |  |  |  | 1719 | 9441 | 3085 | 2733 | 4279.552981315348 | 3427.56686421779 | 1507.242650011532 | 8146.143096726822 | 5393.649246758419 | 5014.584170713583 | 3932.095716006314 | 3644.093470671491 | 1916.201594198095 | 12253.82562696964 | 6877.229872119825 | 4387.077951843065 | 6682.338703986108 | 3329.129376185866 | 1495.217948949274 | 7894.370790644801
Insurance |  |  |  |  | 833.9519999999999 | 853.966848 | 874.4620523520002 | 894.5746795560957 | 1977.679733302748 | 2031.077086101922 | 2085.916167426673 | 2142.235903947193 | 2200.076273353767 | 2259.478332734319 | 2322.74372605088 | 2387.780550380305 | 2454.638405790953 | 2523.3682811531 | 2594.022593025387 | 2666.655225630098 | 2741.321571947741 | 2847.034891860823 | 2929.847868832926 | 3013.859609160248
SG&A |  |  |  |  | 1511.0887768 | 1534.0917305472 | 1558.699139447245 | 1596.534524596853 | 1814.575523617109 | 1863.569062754771 | 1913.88542744915 | 1965.560333990277 | 2018.630463008014 | 2073.13348550923 | 2131.181223103489 | 2190.854297350386 | 2252.198217676198 | 2315.259767771131 | 2380.087041268723 | 2446.729478424247 | 2515.237903820126 | 2585.664565127089 | 2658.063172950648 | 2732.488941793266
Utility Start Up Power (included in O&M) |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Property, Other Taxes |  |  |  |  | 4107.088437499999 | 4188.115648437498 | 4271.168539648437 | 4356.297753139646 | 5214.609986689803 | 5316.628123507063 | 5416.698861135703 | 5514.304589402827 | 5608.876903142354 | 5699.792593427872 | 5795.97935097243 | 5887.414462391257 | 5973.249563150753 | 6052.555300844572 | 6124.314874109227 | 6187.417098936076 | 6240.648969541156 | 6282.6876787488 | 6312.09206049488 | 6327.293414551516
Debt Service L/C Fee |  |  |  |  | 39.30333 | 38.24865 | 37.19397 | 36.13929 | 41.552775 | 52.907085 | 50.270385 | 54.10185000000001 | 63.87414 | 104.932575 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Marketing Fee |  |  |  |  | 1563.66 | 1601.18784 | 1639.61634816 | 1677.32752416768 | 1814.575523617109 | 1863.569062754771 | 1913.88542744915 | 1965.560333990276 | 2018.630463008014 | 2073.13348550923 | 2131.181223103489 | 2190.854297350386 | 2252.198217676197 | 2315.259767771131 | 2380.087041268722 | 2446.729478424247 | 2515.237903820126 | 2585.664565127089 | 2658.063172950648 | 2732.488941793266
Administrative Fee |  |  |  |  | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
O&M Fees |  |  |  |  | 1563.66 | 1601.18784 | 1639.61634816 | 1677.32752416768 | 1814.575523617109 | 1863.569062754771 | 1913.88542744915 | 1965.560333990276 | 2018.630463008014 | 2073.13348550923 | 2131.181223103489 | 2190.854297350386 | 2252.198217676197 | 2315.259767771131 | 2380.087041268722 | 2446.729478424247 | 2515.237903820126 | 2585.664565127089 | 2658.063172950648 | 2732.488941793266
Total Expense
PV@9%
[NAME]
Variable O&M |  |  |  |  | 4791.96 | 4681.10116513984 | 4916.557594722741 | 5152.160282836496 | 5357.052205036638 | 5519.035138738938 | 5663.945556124399 | 5512.454113561671 | 5771.681549956274 | 6029.991557836749 | 4933.202370867401 | 2496.447034712266 | 2546.284773232756 | 2435.11132245737 | 2694.044832798571 | 2092.97127521813 | 341.1227617113504 | 350.4765658731633 | 360.3678858880073 | 370.827342691566
Fixed O&M |  |  |  |  | 16836.04 | 5817.89883486016 | 6482.442405277259 | 5891.839717163504 | 3234.947794963362 | 4039.964861261062 | 10232.0544438756 | 6417.545886438329 | 6402.318450043726 | 1085.00844216325 | 7020.797629132599 | 909.0449252819071 | 3154.352202180968 | 5065.320253621139 | 695.0249309318401 | 5252.417781362656 | 356.4739306450483 | 366.2486736710412 | 376.5851217792536 | 387.5152739053426
Water costs and easement fee |  |  |  |  | 1589 | 2570 | 2644.59267331468 | 2720.024899218988 | 2796.245489634234 | 2872.359811358944 | 2949.10658539871 | 3026.426170268481 | 3104.559734254602 | 3183.46601794119 | 3263.739773670373 | 1149.406113319813 | 1178.504530406329 | 1208.812003940217 | 1240.383455895443 | 1273.525344469366 | 1381.860313673386 | 1421.967961511658 | 1465.377932783399
Insurance |  |  |  |  | 1776 | 1829.327662760606 | 1882.422775886601 | 1936.115483089075 | 1990.369348660498 | 2044.547572109241 | 2099.175975525032 | 2154.212106060222 | 2209.827627457065 | 2265.993171236642 | 2323.132082500876 | 1292.523277832895 | 1325.244855521206 | 1359.326034123703 | 1394.828574169579 | 1432.097092195305 | 1553.921282859362 | 1599.022894769501 | 1647.838015646773
G&A and Professional Fees |  |  |  |  | 1412 | 1454.397894041653 | 1496.610900648581 | 1539.299021464963 | 1582.433288462062 | 1625.507416564329 | 1668.939458018776 | 1712.695660899231 | 1756.912505613388 | 1801.5666428976 | 1846.994651177498 | 946.5989980809379 | 970.5631410767338 | 995.5230083935004 | 1021.523831290169 | 1048.81799490652 | 1138.037785994513 | 1171.068634551108 | 1206.819127641724
Property Taxes |  |  |  |  | 4806 | 4950.308979294747 | 5093.988660422863 | 5239.285479575505 | 5386.100838773847 | 5532.711504255075 | 5680.540393228212 | 5829.472624845398 | 5979.972735111855 | 6131.961250542397 | 6286.583777308113 | 5277.356453890327 | 5410.958248269155 | 5550.111276256114 | 5695.067705323094 | 5847.234600498673 | 6344.641254496317 | 6528.79057449456 | 6728.102105379357
Management Fees |  |  |  |  | 4402 | 4534.178137090194 | 4665.779875818028 | 4798.862813377314 | 4933.336640092067 | 5067.622979968965 | 5203.025137534455 | 5339.437889007376 | 5477.286720757884 | 5616.498839968298 | 5758.123551333816 | 2951.082712147513 | 3025.792455396446 | 3103.606432682853 | 3184.665655339465 | 3269.756950126418 | 3547.905335657113 | 3650.881111398001 | 3762.335552322147
Fuel Management Fees |  |  |  |  | 978 | 1007.366246722901 | 1036.604434018635 | 1066.171701836214 | 1096.047985917774 | 1125.882615722319 | 1155.965148684393 | 1186.272207053433 | 1216.898321876695 | 1247.827320647205 | 1279.29232921501 | 655.6471813903381 | 672.2455750517322 | 689.5336417909657 | 707.5427103412079 | 726.4475913729301 | 788.2443021973326 | 811.1226094836996 | 835.8846365677102
Sub-Ordinate Mgmt Fees |  |  |  |  | 1791 | 1841 | 1891 | 1942 | 1994 | 2048 | 2103 | 2160 | 2219 | 2278 | 2342 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |  | 0
Other |  |  |  |  | 1499 | 2702 | 2939.860485889928 | 2850.888228949464 | 2909.073031397948 | 2899.236662807696 | 2909.526292499665 | 2747.930038590452 | 2999.495947057726 | 2882.215798126805 | 2997.208079423825 | 2405.71118825883 | 2466.614281373124 | 2530.047934042453 | 2596.127098158686 | 2665.49319184687 | 2892.238677601278 | 2976.184130841119 | 3067.041359074222
Total
PV@9%
Expense Comparison
Difference @ PV 9%
FPL share (50%)
 | Comments:  Expenses are higher in FP&L model  primarily due to higher fuel cost associated with merchant sales
Operating Margin
FP&L
ENA
Less Debt Service |  |  |  |  | -77038.02360000001 | -86285.8338 | -84580.70300000004 | -86403.74539999999 | -99393.260975 | -105897.913775 | -109911.205175 | -100890.052375 | -101130.721575 | -112658.497975 | -69955.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
Pre Tax Cash Flows (FPL 50%)
FPL
ENA
Difference @ PV 9%
FPL share (50%)
Valuation |  |  |  |  | 0.09 | 0.1 | 0.11 | 0.12
FPL
ENA
Difference
 | Comments:  ENA Model does not look at taxes so analysis is done on a pretax basis.  The difference in the PV @ 9% of the revenue from contracted
 | capacity and market sales at $140 mm represent over 100% of the difference in the valuations.  The market sales makeup up about 95% of this
 | delta based on the % differences in revenues. ENA's model is based of the ESI Tractebel Acqusition Corp -424b1 Prospectus