diff --git a/docs/Fervo_Project_Cape-4.md.jinja b/docs/Fervo_Project_Cape-4.md.jinja index 4d4aa2de..9535f1be 100644 --- a/docs/Fervo_Project_Cape-4.md.jinja +++ b/docs/Fervo_Project_Cape-4.md.jinja @@ -31,9 +31,9 @@ the [web interface](https://gtp.scientificwebservices.com/geophires/?geophires-e Exact values were used for publicly available technical and engineering parameters, such as reservoir density ([2800 kg/m³](https://doi.org/10.31223/X52X0B)). Some technical parameters were inferred with high confidence from publicly available data, such as geothermal -gradient ([74 ℃/km](https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf)) and well diameter. +gradient ([72.23 ℃/km](https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf)). Other parameters were extrapolated or speculatively estimated based on plausibility and/or compatibility with known -results, such as number of doublets. +results, such as number of doublets (well pairs). See [Fervo_Project_Cape-4.txt](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-4.txt) in source code for the full set of inputs. @@ -57,22 +57,24 @@ in source code for the full set of inputs. #### Technical & Engineering Parameters -| Parameter | Input Value(s) | Source | -|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| -| Construction Years | {{ construction_yrs }} | Ground broken in 2023 (Fervo Energy, 2023). Expected to reach full scale production in 2028 (Fervo Energy, 2025). See [GEOPHIRES documentation](SAM-EM_Multiple-Construction-Years.html) for details on how construction years affect CAPEX, IRR, and other calculations. | -| Plant Lifetime | {{ plant_lifetime_yrs }} years | 30-year well life per Geothermal Mythbusting: Water Use and Impacts (Fervo Energy, 2025). | -| Well diameter | 9⅝ inches (OD); 8½ inches (ID) | 9⅝" is the next standard size up from 7", implied by announcement of "increasing casing diameter" (Fervo Energy, 2025). | -| Flow Rate per Production Well | {{ flowrate_kg_per_sec_per_well }} kg/s | Fercho et al, 2025 models reservoir performance using 100 kg/s per well. The maximum flow rate achieved at Cape Station was 107 kg/s (Fervo Energy, 2024). The announced increased casing diameter implies higher flow rates. | -| Number of Doublets | {{ number_of_doublets }} | Each well pair (doublet) is expected to initially produce up to 11 MWe (gross) at a 107 kg/s flow rate. A well pair producing 11 MWe gross with ~10% parasitic loss produces approximately 10 MWe net. | -| Number of Fractures per Well | 200 | The model assumes a "High-Intensity" stimulation design utilizing 25 geometric stages with 8 clusters per stage (Extreme Limited Entry) (Fervo Energy, 2023). | -| Fracture Separation | {{ fracture_separation_m }} m | Based on number of fractures per lateral and lateral length | -| Fracture Geometry | {{ fracture_height_m }} m diameter (Circular) | Approximates ellipsoidal fracture with 228 meter height and 152 meter width | -| Reservoir Volume | {{ reservoir_volume_m3 }} m³ | Calculated from fracture area × fracture separation × number of fractures per well | -| Water Loss Rate | 15% | Water loss rate is conservatively estimated to be between 10 and 20%. Other estimates and some simulations may suggest a significantly lower water loss rate than this conservative estimate. See [Geothermal Mythbusting: Water Use and Impacts](https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/) (Fervo Energy, 2025). | -| Maximum Drawdown | {{ maximum_drawdown_pct ~ '%' }} | This value represents the drop in production temperature compared to the initial temperature that is allowed before the wellfield is redrilled. It is tuned to keep minimum net electricity generation over the project lifetime ≥500 MWe. | -| Productivity Index | {{ productivity_index_kg_per_sec_per_bar }} kg/s/bar | NREL ATB conservative scenario. Yields ~10% initial pumping power/net installed power. | -| Injection Temperature | {{ injection_temperature_degc ~ '℃' }} | Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers & McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck & Latimer, 2023). | -| Ambient Temperature | {{ ambient_temperature_degc ~ '℃' }} | Approximate average annual temperature of Milford, Utah. Note that this value affects heat to power conversion efficiency. The effects of hourly and seasonal ambient temperature fluctuations on efficiency and power generation are not modeled in this version of the case study. | +{# @formatter:off #} +| Parameter | Input Value(s) | Source | +|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Construction Years | {{ construction_yrs }} | Ground broken in 2023 (Fervo Energy, 2023). Expected to reach full scale production in 2028 (Fervo Energy, 2025). See [GEOPHIRES documentation](SAM-EM_Multiple-Construction-Years.html) for details on how construction years affect CAPEX, IRR, and other calculations. | +| Plant Lifetime | {{ plant_lifetime_yrs }} years | 30-year well life per Geothermal Mythbusting: Water Use and Impacts (Fervo Energy, 2025). | +| Well diameter | 9⅝ inches (OD); 8½ inches (ID) | 9⅝" is the next standard size up from 7", implied by announcement of "increasing casing diameter" (Fervo Energy, 2025). | +| Flow Rate per Production Well | {{ flowrate_kg_per_sec_per_well }} kg/s | Fercho et al, 2025 models reservoir performance using 100 kg/s per well. The maximum flow rate achieved at Cape Station was 107 kg/s (Fervo Energy, 2024). The announced increased casing diameter implies higher flow rates. | +| Number of Doublets | {{ number_of_doublets }} | Each well pair (doublet) is expected to initially produce up to 11 MWe (gross) at a 107 kg/s flow rate. A well pair producing 11 MWe gross with ~10% parasitic loss produces approximately 10 MWe net. | +| Number of Fractures per Well | 200 | The model assumes a "High-Intensity" stimulation design utilizing 25 geometric stages with 8 clusters per stage (Extreme Limited Entry) (Fervo Energy, 2023). | +| Fracture Separation | {{ fracture_separation_m }} m | Based on number of fractures per lateral and lateral length | +| Fracture Geometry | {{ fracture_height_m }} m diameter (Circular) | Approximates ellipsoidal fracture with 228 meter height and 152 meter width | +| Reservoir Volume | {{ reservoir_volume_m3 }} m³ | Calculated from fracture area × fracture separation × number of fractures per well | +| Water Loss Rate | 15% | Water loss rate is conservatively estimated to be between 10 and 20%. Other estimates and some simulations may suggest a significantly lower water loss rate than this conservative estimate. See [Geothermal Mythbusting: Water Use and Impacts](https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/) (Fervo Energy, 2025). | +| Maximum Drawdown | {{ maximum_drawdown_pct ~ '%' }} | This value represents the drop in production temperature compared to the initial temperature that is allowed before the wellfield is redrilled. It is tuned to keep minimum net electricity generation over the project lifetime ≥500 MWe. | +| Productivity Index | {{ productivity_index_kg_per_sec_per_bar }} kg/s/bar | NREL ATB conservative scenario. Yields ~10% initial pumping power/net installed power. | +| Injection Temperature | {{ injection_temperature_degc ~ '℃' }} | Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers & McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck & Latimer, 2023). | +| Ambient Temperature | {{ ambient_temperature_degc ~ '℃' }} | Average annual temperature of Milford, Utah (NCEI). Note that this value affects heat to power conversion efficiency. The effects of hourly and seasonal ambient temperature fluctuations on efficiency and power generation are not modeled in this version of the case study. | +{# @formatter:on #} ## Results @@ -81,7 +83,7 @@ in source code for the complete results. ### Economic Results -{# noinspection MarkdownIncorrectTableFormatting #} +{# @formatter:off #} | Metric | Result Value | Reference Value(s) | Reference Source | |----------------------------------------------------|---------------------------------------------|--------------------------------------------------|------------------| | LCOE | {{ '$' ~ lcoe_usd_per_mwh ~ '/MWh' }} | $80/MWh | Horne et al, 2025 | @@ -93,18 +95,19 @@ in source code for the complete results. | WACC | {{ wacc_pct ~ '%' }} | 8.3% | Matson, 2024. | | Well Drilling and Completion Costs | {{ '$' ~ drilling_costs_per_well_musd ~ 'M/well' }}; {{ '$' ~ drilling_costs_musd ~ 'M' }} total | $<4M/well | Latimer, 2025. | | Stimulation Costs | {{ '$' ~ stim_costs_per_well_musd ~ 'M/well' }}; {{ '$' ~ stim_costs_musd ~ 'M' }} total | $4.65M/well (based on 46%:54% drilling:stimulation cost ratio) | Yusifov & Enriquez, 2025. | +{# @formatter:on #} ### Technical & Engineering Results {# @formatter:off #} -| Metric | Result Value | Reference Value(s) | Reference Source | -|--------------------------------------|---|---|---| -| Minimum Net Electricity Generation | {{ min_net_generation_mwe }} MW | 500 MW | The announced upsizing to 500 MWe (Fervo Energy, 2025) is interpreted to mean that Cape Station's net electricity generation does not fall below 500 MWe. | -| Maximum Net Electricity Generation | {{ max_net_generation_mwe}} MW | | | -| Maximum Total Electricity Generation | {{ max_total_generation_mwe }} MW | | Actual maximum total generation may be bounded or constrained by modular power plant design not modeled in this case study. For example, a modular design with 50MW units may constrain maximum total generation to 600 MW. | +| Metric | Result Value | Reference Value(s) | Reference Source | +|--------------------------------------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---| +| Minimum Net Electricity Generation | {{ min_net_generation_mwe }} MW | 500 MW | The announced upsizing to 500 MWe (Fervo Energy, 2025) is interpreted to mean that Cape Station's net electricity generation does not fall below 500 MWe. | +| Maximum Net Electricity Generation | {{ max_net_generation_mwe}} MW | | | +| Maximum Total Electricity Generation | {{ max_total_generation_mwe }} MW | | Actual maximum total generation may be bounded or constrained by modular power plant design not explicitly modeled in this case study. For example, a modular design with 50MW units may constrain maximum total generation to 600 MW. | | Number of times redrilling | {{ number_of_times_redrilling }} | 2–5 | Redrilling expected to be required within 5–10 years of project start | -| Average Production Temperature | {{ average_production_temperature_degc }} ℃ | 204℃, 190.6–198.6℃ (optimal plant operating range) | Trent, 2024; Norbeck et al, 2024. | +| Average Production Temperature | {{ average_production_temperature_degc }} ℃ | 204℃, 190.6–198.6℃ (optimal plant operating range) | Trent, 2024; Norbeck et al, 2024. | | Total fracture surface area per well | {{ total_fracture_surface_area_per_well_mm2 }}×10⁶ m² ({{ total_fracture_surface_area_per_well_mft2 }} million ft²) | Project Red: 2.787×10⁶ m² (30 million ft²) | Greater fracture surface area expected than Project Red (Fercho et al, 2025). | {# @formatter:on #} @@ -238,6 +241,8 @@ McClure, M. (2024, September 12). Digesting the Bonkers, Incredible, Off-the-Cha and FORGE Enhanced Geothermal Projects. ResFrac Corporation Blog. https://www.resfrac.com/blog/digesting-the-bonkers-incredible-off-the-charts-spectacular-results-from-the-fervo-and-forge-enhanced-geothermal-projects +NCEI. US Climate Normals. https://www.ncei.noaa.gov/access/us-climate-normals/#dataset=normals-annualseasonal&timeframe=30&station=USC00425654 + NREL. (2024). Annual Technology Baseline: Geothermal (2024). https://atb.nrel.gov/electricity/2024/geothermal diff --git a/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.png b/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.png index 01ddebb6..e692f485 100644 Binary files a/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.png and b/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.png differ diff --git a/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.svg b/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.svg index dcec8042..c4aa154b 100644 --- a/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.svg +++ b/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.svg @@ -6,7 +6,7 @@ - 2026-01-02T11:16:31.808825 + 2026-01-06T09:23:36.880348 image/svg+xml @@ -38,30 +38,30 @@ z " style="fill: #ffffff"/> - + - + - - + - + - + - + - + - + - + - + - + - + - + - + - + - + @@ -215,18 +215,18 @@ L 658.858243 97.55355 - + - + - + @@ 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- - - + + + + + + + + + - - + +" clip-path="url(#pde54dc58fb)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - - + + - + - - - + + + - - - + + + - + - + - - - + + - - + + - + - + diff --git a/docs/generate_fervo_project_cape_4_md.py b/docs/generate_fervo_project_cape_4_md.py index b67ce873..74d02ad5 100755 --- a/docs/generate_fervo_project_cape_4_md.py +++ b/docs/generate_fervo_project_cape_4_md.py @@ -195,9 +195,9 @@ def main(): print(f'✓ Generated {output_file}') print('\nKey results:') - print(f"\tLCOE: {template_values['lcoe_usd_per_mwh']}") - print(f"\tIRR: {template_values['irr_pct']}") - # print(f" Total CAPEX: {result_values['capex']}") # TODO + print(f"\tLCOE: ${template_values['lcoe_usd_per_mwh']}/MWh") + print(f"\tIRR: {template_values['irr_pct']}%") + print(f"\tTotal CAPEX: ${template_values['total_capex_gusd']}B") if __name__ == '__main__': diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 3d1435e2..96e0e2ed 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,21 +5,21 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.24 - Simulation Date: 2026-01-02 - Simulation Time: 09:35 - Calculation Time: 1.778 sec + Simulation Date: 2026-01-06 + Simulation Time: 09:20 + Calculation Time: 1.751 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 532.42 MW - Electricity breakeven price: 8.16 cents/kWh - Total CAPEX: 2850.14 MUSD - Number of production wells: 50 - Number of injection wells: 50 + Average Net Electricity Production: 531.95 MW + Electricity breakeven price: 8.29 cents/kWh + Total CAPEX: 2900.28 MUSD + Number of production wells: 52 + Number of injection wells: 52 Flowrate per production well: 120.0 kg/sec Well depth: 2.6 kilometer - Geothermal gradient: 74 degC/km + Geothermal gradient: 72.23 degC/km ***ECONOMIC PARAMETERS*** @@ -30,17 +30,17 @@ Simulation Metadata WACC: 9.49 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 192.68 MUSD - After-tax IRR: 21.29 % - Project VIR=PI=PIR: 1.28 - Project MOIC: 4.08 - Project Payback Period: 6.18 yr - Estimated Jobs Created: 1245 + Project NPV: 169.96 MUSD + After-tax IRR: 20.53 % + Project VIR=PI=PIR: 1.24 + Project MOIC: 3.88 + Project Payback Period: 6.31 yr + Estimated Jobs Created: 1248 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 50 - Number of Injection Wells: 50 + Number of Production Wells: 52 + Number of Injection Wells: 52 Well depth: 2.6 kilometer Water loss rate: 15.0 % Pump efficiency: 80.0 % @@ -58,21 +58,21 @@ Simulation Metadata Maximum reservoir temperature: 500.0 degC Number of segments: 1 - Geothermal gradient: 74 degC/km + Geothermal gradient: 72.23 degC/km ***RESERVOIR PARAMETERS*** Reservoir Model = Multiple Parallel Fractures Model (Gringarten) - Bottom-hole temperature: 201.72 degC + Bottom-hole temperature: 200.13 degC Fracture model = Circular fracture with known diameter Well separation: fracture diameter: 186.16 meter Fracture area: 27218.40 m**2 Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 20000 + Number of fractures: 20800 Fracture separation: 7.32 meter - Reservoir volume: 3981853090 m**3 - Reservoir hydrostatic pressure: 24497.62 kPa + Reservoir volume: 4141135178 m**3 + Reservoir hydrostatic pressure: 24524.09 kPa Plant outlet pressure: 6894.76 kPa Production wellhead pressure: 2240.80 kPa Productivity Index: 2.49 kg/sec/bar @@ -84,57 +84,57 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 200.0 degC - Average Production Temperature: 199.6 degC - Minimum Production Temperature: 195.3 degC - Initial Production Temperature: 198.7 degC - Average Reservoir Heat Extraction: 3590.78 MW + Maximum Production Temperature: 198.5 degC + Average Production Temperature: 198.1 degC + Minimum Production Temperature: 193.8 degC + Initial Production Temperature: 197.2 degC + Average Reservoir Heat Extraction: 3693.44 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.4 degC - Average Injection Well Pump Pressure Drop: -1721.2 kPa - Average Production Well Pump Pressure Drop: 6107.4 kPa + Average Injection Well Pump Pressure Drop: -1694.7 kPa + Average Production Well Pump Pressure Drop: 6122.2 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 445.95 MUSD + Drilling and completion costs: 463.79 MUSD Drilling and completion costs per well: 4.46 MUSD - Stimulation costs: 483.00 MUSD - Surface power plant costs: 1437.02 MUSD - Field gathering system costs: 42.55 MUSD - Total surface equipment costs: 1479.57 MUSD + Stimulation costs: 502.32 MUSD + Surface power plant costs: 1441.06 MUSD + Field gathering system costs: 44.25 MUSD + Total surface equipment costs: 1485.32 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2438.52 MUSD - Interest during construction: 113.75 MUSD - Inflation costs during construction: 297.87 MUSD - Total CAPEX: 2850.14 MUSD + Overnight Capital Cost: 2481.42 MUSD + Interest during construction: 115.75 MUSD + Inflation costs during construction: 303.11 MUSD + Total CAPEX: 2900.28 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 5.83 MUSD/yr - Power plant maintenance costs: 24.40 MUSD/yr - Water costs: 23.63 MUSD/yr - Redrilling costs: 61.93 MUSD/yr - Total operating and maintenance costs: 115.79 MUSD/yr + Wellfield maintenance costs: 6.03 MUSD/yr + Power plant maintenance costs: 24.46 MUSD/yr + Water costs: 24.57 MUSD/yr + Redrilling costs: 64.41 MUSD/yr + Total operating and maintenance costs: 119.47 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** - Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 587.21 MW - Average Total Electricity Generation: 584.46 MW - Minimum Total Electricity Generation: 553.59 MW - Initial Total Electricity Generation: 577.93 MW - Maximum Net Electricity Generation: 535.25 MW - Average Net Electricity Generation: 532.42 MW - Minimum Net Electricity Generation: 500.77 MW - Initial Net Electricity Generation: 525.81 MW - Average Annual Total Electricity Generation: 4608.01 GWh - Average Annual Net Electricity Generation: 4197.67 GWh - Initial pumping power/net installed power: 9.91 % - Average Pumping Power: 52.05 MW - Heat to Power Conversion Efficiency: 14.83 % + Initial geofluid availability: 0.18 MW/(kg/s) + Maximum Total Electricity Generation: 588.86 MW + Average Total Electricity Generation: 586.10 MW + Minimum Total Electricity Generation: 554.96 MW + Initial Total Electricity Generation: 579.58 MW + Maximum Net Electricity Generation: 534.79 MW + Average Net Electricity Generation: 531.95 MW + Minimum Net Electricity Generation: 500.02 MW + Initial Net Electricity Generation: 525.36 MW + Average Annual Total Electricity Generation: 4620.92 GWh + Average Annual Net Electricity Generation: 4193.96 GWh + Initial pumping power/net installed power: 10.32 % + Average Pumping Power: 54.15 MW + Heat to Power Conversion Efficiency: 14.40 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -142,36 +142,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.72 52.1180 525.8137 14.7370 - 2 1.0043 199.56 52.0843 531.9471 14.8204 - 3 1.0051 199.72 52.0781 533.0868 14.8358 - 4 1.0055 199.80 52.0748 533.6796 14.8438 - 5 1.0057 199.86 52.0727 534.0717 14.8491 - 6 1.0060 199.90 52.0710 534.3634 14.8530 - 7 1.0061 199.93 52.0700 534.5822 14.8560 - 8 1.0062 199.96 52.0687 534.7812 14.8587 - 9 1.0063 199.97 52.0692 534.8739 14.8599 - 10 1.0064 199.98 52.0698 534.9490 14.8609 - 11 1.0032 199.36 52.1720 530.3604 14.7977 - 12 0.9881 196.36 52.6497 508.4438 14.4903 - 13 1.0039 199.49 52.0553 531.4516 14.8141 - 14 1.0049 199.69 52.0388 532.9207 14.8341 - 15 1.0054 199.79 52.0162 533.6158 14.8438 - 16 1.0057 199.85 51.9945 534.0645 14.8501 - 17 1.0059 199.89 51.9788 534.3891 14.8547 - 18 1.0061 199.92 51.9706 534.6256 14.8580 - 19 1.0062 199.95 51.9662 534.8671 14.8613 - 20 1.0062 199.96 51.9685 534.8893 14.8616 - 21 1.0065 200.00 51.9639 535.2353 14.8663 - 22 1.0046 199.62 52.0288 532.4144 14.8275 - 23 0.9942 197.56 52.3634 517.2800 14.6168 - 24 1.0033 199.38 51.9662 530.7385 14.8058 - 25 1.0047 199.66 51.9663 532.7488 14.8329 - 26 1.0053 199.77 51.9664 533.5290 14.8433 - 27 1.0056 199.83 51.9666 533.9996 14.8497 - 28 1.0059 199.88 51.9667 534.3307 14.8541 - 29 1.0060 199.91 51.9669 534.5796 14.8574 - 30 1.0062 199.95 51.9663 534.8184 14.8606 + 1 1.0000 197.20 54.2261 525.3557 14.3136 + 2 1.0042 198.03 54.1922 531.4880 14.3958 + 3 1.0050 198.18 54.1859 532.6275 14.4110 + 4 1.0054 198.26 54.1826 533.2204 14.4189 + 5 1.0057 198.32 54.1805 533.6124 14.4241 + 6 1.0059 198.36 54.1788 533.9042 14.4280 + 7 1.0060 198.38 54.1777 534.1228 14.4309 + 8 1.0061 198.41 54.1764 534.3223 14.4336 + 9 1.0062 198.42 54.1770 534.4132 14.4348 + 10 1.0063 198.43 54.1775 534.4917 14.4358 + 11 1.0031 197.82 54.2813 529.8629 14.3730 + 12 0.9882 194.87 54.7668 507.7593 14.0673 + 13 1.0038 197.96 54.1629 530.9929 14.3896 + 14 1.0048 198.16 54.1460 532.4621 14.4094 + 15 1.0053 198.25 54.1230 533.1576 14.4189 + 16 1.0056 198.30 54.1008 533.6066 14.4251 + 17 1.0058 198.35 54.0849 533.9316 14.4297 + 18 1.0060 198.38 54.0764 534.1681 14.4329 + 19 1.0061 198.41 54.0720 534.4103 14.4362 + 20 1.0061 198.41 54.0743 534.4303 14.4364 + 21 1.0064 198.46 54.0696 534.7806 14.4411 + 22 1.0045 198.08 54.1355 531.9364 14.4025 + 23 0.9942 196.05 54.4754 516.6718 14.1930 + 24 1.0033 197.85 54.0720 530.2817 14.3814 + 25 1.0047 198.12 54.0721 532.2917 14.4081 + 26 1.0052 198.23 54.0722 533.0718 14.4185 + 27 1.0055 198.29 54.0724 533.5423 14.4247 + 28 1.0058 198.34 54.0725 533.8734 14.4291 + 29 1.0059 198.37 54.0727 534.1222 14.4323 + 30 1.0061 198.40 54.0721 534.3613 14.4355 ******************************************************************* @@ -180,36 +180,36 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4178.0 28242.9 1176.52 7.95 - 2 4199.0 28315.7 1074.58 15.93 - 3 4205.4 28337.9 972.56 23.91 - 4 4209.2 28351.0 870.50 31.90 - 5 4211.8 28360.2 768.40 39.88 - 6 4213.8 28367.1 666.28 47.87 - 7 4215.6 28373.4 564.14 55.86 - 8 4216.2 28375.6 461.98 63.86 - 9 4218.3 28382.8 359.81 71.85 - 10 4204.6 28336.0 257.80 79.83 - 11 4115.4 28030.8 156.89 87.73 - 12 4130.7 28079.8 55.80 95.63 - 13 4196.7 28306.9 -46.11 103.61 - 14 4204.5 28333.6 -148.11 111.59 - 15 4208.9 28348.2 -250.16 119.57 - 16 4211.9 28358.2 -352.25 127.56 - 17 4214.1 28365.6 -454.37 135.55 - 18 4216.0 28371.8 -556.51 143.54 - 19 4216.9 28375.2 -658.66 151.53 - 20 4218.7 28381.2 -760.83 159.52 - 21 4212.6 28360.6 -862.93 167.51 - 22 4152.3 28154.8 -964.28 175.44 - 23 4095.9 27958.6 -1064.94 183.32 - 24 4194.0 28295.2 -1166.80 191.29 - 25 4203.6 28328.6 -1268.78 199.26 - 26 4208.3 28345.2 -1370.82 207.25 - 27 4211.4 28356.0 -1472.91 215.23 - 28 4213.7 28363.9 -1575.02 223.22 - 29 4215.5 28370.2 -1677.15 231.21 - 30 4216.9 28375.0 -1779.30 239.20 + 1 4174.4 29051.5 1210.21 7.95 + 2 4195.4 29125.5 1105.36 15.93 + 3 4201.8 29148.0 1000.42 23.91 + 4 4205.5 29161.3 895.44 31.89 + 5 4208.2 29170.6 790.43 39.88 + 6 4210.2 29177.6 685.39 47.87 + 7 4212.0 29184.0 580.33 55.86 + 8 4212.6 29186.2 475.26 63.85 + 9 4214.7 29193.6 370.16 71.85 + 10 4200.9 29145.7 265.24 79.83 + 11 4110.9 28833.2 161.44 87.72 + 12 4126.6 28884.4 57.45 95.63 + 13 4193.1 29116.5 -47.37 103.60 + 14 4200.9 29143.6 -152.28 111.58 + 15 4205.3 29158.5 -257.25 119.57 + 16 4208.3 29168.5 -362.26 127.55 + 17 4210.5 29176.1 -467.29 135.54 + 18 4212.4 29182.4 -572.35 143.53 + 19 4213.3 29185.8 -677.42 151.52 + 20 4215.1 29191.9 -782.51 159.52 + 21 4209.0 29170.9 -887.53 167.50 + 22 4148.2 28960.2 -991.78 175.43 + 23 4091.5 28760.0 -1095.32 183.31 + 24 4190.4 29104.6 -1200.10 191.28 + 25 4200.0 29138.5 -1305.00 199.25 + 26 4204.7 29155.3 -1409.95 207.24 + 27 4207.8 29166.3 -1514.95 215.22 + 28 4210.1 29174.4 -1619.98 223.21 + 29 4211.9 29180.7 -1725.03 231.20 + 30 4213.3 29185.7 -1830.10 239.19 *************************** * SAM CASH FLOW PROFILE * @@ -218,67 +218,67 @@ Simulation Metadata Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION Capital expenditure schedule [construction] (%) 1.40 2.70 13.70 27.40 54.80 -Overnight capital expenditure [construction] ($) -34,139,280 -65,840,041 -334,077,245 -668,154,489 -1,336,308,978 +Overnight capital expenditure [construction] ($) -34,739,893 -66,998,365 -339,954,668 -679,909,336 -1,359,818,671 plus: -Inflation cost [construction] ($) -921,761 -3,603,360 -27,797,459 -75,136,153 -190,410,000 +Inflation cost [construction] ($) -937,977 -3,666,754 -28,286,500 -76,458,024 -193,759,885 equals: -Nominal capital expenditure [construction] ($) -35,061,041 -69,443,401 -361,874,704 -743,290,642 -1,526,718,979 +Nominal capital expenditure [construction] ($) -35,677,870 -70,665,119 -368,241,168 -756,367,359 -1,553,578,556 -Issuance of equity [construction] ($) 14,024,416 27,777,360 144,749,882 297,316,257 610,687,591 -Issuance of debt [construction] ($) 21,036,625 41,666,040 217,124,822 445,974,385 916,031,387 -Debt balance [construction] ($) 21,036,625 64,806,327 288,411,783 763,227,346 1,755,581,468 -Debt interest payment [construction] ($) 0 2,103,662 6,480,633 28,841,178 76,322,735 +Issuance of equity [construction] ($) 14,271,148 28,266,047 147,296,467 302,546,944 621,431,422 +Issuance of debt [construction] ($) 21,406,722 42,399,071 220,944,701 453,820,416 932,147,133 +Debt balance [construction] ($) 21,406,722 65,946,466 293,485,813 776,654,810 1,786,467,424 +Debt interest payment [construction] ($) 0 2,140,672 6,594,647 29,348,581 77,665,481 -Installed cost [construction] ($) -35,061,041 -71,547,063 -368,355,337 -772,131,820 -1,603,041,713 -After-tax net cash flow [construction] ($) -14,024,416 -27,777,360 -144,749,882 -297,316,257 -610,687,591 +Installed cost [construction] ($) -35,677,870 -72,805,791 -374,835,815 -785,715,940 -1,631,244,037 +After-tax net cash flow [construction] ($) -14,271,148 -28,266,047 -147,296,467 -302,546,944 -621,431,422 ENERGY -Electricity to grid (kWh) 0.0 4,178,664,123 4,199,662,810 4,206,059,884 4,209,843,014 4,212,493,870 4,214,477,278 4,216,286,269 4,216,916,955 4,219,017,462 4,205,269,084 4,116,044,105 4,131,355,778 4,197,396,364 4,205,202,009 4,209,580,437 4,212,580,031 4,214,800,202 4,216,646,051 4,217,622,938 4,219,358,830 4,213,291,881 4,153,007,471 4,096,534,552 4,194,677,619 4,204,258,174 4,209,000,232 4,212,102,563 4,214,388,332 4,216,183,035 4,217,570,704 +Electricity to grid (kWh) 0.0 4,175,053,287 4,196,048,942 4,202,445,447 4,206,228,304 4,208,879,003 4,210,861,909 4,212,673,290 4,213,294,803 4,215,411,003 4,201,560,283 4,111,561,888 4,127,313,666 4,193,786,136 4,201,593,759 4,205,975,308 4,208,977,726 4,211,199,738 4,213,047,288 4,214,020,721 4,215,760,090 4,209,660,783 4,148,850,677 4,092,139,300 4,191,081,013 4,200,660,165 4,205,401,615 4,208,503,557 4,210,789,188 4,212,583,291 4,213,972,647 Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 4,178,664,123 4,199,662,810 4,206,059,884 4,209,843,014 4,212,493,870 4,214,477,278 4,216,286,269 4,216,916,955 4,219,017,462 4,205,269,084 4,116,044,105 4,131,355,778 4,197,396,364 4,205,202,009 4,209,580,437 4,212,580,031 4,214,800,202 4,216,646,051 4,217,622,938 4,219,358,830 4,213,291,881 4,153,007,471 4,096,534,552 4,194,677,619 4,204,258,174 4,209,000,232 4,212,102,563 4,214,388,332 4,216,183,035 4,217,570,704 +Electricity to grid net (kWh) 0.0 4,175,053,287 4,196,048,942 4,202,445,447 4,206,228,304 4,208,879,003 4,210,861,909 4,212,673,290 4,213,294,803 4,215,411,003 4,201,560,283 4,111,561,888 4,127,313,666 4,193,786,136 4,201,593,759 4,205,975,308 4,208,977,726 4,211,199,738 4,213,047,288 4,214,020,721 4,215,760,090 4,209,660,783 4,148,850,677 4,092,139,300 4,191,081,013 4,200,660,165 4,205,401,615 4,208,503,557 4,210,789,188 4,212,583,291 4,213,972,647 REVENUE PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 396,973,092 398,967,967 401,973,143 404,734,307 407,390,282 409,984,350 412,563,611 415,028,967 417,640,539 418,676,590 412,139,496 416,027,527 425,070,330 428,257,773 431,103,133 433,811,492 436,442,561 439,037,187 441,542,945 444,129,710 445,892,680 441,879,995 438,206,301 451,095,631 454,522,351 457,434,145 460,172,205 462,824,127 465,424,445 467,981,645 +PPA revenue ($) 0 396,630,062 398,624,650 401,627,711 404,386,789 407,040,688 409,632,646 412,210,081 414,672,474 417,283,535 418,307,342 411,690,692 415,620,486 424,704,722 427,890,308 430,733,931 433,440,526 436,069,733 438,662,484 441,165,829 443,750,907 445,508,401 441,437,712 437,736,141 450,708,852 454,133,370 457,043,047 459,779,014 462,428,869 465,027,070 467,582,405 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,425,068,487 -Total revenue ($) 0 396,973,092 398,967,967 401,973,143 404,734,307 407,390,282 409,984,350 412,563,611 415,028,967 417,640,539 418,676,590 412,139,496 416,027,527 425,070,330 428,257,773 431,103,133 433,811,492 436,442,561 439,037,187 441,542,945 444,129,710 445,892,680 441,879,995 438,206,301 451,095,631 454,522,351 457,434,145 460,172,205 462,824,127 465,424,445 1,893,050,133 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,450,139,726 +Total revenue ($) 0 396,630,062 398,624,650 401,627,711 404,386,789 407,040,688 409,632,646 412,210,081 414,672,474 417,283,535 418,307,342 411,690,692 415,620,486 424,704,722 427,890,308 430,733,931 433,440,526 436,069,733 438,662,484 441,165,829 443,750,907 445,508,401 441,437,712 437,736,141 450,708,852 454,133,370 457,043,047 459,779,014 462,428,869 465,027,070 1,917,722,131 -Property tax net assessed value ($) 0 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 2,850,136,974 +Property tax net assessed value ($) 0 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 2,900,279,453 OPERATING EXPENSES -O&M fixed expense ($) 0 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 115,794,728 +O&M fixed expense ($) 0 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 119,474,882 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 6,270,301 +Property tax expense ($) 0 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 6,380,615 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 122,065,030 +Total operating expenses ($) 0 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 125,855,497 -EBITDA ($) 0 274,908,062 276,902,937 279,908,114 282,669,278 285,325,253 287,919,320 290,498,582 292,963,937 295,575,509 296,611,560 290,074,467 293,962,497 303,005,300 306,192,743 309,038,103 311,746,462 314,377,531 316,972,157 319,477,916 322,064,681 323,827,650 319,814,965 316,141,272 329,030,602 332,457,322 335,369,116 338,107,175 340,759,097 343,359,416 1,770,985,103 +EBITDA ($) 0 270,774,566 272,769,153 275,772,215 278,531,293 281,185,192 283,777,150 286,354,585 288,816,978 291,428,039 292,451,845 285,835,195 289,764,990 298,849,225 302,034,812 304,878,435 307,585,030 310,214,236 312,806,987 315,310,333 317,895,410 319,652,904 315,582,215 311,880,644 324,853,355 328,277,874 331,187,551 333,923,517 336,573,372 339,171,573 1,791,866,635 OPERATING ACTIVITIES -EBITDA ($) 0 274,908,062 276,902,937 279,908,114 282,669,278 285,325,253 287,919,320 290,498,582 292,963,937 295,575,509 296,611,560 290,074,467 293,962,497 303,005,300 306,192,743 309,038,103 311,746,462 314,377,531 316,972,157 319,477,916 322,064,681 323,827,650 319,814,965 316,141,272 329,030,602 332,457,322 335,369,116 338,107,175 340,759,097 343,359,416 1,770,985,103 +EBITDA ($) 0 270,774,566 272,769,153 275,772,215 278,531,293 281,185,192 283,777,150 286,354,585 288,816,978 291,428,039 292,451,845 285,835,195 289,764,990 298,849,225 302,034,812 304,878,435 307,585,030 310,214,236 312,806,987 315,310,333 317,895,410 319,652,904 315,582,215 311,880,644 324,853,355 328,277,874 331,187,551 333,923,517 336,573,372 339,171,573 1,791,866,635 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 140,446,517 139,206,735 137,867,770 136,421,688 134,859,920 133,173,210 131,351,563 129,384,184 127,259,415 124,964,665 122,486,334 119,809,737 116,919,012 113,797,030 110,425,288 106,783,808 102,851,009 98,603,586 94,016,369 89,062,175 83,711,645 77,933,073 71,692,215 64,952,089 57,672,752 49,811,069 41,320,451 32,150,583 22,247,126 11,551,392 -Cash flow from operating activities ($) 0 134,461,545 137,696,202 142,040,343 146,247,590 150,465,333 154,746,111 159,147,019 163,579,753 168,316,094 171,646,896 167,588,133 174,152,760 186,086,288 192,395,713 198,612,815 204,962,654 211,526,523 218,368,572 225,461,547 233,002,506 240,116,005 241,881,892 244,449,056 264,078,513 274,784,569 285,558,047 296,786,725 308,608,514 321,112,290 1,759,433,711 +Debt interest payment ($) 0 142,917,394 141,655,800 140,293,279 138,821,756 137,232,511 135,516,127 133,662,432 131,660,441 129,498,291 127,163,169 124,641,237 121,917,551 118,975,969 115,799,062 112,368,001 108,662,456 104,660,467 100,338,319 95,670,400 90,629,046 85,184,385 79,304,150 72,953,497 66,094,791 58,687,389 50,687,395 42,047,402 32,716,208 22,638,520 11,754,616 +Cash flow from operating activities ($) 0 127,857,172 131,113,353 135,478,936 139,709,537 143,952,681 148,261,023 152,692,153 157,156,537 161,929,748 165,288,676 161,193,958 167,847,439 179,873,256 186,235,750 192,510,433 198,922,574 205,553,769 212,468,668 219,639,933 227,266,364 234,468,519 236,278,065 238,927,147 258,758,564 269,590,484 280,500,156 291,876,115 303,857,164 316,533,053 1,780,112,019 INVESTING ACTIVITIES -Total installed cost ($) -2,850,136,974 +Total installed cost ($) -2,900,279,453 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,850,136,974 +Purchase of property ($) -2,900,279,453 plus: Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -290,87 +290,87 @@ Reserve capital spending major equipment 1 ($) Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,850,136,974 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,900,279,453 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,094,555,507 -Size of debt ($) 1,755,581,468 +Issuance of equity ($) 1,113,812,029 +Size of debt ($) 1,786,467,424 minus: -Debt principal payment ($) 0 15,497,278 16,737,061 18,076,026 19,522,108 21,083,876 22,770,586 24,592,233 26,559,612 28,684,381 30,979,131 33,457,462 36,134,059 39,024,784 42,146,766 45,518,507 49,159,988 53,092,787 57,340,210 61,927,427 66,881,621 72,232,151 78,010,723 84,251,581 90,991,707 98,271,044 106,132,727 114,623,345 123,793,213 133,696,670 144,392,404 +Debt principal payment ($) 0 15,769,922 17,031,516 18,394,037 19,865,560 21,454,805 23,171,189 25,024,885 27,026,875 29,189,025 31,524,147 34,046,079 36,769,766 39,711,347 42,888,255 46,319,315 50,024,860 54,026,849 58,348,997 63,016,917 68,058,270 73,502,931 79,383,166 85,733,819 92,592,525 99,999,927 107,999,921 116,639,915 125,971,108 136,048,796 146,932,700 equals: -Cash flow from financing activities ($) 2,850,136,974 -15,497,278 -16,737,061 -18,076,026 -19,522,108 -21,083,876 -22,770,586 -24,592,233 -26,559,612 -28,684,381 -30,979,131 -33,457,462 -36,134,059 -39,024,784 -42,146,766 -45,518,507 -49,159,988 -53,092,787 -57,340,210 -61,927,427 -66,881,621 -72,232,151 -78,010,723 -84,251,581 -90,991,707 -98,271,044 -106,132,727 -114,623,345 -123,793,213 -133,696,670 -144,392,404 +Cash flow from financing activities ($) 2,900,279,453 -15,769,922 -17,031,516 -18,394,037 -19,865,560 -21,454,805 -23,171,189 -25,024,885 -27,026,875 -29,189,025 -31,524,147 -34,046,079 -36,769,766 -39,711,347 -42,888,255 -46,319,315 -50,024,860 -54,026,849 -58,348,997 -63,016,917 -68,058,270 -73,502,931 -79,383,166 -85,733,819 -92,592,525 -99,999,927 -107,999,921 -116,639,915 -125,971,108 -136,048,796 -146,932,700 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 134,461,545 137,696,202 142,040,343 146,247,590 150,465,333 154,746,111 159,147,019 163,579,753 168,316,094 171,646,896 167,588,133 174,152,760 186,086,288 192,395,713 198,612,815 204,962,654 211,526,523 218,368,572 225,461,547 233,002,506 240,116,005 241,881,892 244,449,056 264,078,513 274,784,569 285,558,047 296,786,725 308,608,514 321,112,290 1,759,433,711 -Cash flow from investing activities ($) -2,850,136,974 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,850,136,974 -15,497,278 -16,737,061 -18,076,026 -19,522,108 -21,083,876 -22,770,586 -24,592,233 -26,559,612 -28,684,381 -30,979,131 -33,457,462 -36,134,059 -39,024,784 -42,146,766 -45,518,507 -49,159,988 -53,092,787 -57,340,210 -61,927,427 -66,881,621 -72,232,151 -78,010,723 -84,251,581 -90,991,707 -98,271,044 -106,132,727 -114,623,345 -123,793,213 -133,696,670 -144,392,404 -Total pre-tax cash flow ($) 0 118,964,266 120,959,142 123,964,318 126,725,482 129,381,457 131,975,524 134,554,786 137,020,141 139,631,713 140,667,765 134,130,671 138,018,701 147,061,504 150,248,947 153,094,307 155,802,666 158,433,736 161,028,361 163,534,120 166,120,885 167,883,854 163,871,169 160,197,476 173,086,806 176,513,526 179,425,320 182,163,380 184,815,301 187,415,620 1,615,041,307 +Cash flow from operating activities ($) 0 127,857,172 131,113,353 135,478,936 139,709,537 143,952,681 148,261,023 152,692,153 157,156,537 161,929,748 165,288,676 161,193,958 167,847,439 179,873,256 186,235,750 192,510,433 198,922,574 205,553,769 212,468,668 219,639,933 227,266,364 234,468,519 236,278,065 238,927,147 258,758,564 269,590,484 280,500,156 291,876,115 303,857,164 316,533,053 1,780,112,019 +Cash flow from investing activities ($) -2,900,279,453 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,900,279,453 -15,769,922 -17,031,516 -18,394,037 -19,865,560 -21,454,805 -23,171,189 -25,024,885 -27,026,875 -29,189,025 -31,524,147 -34,046,079 -36,769,766 -39,711,347 -42,888,255 -46,319,315 -50,024,860 -54,026,849 -58,348,997 -63,016,917 -68,058,270 -73,502,931 -79,383,166 -85,733,819 -92,592,525 -99,999,927 -107,999,921 -116,639,915 -125,971,108 -136,048,796 -146,932,700 +Total pre-tax cash flow ($) 0 112,087,250 114,081,837 117,084,899 119,843,976 122,497,876 125,089,834 127,667,269 130,129,662 132,740,722 133,764,529 127,147,879 131,077,673 140,161,909 143,347,496 146,191,118 148,897,713 151,526,920 154,119,671 156,623,016 159,208,094 160,965,588 156,894,899 153,193,328 166,166,039 169,590,558 172,500,235 175,236,201 177,886,056 180,484,257 1,633,179,319 Pre-tax Returns: -Issuance of equity ($) 1,094,555,507 -Total pre-tax cash flow ($) 0 118,964,266 120,959,142 123,964,318 126,725,482 129,381,457 131,975,524 134,554,786 137,020,141 139,631,713 140,667,765 134,130,671 138,018,701 147,061,504 150,248,947 153,094,307 155,802,666 158,433,736 161,028,361 163,534,120 166,120,885 167,883,854 163,871,169 160,197,476 173,086,806 176,513,526 179,425,320 182,163,380 184,815,301 187,415,620 1,615,041,307 -Total pre-tax returns ($) -1,094,555,507 118,964,266 120,959,142 123,964,318 126,725,482 129,381,457 131,975,524 134,554,786 137,020,141 139,631,713 140,667,765 134,130,671 138,018,701 147,061,504 150,248,947 153,094,307 155,802,666 158,433,736 161,028,361 163,534,120 166,120,885 167,883,854 163,871,169 160,197,476 173,086,806 176,513,526 179,425,320 182,163,380 184,815,301 187,415,620 1,615,041,307 +Issuance of equity ($) 1,113,812,029 +Total pre-tax cash flow ($) 0 112,087,250 114,081,837 117,084,899 119,843,976 122,497,876 125,089,834 127,667,269 130,129,662 132,740,722 133,764,529 127,147,879 131,077,673 140,161,909 143,347,496 146,191,118 148,897,713 151,526,920 154,119,671 156,623,016 159,208,094 160,965,588 156,894,899 153,193,328 166,166,039 169,590,558 172,500,235 175,236,201 177,886,056 180,484,257 1,633,179,319 +Total pre-tax returns ($) -1,113,812,029 112,087,250 114,081,837 117,084,899 119,843,976 122,497,876 125,089,834 127,667,269 130,129,662 132,740,722 133,764,529 127,147,879 131,077,673 140,161,909 143,347,496 146,191,118 148,897,713 151,526,920 154,119,671 156,623,016 159,208,094 160,965,588 156,894,899 153,193,328 166,166,039 169,590,558 172,500,235 175,236,201 177,886,056 180,484,257 1,633,179,319 After-tax Returns: -Total pre-tax returns ($) -1,094,555,507 118,964,266 120,959,142 123,964,318 126,725,482 129,381,457 131,975,524 134,554,786 137,020,141 139,631,713 140,667,765 134,130,671 138,018,701 147,061,504 150,248,947 153,094,307 155,802,666 158,433,736 161,028,361 163,534,120 166,120,885 167,883,854 163,871,169 160,197,476 173,086,806 176,513,526 179,425,320 182,163,380 184,815,301 187,415,620 1,615,041,307 -Federal ITC total income ($) 0 855,041,092 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,113,812,029 112,087,250 114,081,837 117,084,899 119,843,976 122,497,876 125,089,834 127,667,269 130,129,662 132,740,722 133,764,529 127,147,879 131,077,673 140,161,909 143,347,496 146,191,118 148,897,713 151,526,920 154,119,671 156,623,016 159,208,094 160,965,588 156,894,899 153,193,328 166,166,039 169,590,558 172,500,235 175,236,201 177,886,056 180,484,257 1,633,179,319 +Federal ITC total income ($) 0 870,083,836 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -14,812,111 -3,320,448 -4,191,209 -5,034,531 -5,879,956 -6,738,017 -7,620,157 -8,508,676 -9,458,052 -10,125,695 -9,312,136 -10,627,983 -13,019,998 -14,284,691 -15,530,878 -16,803,672 -18,119,366 -19,490,821 -20,912,572 -22,424,120 -35,990,019 -48,484,016 -48,998,591 -52,933,218 -55,079,193 -57,238,683 -59,489,415 -61,859,034 -64,365,353 -352,669,690 +Federal tax benefit (liability) ($) 0 -13,274,717 -1,573,789 -2,448,848 -3,296,851 -4,147,368 -5,010,954 -5,899,152 -6,794,015 -7,750,781 -8,424,062 -7,603,296 -8,936,953 -11,347,468 -12,622,798 -13,880,527 -15,165,808 -16,494,998 -17,881,055 -19,318,499 -20,847,179 -34,644,429 -47,360,757 -47,891,752 -51,866,860 -54,038,065 -56,224,854 -58,505,108 -60,906,649 -63,447,468 -356,814,554 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -3,362,274 -753,725 -951,383 -1,142,813 -1,334,720 -1,529,496 -1,729,737 -1,931,426 -2,146,930 -2,298,481 -2,113,808 -2,412,498 -2,955,474 -3,242,553 -3,525,431 -3,814,348 -4,113,004 -4,424,318 -4,747,048 -5,090,162 -8,169,552 -11,005,626 -11,122,432 -12,015,572 -12,502,698 -12,992,891 -13,503,796 -14,041,687 -14,610,609 -80,054,234 -Total after-tax returns ($) -1,094,555,507 955,830,974 116,884,969 118,821,725 120,548,138 122,166,780 123,708,012 125,204,892 126,580,039 128,026,731 128,243,589 122,704,727 124,978,221 131,086,032 132,721,703 134,037,998 135,184,646 136,201,365 137,113,223 137,874,500 138,606,604 123,724,283 104,381,527 100,076,452 108,138,016 108,931,635 109,193,746 109,170,169 108,914,580 108,439,658 1,182,317,383 +State tax benefit (liability) ($) 0 -3,013,294 -357,242 -555,876 -748,369 -941,432 -1,137,461 -1,339,078 -1,542,207 -1,759,388 -1,912,219 -1,725,910 -2,028,643 -2,575,818 -2,865,311 -3,150,809 -3,442,562 -3,744,281 -4,058,909 -4,385,202 -4,732,204 -7,864,110 -10,750,652 -10,871,185 -11,773,515 -12,266,367 -12,762,757 -13,280,363 -13,825,501 -14,402,254 -80,995,097 +Total after-tax returns ($) -1,113,812,029 965,883,074 112,150,806 114,080,174 115,798,757 117,409,076 118,941,419 120,429,039 121,793,439 123,230,553 123,428,248 117,818,673 120,112,077 126,238,624 127,859,386 129,159,782 130,289,343 131,287,641 132,179,707 132,919,315 133,628,711 118,457,049 98,783,490 94,430,391 102,525,664 103,286,126 103,512,624 103,450,730 103,153,906 102,634,535 1,195,369,668 -After-tax net cash flow ($) -14,024,416 -27,777,360 -144,749,882 -297,316,257 -610,687,591 955,830,974 116,884,969 118,821,725 120,548,138 122,166,780 123,708,012 125,204,892 126,580,039 128,026,731 128,243,589 122,704,727 124,978,221 131,086,032 132,721,703 134,037,998 135,184,646 136,201,365 137,113,223 137,874,500 138,606,604 123,724,283 104,381,527 100,076,452 108,138,016 108,931,635 109,193,746 109,170,169 108,914,580 108,439,658 1,182,317,383 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -7.97 -1.13 4.40 8.57 11.64 13.90 15.58 16.84 17.80 18.54 19.08 19.51 19.86 20.14 20.36 20.54 20.69 20.81 20.90 20.98 21.03 21.07 21.10 21.13 21.15 21.17 21.18 21.20 21.21 21.29 -After-tax cumulative NPV ($) -14,024,416 -38,173,602 -147,579,639 -342,947,561 -691,818,851 -217,097,496 -166,628,127 -122,023,842 -82,682,173 -48,019,909 -17,504,923 9,345,316 32,944,861 53,696,414 71,768,036 86,800,643 100,111,894 112,250,044 122,934,429 132,315,385 140,540,804 147,745,633 154,051,330 159,563,838 164,381,770 168,120,666 170,863,020 173,148,846 175,296,189 177,176,755 178,815,622 180,240,119 181,475,654 182,545,124 192,682,516 +After-tax net cash flow ($) -14,271,148 -28,266,047 -147,296,467 -302,546,944 -621,431,422 965,883,074 112,150,806 114,080,174 115,798,757 117,409,076 118,941,419 120,429,039 121,793,439 123,230,553 123,428,248 117,818,673 120,112,077 126,238,624 127,859,386 129,159,782 130,289,343 131,287,641 132,179,707 132,919,315 133,628,711 118,457,049 98,783,490 94,430,391 102,525,664 103,286,126 103,512,624 103,450,730 103,153,906 102,634,535 1,195,369,668 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -8.37 -1.84 3.53 7.63 10.67 12.93 14.62 15.90 16.88 17.63 18.19 18.63 19.00 19.29 19.53 19.72 19.87 19.99 20.10 20.18 20.24 20.28 20.31 20.34 20.37 20.39 20.40 20.41 20.43 20.53 +After-tax cumulative NPV ($) -14,271,148 -38,845,191 -150,176,008 -348,981,040 -703,990,024 -224,276,211 -175,850,991 -133,026,628 -95,234,950 -61,922,585 -32,583,372 -6,757,316 15,949,817 35,923,968 53,317,030 67,751,044 80,544,009 92,233,304 102,526,263 111,565,805 119,493,366 126,438,267 132,517,076 137,831,465 142,476,368 146,056,089 148,651,369 150,808,236 152,844,131 154,627,235 156,180,835 157,530,702 158,700,888 159,713,106 169,962,410 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,094,555,507 558,857,882 -282,082,998 -283,151,418 -284,186,169 -285,223,502 -286,276,338 -287,358,719 -288,448,928 -289,613,807 -290,433,001 -289,434,769 -291,049,306 -293,984,298 -295,536,069 -297,065,134 -298,626,846 -300,241,196 -301,923,964 -303,668,446 -305,523,107 -322,168,396 -337,498,467 -338,129,849 -342,957,615 -345,590,716 -348,240,399 -351,002,036 -353,909,546 -356,984,788 714,335,738 -PPA revenue ($) 0 396,973,092 398,967,967 401,973,143 404,734,307 407,390,282 409,984,350 412,563,611 415,028,967 417,640,539 418,676,590 412,139,496 416,027,527 425,070,330 428,257,773 431,103,133 433,811,492 436,442,561 439,037,187 441,542,945 444,129,710 445,892,680 441,879,995 438,206,301 451,095,631 454,522,351 457,434,145 460,172,205 462,824,127 465,424,445 467,981,645 -Electricity to grid (kWh) 0.0 4,178,664,123 4,199,662,810 4,206,059,884 4,209,843,014 4,212,493,870 4,214,477,278 4,216,286,269 4,216,916,955 4,219,017,462 4,205,269,084 4,116,044,105 4,131,355,778 4,197,396,364 4,205,202,009 4,209,580,437 4,212,580,031 4,214,800,202 4,216,646,051 4,217,622,938 4,219,358,830 4,213,291,881 4,153,007,471 4,096,534,552 4,194,677,619 4,204,258,174 4,209,000,232 4,212,102,563 4,214,388,332 4,216,183,035 4,217,570,704 +Annual costs ($) -1,113,812,029 569,253,012 -286,473,844 -287,547,537 -288,588,032 -289,631,613 -290,691,228 -291,781,042 -292,879,035 -294,052,982 -294,879,094 -293,872,019 -295,508,409 -298,466,098 -300,030,922 -301,574,149 -303,151,183 -304,782,092 -306,482,777 -308,246,514 -310,122,196 -327,051,352 -342,654,222 -343,305,750 -348,183,188 -350,847,244 -353,530,424 -356,328,284 -359,274,963 -362,392,535 727,787,263 +PPA revenue ($) 0 396,630,062 398,624,650 401,627,711 404,386,789 407,040,688 409,632,646 412,210,081 414,672,474 417,283,535 418,307,342 411,690,692 415,620,486 424,704,722 427,890,308 430,733,931 433,440,526 436,069,733 438,662,484 441,165,829 443,750,907 445,508,401 441,437,712 437,736,141 450,708,852 454,133,370 457,043,047 459,779,014 462,428,869 465,027,070 467,582,405 +Electricity to grid (kWh) 0.0 4,175,053,287 4,196,048,942 4,202,445,447 4,206,228,304 4,208,879,003 4,210,861,909 4,212,673,290 4,213,294,803 4,215,411,003 4,201,560,283 4,111,561,888 4,127,313,666 4,193,786,136 4,201,593,759 4,205,975,308 4,208,977,726 4,211,199,738 4,213,047,288 4,214,020,721 4,215,760,090 4,209,660,783 4,148,850,677 4,092,139,300 4,191,081,013 4,200,660,165 4,205,401,615 4,208,503,557 4,210,789,188 4,212,583,291 4,213,972,647 -Present value of annual costs ($) 2,245,260,737 -Present value of annual energy nominal (kWh) 27,530,118,626 -LCOE Levelized cost of energy nominal (cents/kWh) 8.16 +Present value of annual costs ($) 2,280,625,999 +Present value of annual energy nominal (kWh) 27,506,089,921 +LCOE Levelized cost of energy nominal (cents/kWh) 8.29 -Present value of PPA revenue ($) 2,698,995,461 -Present value of annual energy nominal (kWh) 27,530,118,626 +Present value of PPA revenue ($) 2,696,638,645 +Present value of annual energy nominal (kWh) 27,506,089,921 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 274,908,062 276,902,937 279,908,114 282,669,278 285,325,253 287,919,320 290,498,582 292,963,937 295,575,509 296,611,560 290,074,467 293,962,497 303,005,300 306,192,743 309,038,103 311,746,462 314,377,531 316,972,157 319,477,916 322,064,681 323,827,650 319,814,965 316,141,272 329,030,602 332,457,322 335,369,116 338,107,175 340,759,097 343,359,416 1,770,985,103 +EBITDA ($) 0 270,774,566 272,769,153 275,772,215 278,531,293 281,185,192 283,777,150 286,354,585 288,816,978 291,428,039 292,451,845 285,835,195 289,764,990 298,849,225 302,034,812 304,878,435 307,585,030 310,214,236 312,806,987 315,310,333 317,895,410 319,652,904 315,582,215 311,880,644 324,853,355 328,277,874 331,187,551 333,923,517 336,573,372 339,171,573 1,791,866,635 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 140,446,517 139,206,735 137,867,770 136,421,688 134,859,920 133,173,210 131,351,563 129,384,184 127,259,415 124,964,665 122,486,334 119,809,737 116,919,012 113,797,030 110,425,288 106,783,808 102,851,009 98,603,586 94,016,369 89,062,175 83,711,645 77,933,073 71,692,215 64,952,089 57,672,752 49,811,069 41,320,451 32,150,583 22,247,126 11,551,392 -Total state tax depreciation ($) 0 60,565,411 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 60,565,411 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 142,917,394 141,655,800 140,293,279 138,821,756 137,232,511 135,516,127 133,662,432 131,660,441 129,498,291 127,163,169 124,641,237 121,917,551 118,975,969 115,799,062 112,368,001 108,662,456 104,660,467 100,338,319 95,670,400 90,629,046 85,184,385 79,304,150 72,953,497 66,094,791 58,687,389 50,687,395 42,047,402 32,716,208 22,638,520 11,754,616 +Total state tax depreciation ($) 0 61,630,938 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 61,630,938 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 73,896,134 16,565,381 20,909,522 25,116,768 29,334,512 33,615,289 38,016,198 42,448,932 47,185,273 50,516,074 46,457,311 53,021,939 64,955,466 71,264,892 77,481,993 83,831,833 90,395,701 97,237,750 104,330,725 111,871,685 179,550,594 241,881,892 244,449,056 264,078,513 274,784,569 285,558,047 296,786,725 308,608,514 321,112,290 1,759,433,711 +State taxable income ($) 0 66,226,233 7,851,476 12,217,059 16,447,660 20,690,804 24,999,146 29,430,277 33,894,660 38,667,871 42,026,800 37,932,082 44,585,562 56,611,379 62,973,873 69,248,557 75,660,697 82,291,892 89,206,791 96,378,056 104,004,487 172,837,581 236,278,065 238,927,147 258,758,564 269,590,484 280,500,156 291,876,115 303,857,164 316,533,053 1,780,112,019 State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -3,362,274 -753,725 -951,383 -1,142,813 -1,334,720 -1,529,496 -1,729,737 -1,931,426 -2,146,930 -2,298,481 -2,113,808 -2,412,498 -2,955,474 -3,242,553 -3,525,431 -3,814,348 -4,113,004 -4,424,318 -4,747,048 -5,090,162 -8,169,552 -11,005,626 -11,122,432 -12,015,572 -12,502,698 -12,992,891 -13,503,796 -14,041,687 -14,610,609 -80,054,234 +State tax benefit (liability) ($) 0 -3,013,294 -357,242 -555,876 -748,369 -941,432 -1,137,461 -1,339,078 -1,542,207 -1,759,388 -1,912,219 -1,725,910 -2,028,643 -2,575,818 -2,865,311 -3,150,809 -3,442,562 -3,744,281 -4,058,909 -4,385,202 -4,732,204 -7,864,110 -10,750,652 -10,871,185 -11,773,515 -12,266,367 -12,762,757 -13,280,363 -13,825,501 -14,402,254 -80,995,097 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 274,908,062 276,902,937 279,908,114 282,669,278 285,325,253 287,919,320 290,498,582 292,963,937 295,575,509 296,611,560 290,074,467 293,962,497 303,005,300 306,192,743 309,038,103 311,746,462 314,377,531 316,972,157 319,477,916 322,064,681 323,827,650 319,814,965 316,141,272 329,030,602 332,457,322 335,369,116 338,107,175 340,759,097 343,359,416 1,770,985,103 +EBITDA ($) 0 270,774,566 272,769,153 275,772,215 278,531,293 281,185,192 283,777,150 286,354,585 288,816,978 291,428,039 292,451,845 285,835,195 289,764,990 298,849,225 302,034,812 304,878,435 307,585,030 310,214,236 312,806,987 315,310,333 317,895,410 319,652,904 315,582,215 311,880,644 324,853,355 328,277,874 331,187,551 333,923,517 336,573,372 339,171,573 1,791,866,635 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -3,362,274 -753,725 -951,383 -1,142,813 -1,334,720 -1,529,496 -1,729,737 -1,931,426 -2,146,930 -2,298,481 -2,113,808 -2,412,498 -2,955,474 -3,242,553 -3,525,431 -3,814,348 -4,113,004 -4,424,318 -4,747,048 -5,090,162 -8,169,552 -11,005,626 -11,122,432 -12,015,572 -12,502,698 -12,992,891 -13,503,796 -14,041,687 -14,610,609 -80,054,234 +State tax benefit (liability) ($) 0 -3,013,294 -357,242 -555,876 -748,369 -941,432 -1,137,461 -1,339,078 -1,542,207 -1,759,388 -1,912,219 -1,725,910 -2,028,643 -2,575,818 -2,865,311 -3,150,809 -3,442,562 -3,744,281 -4,058,909 -4,385,202 -4,732,204 -7,864,110 -10,750,652 -10,871,185 -11,773,515 -12,266,367 -12,762,757 -13,280,363 -13,825,501 -14,402,254 -80,995,097 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 140,446,517 139,206,735 137,867,770 136,421,688 134,859,920 133,173,210 131,351,563 129,384,184 127,259,415 124,964,665 122,486,334 119,809,737 116,919,012 113,797,030 110,425,288 106,783,808 102,851,009 98,603,586 94,016,369 89,062,175 83,711,645 77,933,073 71,692,215 64,952,089 57,672,752 49,811,069 41,320,451 32,150,583 22,247,126 11,551,392 -Total federal tax depreciation ($) 0 60,565,411 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 121,130,821 60,565,411 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 142,917,394 141,655,800 140,293,279 138,821,756 137,232,511 135,516,127 133,662,432 131,660,441 129,498,291 127,163,169 124,641,237 121,917,551 118,975,969 115,799,062 112,368,001 108,662,456 104,660,467 100,338,319 95,670,400 90,629,046 85,184,385 79,304,150 72,953,497 66,094,791 58,687,389 50,687,395 42,047,402 32,716,208 22,638,520 11,754,616 +Total federal tax depreciation ($) 0 61,630,938 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 123,261,877 61,630,938 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 70,533,860 15,811,656 19,958,139 23,973,955 27,999,791 32,085,794 36,286,461 40,517,505 45,038,343 48,217,593 44,343,504 50,609,441 61,999,993 68,022,339 73,956,562 80,017,485 86,282,697 92,813,433 99,583,677 106,781,523 171,381,042 230,876,266 233,326,624 252,062,941 262,281,872 272,565,156 283,282,929 294,566,827 306,501,681 1,679,379,477 +Federal taxable income ($) 0 63,212,940 7,494,234 11,661,183 15,699,291 19,749,372 23,861,685 28,091,199 32,352,453 36,908,483 40,114,580 36,206,172 42,556,919 54,035,562 60,108,562 66,097,747 72,218,135 78,547,611 85,147,882 91,992,855 99,272,283 164,973,471 225,527,413 228,055,962 246,985,050 257,324,117 267,737,399 278,595,752 290,031,663 302,130,799 1,699,116,922 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -14,812,111 -3,320,448 -4,191,209 -5,034,531 -5,879,956 -6,738,017 -7,620,157 -8,508,676 -9,458,052 -10,125,695 -9,312,136 -10,627,983 -13,019,998 -14,284,691 -15,530,878 -16,803,672 -18,119,366 -19,490,821 -20,912,572 -22,424,120 -35,990,019 -48,484,016 -48,998,591 -52,933,218 -55,079,193 -57,238,683 -59,489,415 -61,859,034 -64,365,353 -352,669,690 +Federal tax benefit (liability) ($) 0 -13,274,717 -1,573,789 -2,448,848 -3,296,851 -4,147,368 -5,010,954 -5,899,152 -6,794,015 -7,750,781 -8,424,062 -7,603,296 -8,936,953 -11,347,468 -12,622,798 -13,880,527 -15,165,808 -16,494,998 -17,881,055 -19,318,499 -20,847,179 -34,644,429 -47,360,757 -47,891,752 -51,866,860 -54,038,065 -56,224,854 -58,505,108 -60,906,649 -63,447,468 -356,814,554 CASH INCENTIVES Federal IBI income ($) 0 @@ -396,30 +396,30 @@ Federal PTC income ($) State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 855,041,092 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 855,041,092 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 870,083,836 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 870,083,836 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,755,581,468 1,740,084,189 1,723,347,129 1,705,271,103 1,685,748,995 1,664,665,119 1,641,894,533 1,617,302,300 1,590,742,688 1,562,058,307 1,531,079,175 1,497,621,713 1,461,487,655 1,422,462,871 1,380,316,105 1,334,797,597 1,285,637,609 1,232,544,822 1,175,204,612 1,113,277,185 1,046,395,564 974,163,413 896,152,691 811,901,110 720,909,403 622,638,359 516,505,632 401,882,287 278,089,074 144,392,404 0 -Debt interest payment ($) 0 140,446,517 139,206,735 137,867,770 136,421,688 134,859,920 133,173,210 131,351,563 129,384,184 127,259,415 124,964,665 122,486,334 119,809,737 116,919,012 113,797,030 110,425,288 106,783,808 102,851,009 98,603,586 94,016,369 89,062,175 83,711,645 77,933,073 71,692,215 64,952,089 57,672,752 49,811,069 41,320,451 32,150,583 22,247,126 11,551,392 -Debt principal payment ($) 0 15,497,278 16,737,061 18,076,026 19,522,108 21,083,876 22,770,586 24,592,233 26,559,612 28,684,381 30,979,131 33,457,462 36,134,059 39,024,784 42,146,766 45,518,507 49,159,988 53,092,787 57,340,210 61,927,427 66,881,621 72,232,151 78,010,723 84,251,581 90,991,707 98,271,044 106,132,727 114,623,345 123,793,213 133,696,670 144,392,404 -Debt total payment ($) 0 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 +Debt balance ($) 1,786,467,424 1,770,697,502 1,753,665,986 1,735,271,949 1,715,406,389 1,693,951,584 1,670,780,394 1,645,755,510 1,618,728,634 1,589,539,609 1,558,015,461 1,523,969,382 1,487,199,617 1,447,488,270 1,404,600,015 1,358,280,700 1,308,255,840 1,254,228,991 1,195,879,995 1,132,863,078 1,064,804,808 991,301,877 911,918,711 826,184,891 733,592,367 633,592,440 525,592,519 408,952,604 282,981,497 146,932,700 0 +Debt interest payment ($) 0 142,917,394 141,655,800 140,293,279 138,821,756 137,232,511 135,516,127 133,662,432 131,660,441 129,498,291 127,163,169 124,641,237 121,917,551 118,975,969 115,799,062 112,368,001 108,662,456 104,660,467 100,338,319 95,670,400 90,629,046 85,184,385 79,304,150 72,953,497 66,094,791 58,687,389 50,687,395 42,047,402 32,716,208 22,638,520 11,754,616 +Debt principal payment ($) 0 15,769,922 17,031,516 18,394,037 19,865,560 21,454,805 23,171,189 25,024,885 27,026,875 29,189,025 31,524,147 34,046,079 36,769,766 39,711,347 42,888,255 46,319,315 50,024,860 54,026,849 58,348,997 63,016,917 68,058,270 73,502,931 79,383,166 85,733,819 92,592,525 99,999,927 107,999,921 116,639,915 125,971,108 136,048,796 146,932,700 +Debt total payment ($) 0 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 DSCR (DEBT FRACTION) -EBITDA ($) 0 274,908,062 276,902,937 279,908,114 282,669,278 285,325,253 287,919,320 290,498,582 292,963,937 295,575,509 296,611,560 290,074,467 293,962,497 303,005,300 306,192,743 309,038,103 311,746,462 314,377,531 316,972,157 319,477,916 322,064,681 323,827,650 319,814,965 316,141,272 329,030,602 332,457,322 335,369,116 338,107,175 340,759,097 343,359,416 1,770,985,103 +EBITDA ($) 0 270,774,566 272,769,153 275,772,215 278,531,293 281,185,192 283,777,150 286,354,585 288,816,978 291,428,039 292,451,845 285,835,195 289,764,990 298,849,225 302,034,812 304,878,435 307,585,030 310,214,236 312,806,987 315,310,333 317,895,410 319,652,904 315,582,215 311,880,644 324,853,355 328,277,874 331,187,551 333,923,517 336,573,372 339,171,573 1,791,866,635 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 274,908,062 276,902,937 279,908,114 282,669,278 285,325,253 287,919,320 290,498,582 292,963,937 295,575,509 296,611,560 290,074,467 293,962,497 303,005,300 306,192,743 309,038,103 311,746,462 314,377,531 316,972,157 319,477,916 322,064,681 323,827,650 319,814,965 316,141,272 329,030,602 332,457,322 335,369,116 338,107,175 340,759,097 343,359,416 1,770,985,103 -Debt total payment ($) 0 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 155,943,796 -DSCR (pre-tax) 0.0 1.76 1.78 1.79 1.81 1.83 1.85 1.86 1.88 1.90 1.90 1.86 1.89 1.94 1.96 1.98 2.0 2.02 2.03 2.05 2.07 2.08 2.05 2.03 2.11 2.13 2.15 2.17 2.19 2.20 11.36 +Cash available for debt service (CAFDS) ($) 0 270,774,566 272,769,153 275,772,215 278,531,293 281,185,192 283,777,150 286,354,585 288,816,978 291,428,039 292,451,845 285,835,195 289,764,990 298,849,225 302,034,812 304,878,435 307,585,030 310,214,236 312,806,987 315,310,333 317,895,410 319,652,904 315,582,215 311,880,644 324,853,355 328,277,874 331,187,551 333,923,517 336,573,372 339,171,573 1,791,866,635 +Debt total payment ($) 0 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 158,687,316 +DSCR (pre-tax) 0.0 1.71 1.72 1.74 1.76 1.77 1.79 1.80 1.82 1.84 1.84 1.80 1.83 1.88 1.90 1.92 1.94 1.95 1.97 1.99 2.0 2.01 1.99 1.97 2.05 2.07 2.09 2.10 2.12 2.14 11.29 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 042b6de1..2a8f6514 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -43,7 +43,7 @@ Plant Lifetime, 30, -- Per https://fervoenergy.com/geothermal-mythbusting-water- Reservoir Model, 1, -- Multiple Parallel Fractures (Gringarten) Reservoir Depth, 2.5908, -- 8500 feet per https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf -Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) +Gradient 1, 72.23, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) Number of Segments, 1 Reservoir Density, 2800, -- per https://doi.org/10.31223/X52X0B: phyllite + quartzite + diorite + granodiorite @@ -59,7 +59,7 @@ Number of Fractures per Stimulated Well, 200, -- 25 stages with 8 clusters per s Fracture Separation, 7.315 Fracture Shape, 2, -- CIRCULAR_DIAMETER Fracture Height, 186.16, -- Approximates ellipsoidal fracture with 228 meter height and 152 meter width -Number of Doublets, 50 +Number of Doublets, 52 Production Flow Rate per Well, 120, -- Maximum Fervo-tested flow rate Production Well Diameter, 8.535, -- Inner diameter for 9-5/8" casing size @@ -69,8 +69,8 @@ Ramey Production Wellbore Model, 1 Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature Injection Wellbore Temperature Gain, 3 -Ambient Temperature, 10, -- degC -Surface Temperature, 10, -- degC +Ambient Temperature, 11.17, -- https://www.ncei.noaa.gov/access/us-climate-normals/#dataset=normals-annualseasonal&timeframe=30&station=USC00425654 +Surface Temperature, 13, -- Project InnerSpace GeoMap https://geomap.projectinnerspace.org/test/ Maximum Drawdown, 0.02, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index 3acaa304..8bb2ef11 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -5,21 +5,21 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.24 - Simulation Date: 2026-01-02 - Simulation Time: 09:35 - Calculation Time: 1.755 sec + Simulation Date: 2026-01-06 + Simulation Time: 09:20 + Calculation Time: 1.803 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 106.48 MW - Electricity breakeven price: 8.32 cents/kWh - Total CAPEX: 558.52 MUSD - Number of production wells: 10 - Number of injection wells: 10 + Average Net Electricity Production: 112.53 MW + Electricity breakeven price: 8.43 cents/kWh + Total CAPEX: 598.76 MUSD + Number of production wells: 11 + Number of injection wells: 11 Flowrate per production well: 120.0 kg/sec Well depth: 2.6 kilometer - Geothermal gradient: 74 degC/km + Geothermal gradient: 72.23 degC/km ***ECONOMIC PARAMETERS*** @@ -30,17 +30,17 @@ Simulation Metadata WACC: 9.58 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 56.02 MUSD - After-tax IRR: 23.68 % - Project VIR=PI=PIR: 1.32 - Project MOIC: 3.93 - Project Payback Period: 4.46 yr - Estimated Jobs Created: 249 + Project NPV: 54.25 MUSD + After-tax IRR: 22.91 % + Project VIR=PI=PIR: 1.29 + Project MOIC: 3.78 + Project Payback Period: 4.58 yr + Estimated Jobs Created: 264 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 10 - Number of Injection Wells: 10 + Number of Production Wells: 11 + Number of Injection Wells: 11 Well depth: 2.6 kilometer Water loss rate: 15.0 % Pump efficiency: 80.0 % @@ -58,21 +58,21 @@ Simulation Metadata Maximum reservoir temperature: 500.0 degC Number of segments: 1 - Geothermal gradient: 74 degC/km + Geothermal gradient: 72.23 degC/km ***RESERVOIR PARAMETERS*** Reservoir Model = Multiple Parallel Fractures Model (Gringarten) - Bottom-hole temperature: 201.72 degC + Bottom-hole temperature: 200.13 degC Fracture model = Circular fracture with known diameter Well separation: fracture diameter: 186.16 meter Fracture area: 27218.40 m**2 Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 4000 + Number of fractures: 4400 Fracture separation: 7.32 meter - Reservoir volume: 796211336 m**3 - Reservoir hydrostatic pressure: 24497.62 kPa + Reservoir volume: 875852380 m**3 + Reservoir hydrostatic pressure: 24524.09 kPa Plant outlet pressure: 6894.76 kPa Production wellhead pressure: 2240.80 kPa Productivity Index: 2.49 kg/sec/bar @@ -84,57 +84,57 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 200.0 degC - Average Production Temperature: 199.6 degC - Minimum Production Temperature: 195.3 degC - Initial Production Temperature: 198.7 degC - Average Reservoir Heat Extraction: 718.16 MW + Maximum Production Temperature: 198.5 degC + Average Production Temperature: 198.1 degC + Minimum Production Temperature: 193.8 degC + Initial Production Temperature: 197.2 degC + Average Reservoir Heat Extraction: 781.30 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.4 degC - Average Injection Well Pump Pressure Drop: -1721.2 kPa - Average Production Well Pump Pressure Drop: 6107.4 kPa + Average Injection Well Pump Pressure Drop: -1694.7 kPa + Average Production Well Pump Pressure Drop: 6122.2 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 89.19 MUSD + Drilling and completion costs: 98.11 MUSD Drilling and completion costs per well: 4.46 MUSD - Stimulation costs: 96.60 MUSD - Surface power plant costs: 287.40 MUSD - Field gathering system costs: 8.51 MUSD - Total surface equipment costs: 295.91 MUSD + Stimulation costs: 106.26 MUSD + Surface power plant costs: 304.84 MUSD + Field gathering system costs: 9.36 MUSD + Total surface equipment costs: 314.20 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 511.70 MUSD - Interest during construction: 7.67 MUSD - Inflation costs during construction: 39.15 MUSD - Total CAPEX: 558.52 MUSD + Overnight Capital Cost: 548.57 MUSD + Interest during construction: 8.23 MUSD + Inflation costs during construction: 41.97 MUSD + Total CAPEX: 598.76 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 1.67 MUSD/yr - Power plant maintenance costs: 6.38 MUSD/yr - Water costs: 4.73 MUSD/yr - Redrilling costs: 12.39 MUSD/yr - Total operating and maintenance costs: 25.15 MUSD/yr + Wellfield maintenance costs: 1.77 MUSD/yr + Power plant maintenance costs: 6.67 MUSD/yr + Water costs: 5.20 MUSD/yr + Redrilling costs: 13.62 MUSD/yr + Total operating and maintenance costs: 27.26 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** - Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 117.44 MW - Average Total Electricity Generation: 116.89 MW - Minimum Total Electricity Generation: 110.72 MW - Initial Total Electricity Generation: 115.59 MW - Maximum Net Electricity Generation: 107.05 MW - Average Net Electricity Generation: 106.48 MW - Minimum Net Electricity Generation: 100.15 MW - Initial Net Electricity Generation: 105.16 MW - Average Annual Total Electricity Generation: 921.60 GWh - Average Annual Net Electricity Generation: 839.53 GWh - Initial pumping power/net installed power: 9.91 % - Average Pumping Power: 10.41 MW - Heat to Power Conversion Efficiency: 14.83 % + Initial geofluid availability: 0.18 MW/(kg/s) + Maximum Total Electricity Generation: 124.57 MW + Average Total Electricity Generation: 123.98 MW + Minimum Total Electricity Generation: 117.39 MW + Initial Total Electricity Generation: 122.60 MW + Maximum Net Electricity Generation: 113.13 MW + Average Net Electricity Generation: 112.53 MW + Minimum Net Electricity Generation: 105.77 MW + Initial Net Electricity Generation: 111.13 MW + Average Annual Total Electricity Generation: 977.50 GWh + Average Annual Net Electricity Generation: 887.18 GWh + Initial pumping power/net installed power: 10.32 % + Average Pumping Power: 11.46 MW + Heat to Power Conversion Efficiency: 14.40 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -142,36 +142,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.72 10.4236 105.1627 14.7370 - 2 1.0043 199.56 10.4169 106.3894 14.8204 - 3 1.0051 199.72 10.4156 106.6174 14.8358 - 4 1.0055 199.80 10.4150 106.7359 14.8438 - 5 1.0057 199.86 10.4145 106.8143 14.8491 - 6 1.0060 199.90 10.4142 106.8727 14.8530 - 7 1.0061 199.93 10.4140 106.9164 14.8560 - 8 1.0062 199.96 10.4137 106.9562 14.8587 - 9 1.0063 199.97 10.4138 106.9748 14.8599 - 10 1.0064 199.98 10.4140 106.9898 14.8609 - 11 1.0032 199.36 10.4344 106.0721 14.7977 - 12 0.9881 196.36 10.5299 101.6888 14.4903 - 13 1.0039 199.49 10.4111 106.2903 14.8141 - 14 1.0049 199.69 10.4078 106.5841 14.8341 - 15 1.0054 199.79 10.4032 106.7232 14.8438 - 16 1.0057 199.85 10.3989 106.8129 14.8501 - 17 1.0059 199.89 10.3958 106.8778 14.8547 - 18 1.0061 199.92 10.3941 106.9251 14.8580 - 19 1.0062 199.95 10.3932 106.9734 14.8613 - 20 1.0062 199.96 10.3937 106.9779 14.8616 - 21 1.0065 200.00 10.3928 107.0471 14.8663 - 22 1.0046 199.62 10.4058 106.4829 14.8275 - 23 0.9942 197.56 10.4727 103.4560 14.6168 - 24 1.0033 199.38 10.3932 106.1477 14.8058 - 25 1.0047 199.66 10.3933 106.5498 14.8329 - 26 1.0053 199.77 10.3933 106.7058 14.8433 - 27 1.0056 199.83 10.3933 106.7999 14.8497 - 28 1.0059 199.88 10.3933 106.8661 14.8541 - 29 1.0060 199.91 10.3934 106.9159 14.8574 - 30 1.0062 199.95 10.3933 106.9637 14.8606 + 1 1.0000 197.20 11.4709 111.1329 14.3136 + 2 1.0042 198.03 11.4637 112.4301 14.3958 + 3 1.0050 198.18 11.4624 112.6712 14.4110 + 4 1.0054 198.26 11.4617 112.7966 14.4189 + 5 1.0057 198.32 11.4613 112.8796 14.4241 + 6 1.0059 198.36 11.4609 112.9413 14.4280 + 7 1.0060 198.38 11.4607 112.9875 14.4309 + 8 1.0061 198.41 11.4604 113.0297 14.4336 + 9 1.0062 198.42 11.4605 113.0489 14.4348 + 10 1.0063 198.43 11.4606 113.0656 14.4358 + 11 1.0031 197.82 11.4826 112.0864 14.3730 + 12 0.9882 194.87 11.5853 107.4106 14.0673 + 13 1.0038 197.96 11.4575 112.3254 14.3896 + 14 1.0048 198.16 11.4540 112.6362 14.4094 + 15 1.0053 198.25 11.4491 112.7833 14.4189 + 16 1.0056 198.30 11.4444 112.8783 14.4251 + 17 1.0058 198.35 11.4410 112.9471 14.4297 + 18 1.0060 198.38 11.4392 112.9971 14.4329 + 19 1.0061 198.41 11.4383 113.0483 14.4362 + 20 1.0061 198.41 11.4388 113.0526 14.4364 + 21 1.0064 198.46 11.4378 113.1267 14.4411 + 22 1.0045 198.08 11.4517 112.5250 14.4025 + 23 0.9942 196.05 11.5236 109.2960 14.1930 + 24 1.0033 197.85 11.4383 112.1750 14.3814 + 25 1.0047 198.12 11.4383 112.6002 14.4081 + 26 1.0052 198.23 11.4384 112.7652 14.4185 + 27 1.0055 198.29 11.4384 112.8647 14.4247 + 28 1.0058 198.34 11.4384 112.9348 14.4291 + 29 1.0059 198.37 11.4385 112.9874 14.4323 + 30 1.0061 198.40 11.4383 113.0380 14.4355 ******************************************************************* @@ -180,197 +180,197 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 835.6 5648.6 235.25 7.96 - 2 839.8 5663.1 214.86 15.93 - 3 841.1 5667.6 194.46 23.92 - 4 841.8 5670.2 174.05 31.90 - 5 842.4 5672.0 153.63 39.89 - 6 842.8 5673.4 133.20 47.88 - 7 843.1 5674.7 112.78 55.88 - 8 843.2 5675.1 92.35 63.87 - 9 843.7 5676.6 71.91 71.86 - 10 840.9 5667.2 51.51 79.85 - 11 823.1 5606.2 31.33 87.74 - 12 826.1 5616.0 11.11 95.65 - 13 839.3 5661.4 -9.27 103.63 - 14 840.9 5666.7 -29.67 111.61 - 15 841.8 5669.6 -50.08 119.60 - 16 842.4 5671.6 -70.50 127.58 - 17 842.8 5673.1 -90.92 135.57 - 18 843.2 5674.4 -111.35 143.57 - 19 843.4 5675.0 -131.78 151.56 - 20 843.7 5676.2 -152.22 159.56 - 21 842.5 5672.1 -172.64 167.55 - 22 830.5 5631.0 -192.91 175.48 - 23 819.2 5591.7 -213.04 183.35 - 24 838.8 5659.0 -233.41 191.32 - 25 840.7 5665.7 -253.81 199.30 - 26 841.7 5669.0 -274.22 207.29 - 27 842.3 5671.2 -294.63 215.28 - 28 842.7 5672.8 -315.05 223.27 - 29 843.1 5674.0 -335.48 231.26 - 30 843.4 5675.0 -355.91 239.25 + 1 883.0 6145.5 255.96 7.96 + 2 887.5 6161.2 233.78 15.93 + 3 888.8 6165.9 211.58 23.91 + 4 889.6 6168.7 189.37 31.90 + 5 890.2 6170.7 167.16 39.89 + 6 890.6 6172.2 144.94 47.88 + 7 891.0 6173.5 122.71 55.87 + 8 891.1 6174.0 100.49 63.86 + 9 891.6 6175.6 78.25 71.86 + 10 888.6 6165.4 56.06 79.84 + 11 869.6 6099.3 34.10 87.74 + 12 872.9 6110.2 12.10 95.65 + 13 887.0 6159.3 -10.07 103.62 + 14 888.7 6165.0 -32.26 111.60 + 15 889.6 6168.1 -54.47 119.59 + 16 890.2 6170.3 -76.68 127.58 + 17 890.7 6171.9 -98.90 135.57 + 18 891.1 6173.2 -121.12 143.56 + 19 891.3 6173.9 -143.35 151.55 + 20 891.7 6175.2 -165.58 159.54 + 21 890.4 6170.8 -187.80 167.53 + 22 877.5 6126.2 -209.85 175.46 + 23 865.5 6083.9 -231.75 183.34 + 24 886.4 6156.7 -253.92 191.31 + 25 888.5 6163.9 -276.11 199.29 + 26 889.5 6167.5 -298.31 207.27 + 27 890.1 6169.8 -320.52 215.26 + 28 890.6 6171.5 -342.74 223.25 + 29 891.0 6172.9 -364.96 231.24 + 30 891.3 6173.9 -387.19 239.24 *************************** * SAM CASH FLOW PROFILE * *************************** ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ - Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION Capital expenditure schedule [construction] (%) 2.0 19.60 78.40 -Overnight capital expenditure [construction] ($) -10,248,721 -100,291,057 -401,164,228 +Overnight capital expenditure [construction] ($) -10,987,092 -107,516,544 -430,066,176 plus: -Inflation cost [construction] ($) -276,715 -5,488,829 -33,379,545 +Inflation cost [construction] ($) -296,651 -5,884,273 -35,784,380 equals: -Nominal capital expenditure [construction] ($) -10,525,437 -105,779,886 -434,543,773 +Nominal capital expenditure [construction] ($) -11,283,744 -113,400,817 -465,850,556 -Issuance of equity [construction] ($) 4,210,175 42,311,955 173,817,509 -Issuance of debt [construction] ($) 6,315,262 63,467,932 260,726,264 -Debt balance [construction] ($) 6,315,262 70,414,720 338,182,456 -Debt interest payment [construction] ($) 0 631,526 7,041,472 +Issuance of equity [construction] ($) 4,513,497 45,360,327 186,340,223 +Issuance of debt [construction] ($) 6,770,246 68,040,490 279,510,334 +Debt balance [construction] ($) 6,770,246 75,487,761 362,546,871 +Debt interest payment [construction] ($) 0 677,025 7,548,776 -Installed cost [construction] ($) -10,525,437 -106,411,413 -441,585,245 -After-tax net cash flow [construction] ($) -4,210,175 -42,311,955 -173,817,509 +Installed cost [construction] ($) -11,283,744 -114,077,842 -473,399,333 +After-tax net cash flow [construction] ($) -4,513,497 -45,360,327 -186,340,223 ENERGY -Electricity to grid (kWh) 0.0 835,732,825 839,932,562 841,211,977 841,968,603 842,498,774 842,895,456 843,257,254 843,383,391 843,803,492 841,053,817 823,208,821 826,271,156 839,479,273 841,040,402 841,916,087 842,516,006 842,960,040 843,329,210 843,524,588 843,871,766.0 842,658,376 830,601,494 819,306,910 838,935,524 840,851,635 841,800,046 842,420,513 842,877,666 843,236,607 843,514,141 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 835,732,825 839,932,562 841,211,977 841,968,603 842,498,774 842,895,456 843,257,254 843,383,391 843,803,492 841,053,817 823,208,821 826,271,156 839,479,273 841,040,402 841,916,087 842,516,006 842,960,040 843,329,210 843,524,588 843,871,766.0 842,658,376 830,601,494 819,306,910 838,935,524 840,851,635 841,800,046 842,420,513 842,877,666 843,236,607 843,514,141 +Electricity to grid (kWh) 0.0 883,184,349 887,625,738 888,978,845 889,779,064 890,339,789 890,759,250 891,142,427 891,273,901 891,721,558 888,791,598 869,753,476 873,085,583 887,147,067 888,798,680 889,725,546 890,360,673 890,830,714 891,221,542 891,427,460 891,795,404 890,505,166 877,641,489 865,644,852 886,574,830 888,601,189 889,604,188 890,260,368 890,743,867 891,123,389 891,417,291 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 883,184,349 887,625,738 888,978,845 889,779,064 890,339,789 890,759,250 891,142,427 891,273,901 891,721,558 888,791,598 869,753,476 873,085,583 887,147,067 888,798,680 889,725,546 890,360,673 890,830,714 891,221,542 891,427,460 891,795,404 890,505,166 877,641,489 865,644,852 886,574,830 888,601,189 889,604,188 890,260,368 890,743,867 891,123,389 891,417,291 REVENUE -PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 79,394,618 79,793,593 80,394,629 80,946,861 81,478,056 81,996,870 82,512,722 83,005,793 83,528,108 83,735,318 82,427,899 83,205,505 85,014,066 85,651,555 86,220,627 86,762,298 87,288,512 87,807,437 88,308,589 88,825,942 89,178,536 88,375,999 87,641,260 90,219,126 90,904,470 91,486,829 92,034,441 92,564,825 93,084,889 93,596,329 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 279,261,047 -Total revenue ($) 0 79,394,618 79,793,593 80,394,629 80,946,861 81,478,056 81,996,870 82,512,722 83,005,793 83,528,108 83,735,318 82,427,899 83,205,505 85,014,066 85,651,555 86,220,627 86,762,298 87,288,512 87,807,437 88,308,589 88,825,942 89,178,536 88,375,999 87,641,260 90,219,126 90,904,470 91,486,829 92,034,441 92,564,825 93,084,889 372,857,376 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 83,902,513 84,324,445 84,959,708 85,543,359 86,104,761 86,653,060 87,198,286 87,719,177 88,271,517 88,488,092 87,088,416 87,919,718 89,841,384 90,515,258 91,116,793 91,689,342 92,245,520 92,793,987 93,323,541 93,870,384 94,242,162 93,381,054 92,598,030 95,342,257 96,066,675 96,682,183 97,260,945 97,821,491 98,371,111 98,911,663 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 299,380,459 +Total revenue ($) 0 83,902,513 84,324,445 84,959,708 85,543,359 86,104,761 86,653,060 87,198,286 87,719,177 88,271,517 88,488,092 87,088,416 87,919,718 89,841,384 90,515,258 91,116,793 91,689,342 92,245,520 92,793,987 93,323,541 93,870,384 94,242,162 93,381,054 92,598,030 95,342,257 96,066,675 96,682,183 97,260,945 97,821,491 98,371,111 398,292,121 -Property tax net assessed value ($) 0 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 558,522,094 +Property tax net assessed value ($) 0 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 598,760,918 OPERATING EXPENSES -O&M fixed expense ($) 0 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 25,153,160 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 1,228,749 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 26,381,909 +O&M fixed expense ($) 0 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 27,261,719 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 1,317,274 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 28,578,993 -EBITDA ($) 0 53,012,709 53,411,684 54,012,720 54,564,952 55,096,147 55,614,961 56,130,813 56,623,884 57,146,199 57,353,409 56,045,990 56,823,596 58,632,157 59,269,645 59,838,717 60,380,389 60,906,603 61,425,528 61,926,680 62,444,033 62,796,627 61,994,090 61,259,351 63,837,217 64,522,561 65,104,920 65,652,532 66,182,916 66,702,980 346,475,467 +EBITDA ($) 0 55,323,520 55,745,452 56,380,715 56,964,366 57,525,768 58,074,066 58,619,293 59,140,184 59,692,524 59,909,098 58,509,422 59,340,725 61,262,390 61,936,264 62,537,800 63,110,349 63,666,527 64,214,993 64,744,547 65,291,391 65,663,168 64,802,061 64,019,036 66,763,264 67,487,681 68,103,190 68,681,952 69,242,498 69,792,117 369,713,128 OPERATING ACTIVITIES -EBITDA ($) 0 53,012,709 53,411,684 54,012,720 54,564,952 55,096,147 55,614,961 56,130,813 56,623,884 57,146,199 57,353,409 56,045,990 56,823,596 58,632,157 59,269,645 59,838,717 60,380,389 60,906,603 61,425,528 61,926,680 62,444,033 62,796,627 61,994,090 61,259,351 63,837,217 64,522,561 65,104,920 65,652,532 66,182,916 66,702,980 346,475,467 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 55,323,520 55,745,452 56,380,715 56,964,366 57,525,768 58,074,066 58,619,293 59,140,184 59,692,524 59,909,098 58,509,422 59,340,725 61,262,390 61,936,264 62,537,800 63,110,349 63,666,527 64,214,993 64,744,547 65,291,391 65,663,168 64,802,061 64,019,036 66,763,264 67,487,681 68,103,190 68,681,952 69,242,498 69,792,117 369,713,128 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 27,054,596 26,815,774 26,557,845 26,279,283 25,978,435 25,653,519 25,302,610 24,923,629 24,514,329 24,072,285 23,594,877 23,079,277 22,522,429 21,921,033 21,271,525 20,570,057 19,812,471 18,994,278 18,110,630 17,156,290 16,125,603 15,012,461 13,810,267 12,511,898 11,109,660 9,595,242 7,959,671 6,193,255 4,285,525 2,225,176 -Cash flow from operating activities ($) 0 25,958,113 26,595,911 27,454,874 28,285,670 29,117,713 29,961,442 30,828,203 31,700,255 32,631,870 33,281,124 32,451,113 33,744,319 36,109,728 37,348,613 38,567,192 39,810,333 41,094,132 42,431,250 43,816,050 45,287,743 46,671,024 46,981,629 47,449,084 51,325,319 53,412,901 55,509,678 57,692,861 59,989,662 62,417,455 344,250,291 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 29,003,750 28,747,721 28,471,210 28,172,578 27,850,056 27,501,732 27,125,542 26,719,256 26,280,468 25,806,577 25,294,774 24,742,028 24,145,061 23,500,338 22,804,036 22,052,030 21,239,864 20,362,724 19,415,414 18,392,318 17,287,375 16,094,036 14,805,231 13,413,320 11,910,057 10,286,533 8,533,127 6,639,449 4,594,276 2,385,489 +Cash flow from operating activities ($) 0 26,319,770 26,997,731 27,909,505 28,791,788 29,675,712 30,572,335 31,493,751 32,420,928 33,412,056 34,102,521 33,214,648 34,598,697 37,117,329 38,435,927 39,733,764 41,058,319 42,426,663 43,852,269 45,329,134 46,899,073 48,375,793 48,708,025 49,213,806 53,349,943 55,577,624 57,816,656 60,148,824 62,603,049 65,197,841 367,327,639 INVESTING ACTIVITIES -Total installed cost ($) -558,522,094 +Total installed cost ($) -598,760,918 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -558,522,094 +Purchase of property ($) -598,760,918 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -558,522,094 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -598,760,918 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 220,339,639 -Size of debt ($) 338,182,456 +Issuance of equity ($) 236,214,047 +Size of debt ($) 362,546,871 minus: -Debt principal payment ($) 0 2,985,283 3,224,106 3,482,034 3,760,597 4,061,445 4,386,360 4,737,269 5,116,251 5,525,551 5,967,595 6,445,002 6,960,602 7,517,451 8,118,847 8,768,354 9,469,823 10,227,409 11,045,601 11,929,249 12,883,589 13,914,277 15,027,419 16,229,612 17,527,981 18,930,220 20,444,637 22,080,208 23,846,625 25,754,355 27,814,703 +Debt principal payment ($) 0 3,200,358 3,456,387 3,732,898 4,031,530 4,354,052 4,702,376 5,078,566 5,484,852 5,923,640 6,397,531 6,909,334 7,462,080 8,059,047 8,703,771 9,400,072 10,152,078 10,964,244 11,841,384 12,788,694 13,811,790 14,916,733 16,110,072 17,398,878 18,790,788 20,294,051 21,917,575 23,670,981 25,564,659 27,609,832 29,818,619 equals: -Cash flow from financing activities ($) 558,522,094 -2,985,283 -3,224,106 -3,482,034 -3,760,597 -4,061,445 -4,386,360 -4,737,269 -5,116,251 -5,525,551 -5,967,595 -6,445,002 -6,960,602 -7,517,451 -8,118,847 -8,768,354 -9,469,823 -10,227,409 -11,045,601 -11,929,249 -12,883,589 -13,914,277 -15,027,419 -16,229,612 -17,527,981 -18,930,220 -20,444,637 -22,080,208 -23,846,625 -25,754,355 -27,814,703 +Cash flow from financing activities ($) 598,760,918 -3,200,358 -3,456,387 -3,732,898 -4,031,530 -4,354,052 -4,702,376 -5,078,566 -5,484,852 -5,923,640 -6,397,531 -6,909,334 -7,462,080 -8,059,047 -8,703,771 -9,400,072 -10,152,078 -10,964,244 -11,841,384 -12,788,694 -13,811,790 -14,916,733 -16,110,072 -17,398,878 -18,790,788 -20,294,051 -21,917,575 -23,670,981 -25,564,659 -27,609,832 -29,818,619 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 25,958,113 26,595,911 27,454,874 28,285,670 29,117,713 29,961,442 30,828,203 31,700,255 32,631,870 33,281,124 32,451,113 33,744,319 36,109,728 37,348,613 38,567,192 39,810,333 41,094,132 42,431,250 43,816,050 45,287,743 46,671,024 46,981,629 47,449,084 51,325,319 53,412,901 55,509,678 57,692,861 59,989,662 62,417,455 344,250,291 -Cash flow from investing activities ($) -558,522,094 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 558,522,094 -2,985,283 -3,224,106 -3,482,034 -3,760,597 -4,061,445 -4,386,360 -4,737,269 -5,116,251 -5,525,551 -5,967,595 -6,445,002 -6,960,602 -7,517,451 -8,118,847 -8,768,354 -9,469,823 -10,227,409 -11,045,601 -11,929,249 -12,883,589 -13,914,277 -15,027,419 -16,229,612 -17,527,981 -18,930,220 -20,444,637 -22,080,208 -23,846,625 -25,754,355 -27,814,703 -Total pre-tax cash flow ($) 0 22,972,830 23,371,805 23,972,840 24,525,073 25,056,268 25,575,081 26,090,934 26,584,005 27,106,319 27,313,529 26,006,111 26,783,717 28,592,277 29,229,766 29,798,838 30,340,510 30,866,724 31,385,649 31,886,800 32,404,153 32,756,747 31,954,210 31,219,472 33,797,338 34,482,682 35,065,040 35,612,652 36,143,037 36,663,100 316,435,588 +Cash flow from operating activities ($) 0 26,319,770 26,997,731 27,909,505 28,791,788 29,675,712 30,572,335 31,493,751 32,420,928 33,412,056 34,102,521 33,214,648 34,598,697 37,117,329 38,435,927 39,733,764 41,058,319 42,426,663 43,852,269 45,329,134 46,899,073 48,375,793 48,708,025 49,213,806 53,349,943 55,577,624 57,816,656 60,148,824 62,603,049 65,197,841 367,327,639 +Cash flow from investing activities ($) -598,760,918 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 598,760,918 -3,200,358 -3,456,387 -3,732,898 -4,031,530 -4,354,052 -4,702,376 -5,078,566 -5,484,852 -5,923,640 -6,397,531 -6,909,334 -7,462,080 -8,059,047 -8,703,771 -9,400,072 -10,152,078 -10,964,244 -11,841,384 -12,788,694 -13,811,790 -14,916,733 -16,110,072 -17,398,878 -18,790,788 -20,294,051 -21,917,575 -23,670,981 -25,564,659 -27,609,832 -29,818,619 +Total pre-tax cash flow ($) 0 23,119,412 23,541,344 24,176,607 24,760,258 25,321,660 25,869,958 26,415,185 26,936,076 27,488,416 27,704,990 26,305,314 27,136,617 29,058,282 29,732,156 30,333,692 30,906,241 31,462,419 32,010,885 32,540,439 33,087,283 33,459,060 32,597,953 31,814,928 34,559,156 35,283,573 35,899,082 36,477,844 37,038,390 37,588,009 337,509,020 Pre-tax Returns: -Issuance of equity ($) 220,339,639 -Total pre-tax cash flow ($) 0 22,972,830 23,371,805 23,972,840 24,525,073 25,056,268 25,575,081 26,090,934 26,584,005 27,106,319 27,313,529 26,006,111 26,783,717 28,592,277 29,229,766 29,798,838 30,340,510 30,866,724 31,385,649 31,886,800 32,404,153 32,756,747 31,954,210 31,219,472 33,797,338 34,482,682 35,065,040 35,612,652 36,143,037 36,663,100 316,435,588 -Total pre-tax returns ($) -220,339,639 22,972,830 23,371,805 23,972,840 24,525,073 25,056,268 25,575,081 26,090,934 26,584,005 27,106,319 27,313,529 26,006,111 26,783,717 28,592,277 29,229,766 29,798,838 30,340,510 30,866,724 31,385,649 31,886,800 32,404,153 32,756,747 31,954,210 31,219,472 33,797,338 34,482,682 35,065,040 35,612,652 36,143,037 36,663,100 316,435,588 +Issuance of equity ($) 236,214,047 +Total pre-tax cash flow ($) 0 23,119,412 23,541,344 24,176,607 24,760,258 25,321,660 25,869,958 26,415,185 26,936,076 27,488,416 27,704,990 26,305,314 27,136,617 29,058,282 29,732,156 30,333,692 30,906,241 31,462,419 32,010,885 32,540,439 33,087,283 33,459,060 32,597,953 31,814,928 34,559,156 35,283,573 35,899,082 36,477,844 37,038,390 37,588,009 337,509,020 +Total pre-tax returns ($) -236,214,047 23,119,412 23,541,344 24,176,607 24,760,258 25,321,660 25,869,958 26,415,185 26,936,076 27,488,416 27,704,990 26,305,314 27,136,617 29,058,282 29,732,156 30,333,692 30,906,241 31,462,419 32,010,885 32,540,439 33,087,283 33,459,060 32,597,953 31,814,928 34,559,156 35,283,573 35,899,082 36,477,844 37,038,390 37,588,009 337,509,020 After-tax Returns: -Total pre-tax returns ($) -220,339,639 22,972,830 23,371,805 23,972,840 24,525,073 25,056,268 25,575,081 26,090,934 26,584,005 27,106,319 27,313,529 26,006,111 26,783,717 28,592,277 29,229,766 29,798,838 30,340,510 30,866,724 31,385,649 31,886,800 32,404,153 32,756,747 31,954,210 31,219,472 33,797,338 34,482,682 35,065,040 35,612,652 36,143,037 36,663,100 316,435,588 -Federal ITC total income ($) 0 167,556,628 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -2,824,173 -573,016 -745,191 -911,720 -1,078,499 -1,247,620 -1,421,358 -1,596,157 -1,782,894 -1,913,034 -1,746,662 -2,005,879 -2,480,014 -2,728,342 -2,972,600 -3,221,781 -3,479,112 -3,747,131 -4,024,707 -4,319,701 -6,975,973 -9,417,233 -9,510,932 -10,287,904 -10,706,349 -11,126,637 -11,564,245 -12,024,628 -12,511,267 -69,003,250 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -641,073 -130,072 -169,155 -206,956 -244,814 -283,203 -322,641 -362,320 -404,708 -434,249 -396,484 -455,324 -562,951 -619,320 -674,765 -731,328 -789,741 -850,580 -913,588 -980,550 -1,583,511 -2,137,664 -2,158,933 -2,335,302 -2,430,287 -2,525,690 -2,625,025 -2,729,530 -2,839,994 -15,663,388 -Total after-tax returns ($) -220,339,639 187,064,211 22,668,717 23,058,494 23,406,397 23,732,955 24,044,258 24,346,934 24,625,528 24,918,717 24,966,246 23,862,965 24,322,513 25,549,313 25,882,104 26,151,473 26,387,400 26,597,870 26,787,938 26,948,505 27,103,902 24,197,264 20,399,314 19,549,607 21,174,132 21,346,046 21,412,713 21,423,382 21,388,879 21,311,839 231,768,950 - -After-tax net cash flow ($) -4,210,175 -42,311,955 -173,817,509 187,064,211 22,668,717 23,058,494 23,406,397 23,732,955 24,044,258 24,346,934 24,625,528 24,918,717 24,966,246 23,862,965 24,322,513 25,549,313 25,882,104 26,151,473 26,387,400 26,597,870 26,787,938 26,948,505 27,103,902 24,197,264 20,399,314 19,549,607 21,174,132 21,346,046 21,412,713 21,423,382 21,388,879 21,311,839 231,768,950 -After-tax cumulative IRR (%) NaN NaN NaN -12.59 -3.62 3.68 9.04 12.87 15.61 17.59 19.04 20.12 20.92 21.50 21.95 22.32 22.60 22.83 23.01 23.15 23.26 23.35 23.42 23.47 23.50 23.53 23.55 23.57 23.58 23.60 23.61 23.61 23.68 -After-tax cumulative NPV ($) -4,210,175 -40,995,502 -172,371,670 -49,450,890 -36,500,791 -25,048,600 -14,942,030 -6,032,956 1,814,043 8,721,976 14,796,341 20,140,170 24,794,869 28,662,761 32,090,202 35,220,259 37,976,925 40,398,468 42,522,711 44,384,224 46,014,157 47,439,689 48,686,170 49,653,626 50,362,702 50,953,483 51,509,778 51,997,339 52,422,540 52,792,388 53,113,409 53,391,495 56,020,699 +Total pre-tax returns ($) -236,214,047 23,119,412 23,541,344 24,176,607 24,760,258 25,321,660 25,869,958 26,415,185 26,936,076 27,488,416 27,704,990 26,305,314 27,136,617 29,058,282 29,732,156 30,333,692 30,906,241 31,462,419 32,010,885 32,540,439 33,087,283 33,459,060 32,597,953 31,814,928 34,559,156 35,283,573 35,899,082 36,477,844 37,038,390 37,588,009 337,509,020 +Federal ITC total income ($) 0 179,628,275 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -2,725,270 -310,768 -493,529 -670,378 -847,556 -1,027,280 -1,211,973 -1,397,821 -1,596,488 -1,734,888 -1,556,918 -1,834,344 -2,339,191 -2,603,497 -2,863,642 -3,129,143 -3,403,421 -3,689,176 -3,985,206 -4,299,893 -7,146,290 -9,763,280 -9,864,661 -10,693,729 -11,140,257 -11,589,060 -12,056,531 -12,548,468 -13,068,581 -73,628,989 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -618,623 -70,543 -112,029 -152,172 -192,391 -233,187 -275,112 -317,298 -362,395 -393,811 -353,413 -416,387 -530,985 -590,981 -650,032 -710,300 -772,559 -837,424 -904,622 -976,054 -1,622,172 -2,216,215 -2,239,228 -2,427,422 -2,528,782 -2,630,658 -2,736,772 -2,848,439 -2,966,502 -16,713,408 +Total after-tax returns ($) -236,214,047 199,403,794 23,160,033 23,571,049 23,937,707 24,281,712 24,609,491 24,928,100 25,220,957 25,529,533 25,576,291 24,394,983 24,885,886 26,188,106 26,537,678 26,820,017 27,066,798 27,286,439 27,484,285 27,650,611 27,811,336 24,690,599 20,618,458 19,711,039 21,438,004 21,614,534 21,679,364 21,684,541 21,641,483 21,552,926 247,166,624 + +After-tax net cash flow ($) -4,513,497 -45,360,327 -186,340,223 199,403,794 23,160,033 23,571,049 23,937,707 24,281,712 24,609,491 24,928,100 25,220,957 25,529,533 25,576,291 24,394,983 24,885,886 26,188,106 26,537,678 26,820,017 27,066,798 27,286,439 27,484,285 27,650,611 27,811,336 24,690,599 20,618,458 19,711,039 21,438,004 21,614,534 21,679,364 21,684,541 21,641,483 21,552,926 247,166,624 +After-tax cumulative IRR (%) NaN NaN NaN -13.01 -4.37 2.76 8.05 11.87 14.62 16.62 18.09 19.19 20.01 20.61 21.08 21.46 21.75 21.99 22.18 22.33 22.44 22.54 22.62 22.67 22.71 22.74 22.76 22.78 22.80 22.81 22.82 22.83 22.91 +After-tax cumulative NPV ($) -4,513,497 -43,949,030 -184,790,217 -53,761,039 -40,530,263 -28,823,506 -18,487,524 -9,372,454 -1,340,986 5,731,840 11,953,079 17,427,898 22,196,334 26,150,459 29,657,288 32,865,604 35,692,094 38,175,542 40,354,478 42,264,182 43,936,486 45,399,158 46,678,173 47,665,354 48,382,047 48,977,706 49,540,934 50,034,627 50,465,124 50,839,479 51,164,292 51,445,524 54,249,400 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -220,339,639 107,669,593 -57,124,877 -57,336,135 -57,540,465 -57,745,101 -57,952,612 -58,165,788 -58,380,265 -58,609,391 -58,769,072 -58,564,935 -58,882,992 -59,464,753 -59,769,450 -60,069,154 -60,374,898 -60,690,642 -61,019,499 -61,360,084 -61,722,040 -64,981,272 -67,976,685 -68,091,654 -69,044,994 -69,558,425 -70,074,116 -70,611,059 -71,175,946 -71,773,050 138,172,621 -PPA revenue ($) 0 79,394,618 79,793,593 80,394,629 80,946,861 81,478,056 81,996,870 82,512,722 83,005,793 83,528,108 83,735,318 82,427,899 83,205,505 85,014,066 85,651,555 86,220,627 86,762,298 87,288,512 87,807,437 88,308,589 88,825,942 89,178,536 88,375,999 87,641,260 90,219,126 90,904,470 91,486,829 92,034,441 92,564,825 93,084,889 93,596,329 -Electricity to grid (kWh) 0.0 835,732,825 839,932,562 841,211,977 841,968,603 842,498,774 842,895,456 843,257,254 843,383,391 843,803,492 841,053,817 823,208,821 826,271,156 839,479,273 841,040,402 841,916,087 842,516,006 842,960,040 843,329,210 843,524,588 843,871,766.0 842,658,376 830,601,494 819,306,910 838,935,524 840,851,635 841,800,046 842,420,513 842,877,666 843,236,607 843,514,141 +Annual costs ($) -236,214,047 115,501,281 -61,164,413 -61,388,659 -61,605,652 -61,823,049 -62,043,569 -62,270,186 -62,498,221 -62,741,984 -62,911,800 -62,693,432 -63,033,832 -63,653,277 -63,977,580 -64,296,776 -64,622,544 -64,959,081 -65,309,702 -65,672,929 -66,059,048 -69,551,563 -72,762,597 -72,886,991 -73,904,253 -74,452,140 -75,002,819 -75,576,404 -76,180,008 -76,818,185 148,254,961 +PPA revenue ($) 0 83,902,513 84,324,445 84,959,708 85,543,359 86,104,761 86,653,060 87,198,286 87,719,177 88,271,517 88,488,092 87,088,416 87,919,718 89,841,384 90,515,258 91,116,793 91,689,342 92,245,520 92,793,987 93,323,541 93,870,384 94,242,162 93,381,054 92,598,030 95,342,257 96,066,675 96,682,183 97,260,945 97,821,491 98,371,111 98,911,663 +Electricity to grid (kWh) 0.0 883,184,349 887,625,738 888,978,845 889,779,064 890,339,789 890,759,250 891,142,427 891,273,901 891,721,558 888,791,598 869,753,476 873,085,583 887,147,067 888,798,680 889,725,546 890,360,673 890,830,714 891,221,542 891,427,460 891,795,404 890,505,166 877,641,489 865,644,852 886,574,830 888,601,189 889,604,188 890,260,368 890,743,867 891,123,389 891,417,291 -Present value of annual costs ($) 457,963,737 -Present value of annual energy nominal (kWh) 5,506,023,725 -LCOE Levelized cost of energy nominal (cents/kWh) 8.32 +Present value of annual costs ($) 490,394,979 +Present value of annual energy nominal (kWh) 5,818,595,945 +LCOE Levelized cost of energy nominal (cents/kWh) 8.43 -Present value of PPA revenue ($) 539,799,092 -Present value of annual energy nominal (kWh) 5,506,023,725 +Present value of PPA revenue ($) 570,442,790 +Present value of annual energy nominal (kWh) 5,818,595,945 LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 53,012,709 53,411,684 54,012,720 54,564,952 55,096,147 55,614,961 56,130,813 56,623,884 57,146,199 57,353,409 56,045,990 56,823,596 58,632,157 59,269,645 59,838,717 60,380,389 60,906,603 61,425,528 61,926,680 62,444,033 62,796,627 61,994,090 61,259,351 63,837,217 64,522,561 65,104,920 65,652,532 66,182,916 66,702,980 346,475,467 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 55,323,520 55,745,452 56,380,715 56,964,366 57,525,768 58,074,066 58,619,293 59,140,184 59,692,524 59,909,098 58,509,422 59,340,725 61,262,390 61,936,264 62,537,800 63,110,349 63,666,527 64,214,993 64,744,547 65,291,391 65,663,168 64,802,061 64,019,036 66,763,264 67,487,681 68,103,190 68,681,952 69,242,498 69,792,117 369,713,128 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 27,054,596 26,815,774 26,557,845 26,279,283 25,978,435 25,653,519 25,302,610 24,923,629 24,514,329 24,072,285 23,594,877 23,079,277 22,522,429 21,921,033 21,271,525 20,570,057 19,812,471 18,994,278 18,110,630 17,156,290 16,125,603 15,012,461 13,810,267 12,511,898 11,109,660 9,595,242 7,959,671 6,193,255 4,285,525 2,225,176 -Total state tax depreciation ($) 0 11,868,595 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 11,868,595 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 29,003,750 28,747,721 28,471,210 28,172,578 27,850,056 27,501,732 27,125,542 26,719,256 26,280,468 25,806,577 25,294,774 24,742,028 24,145,061 23,500,338 22,804,036 22,052,030 21,239,864 20,362,724 19,415,414 18,392,318 17,287,375 16,094,036 14,805,231 13,413,320 11,910,057 10,286,533 8,533,127 6,639,449 4,594,276 2,385,489 +Total state tax depreciation ($) 0 12,723,670 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 12,723,670 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 14,089,518 2,858,722 3,717,685 4,548,481 5,380,524 6,224,253 7,091,014 7,963,066 8,894,681 9,543,935 8,713,924 10,007,130 12,372,539 13,611,424 14,830,003 16,073,144 17,356,943 18,694,061 20,078,861 21,550,554 34,802,429 46,981,629 47,449,084 51,325,319 53,412,901 55,509,678 57,692,861 59,989,662 62,417,455 344,250,291 +State taxable income ($) 0 13,596,101 1,550,392 2,462,166 3,344,449 4,228,373 5,124,996 6,046,412 6,973,589 7,964,717 8,655,182 7,767,309 9,151,358 11,669,990 12,988,588 14,286,425 15,610,980 16,979,324 18,404,930 19,881,795 21,451,734 35,652,124 48,708,025 49,213,806 53,349,943 55,577,624 57,816,656 60,148,824 62,603,049 65,197,841 367,327,639 -State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -641,073 -130,072 -169,155 -206,956 -244,814 -283,203 -322,641 -362,320 -404,708 -434,249 -396,484 -455,324 -562,951 -619,320 -674,765 -731,328 -789,741 -850,580 -913,588 -980,550 -1,583,511 -2,137,664 -2,158,933 -2,335,302 -2,430,287 -2,525,690 -2,625,025 -2,729,530 -2,839,994 -15,663,388 +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -618,623 -70,543 -112,029 -152,172 -192,391 -233,187 -275,112 -317,298 -362,395 -393,811 -353,413 -416,387 -530,985 -590,981 -650,032 -710,300 -772,559 -837,424 -904,622 -976,054 -1,622,172 -2,216,215 -2,239,228 -2,427,422 -2,528,782 -2,630,658 -2,736,772 -2,848,439 -2,966,502 -16,713,408 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 53,012,709 53,411,684 54,012,720 54,564,952 55,096,147 55,614,961 56,130,813 56,623,884 57,146,199 57,353,409 56,045,990 56,823,596 58,632,157 59,269,645 59,838,717 60,380,389 60,906,603 61,425,528 61,926,680 62,444,033 62,796,627 61,994,090 61,259,351 63,837,217 64,522,561 65,104,920 65,652,532 66,182,916 66,702,980 346,475,467 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -641,073 -130,072 -169,155 -206,956 -244,814 -283,203 -322,641 -362,320 -404,708 -434,249 -396,484 -455,324 -562,951 -619,320 -674,765 -731,328 -789,741 -850,580 -913,588 -980,550 -1,583,511 -2,137,664 -2,158,933 -2,335,302 -2,430,287 -2,525,690 -2,625,025 -2,729,530 -2,839,994 -15,663,388 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 55,323,520 55,745,452 56,380,715 56,964,366 57,525,768 58,074,066 58,619,293 59,140,184 59,692,524 59,909,098 58,509,422 59,340,725 61,262,390 61,936,264 62,537,800 63,110,349 63,666,527 64,214,993 64,744,547 65,291,391 65,663,168 64,802,061 64,019,036 66,763,264 67,487,681 68,103,190 68,681,952 69,242,498 69,792,117 369,713,128 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -618,623 -70,543 -112,029 -152,172 -192,391 -233,187 -275,112 -317,298 -362,395 -393,811 -353,413 -416,387 -530,985 -590,981 -650,032 -710,300 -772,559 -837,424 -904,622 -976,054 -1,622,172 -2,216,215 -2,239,228 -2,427,422 -2,528,782 -2,630,658 -2,736,772 -2,848,439 -2,966,502 -16,713,408 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 27,054,596 26,815,774 26,557,845 26,279,283 25,978,435 25,653,519 25,302,610 24,923,629 24,514,329 24,072,285 23,594,877 23,079,277 22,522,429 21,921,033 21,271,525 20,570,057 19,812,471 18,994,278 18,110,630 17,156,290 16,125,603 15,012,461 13,810,267 12,511,898 11,109,660 9,595,242 7,959,671 6,193,255 4,285,525 2,225,176 -Total federal tax depreciation ($) 0 11,868,595 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 23,737,189 11,868,595 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 29,003,750 28,747,721 28,471,210 28,172,578 27,850,056 27,501,732 27,125,542 26,719,256 26,280,468 25,806,577 25,294,774 24,742,028 24,145,061 23,500,338 22,804,036 22,052,030 21,239,864 20,362,724 19,415,414 18,392,318 17,287,375 16,094,036 14,805,231 13,413,320 11,910,057 10,286,533 8,533,127 6,639,449 4,594,276 2,385,489 +Total federal tax depreciation ($) 0 12,723,670 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 25,447,339 12,723,670 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 13,448,445 2,728,650 3,548,531 4,341,525 5,135,710 5,941,049 6,768,373 7,600,747 8,489,973 9,109,686 8,317,440 9,551,806 11,809,588 12,992,104 14,155,238 15,341,816 16,567,202 17,843,481 19,165,273 20,570,004 33,218,919 44,843,965 45,290,151 48,990,017 50,982,614 52,983,987 55,067,835 57,260,132 59,577,461 328,586,903 +Federal taxable income ($) 0 12,977,478 1,479,849 2,350,137 3,192,276 4,035,982 4,891,808 5,771,301 6,656,290 7,602,322 8,261,371 7,413,896 8,734,971 11,139,005 12,397,607 13,636,392 14,900,680 16,206,765 17,567,506 18,977,173 20,475,680 34,029,952 46,491,810 46,974,578 50,922,521 53,048,842 55,185,999 57,412,053 59,754,610 62,231,340 350,614,231 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -2,824,173 -573,016 -745,191 -911,720 -1,078,499 -1,247,620 -1,421,358 -1,596,157 -1,782,894 -1,913,034 -1,746,662 -2,005,879 -2,480,014 -2,728,342 -2,972,600 -3,221,781 -3,479,112 -3,747,131 -4,024,707 -4,319,701 -6,975,973 -9,417,233 -9,510,932 -10,287,904 -10,706,349 -11,126,637 -11,564,245 -12,024,628 -12,511,267 -69,003,250 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -2,725,270 -310,768 -493,529 -670,378 -847,556 -1,027,280 -1,211,973 -1,397,821 -1,596,488 -1,734,888 -1,556,918 -1,834,344 -2,339,191 -2,603,497 -2,863,642 -3,129,143 -3,403,421 -3,689,176 -3,985,206 -4,299,893 -7,146,290 -9,763,280 -9,864,661 -10,693,729 -11,140,257 -11,589,060 -12,056,531 -12,548,468 -13,068,581 -73,628,989 CASH INCENTIVES Federal IBI income ($) 0 @@ -385,68 +385,68 @@ Utility CBI income ($) 0 Other CBI income ($) 0 Total CBI income ($) 0 -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 167,556,628 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 167,556,628 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 179,628,275 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 179,628,275 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 338,182,456 335,197,173 331,973,067 328,491,033 324,730,436 320,668,991 316,282,631 311,545,362 306,429,111 300,903,561 294,935,966 288,490,963 281,530,361 274,012,910 265,894,064 257,125,709 247,655,886 237,428,478 226,382,876 214,453,627 201,570,037 187,655,761 172,628,342 156,398,730 138,870,748 119,940,529 99,495,891 77,415,683 53,569,058 27,814,703 0 -Debt interest payment ($) 0 27,054,596 26,815,774 26,557,845 26,279,283 25,978,435 25,653,519 25,302,610 24,923,629 24,514,329 24,072,285 23,594,877 23,079,277 22,522,429 21,921,033 21,271,525 20,570,057 19,812,471 18,994,278 18,110,630 17,156,290 16,125,603 15,012,461 13,810,267 12,511,898 11,109,660 9,595,242 7,959,671 6,193,255 4,285,525 2,225,176 -Debt principal payment ($) 0 2,985,283 3,224,106 3,482,034 3,760,597 4,061,445 4,386,360 4,737,269 5,116,251 5,525,551 5,967,595 6,445,002 6,960,602 7,517,451 8,118,847 8,768,354 9,469,823 10,227,409 11,045,601 11,929,249 12,883,589 13,914,277 15,027,419 16,229,612 17,527,981 18,930,220 20,444,637 22,080,208 23,846,625 25,754,355 27,814,703 -Debt total payment ($) 0 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 +Debt balance ($) 362,546,871 359,346,513 355,890,126 352,157,228 348,125,698 343,771,646 339,069,269 333,990,703 328,505,851 322,582,211 316,184,680 309,275,346 301,813,266 293,754,219 285,050,449 275,650,376 265,498,298 254,534,054 242,692,671 229,903,976 216,092,186 201,175,453 185,065,381 167,666,504 148,875,716 128,581,665 106,664,091 82,993,110 57,428,451 29,818,619 0 +Debt interest payment ($) 0 29,003,750 28,747,721 28,471,210 28,172,578 27,850,056 27,501,732 27,125,542 26,719,256 26,280,468 25,806,577 25,294,774 24,742,028 24,145,061 23,500,338 22,804,036 22,052,030 21,239,864 20,362,724 19,415,414 18,392,318 17,287,375 16,094,036 14,805,231 13,413,320 11,910,057 10,286,533 8,533,127 6,639,449 4,594,276 2,385,489 +Debt principal payment ($) 0 3,200,358 3,456,387 3,732,898 4,031,530 4,354,052 4,702,376 5,078,566 5,484,852 5,923,640 6,397,531 6,909,334 7,462,080 8,059,047 8,703,771 9,400,072 10,152,078 10,964,244 11,841,384 12,788,694 13,811,790 14,916,733 16,110,072 17,398,878 18,790,788 20,294,051 21,917,575 23,670,981 25,564,659 27,609,832 29,818,619 +Debt total payment ($) 0 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 DSCR (DEBT FRACTION) -EBITDA ($) 0 53,012,709 53,411,684 54,012,720 54,564,952 55,096,147 55,614,961 56,130,813 56,623,884 57,146,199 57,353,409 56,045,990 56,823,596 58,632,157 59,269,645 59,838,717 60,380,389 60,906,603 61,425,528 61,926,680 62,444,033 62,796,627 61,994,090 61,259,351 63,837,217 64,522,561 65,104,920 65,652,532 66,182,916 66,702,980 346,475,467 +EBITDA ($) 0 55,323,520 55,745,452 56,380,715 56,964,366 57,525,768 58,074,066 58,619,293 59,140,184 59,692,524 59,909,098 58,509,422 59,340,725 61,262,390 61,936,264 62,537,800 63,110,349 63,666,527 64,214,993 64,744,547 65,291,391 65,663,168 64,802,061 64,019,036 66,763,264 67,487,681 68,103,190 68,681,952 69,242,498 69,792,117 369,713,128 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 53,012,709 53,411,684 54,012,720 54,564,952 55,096,147 55,614,961 56,130,813 56,623,884 57,146,199 57,353,409 56,045,990 56,823,596 58,632,157 59,269,645 59,838,717 60,380,389 60,906,603 61,425,528 61,926,680 62,444,033 62,796,627 61,994,090 61,259,351 63,837,217 64,522,561 65,104,920 65,652,532 66,182,916 66,702,980 346,475,467 -Debt total payment ($) 0 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 30,039,880 -DSCR (pre-tax) 0.0 1.76 1.78 1.80 1.82 1.83 1.85 1.87 1.88 1.90 1.91 1.87 1.89 1.95 1.97 1.99 2.01 2.03 2.04 2.06 2.08 2.09 2.06 2.04 2.13 2.15 2.17 2.19 2.20 2.22 11.53 +Cash available for debt service (CAFDS) ($) 0 55,323,520 55,745,452 56,380,715 56,964,366 57,525,768 58,074,066 58,619,293 59,140,184 59,692,524 59,909,098 58,509,422 59,340,725 61,262,390 61,936,264 62,537,800 63,110,349 63,666,527 64,214,993 64,744,547 65,291,391 65,663,168 64,802,061 64,019,036 66,763,264 67,487,681 68,103,190 68,681,952 69,242,498 69,792,117 369,713,128 +Debt total payment ($) 0 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 32,204,108 +DSCR (pre-tax) 0.0 1.72 1.73 1.75 1.77 1.79 1.80 1.82 1.84 1.85 1.86 1.82 1.84 1.90 1.92 1.94 1.96 1.98 1.99 2.01 2.03 2.04 2.01 1.99 2.07 2.10 2.11 2.13 2.15 2.17 11.48 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index 26ea83dd..6ac19620 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -24,7 +24,7 @@ Combined Income Tax Rate, .2555, -- Federal Corporate Income Tax Rate of 21% plu Property Tax Rate, 0.0022, -- Utah Inland Port Authority (UIPA) tax differential incentive Capital Cost for Power Plant for Electricity Generation, 1900, -- https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf -Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs than default correlation in consideration of potential risks associated with second/third/fourth-of-a-kind EGS projects +Exploration Capital Cost, 30, -- Equivalent to 2024b ATB NF-EGS conservative scenario exploration assumption of 5 full-size wells (NREL, 2025), plus $1M for geophysical and field work, plus 15% contingency, plus 12% indirect costs. Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE (2025 NREL Geothermal Drilling Cost Curve Update) Well Drilling and Completion Capital Cost Adjustment Factor, 0.9, -- NREL Geothermal 2024b ATB https://atb.nrel.gov/electricity/2024b/geothermal @@ -43,7 +43,7 @@ Plant Lifetime, 30, -- Per https://fervoenergy.com/geothermal-mythbusting-water- Reservoir Model, 1, -- Multiple Parallel Fractures (Gringarten) Reservoir Depth, 2.5908, -- 8500 feet per https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf -Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) +Gradient 1, 72.23, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) Number of Segments, 1 Reservoir Density, 2800, -- per https://doi.org/10.31223/X52X0B: phyllite + quartzite + diorite + granodiorite @@ -59,7 +59,7 @@ Number of Fractures per Stimulated Well, 200, -- 25 stages with 8 clusters per s Fracture Separation, 7.315 Fracture Shape, 2, -- CIRCULAR_DIAMETER Fracture Height, 186.16, -- Approximates ellipsoidal fracture with 228 meter height and 152 meter width -Number of Doublets, 10 +Number of Doublets, 11 Production Flow Rate per Well, 120, -- Maximum Fervo-tested flow rate Production Well Diameter, 8.535, -- Inner diameter for 9-5/8" casing size @@ -69,8 +69,8 @@ Ramey Production Wellbore Model, 1 Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature Injection Wellbore Temperature Gain, 3 -Ambient Temperature, 10, -- degC -Surface Temperature, 10, -- degC +Ambient Temperature, 11.17, -- https://www.ncei.noaa.gov/access/us-climate-normals/#dataset=normals-annualseasonal&timeframe=30&station=USC00425654 +Surface Temperature, 13, -- Project InnerSpace GeoMap https://geomap.projectinnerspace.org/test/ Maximum Drawdown, 0.02, -- Drawdown value that prevents minimum net electricity generation from going below 100 MWe Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% diff --git a/tests/geophires_x_tests/test_fervo_project_cape_4.py b/tests/geophires_x_tests/test_fervo_project_cape_4.py index 0bb8a2f1..0386e755 100644 --- a/tests/geophires_x_tests/test_fervo_project_cape_4.py +++ b/tests/geophires_x_tests/test_fervo_project_cape_4.py @@ -5,6 +5,7 @@ from typing import Any from base_test_case import BaseTestCase +from geophires_x.GeoPHIRESUtils import quantity from geophires_x.GeoPHIRESUtils import sig_figs from geophires_x.Parameter import HasQuantity from geophires_x_client import GeophiresInputParameters @@ -355,3 +356,18 @@ def _parse_value_unit(self, raw_string: str) -> dict: # Fallback for text-only values return {'value': clean_str, 'unit': 'text'} + + def test_fervo_project_cape_5(self) -> None: + """ + Fervo_Project_Cape-5 is derived from Fervo_Project_Cape-4 - see tests/regenerate-example-result.sh + """ + + fpc5_result: GeophiresXResult = GeophiresXResult( + self._get_test_file_path('../examples/Fervo_Project_Cape-5.out') + ) + min_net_gen_dict = fpc5_result.result['SURFACE EQUIPMENT SIMULATION RESULTS'][ + 'Minimum Net Electricity Generation' + ] + fpc5_min_net_gen_mwe = quantity(min_net_gen_dict['value'], min_net_gen_dict['unit']).to('MW').magnitude + self.assertGreater(fpc5_min_net_gen_mwe, 100) + self.assertLess(fpc5_min_net_gen_mwe, 110) diff --git a/tests/regenerate-example-result.sh b/tests/regenerate-example-result.sh index 9e3578a9..ffaebbe3 100755 --- a/tests/regenerate-example-result.sh +++ b/tests/regenerate-example-result.sh @@ -25,8 +25,9 @@ then python ../docs/generate_fervo_project_cape_4_md.py echo "Regenerating Fervo_Project_Cape-5..." + # TODO synchronize replacement matching with Fervo_Project_Cape-4 values sed -e 's/Construction Years, 5/Construction Years, 3/' \ - -e 's/Number of Doublets, 50/Number of Doublets, 10/' \ + -e 's/Number of Doublets, 52/Number of Doublets, 11/' \ -e 's/500 MWe/100 MWe/' \ -e 's/Phase II/Phase I/' \ examples/Fervo_Project_Cape-4.txt > examples/Fervo_Project_Cape-5.txt