Summary of Results: IMM CONE CT Compared to Brattle The Independent Market Monitor for PJM July 9, 2014 © Monitoring Analytics 2014 | www.monitoringanalytics.com BRATTLE vs. SOM CONE CT CAPITAL COST AND REVENUE REQUIREMENTS CONE CT Capital Cost CONE Area1-AECO Zone 2013 SOM Brattle 2012 SOM 2011 SOM 2010 SOM 2009 SOM $Million $311.037 $420.000 $319.167 $311.736 $303.280 $297.443 $/kW $758.33 $1,060.61 $778.15 $760.03 $902.44 $885.07 Levelized Revenue Requirements CONE Area1-AECO Zone Levelized Revenue Requirements Capital Fixed O&M Total 2013 SOM $/MW-Day $262.21 $38.42 $300.63 $/MW-Year $95,708 $14,023 $109,731 Plant Description CT Model Number of CTs Plant Capacity (MW) Heat Rate (BTU/kWh) (HHV) Financial Assumptions Percent Equity Percent Debt Debt Term (Years) Project Life (Years) Debt Interest Rate (%) Target Equity IRR (%) General Escalation (%) MACRS Depreciation (Yrs) Brattle 2014 $/MW-Day $369.86 $41.10 $410.96 $/MW-Year $135,000 $15,000 $150,000 2012 SOM $/MW-Day $269.59 $40.08 $309.66 $/MW-Year $98,399 $14,628 $113,027 2011 SOM $/MW-Day $263.33 $39.66 $302.98 $/MW-Year $96,114 $14,475 $110,589 2010 SOM $/MW-Day $312.70 $46.32 $359.02 $/MW-Year $114,135 $16,909 $131,044 2009 SOM $/MW-Day $306.76 $45.86 $352.62 $/MW-Year $111,966 $16,739 $128,705 $/kW $612.75 $23.91 $26.82 $7.83 $15.32 $8.34 $5.79 $14.65 $4.55 $7.78 $40.58 $2.89 $6.94 $778.15 2011 SOM $000 $248,983 $9,622 $7,040 $2,919 $6,225 $3,385 $2,550 $5,885 $1,829 $3,117 $16,248 $1,130 $2,804 $311,736 $/kW $607.04 $23.46 $17.16 $7.12 $15.18 $8.25 $6.22 $14.35 $4.46 $7.60 $39.61 $2.76 $6.84 $760.03 2010 SOM $000 $245,058 $7,518 $5,201 $2,870 $6,126 $4,103 $2,604 $5,704 $1,772 $3,033 $15,797 $815 $2,677 $303,280 $/kW $729.20 $22.37 $15.48 $8.54 $18.23 $12.21 $7.75 $16.97 $5.27 $9.02 $47.01 $2.43 $7.97 $902.44 2009 SOM $000 $239,810 $6,971 $5,735 $2,727 $5,995 $4,107 $2,778 $5,612 $1,744 $2,974 $15,482 $797 $2,710 $297,443 $/kW $713.58 $20.74 $17.07 $8.12 $17.84 $12.22 $8.27 $16.70 $5.19 $8.85 $46.07 $2.37 $8.06 $885.07 $/MW-Year $3,359 $1,358 $555 $275 $624 $3,274 $427 $2,501 $12,374 2010 SOM $000 $1,319 $533 $221 $108 $245 $1,303 $168 $961 $4,858 $/MW-Year $3,925 $1,587 $657 $321 $729 $3,878 $499 $2,859 $14,454 2009 SOM $000 $1,332 $533 $217 $108 $245 $1,276 $168 $929 $4,809 $/MW-Year $3,965 $1,587 $646 $321 $729 $3,798 $499 $2,765 $14,309 2009-2010 SOM 2011-2013 SOM Brattle GE Frame 7FA.04 GE Frame 7FA.05 GE Frame 7FA.05 2 2 2 336.066 410.162 396.000 10,826 10,241 10,309 50% 50% 20 20 7.0% 12.0% 2.5% 15 50% 50% 20 20 7.0% 12.0% 2.5% 15 40% 60% 20 20 7.0% 13.8% 3.0% 15 CONE CT CAPITAL COST DETAIL CONE Area 1-AECO Zone Plant Proper EPC Electric Interconnect Gas Interconnect Equipment Spares-Inventories Owners Contingency Mobilization and Startup Land Purchase Development Expenses Legal Fees Financing Fees Interest During Construction Permits Emissions Reductions Credits Total Project Cost 2013 SOM $000 $246,014 $9,996 $10,505 $3,308 $6,150 $3,179 $2,376 $6,094 $1,893 $3,110 $16,317 $1,310 $784 $311,037 $/kW $599.80 $24.37 $25.61 $8.06 $15.00 $7.75 $5.79 $14.86 $4.62 $7.58 $39.78 $3.19 $1.91 $758.33 Brattle 2014 $000 $317,300 $13,000 $22,600 $6,900 $6,100 $7,200 $2,000 $15,900 $0 $9,400 $19,600 $0 $0 $420,000 $/kW $801.26 $32.83 $57.07 $17.42 $15.40 $18.18 $5.05 $40.15 $0.00 $23.74 $49.49 $0.00 $0.00 $1,060.61 2012 SOM $000 $251,328 $9,809 $11,000 $3,210 $6,283 $3,421 $2,376 $6,007 $1,867 $3,192 $16,642 $1,185 $2,847 $319,167 CONE CT FIRST YEAR ANNUAL FIXED O&M EXPENSES DETAIL CONE Area 1-AECO Zone Site O&M Labor O&M Contract Parts & Labor Electric Purchases-Consumables Training-Employee Expenses Asset O&M Management Fee Insurance G&A Property Taxes Total 2013 SOM $000 $1,426 $576 $236 $117 $265 $1,349 $181 $767 $4,917 $/MW-Year $3,476 $1,405 $575 $285 $646 $3,289 $442 $1,869 $11,987 Brattle 2014 $000 $1,500 $700 $200 $0 $400 $2,400 $200 $400 $5,800 $/MW-Year $3,788 $1,768 $505 $0 $1,010 $6,061 $505 $1,010 $14,646 2012 SOM $000 $1,408 $569 $233 $115 $262 $1,377 $179 $986 5,129 $/MW-Year $3,434 $1,388 $567 $281 $638 $3,357 $436 $2,404 $12,504 2011 SOM $000 $1,378 $557 $228 $113 $256 $1,343 $175 $1,026 $5,075
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