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PG Biomass Project Economic Model
AEA-10-015 Project Parameters Financing Capacity (MW) 1.529 Equity (%) 20 On Line Stream Factor (%) 85 Equity ($000) 1474 Evaluation Starting Year 2013 Evaluation Period (yrs) 20 Annual Waste Heat Sales ($) 0 Capacity Sales Price ($/kW month) 0 Energy Sales Price ($/kWH) 0.165 Fuel Usage (tons/yr/MW) 14609.54872 Fuel Price ($/ton) 50 Debt ($000) 3394 Project Cost Term (yrs) 15 Interest Rate 0.06 Investment ($000) Turbines 1,577.10$ Return on Equity 30.86% Combustion Equipment 1,485.00$ Fuel Handling Equipment 175.00$ Operating Expenses Buildings and Foundations 774.50$ Misc. Control room and Equipment 39.10$ Billing /Collecting -$ Site Prep 100.00$ Land Lease -$ Balance of Plant and Installation 872.00$ Labor 160,000$ Freight 351.59$ Insurance 10,000$ Owners CM / Insurance 50.23$ Accounting 10,000$ Working Capital 502.27$ Legal 10,000$ Engineer and Architect 427.72$ O&M 100,000$ Start-up and commissioning 50.00$ Financing Fees / Construction Interest 185.84$ Tax Rate 35 Miscellaneous / Contingency 502.27$ Total Investment 7,092.62$ Subsidies/Grants 2,500.00$ Project Development Costs ($000) Permits and Legal 100.00$ Engineer and Architect 175.00$ Total Project Development Costs 275.00$ Total Investment and Development Costs 7,367.62$ Port Graham Biomass Project November 10, 2009 Year 1 2 345678910111213141516171819202013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032RevenuesEnergy SalesExport Energy Sales (kWh/year) 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934 11,384,934Power Sales Price ($/kWh) $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165 $0.165$0.165 $0.165 $0.165Energy Sales ($/yr) 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ Capacity SalesPrice ($/kW month) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Capacity Sales ($/yr)) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Waste Heat SalesWaste Heat Sales ($/yr) -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Total Revenues1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ 1,878,514.11$ Operating ExpensesFuel Cost (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ (1,116,900)$ Billing /Collecting -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Land Lease -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ Labor(160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ (160,000)$ Insurance(10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ Accounting(10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ Legal(10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ (10,000)$ O&M(100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ (100,000)$ Total Operating Expenses (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ Debt ServiceInterest(203,646)$ (194,897)$ (185,622)$ (175,792)$ (165,371)$ (154,326)$ (142,617)$ (130,207)$ (117,051)$ (103,106)$ (88,325)$ (72,656)$ (56,048)$ (38,442)$ (19,781)$ -$ -$ -$ -$ -$ Principal(145,820)$ (154,569)$ (163,843)$ (173,674)$ (184,094)$ (195,140)$ (206,848)$ (219,259)$ (232,415)$ (246,359)$ (261,141)$ (276,809)$ (293,418)$ (311,023)$ (329,684)$ -$ -$ -$ -$ -$ Annual Debt Service Payment(349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ (349,466)$ -$ -$ -$ -$ -$ Return to InvestorRevenues 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ 1,878,514$ Operating Expenses(1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ (1,406,900)$ Gross Profit471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ Depreciation(1,339,567)$ (1,205,611)$ (1,071,654)$ (937,697)$ (803,740)$ (669,784)$ (535,827)$ (401,870)$ (267,913)$ (133,957)$ Interest(203,646)$ (194,897)$ (185,622)$ (175,792)$ (165,371)$ (154,326)$ (142,617)$ (130,207)$ (117,051)$ (103,106)$ (88,325)$ (72,656)$ (56,048)$ (38,442)$ (19,781)$ -$ -$ -$ -$ -$ Net Income Before Taxes(1,071,599)$ (928,893)$ (785,662)$ (641,875)$ (497,498)$ (352,495)$ (206,830)$ (60,463)$ 86,650$ 234,551$ 383,290$ 398,958$ 415,567$ 433,172$ 451,833$ 471,614$ 471,614$ 471,614$ 471,614$ 471,614$ Taxes($375,059.62) ($325,112.55) ($274,981.75) ($224,656.19) ($174,124.19) ($123,373.36) ($72,390.57) ($21,161.91)$30,327.38 $82,092.94 $134,151.35 $139,635.31 $145,448.30 $151,610.08 $158,141.57 $165,064.94 $165,064.94 $165,064.94 $165,064.94 $165,064.94Production Tax Credit ($/kwh) 113,849.34$ 113,849.34$ 113,849.34$ 113,849.34$ 113,849.34$ 113,849.34$ 113,849.34$ 113,849.34$ 113,849.34$ 113,849.34$ Net Income(582,690)$ (489,931)$ (396,831)$ (303,369)$ (209,524)$ (115,273)$ (20,590)$ 74,549$ 170,172$ 266,308$ 249,138$ 259,323$ 270,118$ 281,562$ 293,691$ 306,549$ 306,549$ 306,549$ 306,549$ 306,549$ Depreciation 1,339,567$ 1,205,611$ 1,071,654$ 937,697$ 803,740$ 669,784$ 535,827$ 401,870$ 267,913$ 133,957$ Principal Payment 145,820$ 154,569$ 163,843$ 173,674$ 184,094$ 195,140$ 206,848$ 219,259$ 232,415$ 246,359$ 261,141$ 276,809$ 293,418$ 311,023$ 329,684$ -$ -$ -$ -$ -$ Cash Available to Shareholder(1,473,524)$ 611,058$ 561,110$ 510,980$ 460,654$ 410,122$ 359,371$ 308,389$ 257,160$ 205,671$ 153,905$ (12,003)$ (17,487)$ (23,300)$ (29,461)$ (35,993)$ 306,549$ 306,549$ 306,549$ 306,549$ 306,549$ DSCR 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$ 1.35$