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HomeMy WebLinkAboutAEA Unalalaska Geothermal Project Annual Cost of Power 1994-2005suor roWoe WURPUFFLUUNCER IS 398 P@1 JUL OF °92 17:57 HOT SPRINGS POWER COMPANY 6200 S.Syracuse Way «Suite 125 Englewood,Colorado 80111 (303)721-9550 Fax (303)779-8082 FACSIMILE COVER SHEET Please Deliver The Following TransmissionTo: CONTACT NAME:_Beewr Perece. COMPANY NAME:_Ocasea &airegy Aurion FACSIMILE NUMBER:(907)_S76/-25¢4 FROM:_Rawoy GetsewurertCOMPANY:_"se. DATE:7/9{72- TOTAL NUMBER OF PAGES (including this cover sheet).<--_ if you are having difficulty sending or receiving transmissions,please contact us at (303)779-6700 MESSAGE: XC)Roan G DD CC.The,CE 7 Comey JP hoeltewEpowOFaa'e ah tod tun Maleusheo..Gelerohi.A leno s Diu Scheele t GO pes CO2uee ome N CAOW Com noe hewn Live oth a- 32 NP theles WO BUDE CURPUP FCUNCEP E'S 388 Pe@2 JUL 87 *92 17:57 HOT SPRINGS POWER COMPANY 6200 S.Syracuse Way °Suite 125 Englewood,Colorada 80111 (303)721-9550 Fax (303)779-8082 July 7,1992 Mr,Brent Fetrie YIAFACSIMILE ALASKA ENERGY AUTHORITY (907)561-8584 P.O.Box 190869 , Anchorage,Alaska RE:Unalaska Project Dear Brent: Thank you for taking my call regarding the Unalaska project.I first learned of the project from engineers and consultants with whom we work.You requested some information on our company. Hot Springs Fower Company and ite affiliates are experienced developers of independent power projects.We have substantial experience in geothermal, other projects have ranged from hydroelectric to cogeneration.Our most recent project,which is now successfully completing start-up,is the "Brady" project,a 28Mw (gross)plant supplying power to Sierra Pacific.We undertook the reorganization of a bankrupt geothermal company thereby acquiring the assets of geothermal leases and certain water rights.We typically focus on more difficult projects as in the Brady Project.We typically permit the plant,negotiate power sales agreements and prove-up the geothermal resource through drilling,and previde design and construction.We retain long-term ownership in the projects.We,also,provide the early development capital and bring in an institutional partner at the beginning of construction.I look forward to talking to you further about this opportunity. Sincerely, HOT SPRINGS POWER COMPANY fancyBeary.bu?BY:Randy §.Goldenhersh President RSG:bn FWB Est hours-v Jatks -N14boon ate evn /<6 an aaa [ole Meh -lito Jac a tA4 i ae Sea,-Fel FA .ra Ch,BenDDprise tohe -SealkKD,VOL,Ma ok Zeck.Coe toe OF AA?&Fe -ALK a CCLAD 2S Techn a0 Newer at te a ee %s re)One [bea 7 emp.Va atk.eG etce,Kate cv?in G Clr LL war &7 vit bra, Greet Ue!Vez etracte Flurl Gy Con shee ae AcaOtMC7fesrnsAue Pro pee Ativan -barel or ArVorr hard if Frew(PA OAT O'SProtorwamanleyss G -EF Te reson annie2)Flevr&Lee wee phir Pow Wel Rev wetbea f JEST L-SO-SPF 70.Mr.Lrevn 4 ferrie AEA FKom.,fay Lens FW BecK Sabject.LVI7 4 jos Fa Con Aracd Cos f- )Project Cos Accriee!§Za v01teLthreo"gh Novem ber 30,/96/BSL 227. 2)freee!Cost Accrued!por 2101 7D of Lkecenrber,[79 Z 23,500. 3)Jé fo projet last hroxg ty 'Decem Ger £4,/939/Pog 7S 7-60 4)Cox fra ef Aynounf-79,568.0© 3)lipna ning As of ¢-0-1992 *9,7 (.06 P.oi7atl=o--22 THIS }2 RSA St SiS ee tasAW.BECK Facsimile Transmission XD ASSOCIATES,INC.& re 2:22 Arctic Boulevard, ---Suite 210 To:"Daves Herssyanchorage,Alaska99503-2516 OstAnAsed Geonninst MEETING Tel:(907)272-6225 Sax:(907)276-1751 Phone (fax): From:Mis Hosen 7 Message consists of _pages,including this cover sheer. WV.0O2.Ws-1859-44(-KA 4Date:_re/2 fre Time:722 //70 Case A i=6.5% Interest capitalized to 3/31/94 Interest only 4/1 +12/31/95 Totel Revenues Expenses Operations and Maintenance: Insurance Administrative and General Property Taxes Fluid Fee Fluid Fee Credit Total Expenses Net Operating Funds Other Income: DSR Interest Earnings Oper.Reserve Interest Income R&R Fund Interest Earnings Prior Year's Surplus Revenues Total Funds Available for Debt Service Annual Debt Service Funds Available for Other Costs Other Costs:. Deposit to Operating Reserve Fund Deposit to R &R Fund D&R Loan Payment- Surplus Revenues Revenues from Salea (cents/kWh) City Costs : Delivered Costa;(cents/kWh) Nominal 1991 Price Levels Debt Service Coverage Ratio Energy Sales at Delivery Point PAL amortized 26 yrs (30-yr bonds) 3,600 $2900} 3,585 &,219 413 12h 75,000 ALASKA ENERGY AUTHORITY UNALASKA GEOTHERMAL PROJECT AnnualCostsofPower (Dollars in Thousands) 1995 1996 1997 1998 8,610 10,046 9,786 9,887 1,777 1,856 1,940 2,027 157 164 171 179 141 147 154 161 )0 0 [') 3,600 3,600 3,600 3,600 62.000)(2,900)(2,000)(2,000) 3,678 3,787 9,865 3,967 4,936 6,276 5,924 5,920 551 551 551 551 165 165 165 165 167 160 152 154 688 926 1.288 2.288 6,507 8,078 8,078 8,078 5,005 6,213 6.213 6,213 1,502 1,864 1,664 1,864 0 0 a 0 25 25 25 25 13.0 15.0 14.8 13.0 10.9 12.1 11.3 11.0 1.30 1.30 1,30 1,30 75,000 75,000 75,000 73,000 75,000 75,000 Page 1 of 2 2001 2002 2003 2004 11,934 12,064 12,200 13,329 2,319 2,428 2,526 2,640 204 213 223 233 184 192 202 210 )0 )0 4,275 4,275 4,275 4,275 000 000)(1,900)Q 5,977 6,098 6,225 7,958 5,957 5,966 5,975 5,971 551 $81 551 $51 165 165 165 165 141 132 124 127 1.263 1.263 1.263 1,263 8,078 8,078 8,078 8,078 6,213 6,213 6.213 6,213 1,866 1,864 1,864 1,864 )0 0 ) 50 50 50 75 554 $51 552 352 1,263 1,263 1,263'1,238 15.9 16.1 16.3 17.8 29 24 £2 B42 18.0 18.2 18.5 20.2 11.6 11.2 10.9 41.3 1.30 1.30 1.30 1.30 73,000 75,000 75,000 75,000 2005 15,505 2,759 243 73,000 -NVOoNHLz2zGo-s=Ttsuzyysa98sJzo” Case A Page 2 of 2 2006 15,659 2,883 254 2007 15,806 3,013 266 73,000 2008 15,976 3,144 278 75,000 75,000 75,000 --NvCrNHLZz6o-Gseusyvs2ugeesertcord Case B i =6.252% Interest capitalized to 3/31/94 Interest only 4/1 -12/31/95 Total Revenues Expenses Operations and Maintenance; Ineuranoe Administrative and General Property Taxes Fluid Fee Fluid Fee Credit Total Expenses Net Operating Funds Other Income: DSR Interest Earnings Oper,Reserve Interest Incone RGR Fund Interest,Earnings Prior Year's Surplus Revenues Total Funds Available for Debt Service "annual Debt Service Funds Available for Other Costs Other Costs: Deposit to Operating Reserve Fund Deposit to R &RB Fund DSR Loan Payment Surplus Revenues Revenves from Sales (oents/kWh) City Coste Delivered Coats;(oents/kWh) Nominal 1991 Price Levels Debt Service Coverage Ratio Energy Seales at Delivery Point P&i amortized 13 yrs (aglyr bonds} 75,000 ALASKA ENERGY AUTHORITY UNALASKA GEOTHERMAL PROJECT Annual Costs of Power (Dollars in Thousands) 1995 1996 1997 1998 8,410 13,473 12,378 12,479 1,777:1,856 1,940 2,027 157 164 171 179 42 147 154 161 0 )0 ) 3,600 3,600 3,600 3,600 (2,000)£2,000)(2,000)£2,000) 3,674 3,767 3,865 3,967 4,725 9,705 8,513 «8,$12 503 503 503 503 4158 158 158 158 159 153 146 147 676 910 «2,409,109 6,232 12,426 11,428 11,428 4,794 8,794 8.79,8,791 1,498 2,637 2,637 2,637 0 0 0 0 25 25 25 25 12.8 19.6 18.2 18.4 10.7 15.7 14.0 413.5 1.30 1.30 1.30 1,30 75,000 75,000 75,000 75,000 139 2,109 11,428 75,000 75,000 Page 1 of 2 2002 2003 2004 14,633 14,792 15,920 2,418 2,526 2,640 *213 223 233 192 201 240 6 0 0 4,275 4,275 4,275 $2,900)(4,900)2 6,098 6,225 7,358 8,557 8,565 8,562 503 503 503 158 158 158 126 118 121 2,084 2.084 2,084 11,428 11,428 11,428 8,792 8,791 8,791 2,637 2,637 2,63? )0 0 50 50 75 303 503 303 2,084 2,084 2,059 19.5 19.7 21.2 21.7 21.9 23.6 13.4 12.9 13.3 1.30 1.30 1.30 75,000 75,000 75,000 2005 18,095 2,759 243 73,000 a]ro Case5B Page 2 of 2 2006 18,249 2,883 254 2007 18,396 3,013 266 75,000 2008 18,566 3,148 278 75,000 2009 7,313 3,290 290 6,278 [4] 10,119 (2,806) 503 158 86 2,059 reo1.30 75,000 1.30 73,000 --nHYHorNHLzeo---s6seusyvs2e?Orisztoa Case C 4 =6.25% Intexest capitalized to 3/31/94! Interest only 4/1 -6/30/94. Total Revenues Expenses Operations and Maintenance; Tnaurance Administrative and General Property Taxea Pluid Fee Pluid Fee Credit Total Expenses Net Operating Funds Other Income: DSR Interest Earnings Oper,Reserve Interest Income RAR Fund Interest Earnings Prior Year's Surplus Revenues Total Funds Available for Debt Service Annual Debt Service Funds Available for Other Costs Other Costa: Deposit to Operating Reserve Fund Deposit to R &R Fund DSR Loan Payment Surplus Revenues Revenues from Sales (cents/kWh) City Coste Delivered Costa:(oents/kith) Nominal 1992 Price Levels Debt Service Coverage Ratio Energy Sales at Delivery Point P&4 amortized 15 yrs (17,5-yr bonds) 14.2 12.4 1.30 73,000 75,000 ALASKA ENERGY AUTHORITY TNALASKA GEOTHERMAL PROJECT AnnualCostsofPower (Dollars in Thousands) 1996 11,4509 1,856 164 75,000 1997 11,614 1,940 171 75,000 1998 11,714 2,027 179 75,000 75,000 Page 1 of 2 2003 2002 2003 2004 13,762 13,691 14,026 15,156 2,313 2,418 2,526 2,640 204 213 223 233 184 192 201 210 0 Q 0 0 4,275 4,275 4,275 4,275 000)£4,000)(4,009)o 5,977 6,098 6,225 7,358 7,784 7,793 7,801 7,798 °843 843 843 843 158 158 158 158 135 126 118 121 1,515 1,515 1,518 .1,815 10,435 10,435 10,435 10,435 8 027 8,027 8.027 8,027 2,408 2,408 2,408 2,408 [)t)0 0 50 50 50 75 43 943 43 843 1,515 1,515 1,515 1,490 18.3 18.3 18.7 20.2 2.0 £.1 2:2 a3 20.4 20,7 20.9 22.5 13,1 12,7 12.3 12.7 1.30 1.30 1.30 1.30 73,000 75,000 75,000 75,000 25,5 13.8 1.30 73,000 Z]etNHLFZE-G-HYCsugvsxdor Cc. Case ¥ Page 2 of 2 2006 17,485 2,883 254 104 4.490 10,435 8,027 2,408 2007 17,632 3,013 266 75,000 2008 17,802 3,148 278 26.5 12.5 1.30 75,000 2009 12,760 3,290 290 6,278 0 10,119 2,641 73,000 6,278 2 10,292 (1,353) 73,000 2oa7d UNISEA Estimated contract energy 28,100,000 kWh/yr @ 13 ¢/kWh (1994)$3,654,000/yr Maximum demand 3,800 kW ALYESKA Estimated contract energy 10,500,000 kWh/yr @ 13 ¢/kWh (1994)$1,365,000/yr Maximum demand 1,500 kW WESTWARD Estimated contract energy 12,700,000 kWh/yr @ 13 ¢/kWh (1994)$1,651,000/yr Maximum demand 1,800 kW WESTWARD Estimated contract energy 12,700,000 kWh/yr @ 13 ¢/kWh (1994)$1,651,000/yr Maximum demand 1,800 kW WESTWARD Estimated contract energy 12,700,000 kWh/yr @ 13 ¢/kWh (1994)$1,651,000/yr Maximum demand 1,800 kW "asA"N--9-92 THU_421222RSAEnsineerings Ps G1. "WIEBECK AND ASSOCIATES,INC. 2:22 Arctic Boulevard, -Suite 210 anchorage,Alaska 99503-2516 Tel:(907)272-6225 Sax:(907)276-1751 Facsimile Transmission To:Dave Hersny UNALAS"A Geontzenet.MEETING Phone (fax): From:«"twee Hoagred Message consists of __'>__pages,including this cover sheet. W.0..WUs-(88 2-440-AA Date:_ &/2/22 .Time://°27 Case 4 Interest capitalized to 3/31/94 Interest onty 4/1 =12/31/95, P &{amortized 13 yrs Total Revenues Expenses Operations and Maintenance: Insurance Administrative and General Property Taxes Fluid Fee Fluid Fee Credit Total Expenses Net Operating Funds Other {ncome: OSR Interest Earnings Oper.Reserve Interest Income R&R Fund Interest Earnings Prior Year's Surplus Revenues Total Funds Available for Debt Service Annual Debt Service Funds Availebte for Other Costs Other Costs: Deposit to Operating Reserve Fund Deposit to R &R Fund OSR Loan Payment Surplus Revenues Revenues from Sales (cents/kwh) City Costs Del{vered Costs:(cents/kwh) ---2»Nominal --p 1991 Price Levels Debt Service Coverage Ratio Energy Sales at Delivery Point 1,700 1,777150157 135 141 0 9 3,600 3,600 £2,000)(2,000) 569 759146195 147 197 2 2719 5,689 7,586 4,376 5,835 1,313 1,754 9 )25 25 569 39 719 967 11.2 12.5 43 18 12.7 . 11.1 . 1.30 1.30 75,000 75,000 ALASKA ENERGY AUTHORITY UNALASKA GECTHERMAL PROJECT Annual Costs of Power CDollars In Thousands) 1996 1997 1998 13,089 13,189 1,940 2,027 171 179 454 161 a)A) 3,600 3,600 (2,000)(2,00 9 759 195 195 180 182 2.574 9,574 2,872 2,872 0 0 25 25 Be Be 2,089 2,089 17.5 17.6 Lf L& 19.2 19.6 14.7 14.2 1.30 1.30 2002 15,371 2,418 213 192 6 4,275 (1,000) 9,273 75 ,000 2003 75,000 Page 1 of 2 2004 1-HVerOAL< o--svodSeasteSeuoT)rTasssuTeusdEgyTy Case 1 Page 2 of 2 2006 2007 2,039 13.9 1.30 75 ,000 2008 2009 19,289 7,020 3,148 3,290278290 250 261 0 0 6,278 6,278 9 g 9,954 10,119 9,335 (3,099) 759 759 195 19512010? 2.059 2,039 12,447 0 9,574 2 2,872 0 )) re]100 D2 D2 2,039 +859 25.7 9.4 2.8 2.9 28.5 12.3 13.5 5.6 1.30 1.30 75,000 75,000 SeaUYTasSscrTreugyywsearz"eS8"1d Case 2 Interest capitalized to 3/31/94 Interest only 4/1 -6/30/94P&§amortized 13 yrs Total Revenues Expenses Operations and Maintenances Insurance Administrative and General Property Taxes Fluid Fee Fluid Fee Credit Total Expenses 'Net Operating Funds Other Income: DSR Interest Earnings Qper.Reserve Interest Income R&R Fund Interest Earnings Prior Year's Surplus Revenues Total Funds Available for Debt Service Anrual Debt Service Funds Avattable for Other Costs Other Costs: Deposit to Operating Reserve Furd Deposit to R &R Furd DSR Loan Payment Surplus Revenues Revenues from Sales (cents/kWh) City Costs Delivered Costs:(cents/kWh) Nominal --»1991 Price Levels Debt Service Coverage Ratio Energy Sales at Delivery Point 1,760 ALASKA ENERGY AUTHORITY UNALASKA GEOTHERMAL PROJECT Annuat Costs of Power (Dollars fn Thousands) 1996 1997 1998 12,222 12,328 12,429 1,856 1,940 2,027 164 171 in 147 154 164 0 0 0 3,600 3,600 3,600 (2,000)(2,000)(2,000) 3,762 3,865 967 8,455 8,466 8,462 1,166 1,166 1,146 195 195 495 189 180 182 L435 143148 11,458 11,458 11,458 8,814 8,814 8,814 2,644 2,644 2,644 75,000 75,000 75,000 Page 1 of 2 2000 2001 2002 2003 2004 2005 14,365 14,478 14,610 14,768 15,876 18,053 2,214 2,313 2,418 2,526 2,640 2,059 195 204 213 223 233 243 176 184 192 201 210 219 9 9 0 0 Q 0 4,275 4,275 4,275 4,275 4,275 6,278 (4,000)(1,000)1,000 ¢1,000)Q i] 5 860 5,977 6,098 6,225 2358 9,499 8,505 8,502 8,512 8,523 8,519 8,555 1,146 1,146 $,146 1,146 1,146 1,146 195 195 195 195 195 195 164 167 157 146 150 139 1,448 1,448 4,448 1,448 1,448 1,423 11,458 11,458 11,458 11,458 11,458 11,458 8,814 8,814 8,814 8,814 8,814 8,814 2,644 2,644 2,644 2,644 2,644 2,644 0 0 0 0 0 0 50 50 50 50 5 re] 1.146 1,146 1,146 4,146 1,146 1.146 1,448 1,448 1,448 1,448 1,423 1,423 19.2 19.3 19.5 19.7 21.2 24.1 2.0 2.0 2.1 pars 203.a4 21.1 21.3 21.6 21.9 23.5 26.5 44.2 13.7 43.3 12.9 13.3 14.3 1.30 1.30 1.30 4.30 1.30 1.30 75,000 75,600 75 ,000 75 ,000 75,000 75 ,000 waSarrassorTreU4aA*tI 3,013 3,148 266 278 239 250 0 0 6,278 6,278 Q Q 2.793 2,956 1,146 1,146 195 195 133 120L4zz62S 11,458 11,458B.8lb 8.814 2,644 2,644 0 0 75 rs.) 1,146 4,146 4,423 4,423 24.5 24.7278628 27.1 27.5 13.4 13.0 1.30 4.30 73,000 75,000 1.30 75 ,000 1.30 75,000 can" ALASKA ENERGY AUTHORITY UNALASKA GEOTHERMAL PROJECT Financing Team Meeting December 12 and 13,1991 Alaska Energy Authority Conference Room 701 East Tudor Road Anchorage,Alaska Contact:Brent Petrie Phone:(907)561-7877 FAX:(907)561-8584 REVISED AGENDA Thursday,December 12th -AEA Conference Room 8:30 a.m.Review Project Development °Plant Description Infrastructure Geothermal Field Development Construction Schedule Plant Operationoo9°11:00 a.m.Discussion of Geothermal Resource Consultant's Report (by teleconference)</s-452 72-9576 12:30 p.m.Lunch in Conference Room 1:30 p.m.Continue Discussion of Development Plan (as needed) 2:30 p.m.Discussion of R.W.Beck Studies °Construction Costs °Unalaska Load Forecast °Dispatch Model °Data Needs/Report Schedule °Conclusions 3:30 p.m.Review of Documents Power Sales Agreement City/Company Agreement Construction Contract Operating Agreement Fluid Sales Agreement Preliminary Official Statement Related Documentso000000 5:00 p.m.Summary and Questions -91Q4\TI2090(1) December 10,1991 5:30 p.m. Schochet Aun Kober WA Tate Geothermex Staff Schochet/OESI Benish/Helsby/ Hubbard Veh ierthChandler/ Klasen hew Goaubqun 312-JOr-SMB Petrie December 10,1991 5:30 p.m. ALASKA ENERGY AUTHORITY UNALASKA GEOTHERMAL PROJECT Financing Team Meeting December 12 and 13,1991 Alaska Energy Authority Conference Room 701 East Tudor Road Anchorage,Alaska REVISED AGENDA Friday,December 13th -AEA Conference Room 8:00 a.m.Continue Discussion of R.W.Beck Studies Discussion of Project Economics Phillips/Benish°Capital Cost Estimate Helsby/HubbardAnnualOperatingCostsFluidFees City's Operating Costs Pro Forma Operating Resultsooo°9012:00 p.m.Lunch in Conference Room (if necessary) 1:00 p.m.Discussion of Schedule Petrie We plan to adjourn in time to allow travellers to catch 3:00 p.m.Southbound flights. -91Q4\TJ2090(2) _-Deposit @,bak __(Cad oo Sleek dD c ely D LIENS L.La SC Aaa---- __Mengly -Reeft _Hele eyo Dak of St trem NOTES TO COMBINED FINANCIAL STATEMENTS--Continued ALASKA ENERGY AUTHORITY : NOTE L--RISK MANAGEMENT The Energy Authority is exposed to various risks of loss related to torts; theft of,damage to,and destruction of assets;errors and omissions; injuries to employees;and natural disasters.The Energy Authority obtained coverage for its risks through the purchase of commercial insurance,participation in the State Risk Management Pool and establishment of self-insurance plans. The Energy Authority's self insurance is funded through: 1.A $1,000,000 operating transfer from the Four Dam Pool Project in FY90, 2.Borrowings from the Power Development Revolving Loan Fund of $5,000,000 and $1,500,000 in fiscal years 1990 and 1989, respectively,and, 3.Maintaining a $10,000,000 and a $1,000,000 line-of-credit with a commercial bank. General Liability,Watercraft,and Aviation:These risks are covered by commercial insurance purchased through the State Division of Risk Management which in turn assumes responsibility for total value of all the risks of the Authority in these classes. Property,Boiler,and Machinery:The Authority covers these risks arising from its ownership of hydroelectric and transmission facilities through a combination of acquisition of commercial coverage and risk retention. (a)Property Four Dam Pool Facilities--The Four Dam Pool property risks are covered by commercial insurance purchased through the State Risk Management for losses in excess of $10,000,000 up to $60,000,000.The risk of losses for first $10,000,000 is retained.Effective July 1,1989,the Authority established a line-of-credit for $10,000,000,secured by a $6,500,000 capital reserve fund,for purpose of covering the self-retained risk. 23- Faring Sea Fishermen Assoc -TSob Co tevence Ce /[ SO 50 2 (,Z ,a)hye SKege locus hes -thetrelye S&/-/e2 Low -iN)Lrve LALfe-ft Ve 7 9E Yo // Orn Stage ney4 Bele.206-582-3959.Daw Lhecket-pride 99.9 35b-9/;4Doesfle(shu RIOG-FAT-Y¢oBe ot ALA BMI? Atle.Keabha.of)am ay”Broole«Catal yr MEMORANDUM State of Alaska TO:Brent Petrie DATE:January 10,1992 Director/Agency Operations FILE NO: THRU:PHONE NO: SUBJECT:Unalaska Trip Report :Dave Denig-Chakroff Director of Rural Programs On January 7,1992,I traveled to Unalaska for the Unalaska Geothermal Project.I left Anchorage at 10:05 a.m.and arrived at Dutch Harbor at 12:35 p.m.,where I was met at the airport by Greg Retslaff,Project Manager for OESI Power Corporation.After check-in at the Unisea Inn,I participated with Greg,Jack Wood and Dennis Nottingham (PN&D)in a briefing session for road construction contractors who OESI had invited to Unalaska to conduct a field reconnaissance and preliminary cost estimate of road construction for the project.The following companies were represented: Green Construction--Don Frye Southcoast--Ed Johnson Marine Construction--Frank Ariaga &Ed Jensen (Knik Constr.) Construction Rigging--Brad West Wilder Construction--Marv Brownell Jack showed a video tape of the project site and access routes to orient the group,and Greg,Jack,Dennis and I discussed the project and answered preliminary questions of the group.Greg then accompanied the company representatives,two-at-a-time,ona helicopter reconnaissance flight of the project site and potential access routes.Weather was marginal,with occasional fog at higher levels,but two of the three groups were able to reach the South Plateau,and the other group was able to make it as far as Sugarloaf Cone.I assisted by transporting groups of contractors back and forth between the helicopter and the hotel and was able to answer questions and discuss the project with them in the process. At the conclusion of the flights,all participants met in the dining/conference room at the Unisea for dinner and discussion of the proposed access routes.While it was clear the contractors were being somewhat guarded not to go into too much detail or give away any "trade secrets"in front of their competitors, there seemed to be a definite general consensus that the proposed road alignment in the lower Makushin Valley and the south route alternative around Makushin Canyon would not be economically feasible.Off-the-cuff estimates ranged from 12 to 15 million. The problem with the lower Makushin Valley route along the south wall of the valley was that it required a tremendous amount of cut and fill,with a lot more cut than fill,which would require transport and disposal of a large quantity of material at great expense.The problem with the south route around the canyon was the steep side slope that would have to be descended to the south and east of Makushin Canyon.At least some of the contractors also felt that roads following these proposed routes could not be completed in a single construction season. The contractors wondered why a road up the center of the valley following,as much as possible,the old military road had not been proposed.There was discussion of the underlying "muck"in the valley away from the immediate streambed and the potential difficulty of permitting such a road along the active stream channel (from ADF&G)or over wetlands (from the Corps).We also discussed the weight limitations of a geotextile (floating)road that would be required in the lower valley away from the streambed.The contractors felt,from their experience,that ADF&G would permit a road up the valley as long as construction equipment was kept out of the stream during spawning periods, bridges were used at stream crossings and mitigation was proposed for any potential damage to habitat.They also felt that the Corps could be convinced that any diminishment of wetlands would be far less of an environmental impact than the damage that would be caused by cut and fill up the south wall of the valley.The contractors all seemed to agree that a geotextile road could be built over the wetland areas that would support the weight of all construction equipment and the OEC units.Dennis Nottingham seemed to agree with the opinions expressed by the contractors. Greg asked the contractors to submit written estimates of the proposed routes and suggestions and estimates for alternative routes by January 15. After the meeting,at about 10:00 p.m.,Greg,Jack and I went to the school to see if we could catch the end of the City Council meeting in order to introduce Greg to council members and to introduce both Greg and Jack to Mark Earnest.We arrived just as the meeting was adjourning and were able to make brief individualintroductions.We arranged to meet with Mark and Roe thefollowingmorningtobriefhim(Mark)on the status of the project. Wednesday morning (January 8)I called Kathy Grimnes and made an appointment to meet with her following our meeting with Mark and Roe.We arrived at City Hall about 10:00 a.m.and,while we waited to see Mark,I spoke with A.B.about the backup needed on the City's invoice to us.A.B.said she would get the backup to me before I left.The meeting with Mark and Roe lasted about an hour and was general in nature,with Greg,Jack,Roe and I briefing Mark on the history and current status of the project. Roe stressed the need to obtain commitment letters from the processors before taking up the matter any further with the council.I gave the presentation briefing document to Roe who said he would make a duplicate copy for Mark to review.As we left the meeting on our way to the Ounalashka Corporation,I picked up the backup for the City's invoice to the Authority. Greg,Jack and I met with Kathy Grimnes and Tom Crandall for about half an hour.I gave Kathy the Development Plan documents and letter signed by Charlie.We discussed the project in general,including the possibility that the road alignment may change based on our discussions with contractors from the previous day.Kathy volunteered that she had thought all along that the road would have to go up the middle of the valley.She didn't express any problem with that or with any other aspect of the proposal.She understood that everything hinged on the processors'willingness to make power purchase commitments,and I told her either you or I would contact her next week to brief her on the outcome of the meetings in Seattle this week and on proceeding with right-of-way negotiations. Greg asked Kathy what,specifically,OC had in mind for secondary or direct uses of a geothermal fluid.She indicated that,with the plant and injection wells at the South Plateau,she didn't see much opportunity for secondary uses.Greg asked what type of operation they would be interested in if a geothermal resource could be developed elsewhere,such as Summer Bay.She was rather vague,indicating some sort of greenhouse or mariculture operation,but said this was just an idea she had considered from time to time.Kathy mentioned that she and Abi Dickson had seen hot springs in lower Makushin Valley,and I remembered that she had mentioned this to me several years ago.I have, subsequently,spoken to John Reeder about this,and he has searched for but has not found any such hot springs.John has found some "anomalies"in the valley at the approximate locations Kathy described,but nothing that is even warm to the touch at the surface.He said they may simply be normal groundwater springs that do not freeze during the winter.John would not recommend exploring for geothermal resources in lower Makushin Valley for direct uses.He does feel that the prospects at Summer Bay are good.John also told me that,while the possibility exists,the potential of encountering a hot water resource at depth in the downtown area of Unalaska or anywhere closer than Summer Bay is very slin. Following our meeting with Kathy and Tom,Jack called Mark Earnest to see if he wanted to accompany him in an attempt to plant a pole at the wellsite so snow depth could be measured through the winter.Observations from the previous day indicated that the snow was near the top of the wellhead,or about 8 feet deep.Mark jumped at the chance to see the area by helicopter. I was dropped off at the airport to catch a return flight to Anchorage.I later learned from Jack that he and Mark reachedtheSouthPlateau,but incoming fog prevented them from landing and planting the snow-measuring pole.I departed Dutch Harbor at about 1:30 p.m.and arrived in Anchorage at 4:30,after making a stopover in Cold Bay for a plane change. cc:Charlie Bussell,Alaska Energy Authority Tom Arminski,Alaska Energy Authority Greg Retslaff,OESI Power Corporation Jack Templeton 7150 Henderson Loop Anchorage,AK 99507-2543 Personal Page:273-3640 Home Phone:344-7674 fe bose , January 30,1992 RECEIVED Mr.Mark Earnest FEB 07 1992CityofUnalaskaP.O.Box 89 ALASKA ENERGY AUTHORITY,Unalaska,AK 99685 Dear Mark: Re:Unalaska Geothermal Project Michael Hubbard of R.W.Beck provided me with a new set of numbers for each ofthreedifferentfinancingscenariosforthePossiblefuture$62,600,000 bondissue ontheaboveproject. Case 1 consists of 15 year bonds with interest only being paid through June 1994.| Case 2 consists of 17 year bonds with interest only being paid through June1996. Case 3 consists of two sets of bonds repayable over 15 and 30 years.The 15yearbondshaveinterestonlybeingpaidthroughJune1994andthe30yearbondshaveinterestonlybeingpaidthroughJune2007. I have included 3 sets of 4 page spreadsheets detailing the potential effect on electricratesineachcase.Each set has a cover page/summary listing rates in actualcents/kWh and in 1991 dollar equivalents for each of several levels of demand.I didthisintheformatthecouncilusedatthespecialmeetingheldjustbeforeThanksgivingandthesesummariesmaybeallyouneed.The last three pages of eachsectiongivemoredetailonthecalculationsinvolved. I am concerned that the AEA is not providing for their overhead.I worked at AEAforashorttimelastyearandknowthattheygenerallyallocateasubstantialamountofoverheadtoeachconstructionproject.If their overhead is not included,theestimateswillneedtoberevisedorouragreementswiththemshouldconfirmthere will be no overhead allocation at any time during the course of the agreements. I am also concerned that the amount allocated to us for City operating costs is toolow.Roe and I go back and forth on this so we asked R.W.Beck,at the last set ofmeetings,to come up with a proper operating budget for the City portion of the newelectricutility.To date,they have not provided us with such a budget. January 30,1992 Mr.Mark Earnest Page 2 Please ensure that Roe gets a copy of the entire package and I will undertake toprovidecopiestoBrooksChandler.Should you need to get in touch with me while Iamoutoftown,please use my pager #as I will be "checking in"each day. Sincerely, cc:Brooks Chandler Filename:"CASE1SUM" GEOTHERMAL PROJECT CASE I 15 YEAR 6.6%BONDS AMORTIZED OVER Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year 13 YEARS,INTEREST CAPITALIZED TO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 3/94,INTEREST ONLY TO 6/94.1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part 1 -City customer costs (cents/kWh)for each level of demand as follows: Level 1 Annual kWh =10,000,000 351.9 393.9 399.4 412.7 426.6 457.9 473.4 489.1 505.8 523.1 551.0 590.3 610.1 571.0 557.8 583.3 606.8 Level 2 Annual kWh =15,000,000 101.4 123.4 120.7 123.1 125.5 139.2 142.0 144.7 147.6 150.7 160.4 177.3 180.7 144.4 124.9 130.9 134.9 Level 3 Annual kWh =30,000,000 40.7 51.2 49.5 50.1 50.8 57.1 58.0 58.8 59.6 60.5 64.7 72.4 73.4 54.5 44.0 46.1 47.2 Level 4 Annual kWh =45,000,000 25.4 32.3 31.0 31.4 31.8 35.9 36.3 36.8 37.2 37.7 40.4 45.4 45.9 33.2 26.0 27.3 27.9 Level 5 Annual kWh =60,000,000 18.6 23.8 22.8 23.1 23.3 26.4 26.7 27.0 27.3 27.7 29.7 33.4 33.8 24.2 18.8 19.7 20.1 Level 6 Annual kwh ==75,000,000 15.1 19.3 18.5 18.7 18.9 21.4 21.7 21.9 22.2 22.5 24.1 27.1 27.4 19.7 15.4 16.2 16.5 Level 7 Annual kWh =88,000,000 12.9 16.4 15.8 16.0 16.1 18.2 18.5 18.7 18.9 19.1 20.5 23.1 23.3 16.8 93.1 13.8 14.1 Part II -City customer costs (cents/kWh)for each level of demand in 1991 dollars as follows: Level 1 Annual kWh =10,000,000 306.5 327.6 317.2 313.1 309.0 316.8 312.8 308.7 304.8 301.0 302.9 309.8 305.8 273.3 255.0 254.7 253.0 Level 2 Annual kWh =15,000,000 88.3 102.6 95.9 93.4.90.9 96.3 93.8 991.3 89.0 86.7 88.2 93.0 90.6 69.1 57.1 57.1 56.2 Level 3 Annual kWh =30,000,000 35.5 42.6 39.3 38.0 36.8 39.5 38.3 37.4 35.9 34.8 35.6 38.0 36.8 26.1 20.1 20.1 19.7 Level 4 Annual kWh =45,000,000 22.1 26.9 24.6 23.8 23.0 24.8 24.0 23.2 22.4 21.7 22.2 23.8 23.0 15.9 11.9 11.9 11.6 Level 5 Annual kWh =60,000,000 16.2 19.8 18.1 17.5 16.9 18.3 17.7 17.4 16.5 15.9 16.3 17.5 16.9 11.6 86 86 8.4 Level 6 Annual kWh =75,000,000 13.2 16.0 14.7 14.2 13.7 14.8 14.3 13.8 13.4 12.9 13.2 14.2 13.7 9.4 7.1 7.1 6.9 Level 7 Annual kWh =88,000,000 11.2 13.7 12.5 12.1 11.7 12.6 12.2 11.8 11.4 11.0 11.3 12.1 11.7 8.1 6.0 6.0 5.9 For example,if demand is such that 60,000,000 kWh are purchased from AEA's geothermal plant in 1995,all City of Unalaska customers wouldAtlevel6demand,the average kWh rate would be 19.3 cents (16.0 cents in 1991 dollars)and at level 7 demand,the maximum rated capacity of the geothermal plant,the average kWh rateAtghosttownlevels(such as the year 1982)annual demand could fall to levels 1 and be billed at the level 5 average kWh rate of 23.8 cents (19.8 cents in 1991 dollars). would be 16.4 cents (13.7 cents in 1991 dollars). below and the average kWh rate would soar to $3.94 ($3.28 in 1991 dollars)and above. Filename:"CASE 1" GEOTHERMAL PROJECT CASE 1 Note:Inflation,where applicable,computed annually at 4.50% 15 YEAR 6.6%BONDS AMORTIZED OVER Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year "Year 13 YEARS,INTEREST CAPITALIZED TO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 3/94,INTEREST ONLY TO 6/94.19946 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part I -AEA Project Feasiblity assuming budgeted 75,000 annual kWh sales to City can be met: Project revenues:. Sales to City 10,221 13,286 12,654 12,759 12,860 14,650 14,794 14,907 15,038 15,174 16,303 18,478 18,633 12,805 9,483 9,959 10,126 DSR interest income 772 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 -- Operating reserve interest income 126 168 168 168 168 168 168 168 168 168 168 168 168 168 168 168 168R&R fund interest income 127 170 163 155 157 149 141 144 135 126 129 120 110 115 103 92 98 Total project revenues 11,246 14,654 14,015 14,112 14,215 15,997 16,133 16,249 16,371 16,498 17,630 19,796 19,941 14,118 9,754 10,219 10,392 Project expenses: Operations and maintenance 1,700 1,777 1,857 1,941 2,028 2,119 2,214 2,314 2,418 2,527 2,641 2,760 2,884 3,014 3,150 3,292 3,440 Insurance 150 157 164 171 179 187 195 204 213 223 233 243 254 265 ev?289 302 General &Administrative 135 141 147 154 161 168 176 184 192 201 210 219 229 239 250 261 273 Property taxes --------------bad -- Fluid fee yrs 1-5 0.04800 3,600 3,600 3,600 3,600 3,600 Fluid fee credit 1-5 (0.02666)(2,000)(2,000)(2,000)(2,000)(2,000)Fluid fee yrs 6-11 0.05700 4,275 4,275 4,275 4,275 4,275 4,275 Fluid fee credit 6-10 (0.01333)(1,000)(1,000)(1,000)(1,000)(1,000) Fluid fee yrs 12+0.08370 6,278 6,278 6,278 6,278 6,278 6,278 Debt service 5,893 9,192 9,192 9,192 9,192 9,192 9,192 9,192 9,192 9,192 9,192 9,192 9,192 4,596 --- Operating reserve deposit ----------------- R&R fund deposit 25 25 25 25 25 50 50 50 50 50 75 75 75 75 75 100 100 DSR loan payment 772 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 1,030 --- Total project expenses 10,275 13,922 14,015 14,113 14,215 16,021 16,132 16,249 16,370 16,498 17,656 19,797 19,942 15,497 10,030 10,220 10,393 Project profit/(loss)for year 971 732 -a)=(24)1 -1 -(26)(1)(191,379)(276)(1)1) Retained earnings brought forward -971 1,703 1,703 1,702 1,702 1,678 1,679 1,679 1,680 1,680 1,654 1,653 1,652 273 (3)(4) Retained earnings carried forward 971 1,703 1,703 1,702 1,702 1,678 1,679 1,679 1,680 1,680 1,654 1,653 1,652 273 (3)(4)G) Part Il --Statistics: AEA annual kWh provided to City €75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 { City buys from AEA (cents/kWh)13.6 17.7 16.9 17.0 17.1 19.5 19.7 19.9 20.1 20.2 21.7 24.6 24.8 17.1 12.6 13.3 13.5 Add City costs (cents/kWh)1.5 1.6 1.6 1.7 1.8 1.9 2.0 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 2.9 3.0 City customer costs (cents/kWh)15.1 19.3 18.5 18.7 18.9 21.4 21.7 21.9 22.2 22.5 24.1 27.1 27.4 19.7 15.4 16.2 16.5 13.2 16.0 14.7 14.2 13.7 14.8 14.3 13.8 13.4 12.9 13.2 14.2 13.7 9.4 7.1 7.1 6.9 { { { £ Cents/kWh in 1991 dollars t { Filename:"CASE1"GEOTHERMAL PROJECT CASE I 15 YEAR 6.6%BONDS AMORTIZED OVER 13 YEARS,INTEREST CAPITALIZED TO 3/94,INTEREST ONLY TO 6/94. Note:Inflation,where applicable,computed annually at 4.50%Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year "Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part II -Statistics (Continued): AEA annual kWh provided to City ¢ City buys from AEA (cents/kwh)' Add City costs (cents/kWh) City customer costs (cents/kWh) Cents/kWh in 1991 dollars AANRAAAAEA annual kWh provided to City ¢ City buys from AEA (cents/kWh)' Add City costs (cents/kWh){ City customer costs (cents/kWh); Cents/kWh in 1991 dollars AEA annual kWh provided to City ¢aCity buys from AEA (cents/kWh) Add City costs (cents/kwWh) City customer costs (cents/kWh) Cents/kWh in 1991 dollars AAAAAAAEA annual kWh provided to City { { City buys from AEA (cents/kWh){ Add City costs (cents/kwWh){ { City customer costs (cents/kWh){ { Cents/kwWh in 1991 dollars { { 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 838,000 1.6 15.1 14.4 14.5 14.6 16.6 16.8 16.9 17.1 17.2 18.5 21.0 21.2 14.6 10.8 11.3 11.5 1.3 1.3 1.4 1.5 4.5 1.6 1.7 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 12.9 16.4 15.8 16.0 16.1 18.2 18.5 18.7 18.9 19.1 20.5 23.1 23.3 16.8 13.1 13.8 14.1 11.2 13.7 12.5 12.1 11.7 12.6 12.2 11.8 11.4 11.0 11.3 12.4 11.7 8.1 6.0 6.0 5.9 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 17.0 22.1 21.4 21.3 21.6 26.4 26.7 24.8 25.1 25.3 27.2 30.8 31.1 21.3 15.8 16.6 16.9 1.6 1.7 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 3.0 3.1 3.2 18.6 23.8 22.8 23.1 23.3 26.4 26.7 27.0 27.3 27.7 29.7 33.4 33.8 24.2 18.8 19.7 20.1 16.2 19.8 18.1 17.5 16.9 18.3 17.7 17.1 16.5 15.9 16.3 17.5 16.9 11.6 86 86 8.4 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 22.7 29.5 28.1 28.4 28.6 32.6 32.9 33.1 33.4 33.7 36.2 41.1 41.4 28.5 21.1 22.1 22.5 2.7 2.8 2.9 3.0 3.2 3.3 3.5 3.6 3.8 4.0 4.1 4.3 4.5 4.7 4.9 5.2 5.4 25.4 32.3 31.0 31.4 31.8 35.9 36.3 36.8 37.2 37.7 40.4 45.4 45.9 33.2 26.0 27.3 27.9 22.1 26.9 26.6 23.8 23.0 24.8 24.0 23.2 22.4 21.7 22.2 23.8 23.0 15.9 11.9 11.9 11.6 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 34.1 44.3 42.2 42.5 42.9 48.8 49.3 49.7 50.1 50.6 54.3 61.6 62.1 42.7 31.6 33.2 33.8 6.7 7.0 7.3 7.6 7.9 8.3 8.7 9.1 9.5 9.9 10.3 10.8 11.3 11.8 12.3 12.9 13.5 40.7 51.2 49.5 50.1 50.8 57.1 58.0 58.8 59.6 60.5 64.7 72.4 73.4 54.5 44.0 46.1 47.2 35.5 42.6 39.3 38.0 36.8 39.5 38.3 37.1 35.9 34.8 35.6 38.0 36.8 26.1 20.1 20.1 19.7 Filename:"CASE 1" GEOTHERMAL PROJECT CASE I Note:Inflation,where applicable,computed annually at 4.50% 15 YEAR 6.6%BONDS AMORTIZED OVER Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year "Year 13 YEARS,INTEREST CAPITALIZED TO 41 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 3/94,INTEREST ONLY TO 6/94.1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part II -Statistics (Continued): AEA annual kWh provided to City €15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 { City buys from AEA (cents/kWh){68.1 88.6 84.4 85.1 85.7 97.7 98.6 99.4 100.3 101.2 108.7 123.2 124.2 85.4 63.2 66.4 67.5 Add City costs (cents/kWh){33.3 34.8 36.4 38.0 39.7 41.5 43.4 45.3 47.4 49.5 51.7 54.1 56.5 59.1 61.7 64.5 67.4 { City customer costs (cents/kWh)€101.4 123.4 120.7 123.1 125.5 139.2 142.0 144.7 147.6 150.7 160.4 177.3 180.7 144.4 124.9 130.9 134.9 £ Cents/kWh in 1991 dollars t 88.3 102.6 95.9 93.4 90.9 96.3 93.8 91.3 89.0 86.7 88.2 93.0 9.6 69.1 57.1 57.1 56.2 { AEA annual kWh provided to City {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 C City buys from AEA (cents/kWh){€102.2 132.9 126.5 127.6 128.6 146.5 147.9 149.1 150.4 151.7 163.0 184.8 186.3 128.1 94.8 99.6 101.3 Add City costs (cents/kWh)249.7 261.0 272.8 285.1 298.0 311.4 325.4 340.1 355.4 371.4 388.0 405.5 423.8 442.9 462.9 483.7 505.5 351.9 393.9 399.4 412.7 426.6 457.9 473.4 489.1 505.8 523.1 551.0 590.3 610.1 571.0 557.8 583.3 606.8 306.5 327.6 317.2 313.1 309.0 316.8 312.8 308.7 304.8 301.0 302.9 309.8 305.8 273.3 255.0 254.7 253.0 City customer costs (cents/kWh) Cents/kWh in 1991 dollars ARAAAA TCE eT OER ape ae Filename:"CASE2SUM" GEOTHERMAL PROJECT CASE II 17 YEAR 6.6%BONDS AMORTIZED OVER Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year 13 YEARS,INTEREST CAPITALIZED TO 1 2 3 4 5 6 7 8 9 10 1 12 13 14 15 16 17 3/94,INTEREST ONLY TO 6/96.1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part I -City customer costs (cents/kWh)for each Level of demand as follows: Level 1 Annual kWh 10,000,000 329.3 349.0 385.4 418.9 426.7 458.1 473.5 489.3 505.9 523.2 551.2 590.4 610.3 630.9 652.5 675.1 698.8 Level 2 Annual kWh =15,000,000 86.4 93.5 111.5 127.2 125.5 139.3 142.1 144.8 147.7 150.7 160.5 177.3 180.8 184.3 188.1 192.1 196.3 Level 3 Annual kWh =30,000,000 33.2 36.3 44.8 52.2 50.8 57.2 58.0 58.8 59.6 60.5 64.7 72.4 73.5 74.5 75.6 76.7 77.9 Level 4 Annual kWh =45,000,000 20.4 22.3 27.9 32.8 31.8 35.9 36.4 36.8 37.2 37.7 40.4 45.4 46.0 46.5 47.1 47.7 48.3 Level 5 Annual kWh =60,000,000 14.9 16.3 20.5 24.1 23.4 26.4 26.8 27.0 27.4 27.7 29.7 33.4 33.8 34.2 34.6 35.0 35.5 Level 6 Annual kWh =75,000,000 12.1 13.3 16.7 19.5 19.0 21.4 21.7 21.9 22.2 22.5 24.41 27.1 27.4 27.7 28.1 28.4 28.8 Level 7 Annual kWh =88,000,000 10.3 11.3 14.2 16.7 16.2 18.3 18.5 18.7 18.9 19.2 20.5 23.1 23.4 23.6 23.9 24.2 24.6 Part Il -City customer costs (cents/kWh)for each level of demand in 1991 dollars as follows: Level 1 Annual kWh =10,000,000 286.8 290.3 306.2 317.8 309.1 316.9 312.8 308.7 304.9 301.1 302.9 309.9 305.9 302.0 298.3 294.7 291.4 Level 2 Annual kWh =15,000,000 75.2 77.7 88.5 96.5 90.9 96.4 93.9 91.4 89.0 86.8 88.2 93.1 90.6 88.2 86.0 83.9 81.8 Level 3 Annual kWh =30,000,000 28.9 30.2 35.6 39.6 36.8 39.6 38.3 37.1 35.9 34.8 35.6 38.0 36.8 35.6 34.5 33.5 32.5 Level 4 Annual kWh =45,000,000 17.7 18.6 22.2 24.9 23.0 24.8 24.0 23.2 22.4 21.7 22.2 23.8 23.0 22.3 21.5 20.8 20.2 Level 5 Annual kWh =60,000,000 12.9 13.6 16.3 18.3 16.9 18.3 17.7 17.1 16.5 15.9 16.3 17.5 16.9 16.4 15.8 15.3 14.8 Level 6 Annual kWh =75,000,000 10.6 11.1 13.2 14.8 13.7 14.8 14.3 13.8 13.4 12.9 13.2 14.2 13.7 13.3 12.8 12.4 12.0 Level 7 Annual kWh =88,000,000 9.0 9.4 11.3 12.6 11.7 12.6 12.2 11.8 11.4 11.0 11.3 12.1 11.7 11.3 10.9 10.6 10.2 For example,if demand is such that 60,000,000 kWh are purchased from AEA's geothermal plant in 1995,all City of Unalaska customers would be billed at the level 5 average kWh rate of 16.35 cents (13.6 cents in 1991 dollars).At level 6 demand,the average kWh rate would be 13.3 cents (11.1 cents in 1991 dollars)and at level 7 demand,the maximum rated capacity of the geothermal plant,the average kwh rate would be 11.3 cents (9.4 cents in 1991 dollars).At ghost town Levels (such as the year 1982)annual demand could fall to levels 1 and below and the average kWh rate would soar to $3.49 ($2.90 in 1991 dollars)and above. Filename:"CASE_2"GEOTHERMAL PROJECT CASE IT 17 YEAR 6.6%BONDS AMORTIZED OVER Year 13 YEARS,INTEREST CAPITALIZED TO 1 3/94,INTEREST ONLY TO 6/96.1994 Note:Inflation,where applicable,computed annually at 4.50% Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year "Year 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part I -AEA Project Feasiblity assuming budgeted 75,000 annual kWh sales to City can be met: Project revenues: Sales to City 7,960 8,799 11,262 13,372 12,871 14,662 14,805 14,919 15,049 15,185 16,314 18,490 18,645 18,792 18,962 19,138 19,330 DSR interest income 436 582 582 582 582 582 582 582 582 582 582 582 582 582 582 582 582 Operating reserve interest income 126 168 168 168 168 168 168 168 168 168 168 168 168 168 168 168 168 R&R fund interest income 127 170 163 155 157 149 141 144 135 126 129 120 110 115 103 92 98 Total project revenues 8,649 9,719 12,175 14,277 13,778 15,561 15,696 15,813 15,934 16,061 17,193 19,360 19,505 19,657 19,815 19,980 20,178 Project expenses: Operations and maintenance 1,700 1,777 1,857 1,941 2,028 2,119 2,214 2,314 2,418 2,527 2,641 2,760 2,884 3,014 3,150 3,292 3,440 Insurance 150 157 164 171 179 187 195 204 213 223 233 243 254 265 277 289 302 General &Administrative 135 141 147 154 161 168 176 184 192 201 210 219 229 239 250 261 273 Property taxes --------------.--- Fluid fee yrs 1-5 0.04800 3,600 3,600 3,600 3,600 3,600 Fluid fee credit 1-5 (0.02666)(2,000)(2,000)(2,000)(2,000)(2,000) Fluid fee yrs 6-11 0.05700 4,275 4,275 4,275 4,275 4,275 4,275 Fluid fee credit 6-10 (0.01333)(1,000)(1,000)(1,000)(1,000)(1,000)Fluid fee yrs 12+0.08370 6,278 6,278 6,278 6,278 6,278 6,278 Debt service 3,896 5,194 7,199 9,204 9,204 9,204 9,204 9,204 9,204 9,204 9,204 9,204 9,204 9,204 9,204 9,204 9,204 Operating reserve deposit ----------------- R&R fund deposit 25 235 2s 25 25 50 50 50 50 50 75 75 75 75 75 100 100 DSR loan payment 436 582 582 582 582 582 582 582 582 582 582 582 582 582 582 582 582 Total project expenses 7,942 9,476 11,574 13,677 13,779 15,585 15,696 15,813 15,934 16,062 17,220 19,361 19,506 19,657 19,816 20,006 20,179 Project profit/(loss)for year 707 243 601 600 1)(24)---(1)(27)(1)(1)-(1)(26)(1) Retained earnings brought forward -707 950 1,554 2,151 2,150 2,126 2,126 2,126 2,126 2,125 2,098 2,097 2,096 2,096 2,095 2,069 Retained earnings carried forward 707 950 1,551 2,151 2,150 2,126 2,126 2,126 2,126 2,125 2,098 2,097 2,096 2,096 2,095 2,069 2,068 Part Il -Statistics: AEA annual kWh provided to City €75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 { City buys from AEA (cents/kWh)10.6 11.7 15.0 17.8 17.2 19.5 19.7 19.9 20.1 20.2 21.8 24.7 24.9 25.1 25.3 25.5 25.8 Add City costs (cents/kWh){1.5 1.6 1.6°1.7 1.8 1.9 2.0 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 2.9 3.0 t City customer costs (cents/kwh){12.1 13.3 16.7 19.5 19.0 21.4 24.7 21.9 22.2 22.5 24.1 27.1 27.4 27.7 28.1 28.4 28.8 { Cents/kWh in 1991 dollars {10.6 11.1 13.2 14.8 13.7 14.8 14.3 13.8 13.4 12.9 13.2 14.2 13.7 13.3 12.8 12.4 12.0 t Filename:"CASE_2"GEOTHERMAL PROJECT CASE II 17 YEAR 6.6%BONDS AMORTIZED OVER Year Year Year 13 YEARS,INTEREST CAPITALIZED TO 1 2 3 3/94,INTEREST ONLY TO 6/96.1996 1995 1996 Note:Inflation,where applicable,computed annually at Year Year Year 4 5 6 1997 1998 1999 Year 7 2000 Year 8 2001 Year 9 2002 Year 10 Year 11 Year 12 2003 2004 2005 4.50% Year 13 2006 Year 14 2007 Year 15 2008 Year 16 2009 Part II -Statistics (Continued): AEA annual kWh provided to City {88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 City buys from AEA (cents/kWh)f 9.0 10.0 12.8 15.2 14.6 16.7 16.8 17.0 17.1 17.3 18.5 21.0 21.2 21.4 21.5 21.7 22.0 Add City costs (cents/kWh){1.3.1.3 1.4 1.5 1.5 1.6 1.7 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 City customer costs (cents/kWh):10.3 11.3 14.2 16.7 16.2 18.3 18.5 18.7 18.9 19.2 20.5 23.1 23.4 23.6 23.9 24.2 24.6 Cents/kwh in 1991 dollars 90 94 11.3 12.6 11.7 12.6 12.2 11.8 11.4 11.0 11.3 12.1 11.7 11.3 10.9 10.6 10.2 AEA annual kWh provided to City {60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 City buys from AEA (cents/kWh);13.3 14.7 18.8 22.3 21.5 24.4 24.7 24.9 25.1 25.3 27.2 30.8 31.1 31.3 31.6 34.9 32.2 Add City costs (cents/kWh)t 1.6 1.7 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 $3.0 3.1 3.2 City customer costs (cents/kWh)c 14.9 16.35 20.5 24.1 23.4 26.4 26.8 27.0 27.4 27.7 29.7 33.4 33.8 34.2 34.6 35.0 35.5 Cents/kWh in 1991 dollars 12.9 13.6 16.3 18.3 16.9 18.3 17.7 17.1 16.5 15.9 16.3 17.5 16.9 16.4 15.8 15.3 14.8 AEA annual kWh provided to City €45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000CitybuysfromAEA(cents/kWh)'17.7 19.6 25.0 29.7 28.6 32.6 32.9 33.2 33.4 33.7 36.3 41.1 41.4 41.8 42.1 42.5 43.0 Add City costs (cents/kWh){2.7 2.8 2.9 3.0 3.2 3.3 3.5 3.6 3.8 4.0 4.1 4.3 4.5 4.7 4.9 5.2 5.4 City customer costs (cents/kWh)t 20.4 22.3 27.9 32.8 31.8 35.9 36.4 36.8 37.2 37.7 40.4 45.4 46.0 46.5 47.1 47.7 48.3 Cents/kWh in 1991 dollars 17.7 18.6 22.2 24.9 23.0 24.8 24.0 23.2 22.4 21.7 22.2 23.8 23.0 22.3 21.5 20.8 20.2 AEA annual kWh provided to City €30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 { City buys from AEA (cents/kWh)26.5 29.3 37.5 Add City costs (cents/kWh){6.7 7.0 7.3 City customer costs (cents/kWh) Cents/kWh in 1991 dollars 44.6 42.9 48.9 49.4 49.7 50.2 50.6 54.4 61.6 62.2 62.6 63.2 63.8 64.4 7.6 7.9 8.3 8.7 69.4 9.5 9.9 10.3 10.8 11.3 11.8 12.3 12.9 13.5 33.2 36.3 44.8 52.2 50.8 57.2 58.0 58.8 59.6 60.5 64.7 72.4 73.5 74.5 75.6 76.7 77.9 28.9 30.2 35.6 39.6 36.8 39.6 38.3 37.1 35.9 34.8 35.6 38.0 36.8 35.6 34.5 33.5 32.5AAAAA Filename:"CASE2"GEOTHERMAL PROJECT CASE II 17 YEAR 6.6%BONDS AMORTIZED OVER Year Year 13 YEARS,INTEREST CAPITALIZED TO 1 2 3/94,INTEREST ONLY TO 6/96.1994 1995 Saban Note:Inflation,where applicable,computed annually at Year Year Year Year Year Year "Year 3 4 5 6 7 8 9 1996 1997 1998 1999 2000 2001 2002 Year 10 2003 Year Year 11 12 2004 2005 4.50% Year Year Year Year Year 13 14 15 16 17 2006 2007 2008 2009 2010 Part II -Statistics (Continued): AEA annual kWh provided to City €15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 t City buys from AEA (cents/kwWh){53.1 58.7 75.1 89.1 85.8 97.7 98.7 99.5 100.3 101.2 108.8 123.3 124.3 125.3 126.4 127.6 128.9 Add City costs (cents/kWh){33.3 34.8 36.4 38.0 39.7 41.5 43.6 45.3 47.4 49.5 51.7 54.1 56.5 59.1 61.7 64.5 67.4 t City customer costs (cents/kWh)¢86.4 93.5 111.5 127.2 125.5 139.3 142.1 144.8 147.7 150.7 160.5 177.3 180.8 184.3 188.1 192.1 196.3 { Cents/kWh in 1991 dollars t 75.2 77.7 88.5 96.5 90.9 96.4 93.9 91.4 89.0 86.8 88.2 93.1 90.6 88.2 86.0 83.9 81.8 t AEA annual kWh provided to city ¢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 { City buys from AEA (cents/kWh)79.6 88.0 112.6 133.7 128.7 146.6 148.1 149.2 150.5 151.9 163.1 184.9 186.5 187.9 189.6 191.4 193.3 Add City costs (cents/kWh)€249.7 261.0 272.8 285.1 298.0 311.4 325.4 340.1 355.4 371.4 388.0 405.5 423.8 442.9 462.9 483.7 505.5 { City customer costs (cents/kWh)€329.3 349.0 385.4 418.9 426.7 458.1 473.5 489.3 505.9 523.2 551.2 590.4 610.3 630.9 652.5 675.1 698.8 { Cents/kWh in 1991 dollars C 286.8 290.3 306.2 317.8 309.1 316.9 312.8 308.7 304.9 301.1 302.9 309.9 305.9 302.0 298.3 294.7 291.4P3: 7A tetra, Filename:"CASE3SUM" GEOTHERMAL PROJECT CASE III 15/30 YEAR 6.6%/6.75%BONDS AMORTIZED OVER 13/15 YEARS,INTERESTCAPITALIZEDTO3/94,INTEREST ONLY Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year TO 6/94 (15 YEAR BOND)AND TO 1 2 3 4 5 6 7 8 9 10 1 12 13 14 15 16 7 6/2007 (30 YEAR BOND).1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part I -City customer costs (cents/kWh)for each level of demand as follows: Level 1 Annual kWh =10,000,000 336.2 362.0 371.1 384.5 398.3 429.7 445.1 460.9 477.5 494.8 522.8 562.0 581.9 602.5 624.1 646.7 670.4 Level 2 Annual kWh =15,000,000 91.0 102.1 101.9 104.2 106.6 120.3 123.2 125.9.128.8 131.8 141.6 158.4 161.9 165.4 169.2 173.2 177.3 Level 3 Annual kWh =30,000,000 35.5 40.6 40.0 40.7 41.4 47.7 48.6 49.3 50.2 51.1 55.3 63.0 64.0 65.0 66.1 67.2 68.5 Level 4 Annual kWh =45,000,000 21.9 25.2 24.7 25.1 25.5 29.6 30.1 30.5 30.9 31.4 34.1 39.1 39.6 40.2 40.8 41.4 42.0 Level 5 Annual kWh =60,000,000 16.0 18.5 18.1 18.4 18.6 21.7 22.0 22.3 22.6 23.0 24.9 28.7 29.1 29.4 29.8 30.3 30.7 Level 6 Annual kwh =75,000,000 13.0 15.0 14.7 15.0 15.2 17.6 17.9 18.1 18.4 18.7 20.3 23.3 23.6 23.9 24.3 24.6 25.0 Level 7 Annual kWh =88,000,000 11.1 12.8 12.6 12.7 12.9 15.0 15.3 15.5 15.7 15.9 17.3 19.9 20.1 20.4 20.7 21.0 21.3 Part Il -City customer costs (cents/kWh)for each level of demand in 1991 dollars as follows: Level 1 Annual kWh =10,000,000 292.9 301.1 294.8 291.7 288.5 297.3 294.1 290.8 287.7 284.8 287.3 295.0 291.7 288.4 285.3 282.3 279.5 Level 2 Annual kWh =15,000,000 79.2 84.9 80.9 79.1 77.2 83.3 81.4 79.4 77.6 75.9 77.8 83.1 81.1 79.2 77.4 75.6 73.9 Level 3 Annual kWh =30,000,000 30.9 33.8 31.8 30.9 30.0 33.0 32.1 31.1 30.2 29.4 30.4 33.1 32.1 31.1 30.2 29.4 28.5 -Level 4 Annual kWh =45,000,000 19.1 21.0 19.7 19.0 18.5 20.5 19.9 19.2 18.6 18.1 18.7 20.5 19.9 19.2 18.6 18.1 17.5 Level 5 Annual kWh =60,000,000 14.0 15.4 14.4 13.9 13.5 15.0 14.6 14.1 13.6 13.2 13.7 15.1 14.6 14.1 13.6 13.2 12.8 Level 6 Annual kWh =75,000,000 11.4 12.5 11.7 14.3 11.0 12.2 11.8 11.5 11.1 10.8 11.2 12.2 11.8 11.5 11.1 10.8 10.4 Level 7 Annual kWh =88,000,000 9.7 10.7 10.0 9.7 9.4 10.4 10.1 9.8 9.5 9.2 9.5 10.4 10.1 9.8 9.5 9.2 8.9 For example,if demand is such that 60,000,000 kWh are purchased from AEA's geothermal plant in 1995,all City of Unalaska customers wouldAtLevel6demand,the average kwh rate would be 15.0 cents (12.5 cents in 1991 dollars)and at level 7 demand,the maximum rated capacity of the geothermal plant,the average kWh rate At ghost town levels (such as the year 1982)annual demand could fall to levels 1 and be billed at the level 5 average kWh rate of 18.5 cents (15.4 cents in 1991 dollars). would be 12.8 cents (10.7 cents in 1991 dollars). below and the average kwh rate would soar to $3.62 ($3.01 in 1991 dollars)and above. Filename:"CASE3"GEOTHERMAL PROJECT CASE III 15/30 YEAR 6.6%/6.75%BONDS AMORTIZED OVER 13/15 YEARS,INTEREST Note:Inflation,where applicable,computed annually at 4.50%CAPITALIZED TO 3/94,INTEREST ONLY Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year TO 6/94 (15 YEAR BOND)AND TO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 6/2007 (30 YEAR BOND).1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part I -AEA Project Feasiblity assuming budgeted 75,000 annual kWh sales to City can be met: Project revenues: Sales to City 8,654 10,099 9,826 9,931 10,032 11,822 11,966 12,079 12,210 12,346 13,475 15,651 15,806 15,953 16,122 16,299 16,491DSRinterestincome546728728728728728728728728728728728728728728728728 Operating reserve interest income 128 171 171 171 171 171 171 171 171 171 171 171 171 171 171 171 171 R&R fund interest income 129 173 166 158 160 151 144 147 138 128 132 122 113 117 105 94 100 Total project revenues 9,457 11,171 10,891 10,988 11,091 12,872 13,009 13,125 13,247 13,373 14,506 16,672 16,818 16,969 17,126 17,292 17,490 Project expenses: Operations and maintenance 1,700 1,777 1,857 1,941 2,028 2,119 2,214 2,314 2,418 2,527 2,641 2,760 2,884 3,014 3,150 3,292 3,440Insurance150157164171179187195204213223233243254265277289302 General &Administrative 135 141 147 154 161 168 176 184 192 201 210 219 229 239 250 261 273 Property taxes ----------------- Fluid fee yrs 1-5 0.04800 3,600 3,600 3,600 3,600 3,600Fluidfeecredit1-5 (0.02666)(2,000)(2,000)(2,000)(2,000)(2,000) Fluid fee yrs 6-11 0.05700 4,275 4,275 4,275 4,275 4,275 4,275Fluidfeecredit6-10 (0.01333)(1,000)(1,000)(1,000)(1,000)(1,000)Fluid fee yrs 12+0.08370 .6,278 6,278 6,278 6,278 6,278 6,278Debtservice4,517 6,371 6,371 6,371 6,371 6,371 6,371 6,371 6,371 6,371 6,371 6,371 6,371 6,371 6,370 6,370 6,370Operatingreservedeposit----------------- R&R fund deposit 25 3 25 25 25 50 50 50 50 50 75 75 75 75 75 100 100 DSR loan payment 546 -728 728 728 728 728 728 728 728 728 728 728 728 728 728 728 728 Total project expenses 8,673 10,799 10,892 10,990 11,092 12,898 13,009 13,126 13,247 13,375 14,533 16,674 16,819 16,970 17,128 17,318 17,491 Project profit/(loss)for year 784 372 1)(2)1)@6)-1)=(2)(27)(2)(1)(1)(2)(26)(1) Retained earnings brought forward -784 1,156 1,155 1,153 1,152 1,126 1,126 1,125 1,125 1,123 1,096 1,094 1,093 1,092 1,090 1,064 Retained earnings carried forward 784 1,156 1,155'1,153 1,152 1,126 1,126 1,125 1,125 1,123 1,096 1,094 1,093 1,092 1,090 1,064 1,063 Part Il Statistics: AEA annual kWh provided to City {75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 75,000 ; { City buys from AEA (cents/kWh){1.5 13.5 13.1 13.2 13.4 15.8 16.0 16.41 16.3 16.5 18.0 20.9 21.1 21.3 21.5 21.7 22.0 Add City costs (cents/kWh)1.5 1.6 1.6 1.7 1.8 1.9 2.0 2.0 2.1 2.2 2.3 2.4 2.5 2.7 2.8 2.9 3.0 1.4 12.5 11.7 11.3 11.0 12.2 11.8 11.5 11.1 10.8 11.2 12.2 11.8 11.5 11.1 10.8 10.4 { { City customer costs (cents/kWh){13.0 15.0 14.7 15.0 15.2 17.6 17.9 18.1 18.4 18.7 20.3 23.3 23.6 23.9 24.3 24.6 25.0 { Cents/kWh in 1991 dollars { { Filename:"CASE3”GEOTHERMAL PROJECT CASE ILI 15/30 YEAR 6.6%/6.75%BONDS AMORTIZED OVER 13/15 YEARS,INTEREST Note:Inflation,where applicable,computed annually at CAPITALIZED TO 3/94,INTEREST ONLY Year Year Year Year Year Year Year Year Year Year Year Year TO 6/94 (15 YEAR BOND)AND TO 1 2 3 4 5 6 7 8 9 10 11 12 6/2007 (30 YEAR BOND).1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 4.50% Year Year Year Year "Year 13 14 15 16 17 2006 2007 2008 2009 2010 Part II -Statistics (Continued): 88,000 88,000 88,000 88,000 88,000AEAannualkWhprovidedtoCity{88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 88,000 { City buys from AEA (cents/kWh){9.8 11.5 11.2 11.3 11.4 13.4 13.6 13.7 13.9 14.0 15.39 17.8 18.0 18.1 18.3 18.5 18.7 Add City costs (cents/kwh)t 1.3 1.3 1.4 1.5 1.5 1.6 1.7 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.5 2.6 t City customer costs (cents/kwh)¢1.4 12.8 12.6 12.7 12.9 15.0 15.3 15.5 15.7 15.9 17.3 19.9 20.1 20.4 20.7 21.0 21.3 { Cents/kwh in 1991 dollars {9.7 10.7 10.0 9.7 9.4 10.4 10.1 9.8 9.5 9.2 9.5 10.4 10.1 9.8 9.5 9.2 8.9 { AEA annual kWh provided to City €60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 City buys from AEA (cents/kwh)t 14.4 16.8 16.4 16.6 16.7 19.7 19.9 20.7 20.4 20.6 22.5 26.1 26.3 26.6 26.9 27.2 27.5AddCitycosts(cents/kwh)t 1.6 1.7 1.7 1.8 1.9 2.0 2.4 2.2 2.3 2.4 2.5 26 2.7 2.8 3.0 3.1 3.2 City customer costs (cents/kWh);16.0 18.5 18.1 18.4 18.6 21.7 22.0 22.3 22.6 23.0 24.9 28.7 29.1 29.4 29.8 30.3 30.7 Cents/kwh in 1997 dollars 14.0 15.4 14.4 13.9 13.5 15.0 14.6 14.1 13.6 13.2 13.7 15.1 14.6 14.1 13.6 13.2 12.8 AEA annual kWh provided to City €45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 City buys from AEA (cents/kWh);19.2 22.4 21.8 22.1 22.3 26.3 26.6 26.8 27.1 27.4 29.9 34.8 35.1 35.5 35.8 36.2 36.6 Add City costs (cents/kWh)t 2.7 2.8 2.9 3.0 3.2 $3.3 3.5 3.6 3.8 40 4.1 4.3 4.5 4.7 49 5.2 5.4 City customer costs (cents/kWh){21.9 25.2 246.7 25.1 25.5 29.6 30.1 30.5 30.9 31.4 34.1 39.1 39.6 40.2 40.8 41.4 42.0 Cents/kWh in 1991 dollars 19.1 21.0 19.7 19.0 18.5 20.5 19.9 19.2 18.6 18.1 18.7 20.5 19.9 19.2 18.6 18.1 17.5 30,000 30,000 30,000 30,000 30,000AEAannualkWhprovidedtoCity{30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 t City buys from AEA (cents/kwh){28.8 33.7 32.8 33.1 33.4 39.4 39.9 40.3 40.7 41.2 44.9 52.2 52.7 53.2 53.7 54.3 55.0 Add City costs (cents/kWh)a4 6.7 7.0 7.3 7.6 7.9 8.3 .87 9.1 9.5 9.9 10.3 10.8 14.3 11.8 12.3 12.9 13.5 { City customer costs (cents/kWh){35.5 40.6 40.0 40.7 41.4 47.7 48.6 49.3 50.2 51.1 55.3 63.0 64.0 65.0 66.1 67.2 68.5 { Cents/kWh in 1991 dollars t 30.9 33.8 31.8 30.9 30.0 33.0 32.1 31.41 30.2 29.4 30.4 33.1 32.1 31.1 30.2 29.4 28.5 t Filename:"CASE 3" GEOTHERMAL PROJECT CASE III 15/30 YEAR 6.6%/6.75%BONDS AMORTIZED OVER 13/15 YEARS,INTEREST CAPITALIZED TO 3/94,INTEREST ONLY TO 6/94 (15 YEAR BOND)AND TO 6/2007 (30 YEAR BOND). Note:Inflation,where applicable,computed annually at 4.50% Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year "Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Part Il -Statistics (Continued): AEA annual kWh provided to City €15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 City buys from AEA (cents/kwWh) Add City costs (cents/kWh) City customer costs (cents/kWh) Cents/kWh in 1991 dollars AEA annual kWh provided to City City buys from AEA (cents/kwWh) Add City costs (cents/kWh) City customer costs (cents/kWh) Cents/kWh in 1991 dollars AAAANAAAAAAAAANAA57.7 67.3 65.5 66.2 66.9 78.8 79.8 80.5 81.4 82.3 89.8 104.3 105.4 106.4 107.5 108.7 109.9 33.3 34.8 36.4 38.0 39.7 41.5 43.4 45.3 47.4 49.5 51.7 54.1 56.5 59.1 61.7 64.5 67.4 91.0 102.1 101.9 104.2 106.6 120.3 123.2 125.9 128.8 131.8 141.6 158.4 161.9 165.4 169.2 173.2 177.3 79.2 84.9 80.9 79.1 77.2 83.3 81.4 79.4 77.6 75.9 77.8 83.1 81.1 79.2 77.4 75.6 73.9 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 86.5 101.0 98.3 99.3 100.3 118.2 119.7 120.8 122.1 123.5 134.8 156.5 158.1 159.5 161.2 163.0 164.9 249.7 261.0 272.8 285.1 298.0 311.4 325.4 340.1 355.4 371.4 388.0 405.5 423.8 442.9 462.9 483.7 505.5 336.2 362.0 371.1 384.5 398.3 429.7 445.1 460.9 477.5 494.8 522.8 562.0 581.9 602.5 624.1 646.7 670.4 292.9 301.1 294.8 291.7 288.5 297.3 294.1 290.8 287.7 284.8 287.3 295.0 291.7 288.4 285.3 282.3 279.5 FROM:Petrie,Brent TO:Denig-Chakroff,David cC:Arminski,Tom Bussell,Charlie Ganthner,Terri Nelson,Emily Petrie,Brent SUBJECT:Makushin site visit 1/7/92-1/9/92 PRIORITY: ATTACHMENTS: Dave-- Please make arrangements DATE: TIME: 01-04-92 13:41 to join Greg Refkin in the field at Unalaska during the week of January 6 to assist with an on-site visit by several contractors.The primary purpose of the site visit is an orientation to the road route and general site preparation prior to submitting bids. there are at least four contractors interested Peter Kiewit,Frank -----from Unalaska and one I am also sending you a copy of an analysis of Johnson of OESI.OC Corp appears interested in exchange for some investigation at Summer Bay. wells at Summer Bay--perhaps with a water well opinion on the logistics,cost,and likelihood resources at Summer Bay. I was told including Green Construction, other. the Summer Bay prospect by Stu granting ROW for Makushin in We may need to drill some type drill rig.What is your for success for hydrothermal Please give me a call about logistics for the week of January 6. Brent FROM:Petrie,Brent TO:Denig-Chakroff,David DATE:01-04-92 TIME:13:41 CC:Arminski,Tom Bussell,Charlie Ganthner,Terri Nelson,Emily Petrie,Brent SUBJECT:Makushin site visit 1/7/92-1/9/92 PRIORITY: ATTACHMENTS: Dave-- Please make arrangements to join Greg Refkin in the field at Unalaska during the week of January 6 to assist with an on-site visit by several contractors.The primary purpose of the site visit is an orientation to the road route and general site preparation prior to submitting bids.I was told there are at least four contractors interested including Green Construction, Peter Kiewit,Frank -----from Unalaska and one other. I am also sending you a py of an analysis of the Summer Bay prospect by Stu Johnson of OESI.OC Corp appears interested in granting ROW for Makushin in exchange for some investigation at Summer Bay.We may need to drill some wells at Summer Bay--perhaps th a water well type drill rig.What is your opinion on the logistics,cost,\and likelihood for success for hydrothermal resources at Summer Bay. Please give me a call about logistics for the week of January 6. Brent \D a?January 5,1992 TO:Makushin Geothermal File FROM:Brent Petrie SUBJECT:Major Items completed for Makushin Geothermal Project Oct-Nov-Dec.1991 *AEA budget revision to incorporate 002 funds into the project budget. *Picked up maps and charts at NOAA and USGS. *Processed bid waiver requests with DOT/PF in September and transmitted them to J.Klasen,D.Schochet-OESI,R.JOhansen- Perkins-Coie. *Organized and had R.W.Beck deliver preliminary project report in early November with Dick Emerman's assistance. *R.W.Beck preliminary report sent to processors on November 13. *Received two drafts of official statement from John Nuveen &Co.in November. *Received draft and final reports on Unalaska Harbor Survey report by Resource Econ. *Novemebr 15--Had teleconference on the PSA. *November 18--Dick E.Dave DC and I briefed several members of the Unalaska City Council on the project over lunch at Sea Galley.Council members included Frank Kelty- Mayor,Dennis Robinson,Tim Honan,Chuck Firth,and Marti Murray?. *November 20--Instead of meeting with processors met with OESI,J.Seagraves,Brooks Chandler and others at Eric Wohlforth's office to go over status of project and issues related to PSA.Meeting with processors was postponed when it appeared from RWB report that the power would cost too much. *November 21-Met with OESI,Corps of Engineers,DDC,Tom Arminski,and Jim Seagraves at Dames and Moore offices regarding permitting. *November 21 in afternoon Met at AEA on project status. *November 26.Travelled to Unalaska to meet with City Council and give status report on project. PAK LCF Brooks Chandler and Jack Templeton were also there.This was Polly Prchal's last council meeting before leaving.Polly executed grant agreement between AEA and Unalaska to help cover costs. Told council that it would be six more weeks before we had meaningful info to report.At that point we had January 7 meetings scheduled with the processors. *December 6 OESI sent out development plan received 12/9. *December 12 and 13 Workshop in Anchorage with all hands except Geothermex who participated by phone.Outlined project presentation proposal and revised schedule to try to meet with processors in Seattle on Jan 9 and 10 instead of Jan 7.Also,the Omnisea,a major floating processor burned at the dock while undergoing repairs and had to be moved to Anacortes for major repaiurs. *In December could only confirm with Greg Baker at Westward Seafoods for Jan 10.Dick Pace at Unisea did not return calls-was unavailable and out of country much of the time. *December 26 Received presentation materials from OESI. *Dec 26 Got hold of Win Brindl,Alyeska Seafoods.Plant will be starting up in early January and he plans to go to Dutch Harbor.If meeting is in Seattle,he does not want to meet before Jan 25. *January 2,1991-First day that Dick Pace is back in office. Wrote him a quick note with highlights of proposed contract terms.He called back and said price of $0.13/kwh was OK but he would not sign a 30-year contract or"any contract"even if it had an out as described in the letter.He 'would still be committed to $3.6 million his company probably would not have.'Consulted with Schochet and Seagraves and agreed to consider a requirements contract as an alternate approach. *January 3 Discussion with Schochet and Paul Fuhs.Paul will call Dick Pace and encourage him to consider further options and to have a face-to face meeting with AEA,City,and OESI after January 20 when he returns from Africa. END January 5,1992 TO:Makushin Geothermal File FROM:Brent Petrie SUBJECT:Major Items completed for Makushin Geothermal Project Oct-Nov-Dec.1991 *AEA budget revision to incorporate 002 funds into the project budget. *Picked up maps and charts at NOAA and USGS. *Processed bid waiver requests with DOT/PF in September and transmitted them to J.Klasen,D.Schochet-OESI,R.JOhansen- Perkins-Coie. *Organized and had R.W.Beck deliver preliminary project report in early November with Dick Emerman's assistance. *R.W.Beck preliminary report sent to processors on November 13. *Received two drafts of official statement from John Nuveen &Co.in November. *Received draft and final reports on Unalaska Harbor Survey report by Resource Econ. *Novemebr 15--Had teleconference on the PSA. *November 18--Dick E.Dave DC and I briefed several members of the Unalaska City Council on the project over lunch at Sea Galley.Council members included Frank Kelty- Mayor,Dennis Robinson,Tim Honan,Chuck Firth,and Marti Murray?. *November 20--Instead of meeting with processors met with OESI,J.Seagraves,Brooks Chandler and others at Eric Wohlforth's office to go over status of project and issues related to PSA.Meeting with processors was postponed when it appeared from RWB report that the power would cost too much. *November 21-Met with OESI,Corps of Engineers,DDC,Tom Arminski,and Jim Seagraves at Dames and Moore offices regarding permitting. *November 21 in afternoon Met at AEA on project status. *November 26.Travelled to Unalaska to meet with City Council and give status report on project. Brooks Chandler and Jack Templeton were also there.This was Polly Prchal's last council meeting before leaving.Polly executed grant agreement between AEA and Unalaska to help cover costs. Told council that it would be six more weeks before we had meaningful info to report.At that point we had January 7 meetings scheduled with the processors. *December 6 OESI sent out development plan received 12/9. *December 12 and 13 Workshop in Anchorage with all hands except Geothermex who participated by phone.Outlined project presentation proposal and revised schedule to try to meet with processors in Seattle on Jan 9 and 10 instead of Jan 7.Also,the Omnisea,a major floating processor burned at the dock while undergoing repairs and had to be moved to Anacortes for major repaiurs. *In December could only confirm with Greg Baker at Westward Seafoods for Jan 10.Dick Pace at Unisea did not return calls-was unavailable and out of country much of the time. *December 26 Received presentation materials from OESI. *Dec 26 Got hold of Win Brindl,Alyeska Seafoods.Plant will be starting up in early January and he plans to go to Dutch Harbor.If meeting is in Seattle,he does not want to meet before Jan 25. *January 2,1991-First day that Dick Pace is back in office. Wrote him a quick note with highlights of proposed contract terms.He called back and said price of $0.13/kwh was OK but he would not sign a 30-year contract or"any contract"even if it had an out as described in the letter.He 'would still be committed to $3.6 million his company probably would not have.'Consulted with Schochet and Seagraves and agreed to consider a requirements contract as an alternate approach. *Discussion with Schochet and Paul Fuhs.Paul will call Dick Pace and encourage him to consider further options and to have a face-to face meeting with AEA,City,and OESI after January 20 when he returns from Africa. ALASKA ENERGY AUTHORITY 701 East Tudor Road P.O.Box 190869 Anchorage,Alaska 99519-0869 (907)561-7877 Phone (907)561-8584 Fax Dan Se HocHiT bleu Ue Wr PAW OMIT UAL JOB NO.DATE )2./20 zhATTENTION "UM Axustin Cae GTHERMALE OEGT rowkrR Corp,.(10 CEasr Geemparce,Five Srawns,NY 8942 | GENTLEMEN: WE ARE SENDING YOU Attached O Under separate cover via_-.*the following items: O Shop drawings O Prints O Plans O Samples -0)Specifications 0 Copy of letter (]Change order 0 COPIES DATE NO.DESCRIPTION /h/2of4 Prrochuve arvel Ke to Sao Afleose's Coustructem /L lte/ec)at BNP Pesvarsety Moore'sfliedislatJMeu)Pee Storge lecuesle} |[i>[az bette,plebbs Tide ct frescts6.Bossell ¥Y<,Duteh Hee,bey Cork Pet THESE ARE TRANSMITTED as checked below: O For approval A your use.O As requested O For review and comment O C1 Approved as submitted O Approved as noted Oj Returned for corrections O Resubmit_______copies for approval O.Submit O Return copies for distribution corrected prints O FOR BIDS DUE i 19 REMARKS O PRINTS RETURNED AFTER LOAN TO US © .COPY._TO |,Su \,a Sa Wyn {{6 col fa Vite SIGNED:SLVews LAL Nt - -ff enclosures are not as noted,kindly notify us at once. nls fat oErst @&Well Qk,ok AQaNaelWoodaDsSleekeeceore Deeee tance 2Men -vedas,Slee 'eles Loot.-2)Di (AnSree pod.o .pte benn &.eeeoDRenkecbenneyelloo:99)Pace site,bees roo akan -coo ckt4o |be U41ef or Sve © Worth SACk Zimere slr.hk - hope \o SW pte lees ee 2 Ties +Syore [usec +Spon "Doce bere wane Ce ma bude &Sur G88 BS_plea cheek anome end othe betwen Netechin anefProadBow.Cr.3.(-KGet Vnersbbe C2 (tommret ope)|Tlie Kee,Mea.Sign on ne Peashee Ovtpoe eeeee ee ee ce cee cement ee wan tne tet eee --hin,Anon cernwang -FAR oo ee©Westend Centoods ee "A Klinlenee ee | | |Teage t!Arle 404 posit by Nor /B;Soe hin fOr ---Magendls toUAVS how i frie Cable gray on NOAM chats MTPlowsii-Mya A LEC cest 0 pemstvetin maneaheepace¢HOME.£,GOA.Lxve7Tesosbowbe&Goankparnoe lela Comat =by Scapraees -ep ctl Meee,Coe Descr hed a +wells _iheclecichy"heh.NPA StLatin hoe . rn ae a Sug lomoZuCho._Ss Soe.Le over S$Z Lewes an es7aee,oa 8 heh Slew ek hh > BO AesSC on8b SL 77 ;LI:ef PRN Eoea ACC.ep tae eca or aeaTKR =credit gechanctmme te Kooy hy pracen leged bm eftetmenek"wooly n SDoe .Hy one le Avant 7 (Flaw-\- 0 D A \V AALASKAENERGYAUTHORITYLEVEROFTRANSWITTAL P.O.Box 190869 Anchorage,Alaska 99519-0869 ; : : DATE }--} JOB NO. (907)561-7877 Phone its -We 1 {(907)561-8584 Fax RE .Vnaloclea Geothevmah ro Ack leEmMere ton Pealect- GENTLEMEN: WE ARE SENDING You Jxf attached O Under separate cover via :the following items:. O Shop drawings -O Prints...'O Plans ©Samples...-.O Specifications os --€)Copy ofJetter -©(1 Change order .O "DOCUMENT eACOPIES|©"DATE -|-NO.-a DESCRIPTION L shslz Aaalyeds 7;nal G5eothevital Grejoet iOESE|/LY30/¢/|Dreft Paver Sales Agvecpreut bebceonr AEA+chwi1b/287G1 :Commenwts by One Cre ka.Atty ant FS A-}\o/z9/I "Dyaf tL Trbst Drdewture!Son Bonds THESE ARE TRANSMITTED as checked below:.- (]For approval.L%-(1 Approved as submitted -O Resubmit.__-_____copies for approval - 0 For your use ()Approved as noted -QO Submit.__-_--S-scopies for distribution (1)As requested .-O)Returned for corrections a 0 Return______._-corrected prints 0 For review and comment.O 9 FOR BIDS DUE___19,O PRINTS RETURNED AFTER LOAN TO US . REMARKS - COPY TO : . .SIGNED: ™if enclosures are not as noted,kindly notify us at once. ” OAFE Jrate cf AlaskaDNNatter,&24Q.So.e7 5" Alaska Energy Authority A Puiolic Corporation October 1,1991 Mr.Roe Sturgulewski Director of Public Works City of Unalaska P.O.Box 89 Unalaska,AK 99685 Subject:Unalaska Geothermal Project Dear Mr.Sturgulewski: The Alaska Energy Authority and OESI Power Corporation are proceeding with pre-development tasks that must be accomplished for successful financing of the Unalaska Geothermal Project.One of these tasks is preparation of a project evaluation and report by a Consulting Engineer.R.W.Beck and Associates has been selected to provide these services,and the attached letter dated September 30,1991 sets out the anticipated scope of work. A meeting has been scheduled for Friday,October 4,1991 at 1:00 p.m.(Pacific Time)for the purpose of discussing the work plan and schedule for the Consulting Engineer contract,as well as any other issues that arise regarding project development.The meeting will be held at the R.W.Beck offices in Seattle,and will include representatives from OESI Power Corporation,Alaska Energy Authority,R.W.Beck and Associates,and John Nuveen &Co.If you are available,we would like to hook you into the meeting by phone. I will call you tomorrow,October 2,to discuss the meeting,the contract,and any other related matters you might want to go over. Sincerely,LEldrtreRichardEmerman Senior Economist cc:Meeting particants PO.Box AM)Juneau,Alaska 99814 (907)465-3575 PO. 2 . a Box 190869 704 East Tudor Road Anchorage,Alaska 99519-0869 (907)561-7877 NMytes ow Greyro OLM E CaeP\ee WN ro [Ff esti Lo.-we 8befant a oT OH1©ee OFST fines eectCanKekhsbe;msuced Ow&SSeeenehk _ ode tid wag od gum arknel3toro:oe prgpaneted)6 gh re Po an Datetk Her be :827/41Phastorrfeewola,Hotyke (280 Shots Cooter pos,TDbnslotgalsI Un.Ate(?8]-Si ORR Kop:BS pe.eMio yor ne.ep levee Pore (Pop ome(Pe2-ESB slime harks /oherrze Crwete LZ, AA,sag aN pe fer prte_e-(GSO-ER wwtad Uff ct,dure ef) | preesers-nugehited)o heuammeatil nAHleukCrpyOC ™ Sloe Agheernra.5 hie cosa engin cf 00 wrtlim Lol.oie Hiut hire plots)ge Sug cost@ FMW Re Sturge ky Cveilave E (24 ZO o Gon hee So ey pess0Os hn,fe.- L-cl eveheg mnt eontg (FFI Ce MAT apprvectal AEA-af clevebapaent cerntce nt Aaa Sto pte be a nen a Prec ling Fe hake we've hal B gunbstenbnl are trys %Mchankirg 0 pwerib f,tle efhanw .-eprctrns g echamel He ele oy pare Toe -§S o--SO FT Te nr eea " ae | |Cares. 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