pg-roi for powerplants v61

Option A

Option B

Option Delta

15/ Apr 2014

This analysis was performed by Spemann's Tool for Return on Investment Analysis (PG-ROI) Version 62-01

Cashflow Engineering Ltd (UK), Distribution by Spemann Consulting GmbH (GER)

[email protected] 1997-2005

No liabilitiy for correctness of input data and results.

E-Class Turbine

Advantage F over E-Class

CCPP Power Plant in Base Load Mode

Return on Investment Analysis

with the options

F-Class Turbine

spemann consulting

mailto:[email protected]

Currency EUR

Start Date 01/ 01 2005

Period under Review [Years] 22

Discount Rate 10.0%

Date for Present Value 01/ 01 2005

Income Tax Rate 35.0%

Delta

Power Value Min % Max % Distr. Value Min % Max % Distr.

Electrical Net Power MW 700 95.0% 102.0% 640 96.0% 103.0% F 60

El. Full Load oper. Hours h/a 8000 93.0% 101.0% 8250 92.0% 103.0% F -250El. net Efficiency % 56.00% 99.0% 100.5% 52.00% 99.0% 100.5% 4.00%

Operating Costs Value Min % Max % Distr. Incrs. Value Min % Max % Distr. Incrs. Value

Personnel mill. EUR/a 2.5 90.0% 110.0% 3.0% 2.5 90.0% 110.0% F 3.0%

Insurance mill. EUR/a 2 90.0% 110.0% 1.5 90.0% 110.0% F 0.5

Fixed Maintenance mill. EUR/a 13 70.0% 130.0% 3.0% 8 70.0% 130.0% 3.0% 5

Other Costs A mill. EUR/a

Other Costs B mill. EUR/a

Variable Maintenance EUR/MWh 0.1 90.0% 110.0% 3.0% 0.1 90.0% 110.0% 3.0%

Fuel EUR/GJ 3.5 3.5

Consumables EUR/MWh 0.25 2.0% 0.25 2.0%

Operating Revenues Value Min % Max % Distr. Incrs. Value Min % Max % Distr. Incrs. Value

Fixed Revenues Electricity mill. EUR/a

Other Revenues D mill. EUR/a

Other Revenues E mill. EUR/a

Other Revenues F mill. EUR/a

Variable Rev. Electr. EUR/MWh 35 1.0% 35 1.0%

Investment Min % Max % Distr. Min % Max % Distr.

Investment Volume mill. EUR 400 95.0% 105.0% 340 95.0% 105.0% 60.000

LifetimeHand over (End of Commiss.) Date 01/ 01 2007 01/ 01 2007

Lifetime from Commiss. Years 20 20

Tax Depreciation Time Years 15 15

FinancingDebt Share 1 --- 70.00% -16 10.0% 40.000 70.00% -16 10.0% 34.000

Debt interest Rate --- 8.00% -6 20.0% 80.000 8.00% -6 20.0% 68.000

Start of Debt Service Date 01/ 01 2009 -2 20.0% 80.000 01/ 01 2009 -2 20.0% 68.000

Debt Service Years 15 -1 10.0% 40.000 15 -1 10.0% 34.000

Debt Share 2 --- 1 10.0% 40.000 1 10.0% 34.000

Debt interest Rate --- 13 30.0% 120.000 13 30.0% 102.000

Start of Debt Service Date

Debt Service Years

Calc. Equity CostsEquity Share --- 30% 30%

interest Rate --- 10.00% 10.00%

Equity Service Years 15 Total 100.0% 400.000 15 Total 100.0% 340.000


F-Class Turbine E-Class Turbine

Project Description: Natural Gas fired Power Plant. Turbine Configuration: F-Class 2x1; E-Class 3x1

Advantage of F-Class: higher power output, higher efficiency. Advantage of E-Class: lower

investment volume

Investment Schedule

Month

s b

ef. C

om

m.

Month

s a

fter

Com

m.

Month

s b

ef. C

om

m.

Month

s a

fter

Com

m.

Investment Schedule

Equ. op-

hrs

Equ. op-

hrs

MW 700 230 230 700 MW 640 140 140 140 640

Eta 56.00% 37.00% 37.00% Eta 52.00% 32.00% 32.00% 32.00%

2005 2005

2006 2006

2007 8,000 7,333 5,038 2007 8,250 7,563 6,875 4,963

2008 7,333 667 667 7,771 2008 7,563 688 688 688 8,014

2009 8,000 99.80% 99.90% 7,984 2009 8,250 99.70% 99.80% 8,225

2010 8,000 99.30% 99.60% 7,944 2010 8,250 99.10% 99.50% 8,176

2011 8,000 99.00% 99.40% 7,920 2011 8,250 98.60% 99.20% 8,135

2012 8,000 98.70% 99.20% 7,896 2012 8,250 98.20% 98.90% 8,102

2013 8,000 98.90% 99.20% 7,912 2013 8,250 98.50% 99.00% 8,126

2014 8,000 98.80% 99.20% 7,904 2014 8,250 98.30% 98.90% 8,110

2015 8,000 98.50% 99.10% 7,880 2015 8,250 98.10% 98.80% 8,093

2016 8,000 98.30% 99.00% 7,864 2016 8,250 97.80% 98.70% 8,069

2017 8,000 98.10% 98.90% 7,848 2017 8,250 97.50% 98.50% 8,044

2018 8,000 98.50% 99.00% 7,880 2018 8,250 98.00% 98.70% 8,085

2019 8,000 98.40% 99.00% 7,872 2019 8,250 97.90% 98.70% 8,077

2020 8,000 98.30% 98.90% 7,864 2020 8,250 97.70% 98.60% 8,060

2021 8,000 98.10% 98.90% 7,848 2021 8,250 97.50% 98.50% 8,044

2022 8,000 98.00% 98.80% 7,840 2022 8,250 97.30% 98.40% 8,027

2023 8,000 98.20% 98.90% 7,856 2023 8,250 97.60% 98.50% 8,052

2024 8,000 98.10% 98.90% 7,848 2024 8,250 97.50% 98.50% 8,044

2025 8,000 98.00% 98.80% 7,840 2025 8,250 97.30% 98.40% 8,027

2026 8,000 97.90% 98.80% 7,832 2026 8,250 97.20% 98.40% 8,019

2027 8,000 97.80% 98.70% 7,824 2027 8,250 97.10% 98.30% 8,011

2028 8,000 98.20% 98.90% 7,856 2028 8,250 97.60% 98.50% 8,052

2029 8,000 98.10% 98.90% 7,848 2029 8,250 97.50% 98.50% 8,044

2030 8,000 98.00% 98.80% 7,840 2030 8,250 97.30% 98.40% 8,027

2031 8,000 97.90% 98.80% 7,832 2031 8,250 97.20% 98.40% 8,019

2032 8,000 97.80% 98.70% 7,824 2032 8,250 97.10% 98.30% 8,011

2033 2033

2034 2034

2035 2035

2036 2036

2037 2037

2038 2038

2039 2039

2040 2040

2041 2041

2042 2042

2043 2043

2044 2044

2045 2045

2046 2046

2047 2047

2048 2048

2049 2049

2050 2050

2051 2051

2052 2052

2053 2053

2054 2054


F-Class Turbine E-Class Turbine

Power, Operating Hours and Efficiency

Electric Net Power

El. Net Efficiency

_______________________

Operating Hours

Degradation

Factor

_________

%

MW Eta

Electric Net Power

El. Net Efficiency

_______________________

Operating Hours

Degradation

Factor

_________

%

MW Eta

Equ. op-

hrs

Equ. op-

hrs

MW 700 230 230 700 MW 640 140 140 140 640

Eta 56.00% 37.00% 37.00% Eta 52.00% 32.00% 32.00% 32.00%

2005-01 2005-01

2005-02 2005-02

2005-03 2005-03

2005-04 2005-04

2005-05 2005-05

2005-06 2005-06

2005-07 2005-07

2005-08 2005-08

2005-09 2005-09

2005-10 2005-10

2005-11 2005-11

2005-12 2005-12

2006-01 2006-01

2006-02 2006-02

2006-03 2006-03

2006-04 2006-04

2006-05 2006-05

2006-06 2006-06

2006-07 2006-07

2006-08 2006-08

2006-09 2006-09

2006-10 2006-10

2006-11 2006-11

2006-12 2006-12

2007-01 667 219 2007-01 688 150

2007-02 667 667 438 2007-02 688 688 301

2007-03 667 667 438 2007-03 688 688 688 451

2007-04 667 667 438 2007-04 688 688 688 451

2007-05 667 667 438 2007-05 688 688 688 451

2007-06 667 667 438 2007-06 688 688 688 451

2007-07 667 667 438 2007-07 688 688 688 451

2007-08 667 667 438 2007-08 688 688 688 451

2007-09 667 667 438 2007-09 688 688 688 451

2007-10 667 667 438 2007-10 688 688 688 451

2007-11 667 667 438 2007-11 688 688 688 451

2007-12 667 667 438 2007-12 688 688 688 451

2008-01 667 667 438 2008-01 688 688 688 451

2008-02 667 667 2008-02 688 688

2008-03 667 667 2008-03 688 688

2008-04 667 667 2008-04 688 688

2008-05 667 667 2008-05 688 688

2008-06 667 667 2008-06 688 688

2008-07 667 667 2008-07 688 688

2008-08 667 667 2008-08 688 688

2008-09 667 667 2008-09 688 688

2008-10 667 667 2008-10 688 688

2008-11 667 667 2008-11 688 688

2008-12 667 667 2008-12 688 688

2009-01 667 667 2009-01 688 688

2009-02 667 667 2009-02 688 688

2009-03 667 667 2009-03 688 688

2009-04 667 667 2009-04 688 688

2009-05 667 667 2009-05 688 688

2009-06 667 667 2009-06 688 688

2009-07 667 667 2009-07 688 688

2009-08 667 667 2009-08 688 688

2009-09 667 667 2009-09 688 688

2009-10 667 667 2009-10 688 688

2009-11 667 667 2009-11 688 688

2009-12 667 667 2009-12 688 688

Power, Operating Hours and Efficiency


E-Class TurbineF-Class Turbine

Electric Net Power

El. Net Efficiency

_______________________

Operating Hours

Degradation

Factor

_________

%

Electric Net Power

El. Net Efficiency

_______________________

Operating Hours

Degradation

Factor

_________

%

MW Eta MW Eta

Investment Net Present Value (10%) at 1.1.2005 mill. EUR

Debt mill. EUR 120.000 Internal Rate of Return till 2015 % / a

Equity mill. EUR 280.000 Internal Rate of Return till 2026 % / a

Capital Requirement mill. EUR 400.000 Pay Off Time from 1.1.2007 (a)

mill. EUR Cash Flow and Net Present Value

F-Class Turbine


-400.0

-300.0

-200.0

-100.0

0.0

100.0

200.0

300.0

400.0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

201

6

201

7

201

8

201

9

202

0

202

1

20

22

20

23

20

24

20

25

20

26

Income Tax

Debt Service

Income from Credit

Investment Volume

Variable Maintenance

Consumables

Fuel

Fixed Maintenance

Insurance

Personnel

Variable Rev. Electr.

Cash Flow

Present Value of Cash Flow

Net Present Value

F-Class Turbine



-150.0

-100.0

-50.0

0.0

50.0

100.0

150.0

2005-01 2006-01 2007-01 2008-01 2009-01

Variable Rev. Electr. Personnel Insurance Fixed Maintenance Fuel

Consumables Variable Maintenance Investment Volume Income from Credit Debt Service

Income Tax Cash Flow Present Value of Cash Flow Net Present Value

64.832

9.5%

17.5%

9.2

F-Class Turbine


Income Tax

Debt Service

Income from Credit

Investment Volume


Consumables

Fuel

Fixed Maintenance

Insurance

Personnel


Cash Flow


Net Present Value

F-Class Turbine


Debt Service







E-Class Turbine

-300.0

-200.0

-100.0

0.0

100.0

200.0

300.0

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

201

6

201

7

201

8

201

9

202

0

202

1

20

22

20

23

20

24

20

25

20

26

Income Tax

Debt Service

Income from Credit

Investment Volume


Consumables

Fuel

Fixed Maintenance

Insurance

Personnel


Cash Flow


Net Present Value


E-Class Turbine


-150.0

-100.0

-50.0

0.0

50.0

100.0

2005-01 2006-01 2007-01 2008-01 2009-01

Variable Rev. Electr. Personnel Insurance Fixed Maintenance Fuel

Consumables Variable Maintenance Investment Volume Income from Credit Debt Service

Income Tax Cash Flow Present Value of Cash Flow Net Present Value

51.899

7.3%

16.3%

10.3


E-Class Turbine

Income Tax

Debt Service

Income from Credit

Investment Volume


Consumables

Fuel

Fixed Maintenance

Insurance

Personnel


Cash Flow


Net Present Value


E-Class Turbine

Debt Service








-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

200

5

20

06

20

07

200

8

20

09

20

10

20

11

20

12

201

3

20

14

20

15

20

16

20

17

201

8

20

19

20

20

202

1

20

22

20

23

20

24

20

25

202

6

Income Tax

Debt Service

Income from Credit

Investment Volume


Consumables

Fuel

Fixed Maintenance

Insurance


Cash Flow


Net Present Value




-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

2005-01 2006-01 2007-01 2008-01 2009-01

Variable Rev. Electr. Insurance Fixed Maintenance Fuel Consumables

Variable Maintenance Investment Volume Income from Credit Debt Service Income Tax

Cash Flow Present Value of Cash Flow Net Present Value

12.933

36.7%

38.2%

2.4



Income Tax

Debt Service

Income from Credit

Investment Volume


Consumables

Fuel

Fixed Maintenance

Insurance


Cash Flow


Net Present Value



Consumables

Income Tax

Electricity Production Cost Levelized 2005 2006 2007 2008 2009

Capital Costs EUR/MWh 6.547 8.401

Fixed Operating Costs EUR/MWh 4.181 5.230 3.481 3.472

Variable Operating Costs EUR/MWh 23.962 34.420 23.526 22.883

Electricity Production Cost EUR/MWh 34.690 39.650 27.007 34.756

EUR/MWh Electricity Production Cost


F-Class Turbine34.7

39.7

27.0

34.8

35.0

35.2

35.4

35.5

35.6

35.8

36.0

36.2

36.2

36.4

36.5

36.7

36.9

37.0

28.6

28.8

29.0

0

5

10

15

20

25

30

35

40

45

50

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

Consumables

Fuel


Fixed Maintenance

Insurance

Personnel

Debt

Equity

Operating Costs (Variab.)

Operating Costs (Fix)

Capital Costs

Electricity Production Cost



F-Class Turbine


0

5

10

15

20

25

30

35

40

45

50

2005-01 2006-01 2007-01 2008-01 2009-01

Equity Debt Personnel Insurance Fixed Maintenance

Variable Maintenance Fuel Consumables Electricity Production Cost Variable Rev. Electr.




Variable Operating Costs EUR/MWh 25.989 39.741 25.458 24.614




E-Class Turbine0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

35.0

43.7

28.0

34.7

35.0

35.2

35.4

35.4

35.6

35.7

35.8

36.0

36.0

36.1

36.3

36.4

36.6

36.6

29.0

29.2

29.3

0

5

10

15

20

25

30

35

40

45

50

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

Consumables

Fuel


Fixed Maintenance

Insurance

Personnel

Debt

Equity



Capital Costs




E-Class Turbine


0

10

20

30

40

50

60

2005-01 2006-01 2007-01 2008-01 2009-01

Equity Debt Personnel Insurance Fixed Maintenance

Variable Maintenance Fuel Consumables Electricity Production Cost Variable Rev. Electr.




Variable Operating Costs EUR/MWh -5.869 -13.810 -8.310 -5.675




Advantage F over E-Class0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.1

0.2

0.2

0.2

0.2

0.2

0.2

0.2

0.2

30.335

2.755

10.850

35.526 35.569 35.484 35.585 36.608 36.657 37.551 38.035 38.153 39.206 39.905 40.382 40.786 41.286 42.178

22.556 23.379 24.193

-20

-10

0

10

20

30

40

50

60

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

Consumables

Fuel


Fixed Maintenance

Insurance

Debt

Equity



Capital Costs






-60

-40

-20

0

20

40

60

2005-01 2006-01 2007-01 2008-01 2009-01

Equity Debt Insurance Fixed Maintenance Variable Maintenance

Fuel Consumables Electricity Production Cost Variable Rev. Electr. Variable Rev. Heat

CCPP Power Plant in Base Load ModeF-Class Turbine

Operating Result mill. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Operating Revenues Present valueFixed Revenues Electricity

Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F

Operating Revenues (Fix)

Variable Rev. Electr. 1,491.790 125.914 196.169 203.958 204.556 205.977 207.407 209.905 211.790 213.258 214.954 216.661

Variable Rev. Heat

Operating Revenues (Variab.) 1,491.790 125.914 196.169 203.958 204.556 205.977 207.407 209.905 211.790 213.258 214.954 216.661

Operating Revenues 1,491.790 125.914 196.169 203.958 204.556 205.977 207.407 209.905 211.790 213.258 214.954 216.661

Operating CostsPersonnel 23.939 2.652 2.732 2.814 2.898 2.985 3.075 3.167 3.262 3.360 3.461 3.564

Insurance 14.706 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000

Fixed Maintenance 124.481 13.792 14.205 14.632 15.071 15.523 15.988 16.468 16.962 17.471 17.995 18.535

Other Costs A

Other Costs B

Operating Costs (Fix) 163.126 18.444 18.937 19.445 19.969 20.508 21.063 21.635 22.224 22.831 23.456 24.099

Variable Maintenance 5.117 0.374 0.594 0.630 0.645 0.662 0.680 0.702 0.722 0.741 0.762 0.783

Fuel 918.004 120.097 125.943 126.000 125.620 125.493 125.365 125.619 125.492 125.237 125.109 124.981

Consumables 11.664 0.917 1.443 1.515 1.535 1.561 1.587 1.622 1.653 1.681 1.711 1.742

Operating Costs (Variab.) 934.784 121.389 127.981 128.146 127.800 127.716 127.632 127.943 127.867 127.659 127.582 127.506

Operating Costs 1,097.910 139.833 146.918 147.591 147.769 148.224 148.695 149.578 150.091 150.490 151.038 151.605

Operating ResultOperating Result 393.881 -13.918 49.251 56.367 56.787 57.754 58.712 60.328 61.699 62.768 63.916 65.056


Operating Result

Operating RevenuesFixed Revenues Electricity

Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F



Variable Rev. Heat

Operating Revenues (Variab.)

Operating Revenues

Operating CostsPersonnel

Insurance

Fixed Maintenance

Other Costs A

Other Costs B



Fuel

Consumables


Operating Costs

Operating ResultOperating Result

2018 2019 2020 2021 2022 2023 2024 2025 2026

219.720 221.692 223.682 225.459 227.481 230.225 232.290 234.374 236.476

219.720 221.692 223.682 225.459 227.481 230.225 232.290 234.374 236.476

219.720 221.692 223.682 225.459 227.481 230.225 232.290 234.374 236.476

3.671 3.781 3.895 4.012 4.132 4.256 4.384 4.515 4.651

2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000

19.091 19.664 20.254 20.861 21.487 22.132 22.796 23.479 24.184

24.762 25.445 26.148 26.873 27.619 28.388 29.179 29.995 30.835

0.810 0.833 0.858 0.882 0.907 0.936 0.963 0.991 1.020

125.364 125.236 125.236 124.981 124.980 125.108 124.981 124.980 124.852

1.784 1.818 1.852 1.885 1.921 1.964 2.001 2.039 2.077

127.958 127.888 127.945 127.748 127.808 128.008 127.945 128.010 127.949

152.720 153.333 154.094 154.621 155.427 156.396 157.124 158.004 158.784

67.000 68.359 69.588 70.838 72.054 73.829 75.166 76.370 77.692

CCPP Power Plant in Base Load ModeE-Class Turbine



Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F


Variable Rev. Electr. 1,397.022 113.403 184.945 192.304 192.479 193.423 194.564 197.110 198.677 200.256 201.640 203.031

Variable Rev. Heat



Operating CostsPersonnel 23.939 2.652 2.732 2.814 2.898 2.985 3.075 3.167 3.262 3.360 3.461 3.564

Insurance 11.029 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500


Other Costs AOperating Costs (Fix) 111.572 12.639 12.974 13.318 13.672 14.038 14.414 14.801 15.200 15.611 16.034 16.470


Fuel 933.636 125.065 128.646 127.938 127.424 127.165 127.033 127.292 127.162 127.032 126.772 126.640

Consumables 10.924 0.826 1.361 1.429 1.444 1.466 1.489 1.523 1.551 1.579 1.605 1.632

Operating Costs (Variab.) 949.352 126.228 130.568 129.962 129.475 129.252 129.160 129.475 129.390 129.307 129.092 129.006

Operating Costs 1,060.924 138.867 143.541 143.279 143.147 143.290 143.573 144.276 144.590 144.918 145.126 145.476

Operating ResultOperating Result 336.098 -25.464 41.404 49.024 49.331 50.133 50.991 52.835 54.087 55.338 56.513 57.555


Operating Result


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F



Variable Rev. Heat


Operating Revenues


Insurance

Fixed Maintenance

Other Costs AOperating Costs (Fix)


Fuel

Consumables


Operating Costs


2018 2019 2020 2021 2022 2023 2024 2025 2026

206.113 207.962 209.612 211.275 212.950 215.743 217.677 219.403 221.369

206.113 207.962 209.612 211.275 212.950 215.743 217.677 219.403 221.369

206.113 207.962 209.612 211.275 212.950 215.743 217.677 219.403 221.369

3.671 3.781 3.895 4.012 4.132 4.256 4.384 4.515 4.651

1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500

11.748 12.101 12.464 12.838 13.223 13.619 14.028 14.449 14.882

16.920 17.382 17.859 18.349 18.855 19.376 19.912 20.464 21.033

0.760 0.782 0.804 0.826 0.849 0.877 0.903 0.928 0.955

127.031 126.901 126.771 126.640 126.508 126.769 126.640 126.508 126.378

1.673 1.705 1.736 1.767 1.798 1.840 1.875 1.908 1.945

129.464 129.388 129.310 129.232 129.156 129.487 129.417 129.345 129.278

146.384 146.771 147.169 147.582 148.011 148.862 149.329 149.809 150.311

59.729 61.191 62.444 63.693 64.940 66.881 68.348 69.594 71.058

CCPP Power Plant in Base Load ModeAdvantage F over E-Class



Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F


Variable Rev. Electr. 94.769 12.511 11.224 11.655 12.077 12.555 12.842 12.795 13.113 13.003 13.314 13.630

Variable Rev. Heat

Operating Revenues (Variab.) 94.769 12.511 11.224 11.655 12.077 12.555 12.842 12.795 13.113 13.003 13.314 13.630

Operating Revenues 94.769 12.511 11.224 11.655 12.077 12.555 12.842 12.795 13.113 13.003 13.314 13.630


Insurance 3.676 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500


Other Costs AOperating Costs (Fix) 51.554 5.805 5.964 6.128 6.296 6.470 6.649 6.834 7.024 7.220 7.421 7.629


Fuel -15.632 -4.968 -2.703 -1.938 -1.804 -1.672 -1.668 -1.673 -1.670 -1.795 -1.663 -1.659

Consumables 0.740 0.091 0.083 0.087 0.091 0.095 0.098 0.099 0.102 0.102 0.106 0.110

Operating Costs (Variab.) -14.568 -4.839 -2.587 -1.816 -1.675 -1.536 -1.528 -1.532 -1.523 -1.647 -1.510 -1.500

Operating Costs 36.985 0.965 3.377 4.312 4.621 4.934 5.122 5.302 5.501 5.572 5.912 6.129

Operating ResultOperating Result 57.783 11.546 7.847 7.343 7.456 7.621 7.721 7.493 7.612 7.430 7.402 7.501


Operating Result


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F



Variable Rev. Heat


Operating Revenues


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


2018 2019 2020 2021 2022 2023 2024 2025 2026

13.607 13.730 14.069 14.184 14.531 14.482 14.613 14.971 15.107

13.607 13.730 14.069 14.184 14.531 14.482 14.613 14.971 15.107

13.607 13.730 14.069 14.184 14.531 14.482 14.613 14.971 15.107

0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500

7.343 7.563 7.790 8.024 8.264 8.512 8.768 9.031 9.301

7.843 8.063 8.290 8.524 8.764 9.012 9.268 9.531 9.801

0.050 0.052 0.054 0.055 0.058 0.059 0.061 0.063 0.065

-1.667 -1.665 -1.535 -1.659 -1.528 -1.661 -1.659 -1.528 -1.526

0.110 0.113 0.116 0.119 0.123 0.124 0.126 0.130 0.133

-1.507 -1.501 -1.365 -1.485 -1.348 -1.479 -1.472 -1.335 -1.328

6.336 6.562 6.925 7.039 7.416 7.533 7.795 8.196 8.473

7.271 7.168 7.144 7.145 7.115 6.949 6.818 6.776 6.634


Operating Result mill. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F


Variable Rev. Electr. 370.858

Variable Rev. Heat

Operating Revenues (Variab.) 370.858

Operating Revenues 370.858

Operating CostsPersonnel 5.858

Insurance 4.296

Fixed Maintenance 30.463

Other Costs A

Other Costs B

Operating Costs (Fix) 40.616

Variable Maintenance 1.126

Fuel 265.768

Consumables 2.731

Operating Costs (Variab.) 269.625

Operating Costs 310.241

Operating ResultOperating Result 60.617


Operating Result


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F



Variable Rev. Heat


Operating Revenues


Insurance

Fixed Maintenance

Other Costs A

Other Costs B



Fuel

Consumables


Operating Costs


2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06

5.475 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 11.059 16.828 16.828 16.828 16.828 16.828

5.475 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 11.059 16.828 16.828 16.828 16.828 16.828

5.475 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 10.949 11.059 16.828 16.828 16.828 16.828 16.828

0.221 0.221 0.221 0.221 0.221 0.221 0.221 0.221 0.221 0.221 0.221 0.221 0.228 0.228 0.228 0.228 0.228 0.228

0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167

1.149 1.149 1.149 1.149 1.149 1.149 1.149 1.149 1.149 1.149 1.149 1.149 1.184 1.184 1.184 1.184 1.184 1.184

1.537 1.537 1.537 1.537 1.537 1.537 1.537 1.537 1.537 1.537 1.537 1.537 1.578 1.578 1.578 1.578 1.578 1.578

0.016 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.034 0.051 0.051 0.051 0.051 0.051

5.222 10.443 10.443 10.443 10.443 10.443 10.443 10.443 10.443 10.443 10.443 10.443 10.443 10.500 10.500 10.500 10.500 10.500

0.040 0.080 0.080 0.080 0.080 0.080 0.080 0.080 0.080 0.080 0.080 0.080 0.081 0.124 0.124 0.124 0.124 0.124

5.278 10.556 10.556 10.556 10.556 10.556 10.556 10.556 10.556 10.556 10.556 10.556 10.558 10.675 10.675 10.675 10.675 10.675

6.815 12.093 12.093 12.093 12.093 12.093 12.093 12.093 12.093 12.093 12.093 12.093 12.136 12.253 12.253 12.253 12.253 12.253

-1.340 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.078 4.575 4.575 4.575 4.575 4.575


Operating Result


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F



Variable Rev. Heat


Operating Revenues


Insurance

Fixed Maintenance

Other Costs A

Other Costs B



Fuel

Consumables


Operating Costs


2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

16.828 16.828 16.828 16.828 16.828 16.828 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997

16.828 16.828 16.828 16.828 16.828 16.828 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997

16.828 16.828 16.828 16.828 16.828 16.828 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997

0.228 0.228 0.228 0.228 0.228 0.228 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234

0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167

1.184 1.184 1.184 1.184 1.184 1.184 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219

1.578 1.578 1.578 1.578 1.578 1.578 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620

0.051 0.051 0.051 0.051 0.051 0.051 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053

10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500

0.124 0.124 0.124 0.124 0.124 0.124 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126

10.675 10.675 10.675 10.675 10.675 10.675 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679

12.253 12.253 12.253 12.253 12.253 12.253 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299

4.575 4.575 4.575 4.575 4.575 4.575 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697


Operating Result mill. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F


Variable Rev. Electr. 345.325 3.436 6.873 10.309 10.309 10.309 10.309

Variable Rev. Heat

Operating Revenues (Variab.) 345.325 3.436 6.873 10.309 10.309 10.309 10.309

Operating Revenues 345.325 3.436 6.873 10.309 10.309 10.309 10.309

Operating CostsPersonnel 5.858 0.221 0.221 0.221 0.221 0.221 0.221

Insurance 3.222 0.125 0.125 0.125 0.125 0.125 0.125

Fixed Maintenance 18.746 0.707 0.707 0.707 0.707 0.707 0.707

Other Costs AOperating Costs (Fix) 27.826 1.053 1.053 1.053 1.053 1.053 1.053

Variable Maintenance 1.049 0.010 0.020 0.031 0.031 0.031 0.031

Fuel 272.691 3.790 7.580 11.370 11.370 11.370 11.370

Consumables 2.543 0.025 0.050 0.075 0.075 0.075 0.075

Operating Costs (Variab.) 276.283 3.825 7.650 11.475 11.475 11.475 11.475

Operating Costs 304.109 4.878 8.703 12.529 12.529 12.529 12.529

Operating ResultOperating Result 41.217 -1.442 -1.831 -2.219 -2.219 -2.219 -2.219


Operating Result


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F



Variable Rev. Heat


Operating Revenues


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

10.309 10.309 10.309 10.309 10.309 10.309 10.412 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025

10.309 10.309 10.309 10.309 10.309 10.309 10.412 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025

10.309 10.309 10.309 10.309 10.309 10.309 10.412 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025

0.221 0.221 0.221 0.221 0.221 0.221 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234

0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125

0.707 0.707 0.707 0.707 0.707 0.707 0.728 0.728 0.728 0.728 0.728 0.728 0.728 0.728 0.728 0.728 0.728 0.728 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750

1.053 1.053 1.053 1.053 1.053 1.053 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110

0.031 0.031 0.031 0.031 0.031 0.031 0.032 0.048 0.048 0.048 0.048 0.048 0.048 0.048 0.048 0.048 0.048 0.048 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050

11.370 11.370 11.370 11.370 11.370 11.370 11.370 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662

0.075 0.075 0.075 0.075 0.075 0.075 0.077 0.117 0.117 0.117 0.117 0.117 0.117 0.117 0.117 0.117 0.117 0.117 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119

11.475 11.475 11.475 11.475 11.475 11.475 11.478 10.826 10.826 10.826 10.826 10.826 10.826 10.826 10.826 10.826 10.826 10.826 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830

12.529 12.529 12.529 12.529 12.529 12.529 12.559 11.907 11.907 11.907 11.907 11.907 11.907 11.907 11.907 11.907 11.907 11.907 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940

-2.219 -2.219 -2.219 -2.219 -2.219 -2.219 -2.146 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085


Operating Result mill. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F


Variable Rev. Electr. 25.533 2.038 4.076 0.640 0.640 0.640 0.640

Variable Rev. Heat

Operating Revenues (Variab.) 25.533 2.038 4.076 0.640 0.640 0.640 0.640

Operating Revenues 25.533 2.038 4.076 0.640 0.640 0.640 0.640


Insurance 1.074 0.042 0.042 0.042 0.042 0.042 0.042

Fixed Maintenance 11.716 0.442 0.442 0.442 0.442 0.442 0.442

Other Costs AOperating Costs (Fix) 12.790 0.484 0.484 0.484 0.484 0.484 0.484

Variable Maintenance 0.077 0.006 0.012 0.002 0.002 0.002 0.002

Fuel -6.923 1.432 2.864 -0.926 -0.926 -0.926 -0.926

Consumables 0.188 0.015 0.030 0.005 0.005 0.005 0.005

Operating Costs (Variab.) -6.658 1.453 2.905 -0.920 -0.920 -0.920 -0.920

Operating Costs 6.132 1.936 3.389 -0.436 -0.436 -0.436 -0.436

Operating ResultOperating Result 19.401 0.102 0.687 1.076 1.076 1.076 1.076


Operating Result


Fixed Revenues Heat

Other Revenues D

Other Revenues E

Other Revenues F



Variable Rev. Heat


Operating Revenues


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

0.640 0.640 0.640 0.640 0.640 0.640 0.646 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971

0.640 0.640 0.640 0.640 0.640 0.640 0.646 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971

0.640 0.640 0.640 0.640 0.640 0.640 0.646 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971

0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042

0.442 0.442 0.442 0.442 0.442 0.442 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469

0.484 0.484 0.484 0.484 0.484 0.484 0.497 0.497 0.497 0.497 0.497 0.497 0.497 0.497 0.497 0.497 0.497 0.497 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511

0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003

-0.926 -0.926 -0.926 -0.926 -0.926 -0.926 -0.926 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162

0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007

-0.920 -0.920 -0.920 -0.920 -0.920 -0.920 -0.920 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151

-0.436 -0.436 -0.436 -0.436 -0.436 -0.436 -0.423 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359

1.076 1.076 1.076 1.076 1.076 1.076 1.069 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612


F-Class Turbine

Return on Investment mill. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Investment Present valueEquity 98.103 12.000 60.000 12.000 36.000

Debt 228.906 28.000 140.000 28.000 84.000

interest during construction

Investment Volume 327.009 40.000 200.000 40.000 120.000

Debt ServiceDebt Payback 88.498 10.312 11.137 12.028 12.990 14.030 15.152 16.364 17.673 19.087

Debt interest 82.901 21.258 20.434 19.543 18.580 17.541 16.419 15.206 13.897 12.483

Debt Service 171.400 31.571 31.571 31.571 31.571 31.571 31.571 31.571 31.571 31.571

Income Tax Rate and ProfitOperating Result 393.881 -13.918 49.251 56.367 56.787 57.754 58.712 60.328 61.699 62.768 63.916 65.056

Depreciation -175.178 -26.667 -26.667 -26.667 -26.667 -26.667 -26.667 -26.667 -26.667 -26.667 -26.667 -26.667

Debt interest -82.901 -21.258 -20.434 -19.543 -18.580 -17.541 -16.419 -15.206 -13.897 -12.483

Profit before Tax 135.802 -40.585 22.584 8.442 9.687 11.545 13.465 16.120 18.614 20.895 23.352 25.906

Income Tax -59.547 -9.060 -2.955 -3.390 -4.041 -4.713 -5.642 -6.515 -7.313 -8.173 -9.067

Profit after Tax 76.255 -40.585 13.525 5.487 6.297 7.504 8.752 10.478 12.099 13.582 15.179 16.839

Cash FlowVariable Rev. Electr. 1,491.790 125.914 196.169 203.958 204.556 205.977 207.407 209.905 211.790 213.258 214.954 216.661



Personnel -23.939 -2.652 -2.732 -2.814 -2.898 -2.985 -3.075 -3.167 -3.262 -3.360 -3.461 -3.564

Insurance -14.706 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000

Fixed Maintenance -124.481 -13.792 -14.205 -14.632 -15.071 -15.523 -15.988 -16.468 -16.962 -17.471 -17.995 -18.535

Operating Costs (Fix) -163.126 -18.444 -18.937 -19.445 -19.969 -20.508 -21.063 -21.635 -22.224 -22.831 -23.456 -24.099

Variable Maintenance -5.117 -0.374 -0.594 -0.630 -0.645 -0.662 -0.680 -0.702 -0.722 -0.741 -0.762 -0.783

Fuel -918.004 -120.097 -125.943 -126.000 -125.620 -125.493 -125.365 -125.619 -125.492 -125.237 -125.109 -124.981

Consumables -11.664 -0.917 -1.443 -1.515 -1.535 -1.561 -1.587 -1.622 -1.653 -1.681 -1.711 -1.742


Operating Costs -1,097.910 -139.833 -146.918 -147.591 -147.769 -148.224 -148.695 -149.578 -150.091 -150.490 -151.038 -151.605

Investment Volume -327.009 -40.000 -200.000 -40.000 -120.000

Income from Credit 228.906 28.000 140.000 28.000 84.000

Debt Service -171.400 -31.571 -31.571 -31.571 -31.571 -31.571 -31.571 -31.571 -31.571 -31.571

Income Tax -59.547 -9.060 -2.955 -3.390 -4.041 -4.713 -5.642 -6.515 -7.313 -8.173 -9.067

Cash Flow 64.832 -12.000 -60.000 -25.918 4.192 21.842 21.826 22.142 22.428 23.115 23.614 23.884 24.172 24.418

Cash Flow, accumulated -12.000 -72.000 -97.918 -93.727 -71.885 -50.059 -27.917 -5.488 17.627 41.240 65.124 89.296 113.714

Internal Rate of Return 17.5% 3.5% 7.0% 9.5% 11.3% 12.7%

Present Value of Cash Flow 64.832 -11.172 -50.548 -20.696 1.914 14.174 12.877 11.876 10.936 10.246 9.515 8.750 8.050 7.393

Net Present Value 9.2 a -11.172 -61.721 -82.417 -80.502 -66.328 -53.451 -41.576 -30.640 -20.394 -10.879 -2.129 5.921 13.314

Debt Service Cover RatioOperating Result -13.918 49.251 56.367 56.787 57.754 58.712 60.328 61.699 62.768 63.916 65.056

Income Tax -9.060 -2.955 -3.390 -4.041 -4.713 -5.642 -6.515 -7.313 -8.173 -9.067

Cash Flow for DSCR -13.918 40.192 53.413 53.397 53.713 53.999 54.686 55.184 55.455 55.743 55.989

Debt Service 31.571 31.571 31.571 31.571 31.571 31.571 31.571 31.571 31.571

Debt Service Cover Ratio 1.69 1.69 1.70 1.71 1.73 1.75 1.76 1.77 1.77


F-Class Turbine

Return on Investment

InvestmentEquity

Debt


Investment Volume

Debt ServiceDebt Payback

Debt interest

Debt Service

Income Tax Rate and ProfitOperating Result

Depreciation

Debt interest

Profit before Tax

Income Tax

Profit after Tax

Cash FlowVariable Rev. Electr.


Operating Revenues

Personnel

Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs

Investment Volume

Income from Credit

Debt Service

Income Tax

Cash FlowCash Flow, accumulated

Internal Rate of ReturnPresent Value of Cash Flow

Net Present Value

Debt Service Cover RatioOperating Result

Income Tax

Cash Flow for DSCR

Debt Service

Debt Service Cover Ratio

2018 2019 2020 2021 2022 2023 2024 2025 2026

20.614 22.263 24.044 25.968 28.046 30.289

10.956 9.307 7.526 5.603 3.525 1.282

31.571 31.571 31.571 31.571 31.571 31.571

67.000 68.359 69.588 70.838 72.054 73.829 75.166 76.370 77.692

-26.667 -26.667 -26.667 -26.667

-10.956 -9.307 -7.526 -5.603 -3.525 -1.282

29.377 32.385 35.395 38.569 68.529 72.548 75.166 76.370 77.692

-10.282 -11.335 -12.388 -13.499 -23.985 -25.392 -26.308 -26.729 -27.192

19.095 21.051 23.007 25.070 44.544 47.156 48.858 49.640 50.500

219.720 221.692 223.682 225.459 227.481 230.225 232.290 234.374 236.476

219.720 221.692 223.682 225.459 227.481 230.225 232.290 234.374 236.476

219.720 221.692 223.682 225.459 227.481 230.225 232.290 234.374 236.476

-3.671 -3.781 -3.895 -4.012 -4.132 -4.256 -4.384 -4.515 -4.651

-2.000 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000 -2.000

-19.091 -19.664 -20.254 -20.861 -21.487 -22.132 -22.796 -23.479 -24.184

-24.762 -25.445 -26.148 -26.873 -27.619 -28.388 -29.179 -29.995 -30.835

-0.810 -0.833 -0.858 -0.882 -0.907 -0.936 -0.963 -0.991 -1.020

-125.364 -125.236 -125.236 -124.981 -124.980 -125.108 -124.981 -124.980 -124.852

-1.784 -1.818 -1.852 -1.885 -1.921 -1.964 -2.001 -2.039 -2.077

-127.958 -127.888 -127.945 -127.748 -127.808 -128.008 -127.945 -128.010 -127.949

-152.720 -153.333 -154.094 -154.621 -155.427 -156.396 -157.124 -158.004 -158.784

-31.571 -31.571 -31.571 -31.571 -31.571 -31.571

-10.282 -11.335 -12.388 -13.499 -23.985 -25.392 -26.308 -26.729 -27.192

25.148 25.454 25.629 25.768 16.498 16.867 48.858 49.640 50.500

138.862 164.316 189.945 215.713 232.211 249.078 297.936 347.576 398.076

13.8% 14.6% 15.3% 15.8% 16.1% 16.3% 16.8% 17.2% 17.5%

6.922 6.369 5.830 5.329 3.102 2.883 7.590 7.010 6.483

20.236 26.605 32.435 37.763 40.866 43.749 51.338 58.348 64.832

67.000 68.359 69.588 70.838 72.054 73.829 75.166 76.370 77.692

-10.282 -11.335 -12.388 -13.499 -23.985 -25.392 -26.308 -26.729 -27.192

56.718 57.025 57.200 57.339 48.069 48.438 48.858 49.640 50.500

31.571 31.571 31.571 31.571 31.571 31.571

1.80 1.81 1.81 1.82 1.52 1.53


E-Class Turbine

Return on Investment mill. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017


Debt 194.570 23.800 119.000 23.800 71.400



Debt ServiceDebt Payback 75.224 8.765 9.467 10.224 11.042 11.925 12.879 13.910 15.022 16.224

Debt interest 70.466 18.070 17.368 16.611 15.793 14.910 13.956 12.926 11.813 10.611

Debt Service 145.690 26.835 26.835 26.835 26.835 26.835 26.835 26.835 26.835 26.835

Income Tax Rate and ProfitOperating Result 336.098 -25.464 41.404 49.024 49.331 50.133 50.991 52.835 54.087 55.338 56.513 57.555

Depreciation -148.901 -22.667 -22.667 -22.667 -22.667 -22.667 -22.667 -22.667 -22.667 -22.667 -22.667 -22.667

Debt interest -70.466 -18.070 -17.368 -16.611 -15.793 -14.910 -13.956 -12.926 -11.813 -10.611

Profit before Tax 116.730 -48.131 18.738 8.288 9.296 10.855 12.531 15.258 17.464 19.746 22.034 24.277

Income Tax -55.122 -7.970 -2.901 -3.254 -3.799 -4.386 -5.340 -6.112 -6.911 -7.712 -8.497

Profit after Tax 61.609 -48.131 10.767 5.387 6.042 7.056 8.145 9.918 11.352 12.835 14.322 15.780

Cash FlowVariable Rev. Electr. 1,397.022 113.403 184.945 192.304 192.479 193.423 194.564 197.110 198.677 200.256 201.640 203.031



Personnel -23.939 -2.652 -2.732 -2.814 -2.898 -2.985 -3.075 -3.167 -3.262 -3.360 -3.461 -3.564

Insurance -11.029 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500

Fixed Maintenance -76.604 -8.487 -8.742 -9.004 -9.274 -9.552 -9.839 -10.134 -10.438 -10.751 -11.074 -11.406

Operating Costs (Fix) -111.572 -12.639 -12.974 -13.318 -13.672 -14.038 -14.414 -14.801 -15.200 -15.611 -16.034 -16.470

Variable Maintenance -4.792 -0.337 -0.560 -0.594 -0.607 -0.622 -0.638 -0.659 -0.677 -0.696 -0.715 -0.734

Fuel -933.636 -125.065 -128.646 -127.938 -127.424 -127.165 -127.033 -127.292 -127.162 -127.032 -126.772 -126.640

Consumables -10.924 -0.826 -1.361 -1.429 -1.444 -1.466 -1.489 -1.523 -1.551 -1.579 -1.605 -1.632


Operating Costs -1,060.924 -138.867 -143.541 -143.279 -143.147 -143.290 -143.573 -144.276 -144.590 -144.918 -145.126 -145.476



Debt Service -145.690 -26.835 -26.835 -26.835 -26.835 -26.835 -26.835 -26.835 -26.835 -26.835

Income Tax -55.122 -7.970 -2.901 -3.254 -3.799 -4.386 -5.340 -6.112 -6.911 -7.712 -8.497

Cash Flow 51.899 -10.200 -51.000 -35.664 2.834 19.288 19.242 19.499 19.770 20.659 21.139 21.592 21.966 22.223

Cash Flow, accumulated -10.200 -61.200 -96.864 -94.030 -74.742 -55.500 -36.001 -16.231 4.428 25.567 47.159 69.125 91.348

Internal Rate of Return 16.3% 1.0% 4.6% 7.3% 9.3% 10.9%

Present Value of Cash Flow 51.899 -9.496 -42.966 -28.252 1.066 12.517 11.352 10.458 9.639 9.157 8.518 7.910 7.315 6.728

Net Present Value 10.3 a -9.496 -52.463 -80.715 -79.648 -67.131 -55.779 -45.321 -35.682 -26.524 -18.006 -10.096 -2.781 3.947

Debt Service Cover RatioOperating Result -25.464 41.404 49.024 49.331 50.133 50.991 52.835 54.087 55.338 56.513 57.555

Income Tax -7.970 -2.901 -3.254 -3.799 -4.386 -5.340 -6.112 -6.911 -7.712 -8.497

Cash Flow for DSCR -25.464 33.434 46.123 46.078 46.334 46.605 47.494 47.974 48.427 48.802 49.058

Debt Service 26.835 26.835 26.835 26.835 26.835 26.835 26.835 26.835 26.835

Debt Service Cover Ratio 1.72 1.72 1.73 1.74 1.77 1.79 1.80 1.82 1.83


E-Class Turbine


InvestmentEquity

Debt


Investment Volume


Debt interest

Debt Service


Depreciation

Debt interest

Profit before Tax

Income Tax

Profit after Tax



Operating Revenues

Personnel

Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs

Investment Volume

Income from Credit

Debt Service

Income Tax



Net Present Value


Income Tax

Cash Flow for DSCR

Debt Service


2018 2019 2020 2021 2022 2023 2024 2025 2026

17.522 18.924 20.438 22.073 23.839 25.746

9.313 7.911 6.397 4.762 2.996 1.089

26.835 26.835 26.835 26.835 26.835 26.835

59.729 61.191 62.444 63.693 64.940 66.881 68.348 69.594 71.058

-22.667 -22.667 -22.667 -22.667

-9.313 -7.911 -6.397 -4.762 -2.996 -1.089

27.750 30.613 33.380 36.264 61.943 65.791 68.348 69.594 71.058

-9.712 -10.715 -11.683 -12.693 -21.680 -23.027 -23.922 -24.358 -24.870

18.037 19.899 21.697 23.572 40.263 42.764 44.426 45.236 46.188

206.113 207.962 209.612 211.275 212.950 215.743 217.677 219.403 221.369

206.113 207.962 209.612 211.275 212.950 215.743 217.677 219.403 221.369

206.113 207.962 209.612 211.275 212.950 215.743 217.677 219.403 221.369

-3.671 -3.781 -3.895 -4.012 -4.132 -4.256 -4.384 -4.515 -4.651

-1.500 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500 -1.500

-11.748 -12.101 -12.464 -12.838 -13.223 -13.619 -14.028 -14.449 -14.882

-16.920 -17.382 -17.859 -18.349 -18.855 -19.376 -19.912 -20.464 -21.033

-0.760 -0.782 -0.804 -0.826 -0.849 -0.877 -0.903 -0.928 -0.955

-127.031 -126.901 -126.771 -126.640 -126.508 -126.769 -126.640 -126.508 -126.378

-1.673 -1.705 -1.736 -1.767 -1.798 -1.840 -1.875 -1.908 -1.945

-129.464 -129.388 -129.310 -129.232 -129.156 -129.487 -129.417 -129.345 -129.278

-146.384 -146.771 -147.169 -147.582 -148.011 -148.862 -149.329 -149.809 -150.311

-26.835 -26.835 -26.835 -26.835 -26.835 -26.835

-9.712 -10.715 -11.683 -12.693 -21.680 -23.027 -23.922 -24.358 -24.870

23.182 23.641 23.926 24.166 16.424 17.018 44.426 45.236 46.188

114.530 138.171 162.097 186.263 202.687 219.705 264.132 309.368 355.556

12.1% 13.0% 13.7% 14.3% 14.6% 14.9% 15.5% 15.9% 16.3%

6.380 5.916 5.442 4.997 3.088 2.909 6.901 6.388 5.930

10.328 16.243 21.686 26.683 29.771 32.680 39.581 45.969 51.899

59.729 61.191 62.444 63.693 64.940 66.881 68.348 69.594 71.058

-9.712 -10.715 -11.683 -12.693 -21.680 -23.027 -23.922 -24.358 -24.870

50.017 50.477 50.761 51.001 43.259 43.854 44.426 45.236 46.188

26.835 26.835 26.835 26.835 26.835 26.835

1.86 1.88 1.89 1.90 1.61 1.63



Return on Investment mill. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


Debt 34.336 4.200 21.000 4.200 12.600



Debt ServiceDebt Payback 13.275 1.547 1.671 1.804 1.949 2.104 2.273 2.455 2.651

Debt interest 12.435 3.189 3.065 2.931 2.787 2.631 2.463 2.281 2.085

Debt Service 25.710 4.736 4.736 4.736 4.736 4.736 4.736 4.736 4.736

Income Tax Rate and ProfitOperating Result 57.783 11.546 7.847 7.343 7.456 7.621 7.721 7.493 7.612 7.430 7.402

Depreciation -26.277 -4.000 -4.000 -4.000 -4.000 -4.000 -4.000 -4.000 -4.000 -4.000 -4.000

Debt interest -12.435 -3.189 -3.065 -2.931 -2.787 -2.631 -2.463 -2.281 -2.085

Profit before Tax 19.071 7.546 3.847 0.154 0.391 0.689 0.934 0.862 1.149 1.149 1.318

Income Tax -4.425 -1.089 -0.054 -0.137 -0.241 -0.327 -0.302 -0.402 -0.402 -0.461

Profit after Tax 14.646 7.546 2.758 0.100 0.254 0.448 0.607 0.560 0.747 0.747 0.857

Cash FlowVariable Rev. Electr. 94.769 12.511 11.224 11.655 12.077 12.555 12.842 12.795 13.113 13.003 13.314

Operating Revenues (Variab.) 94.769 12.511 11.224 11.655 12.077 12.555 12.842 12.795 13.113 13.003 13.314

Operating Revenues 94.769 12.511 11.224 11.655 12.077 12.555 12.842 12.795 13.113 13.003 13.314

Insurance -3.676 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500

Fixed Maintenance -47.877 -5.305 -5.464 -5.628 -5.796 -5.970 -6.149 -6.334 -6.524 -6.720 -6.921

Operating Costs (Fix) -51.554 -5.805 -5.964 -6.128 -6.296 -6.470 -6.649 -6.834 -7.024 -7.220 -7.421

Variable Maintenance -0.324 -0.037 -0.034 -0.036 -0.038 -0.040 -0.042 -0.043 -0.045 -0.045 -0.047

Fuel 15.632 4.968 2.703 1.938 1.804 1.672 1.668 1.673 1.670 1.795 1.663

Consumables -0.740 -0.091 -0.083 -0.087 -0.091 -0.095 -0.098 -0.099 -0.102 -0.102 -0.106

Operating Costs (Variab.) 14.568 4.839 2.587 1.816 1.675 1.536 1.528 1.532 1.523 1.647 1.510

Operating Costs -36.985 -0.965 -3.377 -4.312 -4.621 -4.934 -5.122 -5.302 -5.501 -5.572 -5.912



Debt Service -25.710 -4.736 -4.736 -4.736 -4.736 -4.736 -4.736 -4.736 -4.736

Income Tax -4.425 -1.089 -0.054 -0.137 -0.241 -0.327 -0.302 -0.402 -0.402 -0.461

Cash Flow 12.933 -1.800 -9.000 9.746 1.358 2.553 2.584 2.644 2.658 2.456 2.474 2.292 2.206

Cash Flow, accumulated -1.800 -10.800 -1.054 0.304 2.857 5.441 8.084 10.743 13.198 15.673 17.965 20.171

Internal Rate of Return 38.2% 2.1% 16.0% 24.4% 29.6% 32.8% 34.7% 35.9% 36.7% 37.2%

Present Value of Cash Flow 12.933 -1.676 -7.582 7.556 0.848 1.657 1.524 1.418 1.296 1.089 0.997 0.840 0.735

Net Present Value 2.4 a -1.676 -9.258 -1.702 -0.854 0.803 2.327 3.745 5.042 6.130 7.127 7.967 8.702




InvestmentEquity

Debt


Investment Volume


Debt interest

Debt Service


Depreciation

Debt interest

Profit before Tax

Income Tax

Profit after Tax



Operating Revenues

Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs

Investment Volume

Income from Credit

Debt Service

Income Tax



Net Present Value

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

2.863 3.092 3.340 3.607 3.895 4.207 4.543

1.873 1.643 1.396 1.129 0.840 0.529 0.192

4.736 4.736 4.736 4.736 4.736 4.736 4.736

7.501 7.271 7.168 7.144 7.145 7.115 6.949 6.818 6.776 6.634

-4.000 -4.000 -4.000 -4.000 -4.000

-1.873 -1.643 -1.396 -1.129 -0.840 -0.529 -0.192

1.629 1.628 1.772 2.015 2.304 6.586 6.756 6.818 6.776 6.634

-0.570 -0.570 -0.620 -0.705 -0.807 -2.305 -2.365 -2.386 -2.371 -2.322

1.059 1.058 1.152 1.310 1.498 4.281 4.392 4.432 4.404 4.312

13.630 13.607 13.730 14.069 14.184 14.531 14.482 14.613 14.971 15.107

13.630 13.607 13.730 14.069 14.184 14.531 14.482 14.613 14.971 15.107

13.630 13.607 13.730 14.069 14.184 14.531 14.482 14.613 14.971 15.107

-0.500 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500 -0.500

-7.129 -7.343 -7.563 -7.790 -8.024 -8.264 -8.512 -8.768 -9.031 -9.301

-7.629 -7.843 -8.063 -8.290 -8.524 -8.764 -9.012 -9.268 -9.531 -9.801

-0.049 -0.050 -0.052 -0.054 -0.055 -0.058 -0.059 -0.061 -0.063 -0.065

1.659 1.667 1.665 1.535 1.659 1.528 1.661 1.659 1.528 1.526

-0.110 -0.110 -0.113 -0.116 -0.119 -0.123 -0.124 -0.126 -0.130 -0.133

1.500 1.507 1.501 1.365 1.485 1.348 1.479 1.472 1.335 1.328

-6.129 -6.336 -6.562 -6.925 -7.039 -7.416 -7.533 -7.795 -8.196 -8.473

-4.736 -4.736 -4.736 -4.736 -4.736 -4.736 -4.736

-0.570 -0.570 -0.620 -0.705 -0.807 -2.305 -2.365 -2.386 -2.371 -2.322

2.196 1.966 1.812 1.703 1.603 0.074 -0.152 4.432 4.404 4.312

22.366 24.332 26.145 27.848 29.450 29.524 29.372 33.804 38.208 42.520

37.5% 37.8% 37.9% 38.0% 38.1% 38.1% 38.1% 38.1% 38.2% 38.2%

0.665 0.541 0.454 0.387 0.332 0.014 -0.026 0.688 0.622 0.554

9.367 9.908 10.361 10.749 11.080 11.094 11.069 11.757 12.379 12.933


F-Class Turbine

Return on Investment mill. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08

Investment Present valueEquity 98.103 12.000 24.000 24.000 12.000 12.000

Debt 228.906 28.000 56.000 56.000 28.000 28.000


Investment Volume 327.009 40.000 80.000 80.000 40.000 40.000

Debt ServiceDebt Payback 6.687

Debt interest 13.798

Debt Service 20.486

Income Tax Rate and ProfitOperating Result 60.617 -1.340 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143

Depreciation -57.275 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222

Debt interest -13.798

Profit before Tax -10.457 -3.562 -3.366 -3.366 -3.366 -3.366 -3.366 -3.366 -3.366

Income Tax -8.356

Profit after Tax -18.813 -3.562 -3.366 -3.366 -3.366 -3.366 -3.366 -3.366 -3.366

Cash FlowVariable Rev. Electr. 370.858 5.475 10.949 10.949 10.949 10.949 10.949 10.949 10.949

Operating Revenues (Variab.) 370.858 5.475 10.949 10.949 10.949 10.949 10.949 10.949 10.949

Operating Revenues 370.858 5.475 10.949 10.949 10.949 10.949 10.949 10.949 10.949

Personnel -5.858 -0.221 -0.221 -0.221 -0.221 -0.221 -0.221 -0.221 -0.221

Insurance -4.296 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167

Fixed Maintenance -30.463 -1.149 -1.149 -1.149 -1.149 -1.149 -1.149 -1.149 -1.149

Operating Costs (Fix) -40.616 -1.537 -1.537 -1.537 -1.537 -1.537 -1.537 -1.537 -1.537

Variable Maintenance -1.126 -0.016 -0.033 -0.033 -0.033 -0.033 -0.033 -0.033 -0.033

Fuel -265.768 -5.222 -10.443 -10.443 -10.443 -10.443 -10.443 -10.443 -10.443

Consumables -2.731 -0.040 -0.080 -0.080 -0.080 -0.080 -0.080 -0.080 -0.080

Operating Costs (Variab.) -269.625 -5.278 -10.556 -10.556 -10.556 -10.556 -10.556 -10.556 -10.556

Operating Costs -310.241 -6.815 -12.093 -12.093 -12.093 -12.093 -12.093 -12.093 -12.093

Investment Volume -327.009 -40.000 -80.000 -80.000 -40.000 -40.000

Income from Credit 228.906 28.000 56.000 56.000 28.000 28.000

Debt Service -20.486

Income Tax -8.356

Cash Flow -66.328 -12.000 -24.000 -24.000 -12.000 -1.340 -13.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143

Cash Flow, accumulated -12.000 -12.000 -12.000 -12.000 -12.000 -12.000 -12.000 -12.000 -12.000 -12.000 -36.000 -36.000 -36.000 -36.000 -60.000 -72.000 -73.340 -86.484 -87.627 -88.771 -89.914 -91.058 -92.201 -93.344

Internal Rate of ReturnPresent Value of Cash Flow -66.328 -11.172 -20.638 -19.993 -9.917 -1.099 -10.691 -0.923 -0.915 -0.908 -0.901 -0.894 -0.887

Net Present Value 9.2 a -11.172 -11.172 -11.172 -11.172 -11.172 -11.172 -11.172 -11.172 -11.172 -11.172 -31.810 -31.810 -31.810 -31.810 -51.803 -61.721 -62.819 -73.511 -74.433 -75.349 -76.257 -77.158 -78.052 -78.939

Debt Service Cover RatioOperating Result -1.340 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143

Income Tax

Cash Flow for DSCR -1.340 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143 -1.143

Debt Service



F-Class Turbine


InvestmentEquity

Debt


Investment Volume


Debt interest

Debt Service


Depreciation

Debt interest

Profit before Tax

Income Tax

Profit after Tax



Operating Revenues

Personnel

Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs

Investment Volume

Income from Credit

Debt Service

Income Tax



Net Present Value


Income Tax

Cash Flow for DSCR

Debt Service


2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

36.000

84.000

120.000

0.829 0.835 0.840 0.845 0.851 0.856 0.862 0.867 0.873 0.879 0.884 0.890

1.802 1.796 1.791 1.785 1.780 1.775 1.769 1.763 1.758 1.752 1.747 1.741

2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631

-1.143 -1.143 -1.143 -1.143 -1.078 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697

-2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222 -2.222

-1.802 -1.796 -1.791 -1.785 -1.780 -1.775 -1.769 -1.763 -1.758 -1.752 -1.747 -1.741

-3.366 -3.366 -3.366 -3.366 -3.300 2.353 2.353 2.353 2.353 2.353 2.353 2.353 2.353 2.353 2.353 2.353 0.674 0.679 0.684 0.690 0.695 0.701 0.706 0.712 0.717 0.723 0.728 0.734

-0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.236 -0.238 -0.239 -0.241 -0.243 -0.245 -0.247 -0.249 -0.251 -0.253 -0.255 -0.257

-3.366 -3.366 -3.366 -3.366 -3.300 1.530 1.530 1.530 1.530 1.530 1.530 1.530 1.530 1.530 1.530 1.530 0.438 0.441 0.445 0.448 0.452 0.455 0.459 0.463 0.466 0.470 0.473 0.477

10.949 10.949 10.949 10.949 11.059 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997

10.949 10.949 10.949 10.949 11.059 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997

10.949 10.949 10.949 10.949 11.059 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.828 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997 16.997

-0.221 -0.221 -0.221 -0.221 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234

-0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167 -0.167

-1.149 -1.149 -1.149 -1.149 -1.184 -1.184 -1.184 -1.184 -1.184 -1.184 -1.184 -1.184 -1.184 -1.184 -1.184 -1.184 -1.219 -1.219 -1.219 -1.219 -1.219 -1.219 -1.219 -1.219 -1.219 -1.219 -1.219 -1.219

-1.537 -1.537 -1.537 -1.537 -1.578 -1.578 -1.578 -1.578 -1.578 -1.578 -1.578 -1.578 -1.578 -1.578 -1.578 -1.578 -1.620 -1.620 -1.620 -1.620 -1.620 -1.620 -1.620 -1.620 -1.620 -1.620 -1.620 -1.620

-0.033 -0.033 -0.033 -0.033 -0.034 -0.051 -0.051 -0.051 -0.051 -0.051 -0.051 -0.051 -0.051 -0.051 -0.051 -0.051 -0.053 -0.053 -0.053 -0.053 -0.053 -0.053 -0.053 -0.053 -0.053 -0.053 -0.053 -0.053

-10.443 -10.443 -10.443 -10.443 -10.443 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500 -10.500

-0.080 -0.080 -0.080 -0.080 -0.081 -0.124 -0.124 -0.124 -0.124 -0.124 -0.124 -0.124 -0.124 -0.124 -0.124 -0.124 -0.126 -0.126 -0.126 -0.126 -0.126 -0.126 -0.126 -0.126 -0.126 -0.126 -0.126 -0.126

-10.556 -10.556 -10.556 -10.556 -10.558 -10.675 -10.675 -10.675 -10.675 -10.675 -10.675 -10.675 -10.675 -10.675 -10.675 -10.675 -10.679 -10.679 -10.679 -10.679 -10.679 -10.679 -10.679 -10.679 -10.679 -10.679 -10.679 -10.679

-12.093 -12.093 -12.093 -12.093 -12.136 -12.253 -12.253 -12.253 -12.253 -12.253 -12.253 -12.253 -12.253 -12.253 -12.253 -12.253 -12.299 -12.299 -12.299 -12.299 -12.299 -12.299 -12.299 -12.299 -12.299 -12.299 -12.299 -12.299

-120.000

84.000

-2.631 -2.631 -2.631 -2.631 -2.631 -2.631 -2.631 -2.631 -2.631 -2.631 -2.631 -2.631

-0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.236 -0.238 -0.239 -0.241 -0.243 -0.245 -0.247 -0.249 -0.251 -0.253 -0.255 -0.257

-1.143 -1.143 -1.143 -1.143 -1.078 -32.248 3.752 3.752 3.752 3.752 3.752 3.752 3.752 3.752 3.752 3.752 1.831 1.829 1.827 1.825 1.823 1.821 1.819 1.817 1.815 1.813 1.811 1.809

-94.488 -95.631 -96.775 -97.918 -98.996 -131.244 -127.492 -123.741 -119.989 -116.237 -112.485 -108.734 -104.982 -101.230 -97.478 -93.727 -91.896 -90.067 -88.240 -86.415 -84.592 -82.771 -80.952 -79.135 -77.319 -75.506 -73.694 -71.885

-0.880 -0.873 -0.866 -0.859 -0.803 -23.847 2.752 2.731 2.709 2.688 2.666 2.645 2.624 2.604 2.583 2.562 1.240 1.229 1.218 1.208 1.197 1.186 1.175 1.165 1.154 1.144 1.134 1.124

-79.819 -80.692 -81.558 -82.417 -83.220 -107.067 -104.314 -101.584 -98.875 -96.187 -93.521 -90.876 -88.251 -85.648 -83.065 -80.502 -79.262 -78.032 -76.814 -75.607 -74.410 -73.224 -72.048 -70.884 -69.729 -68.585 -67.451 -66.328

-1.143 -1.143 -1.143 -1.143 -1.078 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.575 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697 4.697

-0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.824 -0.236 -0.238 -0.239 -0.241 -0.243 -0.245 -0.247 -0.249 -0.251 -0.253 -0.255 -0.257

-1.143 -1.143 -1.143 -1.143 -1.078 3.752 3.752 3.752 3.752 3.752 3.752 3.752 3.752 3.752 3.752 3.752 4.462 4.460 4.458 4.456 4.454 4.452 4.450 4.448 4.446 4.444 4.442 4.440

2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631

1.70 1.70 1.69 1.69 1.69 1.69 1.69 1.69 1.69 1.69 1.69 1.69


E-Class Turbine



Debt 194.570 23.800 47.600 47.600 23.800 23.800




Debt interest 11.729

Debt Service 17.413

Income Tax Rate and ProfitOperating Result 41.217 -1.442 -1.831 -2.219 -2.219 -2.219 -2.219 -2.219 -2.219

Depreciation -48.684 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889


Profit before Tax -19.196 -3.331 -3.719 -4.108 -4.108 -4.108 -4.108 -4.108 -4.108

Income Tax -7.547

Profit after Tax -26.744 -3.331 -3.719 -4.108 -4.108 -4.108 -4.108 -4.108 -4.108




Personnel -5.858 -0.221 -0.221 -0.221 -0.221 -0.221 -0.221 -0.221 -0.221

Insurance -3.222 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125




Fuel -272.691 -3.790 -7.580 -11.370 -11.370 -11.370 -11.370 -11.370 -11.370

Consumables -2.543 -0.025 -0.050 -0.075 -0.075 -0.075 -0.075 -0.075 -0.075

Operating Costs (Variab.) -276.283 -3.825 -7.650 -11.475 -11.475 -11.475 -11.475 -11.475 -11.475

Operating Costs -304.109 -4.878 -8.703 -12.529 -12.529 -12.529 -12.529 -12.529 -12.529



Debt Service -17.413

Income Tax -7.547

Cash Flow -67.131 -10.200 -20.400 -20.400 -10.200 -1.442 -12.031 -2.219 -2.219 -2.219 -2.219 -2.219 -2.219


Internal Rate of ReturnPresent Value of Cash Flow -67.131 -9.496 -17.543 -16.994 -8.430 -1.182 -9.786 -1.791 -1.777 -1.763 -1.749 -1.735 -1.721


Debt Service Cover RatioOperating Result -1.442 -1.831 -2.219 -2.219 -2.219 -2.219 -2.219 -2.219

Income Tax

Cash Flow for DSCR -1.442 -1.831 -2.219 -2.219 -2.219 -2.219 -2.219 -2.219

Debt Service



E-Class Turbine


InvestmentEquity

Debt


Investment Volume


Debt interest

Debt Service


Depreciation

Debt interest

Profit before Tax

Income Tax

Profit after Tax



Operating Revenues

Personnel

Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs

Investment Volume

Income from Credit

Debt Service

Income Tax



Net Present Value


Income Tax

Cash Flow for DSCR

Debt Service


2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

30.600

71.400

102.000

0.705 0.709 0.714 0.719 0.723 0.728 0.733 0.737 0.742 0.747 0.752 0.756

1.531 1.527 1.522 1.518 1.513 1.508 1.504 1.499 1.494 1.489 1.485 1.480

2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236

-2.219 -2.219 -2.219 -2.219 -2.146 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085

-1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889 -1.889

-1.531 -1.527 -1.522 -1.518 -1.513 -1.508 -1.504 -1.499 -1.494 -1.489 -1.485 -1.480

-4.108 -4.108 -4.108 -4.108 -4.035 2.070 2.070 2.070 2.070 2.070 2.070 2.070 2.070 2.070 2.070 2.070 0.665 0.670 0.674 0.679 0.683 0.688 0.693 0.698 0.702 0.707 0.712 0.717

-0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.233 -0.234 -0.236 -0.238 -0.239 -0.241 -0.242 -0.244 -0.246 -0.247 -0.249 -0.251

-4.108 -4.108 -4.108 -4.108 -4.035 1.346 1.346 1.346 1.346 1.346 1.346 1.346 1.346 1.346 1.346 1.346 0.432 0.435 0.438 0.441 0.444 0.447 0.450 0.453 0.456 0.460 0.463 0.466

10.309 10.309 10.309 10.309 10.412 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025

10.309 10.309 10.309 10.309 10.412 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025

10.309 10.309 10.309 10.309 10.412 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 15.867 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025 16.025

-0.221 -0.221 -0.221 -0.221 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.228 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234 -0.234

-0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125 -0.125

-0.707 -0.707 -0.707 -0.707 -0.728 -0.728 -0.728 -0.728 -0.728 -0.728 -0.728 -0.728 -0.728 -0.728 -0.728 -0.728 -0.750 -0.750 -0.750 -0.750 -0.750 -0.750 -0.750 -0.750 -0.750 -0.750 -0.750 -0.750

-1.053 -1.053 -1.053 -1.053 -1.081 -1.081 -1.081 -1.081 -1.081 -1.081 -1.081 -1.081 -1.081 -1.081 -1.081 -1.081 -1.110 -1.110 -1.110 -1.110 -1.110 -1.110 -1.110 -1.110 -1.110 -1.110 -1.110 -1.110

-0.031 -0.031 -0.031 -0.031 -0.032 -0.048 -0.048 -0.048 -0.048 -0.048 -0.048 -0.048 -0.048 -0.048 -0.048 -0.048 -0.050 -0.050 -0.050 -0.050 -0.050 -0.050 -0.050 -0.050 -0.050 -0.050 -0.050 -0.050

-11.370 -11.370 -11.370 -11.370 -11.370 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662 -10.662

-0.075 -0.075 -0.075 -0.075 -0.077 -0.117 -0.117 -0.117 -0.117 -0.117 -0.117 -0.117 -0.117 -0.117 -0.117 -0.117 -0.119 -0.119 -0.119 -0.119 -0.119 -0.119 -0.119 -0.119 -0.119 -0.119 -0.119 -0.119

-11.475 -11.475 -11.475 -11.475 -11.478 -10.826 -10.826 -10.826 -10.826 -10.826 -10.826 -10.826 -10.826 -10.826 -10.826 -10.826 -10.830 -10.830 -10.830 -10.830 -10.830 -10.830 -10.830 -10.830 -10.830 -10.830 -10.830 -10.830

-12.529 -12.529 -12.529 -12.529 -12.559 -11.907 -11.907 -11.907 -11.907 -11.907 -11.907 -11.907 -11.907 -11.907 -11.907 -11.907 -11.940 -11.940 -11.940 -11.940 -11.940 -11.940 -11.940 -11.940 -11.940 -11.940 -11.940 -11.940

-102.000

71.400

-2.236 -2.236 -2.236 -2.236 -2.236 -2.236 -2.236 -2.236 -2.236 -2.236 -2.236 -2.236

-0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.233 -0.234 -0.236 -0.238 -0.239 -0.241 -0.242 -0.244 -0.246 -0.247 -0.249 -0.251

-2.219 -2.219 -2.219 -2.219 -2.146 -27.365 3.235 3.235 3.235 3.235 3.235 3.235 3.235 3.235 3.235 3.235 1.616 1.615 1.613 1.611 1.610 1.608 1.607 1.605 1.603 1.602 1.600 1.598

-90.207 -92.426 -94.645 -96.864 -99.011 -126.376 -123.141 -119.907 -116.672 -113.438 -110.203 -106.969 -103.734 -100.499 -97.265 -94.030 -92.414 -90.799 -89.186 -87.575 -85.965 -84.357 -82.750 -81.145 -79.542 -77.940 -76.340 -74.742

-1.708 -1.694 -1.681 -1.667 -1.600 -20.236 2.373 2.354 2.336 2.317 2.299 2.281 2.263 2.245 2.227 2.209 1.095 1.085 1.076 1.066 1.057 1.047 1.038 1.029 1.020 1.010 1.001 0.992

-75.673 -77.367 -79.048 -80.715 -82.315 -102.551 -100.178 -97.824 -95.488 -93.171 -90.872 -88.592 -86.329 -84.084 -81.858 -79.648 -78.553 -77.468 -76.392 -75.326 -74.269 -73.222 -72.184 -71.155 -70.135 -69.125 -68.124 -67.131

-2.219 -2.219 -2.219 -2.219 -2.146 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 3.959 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085 4.085

-0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.725 -0.233 -0.234 -0.236 -0.238 -0.239 -0.241 -0.242 -0.244 -0.246 -0.247 -0.249 -0.251

-2.219 -2.219 -2.219 -2.219 -2.146 3.235 3.235 3.235 3.235 3.235 3.235 3.235 3.235 3.235 3.235 3.235 3.853 3.851 3.849 3.848 3.846 3.845 3.843 3.841 3.840 3.838 3.836 3.835

2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236

1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.72 1.71





Debt 34.336 4.200 8.400 8.400 4.200 4.200




Debt interest 2.070

Debt Service 3.073

Income Tax Rate and ProfitOperating Result 19.401 0.102 0.687 1.076 1.076 1.076 1.076 1.076 1.076

Depreciation -8.591 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333


Profit before Tax 8.739 -0.232 0.354 0.742 0.742 0.742 0.742 0.742 0.742

Income Tax -0.809

Profit after Tax 7.930 -0.232 0.354 0.742 0.742 0.742 0.742 0.742 0.742




Insurance -1.074 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042




Fuel 6.923 -1.432 -2.864 0.926 0.926 0.926 0.926 0.926 0.926

Consumables -0.188 -0.015 -0.030 -0.005 -0.005 -0.005 -0.005 -0.005 -0.005

Operating Costs (Variab.) 6.658 -1.453 -2.905 0.920 0.920 0.920 0.920 0.920 0.920

Operating Costs -6.132 -1.936 -3.389 0.436 0.436 0.436 0.436 0.436 0.436



Debt Service -3.073

Income Tax -0.809

Cash Flow 0.803 -1.800 -3.600 -3.600 -1.800 0.102 -1.113 1.076 1.076 1.076 1.076 1.076 1.076


Internal Rate of Return 16.0%

Present Value of Cash Flow 0.803 -1.676 -3.096 -2.999 -1.488 0.083 -0.905 0.868 0.861 0.854 0.848 0.841 0.834





InvestmentEquity

Debt


Investment Volume


Debt interest

Debt Service


Depreciation

Debt interest

Profit before Tax

Income Tax

Profit after Tax



Operating Revenues

Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs

Investment Volume

Income from Credit

Debt Service

Income Tax



Net Present Value

2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

5.400

12.600

18.000

0.124 0.125 0.126 0.127 0.128 0.128 0.129 0.130 0.131 0.132 0.133 0.133

0.270 0.269 0.269 0.268 0.267 0.266 0.265 0.265 0.264 0.263 0.262 0.261

0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395

1.076 1.076 1.076 1.076 1.069 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.616 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612 0.612

-0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333 -0.333

-0.270 -0.269 -0.269 -0.268 -0.267 -0.266 -0.265 -0.265 -0.264 -0.263 -0.262 -0.261

0.742 0.742 0.742 0.742 0.735 0.283 0.283 0.283 0.283 0.283 0.283 0.283 0.283 0.283 0.283 0.283 0.008 0.009 0.010 0.011 0.012 0.012 0.013 0.014 0.015 0.016 0.017 0.017

-0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.003 -0.003 -0.003 -0.004 -0.004 -0.004 -0.005 -0.005 -0.005 -0.006 -0.006 -0.006

0.742 0.742 0.742 0.742 0.735 0.184 0.184 0.184 0.184 0.184 0.184 0.184 0.184 0.184 0.184 0.184 0.005 0.006 0.006 0.007 0.008 0.008 0.009 0.009 0.010 0.010 0.011 0.011

0.640 0.640 0.640 0.640 0.646 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971

0.640 0.640 0.640 0.640 0.646 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971

0.640 0.640 0.640 0.640 0.646 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.962 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971 0.971

-0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042 -0.042

-0.442 -0.442 -0.442 -0.442 -0.455 -0.455 -0.455 -0.455 -0.455 -0.455 -0.455 -0.455 -0.455 -0.455 -0.455 -0.455 -0.469 -0.469 -0.469 -0.469 -0.469 -0.469 -0.469 -0.469 -0.469 -0.469 -0.469 -0.469

-0.484 -0.484 -0.484 -0.484 -0.497 -0.497 -0.497 -0.497 -0.497 -0.497 -0.497 -0.497 -0.497 -0.497 -0.497 -0.497 -0.511 -0.511 -0.511 -0.511 -0.511 -0.511 -0.511 -0.511 -0.511 -0.511 -0.511 -0.511

-0.002 -0.002 -0.002 -0.002 -0.002 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003 -0.003

0.926 0.926 0.926 0.926 0.926 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162 0.162

-0.005 -0.005 -0.005 -0.005 -0.005 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007 -0.007

0.920 0.920 0.920 0.920 0.920 0.152 0.152 0.152 0.152 0.152 0.152 0.152 0.152 0.152 0.152 0.152 0.151 0.151 0.151 0.151 0.151 0.151 0.151 0.151 0.151 0.151 0.151 0.151

0.436 0.436 0.436 0.436 0.423 -0.345 -0.345 -0.345 -0.345 -0.345 -0.345 -0.345 -0.345 -0.345 -0.345 -0.345 -0.359 -0.359 -0.359 -0.359 -0.359 -0.359 -0.359 -0.359 -0.359 -0.359 -0.359 -0.359

-18.000

12.600

-0.395 -0.395 -0.395 -0.395 -0.395 -0.395 -0.395 -0.395 -0.395 -0.395 -0.395 -0.395

-0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.099 -0.003 -0.003 -0.003 -0.004 -0.004 -0.004 -0.005 -0.005 -0.005 -0.006 -0.006 -0.006

1.076 1.076 1.076 1.076 1.069 -4.883 0.517 0.517 0.517 0.517 0.517 0.517 0.517 0.517 0.517 0.517 0.214 0.214 0.214 0.214 0.213 0.213 0.213 0.212 0.212 0.212 0.211 0.211

-4.281 -3.206 -2.130 -1.054 0.015 -4.868 -4.351 -3.834 -3.317 -2.800 -2.282 -1.765 -1.248 -0.731 -0.214 0.304 0.518 0.732 0.946 1.159 1.373 1.586 1.798 2.011 2.223 2.434 2.646 2.857

0.1% 2.1% 3.6% 5.0% 6.3% 7.6% 8.8% 10.0% 11.1% 12.2% 13.2% 14.2% 15.1% 16.0%

0.828 0.821 0.815 0.808 0.797 -3.611 0.379 0.376 0.373 0.370 0.368 0.365 0.362 0.359 0.356 0.353 0.145 0.144 0.143 0.141 0.140 0.139 0.137 0.136 0.135 0.134 0.132 0.131

-4.146 -3.325 -2.510 -1.702 -0.905 -4.516 -4.137 -3.760 -3.387 -3.016 -2.649 -2.284 -1.922 -1.563 -1.207 -0.854 -0.709 -0.565 -0.422 -0.281 -0.141 -0.002 0.135 0.271 0.406 0.540 0.672 0.803


F-Class Turbine

Electricity Production Cost 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Capital Costs Present value

Equity mill. EUR 84.011 15.474 15.474 15.474 15.474 15.474 15.474 15.474 15.474 15.474

Debt mill. EUR 171.400 31.571 31.571 31.571 31.571 31.571 31.571 31.571 31.571 31.571

Capital Costs mill. EUR 255.411 47.045 47.045 47.045 47.045 47.045 47.045 47.045 47.045 47.045

Operating CostsPersonnel mill. EUR 23.939 2.652 2.732 2.814 2.898 2.985 3.075 3.167 3.262 3.360 3.461 3.564

Insurance mill. EUR 14.706 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000

Fixed Maintenance mill. EUR 124.481 13.792 14.205 14.632 15.071 15.523 15.988 16.468 16.962 17.471 17.995 18.535

Operating Costs (Fix) mill. EUR 163.126 18.444 18.937 19.445 19.969 20.508 21.063 21.635 22.224 22.831 23.456 24.099

Variable Maintenance mill. EUR 5.117 0.374 0.594 0.630 0.645 0.662 0.680 0.702 0.722 0.741 0.762 0.783

Fuel mill. EUR 918.004 120.097 125.943 126.000 125.620 125.493 125.365 125.619 125.492 125.237 125.109 124.981

Consumables mill. EUR 11.664 0.917 1.443 1.515 1.535 1.561 1.587 1.622 1.653 1.681 1.711 1.742

Operating Costs (Variab.) mill. EUR 934.784 121.389 127.981 128.146 127.800 127.716 127.632 127.943 127.867 127.659 127.582 127.506

Operating Costs mill. EUR 1,097.910 139.833 146.918 147.591 147.769 148.224 148.695 149.578 150.091 150.490 151.038 151.605

Electricity Production CostElectricity Production Cost mill. EUR 1,353.320 139.833 146.918 194.636 194.814 195.269 195.740 196.623 197.136 197.535 198.083 198.650

Capital Costs Levelized

Equity EUR/MWh 2.154 2.763 2.783 2.791 2.800 2.794 2.797 2.805 2.811 2.817

Debt EUR/MWh 4.394 5.638 5.677 5.695 5.712 5.700 5.706 5.723 5.735 5.747

Capital Costs EUR/MWh 6.547 8.401 8.460 8.486 8.512 8.494 8.503 8.529 8.546 8.564

Operating Costs Levelized

Personnel EUR/MWh 0.614 0.752 0.502 0.502 0.521 0.538 0.556 0.572 0.590 0.609 0.629 0.649

Insurance EUR/MWh 0.377 0.567 0.368 0.357 0.360 0.361 0.362 0.361 0.361 0.363 0.363 0.364

Fixed Maintenance EUR/MWh 3.191 3.911 2.611 2.613 2.710 2.800 2.893 2.973 3.066 3.167 3.269 3.374

Operating Costs (Fix) EUR/MWh 4.181 5.230 3.481 3.472 3.591 3.699 3.811 3.906 4.017 4.139 4.261 4.387

Variable Maintenance EUR/MWh 0.131 0.106 0.109 0.113 0.116 0.119 0.123 0.127 0.130 0.134 0.138 0.143

Fuel EUR/MWh 23.532 34.054 23.151 22.500 22.590 22.636 22.681 22.681 22.681 22.704 22.727 22.750

Consumables EUR/MWh 0.299 0.260 0.265 0.271 0.276 0.282 0.287 0.293 0.299 0.305 0.311 0.317

Operating Costs (Variab.) EUR/MWh 23.962 34.420 23.526 22.883 22.982 23.037 23.092 23.101 23.111 23.143 23.177 23.210

Operating Costs EUR/MWh 28.143 39.650 27.007 26.356 26.573 26.736 26.902 27.007 27.127 27.282 27.437 27.597

Electricity Production Cost Levelized

Electricity Production Cost EUR/MWh 34.690 39.650 27.007 34.756 35.033 35.222 35.414 35.502 35.630 35.811 35.984 36.160

Electricity Production MWh 39,011,371 3,526,667 5,440,000 5,600,000 5,560,800 5,544,000 5,527,200 5,538,400 5,532,800 5,516,000 5,504,800 5,493,600


F-Class Turbine


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs

Electricity Production CostElectricity Production Cost

Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Electricity Production

2018 2019 2020 2021 2022 2023 2024 2025 2026

15.474 15.474 15.474 15.474 15.474 15.474

31.571 31.571 31.571 31.571 31.571 31.571

47.045 47.045 47.045 47.045 47.045 47.045

3.671 3.781 3.895 4.012 4.132 4.256 4.384 4.515 4.651

2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000 2.000

19.091 19.664 20.254 20.861 21.487 22.132 22.796 23.479 24.184

24.762 25.445 26.148 26.873 27.619 28.388 29.179 29.995 30.835

0.810 0.833 0.858 0.882 0.907 0.936 0.963 0.991 1.020

125.364 125.236 125.236 124.981 124.980 125.108 124.981 124.980 124.852

1.784 1.818 1.852 1.885 1.921 1.964 2.001 2.039 2.077

127.958 127.888 127.945 127.748 127.808 128.008 127.945 128.010 127.949

152.720 153.333 154.094 154.621 155.427 156.396 157.124 158.004 158.784

199.765 200.378 201.139 201.666 202.472 203.441 157.124 158.004 158.784

2.805 2.808 2.811 2.817 2.820 2.814

5.723 5.729 5.735 5.747 5.753 5.741

8.529 8.538 8.546 8.564 8.572 8.555

0.666 0.686 0.708 0.730 0.753 0.774 0.798 0.823 0.848

0.363 0.363 0.363 0.364 0.364 0.364 0.364 0.364 0.365

3.461 3.568 3.679 3.797 3.915 4.025 4.149 4.278 4.411

4.489 4.618 4.750 4.892 5.033 5.162 5.312 5.466 5.624

0.147 0.151 0.156 0.160 0.165 0.170 0.175 0.181 0.186

22.727 22.727 22.750 22.750 22.773 22.750 22.750 22.773 22.773

0.323 0.330 0.336 0.343 0.350 0.357 0.364 0.371 0.379

23.198 23.208 23.243 23.254 23.289 23.278 23.290 23.325 23.338

27.687 27.826 27.993 28.146 28.321 28.440 28.601 28.791 28.963

36.216 36.364 36.539 36.709 36.894 36.995 28.601 28.791 28.963

5,516,000 5,510,400 5,504,800 5,493,600 5,488,000 5,499,200 5,493,600 5,488,000 5,482,400


E-Class Turbine



Equity mill. EUR 71.409 13.153 13.153 13.153 13.153 13.153 13.153 13.153 13.153 13.153

Debt mill. EUR 145.690 26.835 26.835 26.835 26.835 26.835 26.835 26.835 26.835 26.835


Operating CostsPersonnel mill. EUR 23.939 2.652 2.732 2.814 2.898 2.985 3.075 3.167 3.262 3.360 3.461 3.564

Insurance mill. EUR 11.029 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500




Fuel mill. EUR 933.636 125.065 128.646 127.938 127.424 127.165 127.033 127.292 127.162 127.032 126.772 126.640


Operating Costs (Variab.) mill. EUR 949.352 126.228 130.568 129.962 129.475 129.252 129.160 129.475 129.390 129.307 129.092 129.006

Operating Costs mill. EUR 1,060.924 138.867 143.541 143.279 143.147 143.290 143.573 144.276 144.590 144.918 145.126 145.476

Electricity Production CostElectricity Production Cost mill. EUR 1,278.023 138.867 143.541 183.268 183.136 183.278 183.562 184.264 184.579 184.906 185.115 185.465


Equity EUR/MWh 1.955 2.491 2.514 2.527 2.537 2.529 2.534 2.539 2.547 2.555

Debt EUR/MWh 3.988 5.082 5.129 5.155 5.176 5.160 5.170 5.181 5.197 5.213



Personnel EUR/MWh 0.655 0.835 0.533 0.533 0.554 0.573 0.593 0.609 0.628 0.649 0.670 0.692





Fuel EUR/MWh 25.559 39.375 25.083 24.231 24.353 24.426 24.500 24.476 24.500 24.525 24.550 24.600


Operating Costs (Variab.) EUR/MWh 25.989 39.741 25.458 24.614 24.744 24.827 24.910 24.895 24.930 24.964 24.999 25.059




Electricity Production MWh 36,529,156 3,176,250 5,128,750 5,280,000 5,232,480 5,206,080 5,184,960 5,200,800 5,190,240 5,179,680 5,163,840 5,148,000


E-Class Turbine


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs



2018 2019 2020 2021 2022 2023 2024 2025 2026

13.153 13.153 13.153 13.153 13.153 13.153

26.835 26.835 26.835 26.835 26.835 26.835

39.988 39.988 39.988 39.988 39.988 39.988

3.671 3.781 3.895 4.012 4.132 4.256 4.384 4.515 4.651

1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500

11.748 12.101 12.464 12.838 13.223 13.619 14.028 14.449 14.882

16.920 17.382 17.859 18.349 18.855 19.376 19.912 20.464 21.033

0.760 0.782 0.804 0.826 0.849 0.877 0.903 0.928 0.955

127.031 126.901 126.771 126.640 126.508 126.769 126.640 126.508 126.378

1.673 1.705 1.736 1.767 1.798 1.840 1.875 1.908 1.945

129.464 129.388 129.310 129.232 129.156 129.487 129.417 129.345 129.278

146.384 146.771 147.169 147.582 148.011 148.862 149.329 149.809 150.311

186.372 186.759 187.157 187.570 187.999 188.851 149.329 149.809 150.311

2.542 2.545 2.550 2.555 2.560 2.552

5.186 5.191 5.202 5.213 5.223 5.207

7.728 7.736 7.752 7.768 7.784 7.760

0.710 0.732 0.755 0.779 0.804 0.826 0.852 0.879 0.906

0.290 0.290 0.291 0.291 0.292 0.291 0.291 0.292 0.292

2.270 2.341 2.416 2.494 2.574 2.643 2.725 2.812 2.900

3.270 3.363 3.462 3.564 3.670 3.760 3.868 3.983 4.098

0.147 0.151 0.156 0.160 0.165 0.170 0.175 0.181 0.186

24.550 24.550 24.575 24.600 24.625 24.600 24.600 24.625 24.625

0.323 0.330 0.336 0.343 0.350 0.357 0.364 0.371 0.379

25.020 25.031 25.067 25.103 25.140 25.127 25.139 25.177 25.190

28.290 28.394 28.529 28.668 28.810 28.887 29.007 29.160 29.288

36.018 36.130 36.281 36.436 36.594 36.647 29.007 29.160 29.288

5,174,400 5,169,120 5,158,560 5,148,000 5,137,440 5,153,280 5,148,000 5,137,440 5,132,160





Equity mill. EUR 12.602 2.321 2.321 2.321 2.321 2.321 2.321 2.321 2.321 2.321

Debt mill. EUR 25.710 4.736 4.736 4.736 4.736 4.736 4.736 4.736 4.736 4.736


Operating CostsInsurance mill. EUR 3.676 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500




Fuel mill. EUR -15.632 -4.968 -2.703 -1.938 -1.804 -1.672 -1.668 -1.673 -1.670 -1.795 -1.663 -1.659


Operating Costs (Variab.) mill. EUR -14.568 -4.839 -2.587 -1.816 -1.675 -1.536 -1.528 -1.532 -1.523 -1.647 -1.510 -1.500

Operating Costs mill. EUR 36.985 0.965 3.377 4.312 4.621 4.934 5.122 5.302 5.501 5.572 5.912 6.129

Electricity Production CostElectricity Production Cost mill. EUR 75.297 0.965 3.377 11.368 11.678 11.991 12.178 12.359 12.557 12.629 12.968 13.186


Equity EUR/MWh 5.077 7.254 7.070 6.869 6.782 6.875 6.776 6.902 6.808 6.716

Debt EUR/MWh 10.358 14.799 14.424 14.014 13.837 14.027 13.824 14.081 13.889 13.703







Fuel EUR/MWh -6.298 -14.176 -8.685 -6.058 -5.494 -4.947 -4.874 -4.957 -4.876 -5.337 -4.877 -4.800


Operating Costs (Variab.) EUR/MWh -5.869 -13.810 -8.310 -5.675 -5.102 -4.546 -4.464 -4.537 -4.447 -4.898 -4.427 -4.340




Electricity Production MWh 2,482,215 350,417 311,250 320,000 328,320 337,920 342,240 337,600 342,560 336,320 340,960 345,600




Capital CostsEquity

Debt

Capital Costs

Operating CostsInsurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Fixed Maintenance



Fuel

Consumables


Operating Costs



2018 2019 2020 2021 2022 2023 2024 2025 2026

2.321 2.321 2.321 2.321 2.321 2.321

4.736 4.736 4.736 4.736 4.736 4.736

7.057 7.057 7.057 7.057 7.057 7.057

0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500 0.500

7.343 7.563 7.790 8.024 8.264 8.512 8.768 9.031 9.301

7.843 8.063 8.290 8.524 8.764 9.012 9.268 9.531 9.801

0.050 0.052 0.054 0.055 0.058 0.059 0.061 0.063 0.065

-1.667 -1.665 -1.535 -1.659 -1.528 -1.661 -1.659 -1.528 -1.526

0.110 0.113 0.116 0.119 0.123 0.124 0.126 0.130 0.133

-1.507 -1.501 -1.365 -1.485 -1.348 -1.479 -1.472 -1.335 -1.328

6.336 6.562 6.925 7.039 7.416 7.533 7.795 8.196 8.473

13.393 13.619 13.982 14.096 14.473 14.590 7.795 8.196 8.473

6.795 6.801 6.704 6.716 6.621 6.710

13.863 13.876 13.677 13.703 13.509 13.690

20.658 20.677 20.381 20.419 20.130 20.400

1.464 1.465 1.444 1.447 1.426 1.445 1.447 1.426 1.428

21.495 22.161 22.498 23.216 23.574 24.607 25.369 25.760 26.557

22.959 23.626 23.942 24.663 25.001 26.053 26.816 27.187 27.985

0.147 0.151 0.156 0.160 0.165 0.170 0.175 0.181 0.186

-4.881 -4.879 -4.434 -4.800 -4.360 -4.803 -4.800 -4.360 -4.357

0.323 0.330 0.336 0.343 0.350 0.357 0.364 0.371 0.379

-4.411 -4.398 -3.941 -4.296 -3.845 -4.275 -4.260 -3.808 -3.792

18.548 19.228 20.001 20.367 21.156 21.778 22.556 23.379 24.193

39.206 39.905 40.382 40.786 41.286 42.178 22.556 23.379 24.193

341,600 341,280 346,240 345,600 350,560 345,920 345,600 350,560 350,240


F-Class Turbine

Electricity Production Cost mill. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01


Equity mill. EUR 10.041

Debt mill. EUR 20.486

Capital Costs mill. EUR 30.527

Operating CostsPersonnel mill. EUR 5.858

Insurance mill. EUR 4.296

Fixed Maintenance mill. EUR 30.463

Operating Costs (Fix) mill. EUR 40.616

Variable Maintenance mill. EUR 1.126

Fuel mill. EUR 265.768

Consumables mill. EUR 2.731

Operating Costs (Variab.) mill. EUR 269.625

Operating Costs mill. EUR 310.241

Electricity Production CostElectricity Production Cost mill. EUR 340.768


Equity EUR/MWh 0.977

Debt EUR/MWh 1.994

Capital Costs EUR/MWh 2.971


Personnel EUR/MWh 0.570

Insurance EUR/MWh 0.418

Fixed Maintenance EUR/MWh 2.965

Operating Costs (Fix) EUR/MWh 3.953

Variable Maintenance EUR/MWh 0.110

Fuel EUR/MWh 25.865

Consumables EUR/MWh 0.266

Operating Costs (Variab.) EUR/MWh 26.240

Operating Costs EUR/MWh 30.193


Electricity Production Cost EUR/MWh 33.164

Electricity Production MWh 10,275,354


F-Class Turbine


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs



2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05

0.221 0.221 0.221 0.221 0.221

0.167 0.167 0.167 0.167 0.167

1.149 1.149 1.149 1.149 1.149

1.537 1.537 1.537 1.537 1.537

0.016 0.033 0.033 0.033 0.033

5.222 10.443 10.443 10.443 10.443

0.040 0.080 0.080 0.080 0.080

5.278 10.556 10.556 10.556 10.556

6.815 12.093 12.093 12.093 12.093

6.815 12.093 12.093 12.093 12.093

1.441 0.721 0.721 0.721 0.721

1.087 0.543 0.543 0.543 0.543

7.495 3.748 3.748 3.748 3.748

10.024 5.012 5.012 5.012 5.012

0.106 0.106 0.106 0.106 0.106

34.054 34.054 34.054 34.054 34.054

0.260 0.260 0.260 0.260 0.260

34.420 34.420 34.420 34.420 34.420

44.444 39.432 39.432 39.432 39.432

44.444 39.432 39.432 39.432 39.432

153,333 306,667 306,667 306,667 306,667


F-Class Turbine


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs



2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09

0.221 0.221 0.221 0.221 0.221 0.221 0.221 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228

0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167

1.149 1.149 1.149 1.149 1.149 1.149 1.149 1.184 1.184 1.184 1.184 1.184 1.184 1.184 1.184 1.184

1.537 1.537 1.537 1.537 1.537 1.537 1.537 1.578 1.578 1.578 1.578 1.578 1.578 1.578 1.578 1.578

0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.034 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051

10.443 10.443 10.443 10.443 10.443 10.443 10.443 10.443 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500

0.080 0.080 0.080 0.080 0.080 0.080 0.080 0.081 0.124 0.124 0.124 0.124 0.124 0.124 0.124 0.124

10.556 10.556 10.556 10.556 10.556 10.556 10.556 10.558 10.675 10.675 10.675 10.675 10.675 10.675 10.675 10.675

12.093 12.093 12.093 12.093 12.093 12.093 12.093 12.136 12.253 12.253 12.253 12.253 12.253 12.253 12.253 12.253

12.093 12.093 12.093 12.093 12.093 12.093 12.093 12.136 12.253 12.253 12.253 12.253 12.253 12.253 12.253 12.253

0.721 0.721 0.721 0.721 0.721 0.721 0.721 0.742 0.488 0.488 0.488 0.488 0.488 0.488 0.488 0.488

0.543 0.543 0.543 0.543 0.543 0.543 0.543 0.543 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357

3.748 3.748 3.748 3.748 3.748 3.748 3.748 3.860 2.537 2.537 2.537 2.537 2.537 2.537 2.537 2.537

5.012 5.012 5.012 5.012 5.012 5.012 5.012 5.146 3.382 3.382 3.382 3.382 3.382 3.382 3.382 3.382

0.106 0.106 0.106 0.106 0.106 0.106 0.106 0.109 0.109 0.109 0.109 0.109 0.109 0.109 0.109 0.109

34.054 34.054 34.054 34.054 34.054 34.054 34.054 34.054 22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500

0.260 0.260 0.260 0.260 0.260 0.260 0.260 0.265 0.265 0.265 0.265 0.265 0.265 0.265 0.265 0.265

34.420 34.420 34.420 34.420 34.420 34.420 34.420 34.429 22.875 22.875 22.875 22.875 22.875 22.875 22.875 22.875

39.432 39.432 39.432 39.432 39.432 39.432 39.432 39.575 26.256 26.256 26.256 26.256 26.256 26.256 26.256 26.256

39.432 39.432 39.432 39.432 39.432 39.432 39.432 39.575 26.256 26.256 26.256 26.256 26.256 26.256 26.256 26.256

306,667 306,667 306,667 306,667 306,667 306,667 306,667 306,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667


F-Class Turbine


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs



2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

1.290 1.290 1.290 1.290 1.290 1.290 1.290 1.290 1.290 1.290 1.290 1.290

2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631 2.631

3.920 3.920 3.920 3.920 3.920 3.920 3.920 3.920 3.920 3.920 3.920 3.920

0.228 0.228 0.228 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234

0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167 0.167

1.184 1.184 1.184 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219 1.219

1.578 1.578 1.578 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620 1.620

0.051 0.051 0.051 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053 0.053

10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500 10.500

0.124 0.124 0.124 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126 0.126

10.675 10.675 10.675 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679 10.679

12.253 12.253 12.253 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299 12.299

12.253 12.253 12.253 16.220 16.220 16.220 16.220 16.220 16.220 16.220 16.220 16.220 16.220 16.220 16.220

2.763 2.763 2.763 2.763 2.763 2.763 2.763 2.763 2.763 2.763 2.763 2.763

5.638 5.638 5.638 5.638 5.638 5.638 5.638 5.638 5.638 5.638 5.638 5.638

8.401 8.401 8.401 8.401 8.401 8.401 8.401 8.401 8.401 8.401 8.401 8.401

0.488 0.488 0.488 0.502 0.502 0.502 0.502 0.502 0.502 0.502 0.502 0.502 0.502 0.502 0.502

0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357 0.357

2.537 2.537 2.537 2.613 2.613 2.613 2.613 2.613 2.613 2.613 2.613 2.613 2.613 2.613 2.613

3.382 3.382 3.382 3.472 3.472 3.472 3.472 3.472 3.472 3.472 3.472 3.472 3.472 3.472 3.472

0.109 0.109 0.109 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113

22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500 22.500

0.265 0.265 0.265 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271

22.875 22.875 22.875 22.883 22.883 22.883 22.883 22.883 22.883 22.883 22.883 22.883 22.883 22.883 22.883

26.256 26.256 26.256 26.356 26.356 26.356 26.356 26.356 26.356 26.356 26.356 26.356 26.356 26.356 26.356

26.256 26.256 26.256 34.756 34.756 34.756 34.756 34.756 34.756 34.756 34.756 34.756 34.756 34.756 34.756

466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667 466,667


E-Class Turbine






Operating CostsPersonnel mill. EUR 5.858

Insurance mill. EUR 3.222




Fuel mill. EUR 272.691


Operating Costs (Variab.) mill. EUR 276.283





Debt EUR/MWh 1.820



Personnel EUR/MWh 0.612





Fuel EUR/MWh 28.504


Operating Costs (Variab.) EUR/MWh 28.880




Electricity Production MWh 9,566,608


E-Class Turbine


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs



2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05

0.221 0.221 0.221 0.221 0.221

0.125 0.125 0.125 0.125 0.125

0.707 0.707 0.707 0.707 0.707

1.053 1.053 1.053 1.053 1.053

0.010 0.020 0.031 0.031 0.031

3.790 7.580 11.370 11.370 11.370

0.025 0.050 0.075 0.075 0.075

3.825 7.650 11.475 11.475 11.475

4.878 8.703 12.529 12.529 12.529

4.878 8.703 12.529 12.529 12.529

2.296 1.148 0.765 0.765 0.765

1.299 0.649 0.433 0.433 0.433

7.348 3.674 2.449 2.449 2.449

10.943 5.472 3.648 3.648 3.648

0.106 0.106 0.106 0.106 0.106

39.375 39.375 39.375 39.375 39.375

0.260 0.260 0.260 0.260 0.260

39.741 39.741 39.741 39.741 39.741

50.684 45.213 43.389 43.389 43.389

50.684 45.213 43.389 43.389 43.389

96,250 192,500 288,750 288,750 288,750


E-Class Turbine


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs



2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09

0.221 0.221 0.221 0.221 0.221 0.221 0.221 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228 0.228

0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125

0.707 0.707 0.707 0.707 0.707 0.707 0.707 0.728 0.728 0.728 0.728 0.728 0.728 0.728 0.728 0.728

1.053 1.053 1.053 1.053 1.053 1.053 1.053 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.081 1.081

0.031 0.031 0.031 0.031 0.031 0.031 0.031 0.032 0.048 0.048 0.048 0.048 0.048 0.048 0.048 0.048

11.370 11.370 11.370 11.370 11.370 11.370 11.370 11.370 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662

0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.077 0.117 0.117 0.117 0.117 0.117 0.117 0.117 0.117

11.475 11.475 11.475 11.475 11.475 11.475 11.475 11.478 10.826 10.826 10.826 10.826 10.826 10.826 10.826 10.826

12.529 12.529 12.529 12.529 12.529 12.529 12.529 12.559 11.907 11.907 11.907 11.907 11.907 11.907 11.907 11.907

12.529 12.529 12.529 12.529 12.529 12.529 12.529 12.559 11.907 11.907 11.907 11.907 11.907 11.907 11.907 11.907

0.765 0.765 0.765 0.765 0.765 0.765 0.765 0.788 0.517 0.517 0.517 0.517 0.517 0.517 0.517 0.517

0.433 0.433 0.433 0.433 0.433 0.433 0.433 0.433 0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284

2.449 2.449 2.449 2.449 2.449 2.449 2.449 2.523 1.656 1.656 1.656 1.656 1.656 1.656 1.656 1.656

3.648 3.648 3.648 3.648 3.648 3.648 3.648 3.744 2.457 2.457 2.457 2.457 2.457 2.457 2.457 2.457

0.106 0.106 0.106 0.106 0.106 0.106 0.106 0.109 0.109 0.109 0.109 0.109 0.109 0.109 0.109 0.109

39.375 39.375 39.375 39.375 39.375 39.375 39.375 39.375 24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231

0.260 0.260 0.260 0.260 0.260 0.260 0.260 0.265 0.265 0.265 0.265 0.265 0.265 0.265 0.265 0.265

39.741 39.741 39.741 39.741 39.741 39.741 39.741 39.750 24.605 24.605 24.605 24.605 24.605 24.605 24.605 24.605

43.389 43.389 43.389 43.389 43.389 43.389 43.389 43.494 27.062 27.062 27.062 27.062 27.062 27.062 27.062 27.062

43.389 43.389 43.389 43.389 43.389 43.389 43.389 43.494 27.062 27.062 27.062 27.062 27.062 27.062 27.062 27.062

288,750 288,750 288,750 288,750 288,750 288,750 288,750 288,750 440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000


E-Class Turbine


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Insurance

Fixed Maintenance



Fuel

Consumables


Operating Costs



2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

1.096 1.096 1.096 1.096 1.096 1.096 1.096 1.096 1.096 1.096 1.096 1.096

2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236 2.236

3.332 3.332 3.332 3.332 3.332 3.332 3.332 3.332 3.332 3.332 3.332 3.332

0.228 0.228 0.228 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234 0.234

0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125 0.125

0.728 0.728 0.728 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750 0.750

1.081 1.081 1.081 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110 1.110

0.048 0.048 0.048 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050

10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662 10.662

0.117 0.117 0.117 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119 0.119

10.826 10.826 10.826 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830 10.830

11.907 11.907 11.907 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940 11.940

11.907 11.907 11.907 15.272 15.272 15.272 15.272 15.272 15.272 15.272 15.272 15.272 15.272 15.272 15.272

2.491 2.491 2.491 2.491 2.491 2.491 2.491 2.491 2.491 2.491 2.491 2.491

5.082 5.082 5.082 5.082 5.082 5.082 5.082 5.082 5.082 5.082 5.082 5.082

7.574 7.574 7.574 7.574 7.574 7.574 7.574 7.574 7.574 7.574 7.574 7.574

0.517 0.517 0.517 0.533 0.533 0.533 0.533 0.533 0.533 0.533 0.533 0.533 0.533 0.533 0.533

0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284 0.284

1.656 1.656 1.656 1.705 1.705 1.705 1.705 1.705 1.705 1.705 1.705 1.705 1.705 1.705 1.705

2.457 2.457 2.457 2.522 2.522 2.522 2.522 2.522 2.522 2.522 2.522 2.522 2.522 2.522 2.522

0.109 0.109 0.109 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113

24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231 24.231

0.265 0.265 0.265 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271

24.605 24.605 24.605 24.614 24.614 24.614 24.614 24.614 24.614 24.614 24.614 24.614 24.614 24.614 24.614

27.062 27.062 27.062 27.136 27.136 27.136 27.136 27.136 27.136 27.136 27.136 27.136 27.136 27.136 27.136

27.062 27.062 27.062 34.710 34.710 34.710 34.710 34.710 34.710 34.710 34.710 34.710 34.710 34.710 34.710

440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000 440,000








Operating CostsInsurance mill. EUR 1.074




Fuel mill. EUR -6.923


Operating Costs (Variab.) mill. EUR -6.658





Debt EUR/MWh 4.336







Fuel EUR/MWh -9.768


Operating Costs (Variab.) EUR/MWh -9.394




Electricity Production MWh 708,746




Capital CostsEquity

Debt

Capital Costs


Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Fixed Maintenance



Fuel

Consumables


Operating Costs



2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05

0.042 0.042 0.042 0.042 0.042

0.442 0.442 0.442 0.442 0.442

0.484 0.484 0.484 0.484 0.484

0.006 0.012 0.002 0.002 0.002

1.432 2.864 -0.926 -0.926 -0.926

0.015 0.030 0.005 0.005 0.005

1.453 2.905 -0.920 -0.920 -0.920

1.936 3.389 -0.436 -0.436 -0.436

1.936 3.389 -0.436 -0.436 -0.436

0.730 0.365 2.326 2.326 2.326

7.744 3.872 24.672 24.672 24.672

8.474 4.237 26.998 26.998 26.998

0.106 0.106 0.106 0.106 0.106

25.082 25.082 -51.700 -51.700 -51.700

0.260 0.260 0.260 0.260 0.260

25.448 25.448 -51.334 -51.334 -51.334

33.922 29.685 -24.336 -24.336 -24.336

33.922 29.685 -24.336 -24.336 -24.336

57,083 114,167 17,917 17,917 17,917




Capital CostsEquity

Debt

Capital Costs


Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Fixed Maintenance



Fuel

Consumables


Operating Costs



2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09

0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042

0.442 0.442 0.442 0.442 0.442 0.442 0.442 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.455 0.455

0.484 0.484 0.484 0.484 0.484 0.484 0.484 0.497 0.497 0.497 0.497 0.497 0.497 0.497 0.497 0.497

0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.002 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003

-0.926 -0.926 -0.926 -0.926 -0.926 -0.926 -0.926 -0.926 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162

0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007

-0.920 -0.920 -0.920 -0.920 -0.920 -0.920 -0.920 -0.920 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152 -0.152

-0.436 -0.436 -0.436 -0.436 -0.436 -0.436 -0.436 -0.423 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345

-0.436 -0.436 -0.436 -0.436 -0.436 -0.436 -0.436 -0.423 0.345 0.345 0.345 0.345 0.345 0.345 0.345 0.345

2.326 2.326 2.326 2.326 2.326 2.326 2.326 2.326 1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563

24.672 24.672 24.672 24.672 24.672 24.672 24.672 25.412 17.074 17.074 17.074 17.074 17.074 17.074 17.074 17.074

26.998 26.998 26.998 26.998 26.998 26.998 26.998 27.738 18.636 18.636 18.636 18.636 18.636 18.636 18.636 18.636

0.106 0.106 0.106 0.106 0.106 0.106 0.106 0.109 0.109 0.109 0.109 0.109 0.109 0.109 0.109 0.109

-51.700 -51.700 -51.700 -51.700 -51.700 -51.700 -51.700 -51.700 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058

0.260 0.260 0.260 0.260 0.260 0.260 0.260 0.265 0.265 0.265 0.265 0.265 0.265 0.265 0.265 0.265

-51.334 -51.334 -51.334 -51.334 -51.334 -51.334 -51.334 -51.325 -5.683 -5.683 -5.683 -5.683 -5.683 -5.683 -5.683 -5.683

-24.336 -24.336 -24.336 -24.336 -24.336 -24.336 -24.336 -23.587 12.953 12.953 12.953 12.953 12.953 12.953 12.953 12.953

-24.336 -24.336 -24.336 -24.336 -24.336 -24.336 -24.336 -23.587 12.953 12.953 12.953 12.953 12.953 12.953 12.953 12.953

17,917 17,917 17,917 17,917 17,917 17,917 17,917 17,917 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667




Capital CostsEquity

Debt

Capital Costs


Fixed Maintenance



Fuel

Consumables


Operating Costs


Capital CostsEquity

Debt

Capital Costs


Fixed Maintenance



Fuel

Consumables


Operating Costs



2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12

0.193 0.193 0.193 0.193 0.193 0.193 0.193 0.193 0.193 0.193 0.193 0.193

0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395 0.395

0.588 0.588 0.588 0.588 0.588 0.588 0.588 0.588 0.588 0.588 0.588 0.588

0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042 0.042

0.455 0.455 0.455 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469 0.469

0.497 0.497 0.497 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511 0.511

0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003 0.003

-0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162 -0.162

0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007 0.007

-0.152 -0.152 -0.152 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151 -0.151

0.345 0.345 0.345 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359 0.359

0.345 0.345 0.345 0.947 0.947 0.947 0.947 0.947 0.947 0.947 0.947 0.947 0.947 0.947 0.947

7.254 7.254 7.254 7.254 7.254 7.254 7.254 7.254 7.254 7.254 7.254 7.254

14.799 14.799 14.799 14.799 14.799 14.799 14.799 14.799 14.799 14.799 14.799 14.799

22.052 22.052 22.052 22.052 22.052 22.052 22.052 22.052 22.052 22.052 22.052 22.052

1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563 1.563

17.074 17.074 17.074 17.586 17.586 17.586 17.586 17.586 17.586 17.586 17.586 17.586 17.586 17.586 17.586

18.636 18.636 18.636 19.149 19.149 19.149 19.149 19.149 19.149 19.149 19.149 19.149 19.149 19.149 19.149

0.109 0.109 0.109 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113 0.113

-6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058 -6.058

0.265 0.265 0.265 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271 0.271

-5.683 -5.683 -5.683 -5.675 -5.675 -5.675 -5.675 -5.675 -5.675 -5.675 -5.675 -5.675 -5.675 -5.675 -5.675

12.953 12.953 12.953 13.474 13.474 13.474 13.474 13.474 13.474 13.474 13.474 13.474 13.474 13.474 13.474

12.953 12.953 12.953 35.526 35.526 35.526 35.526 35.526 35.526 35.526 35.526 35.526 35.526 35.526 35.526

26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667 26,667

mill. EUR Net Present Value Internal Rate of Return

El. Full Load oper. Hours h/a El. Full Load oper. Hours h/a

Years Pay Off Time EUR/MWh Electricity Production Cost



F-Class TurbineSensitivity Analysis - El. Full Load oper. Hours

64.832

-20.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

7400 7500 7600 7700 7800 7900 8000 8100 8200

17.5%

0%

5%

10%

15%

20%

25%

7400 7500 7600 7700 7800 7900 8000 8100 8200

9.2

0.0

5.0

10.0

15.0

20.0

25.0

7400 7500 7600 7700 7800 7900 8000 8100 8200

34.69

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

7400 7500 7600 7700 7800 7900 8000 8100 8200






E-Class TurbineSensitivity Analysis

51.899

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

7600 7700 7800 7900 8000 8100 8200 8300 8400

16.3%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

7600 7700 7800 7900 8000 8100 8200 8300 8400

10.3

0.0

5.0

10.0

15.0

20.0

25.0

7600 7700 7800 7900 8000 8100 8200 8300 8400

34.99

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

7600 7700 7800 7900 8000 8100 8200 8300 8400






Sensitivity Analysis - El. Full Load oper. Hours


-20.0

0.0

20.0

40.0

60.0

80.0

100.0

120.0

7300 7400 7500 7600 7700 7800 7900 8000 8100 8200 8300 84000%

5%

10%

15%

20%

25%

7300 7400 7500 7600 7700 7800 7900 8000 8100 8200 8300 8400

0.0

5.0

10.0

15.0

20.0

25.0

7300 7400 7500 7600 7700 7800 7900 8000 8100 8200 8300 8400

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

7200 7400 7600 7800 8000 8200 8400






Advantage F over E-ClassSensitivity Analysis

12.933

-40.0

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

60.0

-255 -250 -245 -240 -235 -230

38.2%

0%

20%

40%

60%

80%

100%

120%

-255 -250 -245 -240 -235 -230

2.4

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

-255 -250 -245 -240 -235 -230

30.33

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

-255 -250 -245 -240 -235 -230




F-Class TurbineMultiple Sensitivity Analysis

-100.0

-50.0

0.0

50.0

100.0

150.0

200.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

0.0

5.0

10.0

15.0

20.0

25.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

32.0

33.0

34.0

35.0

36.0

37.0

38.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

Electrical Net Power El. Full Load oper. Hours El. net Efficiency Investment Volume Fuel Variable Rev. Electr.




E-Class TurbineMultiple Sensitivity Analysis

-100.0

-50.0

0.0

50.0

100.0

150.0

200.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

32.0

33.0

34.0

35.0

36.0

37.0

38.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%





Advantage F over E-ClassMultiple Sensitivity Analysis

0.0

5.0

10.0

15.0

20.0

25.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

90% 92% 94% 96% 98% 100% 102% 104% 106% 108% 110%


F-Class TurbineTitel Basis +1 unit +1 Perc. +1 unit +1 Perc.

Electrical Net Power MW 700.0 0.514 3.595 -0.01528 -0.10610

El. Full Load oper. Hours h/a 8000.0 0.045 3.634 -0.00134 -0.10622

El. net Efficiency % 56.00%

Investment Volume mill. EUR 400.0 -0.468 -1.871 0.01637 0.06547

Fuel EUR/GJ 3.5 -213.353 -6.324 6.72334 0.23532Variable Rev. Electr. EUR/MWh 35.0 28.774 10.071

E-Class TurbineTitel Basis +1 unit +1 Perc. +1 unit +1 Perc.




Investment Volume mill. EUR 340.0 -0.468 -1.590 0.01748 0.05943

Fuel EUR/GJ 3.5 -220.086 -6.441 7.30247 0.25559Variable Rev. Electr. EUR/MWh 35.0 26.909 9.418

Advantage F over E-ClassTitel Basis +1 unit +1 Perc. +1 unit +1 Perc.




Investment Volume mill. EUR 400.0 -0.281 0.15434

Fuel EUR/GJ 3.5 6.733 0.117 -1.79936 -0.06298 Variable Rev. Electr. EUR/MWh 35.0 1.864 0.653

Delta NPV mill. EUR Delta LEPC EUR/MWh




F-Class TurbineTitel Basis

Electrical Net Power MW 700.0

El. Full Load oper. Hours h/a 8000.0


Investment Volume mill. EUR 400.0

Fuel EUR/GJ 3.5Variable Rev. Electr. EUR/MWh 35.0

E-Class TurbineTitel Basis






Advantage F over E-ClassTitel Basis






Net Present Value 64.83 mill. EUR Pay Off Time 9.2 Years90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0%

28.881 36.071 43.261 50.451 57.641 61.237 64.832 68.427 72.022 79.212 86.402 93.592 100.782 13.20 12.08 11.17 10.39 9.74 9.44 9.17 8.92 8.68 8.24 7.86

28.489 35.758 43.026 50.295 57.563 61.197 64.832 68.466 72.100 79.369 86.637 93.906 101.174 13.29 12.14 11.20 10.42 9.75 9.45 9.17 8.91 8.67 8.23 7.84

83.540 79.798 76.057 72.315 68.573 66.702 64.832 62.961 61.090 57.348 53.607 49.865 46.123 7.60 7.88 8.18 8.49 8.82 8.99 9.17 9.35 9.54 9.94 10.36

128.068 115.421 102.774 90.126 77.479 71.155 64.832 58.508 52.184 39.537 26.890 13.792 -0.136 5.68 6.17 6.73 7.40 8.19 8.66 9.17 9.75 10.39 11.97 14.07-44.940 -20.473 2.854 24.546 44.690 54.761 64.832 74.902 84.973 105.115 125.257 145.398 165.540 19.37 14.37 11.18 10.07 9.17 8.42 7.79 6.77 5.98

Net Present Value 51.9 mill. EUR Pay Off Time 10.3 Years

90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0%

22.097 28.057 34.018 39.978 45.939 48.919 51.899 54.879 57.859 63.820 69.780 75.741 81.701 14.56 13.39 12.43 11.63 10.94 10.61 10.32 10.04 9.78 9.30 8.88

23.179 28.923 34.667 40.411 46.155 49.027 51.899 54.771 57.643 63.387 69.131 74.875 80.619 14.28 13.20 12.31 11.55 10.90 10.60 10.32 10.05 9.81 9.35 8.95

67.801 64.621 61.440 58.260 55.079 53.489 51.899 50.309 48.719 45.538 42.358 39.177 35.997 8.63 8.93 9.25 9.59 9.94 10.13 10.32 10.51 10.72 11.13 11.57

116.306 103.424 90.543 77.662 64.780 58.340 51.899 45.458 39.018 26.136 13.255 -0.257 -14.632 5.98 6.55 7.23 8.05 9.05 9.65 10.32 11.08 11.94 14.10 17.54-50.676 -27.788 -5.958 14.226 33.062 42.481 51.899 61.317 70.735 89.572 108.409 127.245 146.082 17.33 12.75 11.41 10.32 9.41 8.65 7.45 6.54

Net Present Value 12.93 mill. EUR Pay Off Time 2.4 Years

90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0%

6.784 8.014 9.244 10.473 11.703 12.318 12.933 13.547 14.162 15.392 16.622 17.851 19.081 3.24 3.01 2.82 2.66 2.53 2.47 2.42 2.37 2.32 2.24 2.16

5.310 6.834 8.359 9.883 11.408 12.170 12.933 13.695 14.457 15.982 17.506 19.031 20.556 4.78 4.08 3.53 3.09 2.73 2.57 2.42 2.28 2.16 1.94 1.84

15.739 15.178 14.616 14.055 13.494 13.213 12.933 12.652 12.371 11.810 11.249 10.688 10.126 1.79 1.86 1.93 2.08 2.25 2.33 2.42 2.51 2.60 2.79 2.99

11.762 11.996 12.231 12.465 12.699 12.816 12.933 13.050 13.167 13.401 13.635 14.049 14.497 2.78 2.71 2.63 2.56 2.49 2.45 2.42 2.38 2.35 2.29 2.225.736 7.315 8.812 10.321 11.627 12.280 12.933 13.585 14.238 15.543 16.848 18.153 19.458 4.55 3.88 3.36 2.92 2.65 2.53 2.42 2.31 2.22 2.04 1.90

CCPP Power Plant in Base Load ModeMultiple Sensitivity Analysis



















108.0% 110.0%

7.51 7.21

7.49 7.17

10.81 11.28

17.595.35 4.85

108.0% 110.0%

8.49 8.15

8.59 8.26

12.04 12.54

5.83 5.25

108.0% 110.0%

2.10 2.04

1.75 1.67

3.20 3.42

2.15 2.091.84 1.77




















Internal Rate of Return 17.5% Electricity Production Cost 34.69 EUR/MWh90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0%

13.55% 14.38% 15.19% 15.99% 16.78% 17.16% 17.55% 17.93% 18.30% 19.05% 19.79% 20.51% 21.23% 35.870 35.615 35.371 35.135 34.909 34.798 34.690 34.584 34.480 34.277 34.082

13.49% 14.33% 15.16% 15.97% 16.76% 17.16% 17.55% 17.93% 18.32% 19.08% 19.83% 20.57% 21.30% 35.882 35.623 35.375 35.137 34.909 34.799 34.690 34.584 34.480 34.278 34.083

20.34% 19.75% 19.17% 18.62% 18.08% 17.81% 17.55% 17.29% 17.03% 16.53% 16.04% 15.56% 15.09% 34.036 34.167 34.298 34.429 34.559 34.625 34.690 34.756 34.821 34.952 35.083

25.39% 23.77% 22.18% 20.61% 19.07% 18.30% 17.55% 16.79% 16.04% 14.56% 13.09% 11.58% 9.98% 32.337 32.808 33.279 33.749 34.220 34.455 34.690 34.926 35.161 35.632 36.1024.65% 7.57% 10.34% 12.89% 15.23% 16.39% 17.55% 18.70% 19.86% 22.18% 24.50% 26.84% 29.20% 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690

Internal Rate of Return 16.3% Electricity Production Cost 34.99 EUR/MWh

90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0%

12.81% 13.54% 14.24% 14.94% 15.63% 15.97% 16.30% 16.64% 16.97% 17.62% 18.27% 18.91% 19.54% 36.017 35.794 35.580 35.375 35.177 35.081 34.986 34.894 34.803 34.626 34.455

12.97% 13.67% 14.35% 15.01% 15.66% 15.98% 16.30% 16.62% 16.93% 17.55% 18.15% 18.75% 19.34% 35.986 35.769 35.561 35.361 35.170 35.077 34.986 34.897 34.810 34.640 34.477

18.69% 18.19% 17.70% 17.22% 16.76% 16.53% 16.30% 16.08% 15.86% 15.42% 14.99% 14.57% 14.16% 34.392 34.511 34.630 34.749 34.868 34.927 34.986 35.046 35.105 35.224 35.343

24.70% 22.96% 21.24% 19.57% 17.92% 17.11% 16.30% 15.50% 14.71% 13.14% 11.58% 9.97% 8.28% 32.431 32.942 33.453 33.964 34.475 34.731 34.986 35.242 35.498 36.009 36.5203.70% 6.56% 9.27% 11.75% 14.03% 15.17% 16.30% 17.43% 18.56% 20.83% 23.11% 25.40% 27.72% 34.986 34.986 34.986 34.986 34.986 34.986 34.986 34.986 34.986 34.986 34.986

Internal Rate of Return 38.2% Electricity Production Cost 30.33 EUR/MWh

90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0%

28.66% 30.82% 32.83% 34.72% 36.51% 37.38% 38.22% 39.05% 39.86% 41.44% 42.96% 44.43% 45.85% 33.723 32.994 32.292 31.616 30.964 30.646 30.335 30.028 29.727 29.141 28.574

22.67% 25.90% 29.05% 32.14% 35.19% 36.71% 38.22% 39.73% 41.24% 44.24% 47.24% 50.23% 53.22% 34.357 33.483 32.645 31.843 31.073 30.700 30.335 29.976 29.625 28.942 28.285

48.27% 46.07% 43.97% 41.97% 40.06% 39.13% 38.22% 37.34% 36.47% 34.79% 33.17% 31.62% 30.13% 28.791 29.100 29.409 29.717 30.026 30.180 30.335 30.489 30.643 30.952 31.261

35.36% 35.93% 36.50% 37.07% 37.65% 37.94% 38.22% 38.51% 38.80% 39.38% 39.96% 41.00% 41.96% 30.964 30.838 30.712 30.587 30.461 30.398 30.335 30.272 30.209 30.083 29.95723.75% 27.06% 30.12% 33.23% 35.74% 36.99% 38.22% 39.46% 40.69% 43.13% 45.57% 48.00% 50.43% 30.335 30.335 30.335 30.335 30.335 30.335 30.335 30.335 30.335 30.335 30.335




















108.0% 110.0%

33.893 33.710

33.896 33.715

35.214 35.345

36.573 37.04434.690 34.690

108.0% 110.0%

34.290 34.131

34.320 34.168

35.462 35.581

37.031 37.54234.986 34.986

108.0% 110.0%

28.026 27.495

27.653 27.043

31.569 31.878

29.831 29.70530.335 30.335


mill. EUR Net Present Value X Y Internal Rate of Return X Y

EUR/GJ mill. EUR EUR/GJ %

3.15 128.07 3.15 25.4%

3.33 96.45 3.33 21.4%

3.47 71.16 3.47 18.3%

3.50 64.83 3.50 17.5%

3.54 58.51 3.54 16.8%

3.68 33.21 3.68 13.8%

3.85 -0.14 3.85 10.0%

4.38 -117.69 4.38

Fuel EUR/GJ Fuel EUR/GJ

Years Pay Off Time X Y EUR/MWh Electricity Production Cost X Y

EUR/GJ Years EUR/GJ EUR/MWh

3.15 5.68 3.15 32.34

3.33 7.05 3.33 33.51

3.47 8.66 3.47 34.46

3.50 9.17 3.50 34.69

3.54 9.75 3.54 34.93

3.68 12.93 3.68 35.87

3.85 3.85 37.04

4.38 4.38 40.57


F-Class Turbine


Sensitivity Analysis - Fuel

-150.0

-100.0

-50.0

0.0

50.0

100.0

150.0

2.00 2.50 3.00 3.50 4.00 4.500%

5%

10%

15%

20%

25%

30%

2.00 2.50 3.00 3.50 4.00 4.50

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2.00 2.50 3.00 3.50 4.00 4.50

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2.00 2.50 3.00 3.50 4.00 4.50

mill. EUR Net Present Value X Y Internal Rate of Return X Y

EUR/GJ mill. EUR EUR/GJ %

3.15 116.31 3.15 24.7%

3.33 84.10 3.33 20.4%

3.47 58.34 3.47 17.1%

3.50 51.90 3.50 16.3%

3.54 45.46 3.54 15.5%

3.68 19.70 3.68 12.4%

3.85 -14.63 3.85 8.3%

4.38 -136.53 4.38


Years Pay Off Time X Y EUR/MWh Electricity Production Cost X Y

EUR/GJ Years EUR/GJ EUR/MWh

3.15 5.98 3.15 32.43

3.33 7.62 3.33 33.71

3.47 9.65 3.47 34.73

3.50 10.32 3.50 34.99

3.54 11.08 3.54 35.24

3.68 15.91 3.68 36.26

3.85 3.85 37.54

4.38 4.38 41.38



E-Class TurbineSensitivity Analysis - Fuel

-150.0

-100.0

-50.0

0.0

50.0

100.0

150.0

2.00 2.50 3.00 3.50 4.00 4.500%

5%

10%

15%

20%

25%

30%

2.00 2.50 3.00 3.50 4.00 4.50

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2.00 2.50 3.00 3.50 4.00 4.500.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2.00 2.50 3.00 3.50 4.00 4.50





CCPP Power Plant in Base Load ModeSensitivity Analysis - Fuel


-150.0

-100.0

-50.0

0.0

50.0

100.0

150.0

2.00 2.50 3.00 3.50 4.00 4.50

0%

5%

10%

15%

20%

25%

30%

2.00 2.50 3.00 3.50 4.00 4.50

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

2.00 2.50 3.00 3.50 4.00 4.50

0.0

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10.0

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25.0

30.0

35.0

40.0

45.0

2.00 2.50 3.00 3.50 4.00 4.50

mill. EUR Net Present Value X (A) X (B) Y Internal Rate of Return X (A) X (B) Y

EUR/GJ EUR/GJ mill. EUR EUR/GJ EUR/GJ %

3.15 3.15 11.76 3.15 3.15 35.4%

3.33 3.33 12.35 3.33 3.33 36.8%

3.47 3.47 12.82 3.47 3.47 37.9%

3.50 3.50 12.93 3.50 3.50 38.2%

3.54 3.54 13.05 3.54 3.54 38.5%

3.68 3.68 13.52 3.68 3.68 39.7%

3.85 3.85 14.50 3.85 3.85 42.0%

4.38 4.38 18.84 4.38 4.38 50.9%


Years Pay Off Time X (A) X (B) Y EUR/MWh Electricity Production Cost X (A) X (B) Y

EUR/GJ EUR/GJ Years EUR/GJ EUR/GJ EUR/MWh

3.15 3.15 2.78 3.15 3.15 30.96

3.33 3.33 2.59 3.33 3.33 30.65

3.47 3.47 2.45 3.47 3.47 30.40

3.50 3.50 2.42 3.50 3.50 30.33

3.54 3.54 2.38 3.54 3.54 30.27

3.68 3.68 2.25 3.68 3.68 30.02

3.85 3.85 2.09 3.85 3.85 29.70

4.38 4.38 1.67 4.38 4.38 28.76



Advantage F over E-ClassSensitivity Analysis - Fuel

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

2.00 2.50 3.00 3.50 4.00 4.50

0%

10%

20%

30%

40%

50%

60%

2.00 2.50 3.00 3.50 4.00 4.50

0.0

0.5

1.0

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0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2.00 2.50 3.00 3.50 4.00 4.50

Evaluation Criteria

CCPP Power Plant in Base Load Mode ResultsCurrency EUR

Start Date 1.1/2001

Period under Review [Years] 22

Discount Rate 10.0% Expected IRR 20% 10.0% 15.0% 20.0% 25.0% 30.0%

Date for Present Value 1.1/2002

Income Tax Rate 35.0% 0.0% 20.0% 30.0% 35.0% 50.0%

Base Case Investment [mi EUR]

Power Value

Electrical Net Power MW 700 701 + 1 MW 1.019 500 600 700 800

El. Full Load oper. Hours h/a 8000 91% NCF 8087.6 + 1% NF 8.034 5000 6000 7000 8000 8000

El. net Efficiency % 56.00% 6429 kJ/kWh 56.10% + 0,1% eta 1.424

Operating Costs Value Incrs.

Personnel mill. EUR/a 2.5 3.0%

Insurance mill. EUR/a 2

Fixed Maintenance mill. EUR/a 13 3.0%

Other Costs A mill. EUR/a

Other Costs B mill. EUR/a

Variable Maintenance EUR/MWh 0.1 3.0%

Fuel EUR/GJ 3.5 2.0% 2 2.5 3 3.5 4 4.5 5

Consumables EUR/MWh 0.25 2.0%

Operating Revenues Value Incrs.

Fixed Revenues Electricity mill. EUR/a

Other Revenues D mill. EUR/a

Other Revenues E mill. EUR/a

Other Revenues F mill. EUR/a

Variable Rev. Electr. EUR/MWh 35.00 1.0% 25 27.5 30 32.5 35.00 37.5 40

InvestmentInvestment Volume mill. EUR 400 1.12/2006 - 1 M 3.477

LifetimeHand over (End of Commiss.) Date 1.1/2007

Lifetime from Commiss. Years 20 15 20 25

Tax Depreciation Time Years 15

FinancingDebt Share 1 --- 70.00% -16 10.0% 25.0% 33.0% 50.0% 70.0% 90.0%

Debt interest Rate --- 8.00% -6 20.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

Start of Debt Service Date 1.1/2009 -2 20.0%

Debt Service Years 15 -1 10.0%

Debt Share 2 --- 1 10.0%

Debt interest Rate --- 13 30.0%

Start of Debt Service Date

Debt Service Years

Calc. Equity CostsEquity Share --- 30%

interest Rate --- 10.00%

Equity Service Years 15 Total 100.0%

Sensitivities

Mo

nth

s a

fte

r C

om

m.

Mo

nth

s b

ef. C

om

m.

Derivation

Investment Schedule

222731129.xls.ms_office/Eval Cases 4/15/2014

Evaluation Criteria: Results

Variation Sensitivity +1 MW Power Sensitivity +0.1% EfficiencyExpected IRR

Investment [mi EUR]

Income Tax Rate

Investment [mi EUR]

Electrical Net Power

Investment [mi EUR]

El. Full Load oper. Hours

Investment [mi EUR]

Fuel

Investment [mi EUR]


Investment [mi EUR]

Lifetime from Commiss.

Investment [mi EUR]

Debt Share 1

Investment [mi EUR]

Debt interest Rate

Investment [mi EUR]

Variation Sensitivity +1% NCF Sensitivity -1 Month lead timeExpected IRR

Investment [mi EUR]

Income Tax Rate

Investment [mi EUR]

Electrical Net Power

Investment [mi EUR]

El. Full Load oper. Hours

Investment [mi EUR]

Fuel

Investment [mi EUR]


Investment [mi EUR]

Lifetime from Commiss.

Investment [mi EUR]

Debt Share 1

Investment [mi EUR]

Debt interest Rate

Investment [mi EUR]

222731129.xls.ms_office/Eval Table 4/15/2014

222731129.xls.ms_office/Eval ETA-IRR 4/15/2014

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en

t [m

i E

UR

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Expected IRR

Sensitivity +0.1% Efficiency: Expected IRR

EUR

pg-roi for powerplants v61

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