Control Sheet
Enabling EXCEL's MACRO Function
- If, when opening the model, Excel gives you the option, select "Enable Macros."
Baseload MPR Proxy
Results for current dataset in $/KWh - If Excel gives you the message that the Macros are disabled, set security level to Medium.
MPR All-in 0.096739 - Under Tools--> Options-->Security-->Macro Security, set security level to Medium
MPR fixed component 0.02209
MPR variable component 0.07465
Capacity Factor 92%
GHG Adder (incl in Variable component) 0.01309
Fixed $/kW-Yr $176.66
Energy Division Staff MPR Inputs
Operating Instructions
Gas Forecast
1. Project Start Date - Input in cell E16 the project start date 12 Years of Nymex Data
5 # of Years for Linear Trend
Project Start Date 2010
2.Contract Term - Input in cell E20 the term of contract (years)
Contract Term 20
3.Click on "Solve"
Fixed Component
PV of cash flow in operational years using mid-yr convention $274,500,000
PV of equity infusion ($274,500,000)
Total NPV to January 1 of first operational year $0
First Year Escalating Price $/kWh $0.01913
Levelized Fixed Price $/kWh $0.02209
Variable Component
NPV of net energy revenues over 20 years $0
Levelized Annual Variable Price $/kWh (MPR variable component ) $0.07465
Tab: Control fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
2009 MPR Summary
Impact of Different Project Start Dates on Baseload MPR
Enabling EXCEL's SOLVER Function
0.20000 - If "Create Table" Button does not work, make sure
2010
0.18000
2014 Solver is enabled in Excel
0.16000 2018
- Under Tools--> Add-Ins-->Check "Solver Add-In"
$/kWh
0.14000 2021
0.12000
0.10000
0.08000
10 Year 15 year 20 year 25 year
MPR Term
Current Table
Operation Baseload MPR 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 15 year 20 year 25 year
Date
2010 MPR All-in 0.07713 0.07881 0.08034 0.08178 0.08316 0.08448 0.09066 0.09674 0.10020
2011 MPR All-in 0.08160 0.08307 0.08448 0.08583 0.08715 0.08843 0.09465 0.10098 0.10442
2012 MPR All-in 0.08547 0.08684 0.08818 0.08950 0.09080 0.09208 0.09852 0.10507 0.10852
2013 MPR All-in 0.08869 0.09007 0.09142 0.09276 0.09408 0.09543 0.10223 0.10898 0.11245
2014 MPR All-in 0.09167 0.09309 0.09448 0.09586 0.09728 0.09872 0.10593 0.11286 0.11636
2015 MPR All-in 0.09440 0.09586 0.09730 0.09878 0.10029 0.10168 0.10944 0.11647 0.12002
2016 MPR All-in 0.09722 0.09872 0.10027 0.10186 0.10331 0.10488 0.11313 0.12020 0.12378
2017 MPR All-in 0.10013 0.10177 0.10344 0.10495 0.10660 0.10834 0.11695 0.12404 0.12766
2018 MPR All-in 0.10327 0.10503 0.10659 0.10834 0.11018 0.11204 0.12090 0.12800 0.13165
2019 MPR All-in 0.10662 0.10824 0.11008 0.11203 0.11401 0.11598 0.12499 0.13209 0.13575
2020 MPR All-in 0.10992 0.11187 0.11394 0.11604 0.11813 0.12018 0.12922 0.13630 0.13994
2021 MPR All-in 0.11370 0.11591 0.11814 0.12035 0.12252 0.12465 0.13359 0.14064 0.14424
Comparision to Prior MPRs
Operation
Term 2009 MPR 2008 MPR Diff. ($/kwh) Diff. (%) 2007 MPR 2006 MPR 2005 MPR
Date
10 year 0.08448 0.10175 -0.01726 -17% 0.09357 0.07960 0.07594
15 year 0.09066 0.10748 -0.01682 -16% 0.09591 0.08260 0.07811
2010
20 year 0.09674 0.11390 -0.01716 -15% 0.09840 0.08586 0.08074
25 Year 0.10020
10 year 0.08843 0.10400 -0.01557 -15% 0.09412 0.07891 0.07604
15 year 0.09465 0.11046 -0.01580 -14% 0.09696 0.08333 0.07882
2011
20 year 0.10098 0.11730 -0.01632 -14% 0.09969 0.08691 0.08176
25 Year 0.10442
10 year 0.09208 0.10698 -0.01490 -14% 0.09518 0.07891 0.07648
15 year 0.09852 0.11405 -0.01553 -14% 0.09844 0.08308 0.07973
2012
20 year 0.10507 0.12126 -0.01619 -13% 0.10139 0.08689 0.08292
25 Year 0.10852
10 year 0.09543 0.10998 -0.01455 -13% 0.09605 0.07962 0.07728
15 year 0.10223 0.11776 -0.01554 -13% 0.09965 0.08747 0.08095
2013
20 year 0.10898 0.12527 -0.01629 -13% 0.10275 0.08821 0.08429
25 Year 0.11245
10 year 0.09872 0.11278 -0.01406 -12% 0.09722 0.08073
15 year 0.10593 0.12122 -0.01529 -13% 0.10107 0.08567
2014
20 year 0.11286 0.12897 -0.01610 -12% 0.10430 0.08982
25 Year 0.11636
10 year 0.10168 0.11605 -0.01437 -12% 0.09873 0.08230
15 year 0.10944 0.12503 -0.01559 -12% 0.10274 0.08747
2015
20 year 0.11647 0.13290 -0.01643 -12% 0.10602 0.09169
25 Year 0.12002
10 year 0.10488 0.11971 -0.01483 -12% 0.10054 0.08436
15 year 0.11313 0.12915 -0.01602 -12% 0.10466 0.08965
2016
20 year 0.12020 0.13706 -0.01686 -12% 0.10796 0.09393
25 Year 0.12378
10 year 0.10834 0.12367 -0.01533 -12% 0.10270
15 year 0.11695 0.13352 -0.01658 -12% 0.10686
2017
20 year 0.12404 0.14144 -0.01740 -12% 0.11131
25 Year 0.12766
10 year 0.11204 0.12802 -0.01598 -12% 0.10480
15 year 0.12090 0.13814 -0.01724 -12% 0.11018
2018
20 year 0.12800 0.14603 -0.01802 -12% 0.11471
25 Year 0.13165
10 year 0.11598 0.13271 -0.01673 -13% 0.10820
15 year 0.12499 0.14298 -0.01799 -13% 0.11372
2019
20 year 0.13209 0.15080 -0.01872 -12% 0.11697
25 Year 0.13575
10 year 0.12018 0.13271 -0.01253 -9% 0.11175
15 year 0.12922 0.14298 -0.01376 -10% 0.11599
2020
20 year 0.13630 0.15080 -0.01450 -10% 0.11926
25 Year 0.13994
10 year 0.12465
15 year 0.13359
2021
Tab: MPR_Matrix fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
2021
20 year 0.14064
25 Year 0.14424
Tab: MPR_Matrix fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Cash Flow (CF) Inputs
Baseload MPR Proxy
MPR Year 2009
Capacity (kW) 500,000
Total installed capital cost ($) 549,000,000
First operational year 2010
Scheduled Outage Factor (%) 3.84%
Forced Outage Rate (%) 4.57%
Technical Capacity Factor (%) 91.77%
New & Clean heat rate (LHV) Btu/kWh 6,040
Fixed O&M - 1st operational yr. ($/kW-yr) 10.25
Variable O&M - 1st operational yr. (mills/kWh) 4.76
Insurance as % of plant cost (%) 0.60%
Property taxes as % of plant cost (%) 1.20%
Annual Escalation Rates
Installed Capital Costs (%) 2.13%
Insurance (%) 2.04%
Fixed O&M (%) 2.04%
Variable O&M (%) 2.04%
Debt as % of Total Cost (%) 50.00%
Cost of Debt (%) 7.67%
Cost of Equity (%) 11.96%
Debt Term Years 20
20-year WACC (%) 8.25%
Transformer Loss Factor 0 0.50%
GMM to load center (%) 98.51%
Delivery At Busbar TRUE
Federal Tax Rate (%) 35.00%
State Tax Rate (%) 8.84%
Total Effective Tax Rate (%) 40.75%
Operating Collateral
Months of Revenue (Months) 6
LOC Fee (annual) (%) 1.00%
LOC Factor 0.50%
GHG Adder
Start Year for GHG Adder 2012
Tab: CF_Inputs fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
First Year of Full Auction 2012
Tab: CF_Inputs fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Fixed - Capacity Component
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total NPV PMT $/MWh
GENERATION
Annual Production (kWh) at low side trans 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 4,019,328,374 - - - - - - - - - - 80,386,567,488 38,737,080,366 4,019,328,374
Annual Production (kWh) at high side trans 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 3,999,231,733 - - - - - - - - - - 79,984,634,651 38,543,394,964 3,999,231,733
Annual Production (kWh) at load center 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 3,939,643,180 - - - - - - - - - - 78,792,863,594 37,969,098,379 3,939,643,180
REVENUES
Escalated Fixed Costs Economic Carrying Charge $/kWh $0.0191 $0.0194 $0.0196 $0.0199 $0.0204 $0.0208 $0.0213 $0.0218 $0.0223 $0.0228 $0.0234 $0.0240 $0.0246 $0.0252 $0.0258 $0.0263 $0.0269 $0.0274 $0.0280 $0.0286 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 $0.0000 0.46764 0.21287 0.02209
Fixed Cost Revenues $ 76,495,255 $ 77,396,238 $ 78,367,128 $ 79,768,895 $ 81,462,934 $ 83,280,938 $ 85,184,105 $ 87,145,965 $ 89,207,867 $ 91,328,639 $ 93,603,534 $ 95,987,030 $ 98,424,379 $ 100,779,566 $ 103,055,818 $ 105,236,229 $ 107,462,773 $ 109,701,899 $ 111,971,273 $ 114,336,935 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,870,197,399 851,317,064 88,331,975 $22.09
Total revenues $ 268,042,938 $ 293,001,800 $ 317,042,047 $ 334,201,903 $ 345,704,678 $ 357,883,453 $ 370,303,139 $ 383,206,117 $ 396,654,733 $ 410,165,064 $ 424,334,954 $ 438,959,168 $ 456,800,055 $ 475,170,003 $ 486,609,761 $ 511,649,189 $ 536,704,778 $ 560,872,575 $ 584,588,702 $ 608,357,872 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 8,560,252,928 3,728,633,927 386,880,064 $96.74
VARIABLE COSTS
Variable O&M and Fuel Costs $ 191,547,683 $ 215,605,562 $ 238,674,919 $ 254,433,008 $ 264,241,745 $ 274,602,515 $ 285,119,034 $ 296,060,152 $ 307,446,866 $ 318,836,424 $ 330,731,420 $ 342,972,138 $ 358,375,676 $ 374,390,437 $ 383,553,943 $ 406,412,960 $ 429,242,005 $ 451,170,676 $ 472,617,429 $ 494,020,937 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 6,690,055,529 2,877,316,863 298,548,089 $74.65
GROSS MARGIN
Gross Profit/(Loss) $ 76,495,255 $ 77,396,238 $ 78,367,128 $ 79,768,895 $ 81,462,934 $ 83,280,938 $ 85,184,105 $ 87,145,965 $ 89,207,867 $ 91,328,639 $ 93,603,534 $ 95,987,030 $ 98,424,379 $ 100,779,566 $ 103,055,818 $ 105,236,229 $ 107,462,773 $ 109,701,899 $ 111,971,273 $ 114,336,935 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,870,197,399 851,317,064 88,331,975 $22.09
OPERATIONAL EXPENSES
Insurance $ 3,294,000 $ 3,332,798 $ 3,374,606 $ 3,434,968 $ 3,507,916 $ 3,586,202 $ 3,668,155 $ 3,752,635 $ 3,841,424 $ 3,932,748 $ 4,030,708 $ 4,133,345 $ 4,238,301 $ 4,339,719 $ 4,437,737 $ 4,531,629 $ 4,627,508 $ 4,723,928 $ 4,821,650 $ 4,923,519 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 80,533,494 36,658,985 3,803,707 $0.95
Property Taxes $ 6,258,600 $ 5,929,200 $ 5,599,800 $ 5,270,400 $ 4,941,000 $ 4,611,600 $ 4,282,200 $ 3,952,800 $ 3,623,400 $ 3,294,000 $ 2,964,600 $ 2,635,200 $ 2,305,800 $ 1,976,400 $ 1,647,000 $ 1,317,600 $ 988,200 $ 658,800 $ 329,400 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 62,586,000 38,196,013 3,963,188 $0.99
Fixed O&M $ 5,126,348 $ 5,186,728 $ 5,251,792 $ 5,345,732 $ 5,459,259 $ 5,581,093 $ 5,708,634 $ 5,840,108 $ 5,978,287 $ 6,120,411 $ 6,272,864 $ 6,432,595 $ 6,595,934 $ 6,753,768 $ 6,906,311 $ 7,052,432 $ 7,201,644 $ 7,351,700 $ 7,503,783 $ 7,662,318 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 125,331,742 57,051,224 5,919,589 $1.48
Total Expenses $ 14,678,948 $ 14,448,726 $ 14,226,198 $ 14,051,100 $ 13,908,174 $ 13,778,894 $ 13,658,989 $ 13,545,544 $ 13,443,111 $ 13,347,159 $ 13,268,172 $ 13,201,140 $ 13,140,035 $ 13,069,886 $ 12,991,049 $ 12,901,661 $ 12,817,352 $ 12,734,428 $ 12,654,833 $ 12,585,837 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 268,451,236 131,906,222 13,686,484 $3.42
OPERATING INCOME
Operating Income $ 61,816,307 $ 62,947,512 $ 64,140,930 $ 65,717,795 $ 67,554,759 $ 69,502,044 $ 71,525,116 $ 73,600,421 $ 75,764,756 $ 77,981,480 $ 80,335,362 $ 82,785,890 $ 85,284,344 $ 87,709,680 $ 90,064,769 $ 92,334,568 $ 94,645,421 $ 96,967,471 $ 99,316,440 $ 101,751,097 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,601,746,163 719,410,842 74,645,492
Debt cost $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 545,610,664 262,921,590 27,280,533 $6.82
Debt coverage ratio 2.27 2.31 2.35 2.41 2.48 2.55 2.62 2.70 2.78 2.86 2.94 3.03 3.13 3.22 3.30 3.38 3.47 3.55 3.64 3.73
Taxes due $ 7,914,298 $ 1,035,016 $ 2,807,368 $ 4,686,157 $ 6,707,020 $ 8,713,604 $ 10,699,091 $ 12,660,812 $ 13,996,638 $ 15,243,825 $ 16,573,700 $ 17,971,819 $ 19,420,555 $ 20,872,980 $ 22,332,844 $ 23,796,791 $ 25,319,292 $ 26,891,399 $ 28,522,983 $ 30,241,724 $ (4,638,437) $ - $ - $ - $ - $ - $ - $ - $ - $ - 316,407,917 117,084,125 12,148,555 $3.04
After-Tax Cash Flow $ 26,621,476 $ 34,631,963 $ 34,053,029 $ 33,751,104 $ 33,567,206 $ 33,507,907 $ 33,545,492 $ 33,659,075 $ 34,487,585 $ 35,457,122 $ 36,481,129 $ 37,533,538 $ 38,583,256 $ 39,556,166 $ 40,451,392 $ 41,257,244 $ 42,045,596 $ 42,795,539 $ 43,512,924 $ 44,228,840 $ 4,638,437 $ - $ - $ - $ - $ - $ - $ - $ - $ - 739,727,582 339,405,127 35,216,404 $8.81
$22.09
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total NPV
DEPRECIATION
State depreciation fractions 0.0375 0.0722 0.0668 0.0618 0.0571 0.0528 0.0489 0.0452 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0223 100.00%
Federal depreciation fractions 0.0375 0.0722 0.0668 0.0618 0.0571 0.0528 0.0489 0.0452 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0446 0.0223 100.00%
State depreciation ($) $ 20,587,500 $ 39,630,938 $ 36,658,617 $ 33,909,221 $ 31,366,029 $ 29,013,577 $ 26,837,559 $ 24,824,742 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 12,246,873 549,000,000 273,089,886
Federal depreciation ($) $ 20,587,500 $ 39,630,938 $ 36,658,617 $ 33,909,221 $ 31,366,029 $ 29,013,577 $ 26,837,559 $ 24,824,742 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 12,246,873 549,000,000 273,089,886
LOAN AMORTIZATION
Initial balance ($) $ 274,500,000 $ 268,280,479 $ 261,583,766 $ 254,373,247 $ 246,609,501 $ 238,250,082 $ 229,249,286 $ 219,557,905 $ 209,122,952 $ 197,887,377 $ 185,789,753 $ 172,763,939 $ 158,738,719 $ 143,637,414 $ 127,377,461 $ 109,869,963 $ 91,019,203 $ 70,722,118 $ 48,867,740 $ 25,336,584
Payment ($) $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 $ 27,280,533 545,610,664 262,921,590
Interest ($) $ 21,061,013 $ 20,583,820 $ 20,070,014 $ 19,516,787 $ 18,921,114 $ 18,279,738 $ 17,589,152 $ 16,845,580 $ 16,044,958 $ 15,182,909 $ 14,254,719 $ 13,255,313 $ 12,179,228 $ 11,020,581 $ 9,773,036 $ 8,429,773 $ 6,983,448 $ 5,426,155 $ 3,749,377 $ 1,943,949 271,110,664 153,659,400
Principal ($) $ 6,219,521 $ 6,696,713 $ 7,210,519 $ 7,763,746 $ 8,359,419 $ 9,000,796 $ 9,691,382 $ 10,434,953 $ 11,235,575 $ 12,097,624 $ 13,025,814 $ 14,025,220 $ 15,101,305 $ 16,259,953 $ 17,507,498 $ 18,850,760 $ 20,297,085 $ 21,854,379 $ 23,531,156 $ 25,336,584 274,500,000 109,262,190
Final balance ($) $ 268,280,479 $ 261,583,766 $ 254,373,247 $ 246,609,501 $ 238,250,082 $ 229,249,286 $ 219,557,905 $ 209,122,952 $ 197,887,377 $ 185,789,753 $ 172,763,939 $ 158,738,719 $ 143,637,414 $ 127,377,461 $ 109,869,963 $ 91,019,203 $ 70,722,118 $ 48,867,740 $ 25,336,584 $ (0)
TAXES
Gross taxable income--fixed and variable operating income $ 61,816,307 $ 62,947,512 $ 64,140,930 $ 65,717,795 $ 67,554,759 $ 69,502,044 $ 71,525,116 $ 73,600,421 $ 75,764,756 $ 77,981,480 $ 80,335,362 $ 82,785,890 $ 85,284,344 $ 87,709,680 $ 90,064,769 $ 92,334,568 $ 94,645,421 $ 96,967,471 $ 99,316,440 $ 101,751,097 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,601,746,163 719,410,842
Depreciation $ 20,587,500 $ 39,630,938 $ 36,658,617 $ 33,909,221 $ 31,366,029 $ 29,013,577 $ 26,837,559 $ 24,824,742 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 12,246,873 $ - $ - $ - $ - $ - $ - $ - $ - $ - 549,000,000 273,089,886
Interest $ 21,061,013 $ 20,583,820 $ 20,070,014 $ 19,516,787 $ 18,921,114 $ 18,279,738 $ 17,589,152 $ 16,845,580 $ 16,044,958 $ 15,182,909 $ 14,254,719 $ 13,255,313 $ 12,179,228 $ 11,020,581 $ 9,773,036 $ 8,429,773 $ 6,983,448 $ 5,426,155 $ 3,749,377 $ 1,943,949 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 271,110,664 153,659,400
State net taxable income $ 20,167,794 $ 2,732,755 $ 7,412,298 $ 12,291,786 $ 17,267,616 $ 22,208,729 $ 27,098,406 $ 31,930,099 $ 35,226,052 $ 38,304,826 $ 41,586,898 $ 45,036,832 $ 48,611,371 $ 52,195,354 $ 55,797,988 $ 59,411,050 $ 63,168,228 $ 67,047,571 $ 71,073,317 $ 75,313,403 $ (12,246,873) $ - $ - $ - $ - $ - $ - $ - $ - $ - 781,635,499 292,661,556
State Tax $ 1,782,833 $ 241,576 $ 655,247 $ 1,086,594 $ 1,526,457 $ 1,963,252 $ 2,395,499 $ 2,822,621 $ 3,113,983 $ 3,386,147 $ 3,676,282 $ 3,981,256 $ 4,297,245 $ 4,614,069 $ 4,932,542 $ 5,251,937 $ 5,584,071 $ 5,927,005 $ 6,282,881 $ 6,657,705 $ (1,082,624) $ - $ - $ - $ - $ - $ - $ - $ - $ - 69,096,578 25,871,282
Gross taxable income--fixed and variable operating income $ 61,816,307 $ 62,947,512 $ 64,140,930 $ 65,717,795 $ 67,554,759 $ 69,502,044 $ 71,525,116 $ 73,600,421 $ 75,764,756 $ 77,981,480 $ 80,335,362 $ 82,785,890 $ 85,284,344 $ 87,709,680 $ 90,064,769 $ 92,334,568 $ 94,645,421 $ 96,967,471 $ 99,316,440 $ 101,751,097 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,601,746,163 719,410,842
Depreciation $ 20,587,500 $ 39,630,938 $ 36,658,617 $ 33,909,221 $ 31,366,029 $ 29,013,577 $ 26,837,559 $ 24,824,742 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 24,493,745 $ 12,246,873 $ - $ - $ - $ - $ - $ - $ - $ - $ - 549,000,000 273,089,886
Interest $ 21,061,013 $ 20,583,820 $ 20,070,014 $ 19,516,787 $ 18,921,114 $ 18,279,738 $ 17,589,152 $ 16,845,580 $ 16,044,958 $ 15,182,909 $ 14,254,719 $ 13,255,313 $ 12,179,228 $ 11,020,581 $ 9,773,036 $ 8,429,773 $ 6,983,448 $ 5,426,155 $ 3,749,377 $ 1,943,949 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 271,110,664 153,659,400
State Taxes $ 1,782,833 $ 241,576 $ 655,247 $ 1,086,594 $ 1,526,457 $ 1,963,252 $ 2,395,499 $ 2,822,621 $ 3,113,983 $ 3,386,147 $ 3,676,282 $ 3,981,256 $ 4,297,245 $ 4,614,069 $ 4,932,542 $ 5,251,937 $ 5,584,071 $ 5,927,005 $ 6,282,881 $ 6,657,705 $ (1,082,624) $ - $ - $ - $ - $ - $ - $ - $ - $ - 69,096,578 25,871,282
Federal net taxable income $ 18,384,961 $ 2,491,180 $ 6,757,051 $ 11,205,192 $ 15,741,159 $ 20,245,478 $ 24,702,907 $ 29,107,478 $ 32,112,069 $ 34,918,679 $ 37,910,616 $ 41,055,576 $ 44,314,125 $ 47,581,285 $ 50,865,446 $ 54,159,113 $ 57,584,156 $ 61,120,566 $ 64,790,436 $ 68,655,698 $ (11,164,249) $ - $ - $ - $ - $ - $ - $ - $ - $ - 712,538,921 266,790,274
Federal Taxes $ 6,131,465 $ 793,441 $ 2,152,121 $ 3,599,563 $ 5,180,563 $ 6,750,352 $ 8,303,592 $ 9,838,192 $ 10,882,655 $ 11,857,679 $ 12,897,418 $ 13,990,563 $ 15,123,310 $ 16,258,911 $ 17,400,302 $ 18,544,855 $ 19,735,221 $ 20,964,393 $ 22,240,102 $ 23,584,019 $ (3,555,813) $ - $ - $ - $ - $ - $ - $ - $ - $ - 242,672,902 90,335,171
Total Taxes $ 7,914,298 $ 1,035,016 $ 2,807,368 $ 4,686,157 $ 6,707,020 $ 8,713,604 $ 10,699,091 $ 12,660,812 $ 13,996,638 $ 15,243,825 $ 16,573,700 $ 17,971,819 $ 19,420,555 $ 20,872,980 $ 22,332,844 $ 23,796,791 $ 25,319,292 $ 26,891,399 $ 28,522,983 $ 30,241,724 $ (4,638,437) $ - $ - $ - $ - $ - $ - $ - $ - $ - 311,769,480 116,206,453
Levelized Payment Calculation
Levelized Payment-Contract years 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 20.00 9.64 1.00
Inflation Adjusted Payment-Contract Years $ 1.000 1.012 1.024 1.043 1.065 1.089 1.114 1.139 1.166 1.194 1.224 1.255 1.287 1.317 1.347 1.376 1.405 1.434 1.464 1.495 1.526 1.557 1.588 1.626 1.657 1.688 1.719 1.750 1.781 1.812 24.45 11.13 1.15
Inflated Fixed Prices $ 0.01913 0.019 0.020 0.020 0.020 0.021 0.021 0.022 0.022 0.023 0.023 0.024 0.025 0.025 0.026 0.026 0.027 0.027 0.028 0.029 - - - - - - - - - - 0.46764 0.21287 0.02209 $22.09
Levelized Fixed Price $ 0.02209 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 0.022 - - - - - - - - - - 0.44174 0.21287 0.02209 $22.09
Check on NPVs for Levelized Payment
Escalating Price Revenue 76,495,255 77,396,238 78,367,128 79,768,895 81,462,934 83,280,938 85,184,105 87,145,965 89,207,867 91,328,639 93,603,534 95,987,030 98,424,379 100,779,566 103,055,818 105,236,229 107,462,773 109,701,899 111,971,273 114,336,935 - - - - - - - - - - 1,870,197,399 851,317,064 88,331,975 $22.09
Fixed Price Revenue 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 88,331,975 - - - - - - - - - - 1,766,639,508 851,317,064 88,331,975 $22.09
(0)
Check on ROE Result
Equity Investment Cash Flow
$ (259,430,243) $ 26,621,476 $ 34,631,963 $ 34,053,029 $ 33,751,104 $ 33,567,206 $ 33,507,907 $ 33,545,492 $ 33,659,075 $ 34,487,585 $ 35,457,122 $ 36,481,129 $ 37,533,538 $ 38,583,256 $ 39,556,166 $ 40,451,392 $ 41,257,244 $ 42,045,596 $ 42,795,539 $ 43,512,924 $ 44,228,840 $ 4,638,437 $ - $ - $ - $ - $ - $ - $ - $ - $ - 739,727,582 339,405,127 35,216,404
11.96% <-- Should = 11.96%
Tab: Fixed_Comp fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Variable Component - 20 Years
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total NPV PMT $/MWh
GENERATION
Annual Production (kWh) at low side trans 4,019,328,374 ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ############ 38,737,080,366 4,019,328,374
Annual Production (kWh) at high side trans 3,999,231,733 ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ############ 38,543,394,964 3,999,231,733
Annual Production (kWh) at load center 3,939,643,180 ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ########### ############ 37,969,098,379 3,939,643,180
Burnertip Gas Prices ($/MMBtu) 6.20 7.04 7.24 7.36 7.50 7.66 7.81 7.97 8.13 8.29 8.45 8.61 8.87 9.14 9.17 9.66 10.14 10.58 10.99 11.37 11.78 12.16 12.57 12.97 13.37 13.78 14.19 14.60 15.02 15.44 172 78 8.05
REVENUES
Escalating Variable Price $/kWh 0.0479 0.0539 0.0597 0.0636 0.0661 0.0687 0.0713 0.0740 0.0769 0.0797 0.0827 0.0858 0.0896 0.0936 0.0959 0.1016 0.1073 0.1128 0.1182 0.1235 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 1.6728 0.7195 0.0747 $74.65
Levelized Price $/kWh 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0747 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 1.4930 0.7195 0.0747 $74.65
Escalating Revenue $ 191,547,683 $ 215,605,562 $ 238,674,919 $ 254,433,008 $ 264,241,745 $ 274,602,515 $ 285,119,034 $ 296,060,152 $ 307,446,866 $ 318,836,424 $ 330,731,420 $ 342,972,138 $ 358,375,676 $ 374,390,437 $ 383,553,943 $ 406,412,960 $ 429,242,005 $ 451,170,676 $ 472,617,429 $ 494,020,937 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 6,690,055,529 2,877,316,863 298,548,089 $74.65
Levelized Revenue $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ 298,548,089 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 5,970,961,776 2,877,316,863 298,548,089 $74.65
OPERATIONAL EXPENSES
Variable O&M $ 19,144,646 $ 19,370,138 $ 19,613,124 $ 19,963,948 $ 20,387,919 $ 20,842,915 $ 21,319,225 $ 21,810,224 $ 22,326,262 $ 22,857,032 $ 23,426,375 $ 24,022,898 $ 24,632,900 $ 25,222,338 $ 25,792,021 $ 26,337,717 $ 26,894,960 $ 27,455,351 $ 28,023,312 $ 28,615,372 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 468,058,677 213,061,113 22,107,050 $5.53
Fuel Cost $ 171,445,298 $ 195,157,396 $ 201,004,257 $ 204,364,264 $ 208,428,984 $ 212,969,251 $ 217,192,065 $ 221,771,768 $ 226,289,627 $ 230,736,064 $ 235,136,035 $ 239,549,304 $ 247,022,280 $ 254,563,772 $ 255,223,712 $ 268,939,090 $ 282,517,434 $ 294,563,680 $ 306,014,884 $ 316,726,130 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 4,789,615,295 2,155,418,308 223,644,474 $55.92
Collateral $ 957,738 $ 1,078,028 $ 1,108,630 $ 1,127,277 $ 1,149,834 $ 1,174,936 $ 1,198,549 $ 1,224,030 $ 1,249,326 $ 1,274,337 $ 1,299,309 $ 1,324,483 $ 1,365,101 $ 1,405,960 $ 1,412,139 $ 1,483,803 $ 1,554,836 $ 1,618,186 $ 1,678,584 $ 1,735,384 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 26,420,472 11,901,907 1,234,932 $0.31
CO2 Adder $ - $ - $ 16,948,908 $ 28,977,519 $ 34,275,008 $ 39,615,413 $ 45,409,195 $ 51,254,129 $ 57,581,651 $ 63,968,991 $ 70,869,701 $ 78,075,452 $ 85,355,395 $ 93,198,368 $ 101,126,071 $ 109,652,349 $ 118,274,775 $ 127,533,459 $ 136,900,649 $ 146,944,050 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1,405,961,086 496,935,535 51,561,632 $12.89
Total Expenses $ 191,547,683 $ 215,605,562 $ 238,674,919 $ 254,433,008 $ 264,241,745 $ 274,602,515 $ 285,119,034 $ 296,060,152 $ 307,446,866 $ 318,836,424 $ 330,731,420 $ 342,972,138 $ 358,375,676 $ 374,390,437 $ 383,553,943 $ 406,412,960 $ 429,242,005 $ 451,170,676 $ 472,617,429 $ 494,020,937 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - 6,690,055,529 2,877,316,863 298,548,089 $74.65
GROSS PROFIT $ 107,000,406 $ 82,942,527 $ 59,873,170 $ 44,115,081 $ 34,306,344 $ 23,945,574 $ 13,429,054 $ 2,487,937 $ (8,898,777) $ (20,288,336) $ (32,183,332) $ (44,424,049) $ (59,827,587) $ (75,842,348) $ (85,005,854) ########### ########### ########### ########### ########### $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - (719,093,753) 0 0
Check
NPV of operating income over 20 years $0
GHG ADDER CALCULATION
MMBtu 27,648,579 27,720,367 27,756,393 27,778,571 27,793,776 27,804,930 27,813,502 27,820,320 27,825,886 27,830,526 27,834,459 27,837,841 27,840,783 27,843,368 27,845,659 27,847,706 27,849,546 27,851,210 27,852,723 27,854,106 27,855,374 27,856,543 27,857,623 27,858,625 27,859,558 27,860,427 27,861,241 27,862,003 27,862,720 27,863,395 556,250,249
Tons CO2 1,617,580 1,621,780 1,623,888 1,625,185 1,626,075 1,626,727 1,627,229 1,627,628 1,627,953 1,628,225 1,628,455 1,628,653 1,628,825 1,628,976 1,629,110 1,629,230 1,629,338 1,629,435 1,629,524 1,629,604 1,629,679 1,629,747 1,629,810 1,629,869 1,629,923 1,629,974 1,630,022 1,630,067 1,630,108 1,630,148 32,543,421
$/Ton $0.00 $0.00 $10.44 $17.83 $21.08 $24.35 $27.91 $31.49 $35.37 $39.29 $43.52 $47.94 $52.40 $57.21 $62.07 $67.30 $72.59 $78.27 $84.01 $90.17 $96.59 $99.00 $101.48 $104.01 $106.61 $109.28 $112.01 $114.81 $117.68 $120.62 863.25 305.20 $31.67
$/MWh $0.00 $0.00 $4.24 $7.25 $8.57 $9.91 $11.35 $12.82 $14.40 $16.00 $17.72 $19.52 $21.34 $23.30 $25.29 $27.42 $29.57 $31.89 $34.23 $36.74 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 351.56 124.26 $12.89
Levelized $/MWh $12.89
Tab: Var_Comp fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Installed Capital Costs
Palomar (San Diego) Cosumnes (SMUD) Colusa (PG&E)
Install Capital Cost Inputs (2008$) Combined-Cycle Combined-Cycle Combined-Cycle Dry Cooling Adjustment
555 MW 500 MW 657 MW
(Million $) $/kW (Million $) $/kW (Million $) $/kW $/kW
Capital Cost Investment - Overnight Costs 506.20 $912 510.83 $1,022 684.40 $1,042 CEC COG Dry Cooling Adjustment ($2007) $48
Interconnection (natural gas, water, electric) $24.55 $49 $0.00 $0
Included in Instant Included in Instant
Environmental Review & Permitting Capital Costs Capital Costs Included in Instant Included in Instant $48
Included in Instant 2007
Shown Above Shown Above Capital Costs Capital Costs Included in Instant Capital
Emissions offsets Shown Above Shown Above Capital Costs 2009 $52
Costs Shown Above
Shown Above
Dry Cooling Adjustment $29 $52 $26 $52
Contingency - - - - - -
AFUDC - - - - - -
EITC - - - - - -
Other or Subtotal 91.75 $165 - - - -
Total "Turn-Key" Capital Costs (2008$) $627 $1,129 $561 $1,123 $684 $1,042
Average Installed Capital Costs (2009 $/kW) $1,098
Environmental Permit Costs (2009 $/kW) (incl. above) $19
Installed Capital Costs Inputs Adjustment
Palomar Cosumnes Colusa
Date Plant Adjustment Pct Date Plant Pct Date Plant Pct
Date of Estimate Jun-04 $410.15 $74.34 Jan-06 $435.00 Feb-08 $684.40
in $Year Jun-06 Jan-06 Jan-10
Backcast from $Year to
Date of Estimate Jun-04 $397.23 $72.00 -3% n/a n/a
Adjusted Cost Estimate Jun-06 $439.73 7% Jan-06 $435.00 0% Jan-10 $684.40 0%
Dec-09 $506.20 $91.75 15% $510.83 17% $684.40 0%
Estimate capital costs for December 2009
operational Jan 2010
$Year for Estimate Jun-06 Jan-06 Jan-10
Operational Date Jun-06 Mar-06 Jan-10
Installed Capital Costs Environmental Breakout
Power Plant Palomar Cosumnes Colusa
Nox 124.40 125.60 184.90
SOx 33.10 11.00 15.60
Emissions in tons/year PM10 107.70 79.50 142.10
CO 319.10 297.80 267.50
HC 47.30 30.00 47.80
Power Plant Palomar Cosumnes Colusa State Average
Nox 0.22 0.25 0.28 0.25
SOx 0.06 0.02 0.02 0.04
Emissions in tons/year/MW PM10 0.19 0.16 0.22 0.19
CO 0.57 0.60 0.41 0.53
HC 0.09 0.06 0.07 0.07
Median Cost Offset
Median Cost Median Cost
($/ton/year) Permit ($/kW) (2007$) ($/kW) (2009$)
(2007$) Ratio
NOx $20,000 1.2 $6 $6
Cost of Emission Reduction Credits (ERCs)
SOx $21,500 1.2 $1 $1
PM10 $43,000 1.2 $10 $10
CO $500 1.2
HC $24,829 1.2 $2 $2
Total $/kW $19 $19
Total Dollars $9,459,022 $9,459,022
Tab: Install_Cap fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
CCGT Heat Rate
Heat Rate Inputs Degradation Factor Calculation:
New/Clean Heat Rate - LHV (Btu/kWh) 6,040
CCGT Heat Rate Degradation
a -0.00757
Higher Heating Value (HHV) Adjustment 11% b 1323.705 2.00%
Dry Cooling Heat Rate Adjustment 1.5% c 1.963382
Minimum # Annual Starts 125 d 0.823937 1.80%
Start-up Fuel Cost (MMBtu/MW) 2.8 e 7
Start-up Fuel Cost (Btu/kWh) 1.60%
Heat Rate Degradation (%)
44
1.40%
Heat Rate Adjusted Heat 1.20%
Yrs of HHV Heat CCGT Fired Heat Rate w/ Dry Cooling HR Adj.
Degradation Rate
Operation Rate (Hours) Degradation (Btu/kWh)
Factor (Btu/kWh) 1.00%
1 6,704 8,039 1.09% 6,777 102 6,879
2 6,704 16,077 1.35% 6,795 102 6,897 0.80%
3 6,704 24,116 1.48% 6,804 102 6,906
0.60%
4 6,704 32,155 1.56% 6,809 102 6,911
5 6,704 40,193 1.62% 6,813 102 6,915 0.40%
6 6,704 48,232 1.66% 6,816 102 6,918
7 6,704 56,271 1.69% 6,818 102 6,920 0.20%
8 6,704 64,309 1.71% 6,819 102 6,922
9 6,704 72,348 1.73% 6,821 102 6,923 0.00%
10 6,704 80,387 1.75% 6,822 102 6,924 13 14 15 16 17 18
1 2 3 4 5 6 7 8 9 10 11 12 Years of Operation 19 20 21 22 23 24 25 26 27 28 29 30
11 6,704 88,425 1.77% 6,823 102 6,925
12 6,704 96,464 1.78% 6,824 102 6,926
13 6,704 104,503 1.79% 6,824 102 6,927 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
14 6,704 112,541 1.80% 6,825 102 6,927 6879 6897 6906 6911 6915 6918 6920 6922 6923 6924 6925 6926 6927 6927 6928 6928 6929 6929 6930 6930 6930 6931 6931 6931 6931 6932 6932 6932 6932 6932
15 6,704 120,580 1.81% 6,826 102 6,928
16 6,704 128,619 1.81% 6,826 102 6,928
17 6,704 136,657 1.82% 6,827 102 6,929
18 6,704 144,696 1.83% 6,827 102 6,929
19 6,704 152,734 1.83% 6,827 102 6,930
20 6,704 160,773 1.84% 6,828 102 6,930
21 6,704 168,812 1.84% 6,828 102 6,930
22 6,704 176,850 1.85% 6,828 102 6,931
23 6,704 184,889 1.85% 6,828 102 6,931
24 6,704 192,928 1.85% 6,829 102 6,931
25 6,704 200,966 1.86% 6,829 102 6,931
26 6,704 209,005 1.86% 6,829 102 6,932
27 6,704 217,044 1.86% 6,829 102 6,932
28 6,704 225,082 1.87% 6,830 102 6,932
29 6,704 233,121 1.87% 6,830 102 6,932
30 6,704 241,160 1.87% 6,830 102 6,932
Average 1.74% Average 6,924
Lower Heating Value vs. Higher Heating Value
HHV stands for Higher Heating Value. Most gas turbine heat rates are quoted in LHV or lower heating value. The difference
d
is about 11%, i.e., LHV * 1.11 = HHV. HHV is used for the cash flow pro forma because it reflects the amount of fuel require
(and which must be purchased). The LHV accounts for the thermal energy inherent in the fuel combustion process but
ignores the fact that the water produced will be steam at the combustion temperature and this process reduces the usable
energy.
Tab: Heat_Rate fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Cost of Capital
Updated: 8/28/2009
Input Value Source Notes Past Inputs 2006 2007 2008
Debt (%) 50% D.05-12-042, Findings of Fact 22, adopted Debt (%) 50% 50% 50%
Equity % 50% N/A Equity % 50% 50% 50%
Cost of Debt (%) 7.67% N/A Cost of Debt (industrial firms) = risk free rate (20 year T-Bill) + risk premium (mid point between BBB & Cost of Debt (%) 7.13% 7.72% 7.84%
B+ )
Cost of Equity (%) 11.96% N/A Cost of Equity = risk free rate (20-yr Tbill) + risk premium (equity) + mid-cap risk premium (equity) Cost of Equity (%) 12.78% 13.28% 12.38%
WACC 8.25% N/A Weight-Average Cost of Capital = (Cost of Equity x Equity %) + (Cost of Debt x (1-tax rate) x Debt %) WACC 8.50% 8.93% 8.51%
0.00%
Risk Free Rate Risk Free Rate
10-Year Tbill 3.46% http://www.bondsonline.com (FT Interactive Data) August 28, 2009 10-Year Tbill 4.61% 5.11% 3.90%
20-Year Tbill 3.84% N/A Risk Free Rate = Mid point between 10 and 30 yr T-Bill (US Treasury yields) 20-Year Tbill 4.66% 5.16% 4.26%
30-Year Tbill 4.21% http://www.bondsonline.com (FT Interactive Data) 30-Year Tbill 4.70% 5.21% 4.62%
Risk Premium (Debt) Risk Premium (Debt)
BBB/Baa2 2.30% http://www.bondsonline.com (FT Interactive Data) Average of the 10-Year BBB/Baa2 Risk Premium and 30-Year BBB/Baa2 Risk Premium BBB/Baa2 1.55% 1.81% 2.35%
Mid Point 3.84% N/A Risk Premium (Large Manufacturer) = Mid point between BBB and B+ rated company Mid Point 2.48% 2.56% 3.58%
B+/B1 5.38% http://www.bondsonline.com (FT Interactive Data) Average of the 10-Year B+/B1 Risk Premium and 30-Year B+/B1 Risk Premium B+/B1 3.40% 3.30% 4.80%
Risk Premium (Equity) 7.17% Ibbotson Associates SBBE Valuation (2005 data) Risk Premium (Equity) 7.17% 7.17% 7.17%
Mid-Cap Risk Premium (Equity) 0.95% Ibbotson Associates SBBE Valuation (2005 data) Mid-Cap Risk Premium (Equity) 0.95% 0.95% 0.95%
alternative reference: http://pages.stern.nyu.edu/~adamodar/
Tab: Cost_Cap fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
CF Data Set 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48
Input Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056
CA Burnertip Gas Price $/MMBtu 6.20 7.04 7.24 7.36 7.50 7.66 7.81 7.97 8.13 8.29 8.45 8.61 8.87 9.14 9.17 9.66 10.14 10.58 10.99 11.37 11.78 12.16 12.57 12.97 13.37 13.78 14.19 14.60 15.02 15.44 15.86 16.28 16.71 17.15 17.58 18.02 18.46 18.90 19.35 19.80 20.26 21.27 21.39
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056
CO2 Adder ($/ton) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.44 17.83 21.08 24.35 27.91 31.49 35.37 39.29 43.52 47.94 52.40 57.21 62.07 67.30 72.59 78.27 84.01 90.17 96.59 99.00 101.48 104.01 106.61 109.28 112.01 114.81 117.68 120.62 123.64 126.73 129.90 133.14 136.47 139.89 143.38 146.97 150.64 154.41 158.27 162.22 166.28 170.44 174.70 179.06 183.54
Tons CO2/MMBtu 0.0585 100% 100% 100% 100% 100%
Synapse Nominal 5.52 7.92 10.44 17.83 21.08 24.35 27.91 31.49 35.37 39.29 43.52 47.94 52.40 57.21 62.07 67.30 72.59 78.27 84.01 90.17 96.59 99.00 101.48 104.01 106.61 109.28 112.01 114.81 117.68 120.62 123.64 126.73 129.90 133.14 136.47 139.89 143.38 146.97 150.64 154.41 158.27 162.22 166.28 170.44 174.70 179.06 183.54
Synapse ($2007) $2007 5.00 7.00 9.00 15.00 17.30 19.50 21.80 24.00 26.30 28.50 30.80 33.10 35.30 37.60 39.80 42.10 44.30 46.60 48.80 51.10 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40 53.40
Input Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
1st yr capital costs (January 1) ($) 537,562,117 542,671,487 549,000,000 556,684,477 566,149,677 576,341,870 586,713,769 586,713,769 586,713,769 586,713,769 586,713,769 586,713,769 586,713,769 586,713,769 no escalation due to offsetting effect of technological improvements after 2014
Fixed O&M $/kW-yr 9.98 10.15 10.20 10.25 10.37 10.50 10.69 10.92 11.16 11.42 11.68 11.96 12.24 12.55 12.87
Variable O&M mills/kWh 4.64 4.72 4.74 4.76 4.82 4.88 4.97 5.07 5.19 5.30 5.43 5.55 5.69 5.83 5.98
Fixed O&M Variable
CEC COG Value
(2009$) O&M (2009$)
Current CEC COG (2007) 10.20 4.74
Input Unit 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056
EIA GDP Price Index (%) 2.03% 2.63% 3.59% 3.25% 2.69% 2.20% 0.99% 0.55% 1.18% 1.25% 1.79% 2.12% 2.23% 2.29% 2.30% 2.37% 2.38% 2.49% 2.55% 2.54% 2.39% 2.26% 2.12% 2.12% 2.08% 2.07% 2.11% 2.08% 2.07% 1.95% 2.40% 1.91% 1.87% 1.84% 1.80% 1.77% 1.74% 1.71% 1.68% 1.65% 1.63% 1.60% 1.58% 1.55% 1.53% 1.50% 1.48% 1.46% 1.44% 1.42% 1.40% 1.38% 1.36% 1.34%
US Army Corp Eng. Index (%) 5.98% 5.50% 5.69% 5.47% 5.96% 0.95% 1.17% 1.40% 1.70% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 1.80% 2.83% 2.14% 1.80% 1.80% 2.22% 2.22% 1.96% 1.92% 1.88% 1.85% 1.82% 1.78% 1.75% 1.72% 1.69% 1.66% 1.64% 1.61% 1.59% 1.56% 1.54% 1.51% 1.49% 1.47% 1.45% 1.43% 1.41% 1.39% 1.37% 1.35% 1.33% 1.31% 1.30% 1.28% 1.26% 1.25%
Input Unit Average
EIA GDP Price Index (%) 2.04%
US Army Corp Eng. Index (%) 2.13%
110% 111% 113% 115% 117% 120% 123% 125% 128% 131% 135% 138% 142% 145% 148% 151% 155% 158% 161% 164% 168% 171% 174% 178% 181% 184% 188% 191% 194% 198% 201%
Input 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056
EIA GDP Price Index Deflator 1.04179 1.06299 1.09091 1.13005 1.16676 1.19819 1.22453 1.23659 1.24339 1.25803 1.274 1.297 1.324 1.354 1.385 1.417 1.450 1.484 1.521 1.560 1.59983 1.63812 1.67512 1.71056 1.7462 1.7823 1.8200 1.8578 1.8962 1.9332 1.9707 2.0083 2.0458 2.0834 2.1209 2.1585 2.1960 2.2336 2.2711 2.3087 2.3462 2.3838 2.4213 2.4589 2.4964 2.5340 2.5715 2.6091 2.6466 2.6842 2.7217 2.7593 2.7968 2.8344 2.8719
US Army Corp Eng. Index 490.08 498.28 528.07 557.14 588.85 621.06 658.10 664.35 672.10 681.51 693.09 705.57 718.27 731.20 744.36 757.76 771.40 785.28 799.42 822.02 839.61 854.73 870.11 889.41 906.81 924.22 941.63 959.04 976.45 993.86 1011.27 1028.68 1046.09 1063.50 1080.91 1098.32 1115.73 1133.13 1150.54 1167.95 1185.36 1202.77 1220.18 1237.59 1255.00 1272.41 1289.82 1307.23 1324.64 1342.05 1359.46 1376.86 1394.27 1411.68 1429.09
Input 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056
Tax Production Deduction Rate 3% 6% 6% 6% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
From CEC Cost of Generation Model
Employees FTE Hours/Year Wage
Managers (Salary, $/Year)) 4 $105,110
Plant Operators (Wage, $/Hour) 12 2,200 $28.12
Mechanics (Wage, $/Hour) 4 2,300 $28.86
Laborers (Wage, $/Hour) 2 2,200 $23.54
Support Staff (Wage, $/Hour) 3 2,000 $16.50
Base Year for wage data 2007
W2 Wages 2007 $1,630,896
Wages - 1st Operational Year $1,732,980
Tab: CF_Data Set fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Appendix F for 2009 MPR Resolution - Non-Gas Inputs
Row Input Baseload Escal.
Input Units Notes
No. Category Inputs Rates/yr.
Per D.05-12-042, Staff conducted a survey of actual plant costs in CA. Four plants were selected and an average was
1 Total capital cost January 1 - 1st operational yr. $/kw $1,098 2.13%
calculated
($/kW-yr) 1st
2 Fixed O&M $10.20 2.04% CEC Cost of Generation Report CEC-200-2009-017-SD Table 22, p. 56
operational yr.
(mills/kWh) 1st
3 Variable O&M $4.74 2.04% CEC Cost of Generation Report CEC-200-2009-017-SD Table 22, p. 56
operational yr.
Capital Inputs
Per D.05-12-042, Staff used the the "new & clean" heat rate for an F-Series (GE S207FA) CC Turbine, adjusted for
4 New & Clean heat rate Btu/kWh HHV 6704 n.a.
Higher Heating Value
Per D.05-12-042, Staff contacted GE for an appropriate heat rate degradation factor for an F-series CC turbine. GE
5 Heat rate degradation factor Percent-% 1.74% n.a.
provide a degradtion curve that calculated the average degradation over the life of the project.
Average heat rate over life of plant, taking into account the impact of Higher Heating Value, degradation, dry cooling,
6 Average heat rate Btu/kWh HHV 6924 n.a.
and starts/stops
7 20-year WACC Percent-% 8.25% n.a. Weight-Average Cost of Capital = (Cost of Equity x Equity %) + (Cost of Debt x (1-tax rate) x Debt %)
Per D.05-12-042, Cost of Debt (industrial firms) = risk free rate (20 year T-Bill) + risk premium (mid point between BBB
8 Cost of LT Debt Percent-% 7.67% n.a.
& B+ ). http://www.bondsonline.com, May 13, 2008
Per D.05-12-042, Cost of Equity = risk free rate (20-yr Tbill) + risk premium (equity) + mid-cap risk premium (equity).
9 Cost of Equity Percent-% 11.96% 2.00%
http://www.bondsonline.com, May 13, 2008
Finance
10 Debt as % of total cost Percent-% 50% n.a. Per D.05-12-042, LT debt ratio for BBB rated company
Inputs
11 Debt Term Years 20 n.a. Adopted in D.04-06-015 and reaffirmed in D.05-12-042
Same value used for 2004 MPR. Energy Division contacted insurance brokers for quotes and calculated an average
12 Insurance as % of plant cost Percent-% 0.60% 2.04%
value.
13 Transformer Loss Factor Percent-% 0.50% n.a. Loss factor recommended by parties and used in 2004 MPR calculation
Power
14 Delivery Generation Meter Multiplier (GMM) to load center Percent-% 98.5% n.a. Not Used. Pursuant to D. 08-10-026, the MPR Model assumes delivery at the busbar
Inputs
15 Capacity Factor Percent-% 92% n.a. Per D.08-10-026
16 Federal Tax Rate Percent-% 35% n.a. Tax rate proposed by the parties and used in the 2004 MPR calculation
17 State Tax Rate Percent-% 8.84% n.a. Tax rate proposed by the parties and used in the 2004 MPR calculation
Tax Rate
Inputs
18 Total Effective Tax Rate Percent-% 40.75% n.a. Effective Tax = Federal Tax * (1 - State Tax) + State Tax
Same value used for 2004 MPR. Energy Division averaged the property tax rates for 14 counties in which power plants
19 Property taxes as % of plant cost Percent-% 1.20% n.a.
were constructed (or under construction) in the last 5 years.
20 Gas Forecast 20yr gas forecast - 2010 levelized $/MMBtu $8.05 n.a. Output from CA_Gas_Forecast Tab (Cell N42) in 2009 MPR model
($15 in 2013). Climate Change and Power: Carbon Dioxide Emissions Costs and Electricity Resource Planning.
21 GHG GHG Compliance Cost $/Ton $15.00 n.a. Synapse Energy Economics. March 2, 2007. Updated July 2008, Synapse 2008 CO2 Price Forecast (in $2007). (Table
2, p. 16) http://www.synapse-energy.com/Downloads/SynapsePaper.2008-07.0.2008-Carbon-Paper.A0020.pdf
Tab: Non-Gas Appendix fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Description of Cash Flow Calculation
Cashflow model solves for the revenue needed to generate the cashflow to pay for operating expenses,
interest expense, principal repayments and taxes (federal and state) and to provide investors
with the required IRR.
Revenues <-- solve for
minus Fixed Costs
minus Property Taxes
minus Insurance Operating Expenses
minus Fuel
minus Variable Costs
equals Operating Income
Operating Income
minus Interest Expense (note a)
minus Depreciation (calculated separately for state and federal) (note b)
equals Taxable Income (separate for state and federal)
Operating Income
Minus Interest Expense
Minus Principal Repayments
Minus (state taxes + federal taxes) (note c)
equals After tax cash flow
Summation of the after tax cash flow discounted at the IRR minus equity investment equals 0.
where equity investment = equity % ownership * capital costs of plant
Notes:
Note a: Interest Expense = interest rate * (beginning balance of debt minus cumulative principal
payments) where beginning balance of debt = debt % * capital costs
Note b: State and federal tax codes require two different depreciation schedules. Federal uses 20 year
150% declining balance. State uses 28 year double declining balance. This calculation uses one
depreciation schedule for the entire plant. Typically, certain assets on plants have different schedules
(e.g., land is not depreciable). Each individual particular power plant will have its particular adjustments.
Note c: To calculate taxes:
Taxable Income (minus states taxes for federal tax calculation)
multiplied by tax rate (separate for state and federal)
State and federal taxes
Tab: Description of CF Calculation fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Tab Divider for Gas and Basis Forecasts
Natural Gas Forecast for MPR Baseload Proxy
PG&E/SoCal
Average HHub Average Average MPR CA Gas
NYMEX Futures Combined CA Hedging
Year Fundamental 2009 MPR Distribution Franchise Fee Forecast
Contract Average Basis Forecast Transaction Cost
Forecast Rate w/ Surcharge (nominal$)
Escalation
1 2010 $5.89 $5.31 $5.89 -$0.21 $0.364 $0.068 $0.082 $6.20
2 2011 $6.73 $6.03 $6.73 -$0.22 $0.371 $0.077 $0.082 $7.04
3 2012 $6.91 $6.39 $6.91 -$0.21 $0.379 $0.080 $0.082 $7.24
4 2013 $7.02 $6.75 $7.02 -$0.21 $0.386 $0.081 $0.082 $7.36
5 2014 $7.15 $7.02 $7.15 -$0.21 $0.394 $0.082 $0.082 $7.50
6 2015 $7.30 $7.42 $7.30 -$0.21 $0.402 $0.084 $0.082 $7.66
7 2016 $7.44 $7.87 $7.44 -$0.21 $0.411 $0.086 $0.082 $7.81
8 2017 $7.59 $8.12 $7.59 -$0.21 $0.419 $0.088 $0.082 $7.97
9 2018 $7.74 $8.40 $7.74 -$0.21 $0.427 $0.089 $0.082 $8.13
# 2019 $7.89 $8.82 $7.89 -$0.21 $0.436 $0.091 $0.082 $8.29
# 2020 $8.04 $9.25 $8.04 -$0.21 $0.445 $0.093 $0.082 $8.45
# 2021 $8.19 $9.57 $8.19 -$0.21 $0.454 $0.095 $0.082 $8.61
# 2022 $9.72 $8.33 -$0.10 $0.464 $0.098 $0.082 $8.87
# 2023 $10.02 $8.59 -$0.10 $0.473 $0.101 $0.082 $9.14
# 2024 $10.13 $8.69 -$0.19 $0.483 $0.101 $0.082 $9.17
# 2025 $10.66 $9.14 -$0.16 $0.493 $0.107 $0.082 $9.66
# 2026 $11.20 $9.60 -$0.16 $0.503 $0.112 $0.082 $10.14
# 2027 $11.66 $10.00 -$0.13 $0.513 $0.117 $0.082 $10.58
# 2028 $12.10 $10.37 -$0.11 $0.523 $0.122 $0.082 $10.99
# 2029 $12.53 $10.74 -$0.11 $0.534 $0.126 $0.082 $11.37
# 2030 $12.99 $11.14 -$0.12 $0.545 $0.131 $0.082 $11.78
# 2031 $13.39 $11.48 -$0.10 $0.556 $0.135 $0.082 $12.16
# 2032 $13.85 $11.88 -$0.10 $0.567 $0.140 $0.082 $12.57
# 2033 $14.30 $12.26 -$0.10 $0.579 $0.144 $0.082 $12.97
# 2034 $14.75 $12.65 -$0.10 $0.591 $0.149 $0.082 $13.37
# 2035 $15.21 $13.04 -$0.10 $0.603 $0.154 $0.082 $13.78
# 2036 $15.66 $13.43 -$0.10 $0.615 $0.158 $0.082 $14.19
# 2037 $16.12 $13.83 -$0.10 $0.628 $0.163 $0.082 $14.60
# 2038 $16.59 $14.22 -$0.10 $0.641 $0.168 $0.082 $15.02
# 2039 $17.06 $14.62 -$0.10 $0.654 $0.173 $0.082 $15.44
# 2040 $17.53 $15.03 -$0.10 $0.667 $0.177 $0.082 $15.86
# 2041 $18.00 $15.44 -$0.10 $0.681 $0.182 $0.082 $16.28
# 2042 $18.48 $15.85 -$0.10 $0.695 $0.187 $0.082 $16.71
# 2043 $18.96 $16.26 -$0.10 $0.709 $0.192 $0.082 $17.15
# 2044 $19.45 $16.67 -$0.10 $0.723 $0.197 $0.082 $17.58
# 2045 $19.93 $17.09 -$0.10 $0.738 $0.202 $0.082 $18.02
# 2046 $20.43 $17.51 -$0.10 $0.753 $0.207 $0.082 $18.46
# 2047 $20.92 $17.94 -$0.10 $0.769 $0.212 $0.082 $18.90
# 2048 $21.42 $18.36 -$0.10 $0.784 $0.217 $0.082 $19.35
# 2049 $21.92 $18.80 -$0.10 $0.801 $0.222 $0.082 $19.80
# 2050 $22.43 $19.23 -$0.10 $0.817 $0.227 $0.082 $20.26
# 2051 $23.58 $20.21 -$0.10 $0.834 $0.239 $0.082 $21.27
# 2052 $23.58 $20.21 $0.00 $0.851 $0.240 $0.082 $21.39
NYMEX
FORECAST
TREND
Levelized Natural Gas Forecast
Trended Last 5 Years of Nymex (2022) 8.33 10 15 20 25
Years of Nymex to use for forecast 12 2010 $7.39 $7.70 $8.05 $8.39
Years of Nymex to use for Average 5 2011 $7.65 $7.94 $8.32 $8.67
Offset for start of average 8 2012 $7.80 $8.13 $8.53 $8.90
Last Year of Nymex 2021 2013 $7.96 $8.33 $8.75 $9.14
2014 $8.13 $8.54 $8.98 $9.38
2015 $8.30 $8.76 $9.23 $9.64
2016 $8.49 $9.00 $9.49 $9.92
2017 $8.70 $9.26 $9.77 $10.20
2018 $8.94 $9.53 $10.05 $10.50
2019 $9.20 $9.82 $10.36 $10.81
2020 $9.48 $10.13 $10.68 $11.15
2021 $10.14 $10.81 $11.39 $11.86
Tab: CA_Gas_Forecast fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
NYMEX Futures - Settlement Prices ( 07/27/09 - 08/25/09)
Contract Period
Effective Date Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13
7/27/2009 3.60 3.77 4.01 4.70 5.37 5.65 5.68 5.62 5.54 5.59 5.69 5.81 5.90 5.96 6.07 6.41 6.78 7.00 6.99 6.81 6.32 6.29 6.37 6.46 6.53 6.56 6.64 6.88 7.17 7.38 7.38 7.16 6.49 6.45 6.54 6.63 6.70 6.73 6.81 7.03 7.32 7.52 7.52 7.29 6.63 6.59 6.67 6.77 6.84 6.87 6.96
7/28/2009 3.54 3.69 3.92 4.62 5.30 5.58 5.61 5.55 5.49 5.54 5.63 5.76 5.85 5.91 6.02 6.36 6.73 6.95 6.95 6.77 6.28 6.25 6.34 6.43 6.50 6.53 6.61 6.85 7.14 7.35 7.34 7.12 6.46 6.42 6.51 6.60 6.67 6.70 6.78 7.00 7.29 7.49 7.49 7.26 6.61 6.56 6.65 6.75 6.82 6.85 6.93
7/29/2009 3.38 3.55 3.79 4.49 5.18 5.46 5.49 5.44 5.38 5.44 5.54 5.66 5.75 5.82 5.93 6.28 6.64 6.87 6.86 6.68 6.20 6.17 6.25 6.34 6.41 6.44 6.52 6.76 7.05 7.26 7.26 7.04 6.37 6.34 6.42 6.52 6.58 6.61 6.69 6.92 7.20 7.41 7.40 7.18 6.53 6.48 6.57 6.67 6.74 6.77 6.85
7/30/2009 3.74 3.99 4.70 5.39 5.68 5.71 5.65 5.59 5.65 5.74 5.86 5.96 6.02 6.13 6.48 6.85 7.07 7.07 6.89 6.37 6.34 6.42 6.51 6.58 6.61 6.69 6.93 7.22 7.43 7.43 7.21 6.52 6.48 6.57 6.66 6.73 6.76 6.84 7.06 7.35 7.55 7.55 7.32 6.64 6.60 6.68 6.78 6.85 6.88 6.97
7/31/2009 3.65 3.91 4.66 5.36 5.64 5.68 5.63 5.57 5.62 5.72 5.85 5.94 6.00 6.11 6.49 6.85 7.07 7.07 6.89 6.37 6.34 6.42 6.51 6.58 6.61 6.69 6.93 7.22 7.43 7.42 7.20 6.51 6.47 6.55 6.65 6.71 6.74 6.82 7.05 7.33 7.54 7.53 7.30 6.62 6.58 6.66 6.76 6.83 6.86 6.95
8/3/2009 4.03 4.29 5.01 5.70 5.96 5.98 5.91 5.82 5.87 5.96 6.08 6.17 6.23 6.34 6.71 7.07 7.29 7.28 7.10 6.57 6.54 6.62 6.71 6.78 6.81 6.89 7.12 7.41 7.62 7.61 7.39 6.68 6.64 6.72 6.81 6.88 6.91 6.99 7.21 7.50 7.70 7.70 7.47 6.77 6.72 6.81 6.91 6.98 7.01 7.09
8/4/2009 4.00 4.28 5.01 5.69 5.95 5.97 5.91 5.82 5.87 5.96 6.07 6.16 6.22 6.33 6.70 7.05 7.27 7.27 7.08 6.55 6.51 6.59 6.68 6.75 6.78 6.86 7.09 7.38 7.59 7.58 7.35 6.64 6.59 6.67 6.77 6.83 6.86 6.94 7.17 7.45 7.65 7.65 7.42 6.71 6.67 6.75 6.85 6.92 6.95 7.04
8/5/2009 4.04 4.33 5.06 5.75 6.00 6.02 5.96 5.87 5.91 6.00 6.11 6.20 6.26 6.37 6.73 7.09 7.31 7.30 7.11 6.58 6.55 6.63 6.72 6.78 6.81 6.89 7.13 7.41 7.62 7.62 7.39 6.67 6.62 6.70 6.80 6.86 6.89 6.97 7.20 7.48 7.68 7.68 7.45 6.74 6.69 6.78 6.88 6.95 6.98 7.06
8/6/2009 3.74 4.01 4.77 5.49 5.74 5.77 5.72 5.65 5.70 5.80 5.91 6.00 6.07 6.18 6.55 6.91 7.13 7.13 6.94 6.44 6.41 6.49 6.58 6.65 6.68 6.76 7.00 7.28 7.49 7.49 7.26 6.55 6.51 6.59 6.68 6.75 6.78 6.86 7.08 7.36 7.57 7.56 7.34 6.64 6.60 6.68 6.78 6.85 6.88 6.97
8/7/2009 3.67 3.94 4.72 5.45 5.70 5.73 5.67 5.60 5.65 5.75 5.86 5.95 6.02 6.13 6.50 6.87 7.09 7.08 6.90 6.41 6.38 6.46 6.55 6.62 6.65 6.73 6.96 7.25 7.46 7.45 7.23 6.53 6.48 6.56 6.66 6.72 6.75 6.83 7.06 7.34 7.54 7.54 7.31 6.63 6.58 6.67 6.77 6.84 6.87 6.95
8/10/2009 3.64 3.92 4.73 5.45 5.71 5.73 5.68 5.60 5.66 5.75 5.87 5.96 6.03 6.15 6.52 6.89 7.11 7.10 6.92 6.43 6.40 6.48 6.57 6.64 6.67 6.75 6.98 7.27 7.48 7.47 7.25 6.55 6.50 6.58 6.68 6.74 6.77 6.85 7.08 7.36 7.56 7.56 7.33 6.65 6.60 6.69 6.79 6.86 6.89 6.97
8/11/2009 3.54 3.81 4.66 5.40 5.66 5.69 5.64 5.57 5.62 5.71 5.83 5.93 5.99 6.11 6.49 6.86 7.08 7.07 6.89 6.41 6.38 6.46 6.55 6.62 6.65 6.73 6.97 7.25 7.46 7.46 7.23 6.53 6.49 6.57 6.66 6.73 6.76 6.84 7.06 7.34 7.55 7.54 7.32 6.63 6.59 6.67 6.77 6.84 6.87 6.96
8/12/2009 3.48 3.77 4.64 5.41 5.66 5.69 5.64 5.58 5.63 5.72 5.84 5.94 6.00 6.12 6.50 6.87 7.09 7.08 6.90 6.42 6.39 6.47 6.56 6.63 6.66 6.74 6.98 7.26 7.47 7.47 7.24 6.54 6.50 6.58 6.67 6.74 6.77 6.85 7.07 7.35 7.56 7.55 7.33 6.64 6.60 6.68 6.78 6.85 6.88 6.97
8/13/2009 3.34 3.67 4.56 5.34 5.62 5.65 5.60 5.55 5.61 5.70 5.82 5.91 5.98 6.10 6.48 6.85 7.08 7.07 6.89 6.41 6.38 6.46 6.55 6.62 6.65 6.73 6.97 7.26 7.47 7.46 7.24 6.54 6.49 6.57 6.67 6.73 6.76 6.84 7.07 7.34 7.55 7.54 7.32 6.63 6.59 6.67 6.77 6.84 6.87 6.96
8/14/2009 3.24 3.64 4.52 5.31 5.58 5.62 5.58 5.53 5.59 5.69 5.81 5.90 5.96 6.08 6.47 6.85 7.07 7.07 6.89 6.40 6.37 6.45 6.54 6.61 6.64 6.72 6.97 7.25 7.46 7.46 7.23 6.53 6.49 6.57 6.66 6.73 6.76 6.84 7.06 7.34 7.54 7.54 7.31 6.62 6.58 6.66 6.75 6.82 6.85 6.93
8/17/2009 3.16 3.56 4.41 5.19 5.48 5.52 5.49 5.45 5.51 5.61 5.73 5.83 5.89 6.01 6.41 6.78 7.01 7.00 6.83 6.35 6.32 6.40 6.49 6.56 6.59 6.67 6.91 7.20 7.41 7.40 7.18 6.48 6.44 6.52 6.61 6.67 6.70 6.78 7.01 7.28 7.49 7.48 7.26 6.57 6.53 6.61 6.70 6.76 6.79 6.88
8/18/2009 3.10 3.46 4.33 5.11 5.40 5.44 5.41 5.37 5.43 5.53 5.66 5.75 5.82 5.94 6.33 6.71 6.94 6.94 6.76 6.30 6.27 6.35 6.44 6.51 6.54 6.62 6.86 7.15 7.36 7.35 7.13 6.45 6.40 6.48 6.57 6.63 6.66 6.74 6.97 7.24 7.45 7.44 7.22 6.53 6.49 6.57 6.66 6.72 6.75 6.84
8/19/2009 3.12 3.47 4.33 5.11 5.40 5.44 5.42 5.38 5.44 5.54 5.66 5.76 5.82 5.94 6.34 6.72 6.95 6.95 6.77 6.31 6.28 6.36 6.45 6.52 6.55 6.63 6.87 7.16 7.37 7.36 7.14 6.45 6.40 6.48 6.57 6.64 6.67 6.75 6.97 7.25 7.45 7.45 7.22 6.54 6.49 6.57 6.66 6.73 6.76 6.84
8/20/2009 2.95 3.32 4.24 5.05 5.34 5.39 5.37 5.34 5.40 5.50 5.62 5.72 5.79 5.91 6.31 6.69 6.92 6.92 6.74 6.28 6.25 6.33 6.42 6.49 6.52 6.60 6.85 7.13 7.34 7.34 7.12 6.44 6.39 6.47 6.56 6.63 6.66 6.74 6.96 7.24 7.44 7.44 7.21 6.53 6.48 6.56 6.65 6.72 6.75 6.83
8/21/2009 2.80 3.23 4.20 5.03 5.32 5.37 5.36 5.34 5.41 5.51 5.63 5.73 5.80 5.92 6.33 6.71 6.94 6.93 6.76 6.31 6.28 6.36 6.45 6.52 6.55 6.63 6.87 7.16 7.37 7.37 7.15 6.48 6.43 6.51 6.60 6.67 6.70 6.78 7.00 7.28 7.48 7.48 7.25 6.58 6.53 6.61 6.70 6.77 6.80 6.88
8/24/2009 2.92 3.34 4.31 5.13 5.42 5.47 5.47 5.45 5.51 5.61 5.73 5.83 5.90 6.02 6.42 6.80 7.03 7.03 6.85 6.38 6.35 6.43 6.52 6.59 6.62 6.70 6.95 7.24 7.45 7.44 7.22 6.54 6.49 6.57 6.66 6.72 6.75 6.83 7.06 7.33 7.54 7.53 7.31 6.63 6.58 6.66 6.75 6.82 6.85 6.93
8/25/2009 2.88 3.29 4.26 5.09 5.38 5.43 5.44 5.41 5.47 5.58 5.70 5.79 5.86 5.98 6.39 6.77 6.99 6.99 6.82 6.35 6.31 6.39 6.48 6.55 6.58 6.66 6.91 7.20 7.41 7.40 7.18 6.50 6.44 6.52 6.61 6.68 6.71 6.78 7.00 7.28 7.48 7.48 7.25 6.57 6.53 6.61 6.70 6.76 6.79 6.87
Averages 3.51 3.46 3.77 4.59 5.33 5.61 5.64 5.60 5.54 5.60 5.69 5.81 5.90 5.97 6.09 6.46 6.83 7.06 7.05 6.87 6.38 6.35 6.43 6.52 6.59 6.62 6.70 6.94 7.23 7.44 7.43 7.21 6.52 6.48 6.56 6.65 6.71 6.74 6.82 7.05 7.33 7.53 7.53 7.30 6.62 6.57 6.66 6.75 6.82 6.85 6.94
1 2 3 4 5 6 7 8 9 10 11 12
Contract 22-Day Average Prices 22-Day Ave. NYMEX Closing Prices (07/27/09 - 08/25/09)
January 2010 5.61
February 2010 5.64 Month 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
March 2010 5.60 1 January 5.61 7.06 7.44 7.53 7.66 7.82 7.97 8.12 8.29 8.44 8.61 8.80
April 2010 5.54 2 February 5.64 7.05 7.43 7.53 7.66 7.81 7.96 8.12 8.29 8.44 8.61 8.79
May 2010 5.60 3 March 5.60 6.87 7.21 7.30 7.43 7.59 7.73 7.89 8.06 8.21 8.38 8.55
June 2010 5.69 4 April 5.54 6.38 6.52 6.62 6.75 6.90 7.03 7.19 7.33 7.47 7.62 7.77
July 2010 5.81 5 May 5.60 6.35 6.48 6.57 6.71 6.86 6.99 7.15 7.30 7.44 7.58 7.72
August 2010 5.90 6 June 5.69 6.43 6.56 6.66 6.79 6.94 7.07 7.23 7.38 7.52 7.65 7.79
September 2010 5.97 7 July 5.81 6.52 6.65 6.75 6.89 7.04 7.17 7.32 7.47 7.61 7.74 7.88
October 2010 6.09 8 August 5.90 6.59 6.71 6.82 6.96 7.11 7.24 7.38 7.53 7.67 7.79 7.93
November 2010 6.46 9 September 5.97 6.62 6.74 6.85 6.99 7.14 7.27 7.41 7.55 7.70 7.81 7.94
December 2010 6.83 10 October 6.09 6.70 6.82 6.94 7.07 7.22 7.36 7.50 7.64 7.78 7.90 8.03
January 2011 7.06 11 November 6.46 6.94 7.05 7.18 7.32 7.47 7.61 7.76 7.91 8.06 8.21 8.34
February 2011 7.05 12 December 6.83 7.23 7.33 7.46 7.60 7.75 7.90 8.06 8.21 8.38 8.57 8.71
March 2011 6.87 Average 5.89 6.73 6.91 7.02 7.15 7.30 7.44 7.59 7.74 7.89 8.04 8.19
April 2011 6.38
May 2011 6.35
June 2011 6.43
July 2011 6.52
August 2011 6.59
September 2011 6.62
October 2011 6.70
November 2011 6.94
December 2011 7.23
January 2012 7.44
February 2012 7.43
March 2012 7.21
April 2012 6.52
May 2012 6.48
June 2012 6.56
July 2012 6.65
August 2012 6.71
September 2012 6.74
October 2012 6.82
November 2012 7.05
December 2012 7.33
January 2013 7.53
February 2013 7.53
March 2013 7.30
April 2013 6.62
May 2013 6.57
June 2013 6.66
July 2013 6.75
August 2013 6.82
September 2013 6.85
October 2013 6.94
November 2013 7.18
December 2013 7.46
January 2014 7.66
February 2014 7.66
March 2014 7.43
April 2014 6.75
May 2014 6.71
June 2014 6.79
July 2014 6.89
August 2014 6.96
September 2014 6.99
October 2014 7.07
November 2014 7.32
December 2014 7.60
January 2015 7.82
February 2015 7.81
March 2015 7.59
April 2015 6.90
May 2015 6.86
June 2015 6.94
July 2015 7.04
August 2015 7.11
September 2015 7.14
October 2015 7.22
November 2015 7.47
December 2015 7.75
January 2016 7.97
February 2016 7.96
March 2016 7.73
April 2016 7.03
May 2016 6.99
June 2016 7.07
July 2016 7.17
August 2016 7.24
September 2016 7.27
October 2016 7.36
November 2016 7.61
December 2016 7.90
January 2017 8.12
February 2017 8.12
March 2017 7.89
April 2017 7.19
May 2017 7.15
June 2017 7.23
July 2017 7.32
August 2017 7.38
September 2017 7.41
October 2017 7.50
November 2017 7.76
December 2017 8.06
January 2018 8.29
February 2018 8.29
March 2018 8.06
April 2018 7.33
May 2018 7.30
June 2018 7.38
July 2018 7.47
August 2018 7.53
September 2018 7.55
October 2018 7.64
November 2018 7.91
December 2018 8.21
January 2019 8.44
February 2019 8.44
March 2019 8.21
April 2019 7.47
May 2019 7.44
June 2019 7.52
July 2019 7.61
August 2019 7.67
September 2019 7.70
October 2019 7.78
November 2019 8.06
December 2019 8.38
January 2020 8.61
February 2020 8.61
March 2020 8.38
Tab: NYMEX_Futures fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
April 2020 7.62
May 2020 7.58
June 2020 7.65
July 2020 7.74
August 2020 7.79
September 2020 7.81
October 2020 7.90
November 2020 8.21
December 2020 8.57
January 2021 8.80
February 2021 8.79
March 2021 8.55
April 2021 7.77
May 2021 7.72
June 2021 7.79
July 2021 7.88
August 2021 7.93
September 2021 7.94
October 2021 8.03
November 2021 8.34
December 2021 8.71
Tab: NYMEX_Futures fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
NYMEX Futures - Settlement Prices ( 07/27/09 - 08/25/09)
Contract Period
Effective Date Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18
7/27/2009 7.20 7.48 7.68 7.68 7.45 6.78 6.73 6.81 6.91 6.98 7.01 7.10 7.34 7.63 7.84 7.84 7.61 6.92 6.88 6.96 7.06 7.13 7.16 7.25 7.49 7.78 7.99 7.99 7.76 7.06 7.02 7.10 7.20 7.27 7.30 7.38 7.63 7.92 8.15 8.14 7.91 7.21 7.18 7.26 7.35 7.41 7.44 7.52 7.79 8.09 8.32 8.31 8.08
7/28/2009 7.17 7.45 7.65 7.65 7.42 6.76 6.71 6.79 6.89 6.96 6.99 7.08 7.32 7.61 7.82 7.82 7.59 6.90 6.86 6.94 7.04 7.11 7.14 7.23 7.47 7.76 7.97 7.97 7.74 7.04 7.00 7.08 7.18 7.25 7.28 7.36 7.61 7.90 8.13 8.12 7.89 7.19 7.16 7.24 7.33 7.39 7.42 7.50 7.77 8.07 8.30 8.29 8.06
7/29/2009 7.09 7.37 7.57 7.57 7.34 6.68 6.64 6.72 6.82 6.89 6.92 7.00 7.25 7.53 7.75 7.74 7.52 6.83 6.79 6.87 6.97 7.04 7.07 7.15 7.40 7.68 7.90 7.89 7.66 6.96 6.92 7.00 7.10 7.17 7.20 7.29 7.54 7.83 8.05 8.05 7.82 7.12 7.08 7.16 7.25 7.31 7.34 7.43 7.69 7.99 8.22 8.22 7.99
7/30/2009 7.21 7.49 7.69 7.68 7.46 6.78 6.73 6.81 6.91 6.98 7.01 7.10 7.34 7.63 7.84 7.84 7.61 6.92 6.88 6.96 7.06 7.13 7.16 7.25 7.49 7.78 7.99 7.99 7.76 7.06 7.02 7.10 7.20 7.27 7.30 7.38 7.63 7.92 8.15 8.14 7.91 7.21 7.18 7.26 7.35 7.41 7.44 7.52 7.79 8.09 8.32 8.31 8.08
7/31/2009 7.19 7.47 7.67 7.66 7.44 6.76 6.71 6.79 6.89 6.96 6.99 7.08 7.32 7.61 7.82 7.82 7.59 6.90 6.86 6.94 7.04 7.11 7.14 7.23 7.47 7.76 7.97 7.97 7.74 7.04 7.00 7.08 7.18 7.25 7.28 7.36 7.61 7.90 8.13 8.12 7.89 7.19 7.16 7.24 7.33 7.39 7.42 7.50 7.77 8.07 8.30 8.29 8.06
8/3/2009 7.33 7.61 7.81 7.81 7.58 6.89 6.85 6.93 7.03 7.10 7.13 7.21 7.46 7.74 7.96 7.95 7.73 7.04 7.00 7.08 7.18 7.25 7.28 7.36 7.61 7.89 8.11 8.10 7.87 7.17 7.13 7.21 7.31 7.38 7.41 7.50 7.75 8.04 8.26 8.26 8.03 7.33 7.29 7.37 7.46 7.52 7.55 7.64 7.90 8.20 8.43 8.43 8.20
8/4/2009 7.28 7.56 7.76 7.76 7.53 6.84 6.79 6.87 6.97 7.04 7.07 7.16 7.40 7.69 7.90 7.90 7.67 6.98 6.94 7.02 7.12 7.19 7.22 7.31 7.55 7.84 8.05 8.05 7.82 7.12 7.08 7.16 7.26 7.33 7.36 7.44 7.69 7.98 8.21 8.20 7.97 7.27 7.24 7.32 7.41 7.47 7.50 7.58 7.85 8.15 8.38 8.37 8.14
8/5/2009 7.30 7.58 7.79 7.78 7.55 6.85 6.81 6.89 6.99 7.06 7.09 7.17 7.42 7.70 7.92 7.91 7.69 7.00 6.96 7.04 7.14 7.21 7.24 7.32 7.57 7.85 8.07 8.06 7.83 7.13 7.09 7.17 7.27 7.34 7.37 7.46 7.71 8.00 8.22 8.22 7.99 7.29 7.25 7.33 7.42 7.48 7.51 7.60 7.86 8.16 8.39 8.39 8.16
8/6/2009 7.21 7.49 7.70 7.69 7.46 6.77 6.73 6.81 6.91 6.98 7.01 7.10 7.34 7.63 7.84 7.84 7.61 6.92 6.88 6.96 7.06 7.13 7.16 7.25 7.49 7.78 7.99 7.99 7.76 7.06 7.02 7.10 7.20 7.27 7.30 7.38 7.63 7.92 8.15 8.14 7.91 7.21 7.18 7.26 7.35 7.41 7.44 7.52 7.79 8.09 8.32 8.31 8.08
8/7/2009 7.19 7.48 7.68 7.68 7.45 6.76 6.72 6.80 6.90 6.97 7.00 7.09 7.33 7.62 7.83 7.83 7.60 6.91 6.87 6.95 7.05 7.12 7.15 7.24 7.48 7.77 7.98 7.98 7.75 7.05 7.01 7.09 7.19 7.26 7.29 7.37 7.62 7.91 8.14 8.13 7.90 7.20 7.17 7.25 7.34 7.40 7.43 7.51 7.78 8.08 8.31 8.30 8.07
8/10/2009 7.21 7.50 7.70 7.70 7.47 6.78 6.74 6.82 6.92 6.99 7.02 7.11 7.35 7.64 7.85 7.85 7.62 6.93 6.89 6.97 7.07 7.14 7.17 7.26 7.50 7.79 8.00 8.00 7.77 7.07 7.03 7.11 7.21 7.28 7.31 7.39 7.64 7.93 8.16 8.15 7.92 7.22 7.19 7.27 7.36 7.42 7.45 7.53 7.80 8.10 8.33 8.32 8.09
8/11/2009 7.20 7.48 7.69 7.68 7.45 6.77 6.73 6.81 6.91 6.98 7.01 7.10 7.34 7.63 7.84 7.84 7.61 6.92 6.88 6.96 7.06 7.13 7.16 7.25 7.49 7.78 7.99 7.99 7.76 7.06 7.02 7.10 7.20 7.27 7.30 7.38 7.63 7.92 8.15 8.14 7.91 7.21 7.18 7.26 7.35 7.41 7.44 7.52 7.79 8.09 8.32 8.31 8.08
8/12/2009 7.21 7.49 7.70 7.69 7.46 6.78 6.74 6.82 6.92 6.99 7.02 7.11 7.35 7.64 7.85 7.85 7.62 6.93 6.89 6.97 7.07 7.14 7.17 7.26 7.50 7.79 8.00 8.00 7.77 7.07 7.03 7.11 7.21 7.28 7.31 7.39 7.64 7.93 8.16 8.15 7.92 7.22 7.19 7.27 7.36 7.42 7.45 7.53 7.80 8.10 8.33 8.32 8.09
8/13/2009 7.20 7.48 7.69 7.68 7.45 6.77 6.73 6.81 6.91 6.98 7.01 7.10 7.34 7.63 7.84 7.84 7.61 6.92 6.88 6.96 7.06 7.13 7.16 7.25 7.49 7.78 7.99 7.99 7.76 7.06 7.02 7.10 7.20 7.27 7.30 7.38 7.63 7.92 8.15 8.14 7.91 7.21 7.18 7.26 7.35 7.41 7.44 7.52 7.79 8.09 8.32 8.31 8.08
8/14/2009 7.17 7.46 7.66 7.66 7.43 6.75 6.70 6.79 6.88 6.95 6.98 7.07 7.31 7.60 7.81 7.81 7.58 6.89 6.85 6.93 7.03 7.10 7.13 7.22 7.46 7.75 7.96 7.96 7.73 7.03 6.99 7.07 7.17 7.24 7.27 7.35 7.60 7.89 8.12 8.11 7.88 7.18 7.15 7.23 7.32 7.38 7.41 7.49 7.76 8.06 8.29 8.28 8.05
8/17/2009 7.12 7.40 7.61 7.60 7.37 6.69 6.65 6.73 6.83 6.90 6.93 7.01 7.26 7.54 7.76 7.75 7.53 6.84 6.80 6.88 6.98 7.05 7.08 7.16 7.41 7.69 7.91 7.90 7.67 6.97 6.93 7.01 7.11 7.18 7.21 7.30 7.55 7.84 8.06 8.06 7.83 7.13 7.09 7.17 7.26 7.32 7.35 7.44 7.70 8.00 8.23 8.23 8.00
8/18/2009 7.08 7.36 7.57 7.56 7.33 6.65 6.61 6.69 6.79 6.86 6.89 6.97 7.22 7.50 7.72 7.71 7.49 6.80 6.76 6.84 6.94 7.01 7.04 7.12 7.37 7.65 7.87 7.86 7.63 6.93 6.89 6.97 7.07 7.14 7.17 7.26 7.51 7.80 8.02 8.02 7.79 7.09 7.05 7.13 7.22 7.28 7.31 7.40 7.66 7.96 8.19 8.19 7.96
8/19/2009 7.08 7.37 7.57 7.57 7.34 6.66 6.61 6.70 6.79 6.86 6.89 6.98 7.22 7.51 7.72 7.72 7.49 6.80 6.76 6.84 6.94 7.01 7.04 7.13 7.37 7.66 7.87 7.87 7.64 6.94 6.90 6.98 7.08 7.15 7.18 7.26 7.51 7.80 8.03 8.02 7.79 7.09 7.06 7.14 7.23 7.29 7.32 7.40 7.67 7.97 8.20 8.19 7.96
8/20/2009 7.07 7.36 7.56 7.56 7.33 6.65 6.60 6.69 6.78 6.85 6.88 6.97 7.21 7.50 7.71 7.71 7.48 6.79 6.75 6.83 6.93 7.00 7.03 7.12 7.36 7.65 7.86 7.86 7.63 6.93 6.89 6.97 7.07 7.14 7.17 7.25 7.50 7.79 8.02 8.01 7.78 7.08 7.05 7.13 7.22 7.28 7.31 7.39 7.66 7.96 8.19 8.18 7.95
8/21/2009 7.12 7.41 7.61 7.61 7.38 6.70 6.65 6.74 6.83 6.90 6.93 7.02 7.26 7.55 7.76 7.76 7.53 6.84 6.80 6.88 6.98 7.05 7.08 7.17 7.41 7.70 7.91 7.91 7.68 6.98 6.94 7.02 7.12 7.19 7.22 7.30 7.55 7.84 8.07 8.06 7.83 7.13 7.10 7.18 7.27 7.33 7.36 7.44 7.71 8.01 8.24 8.23 8.00
8/24/2009 7.17 7.46 7.66 7.66 7.43 6.75 6.70 6.79 6.88 6.95 6.98 7.07 7.31 7.60 7.81 7.81 7.58 6.89 6.85 6.93 7.03 7.10 7.13 7.22 7.46 7.75 7.96 7.96 7.73 7.03 6.99 7.07 7.17 7.24 7.27 7.35 7.60 7.89 8.12 8.11 7.88 7.18 7.15 7.23 7.32 7.38 7.41 7.49 7.76 8.06 8.29 8.28 8.05
8/25/2009 7.11 7.40 7.60 7.60 7.37 6.69 6.64 6.73 6.82 6.89 6.92 7.01 7.25 7.54 7.75 7.75 7.52 6.83 6.79 6.87 6.97 7.04 7.07 7.16 7.40 7.69 7.90 7.90 7.67 6.97 6.93 7.01 7.11 7.18 7.21 7.29 7.54 7.83 8.06 8.05 7.82 7.12 7.09 7.17 7.26 7.32 7.35 7.43 7.70 8.00 8.23 8.22 7.99
Averages 7.18 7.46 7.66 7.66 7.43 6.75 6.71 6.79 6.89 6.96 6.99 7.07 7.32 7.60 7.82 7.81 7.59 6.90 6.86 6.94 7.04 7.11 7.14 7.22 7.47 7.75 7.97 7.96 7.73 7.03 6.99 7.07 7.17 7.24 7.27 7.36 7.61 7.90 8.12 8.12 7.89 7.19 7.15 7.23 7.32 7.38 7.41 7.50 7.76 8.06 8.29 8.29 8.06
Contract
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
June 2011
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
July 2012
August 2012
September 2012
October 2012
November 2012
December 2012
January 2013
February 2013
March 2013
April 2013
May 2013
June 2013
July 2013
August 2013
September 2013
October 2013
November 2013
December 2013
January 2014
February 2014
March 2014
April 2014
May 2014
June 2014
July 2014
August 2014
September 2014
October 2014
November 2014
December 2014
January 2015
February 2015
March 2015
April 2015
May 2015
June 2015
July 2015
August 2015
September 2015
October 2015
November 2015
December 2015
January 2016
February 2016
March 2016
April 2016
May 2016
June 2016
July 2016
August 2016
September 2016
October 2016
November 2016
December 2016
January 2017
February 2017
March 2017
April 2017
May 2017
June 2017
July 2017
August 2017
September 2017
October 2017
November 2017
December 2017
January 2018
February 2018
March 2018
April 2018
May 2018
June 2018
July 2018
August 2018
September 2018
October 2018
November 2018
December 2018
January 2019
February 2019
March 2019
April 2019
May 2019
June 2019
July 2019
August 2019
September 2019
October 2019
November 2019
December 2019
January 2020
February 2020
March 2020
Tab: NYMEX_Futures fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
April 2020
May 2020
June 2020
July 2020
August 2020
September 2020
October 2020
November 2020
December 2020
January 2021
February 2021
March 2021
April 2021
May 2021
June 2021
July 2021
August 2021
September 2021
October 2021
November 2021
December 2021
Tab: NYMEX_Futures fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
NYMEX Futures - Settlement Prices ( 07/27/09 - 08/25/09)
Contract Period
Effective Date Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21
7/27/2009 7.36 7.32 7.40 7.49 7.55 7.58 7.66 7.93 8.23 8.47 8.46 8.24 7.50 7.46 7.54 7.63 7.70 7.72 7.81 8.09 8.40 8.64 8.63 8.40 7.64 7.60 7.68 7.77 7.82 7.84 7.93 8.24 8.59 8.82 8.81 8.57 7.79 7.75 7.82 7.90 7.95 7.97 8.05 8.36 8.73
7/28/2009 7.34 7.30 7.38 7.47 7.53 7.56 7.64 7.91 8.21 8.45 8.44 8.22 7.48 7.44 7.52 7.61 7.68 7.70 7.79 8.07 8.38 8.62 8.61 8.38 7.62 7.58 7.66 7.75 7.80 7.82 7.91 8.22 8.57 8.80 8.79 8.55 7.77 7.73 7.80 7.88 7.93 7.95 8.03 8.34 8.71
7/29/2009 7.26 7.23 7.31 7.40 7.46 7.48 7.57 7.84 8.14 8.37 8.37 8.14 7.40 7.37 7.45 7.54 7.60 7.63 7.71 7.99 8.31 8.54 8.54 8.31 7.55 7.51 7.58 7.67 7.72 7.74 7.83 8.14 8.50 8.73 8.72 8.48 7.70 7.65 7.72 7.81 7.86 7.87 7.96 8.27 8.64
7/30/2009 7.36 7.32 7.40 7.49 7.55 7.58 7.66 7.93 8.23 8.47 8.46 8.24 7.50 7.46 7.54 7.63 7.70 7.72 7.81 8.09 8.40 8.64 8.63 8.40 7.64 7.60 7.68 7.77 7.82 7.84 7.93 8.24 8.59 8.82 8.81 8.57 7.79 7.75 7.82 7.90 7.95 7.97 8.05 8.36 8.73
7/31/2009 7.34 7.30 7.38 7.47 7.53 7.56 7.64 7.91 8.21 8.45 8.44 8.22 7.48 7.44 7.52 7.61 7.68 7.70 7.79 8.07 8.38 8.62 8.61 8.38 7.62 7.58 7.66 7.75 7.80 7.82 7.91 8.22 8.57 8.80 8.79 8.55 7.77 7.73 7.80 7.88 7.93 7.95 8.03 8.34 8.71
8/3/2009 7.47 7.44 7.52 7.61 7.67 7.69 7.78 8.05 8.35 8.58 8.58 8.35 7.61 7.58 7.66 7.75 7.81 7.84 7.92 8.20 8.52 8.75 8.75 8.52 7.76 7.72 7.79 7.88 7.93 7.95 8.04 8.35 8.71 8.94 8.93 8.69 7.91 7.86 7.93 8.02 8.07 8.08 8.17 8.48 8.85
8/4/2009 7.42 7.38 7.46 7.55 7.61 7.64 7.72 7.99 8.29 8.53 8.52 8.30 7.56 7.52 7.60 7.69 7.76 7.78 7.87 8.15 8.46 8.70 8.69 8.46 7.70 7.66 7.74 7.83 7.88 7.90 7.99 8.30 8.65 8.88 8.87 8.63 7.85 7.81 7.88 7.96 8.01 8.03 8.11 8.42 8.79
8/5/2009 7.43 7.40 7.48 7.57 7.63 7.65 7.74 8.01 8.31 8.54 8.54 8.31 7.57 7.54 7.62 7.71 7.77 7.80 7.88 8.16 8.48 8.71 8.71 8.48 7.72 7.68 7.75 7.84 7.89 7.91 8.00 8.31 8.67 8.90 8.89 8.65 7.87 7.82 7.89 7.98 8.03 8.04 8.13 8.44 8.81
8/6/2009 7.36 7.32 7.40 7.49 7.55 7.58 7.66 7.93 8.23 8.47 8.46 8.24 7.50 7.46 7.54 7.63 7.70 7.72 7.81 8.09 8.40 8.64 8.63 8.40 7.64 7.60 7.68 7.77 7.82 7.84 7.93 8.24 8.59 8.82 8.81 8.57 7.79 7.75 7.82 7.90 7.95 7.97 8.05 8.36 8.73
8/7/2009 7.35 7.31 7.39 7.48 7.54 7.57 7.65 7.92 8.22 8.46 8.45 8.23 7.49 7.45 7.53 7.62 7.69 7.71 7.80 8.08 8.39 8.63 8.62 8.39 7.63 7.59 7.67 7.76 7.81 7.83 7.92 8.23 8.58 8.81 8.80 8.56 7.78 7.74 7.81 7.89 7.94 7.96 8.04 8.35 8.72
8/10/2009 7.37 7.33 7.41 7.50 7.56 7.59 7.67 7.94 8.24 8.48 8.47 8.25 7.51 7.47 7.55 7.64 7.71 7.73 7.82 8.10 8.41 8.65 8.64 8.41 7.65 7.61 7.69 7.78 7.83 7.85 7.94 8.25 8.60 8.83 8.82 8.58 7.80 7.76 7.83 7.91 7.96 7.98 8.06 8.37 8.74
8/11/2009 7.36 7.32 7.40 7.49 7.55 7.58 7.66 7.93 8.23 8.47 8.46 8.24 7.50 7.46 7.54 7.63 7.70 7.72 7.81 8.09 8.40 8.64 8.63 8.40 7.64 7.60 7.68 7.77 7.82 7.84 7.93 8.24 8.59 8.82 8.81 8.57 7.79 7.75 7.82 7.90 7.95 7.97 8.05 8.36 8.73
8/12/2009 7.37 7.33 7.41 7.50 7.56 7.59 7.67 7.94 8.24 8.48 8.47 8.25 7.51 7.47 7.55 7.64 7.71 7.73 7.82 8.10 8.41 8.65 8.64 8.41 7.65 7.61 7.69 7.78 7.83 7.85 7.94 8.25 8.60 8.83 8.82 8.58 7.80 7.76 7.83 7.91 7.96 7.98 8.06 8.37 8.74
8/13/2009 7.36 7.32 7.40 7.49 7.55 7.58 7.66 7.93 8.23 8.47 8.46 8.24 7.50 7.46 7.54 7.63 7.70 7.72 7.81 8.09 8.40 8.64 8.63 8.40 7.64 7.60 7.68 7.77 7.82 7.84 7.93 8.24 8.59 8.82 8.81 8.57 7.79 7.75 7.82 7.90 7.95 7.97 8.05 8.36 8.73
8/14/2009 7.33 7.29 7.37 7.46 7.52 7.55 7.63 7.90 8.20 8.44 8.43 8.21 7.47 7.43 7.51 7.60 7.67 7.69 7.78 8.06 8.37 8.61 8.60 8.37 7.61 7.57 7.65 7.74 7.79 7.81 7.90 8.21 8.56 8.79 8.78 8.54 7.76 7.72 7.79 7.87 7.92 7.94 8.02 8.33 8.70
8/17/2009 7.27 7.24 7.32 7.41 7.47 7.49 7.58 7.85 8.15 8.38 8.38 8.15 7.41 7.38 7.46 7.55 7.61 7.64 7.72 8.00 8.32 8.55 8.55 8.32 7.56 7.52 7.59 7.68 7.73 7.75 7.84 8.15 8.51 8.74 8.73 8.49 7.71 7.66 7.73 7.82 7.87 7.88 7.97 8.28 8.65
8/18/2009 7.23 7.20 7.28 7.37 7.43 7.45 7.54 7.81 8.11 8.34 8.34 8.11 7.37 7.34 7.42 7.51 7.57 7.60 7.68 7.96 8.28 8.51 8.51 8.28 7.52 7.48 7.55 7.64 7.69 7.71 7.80 8.11 8.47 8.70 8.69 8.45 7.67 7.62 7.69 7.78 7.83 7.84 7.93 8.24 8.61
8/19/2009 7.24 7.20 7.28 7.37 7.43 7.46 7.54 7.81 8.11 8.35 8.34 8.12 7.38 7.34 7.42 7.51 7.58 7.60 7.69 7.97 8.28 8.52 8.51 8.28 7.52 7.48 7.56 7.65 7.70 7.72 7.81 8.12 8.47 8.70 8.69 8.45 7.67 7.63 7.70 7.78 7.83 7.85 7.93 8.24 8.61
8/20/2009 7.23 7.19 7.27 7.36 7.42 7.45 7.53 7.80 8.10 8.34 8.33 8.11 7.37 7.33 7.41 7.50 7.57 7.59 7.68 7.96 8.27 8.51 8.50 8.27 7.51 7.47 7.55 7.64 7.69 7.71 7.80 8.11 8.46 8.69 8.68 8.44 7.66 7.62 7.69 7.77 7.82 7.84 7.92 8.23 8.60
8/21/2009 7.28 7.24 7.32 7.41 7.47 7.50 7.58 7.85 8.15 8.39 8.38 8.16 7.42 7.38 7.46 7.55 7.62 7.64 7.73 8.01 8.32 8.56 8.55 8.32 7.56 7.52 7.60 7.69 7.74 7.76 7.85 8.16 8.51 8.74 8.73 8.49 7.71 7.67 7.74 7.82 7.87 7.89 7.97 8.28 8.65
8/24/2009 7.33 7.29 7.37 7.46 7.52 7.55 7.63 7.90 8.20 8.44 8.43 8.21 7.47 7.43 7.51 7.60 7.67 7.69 7.78 8.06 8.37 8.61 8.60 8.37 7.61 7.57 7.65 7.74 7.79 7.81 7.90 8.21 8.56 8.79 8.78 8.54 7.76 7.72 7.79 7.87 7.92 7.94 8.02 8.33 8.70
8/25/2009 7.27 7.23 7.31 7.40 7.46 7.49 7.57 7.84 8.14 8.38 8.37 8.15 7.41 7.37 7.45 7.54 7.61 7.63 7.72 8.00 8.31 8.55 8.54 8.31 7.55 7.51 7.59 7.68 7.73 7.75 7.84 8.15 8.50 8.73 8.72 8.48 7.70 7.66 7.73 7.81 7.86 7.88 7.96 8.27 8.64
Averages 7.33 7.30 7.38 7.47 7.53 7.55 7.64 7.91 8.21 8.44 8.44 8.21 7.47 7.44 7.52 7.61 7.67 7.70 7.78 8.06 8.38 8.61 8.61 8.38 7.62 7.58 7.65 7.74 7.79 7.81 7.90 8.21 8.57 8.80 8.79 8.55 7.77 7.72 7.79 7.88 7.93 7.94 8.03 8.34 8.71
Contract
January 2010
February 2010
March 2010
April 2010
May 2010
June 2010
July 2010
August 2010
September 2010
October 2010
November 2010
December 2010
January 2011
February 2011
March 2011
April 2011
May 2011
June 2011
July 2011
August 2011
September 2011
October 2011
November 2011
December 2011
January 2012
February 2012
March 2012
April 2012
May 2012
June 2012
July 2012
August 2012
September 2012
October 2012
November 2012
December 2012
January 2013
February 2013
March 2013
April 2013
May 2013
June 2013
July 2013
August 2013
September 2013
October 2013
November 2013
December 2013
January 2014
February 2014
March 2014
April 2014
May 2014
June 2014
July 2014
August 2014
September 2014
October 2014
November 2014
December 2014
January 2015
February 2015
March 2015
April 2015
May 2015
June 2015
July 2015
August 2015
September 2015
October 2015
November 2015
December 2015
January 2016
February 2016
March 2016
April 2016
May 2016
June 2016
July 2016
August 2016
September 2016
October 2016
November 2016
December 2016
January 2017
February 2017
March 2017
April 2017
May 2017
June 2017
July 2017
August 2017
September 2017
October 2017
November 2017
December 2017
January 2018
February 2018
March 2018
April 2018
May 2018
June 2018
July 2018
August 2018
September 2018
October 2018
November 2018
December 2018
January 2019
February 2019
March 2019
April 2019
May 2019
June 2019
July 2019
August 2019
September 2019
October 2019
November 2019
December 2019
January 2020
February 2020
March 2020
Tab: NYMEX_Futures fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
April 2020
May 2020
June 2020
July 2020
August 2020
September 2020
October 2020
November 2020
December 2020
January 2021
February 2021
March 2021
April 2021
May 2021
June 2021
July 2021
August 2021
September 2021
October 2021
November 2021
December 2021
Tab: NYMEX_Futures fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
California Basis Forecast
Clearport Forecast
Clearport Clearport Forecast ForecastC
PG&E PG&E
Year SoCal CA Basis SoCal A Basis
Citygate Citygate
Average Average Average Average
Average Average
6 2010 -$0.34 -$0.07 -$0.21 -$0.24 -$0.09 -$0.21
18 2011 -$0.37 -$0.07 -$0.22 -$0.30 -$0.17 -$0.22
30 2012 -$0.37 -$0.05 -$0.21 -$0.29 -$0.21 -$0.21
42 2013 -$0.39 -$0.21 -$0.30 -$0.19 -$0.24
2014 -$0.21 -$0.32 -$0.18 -$0.25
2015 -$0.21 -$0.31 -$0.14 -$0.22
2016 -$0.21 -$0.31 -$0.12 -$0.22
2017 -$0.21 -$0.32 -$0.09 -$0.20
2018 -$0.21 -$0.33 -$0.12 -$0.22
2019 -$0.21 -$0.30 -$0.12 -$0.21
2020 -$0.21 -$0.28 -$0.07 -$0.17
2021 -$0.21 -$0.23 -$0.02 -$0.12
2022 -$0.21 $0.00 -$0.10
2023 -$0.20 $0.00 -$0.10
2024 -$0.28 -$0.10 -$0.19
2025 -$0.27 -$0.06 -$0.16
2026 -$0.25 -$0.06 -$0.16
2027 -$0.21 -$0.05 -$0.13
2028 -$0.20 -$0.03 -$0.11
2029 -$0.20 -$0.03 -$0.11
2030 -$0.19 -$0.06 -$0.12
2031 -$0.17 -$0.02 -$0.10
2032 -$0.17 -$0.02 -$0.10
2033 -$0.17 -$0.02 -$0.10
2034 -$0.17 -$0.02 -$0.10
2035 -$0.17 -$0.02 -$0.10
2036 -$0.17 -$0.02 -$0.10
2037 -$0.17 -$0.02 -$0.10
2038 -$0.17 -$0.02 -$0.10
2039 -$0.17 -$0.02 -$0.10
2040 -$0.17 -$0.02 -$0.10
2041 -$0.17 -$0.02 -$0.10
2042 -$0.17 -$0.02 -$0.10
2043 -$0.17 -$0.02 -$0.10
2044 -$0.17 -$0.02 -$0.10
2045 -$0.17 -$0.02 -$0.10
2046 -$0.17 -$0.02 -$0.10
2047 -$0.17 -$0.02 -$0.10
2048 -$0.17 -$0.02 -$0.10
2049 -$0.17 -$0.02 -$0.10
2050 -$0.17 -$0.02 -$0.10
2051 -$0.17 -$0.02 -$0.10
Socal Basis Adjustment - 22 Day Average
Source: Source: CSI Market Data (Symbol NC) http://www.csidata.com/
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Contract Period
Effective
Date Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
7/27/2009 -0.1525 -0.3850 -0.5650 -0.6600 -0.4300 -0.3850 -0.3850 -0.3850 -0.3300 -0.3300 -0.3300 -0.3300 -0.3300 -0.3300 -0.3300 -0.3800
7/28/2009 -0.1450 -0.3925 -0.5675 -0.6400 -0.4200 -0.3900 -0.3900 -0.3900 -0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.3725
7/29/2009 -0.0350 -0.3625 -0.5400 -0.6225 -0.4150 -0.3775 -0.3775 -0.3775 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.3725
7/30/2009 -0.0075 -0.3275 -0.5175 -0.5950 -0.4100 -0.3675 -0.3675 -0.3675 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3825
7/31/2009 -0.0400 -0.3150 -0.5025 -0.5900 -0.3975 -0.3600 -0.3600 -0.3600 -0.3225 -0.3225 -0.3225 -0.3225 -0.3225 -0.3225 -0.3225 -0.3675
8/3/2009 -0.0400 -0.3975 -0.5800 -0.6500 -0.4400 -0.3800 -0.3800 -0.3800 -0.3450 -0.3450 -0.3450 -0.3450 -0.3450 -0.3450 -0.3450 -0.3725
8/4/2009 -0.0390 -0.3675 -0.5500 -0.6375 -0.4250 -0.3850 -0.3850 -0.3850 -0.3400 -0.3400 -0.3400 -0.3400 -0.3400 -0.3400 -0.3400 -0.3900
8/5/2009 -0.0390 -0.2875 -0.4875 -0.5875 -0.4025 -0.3625 -0.3625 -0.3625 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3700
8/6/2009 -0.0390 -0.1900 -0.4075 -0.5050 -0.3450 -0.3150 -0.3150 -0.3150 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3725
8/7/2009 -0.0390 -0.1900 -0.3925 -0.5050 -0.3400 -0.3275 -0.3275 -0.3275 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3600
8/10/2009 -0.2275 -0.4350 -0.5250 -0.3725 -0.3450 -0.3450 -0.3450 -0.3275 -0.3275 -0.3275 -0.3275 -0.3275 -0.3275 -0.3275 -0.3600
8/11/2009 -0.2275 -0.4500 -0.5250 -0.3750 -0.3500 -0.3500 -0.3500 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.3750
8/12/2009 -0.2675 -0.4525 -0.5450 -0.3975 -0.3525 -0.3525 -0.3525 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3850
8/13/2009 -0.2025 -0.4225 -0.5275 -0.3800 -0.3450 -0.3450 -0.3450 -0.3275 -0.3275 -0.3275 -0.3275 -0.3275 -0.3275 -0.3275 -0.3750
8/14/2009 -0.1725 -0.4000 -0.5075 -0.3675 -0.3400 -0.3400 -0.3400 -0.3150 -0.3150 -0.3150 -0.3150 -0.3150 -0.3150 -0.3150 -0.3725
8/17/2009 -0.1575 -0.4000 -0.5075 -0.3575 -0.3175 -0.3175 -0.3175 -0.3100 -0.3100 -0.3100 -0.3100 -0.3100 -0.3100 -0.3100 -0.3700
8/18/2009 -0.2000 -0.4350 -0.5375 -0.3800 -0.3450 -0.3450 -0.3450 -0.3175 -0.3175 -0.3175 -0.3175 -0.3175 -0.3175 -0.3175 -0.3825
8/19/2009 -0.2425 -0.4625 -0.5600 -0.3900 -0.3500 -0.3500 -0.3500 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3825
8/20/2009 -0.2250 -0.4525 -0.5575 -0.3875 -0.3500 -0.3500 -0.3500 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.3950
8/21/2009 -0.2200 -0.4550 -0.5600 -0.4000 -0.3500 -0.3500 -0.3500 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.4000
8/24/2009 -0.1825 -0.4550 -0.5525 -0.3875 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.4000
8/25/2009 -0.1900 -0.4650 -0.5250 -0.3800 -0.3550 -0.3550 -0.3550 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.4025
22-Day
Average -$0.058 -$0.260 -$0.473 -$0.565 -$0.391 -$0.354 -$0.354 -$0.354 -$0.330 -$0.330 -$0.330 -$0.330 -$0.330 -$0.330 -$0.330 -$0.379
PG&E CityGate Basis Adjustment - 22 Day Average
Source: CSI Market Data (Symbol CP) http://www.csidata.com/
Contract Period
Effective
Date Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
7/27/2009 0.0800 -0.1025 -0.2700 -0.1000 -0.0275 -0.1175 -0.1175 -0.0875 -0.0525 -0.0525 -0.0525 -0.0525 -0.0525 -0.0525 -0.0525 -0.0975
7/28/2009 0.1200 -0.1225 -0.2650 -0.1075 -0.0275 -0.1225 -0.1225 -0.0925 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.1025
7/29/2009 0.2250 -0.1025 -0.2450 -0.1000 -0.0275 -0.1175 -0.1175 -0.0875 -0.0575 -0.0575 -0.0575 -0.0575 -0.0575 -0.0575 -0.0575 -0.1075
7/30/2009 0.2175 -0.0700 -0.2400 -0.0875 -0.0125 -0.1100 -0.1050 -0.0850 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.1150
7/31/2009 0.2200 -0.0675 -0.2350 -0.0900 -0.0125 -0.1100 -0.1050 -0.0850 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.1000
8/3/2009 0.2200 -0.1375 -0.3125 -0.1200 -0.0350 -0.1500 -0.1500 -0.1200 -0.0775 -0.0775 -0.0775 -0.0775 -0.0775 -0.0775 -0.0775 -0.1050
8/4/2009 0.2610 -0.1150 -0.2875 -0.1150 -0.0325 -0.1425 -0.1425 -0.1150 -0.0725 -0.0725 -0.0725 -0.0725 -0.0725 -0.0725 -0.0725 -0.1100
8/5/2009 0.2610 -0.0475 -0.2250 -0.1000 -0.0100 -0.1225 -0.1225 -0.1200 -0.0500 -0.0500 -0.0500 -0.0500 -0.0500 -0.0500 -0.0500 -0.1050
8/6/2009 0.2610 0.0300 -0.1425 -0.0275 0.0175 -0.1200 -0.1200 -0.1025 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0950
8/7/2009 0.2610 0.0400 -0.1450 -0.0275 0.0175 -0.1200 -0.1200 -0.1025 -0.0475 -0.0475 -0.0475 -0.0475 -0.0475 -0.0475 -0.0475 -0.0900
8/10/2009 0.0225 -0.1350 -0.0275 0.0075 -0.1325 -0.1325 -0.0875 -0.0475 -0.0475 -0.0475 -0.0475 -0.0475 -0.0475 -0.0475 -0.0900
8/11/2009 0.0225 -0.1875 -0.0275 0.0075 -0.1200 -0.1325 -0.1000 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.1100
8/12/2009 0.0175 -0.1175 -0.0775 0.0075 -0.1225 -0.1225 -0.1100 -0.0625 -0.0625 -0.0625 -0.0625 -0.0625 -0.0625 -0.0625 -0.0900
8/13/2009 0.0525 -0.1550 -0.0675 0.0050 -0.1125 -0.1125 -0.0900 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.1050
8/14/2009 0.0800 -0.1325 -0.0525 0.0075 -0.0775 -0.0875 -0.0775 -0.0325 -0.0325 -0.0325 -0.0325 -0.0325 -0.0325 -0.0325 -0.1000
8/17/2009 0.1050 -0.1250 -0.0525 0.0450 -0.0725 -0.0850 -0.0625 -0.0325 -0.0325 -0.0325 -0.0325 -0.0325 -0.0325 -0.0325 -0.0850
8/18/2009 0.0850 -0.1625 -0.0825 0.0375 -0.0925 -0.1275 -0.0975 -0.0425 -0.0425 -0.0425 -0.0425 -0.0425 -0.0425 -0.0425 -0.0900
8/19/2009 0.0775 -0.1625 -0.0850 0.0325 -0.0975 -0.1200 -0.0850 -0.0375 -0.0375 -0.0375 -0.0375 -0.0375 -0.0375 -0.0375 -0.1000
8/20/2009 0.0975 -0.1500 -0.0775 0.0325 -0.0825 -0.1025 -0.0725 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0750
8/21/2009 0.1100 -0.1450 -0.0800 0.0400 -0.0800 -0.1025 -0.0725 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0925
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
8/24/2009 0.0850 -0.1525 -0.0825 0.0525 -0.0975 -0.1100 -0.0825 -0.0300 -0.0300 -0.0300 -0.0300 -0.0300 -0.0300 -0.0300 -0.0950
8/25/2009 0.0650 -0.1300 -0.0950 0.0475 -0.0900 -0.0900 -0.0775 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0975
22-Day
Average $0.213 $0.006 -$0.187 -$0.076 $0.008 -$0.110 -$0.116 -$0.091 -$0.047 -$0.047 -$0.047 -$0.047 -$0.047 -$0.047 -$0.047 -$0.098
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12
-0.3800 -0.3800 -0.3800 -0.3800 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.4775 -0.4775 -0.4775 -0.4775 -0.4775 -0.3525 -0.3525
-0.3725 -0.3725 -0.3725 -0.3725 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.4450 -0.4450 -0.4450 -0.4450 -0.4450 -0.3400 -0.3400
-0.3725 -0.3725 -0.3725 -0.3725 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.4150 -0.4150 -0.4150 -0.4150 -0.4150 -0.3300 -0.3300
-0.3825 -0.3825 -0.3825 -0.3825 -0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.4200 -0.4200 -0.4200 -0.4200 -0.4200 -0.3325 -0.3325
-0.3675 -0.3675 -0.3675 -0.3675 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.4025 -0.4025 -0.4025 -0.4025 -0.4025 -0.3100 -0.3100
-0.3725 -0.3725 -0.3725 -0.3725 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3825 -0.3825 -0.3825 -0.3825 -0.3825 -0.3100 -0.3100
-0.3900 -0.3900 -0.3900 -0.3900 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.4500 -0.4500 -0.4500 -0.4500 -0.4500 -0.3200 -0.3200
-0.3700 -0.3700 -0.3700 -0.3700 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.4275 -0.4275 -0.4275 -0.4275 -0.4275 -0.3200 -0.3200
-0.3725 -0.3725 -0.3725 -0.3725 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.4525 -0.4525 -0.4525 -0.4525 -0.4525 -0.3325 -0.3325
-0.3600 -0.3600 -0.3600 -0.3600 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.4475 -0.4475 -0.4475 -0.4475 -0.4475 -0.3375 -0.3375
-0.3600 -0.3600 -0.3600 -0.3600 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.4800 -0.4800 -0.4800 -0.4800 -0.4800 -0.3400 -0.3400
-0.3750 -0.3750 -0.3750 -0.3750 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.4550 -0.4550 -0.4550 -0.4550 -0.4550 -0.3350 -0.3350
-0.3850 -0.3850 -0.3850 -0.3850 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.4775 -0.4775 -0.4775 -0.4775 -0.4775 -0.3450 -0.3450
-0.3750 -0.3750 -0.3750 -0.3750 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.4250 -0.4250 -0.4250 -0.4250 -0.4250 -0.3325 -0.3325
-0.3725 -0.3725 -0.3725 -0.3725 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.4225 -0.4225 -0.4225 -0.4225 -0.4225 -0.3325 -0.3325
-0.3700 -0.3700 -0.3700 -0.3700 -0.3725 -0.3725 -0.3725 -0.3725 -0.3725 -0.3725 -0.3725 -0.4125 -0.4125 -0.4125 -0.4125 -0.4125 -0.3275 -0.3275
-0.3825 -0.3825 -0.3825 -0.3825 -0.3625 -0.3625 -0.3625 -0.3625 -0.3625 -0.3625 -0.3625 -0.4350 -0.4350 -0.4350 -0.4350 -0.4350 -0.3350 -0.3350
-0.3825 -0.3825 -0.3825 -0.3825 -0.3675 -0.3675 -0.3675 -0.3675 -0.3675 -0.3675 -0.3675 -0.4550 -0.4550 -0.4550 -0.4550 -0.4550 -0.3250 -0.3250
-0.3950 -0.3950 -0.3950 -0.3950 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3875 -0.3875 -0.3875 -0.3875 -0.3875 -0.3325 -0.3325
-0.4000 -0.4000 -0.4000 -0.4000 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.3475 -0.4250 -0.4250 -0.4250 -0.4250 -0.4250 -0.3350 -0.3350
-0.4000 -0.4000 -0.4000 -0.4000 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.3500 -0.4500 -0.4500 -0.4500 -0.4500 -0.4500 -0.3350 -0.3350
-0.4025 -0.4025 -0.4025 -0.4025 -0.3575 -0.3575 -0.3575 -0.3575 -0.3575 -0.3575 -0.3575 -0.4550 -0.4550 -0.4550 -0.4550 -0.4550 -0.3350 -0.3350
-$0.379 -$0.379 -$0.379 -$0.379 -$0.344 -$0.344 -$0.344 -$0.344 -$0.344 -$0.344 -$0.344 -$0.436 -$0.436 -$0.436 -$0.436 -$0.436 -$0.332 -$0.332
Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12
-0.0975 -0.0975 -0.0975 -0.0975 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.1250 -0.1250 -0.1250 -0.1250 -0.1250 0.0200 0.0200
-0.1025 -0.1025 -0.1025 -0.1025 -0.0650 -0.0650 -0.0650 -0.0650 -0.0650 -0.0650 -0.0650 -0.1250 -0.1250 -0.1250 -0.1250 -0.1250 0.0200 0.0200
-0.1075 -0.1075 -0.1075 -0.1075 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.1325 -0.1325 -0.1325 -0.1325 -0.1325 0.0200 0.0200
-0.1150 -0.1150 -0.1150 -0.1150 -0.0625 -0.0625 -0.0625 -0.0625 -0.0625 -0.0625 -0.0625 -0.1325 -0.1325 -0.1325 -0.1325 -0.1325 0.0200 0.0200
-0.1000 -0.1000 -0.1000 -0.1000 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.0600 -0.1150 -0.1150 -0.1150 -0.1150 -0.1150 0.0200 0.0200
-0.1050 -0.1050 -0.1050 -0.1050 -0.0500 -0.0500 -0.0500 -0.0500 -0.0500 -0.0500 -0.0500 -0.1100 -0.1100 -0.1100 -0.1100 -0.1100 0.0200 0.0200
-0.1100 -0.1100 -0.1100 -0.1100 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.1500 -0.1500 -0.1500 -0.1500 -0.1500 0.0200 0.0200
-0.1050 -0.1050 -0.1050 -0.1050 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.1500 -0.1500 -0.1500 -0.1500 -0.1500 0.0200 0.0200
-0.0950 -0.0950 -0.0950 -0.0950 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.1525 -0.1525 -0.1525 -0.1525 -0.1525 -0.0025 -0.0025
-0.0900 -0.0900 -0.0900 -0.0900 -0.0100 -0.0100 -0.0100 -0.0100 -0.0100 -0.0100 -0.0100 -0.1525 -0.1525 -0.1525 -0.1525 -0.1525 -0.0025 -0.0025
-0.0900 -0.0900 -0.0900 -0.0900 -0.0100 -0.0100 -0.0100 -0.0100 -0.0100 -0.0100 -0.0100 -0.1525 -0.1525 -0.1525 -0.1525 -0.1525 -0.0025 -0.0025
-0.1100 -0.1100 -0.1100 -0.1100 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.1550 -0.1550 -0.1550 -0.1550 -0.1550 -0.0050 -0.0050
-0.0900 -0.0900 -0.0900 -0.0900 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.0450 -0.1550 -0.1550 -0.1550 -0.1550 -0.1550 -0.0050 -0.0050
-0.1050 -0.1050 -0.1050 -0.1050 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.1600 -0.1600 -0.1600 -0.1600 -0.1600 -0.0050 -0.0050
-0.1000 -0.1000 -0.1000 -0.1000 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.0225 -0.1550 -0.1550 -0.1550 -0.1550 -0.1550 -0.0050 -0.0050
-0.0850 -0.0850 -0.0850 -0.0850 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.0275 -0.1550 -0.1550 -0.1550 -0.1550 -0.1550 -0.0050 -0.0050
-0.0900 -0.0900 -0.0900 -0.0900 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.1550 -0.1550 -0.1550 -0.1550 -0.1550 -0.0050 -0.0050
-0.1000 -0.1000 -0.1000 -0.1000 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.0350 -0.1550 -0.1550 -0.1550 -0.1550 -0.1550 0.0050 0.0050
-0.0750 -0.0750 -0.0750 -0.0750 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.0200 -0.0900 -0.0900 -0.0900 -0.0900 -0.0900 0.0050 0.0050
-0.0925 -0.0925 -0.0925 -0.0925 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.1250 -0.1250 -0.1250 -0.1250 -0.1250 -0.0050 -0.0050
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
-0.0950 -0.0950 -0.0950 -0.0950 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.0550 -0.1500 -0.1500 -0.1500 -0.1500 -0.1500 -0.0050 -0.0050
-0.0975 -0.0975 -0.0975 -0.0975 -0.0650 -0.0650 -0.0650 -0.0650 -0.0650 -0.0650 -0.0650 -0.1550 -0.1550 -0.1550 -0.1550 -0.1550 -0.0050 -0.0050
-$0.098 -$0.098 -$0.098 -$0.098 -$0.040 -$0.040 -$0.040 -$0.040 -$0.040 -$0.040 -$0.040 -$0.141 -$0.141 -$0.141 -$0.141 -$0.141 $0.005 $0.005
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
-0.3525 -0.3525 -0.3525 -0.3525 -0.3525 -0.5425 -0.5425 -0.5425 -0.5425 -0.5425 -0.4125 -0.4125 -0.4125 -0.4125 -0.4125 -0.4125 -0.4125 -0.3325 -0.3325
-0.3400 -0.3400 -0.3400 -0.3400 -0.3400 -0.5100 -0.5100 -0.5100 -0.5100 -0.5100 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3100 -0.3100
-0.3300 -0.3300 -0.3300 -0.3300 -0.3300 -0.5100 -0.5100 -0.5100 -0.5100 -0.5100 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3100 -0.3100
-0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.4425 -0.4425 -0.4425 -0.4425 -0.4425 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3100 -0.3100
-0.3100 -0.3100 -0.3100 -0.3100 -0.3100 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3925 -0.3925 -0.3925 -0.3925 -0.3925 -0.3925 -0.3925 -0.3150 -0.3150
-0.3100 -0.3100 -0.3100 -0.3100 -0.3100 -0.4325 -0.4325 -0.4325 -0.4325 -0.4325 -0.4150 -0.4150 -0.4150 -0.4150 -0.4150 -0.4150 -0.4150 -0.3375 -0.3375
-0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.4150 -0.4150 -0.4150 -0.4150 -0.4150 -0.4100 -0.4100 -0.4100 -0.4100 -0.4100 -0.4100 -0.4100 -0.3250 -0.3250
-0.3200 -0.3200 -0.3200 -0.3200 -0.3200 -0.3925 -0.3925 -0.3925 -0.3925 -0.3925 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3050 -0.3050
-0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.4100 -0.4100 -0.4100 -0.4100 -0.4100 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3900 -0.3200 -0.3200
-0.3375 -0.3375 -0.3375 -0.3375 -0.3375 -0.4050 -0.4050 -0.4050 -0.4050 -0.4050 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3250 -0.3250
-0.3400 -0.3400 -0.3400 -0.3400 -0.3400 -0.4375 -0.4375 -0.4375 -0.4375 -0.4375 -0.3975 -0.3975 -0.3975 -0.3975 -0.3975 -0.3975 -0.3975 -0.3275 -0.3275
-0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.4150 -0.4150 -0.4150 -0.4150 -0.4150 -0.4075 -0.4075 -0.4075 -0.4075 -0.4075 -0.4075 -0.4075 -0.3250 -0.3250
-0.3450 -0.3450 -0.3450 -0.3450 -0.3450 -0.4375 -0.4375 -0.4375 -0.4375 -0.4375 -0.4175 -0.4175 -0.4175 -0.4175 -0.4175 -0.4175 -0.4175 -0.3350 -0.3350
-0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.4100 -0.4100 -0.4100 -0.4100 -0.4100 -0.3975 -0.3975 -0.3975 -0.3975 -0.3975 -0.3975 -0.3975 -0.3200 -0.3200
-0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.4100 -0.4100 -0.4100 -0.4100 -0.4100 -0.3850 -0.3850 -0.3850 -0.3850 -0.3850 -0.3850 -0.3850 -0.3200 -0.3200
-0.3275 -0.3275 -0.3275 -0.3275 -0.3275 -0.4000 -0.4000 -0.4000 -0.4000 -0.4000 -0.3800 -0.3800 -0.3800 -0.3800 -0.3800 -0.3800 -0.3800 -0.3150 -0.3150
-0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.4225 -0.4225 -0.4225 -0.4225 -0.4225 -0.3875 -0.3875 -0.3875 -0.3875 -0.3875 -0.3875 -0.3875 -0.3225 -0.3225
-0.3250 -0.3250 -0.3250 -0.3250 -0.3250 -0.4150 -0.4150 -0.4150 -0.4150 -0.4150 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3950 -0.3250 -0.3250
-0.3325 -0.3325 -0.3325 -0.3325 -0.3325 -0.4125 -0.4125 -0.4125 -0.4125 -0.4125 -0.4025 -0.4025 -0.4025 -0.4025 -0.4025 -0.4025 -0.4025 -0.3325 -0.3325
-0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.4250 -0.4250 -0.4250 -0.4250 -0.4250 -0.4025 -0.4025 -0.4025 -0.4025 -0.4025 -0.4025 -0.4025 -0.3350 -0.3350
-0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.4250 -0.4250 -0.4250 -0.4250 -0.4250 -0.4175 -0.4175 -0.4175 -0.4175 -0.4175 -0.4175 -0.4175 -0.3350 -0.3350
-0.3350 -0.3350 -0.3350 -0.3350 -0.3350 -0.4250 -0.4250 -0.4250 -0.4250 -0.4250 -0.4200 -0.4200 -0.4200 -0.4200 -0.4200 -0.4200 -0.4200 -0.3350 -0.3350
-$0.332 -$0.332 -$0.332 -$0.332 -$0.332 -$0.431 -$0.431 -$0.431 -$0.431 -$0.431 -$0.400 -$0.400 -$0.400 -$0.400 -$0.400 -$0.400 -$0.400 -$0.324 -0.324
Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13
0.0200 0.0200 0.0200 0.0200 0.0200 -0.0800 -0.0800
0.0200 0.0200 0.0200 0.0200 0.0200 -0.0800 -0.0800
0.0200 0.0200 0.0200 0.0200 0.0200 -0.0800 -0.0800
0.0200 0.0200 0.0200 0.0200 0.0200 -0.0800 -0.0800
0.0200 0.0200 0.0200 0.0200 0.0200 -0.0850 -0.0850
0.0200 0.0200 0.0200 0.0200 0.0200 -0.0850 -0.0850
0.0200 0.0200 0.0200 0.0200 0.0200 -0.0950 -0.0950
0.0200 0.0200 0.0200 0.0200 0.0200 -0.0950 -0.0950
-0.0025 -0.0025 -0.0025 -0.0025 -0.0025 -0.0900 -0.0900
-0.0025 -0.0025 -0.0025 -0.0025 -0.0025 -0.0900 -0.0900
-0.0025 -0.0025 -0.0025 -0.0025 -0.0025 -0.0900 -0.0900
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.0950 -0.0950
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.0950 -0.0950
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.0900 -0.0900
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.0900 -0.0900
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.0900 -0.0900
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.0900 -0.0900
0.0050 0.0050 0.0050 0.0050 0.0050 -0.0950 -0.0950
0.0050 0.0050 0.0050 0.0050 0.0050 -0.0950 -0.0950
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.1050 -0.1050
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.1050 -0.1050
-0.0050 -0.0050 -0.0050 -0.0050 -0.0050 -0.1050 -0.1050
$0.005 $0.005 $0.005 $0.005 $0.005 -$0.091 -$0.091
Tab CA_Basis_Adj fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Delivery Tariff
PG&E Rate Schedule G-CP
Gas Core Procurement Rates
Row Gas Inputs - Summary January 1, 2003, to Present
1 Average Distribution Rate ($/MMBtu) $0.3636 D.04-06-015, p19 "SoCal/PG&E average distribution rate" ($/therm)
Advice
2 Transaction Cost ($/MMBtu) $0.082 D.04-06-015 (p26), reafirmed in D.05-12-042 (A-7) Effect Date Number G-CP G-SUR G-SUR as % of G-CP
3 Average Municipal Surcharge (%) 1.19% D.04-06-015, p19 "municipal franchise fee" (All)
4 Transportation Escalation Rate 2.04% D.04-06-015, p19 "with appropriate escalation rate" 01/01/03 2433-G $0.58101 $0.00698 1.2014%
5 Cost of Capital 8.25% Cost Cap Tab - Cell D9 02/07/03 2443-G $0.55109 $0.00737 1.3373%
03/07/03 2446-G $0.67267 $0.00965 1.4346%
04/07/03 2450-G $0.48172 $0.00715 1.4843%
Row Calculation of PG&E Delivery Rate to Electric Generation 05/07/03 2456-G $0.45562 $0.00722 1.5847%
1 Customer Access Charge ($/day) $182 E
http://www.pge.com/tariffs/tm2/pdf/GAS_SCHEDS_G-EG.pdf ffective 1/2009 06/06/03 2464-G $0.55351 $0.00807 1.4580%
2 Proxy Plant Capacity (MW) 500 CF Input Tab - Cell E4 07/08/03 2471-G $0.53824 $0.00779 1.4473%
3 Heat Rate (MMBtu/MWh) 6.9 Heat Rate Tab - Cell I13 08/01/03 2475-G $0.60024 $0.00665 1.1079%
4 Capacity Factor 91.8% Cap Fac Tab - Cell E9 09/08/03 2479-G $0.55384 $0.00690 1.2458%
5 Daily Gas Consumption (MMBtu) 75,750 (Row 2 * Row 3 * Row 4) * 24 10/07/03 2487-G $0.62345 $0.00633 1.0153%
6 Unit Cost of Customer Access Charge ($/MMBtu) $0.0024 Row 1 / Row 5 11/07/03 2495-G $0.64157 $0.00649 1.0116%
7 Transportation Charge ($/Dth) $0.1880 E
http://www.pge.com/tariffs/tm2/pdf/GAS_SCHEDS_G-EG.pdf ffective 1/2009 12/05/03 2501-G $0.68685 $0.00669 0.9740%
8 PG&E CGT Baja On Backbone Transportation ($/Dth) $0.3220 http://www.pge.com/pipeline/products/rates/baja_on.shtml Effective 1/2009
9 PG&E CGT Redwood On Backbone Transportation ($/Dth) $0.2969 Effective 1/2009
http://www.pge.com/pipeline/products/rates/redwood_on.shtml 01/01/04 2507-G $0.71875 $0.00917 1.2758%
10 Total PG&E Distribution Rate ($/MMBtu) $0.4999 Row 6 + Row 7 + (Row 8 + Row 9)/2 02/06/04 2517-G $0.54337 $0.00803 1.4778%
03/05/04 2524-G $0.41052 $0.00704 1.7149%
04/07/04 2532-G $0.41335 $0.00722 1.7467%
Row Calculation of SoCal Gas Delivery Rate to Electric Generation 05/01/04 2539-G $0.43288 $0.00755 1.7441%
1 Customer Charge ($/month) $0.00 http://www.socalgas.com/regulatory/tariffs/tm2/pdf/GT-F.pdf Effective 1/2009 06/07/04 2549-G $0.50495 $0.00859 1.7012%
http://www.socalgas.com/regulatory/tariffs/tm2/pdf/GT-
2 Transmission Charge ($/Dth) $0.2273 F.pdf Effective 1/2009 07/01/04 2558-G $0.46703 $0.00529 1.1327%
3 Interstate Transition Cost Surcharge ($/Dth) $0.0000 http://www.socalgas.com/regulatory/tariffs/tm2/pdf/GT-F.pdf Effective 1/2009 08/06/04 2562-G $0.61694 $0.00542 0.8785%
4 Total SoCal Distribution Rate ($/MMBtu) $0.2273 Row 1 + Row 2 + Row 3 09/08/04 2569-G $0.59242 $0.00488 0.8237%
10/07/04 2575-G $0.56183 $0.00446 0.7938%
11/01/04 2583-G $0.74281 $0.00620 0.8347%
Row Municipal Surcharge
12/07/04 2593-G $0.78003 $0.00632 0.8102%
1 SoCal Muni Surcharge, Schedule G-MSUR (%) 1.462% Effective 09/2008
http://www.socalgas.com/regulatory/tariffs/tm2/pdf/G-MSUR.pdf
2 PG&E Muni Surcharge, Schedule G-SUR (%) 0.913% Cell N97 Effective 09/2009 01/01/05 2600-G $0.77863 $0.00644 0.8271%
3 Average Municipal Surcharge (%) 1.188% D.04-06-015, p19 "municipal franchise fee" 02/07/05 2606-G $0.67072 $0.00547 0.8155%
03/01/05 2612-G $0.60164 $0.00541 0.8992%
04/07/05 2620-G $0.64883 $0.00639 0.9848%
05/06/05 2628-G $0.67486 $0.00636 0.9424%
06/07/05 2635-G $0.65844 $0.00557 0.8459%
07/01/05 2645-G $0.70560 $0.00605 0.8574%
08/05/05 2650-G $0.72312 $0.00617 0.8532%
09/08/05 2654-G $0.90465 $0.00786 0.8688%
10/07/05 2661-G $1.23073 $0.00992 0.8060%
Tab: Delivery_Tar fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
11/01/05 2670-G $1.29374 $0.01099 0.8495%
12/07/05 2682-G $1.02339 $0.00902 0.8814%
01/01/06 2692-G $1.26783 $0.01159 0.9142%
02/07/06 2696-G $0.89008 $0.00734 0.8246%
03/07/06 2710-G $0.81410 $0.00637 0.7825%
04/01/06 2715-G $0.83971 $0.00581 0.6919%
05/05/06 2724-G $0.75711 $0.00598 0.7898%
06/07/06 2730-G $0.56333 $0.00501 0.8894%
07/07/06 2739-G $0.60408 $0.00516 0.8542%
08/07/06 2749-G $0.70939 $0.00540 0.7612%
09/01/06 2757-G $0.76141 $0.00576 0.7565%
10/06/06 2765-G $0.57856 $0.00389 0.6724%
11/01/06 2772-G $0.79653 $0.00622 0.7809%
12/07/06 2785-G $0.76999 $0.00681 0.8844%
01/01/07 2793-G $0.77761 $0.00659 0.8475%
02/07/07 2804-G $0.76591 $0.00650 0.8487%
03/01/07 2810-G $0.80937 $0.00671 0.8290%
04/01/07 2818-G $0.78688 $0.00605 0.7689%
05/01/07 2828-G $0.87632 $0.00651 0.7429%
06/07/07 2837-G $1.01488 $0.00677 0.6671%
07/01/07 2845-G $0.98383 $0.00641 0.6515%
08/01/07 2854-G $0.82607 $0.00550 0.6658%
09/10/07 2865-G $0.82900 $0.00465 0.5609%
10/05/07 2870-G $0.88088 $0.00521 0.5915%
11/01/07 2878-G $0.85153 $0.00621 0.7293%
12/07/07 2888-G $0.88177 $0.00664 0.7530%
01/01/08 2895-G $0.78126 $0.00633 0.8102%
02/07/08 2899-G $0.84868 $0.00716 0.8437%
03/01/08 2905-G $0.88113 $0.00778 0.8830%
04/01/08 2915-G $1.02387 $0.00807 0.7882%
05/01/08 2921-G $1.07846 $0.00916 0.8494%
06/01/08 2926-G $1.24381 $0.00982 0.7895%
07/01/08 2933-G $1.54087 $0.01136 0.7372%
08/01/08 2941-G $1.30082 $0.00940 0.7226%
09/01/08 2953-G $0.96658 $0.00690 0.7139%
10/01/08 2957-G $0.83866 $0.00560 0.6677%
11/01/08 2966-G $0.71126 $0.00490 0.6889%
12/01/08 2973-G $0.57425 $0.00524 0.9125%
01/01/09 2983-G $0.69418 $0.00514 0.7404%
02/01/09 2993-G $0.64702 $0.00412 0.6368%
03/01/09 3000-G $0.52839 $0.00347 0.6567%
04/01/09 3007-G $0.49616 $0.00309 0.6228%
05/01/09 3012-G $0.40785 $0.00276 0.6767%
06/01/09 3021-G $0.52552 $0.00342 0.6508%
07/01/09 3027-G $0.55824 $0.00317 0.5679%
08/01/09 3036-G $0.55525 $0.00310 0.5583%
09/01/09 3041-G $0.49563 $0.00264 0.5327%
Average 0.9133%
Sources:
G-CP http://www.pge.com/nots/rates/tariffs/GCP_Current.xls
G-SUR http://www.pge.com/nots/rates/tariffs/GSUR_Current.xls
Tab: Delivery_Tar fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls
Appendix E for 2009 MPR Resolution - Gas Forecast Inputs
Row Baseload
Input Category Input Units Notes
No. Inputs
Henry Hub
1 CERA, PIRA, or Global Insight /2 $/MMBtu N/A 20 yr. Henry Hub forecast (private - purchased)
Forecasts /1
2 Transaction Cost $/MMBtu $0.082 D.04-06-015, pg. 26, reafirmed in D.05-12-042 (pg. A-7)
3 General Inputs Transportation Escalation Rate Percent-% 2.04% Average of EIA 2008 GDP Chain-Type Price Index. See 2008 MPR model - Delivery_Tar Tab (Cell E9)
4 20-year WACC Percent-% 8.25% 2009 MPR model - Cost Cap Tab (Cell D9)
5 SoCal Muni Surcharge Percent-% 1.462% Schedule G-MSUR - http://www.socalgas.com/regulatory/tariffs/tm2/pdf/G-MSUR.pdf
Municipal
Surcharge
PG&E Rate Schedule GC-P: (1) http://www.pge.com/rates/tariffs/GCP_Current.xls and (2)
6 PG&E Muni Surcharge Percent-% 0.913%
http://www.pge.com/rates/tariffs/GSUR_Current.xls
7 Customer Access Charge $/day $182 http://www.pge.com/tariffs/pdf/G-EG.pdf
8 Proxy Plant Capacity MW 500 2009 MPR model - Delivery_Tar Tab (Cell E15)
9 Heat Rate MMBtu/MWh 6.88 2009 MPR model - Delivery_Tar Tab (Cell E16)
PG&E Gas
10 Capacity Factor percent-% 92% 2009 MPR model - Delivery_Tar Tab (Cell E17)
Distrib. Rate
11 Monthly Gas Consumption MMBtu 75,750 (Row 8 * Row 9* Row 10) * 24 hours
12 Unit Cost of Customer Access Charge $/MMBtu $0.0024 Row 7 / Row 11
13 Transportation Charge $/MMBtu $0.1880 http://www.pge.com/tariffs/tm2/pdf/GAS_SCHEDS_G-EG.pdf
14 Customer Charge $/month $0.00000 http://www.socalgas.com/regulatory/tariffs/tm2/pdf/GT-F.pdf
SoCal Gas
15 Transmission Charge $/MMBtu $0.2273 http://www.socalgas.com/regulatory/tariffs/tm2/pdf/GT-F.pdf
Distrib. Rate
16 Interstate Transportation Cost Surcharge $/MMBtu $0.0000 http://www.socalgas.com/regulatory/tariffs/tm2/pdf/GT-F.pdf
1/ The Henry Hub forecasts are inputs for the MPR - Henry Hub forecast - there are no specific baseload values.
2/ Due to contractual obligations requiring the CPUC to keep the forecast confidential, staff can not reveal which of the three firms the forecast was purchased from.
Tab: Gas Appendix fe3b7a9c-5e94-4411-be86-e6e2a6940871.xls