diff --git a/.gitignore b/.gitignore index d95adb7e..1b686f1b 100644 --- a/.gitignore +++ b/.gitignore @@ -99,7 +99,7 @@ docs/_build docs/temp.txt docs/reference/geophires-request.json docs/reference/parameters.rst -docs/Fervo_Project_Cape-4.md +docs/Fervo_Project_Cape-5.md docs/geophires-request.json docs/parameters.rst docs/hip-ra-x-request.json diff --git a/README.rst b/README.rst index 1c97d6b2..2fc6a6a5 100644 --- a/README.rst +++ b/README.rst @@ -168,10 +168,10 @@ Example-specific web interface deeplinks are listed in the Link column. - Input file - Case report file - Link - * - Case Study: 500 MWe EGS modeled on Fervo Cape Station Phase II (`documentation `__) - - `Fervo_Project_Cape-4.txt `__ - - `.out `__ - - `link `__ + * - Case Study: 500 MWe EGS modeled on Fervo Cape Station (`documentation `__) + - `Fervo_Project_Cape-4.txt `__ + - `.out `__ + - `link `__ * - Example 1: EGS Electricity - `example1.txt `__ - `.out `__ diff --git a/docs/Fervo_Project_Cape-4_v2025-08-11.md b/docs/Fervo_Project_Cape-4.md similarity index 97% rename from docs/Fervo_Project_Cape-4_v2025-08-11.md rename to docs/Fervo_Project_Cape-4.md index 9ab34ff9..9aa97521 100644 --- a/docs/Fervo_Project_Cape-4_v2025-08-11.md +++ b/docs/Fervo_Project_Cape-4.md @@ -1,11 +1,11 @@ -# [v2025-08-11] Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station +# [Deprecated] Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station **⚠️ This is a previous version of the case study. The case study has been updated since the release of this version.** -[Click here](https://github.com/NREL/GEOPHIRES-X/blob/main/docs/Fervo_Project_Cape-4.md#case-study-500-mwe-egs-project-modeled-on-fervo-cape-station) to find the latest version. +[Click here](Fervo_Project_Cape-5.html) to find the latest version. --- -The GEOPHIRES example `Fervo_Project_Cape-4_vv2025-08-11` is a case study of a 500 MWe EGS Project modeled +The GEOPHIRES example `Fervo_Project_Cape-4` is a case study of a 500 MWe EGS Project modeled on Fervo Cape Station with its April 2025-announced [upsizing from 400 MW to 500 MW](https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/). Case study inputs are formulated using a combination of publicly available data, extrapolations, and estimates. @@ -15,7 +15,7 @@ the [SAM Single Owner PPA Economic Model](https://softwareengineerprogrammer.git Key case study results include LCOE = $81.1/MWh and CAPEX = $5000/kW. -[Click here](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4_v2025-02-24) to +[Click here](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4) to interactively explore the case study in the GEOPHIRES web interface. ## Approach & Methodology @@ -41,7 +41,7 @@ the [web interface](https://gtp.scientificwebservices.com/geophires/?geophires-e ## Inputs -See [Fervo_Project_Cape-4_v2025-08-11.txt](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-4_v2025-08-11.txt) +See [Fervo_Project_Cape-4.txt](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-4.txt) in source code for the full set of inputs. ### Economic Parameters @@ -81,7 +81,7 @@ in source code for the full set of inputs. ## Results -See [Fervo_Project_Cape-4_v2025-08-11.out](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-4_v2025-08-11.out) +See [Fervo_Project_Cape-4.out](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-4.out) in source code for the complete results. ### Economic Results diff --git a/docs/Fervo_Project_Cape-4.md.jinja b/docs/Fervo_Project_Cape-5.md.jinja similarity index 96% rename from docs/Fervo_Project_Cape-4.md.jinja rename to docs/Fervo_Project_Cape-5.md.jinja index 42f175be..aff10c6e 100644 --- a/docs/Fervo_Project_Cape-4.md.jinja +++ b/docs/Fervo_Project_Cape-5.md.jinja @@ -2,12 +2,12 @@ ## Introduction -The GEOPHIRES example `Fervo_Project_Cape-4` is a case study of a 500 MWe EGS project modeled +The GEOPHIRES example `Fervo_Project_Cape-5` is a case study of a 500 MWe EGS project modeled on Phases I and II of [Fervo Energy's Cape Station](https://capestation.com/). Key case study results include LCOE = {{ '$' ~ lcoe_usd_per_mwh ~ '/MWh' }} and IRR = {{ irr_pct ~ '%' }}. -[Click here](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4) to +[Click here](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-5) to interactively explore the case study in the GEOPHIRES web interface. ### Modeling Overview: A Conservative, Second-of-a-Kind Analog @@ -49,7 +49,7 @@ It tests the premise that Fervo’s success at Cape Station is a replicable stan industry. The results serve as reference points for what is achievable using current technology in high-grade resources. -**Template for Resource Assessment & Custom Modeling:** The example input file (`Fervo_Project_Cape-4.txt`) is intended +**Template for Resource Assessment & Custom Modeling:** The example input file (`Fervo_Project_Cape-5.txt`) is intended as customizable template for modeling other resources. Users can input local geologic data (gradient, rock properties) into this template to evaluate how a Cape Station-style design would perform in different geographies (e.g., Nevada vs. Utah vs. International). @@ -63,11 +63,11 @@ how policy changes impact the feasibility of replicating this design elsewhere. The Inputs and Results tables document key assumptions, inputs, and a comparison of results with reference values. Note that these are not the exhaustive sets of inputs and results, which are available in source code and -the [web interface](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4). +the [web interface](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-5). ### Inputs -See [Fervo_Project_Cape-4.txt](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-4.txt) +See [Fervo_Project_Cape-5.txt](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-5.txt) in source code for the full set of inputs. #### Reservoir Parameters @@ -117,7 +117,7 @@ Despite these structural differences, the comparison validates the basis for the ## Results -See [Fervo_Project_Cape-4.out](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-4.out) +See [Fervo_Project_Cape-5.out](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/tests/examples/Fervo_Project_Cape-5.out) in source code for the complete results. ### Economic Results @@ -184,12 +184,12 @@ Click the bars to view the sensitivity analysis result for the input value in th .. raw:: html - - LCOE Sensitivity Analysis Chart @@ -207,7 +207,7 @@ tax liability, and decreases the resulting LCOE. .. raw:: html - @@ -219,11 +219,11 @@ tax liability, and decreases the resulting LCOE. .. raw:: html - - NPV Sensitivity Analysis Chart @@ -238,10 +238,11 @@ Phase I model in the GEOPHIRES web interface. ## Previous Versions -This page describes the current version of the `Fervo_Project_Cape-4` GEOPHIRES example. -Documentation is available for the following previous versions, which are deprecated in favor of the current version: +Documentation is available for the following previous case study versions, which are deprecated in favor of the current version: -1. [Fervo_Project_Cape-4_v2025-08-11](https://github.com/softwareengineerprogrammer/GEOPHIRES/blob/main/docs/Fervo_Project_Cape-4_v2025-08-11.md#case-study-500-mwe-egs-project-modeled-on-fervo-cape-station) +1. [Fervo_Project_Cape-4](Fervo_Project_Cape-4.html) + +{# TODO others e.g. Fervo_Project_Cape-3... #} --- diff --git a/docs/GEOPHIRES-Examples.md b/docs/GEOPHIRES-Examples.md index e3b33bba..cb549abb 100644 --- a/docs/GEOPHIRES-Examples.md +++ b/docs/GEOPHIRES-Examples.md @@ -7,4 +7,4 @@ or in the [web interface](https://gtp.scientificwebservices.com/geophires) under ## Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station -See documentation: [Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station](Fervo_Project_Cape-4.html). +See documentation: [Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station](Fervo_Project_Cape-5.html). diff --git a/docs/SAM-Economic-Models.md b/docs/SAM-Economic-Models.md index 37439764..32667950 100644 --- a/docs/SAM-Economic-Models.md +++ b/docs/SAM-Economic-Models.md @@ -121,7 +121,7 @@ Output Parameters: ### Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station -[Web interface link](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4) +[Web interface link](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-5) Documentation: [Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station](Fervo_Project_Cape-4.html). diff --git a/docs/_images/fervo_project_cape-4-net-power-production.png b/docs/_images/fervo_project_cape-4-net-power-production.png deleted file mode 100644 index 5297f55e..00000000 Binary files a/docs/_images/fervo_project_cape-4-net-power-production.png and /dev/null differ diff --git a/docs/_images/fervo_project_cape-4-production-temperature.png b/docs/_images/fervo_project_cape-4-production-temperature.png deleted file mode 100644 index 4ede93b7..00000000 Binary files a/docs/_images/fervo_project_cape-4-production-temperature.png and /dev/null differ diff --git a/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.png b/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.png deleted file mode 100644 index 1321e0fe..00000000 Binary files a/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.png and /dev/null differ diff --git a/docs/_images/fervo_project_cape-4-sensitivity-analysis-lcoe.png b/docs/_images/fervo_project_cape-4-sensitivity-analysis-lcoe.png deleted file mode 100644 index 2e173f19..00000000 Binary files a/docs/_images/fervo_project_cape-4-sensitivity-analysis-lcoe.png and /dev/null differ diff --git a/docs/_images/fervo_project_cape-4-sensitivity-analysis-project_npv.png b/docs/_images/fervo_project_cape-4-sensitivity-analysis-project_npv.png deleted file mode 100644 index bfdb8c0a..00000000 Binary files a/docs/_images/fervo_project_cape-4-sensitivity-analysis-project_npv.png and /dev/null differ diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png new file mode 100644 index 00000000..40c0c512 Binary files /dev/null and b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.png differ diff --git a/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.svg b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg similarity index 79% rename from docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.svg rename to docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg index c775743a..56f9ed64 100644 --- a/docs/_images/fervo_project_cape-4-sensitivity-analysis-irr.svg +++ b/docs/_images/fervo_project_cape-5-sensitivity-analysis-irr.svg @@ -1,12 +1,12 @@ - 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- + +" clip-path="url(#p33a37fe615)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#p33a37fe615)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + @@ -2126,10 +2139,10 @@ z - - - - + + + + + - + @@ -2158,13 +2203,13 @@ z - - - - + + + + - + @@ -2174,19 +2219,19 @@ z - - + +" clip-path="url(#p33a37fe615)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + @@ -2199,12 +2244,12 @@ z - - - + + + - + @@ -2214,19 +2259,19 @@ z - - + +" clip-path="url(#p33a37fe615)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + @@ -2240,14 +2285,38 @@ z - - - - + + + + + + + - + @@ -2256,13 +2325,13 @@ z - - - - + + + + - + @@ -2272,29 +2341,29 @@ z - - + +" clip-path="url(#p33a37fe615)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#p33a37fe615)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - 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- + +" clip-path="url(#p33a37fe615)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + + - + - - - - + + + + - + @@ -2669,13 +2749,13 @@ z - - - - + + + + - + @@ -2684,9 +2764,9 @@ z - + - + - + - - - + + - @@ -3133,7 +3194,7 @@ z - + @@ -3144,7 +3205,7 @@ z - + diff --git a/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.png b/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.png new file mode 100644 index 00000000..25ee3e3b Binary files /dev/null and b/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.png differ diff --git a/docs/_images/fervo_project_cape-4-sensitivity-analysis-project_npv.svg b/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.svg similarity index 82% rename from docs/_images/fervo_project_cape-4-sensitivity-analysis-project_npv.svg rename to docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.svg index 25f42d33..0ac5656e 100644 --- a/docs/_images/fervo_project_cape-4-sensitivity-analysis-project_npv.svg +++ b/docs/_images/fervo_project_cape-5-sensitivity-analysis-project_npv.svg @@ -6,7 +6,7 @@ - 2026-01-12T16:10:54.967504 + 2026-01-13T11:10:29.960383 image/svg+xml @@ -38,30 +38,30 @@ z " style="fill: #ffffff"/> - + - + - - + - + - + - + - + - + - + - + - + - + - + @@ -205,18 +205,18 @@ L 596.144128 97.55355 - + - + - + @@ -1117,7 +1117,7 @@ z - + + - - + + @@ -1570,19 +1600,19 @@ L 777.635625 97.55355 " style="fill: none; stroke: #aaaaaa; stroke-width: 0.8; stroke-linejoin: miter; stroke-linecap: square"/> - - + +" clip-path="url(#pc781ee75f3)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -1592,9 +1622,9 @@ z - - - + + + - - - - - + + - + - - - + + + - - + + - + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - - + + + + + - - - + + - + - + - + @@ -1931,19 +1939,19 @@ z - - + +" clip-path="url(#pc781ee75f3)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -1952,49 +1960,113 @@ z - - - + + + - + + - - - + + + - + - - - + + + - - - + + + @@ -2002,46 +2074,34 @@ z - - + +" clip-path="url(#pc781ee75f3)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - - - - - + + + - + - + - + - + @@ -2053,51 +2113,19 @@ z - - + +" clip-path="url(#pc781ee75f3)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - - - - + @@ -2107,9 +2135,9 @@ z - - - + + + - - - - + + + + + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - - + + + - + @@ -2154,9 +2183,9 @@ z - + - + @@ -2169,19 +2198,19 @@ z - - + +" clip-path="url(#pc781ee75f3)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2194,48 +2223,14 @@ z - - - - - - + + + - + @@ -2243,96 +2238,97 @@ z - - - + + + - - + + - + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#pc781ee75f3)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - - - - - - - - - - - - - - - - + + + + + + + + + + + + + + + + + + - - - + + + - - + + - + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#pc781ee75f3)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2347,48 +2343,47 @@ z - - - + + + - - - + + + - + - - - + + + - - - - - - + + + + + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2401,33 +2396,33 @@ z - - - + + + - - + + - + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2442,48 +2437,47 @@ z - - - + + + - - + + - + - - - + + + - - - - - - + + + + + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2496,43 +2490,43 @@ z - - - + + + - - + + - + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#pc781ee75f3)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - - - + + + - + - - - + + + - - - - - + + + + + + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - - + + + - - + + - + - + - + @@ -2626,19 +2621,19 @@ z - - + +" clip-path="url(#pc781ee75f3)" style="fill: #84d1a8; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + @@ -2650,127 +2645,126 @@ z - - - + + + - - + + - + - - - + + + - - + + - + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #808080; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - - + +" clip-path="url(#pc781ee75f3)" style="fill: #b0b0b0; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - - - - - - + + + + + - - + +" clip-path="url(#pc781ee75f3)" style="fill: #4ab67d; stroke: #ffffff; stroke-width: 0.5; stroke-linejoin: miter"/> - + - + - - - + + + - + - + - - - + + + - - - + + + - + - + - - - + + - - - + + + - + - + diff --git a/src/geophires_docs/__init__.py b/src/geophires_docs/__init__.py index e5c8a110..b51eb52d 100644 --- a/src/geophires_docs/__init__.py +++ b/src/geophires_docs/__init__.py @@ -2,4 +2,6 @@ from pathlib import Path -_PROJECT_ROOT = Path(__file__).parent.parent.parent +_PROJECT_ROOT: Path = Path(__file__).parent.parent.parent +_FPC5_INPUT_FILE_PATH: Path = _PROJECT_ROOT / 'tests/examples/Fervo_Project_Cape-5.txt' +_FPC5_RESULT_FILE_PATH: Path = _PROJECT_ROOT / 'tests/examples/Fervo_Project_Cape-4.out' diff --git a/src/geophires_docs/__main__.py b/src/geophires_docs/__main__.py index 7fc177bf..545afd1a 100644 --- a/src/geophires_docs/__main__.py +++ b/src/geophires_docs/__main__.py @@ -1,4 +1,4 @@ if __name__ == '__main__': - from geophires_docs import generate_fervo_project_cape_4_docs + from geophires_docs import generate_fervo_project_cape_5_docs - generate_fervo_project_cape_4_docs.generate_fervo_project_cape_4_docs() + generate_fervo_project_cape_5_docs.generate_fervo_project_cape_5_docs() diff --git a/src/geophires_docs/generate_fervo_project_cape_4_docs.py b/src/geophires_docs/generate_fervo_project_cape_5_docs.py similarity index 73% rename from src/geophires_docs/generate_fervo_project_cape_4_docs.py rename to src/geophires_docs/generate_fervo_project_cape_5_docs.py index 3e177873..15621b0f 100644 --- a/src/geophires_docs/generate_fervo_project_cape_4_docs.py +++ b/src/geophires_docs/generate_fervo_project_cape_5_docs.py @@ -2,9 +2,11 @@ from typing import Any +from geophires_docs import _FPC5_INPUT_FILE_PATH +from geophires_docs import _FPC5_RESULT_FILE_PATH from geophires_docs import _PROJECT_ROOT -from geophires_docs import generate_fervo_project_cape_4_md -from geophires_docs.generate_fervo_project_cape_4_graphs import generate_fervo_project_cape_4_graphs +from geophires_docs import generate_fervo_project_cape_5_md +from geophires_docs.generate_fervo_project_cape_5_graphs import generate_fervo_project_cape_5_graphs from geophires_x_client import GeophiresInputParameters from geophires_x_client import GeophiresXClient from geophires_x_client import GeophiresXResult @@ -16,6 +18,7 @@ 'Plant Lifetime': 15, } + # fmt:off def get_singh_et_al_base_simulation_result(base_input_params: GeophiresInputParameters) \ -> tuple[GeophiresInputParameters,GeophiresXResult]: @@ -32,21 +35,21 @@ def get_singh_et_al_base_simulation_result(base_input_params: GeophiresInputPara return singh_et_al_base_simulation_input_params, singh_et_al_base_simulation_result -def generate_fervo_project_cape_4_docs(): +def generate_fervo_project_cape_5_docs(): input_params: GeophiresInputParameters = ImmutableGeophiresInputParameters( - from_file_path=_PROJECT_ROOT / 'tests/examples/Fervo_Project_Cape-4.txt' + from_file_path=_FPC5_INPUT_FILE_PATH ) - result = GeophiresXResult(_PROJECT_ROOT / 'tests/examples/Fervo_Project_Cape-4.out') + result = GeophiresXResult(_FPC5_RESULT_FILE_PATH) singh_et_al_base_simulation:tuple[GeophiresInputParameters,GeophiresXResult] = get_singh_et_al_base_simulation_result(input_params) - generate_fervo_project_cape_4_graphs( + generate_fervo_project_cape_5_graphs( (input_params, result), singh_et_al_base_simulation, _PROJECT_ROOT / 'docs/_images' ) - generate_fervo_project_cape_4_md.generate_fervo_project_cape_4_md( + generate_fervo_project_cape_5_md.generate_fervo_project_cape_5_md( input_params, result, _SINGH_ET_AL_BASE_SIMULATION_PARAMETERS @@ -54,4 +57,4 @@ def generate_fervo_project_cape_4_docs(): if __name__ == '__main__': - generate_fervo_project_cape_4_docs() + generate_fervo_project_cape_5_docs() diff --git a/src/geophires_docs/generate_fervo_project_cape_4_graphs.py b/src/geophires_docs/generate_fervo_project_cape_5_graphs.py similarity index 92% rename from src/geophires_docs/generate_fervo_project_cape_4_graphs.py rename to src/geophires_docs/generate_fervo_project_cape_5_graphs.py index f9e088ca..38d01a3c 100644 --- a/src/geophires_docs/generate_fervo_project_cape_4_graphs.py +++ b/src/geophires_docs/generate_fervo_project_cape_5_graphs.py @@ -5,6 +5,8 @@ import numpy as np from matplotlib import pyplot as plt +from geophires_docs import _FPC5_INPUT_FILE_PATH +from geophires_docs import _FPC5_RESULT_FILE_PATH from geophires_docs import _PROJECT_ROOT from geophires_x_client import GeophiresInputParameters from geophires_x_client import GeophiresXResult @@ -12,7 +14,7 @@ def generate_net_power_graph( - result: GeophiresXResult, output_dir: Path, filename='fervo_project_cape-4-net-power-production.png' + result: GeophiresXResult, output_dir: Path, filename='fervo_project_cape-5-net-power-production.png' ) -> str: """ Generate a graph of time vs net power production and save it to the output directory. @@ -69,7 +71,7 @@ def generate_net_power_graph( def generate_production_temperature_graph( - result: GeophiresXResult, output_dir: Path, filename='fervo_project_cape-4-production-temperature.png' + result: GeophiresXResult, output_dir: Path, filename='fervo_project_cape-5-production-temperature.png' ) -> str: """ Generate a graph of time vs production temperature and save it to the output directory. @@ -133,7 +135,7 @@ def generate_production_temperature_graph( return filename -def generate_fervo_project_cape_4_graphs( +def generate_fervo_project_cape_5_graphs( base_case: tuple[GeophiresInputParameters, GeophiresXResult], singh_et_al_base_simulation: tuple[GeophiresInputParameters, GeophiresXResult], output_dir: Path, @@ -160,10 +162,8 @@ def generate_fervo_project_cape_4_graphs( docs_dir = _PROJECT_ROOT / 'docs' images_dir = docs_dir / '_images' - input_params_: GeophiresInputParameters = ImmutableGeophiresInputParameters( - from_file_path=_PROJECT_ROOT / 'tests/examples/Fervo_Project_Cape-4.txt' - ) + input_params_: GeophiresInputParameters = ImmutableGeophiresInputParameters(from_file_path=_FPC5_INPUT_FILE_PATH) - result_ = GeophiresXResult(_PROJECT_ROOT / 'tests/examples/Fervo_Project_Cape-4.out') + result_ = GeophiresXResult(_FPC5_RESULT_FILE_PATH) - generate_fervo_project_cape_4_graphs(input_params_, result_, images_dir) + generate_fervo_project_cape_5_graphs(input_params_, result_, images_dir) diff --git a/src/geophires_docs/generate_fervo_project_cape_4_md.py b/src/geophires_docs/generate_fervo_project_cape_5_md.py similarity index 89% rename from src/geophires_docs/generate_fervo_project_cape_4_md.py rename to src/geophires_docs/generate_fervo_project_cape_5_md.py index b643d77d..7c3e0916 100755 --- a/src/geophires_docs/generate_fervo_project_cape_4_md.py +++ b/src/geophires_docs/generate_fervo_project_cape_5_md.py @@ -1,6 +1,6 @@ #!python """ -Script to generate Fervo_Project_Cape-4.md from its jinja template. +Script to generate Fervo_Project_Cape-5.md from its jinja template. This ensures the markdown documentation stays in sync with actual GEOPHIRES results. """ @@ -14,6 +14,8 @@ from jinja2 import FileSystemLoader from pint.facets.plain import PlainQuantity +from geophires_docs import _FPC5_INPUT_FILE_PATH +from geophires_docs import _FPC5_RESULT_FILE_PATH from geophires_docs import _PROJECT_ROOT from geophires_x.GeoPHIRESUtils import is_int from geophires_x.GeoPHIRESUtils import sig_figs @@ -98,37 +100,37 @@ def _get_unit_display(parameter_units_from_schema: str) -> str: return f'{display_unit_prefix}{display_unit}' -def generate_fpc4_reservoir_parameters_table_md(input_params: GeophiresInputParameters) -> str: +def generate_fpc_reservoir_parameters_table_md(input_params: GeophiresInputParameters) -> str: params_to_exclude = [ 'Maximum Temperature', 'Reservoir Porosity', 'Reservoir Volume Option', ] - return get_fpc4_category_parameters_table_md( + return get_fpc_category_parameters_table_md( input_params, 'Reservoir', params_to_exclude, ) -def generate_fpc4_well_bores_parameters_table_md(input_params: GeophiresInputParameters) -> str: - return get_fpc4_category_parameters_table_md( +def generate_fpc_well_bores_parameters_table_md(input_params: GeophiresInputParameters) -> str: + return get_fpc_category_parameters_table_md( input_params, 'Well Bores', parameters_to_exclude=['Number of Multilateral Sections'], ) -def generate_fpc4_surface_plant_parameters_table_md(input_params: GeophiresInputParameters) -> str: - return get_fpc4_category_parameters_table_md( +def generate_fpc_surface_plant_parameters_table_md(input_params: GeophiresInputParameters) -> str: + return get_fpc_category_parameters_table_md( input_params, 'Surface Plant', parameters_to_exclude=['End-Use Option', 'Construction Years'], ) -def generate_fpc4_construction_parameters_table_md(input_params: GeophiresInputParameters) -> str: +def generate_fpc_construction_parameters_table_md(input_params: GeophiresInputParameters) -> str: input_params_dict = _get_input_parameters_dict( input_params, include_parameter_comments=True, include_line_comments=True ) @@ -148,13 +150,13 @@ def generate_fpc4_construction_parameters_table_md(input_params: GeophiresInputP f'{construction_input_params[schedule_param_name]}' f', -- {schedule_param_comment}' ) - return get_fpc4_category_parameters_table_md( + return get_fpc_category_parameters_table_md( ImmutableGeophiresInputParameters(params=construction_input_params), None ) -def generate_fpc4_economics_parameters_table_md(input_params: GeophiresInputParameters) -> str: - return get_fpc4_category_parameters_table_md( +def generate_fpc_economics_parameters_table_md(input_params: GeophiresInputParameters) -> str: + return get_fpc_category_parameters_table_md( input_params, 'Economics', parameters_to_exclude=[ @@ -167,7 +169,7 @@ def generate_fpc4_economics_parameters_table_md(input_params: GeophiresInputPara ) -def get_fpc4_category_parameters_table_md( +def get_fpc_category_parameters_table_md( input_params: GeophiresInputParameters, category_name: str | None, parameters_to_exclude: list[str] | None = None ) -> str: if parameters_to_exclude is None: @@ -243,7 +245,7 @@ def _q(d: dict[str, Any]) -> PlainQuantity: return PlainQuantity(d['value'], d['unit']) -def get_fpc4_input_parameter_values(input_params: GeophiresInputParameters, result: GeophiresXResult) -> dict[str, Any]: +def get_fpc5_input_parameter_values(input_params: GeophiresInputParameters, result: GeophiresXResult) -> dict[str, Any]: print('Extracting input parameter values...') params = _get_input_parameters_dict(input_params) @@ -398,7 +400,7 @@ def _total_fracture_surface_area_per_well_m2(result: GeophiresXResult) -> float: def generate_res_eng_reference_sim_params_table_md( base_case_input_params: GeophiresInputParameters, res_eng_reference_sim_params: dict[str, Any] ) -> str: - return get_fpc4_category_parameters_table_md( + return get_fpc_category_parameters_table_md( ImmutableGeophiresInputParameters( # from_file_path=base_case_input_params.as_file_path(), params=res_eng_reference_sim_params @@ -407,7 +409,7 @@ def generate_res_eng_reference_sim_params_table_md( ) -def generate_fervo_project_cape_4_md( +def generate_fervo_project_cape_5_md( input_params: GeophiresInputParameters, result: GeophiresXResult, res_eng_reference_sim_params: dict[str, Any] | None = None, @@ -416,14 +418,14 @@ def generate_fervo_project_cape_4_md( res_eng_reference_sim_params = {} # noinspection PyDictCreation - template_values = {**get_fpc4_input_parameter_values(input_params, result), **get_result_values(result)} + template_values = {**get_fpc5_input_parameter_values(input_params, result), **get_result_values(result)} for template_key, md_method in { - 'reservoir_parameters_table_md': generate_fpc4_reservoir_parameters_table_md, - 'surface_plant_parameters_table_md': generate_fpc4_surface_plant_parameters_table_md, - 'well_bores_parameters_table_md': generate_fpc4_well_bores_parameters_table_md, - 'economics_parameters_table_md': generate_fpc4_economics_parameters_table_md, - 'construction_parameters_table_md': generate_fpc4_construction_parameters_table_md, + 'reservoir_parameters_table_md': generate_fpc_reservoir_parameters_table_md, + 'surface_plant_parameters_table_md': generate_fpc_surface_plant_parameters_table_md, + 'well_bores_parameters_table_md': generate_fpc_well_bores_parameters_table_md, + 'economics_parameters_table_md': generate_fpc_economics_parameters_table_md, + 'construction_parameters_table_md': generate_fpc_construction_parameters_table_md, }.items(): template_values[template_key] = md_method(input_params) @@ -435,14 +437,14 @@ def generate_fervo_project_cape_4_md( # Set up Jinja environment env = Environment(loader=FileSystemLoader(docs_dir), autoescape=True) - template = env.get_template('Fervo_Project_Cape-4.md.jinja') + template = env.get_template('Fervo_Project_Cape-5.md.jinja') # Render template print('Rendering template...') output = template.render(**template_values) # Write output - output_file = docs_dir / 'Fervo_Project_Cape-4.md' + output_file = docs_dir / 'Fervo_Project_Cape-5.md' output_file.write_text(output, encoding='utf-8') print(f'✓ Generated {output_file}') @@ -454,14 +456,12 @@ def generate_fervo_project_cape_4_md( def main(): """ - Generate Fervo_Project_Cape-4.md (markdown documentation) from the Jinja template. + Generate Fervo_Project_Cape-5.md (markdown documentation) from the Jinja template. """ - input_params: GeophiresInputParameters = ImmutableGeophiresInputParameters( - from_file_path=_PROJECT_ROOT / 'tests/examples/Fervo_Project_Cape-4.txt' - ) - result = GeophiresXResult(_PROJECT_ROOT / 'tests/examples/Fervo_Project_Cape-4.out') - generate_fervo_project_cape_4_md(input_params, result) + input_params: GeophiresInputParameters = ImmutableGeophiresInputParameters(from_file_path=_FPC5_INPUT_FILE_PATH) + result = GeophiresXResult(_FPC5_RESULT_FILE_PATH) + generate_fervo_project_cape_5_md(input_params, result) if __name__ == '__main__': diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 7a98728e..60d36561 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,86 +6,73 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.25 Simulation Date: 2026-01-13 - Simulation Time: 09:55 - Calculation Time: 1.933 sec + Simulation Time: 11:08 + Calculation Time: 1.855 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 514.30 MW - Electricity breakeven price: 7.65 cents/kWh - Total CAPEX: 2841.08 MUSD - Number of production wells: 56 - Number of injection wells: 38 - Flowrate per production well: 106.0 kg/sec - Well depth: 2.7 kilometer - Segment 1 Geothermal gradient: 74 degC/km - Segment 1 Thickness: 2.5 kilometer - Segment 2 Geothermal gradient: 41 degC/km - Segment 2 Thickness: 0.5 kilometer - Segment 3 Geothermal gradient: 39.1 degC/km + Average Net Electricity Production: 532.53 MW + Electricity breakeven price: 8.11 cents/kWh + Total CAPEX: 2660.87 MUSD + Number of production wells: 59 + Number of injection wells: 59 + Flowrate per production well: 107.0 kg/sec + Well depth: 2.6 kilometer + Geothermal gradient: 74 degC/km ***ECONOMIC PARAMETERS*** Economic Model = SAM Single Owner PPA Real Discount Rate: 12.00 % - Nominal Discount Rate: 15.02 % - WACC: 9.04 % + Nominal Discount Rate: 14.58 % + WACC: 8.30 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 269.51 MUSD - After-tax IRR: 25.43 % + Project NPV: 483.35 MUSD + After-tax IRR: 27.55 % Project VIR=PI=PIR: 1.45 - Project MOIC: 4.71 - Project Payback Period: 5.01 yr - Estimated Jobs Created: 1262 + Project MOIC: 4.20 + Project Payback Period: 2.33 yr + Estimated Jobs Created: 1300 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 56 - Number of Injection Wells: 38 - Well depth: 2.7 kilometer - Water loss rate: 1.0 % + Number of Production Wells: 59 + Number of Injection Wells: 59 + Well depth: 2.6 kilometer + Water loss rate: 15.0 % Pump efficiency: 80.0 % Injection temperature: 56.6 degC Production Wellbore heat transmission calculated with Ramey's model Average production well temperature drop: 0.6 degC - Flowrate per production well: 106.0 kg/sec - Injection well casing ID: 8.535 in - Production well casing ID: 8.535 in - Number of times redrilling: 2 + Flowrate per production well: 107.0 kg/sec + Injection well casing ID: 9.625 in + Production well casing ID: 9.625 in + Number of times redrilling: 3 Power plant type: Supercritical ORC ***RESOURCE CHARACTERISTICS*** Maximum reservoir temperature: 500.0 degC - Number of segments: 3 - Segment 1 Geothermal gradient: 74 degC/km - Segment 1 Thickness: 2.5 kilometer - Segment 2 Geothermal gradient: 41 degC/km - Segment 2 Thickness: 0.5 kilometer - Segment 3 Geothermal gradient: 39.1 degC/km + Number of segments: 1 + Geothermal gradient: 74 degC/km ***RESERVOIR PARAMETERS*** Reservoir Model = Multiple Parallel Fractures Model (Gringarten) - Bottom-hole temperature: 205.38 degC - Fracture model = Rectangular - Well separation: fracture height: 135.00 meter - Fracture width: 304.80 meter - Fracture area: 41148.00 m**2 + Bottom-hole temperature: 201.72 degC + Fracture model = Square + Well separation: fracture height: 165.30 meter + Fracture area: 27324.09 m**2 Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 14100 - Fracture separation: 9.14 meter - Reservoir volume: 5302531259 m**3 - Reservoir hydrostatic pressure: 25324.54 kPa - Plant outlet pressure: 13789.51 kPa - Production wellhead pressure: 2082.43 kPa - Productivity Index: 1.25 kg/sec/bar - Injectivity Index: 1.51 kg/sec/bar + Number of fractures: 12036 + Fracture separation: 18.00 meter + Reservoir volume: 5919217617 m**3 + Reservoir impedance: 0.0016 GPa.s/m**3 Reservoir density: 2800.00 kg/m**3 Reservoir thermal conductivity: 3.05 W/m/K Reservoir heat capacity: 790.00 J/kg/K @@ -93,57 +80,59 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 203.3 degC - Average Production Temperature: 203.1 degC - Minimum Production Temperature: 201.4 degC - Initial Production Temperature: 201.9 degC - Average Reservoir Heat Extraction: 3638.13 MW + Maximum Production Temperature: 199.6 degC + Average Production Temperature: 199.0 degC + Minimum Production Temperature: 195.4 degC + Initial Production Temperature: 198.2 degC + Average Reservoir Heat Extraction: 3761.51 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 0.6 degC - Average Injection Well Pump Pressure Drop: -2292.0 kPa - Average Production Well Pump Pressure Drop: 9265.1 kPa + Total Average Pressure Drop: 8521.8 kPa + Average Injection Well Pressure Drop: 600.9 kPa + Average Reservoir Pressure Drop: 10344.9 kPa + Average Production Well Pressure Drop: 504.2 kPa + Average Buoyancy Pressure Drop: -2928.2 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 436.98 MUSD - Drilling and completion costs per well: 4.65 MUSD - Stimulation costs: 454.02 MUSD - Surface power plant costs: 1455.02 MUSD - Field gathering system costs: 46.68 MUSD - Total surface equipment costs: 1501.71 MUSD + Drilling and completion costs: 467.75 MUSD + Drilling and completion costs per well: 3.96 MUSD + Stimulation costs: 542.80 MUSD + Surface power plant costs: 1504.05 MUSD + Field gathering system costs: 56.44 MUSD + Total surface equipment costs: 1560.49 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2422.71 MUSD - Interest during construction: 122.43 MUSD - Inflation costs during construction: 295.94 MUSD - Total CAPEX: 2841.08 MUSD + Overnight Capital Cost: 2601.04 MUSD + Inflation costs during construction: 59.82 MUSD + Total CAPEX: 2660.87 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 5.79 MUSD/yr - Power plant maintenance costs: 24.68 MUSD/yr - Water costs: 3.12 MUSD/yr - Redrilling costs: 59.40 MUSD/yr - Total operating and maintenance costs: 92.98 MUSD/yr + Wellfield maintenance costs: 6.20 MUSD/yr + Power plant maintenance costs: 25.43 MUSD/yr + Water costs: 24.86 MUSD/yr + Redrilling costs: 101.05 MUSD/yr + Total operating and maintenance costs: 157.54 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 594.57 MW - Average Total Electricity Generation: 592.72 MW - Minimum Total Electricity Generation: 580.64 MW - Initial Total Electricity Generation: 584.15 MW - Maximum Net Electricity Generation: 516.20 MW - Average Net Electricity Generation: 514.30 MW - Minimum Net Electricity Generation: 501.90 MW - Initial Net Electricity Generation: 505.64 MW - Average Annual Total Electricity Generation: 4673.14 GWh - Average Annual Net Electricity Generation: 4054.82 GWh - Initial pumping power/net installed power: 15.53 % - Average Pumping Power: 78.43 MW - Heat to Power Conversion Efficiency: 14.14 % + Maximum Total Electricity Generation: 614.60 MW + Average Total Electricity Generation: 610.21 MW + Minimum Total Electricity Generation: 583.15 MW + Initial Total Electricity Generation: 604.35 MW + Maximum Net Electricity Generation: 537.14 MW + Average Net Electricity Generation: 532.53 MW + Minimum Net Electricity Generation: 504.44 MW + Initial Net Electricity Generation: 526.63 MW + Average Annual Total Electricity Generation: 4810.97 GWh + Average Annual Net Electricity Generation: 4198.60 GWh + Initial pumping power/net installed power: 14.76 % + Average Pumping Power: 77.67 MW + Heat to Power Conversion Efficiency: 14.16 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -151,36 +140,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 201.86 78.5157 505.6387 14.0135 - 2 1.0049 202.85 78.4819 512.7406 14.1138 - 3 1.0058 203.04 78.4756 514.0612 14.1323 - 4 1.0063 203.13 78.4723 514.7483 14.1419 - 5 1.0066 203.19 78.4702 515.2028 14.1483 - 6 1.0069 203.24 78.4686 515.5383 14.1530 - 7 1.0070 203.28 78.4673 515.8007 14.1566 - 8 1.0072 203.31 78.4663 516.0162 14.1596 - 9 1.0072 203.32 78.4674 516.0947 14.1607 - 10 1.0068 203.22 78.4835 515.3694 14.1504 - 11 1.0029 202.44 78.5926 509.7332 14.0702 - 12 1.0035 202.57 78.4606 510.7748 14.0866 - 13 1.0054 202.95 78.4543 513.4533 14.1241 - 14 1.0061 203.08 78.4428 514.4202 14.1377 - 15 1.0065 203.16 78.4264 515.0019 14.1461 - 16 1.0067 203.22 78.4077 515.4152 14.1521 - 17 1.0069 203.26 78.3905 515.7322 14.1567 - 18 1.0071 203.29 78.3773 515.9873 14.1605 - 19 1.0072 203.32 78.3693 516.1714 14.1631 - 20 1.0072 203.31 78.3693 516.1027 14.1622 - 21 1.0059 203.04 78.4072 514.1694 14.1347 - 22 0.9987 201.59 78.6103 503.6640 13.9843 - 23 1.0047 202.80 78.3611 512.4807 14.1118 - 24 1.0057 203.01 78.3611 514.0213 14.1333 - 25 1.0062 203.12 78.3611 514.7665 14.1437 - 26 1.0066 203.19 78.3612 515.2464 14.1504 - 27 1.0068 203.23 78.3613 515.5957 14.1552 - 28 1.0070 203.27 78.3614 515.8665 14.1590 - 29 1.0072 203.30 78.3615 516.0907 14.1621 - 30 1.0072 203.32 78.3630 516.2033 14.1636 + 1 1.0000 198.22 77.7286 526.6263 14.0769 + 2 1.0051 199.24 77.6662 534.3539 14.1818 + 3 1.0061 199.42 77.6547 535.7721 14.2009 + 4 1.0065 199.52 77.6489 536.5044 14.2108 + 5 1.0068 199.57 77.6474 536.9145 14.2163 + 6 1.0067 199.55 77.6626 536.7091 14.2133 + 7 1.0054 199.29 77.7347 534.6638 14.1850 + 8 1.0012 198.47 77.9449 528.2545 14.0960 + 9 0.9919 196.61 78.4108 513.7990 13.8924 + 10 1.0040 199.02 77.6265 532.7400 14.1607 + 11 1.0057 199.35 77.6184 535.2509 14.1944 + 12 1.0063 199.48 77.6077 536.2282 14.2076 + 13 1.0067 199.55 77.5951 536.8041 14.2155 + 14 1.0068 199.58 77.5874 537.0016 14.2182 + 15 1.0063 199.46 77.6101 536.1193 14.2061 + 16 1.0038 198.97 77.7249 532.3053 14.1535 + 17 0.9974 197.70 78.0349 522.3915 14.0153 + 18 1.0000 198.22 77.5160 526.8389 14.0826 + 19 1.0051 199.24 77.5030 534.5170 14.1861 + 20 1.0061 199.42 77.4920 535.9348 14.2052 + 21 1.0065 199.52 77.4831 536.6702 14.2152 + 22 1.0068 199.57 77.4784 537.0835 14.2208 + 23 1.0067 199.55 77.4911 536.8806 14.2179 + 24 1.0054 199.29 77.5620 534.8365 14.1896 + 25 1.0012 198.47 77.7729 528.4265 14.1006 + 26 0.9919 196.61 78.2420 513.9678 13.8970 + 27 1.0040 199.02 77.4599 532.9067 14.1651 + 28 1.0057 199.35 77.4589 535.4103 14.1987 + 29 1.0063 199.48 77.4584 536.3775 14.2116 + 30 1.0067 199.55 77.4587 536.9405 14.2191 ******************************************************************* @@ -189,273 +178,273 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4024.1 28577.9 1642.19 5.90 - 2 4048.4 28662.4 1539.01 11.81 - 3 4055.8 28688.1 1435.73 17.73 - 4 4060.2 28703.3 1332.40 23.65 - 5 4063.2 28714.0 1229.03 29.57 - 6 4065.6 28722.1 1125.63 35.50 - 7 4067.5 28728.6 1022.20 41.42 - 8 4068.7 28733.0 918.76 47.35 - 9 4067.2 28728.0 815.34 53.28 - 10 4046.8 28658.1 712.17 59.19 - 11 3996.4 28483.4 609.63 65.07 - 12 4040.1 28632.9 506.56 70.97 - 13 4052.3 28675.2 403.32 76.89 - 14 4058.1 28695.2 300.02 82.81 - 15 4062.0 28708.2 196.67 88.73 - 16 4064.8 28717.6 93.29 94.65 - 17 4067.1 28725.0 -10.12 100.58 - 18 4068.9 28730.9 -113.55 106.51 - 19 4069.5 28733.2 -216.99 112.43 - 20 4063.9 28713.9 -320.36 118.36 - 21 4021.7 28569.4 -423.21 124.25 - 22 4012.9 28536.1 -525.94 130.14 - 23 4047.4 28655.9 -629.10 136.05 - 24 4055.7 28684.9 -732.37 141.97 - 25 4060.4 28701.2 -835.69 147.89 - 26 4063.6 28712.4 -939.06 153.81 - 27 4066.1 28720.9 -1042.45 159.74 - 28 4068.0 28727.6 -1145.87 165.66 - 29 4069.4 28732.6 -1249.31 171.59 - 30 4069.0 28731.3 -1352.74 177.52 + 1 4192.9 29636.9 1793.40 5.62 + 2 4219.2 29728.1 1686.38 11.25 + 3 4227.2 29755.6 1579.26 16.89 + 4 4231.6 29771.1 1472.08 22.53 + 5 4232.9 29775.6 1364.89 28.17 + 6 4225.2 29749.9 1257.79 33.80 + 7 4194.0 29644.4 1151.07 39.42 + 8 4114.4 29374.5 1045.32 44.99 + 9 4101.4 29325.8 939.75 50.54 + 10 4212.2 29702.5 832.82 56.17 + 11 4224.2 29744.1 725.74 61.80 + 12 4230.1 29764.4 618.59 67.44 + 13 4233.3 29775.3 511.40 73.09 + 14 4231.4 29768.8 404.23 78.73 + 15 4214.5 29711.6 297.27 84.36 + 16 4162.9 29536.5 190.94 89.95 + 17 4055.6 29171.2 85.92 95.48 + 18 4194.3 29636.9 -20.77 101.09 + 19 4220.5 29728.1 -127.79 106.73 + 20 4228.5 29755.6 -234.91 112.36 + 21 4233.0 29771.1 -342.09 118.00 + 22 4234.2 29775.6 -449.28 123.65 + 23 4226.6 29749.9 -556.38 129.28 + 24 4195.3 29644.4 -663.10 134.90 + 25 4115.7 29374.5 -768.85 140.46 + 26 4102.7 29325.8 -874.42 146.02 + 27 4213.5 29702.5 -981.35 151.65 + 28 4225.4 29744.1 -1088.43 157.28 + 29 4231.2 29764.4 -1195.58 162.92 + 30 4234.3 29775.2 -1302.77 168.56 *************************** * SAM CASH FLOW PROFILE * *************************** ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION -Capital expenditure schedule [construction] (%) 1.40 2.70 13.70 27.40 54.80 -Overnight capital expenditure [construction] ($) -33,917,947 -65,413,184 -331,911,340 -663,822,680 -1,327,645,359 +Capital expenditure schedule [construction] (%) 100.0 +Overnight capital expenditure [construction] ($) -2,601,042,401 plus: -Inflation cost [construction] ($) -915,785 -3,579,998 -27,617,242 -74,649,027 -189,175,525 +Inflation cost [construction] ($) -59,823,975 equals: -Nominal capital expenditure [construction] ($) -34,833,732 -68,993,182 -359,528,581 -738,471,706 -1,516,820,885 +Nominal capital expenditure [construction] ($) -2,660,866,376 -Issuance of equity [construction] ($) 12,191,806 24,147,614 125,835,003 258,465,097 530,887,310 -Issuance of debt [construction] ($) 22,641,926 44,845,568 233,693,578 480,006,609 985,933,575 -Debt balance [construction] ($) 22,641,926 69,751,686 310,420,433 821,469,085 1,889,549,569 -Debt interest payment [construction] ($) 0 2,264,193 6,975,169 31,042,043 82,146,909 +Issuance of equity [construction] ($) 1,064,346,550 +Issuance of debt [construction] ($) 1,596,519,826 +Debt balance [construction] ($) 1,596,519,826 +Debt interest payment [construction] ($) 0 -Installed cost [construction] ($) -34,833,732 -71,257,374 -366,503,750 -769,513,750 -1,598,967,793 -After-tax net cash flow [construction] ($) -12,191,806 -24,147,614 -125,835,003 -258,465,097 -530,887,310 +Installed cost [construction] ($) -2,660,866,376 +After-tax net cash flow [construction] ($) -1,064,346,550 ENERGY -Electricity to grid (kWh) 0.0 4,024,187,776 4,048,507,637 4,055,919,971 4,060,303,898 4,063,373,616 4,065,709,569 4,067,599,147 4,068,859,708 4,067,370,054 4,046,926,872 3,996,514,514 4,040,199,049 4,052,409,446 4,058,267,321 4,062,117,901 4,064,968,907 4,067,199,592 4,068,987,346 4,069,684,976 4,064,032,399 4,021,809,819 4,012,988,812 4,047,561,777 4,055,870,532 4,060,558,901 4,063,776,840 4,066,200,226 4,068,140,886 4,069,555,940 4,069,151,686 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 4,024,187,776 4,048,507,637 4,055,919,971 4,060,303,898 4,063,373,616 4,065,709,569 4,067,599,147 4,068,859,708 4,067,370,054 4,046,926,872 3,996,514,514 4,040,199,049 4,052,409,446 4,058,267,321 4,062,117,901 4,064,968,907 4,067,199,592 4,068,987,346 4,069,684,976 4,064,032,399 4,021,809,819 4,012,988,812 4,047,561,777 4,055,870,532 4,060,558,901 4,063,776,840 4,066,200,226 4,068,140,886 4,069,555,940 4,069,151,686 +Electricity to grid (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 REVENUE -PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 382,297,839 384,608,226 387,624,272 390,357,617 392,968,862 395,512,227 398,014,577 400,457,172 402,628,962 402,912,039 400,170,998 406,848,044 410,387,505 413,293,944 416,001,494 418,610,498 421,158,518 423,662,962 426,055,320 427,780,050 425,628,133 426,982,010 432,967,683 436,168,317 438,987,023 441,651,267 444,232,375 446,763,232 449,238,280 451,513,071 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,420,538,199 -Total revenue ($) 0 382,297,839 384,608,226 387,624,272 390,357,617 392,968,862 395,512,227 398,014,577 400,457,172 402,628,962 402,912,039 400,170,998 406,848,044 410,387,505 413,293,944 416,001,494 418,610,498 421,158,518 423,662,962 426,055,320 427,780,050 425,628,133 426,982,010 432,967,683 436,168,317 438,987,023 441,651,267 444,232,375 446,763,232 449,238,280 1,872,051,270 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 469,876,708 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,330,433,188 +Total revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 1,800,309,896 -Property tax net assessed value ($) 0 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 +Property tax net assessed value ($) 0 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 OPERATING EXPENSES -O&M fixed expense ($) 0 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 +O&M fixed expense ($) 0 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 -EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 OPERATING ACTIVITIES -EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 151,163,966 149,829,576 148,388,435 146,832,002 145,151,055 143,335,633 141,374,976 139,257,467 136,970,558 134,500,695 131,833,244 128,952,396 125,841,081 122,480,860 118,851,822 114,932,461 110,699,550 106,128,007 101,190,741 95,858,493 90,099,665 83,880,132 77,163,035 69,908,571 62,073,749 53,612,142 44,473,607 34,603,988 23,944,800 12,432,877 -Cash flow from operating activities ($) 0 131,900,159 135,544,935 140,002,122 144,291,900 148,584,092 152,942,880 157,405,886 161,965,990 166,424,689 169,177,630 169,104,040 178,661,933 185,312,709 191,579,369 197,915,958 204,444,323 211,225,253 218,301,241 225,630,865 232,687,843 236,294,753 243,868,163 256,570,934 267,026,032 277,679,559 288,805,410 300,525,054 312,925,529 326,059,766 1,760,384,679 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 +Cash flow from operating activities ($) 0 151,411,532 155,123,040 159,568,146 163,761,606 167,722,531 170,897,291 171,841,338 168,078,398 170,915,862 186,161,722 191,742,352 196,838,284 201,785,121 206,335,570 209,483,932 209,165,277 203,182,215 222,834,531 231,029,478 237,507,383 243,810,708 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 INVESTING ACTIVITIES -Total installed cost ($) -2,841,076,399 -Debt closing costs ($) 0 -Debt up-front fee ($) 0 +Total installed cost ($) -2,660,866,376 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 minus: -Total IBI income ($) 0 -Total CBI income ($) 0 +Total IBI income ($) 0 +Total CBI income ($) 0 equals: -Purchase of property ($) -2,841,076,399 +Purchase of property ($) -2,660,866,376 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,841,076,399 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,660,866,376 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 951,526,830 -Size of debt ($) 1,889,549,569 +Issuance of equity ($) 1,064,346,550 +Size of debt ($) 1,596,519,826 minus: -Debt principal payment ($) 0 16,679,873 18,014,263 19,455,404 21,011,836 22,692,783 24,508,206 26,468,862 28,586,371 30,873,281 33,343,143 36,010,595 38,891,442 42,002,758 45,362,978 48,992,016 52,911,378 57,144,288 61,715,831 66,653,098 71,985,345 77,744,173 83,963,707 90,680,803 97,935,268 105,770,089 114,231,696 123,370,232 133,239,850 143,899,038 155,410,962 +Debt principal payment ($) 0 21,660,102 22,873,068 24,153,960 25,506,582 26,934,950 28,443,308 30,036,133 31,718,156 33,494,373 35,370,058 37,350,781 39,442,425 41,651,201 43,983,668 46,446,753 49,047,771 51,794,447 54,694,936 57,757,852 60,992,292 64,407,860 68,014,700 71,823,524 75,845,641 80,092,997 84,578,205 89,314,584 94,316,201 99,597,908 105,175,391 equals: -Cash flow from financing activities ($) 2,841,076,399 -16,679,873 -18,014,263 -19,455,404 -21,011,836 -22,692,783 -24,508,206 -26,468,862 -28,586,371 -30,873,281 -33,343,143 -36,010,595 -38,891,442 -42,002,758 -45,362,978 -48,992,016 -52,911,378 -57,144,288 -61,715,831 -66,653,098 -71,985,345 -77,744,173 -83,963,707 -90,680,803 -97,935,268 -105,770,089 -114,231,696 -123,370,232 -133,239,850 -143,899,038 -155,410,962 +Cash flow from financing activities ($) 2,660,866,376 -21,660,102 -22,873,068 -24,153,960 -25,506,582 -26,934,950 -28,443,308 -30,036,133 -31,718,156 -33,494,373 -35,370,058 -37,350,781 -39,442,425 -41,651,201 -43,983,668 -46,446,753 -49,047,771 -51,794,447 -54,694,936 -57,757,852 -60,992,292 -64,407,860 -68,014,700 -71,823,524 -75,845,641 -80,092,997 -84,578,205 -89,314,584 -94,316,201 -99,597,908 -105,175,391 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 131,900,159 135,544,935 140,002,122 144,291,900 148,584,092 152,942,880 157,405,886 161,965,990 166,424,689 169,177,630 169,104,040 178,661,933 185,312,709 191,579,369 197,915,958 204,444,323 211,225,253 218,301,241 225,630,865 232,687,843 236,294,753 243,868,163 256,570,934 267,026,032 277,679,559 288,805,410 300,525,054 312,925,529 326,059,766 1,760,384,679 -Cash flow from investing activities ($) -2,841,076,399 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,841,076,399 -16,679,873 -18,014,263 -19,455,404 -21,011,836 -22,692,783 -24,508,206 -26,468,862 -28,586,371 -30,873,281 -33,343,143 -36,010,595 -38,891,442 -42,002,758 -45,362,978 -48,992,016 -52,911,378 -57,144,288 -61,715,831 -66,653,098 -71,985,345 -77,744,173 -83,963,707 -90,680,803 -97,935,268 -105,770,089 -114,231,696 -123,370,232 -133,239,850 -143,899,038 -155,410,962 -Total pre-tax cash flow ($) 0 115,220,286 117,530,673 120,546,719 123,280,064 125,891,309 128,434,674 130,937,024 133,379,619 135,551,409 135,834,486 133,093,445 139,770,491 143,309,952 146,216,391 148,923,941 151,532,945 154,080,965 156,585,409 158,977,767 160,702,497 158,550,580 159,904,457 165,890,130 169,090,764 171,909,470 174,573,714 177,154,822 179,685,679 182,160,727 1,604,973,717 +Cash flow from operating activities ($) 0 151,411,532 155,123,040 159,568,146 163,761,606 167,722,531 170,897,291 171,841,338 168,078,398 170,915,862 186,161,722 191,742,352 196,838,284 201,785,121 206,335,570 209,483,932 209,165,277 203,182,215 222,834,531 231,029,478 237,507,383 243,810,708 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 +Cash flow from investing activities ($) -2,660,866,376 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,660,866,376 -21,660,102 -22,873,068 -24,153,960 -25,506,582 -26,934,950 -28,443,308 -30,036,133 -31,718,156 -33,494,373 -35,370,058 -37,350,781 -39,442,425 -41,651,201 -43,983,668 -46,446,753 -49,047,771 -51,794,447 -54,694,936 -57,757,852 -60,992,292 -64,407,860 -68,014,700 -71,823,524 -75,845,641 -80,092,997 -84,578,205 -89,314,584 -94,316,201 -99,597,908 -105,175,391 +Total pre-tax cash flow ($) 0 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 Pre-tax Returns: -Issuance of equity ($) 951,526,830 -Total pre-tax cash flow ($) 0 115,220,286 117,530,673 120,546,719 123,280,064 125,891,309 128,434,674 130,937,024 133,379,619 135,551,409 135,834,486 133,093,445 139,770,491 143,309,952 146,216,391 148,923,941 151,532,945 154,080,965 156,585,409 158,977,767 160,702,497 158,550,580 159,904,457 165,890,130 169,090,764 171,909,470 174,573,714 177,154,822 179,685,679 182,160,727 1,604,973,717 -Total pre-tax returns ($) -951,526,830 115,220,286 117,530,673 120,546,719 123,280,064 125,891,309 128,434,674 130,937,024 133,379,619 135,551,409 135,834,486 133,093,445 139,770,491 143,309,952 146,216,391 148,923,941 151,532,945 154,080,965 156,585,409 158,977,767 160,702,497 158,550,580 159,904,457 165,890,130 169,090,764 171,909,470 174,573,714 177,154,822 179,685,679 182,160,727 1,604,973,717 +Issuance of equity ($) 1,064,346,550 +Total pre-tax cash flow ($) 0 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 +Total pre-tax returns ($) -1,064,346,550 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 After-tax Returns: -Total pre-tax returns ($) -951,526,830 115,220,286 117,530,673 120,546,719 123,280,064 125,891,309 128,434,674 130,937,024 133,379,619 135,551,409 135,834,486 133,093,445 139,770,491 143,309,952 146,216,391 148,923,941 151,532,945 154,080,965 156,585,409 158,977,767 160,702,497 158,550,580 159,904,457 165,890,130 169,090,764 171,909,470 174,573,714 177,154,822 179,685,679 182,160,727 1,604,973,717 -Federal ITC total income ($) 0 852,322,920 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -14,337,287 -2,966,423 -3,859,844 -4,719,709 -5,580,057 -6,453,754 -7,348,341 -8,262,392 -9,156,116 -9,707,929 -9,693,178 -11,609,010 -12,942,125 -14,198,245 -15,468,383 -16,776,961 -18,136,165 -19,554,511 -21,023,697 -22,438,233 -35,262,661 -48,882,154 -51,428,361 -53,524,033 -55,659,479 -57,889,600 -60,238,744 -62,724,358 -65,357,050 -352,860,307 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -3,254,491 -673,363 -876,165 -1,071,350 -1,266,645 -1,464,970 -1,668,036 -1,875,521 -2,078,392 -2,203,651 -2,200,302 -2,635,186 -2,937,797 -3,222,930 -3,511,245 -3,808,285 -4,116,818 -4,438,775 -4,772,273 -5,093,365 -8,004,446 -11,096,001 -11,673,977 -12,149,684 -12,634,420 -13,140,646 -13,673,890 -14,238,112 -14,835,719 -80,097,503 -Total after-tax returns ($) -951,526,830 949,951,427 113,890,886 115,810,709 117,489,005 119,044,607 120,515,950 121,920,646 123,241,707 124,316,901 123,922,907 121,199,965 125,526,295 127,430,030 128,795,216 129,944,314 130,947,699 131,827,983 132,592,124 133,181,797 133,170,899 115,283,473 99,926,301 102,787,792 103,417,047 103,615,571 103,543,467 103,242,187 102,723,210 101,967,958 1,172,015,908 - -After-tax net cash flow ($) -12,191,806 -24,147,614 -125,835,003 -258,465,097 -530,887,310 949,951,427 113,890,886 115,810,709 117,489,005 119,044,607 120,515,950 121,920,646 123,241,707 124,316,901 123,922,907 121,199,965 125,526,295 127,430,030 128,795,216 129,944,314 130,947,699 131,827,983 132,592,124 133,181,797 133,170,899 115,283,473 99,926,301 102,787,792 103,417,047 103,615,571 103,543,467 103,242,187 102,723,210 101,967,958 1,172,015,908 -After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -0.10 6.42 11.46 15.14 17.79 19.71 21.11 22.14 22.91 23.49 23.91 24.24 24.50 24.70 24.86 24.99 25.08 25.16 25.22 25.27 25.30 25.32 25.34 25.35 25.37 25.38 25.38 25.39 25.39 25.43 -After-tax cumulative NPV ($) -12,191,806 -33,185,350 -128,294,989 -298,133,629 -601,416,917 -129,615,688 -80,439,125 -36,965,139 1,378,162 35,154,575 64,882,176 91,028,108 114,005,255 134,155,490 151,618,258 166,466,515 179,836,141 191,635,757 202,004,052 211,098,501 219,066,120 226,039,604 232,137,380 237,462,264 242,091,253 245,575,071 248,200,375 250,548,131 252,601,727 254,390,518 255,944,581 257,291,727 258,457,027 259,462,671 269,511,736 +Total pre-tax returns ($) -1,064,346,550 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 +Federal ITC total income ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -18,527,744 -8,209,674 -9,077,803 -9,896,786 -10,670,354 -11,290,385 -11,474,757 -10,739,855 -11,294,012 -14,271,528 -15,361,425 -16,356,661 -17,322,778 -18,211,481 -18,826,356 -18,764,123 -17,595,630 -21,433,728 -23,034,201 -24,299,336 -36,573,303 -48,818,228 -49,873,474 -50,473,366 -50,088,646 -51,146,991 -54,892,284 -56,593,494 -58,221,132 -319,681,830 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 +Total after-tax returns ($) -1,064,346,550 902,842,830 121,097,763 123,082,690 124,811,004 126,292,727 127,116,866 126,217,632 121,770,976 122,079,444 131,404,893 133,524,258 135,176,596 136,602,262 137,613,009 137,463,025 134,627,892 127,485,460 139,023,528 141,981,439 143,506,316 129,720,834 115,634,823 115,795,735 114,030,354 108,335,718 107,831,906 117,184,960 118,583,135 119,424,446 1,097,437,209 + +After-tax net cash flow ($) -1,064,346,550 902,842,830 121,097,763 123,082,690 124,811,004 126,292,727 127,116,866 126,217,632 121,770,976 122,079,444 131,404,893 133,524,258 135,176,596 136,602,262 137,613,009 137,463,025 134,627,892 127,485,460 139,023,528 141,981,439 143,506,316 129,720,834 115,634,823 115,795,735 114,030,354 108,335,718 107,831,906 117,184,960 118,583,135 119,424,446 1,097,437,209 +After-tax cumulative IRR (%) NaN -15.17 -3.40 5.89 12.37 16.79 19.80 21.87 23.28 24.29 25.09 25.68 26.13 26.46 26.72 26.91 27.06 27.16 27.25 27.32 27.37 27.41 27.44 27.46 27.47 27.49 27.49 27.50 27.51 27.51 27.55 +After-tax cumulative NPV ($) -1,064,346,550 -276,360,558 -184,114,290 -102,283,638 -29,860,348 34,099,889 90,287,587 138,980,351 179,981,359 215,856,998 249,560,495 279,450,773 305,861,334 329,155,135 349,636,000 367,491,872 382,754,754 395,369,209 407,375,324 418,077,007 427,517,570 434,965,626 440,760,290 445,824,812 450,177,652 453,787,012 456,922,551 459,896,566 462,523,206 464,831,958 483,348,931 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -951,526,830 567,653,588 -270,717,339 -271,813,562 -272,868,612 -273,924,255 -274,996,277 -276,093,931 -277,215,466 -278,312,061 -278,989,132 -278,971,033 -281,321,750 -282,957,475 -284,498,728 -286,057,181 -287,662,799 -289,330,535 -291,070,839 -292,873,523 -294,609,152 -310,344,660 -327,055,708 -330,179,891 -332,751,270 -335,371,452 -338,107,800 -340,990,187 -344,040,022 -347,270,322 720,502,837 -PPA revenue ($) 0 382,297,839 384,608,226 387,624,272 390,357,617 392,968,862 395,512,227 398,014,577 400,457,172 402,628,962 402,912,039 400,170,998 406,848,044 410,387,505 413,293,944 416,001,494 418,610,498 421,158,518 423,662,962 426,055,320 427,780,050 425,628,133 426,982,010 432,967,683 436,168,317 438,987,023 441,651,267 444,232,375 446,763,232 449,238,280 451,513,071 -Electricity to grid (kWh) 0.0 4,024,187,776 4,048,507,637 4,055,919,971 4,060,303,898 4,063,373,616 4,065,709,569 4,067,599,147 4,068,859,708 4,067,370,054 4,046,926,872 3,996,514,514 4,040,199,049 4,052,409,446 4,058,267,321 4,062,117,901 4,064,968,907 4,067,199,592 4,068,987,346 4,069,684,976 4,064,032,399 4,021,809,819 4,012,988,812 4,047,561,777 4,055,870,532 4,060,558,901 4,063,776,840 4,066,200,226 4,068,140,886 4,069,555,940 4,069,151,686 +Annual costs ($) -1,064,346,550 504,481,845 -279,761,764 -280,941,051 -282,053,576 -283,104,409 -283,946,673 -284,197,129 -283,198,821 -283,951,600 -287,996,326 -289,476,868 -290,828,818 -292,141,214 -293,348,448 -294,183,709 -294,099,170 -292,511,863 -297,725,623 -299,899,742 -301,618,330 -318,291,569 -334,925,356 -336,358,826 -337,173,733 -336,651,121 -338,088,802 -343,176,493 -345,487,456 -347,698,476 627,560,501 +PPA revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 469,876,708 +Electricity to grid (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 -Present value of annual costs ($) 2,031,413,982 -Present value of annual energy nominal (kWh) 26,564,482,989 -LCOE Levelized cost of energy nominal (cents/kWh) 7.65 +Present value of annual costs ($) 2,298,728,919 +Present value of annual energy nominal (kWh) 28,355,365,264 +LCOE Levelized cost of energy nominal (cents/kWh) 8.11 -Present value of PPA revenue ($) 2,604,418,799 -Present value of annual energy nominal (kWh) 26,564,482,989 -LPPA Levelized PPA price nominal (cents/kWh) 9.80 +Present value of PPA revenue ($) 2,782,077,849 +Present value of annual energy nominal (kWh) 28,355,365,264 +LPPA Levelized PPA price nominal (cents/kWh) 9.81 PROJECT STATE INCOME TAXES -EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State taxable IBI income ($) 0 -State taxable CBI income ($) 0 +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 151,163,966 149,829,576 148,388,435 146,832,002 145,151,055 143,335,633 141,374,976 139,257,467 136,970,558 134,500,695 131,833,244 128,952,396 125,841,081 122,480,860 118,851,822 114,932,461 110,699,550 106,128,007 101,190,741 95,858,493 90,099,665 83,880,132 77,163,035 69,908,571 62,073,749 53,612,142 44,473,607 34,603,988 23,944,800 12,432,877 -Total state tax depreciation ($) 0 60,372,873 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 60,372,873 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 +Total state tax depreciation ($) 0 56,543,410 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 56,543,410 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 71,527,285 14,799,188 19,256,375 23,546,153 27,838,345 32,197,133 36,660,139 41,220,244 45,678,942 48,431,883 48,358,293 57,916,186 64,566,962 70,833,622 77,170,211 83,698,576 90,479,506 97,555,494 104,885,118 111,942,096 175,921,880 243,868,163 256,570,934 267,026,032 277,679,559 288,805,410 300,525,054 312,925,529 326,059,766 1,760,384,679 +State taxable income ($) 0 94,868,122 42,036,219 46,481,325 50,674,785 54,635,710 57,810,470 58,754,517 54,991,577 57,829,041 73,074,901 78,655,531 83,751,463 88,698,300 93,248,749 96,397,111 96,078,457 90,095,394 109,747,710 117,942,657 124,420,562 187,267,297 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 -State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -3,254,491 -673,363 -876,165 -1,071,350 -1,266,645 -1,464,970 -1,668,036 -1,875,521 -2,078,392 -2,203,651 -2,200,302 -2,635,186 -2,937,797 -3,222,930 -3,511,245 -3,808,285 -4,116,818 -4,438,775 -4,772,273 -5,093,365 -8,004,446 -11,096,001 -11,673,977 -12,149,684 -12,634,420 -13,140,646 -13,673,890 -14,238,112 -14,835,719 -80,097,503 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -3,254,491 -673,363 -876,165 -1,071,350 -1,266,645 -1,464,970 -1,668,036 -1,875,521 -2,078,392 -2,203,651 -2,200,302 -2,635,186 -2,937,797 -3,222,930 -3,511,245 -3,808,285 -4,116,818 -4,438,775 -4,772,273 -5,093,365 -8,004,446 -11,096,001 -11,673,977 -12,149,684 -12,634,420 -13,140,646 -13,673,890 -14,238,112 -14,835,719 -80,097,503 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal taxable IBI income ($) 0 -Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 0 +Federal taxable CBI income ($) 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 151,163,966 149,829,576 148,388,435 146,832,002 145,151,055 143,335,633 141,374,976 139,257,467 136,970,558 134,500,695 131,833,244 128,952,396 125,841,081 122,480,860 118,851,822 114,932,461 110,699,550 106,128,007 101,190,741 95,858,493 90,099,665 83,880,132 77,163,035 69,908,571 62,073,749 53,612,142 44,473,607 34,603,988 23,944,800 12,432,877 -Total federal tax depreciation ($) 0 60,372,873 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 60,372,873 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 +Total federal tax depreciation ($) 0 56,543,410 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 56,543,410 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 68,272,794 14,125,825 18,380,210 22,474,803 26,571,701 30,732,163 34,992,102 39,344,722 43,600,551 46,228,232 46,157,991 55,281,000 61,629,165 67,610,692 73,658,966 79,890,291 86,362,688 93,116,719 100,112,845 106,848,730 167,917,434 232,772,162 244,896,956 254,876,347 265,045,139 275,664,764 286,851,164 298,687,418 311,224,046 1,680,287,176 +Federal taxable income ($) 0 88,227,353 39,093,684 43,227,632 47,127,550 50,811,211 53,763,737 54,641,701 51,142,167 53,781,008 67,959,658 73,149,644 77,888,861 82,489,419 86,721,337 89,649,313 89,352,965 83,788,717 102,065,370 109,686,671 115,711,122 174,158,587 232,467,751 237,492,733 240,349,361 238,517,361 243,557,102 261,391,828 269,492,830 277,243,486 1,522,294,430 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -14,337,287 -2,966,423 -3,859,844 -4,719,709 -5,580,057 -6,453,754 -7,348,341 -8,262,392 -9,156,116 -9,707,929 -9,693,178 -11,609,010 -12,942,125 -14,198,245 -15,468,383 -16,776,961 -18,136,165 -19,554,511 -21,023,697 -22,438,233 -35,262,661 -48,882,154 -51,428,361 -53,524,033 -55,659,479 -57,889,600 -60,238,744 -62,724,358 -65,357,050 -352,860,307 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -18,527,744 -8,209,674 -9,077,803 -9,896,786 -10,670,354 -11,290,385 -11,474,757 -10,739,855 -11,294,012 -14,271,528 -15,361,425 -16,356,661 -17,322,778 -18,211,481 -18,826,356 -18,764,123 -17,595,630 -21,433,728 -23,034,201 -24,299,336 -36,573,303 -48,818,228 -49,873,474 -50,473,366 -50,088,646 -51,146,991 -54,892,284 -56,593,494 -58,221,132 -319,681,830 CASH INCENTIVES -Federal IBI income ($) 0 -State IBI income ($) 0 -Utility IBI income ($) 0 -Other IBI income ($) 0 -Total IBI income ($) 0 - -Federal CBI income ($) 0 -State CBI income ($) 0 -Utility CBI income ($) 0 -Other CBI income ($) 0 -Total CBI income ($) 0 - -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 0 +Other CBI income ($) 0 +Total CBI income ($) 0 + +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 852,322,920 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 852,322,920 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,889,549,569 1,872,869,696 1,854,855,433 1,835,400,029 1,814,388,193 1,791,695,410 1,767,187,205 1,740,718,342 1,712,131,971 1,681,258,691 1,647,915,547 1,611,904,953 1,573,013,510 1,531,010,753 1,485,647,775 1,436,655,758 1,383,744,380 1,326,600,092 1,264,884,261 1,198,231,164 1,126,245,818 1,048,501,645 964,537,939 873,857,135 775,921,868 670,151,778 555,920,082 432,549,850 299,310,000 155,410,962 0 -Debt interest payment ($) 0 151,163,966 149,829,576 148,388,435 146,832,002 145,151,055 143,335,633 141,374,976 139,257,467 136,970,558 134,500,695 131,833,244 128,952,396 125,841,081 122,480,860 118,851,822 114,932,461 110,699,550 106,128,007 101,190,741 95,858,493 90,099,665 83,880,132 77,163,035 69,908,571 62,073,749 53,612,142 44,473,607 34,603,988 23,944,800 12,432,877 -Debt principal payment ($) 0 16,679,873 18,014,263 19,455,404 21,011,836 22,692,783 24,508,206 26,468,862 28,586,371 30,873,281 33,343,143 36,010,595 38,891,442 42,002,758 45,362,978 48,992,016 52,911,378 57,144,288 61,715,831 66,653,098 71,985,345 77,744,173 83,963,707 90,680,803 97,935,268 105,770,089 114,231,696 123,370,232 133,239,850 143,899,038 155,410,962 -Debt total payment ($) 0 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 +Debt balance ($) 1,596,519,826 1,574,859,723 1,551,986,655 1,527,832,695 1,502,326,113 1,475,391,163 1,446,947,855 1,416,911,722 1,385,193,566 1,351,699,193 1,316,329,135 1,278,978,354 1,239,535,929 1,197,884,729 1,153,901,061 1,107,454,308 1,058,406,536 1,006,612,089 951,917,154 894,159,302 833,167,010 768,759,150 700,744,449 628,920,926 553,075,285 472,982,288 388,404,084 299,089,500 204,773,299 105,175,391 0 +Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 +Debt principal payment ($) 0 21,660,102 22,873,068 24,153,960 25,506,582 26,934,950 28,443,308 30,036,133 31,718,156 33,494,373 35,370,058 37,350,781 39,442,425 41,651,201 43,983,668 46,446,753 49,047,771 51,794,447 54,694,936 57,757,852 60,992,292 64,407,860 68,014,700 71,823,524 75,845,641 80,092,997 84,578,205 89,314,584 94,316,201 99,597,908 105,175,391 +Debt total payment ($) 0 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 DSCR (DEBT FRACTION) -EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 +EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 -Debt total payment ($) 0 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 -DSCR (pre-tax) 0.0 1.69 1.70 1.72 1.73 1.75 1.77 1.78 1.79 1.81 1.81 1.79 1.83 1.85 1.87 1.89 1.90 1.92 1.93 1.95 1.96 1.94 1.95 1.99 2.01 2.02 2.04 2.06 2.07 2.09 10.56 +Cash available for debt service (CAFDS) ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 +Debt total payment ($) 0 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 +DSCR (pre-tax) 0.0 2.17 2.19 2.22 2.24 2.27 2.28 2.28 2.23 2.24 2.36 2.39 2.42 2.44 2.46 2.47 2.44 2.36 2.51 2.56 2.59 2.62 2.64 2.65 2.64 2.59 2.60 2.73 2.76 2.79 14.79 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 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+------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index e49aefb8..10088272 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -1,106 +1,86 @@ -# Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station Phase II +# [Deprecated] Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station +# 500 MWe EGS Case Study Modeled on Fervo Cape Station after Fervo's April 2025 upsizing announcement: +# https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/ # See documentation: https://softwareengineerprogrammer.github.io/GEOPHIRES/Fervo_Project_Cape-4.html # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* -Economic Model, 5, -- The SAM Single Owner PPA economic model is used to calculate financial results including LCOE, NPV, IRR, and pro-forma cash flow analysis. See [GEOPHIRES documentation of SAM Economic Models](https://softwareengineerprogrammer.github.io/GEOPHIRES/SAM-Economic-Models.html) for details on how System Advisor Model financial models are integrated into GEOPHIRES. +Economic Model, 5, -- SAM Single Owner PPA -Starting Electricity Sale Price, 0.095, -- Aligns with Geysers - Sacramento pricing in [2024b ATB](https://atb.nrel.gov/electricity/2024/geothermal) (NREL, 2025). See Sensitivity Analysis for effect of different prices on results. -Electricity Escalation Rate Per Year, 0.00057, -- Calibrated to reach 10¢/kWh at project year 11 -Ending Electricity Sale Price, 1, -- Note that this value does not directly determine price at the end of the project life, but rather as a cap as the maximum price to which the starting price can escalate. +Starting Electricity Sale Price, 0.095, -- Upper end of ranges given in https://atb.nrel.gov/electricity/2024/geothermal +Electricity Escalation Rate Per Year, 0.00057, -- calibrated to reach 10 cents/kWh at project year 11 +Ending Electricity Sale Price, 0.15, -- Note that this value does not directly determine price at the end of the project life, but rather as a cap as the maximum price to which the starting price can escalate. Electricity Escalation Start Year, 1 -Discount Rate, 0.12, -- Typical discount rates for high-risk projects may be 12–15% -Fraction of Investment in Bonds, .65, -- Approximate debt required to cover CAPEX after $1 billion sponsor equity per [Matson, 2024](https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/). Note that this source says that Fervo ultimately wants to target “15% sponsor equity, 15% bridge loan, and 70% construction to term loans”, but this case study does not attempt to model that capital structure precisely. -Inflated Bond Interest Rate, .08, -- Higher than typical debt annual interest rate -Inflated Bond Interest Rate During Construction, 0.1, -- Higher interest rate during construction to account for increased risk of default. +Discount Rate, 0.12 +Fraction of Investment in Bonds, .6, -- Based on fraction of CAPEX with $1 billion in sponsor equity per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ +Inflated Bond Interest Rate, .056 -Inflation Rate, .027, -- US inflation as of December 2025 -Construction Years, 5, -- Ground broken in 2023 (Fervo Energy, 2023). Expected to reach full scale production in 2028 (Fervo Energy, 2025). See [GEOPHIRES documentation](SAM-EM_Multiple-Construction-Years.html) for details on how construction years affect CAPEX, IRR, and other calculations. -Construction CAPEX Schedule, 0.014,0.027,0.137,0.274,0.548 +Inflation Rate, .023, -- US inflation as of April 2025 +Construction Years, 1, -- Calibrated to a 2-6 year construction time for a 1 GW plant (Yusifov & Enriquez, 2025) -Investment Tax Credit Rate, 0.3, -- Geothermal Drilling and Completions Apprenticeship Program ensures compliance with ITC labor requirements (Southern Utah University, 2024). -Combined Income Tax Rate, .2555, -- Federal Corporate Income Tax Rate of 21% plus Utah Corporate Franchise and Income Tax Rate of 4.55%. (Note: This input uses a simple summation of statutory rates; the effective combined rate calculated in the model may differ due to standard federal-state tax interactions.) -Property Tax Rate, 0.0022, -- Utah Inland Port Authority (UIPA) tax differential incentive +Combined Income Tax Rate, .28 +Investment Tax Credit Rate, 0.3 +Property Tax Rate, 0 -Capital Cost for Power Plant for Electricity Generation, 1900, -- [US DOE, 2021](https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf). Pricing information not publicly available for Turboden or Baker Hughes Gen 2 ORC units (Turboden, 2025; Jacobs, 2025). -Exploration Capital Cost, 30, -- Equivalent to 2024b ATB NF-EGS conservative scenario exploration assumption of 5 full-size wells (NREL, 2025), plus $1M for geophysical and field work, plus 15% contingency, plus 12% indirect costs. +Capital Cost for Power Plant for Electricity Generation, 1900, -- https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf +Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs than default correlation in consideration of potential risks associated with second/third/fourth-of-a-kind EGS projects -Well Drilling Cost Correlation, 3, -- 2025 NREL Geothermal Drilling Cost Curve Update (Akindipe and Witter, 2025). -Well Drilling and Completion Capital Cost Adjustment Factor, 0.9, -- 2024b Geothermal ATB ([NREL, 2025](https://atb.nrel.gov/electricity/2024b/geothermal)). Note: Fervo has claimed lower drilling costs equivalent to an adjustment factor of 0.8 (Latimer, 2025); the case study conservatively uses the higher ATB-aligned value. +Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE (2025 NREL Geothermal Drilling Cost Curve Update) +Well Drilling and Completion Capital Cost Adjustment Factor, 0.8, -- Adjust correlation-calculated value of $4.72M/well to $3.96M/well per Tim Latimer on 2025-02-12 Volts podcast: less than $4M/well -Reservoir Stimulation Capital Cost per Injection Well, 4, -- The baseline stimulation cost is calibrated from costs of high-intensity U.S. shale wells (Baytex Energy, 2024; Quantum Proppant Technologies, 2020), which are the closest technological analogue for multi-stage EGS (Gradl, 2018). Costs are also driven by the requirement for high-strength ceramic proppant rather than standard sand, which would crush or chemically degrade (diagenesis) over a 30-year lifecycle at 200℃ (Ko et al., 2023; Shiozawa & McClure, 2014) and the premium for ultra-high-temperature (HT) downhole tools. Note that all-in costs per well are higher than the baseline cost because they include additional indirect costs and contingency. -Reservoir Stimulation Capital Cost per Production Well, 4, -- See Reservoir Stimulation Capital Cost per Injection Well +Reservoir Stimulation Capital Cost per Injection Well, 4, -- Baseline stimulation cost of $4.0M, calibrated from high-intensity U.S. shale well analogue (~$39k/frac stage for 102 stages). This is a pre-contingency value and excludes EGS-specific cost premiums such as ceramic proppant and HPHT hardware. +Reservoir Stimulation Capital Cost per Production Well, 4, -- Baseline stimulation cost of $4.0M, calibrated from high-intensity U.S. shale well analogue (~$39k/frac stage for 102 stages). This is a pre-contingency value and excludes EGS-specific cost premiums such as ceramic proppant and HPHT hardware. +Reservoir Stimulation Indirect Capital Cost Percentage, 0, -- Baseline stimulation cost includes indirect costs -Field Gathering System Capital Cost Adjustment Factor, 0.54, -- Gathering costs represent 2% of facilities CAPEX per [Matson, 2024](https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/). +Field Gathering System Capital Cost Adjustment Factor, 0.54, -- Gathering costs represent 2% of facilities CAPEX per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* End-Use Option, 1, -- Electricity Power Plant Type, 2, -- Supercritical ORC -Plant Lifetime, 30, -- 30-year well life per [Geothermal Mythbusting: Water Use and Impacts](https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/) (Fervo Energy, 2025). +Plant Lifetime, 30, -- Per https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/ -Reservoir Model, 1 +Reservoir Model, 1, -- Multiple Parallel Fractures +Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf -Surface Temperature, 13, -- Surface temperature near Milford, UT (38.4987670, -112.9163432) ([Project InnerSpace, 2025](https://geomap.projectinnerspace.org/test/)). +Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) +Number of Segments, 1 -Number of Segments, 3 -Gradient 1, 74, -- Sedimentary overburden. 200℃ at 8500 ft depth (Fercho et al. 2024); 228.89℃ at 9824 ft (Norbeck et al. 2024). -Thickness 1, 2.5 -Gradient 2, 41, -- Crystalline reservoir -Thickness 2, 0.5 -Gradient 3, 39.1, -- Sugarloaf appraisal - -Reservoir Depth, 2.68, -- Extrapolated from surface temperature, gradient, and average production temperature of shallower and deeper producers in Singh et al., 2025. - -Reservoir Density, 2800, -- phyllite + quartzite + diorite + granodiorite ([Norbeck et al., 2023](https://doi.org/10.31223/X52X0B)) +Reservoir Density, 2800, -- per https://doi.org/10.31223/X52X0B: phyllite + quartzite + diorite + granodiorite Reservoir Heat Capacity, 790 Reservoir Thermal Conductivity, 3.05 Reservoir Porosity, 0.0118 +Reservoir Impedance, 0.001565 Reservoir Volume Option, 1, -- FRAC_NUM_SEP: Reservoir volume calculated with fracture separation and number of fractures as input +Number of Fractures, 12036, -- 102 fractures per well +Fracture Separation, 18, -- Per https://eartharxiv.org/repository/view/7665/, lateral length is 4700 ft = 1432 m. Dividing 1432 by 80 = ~18 m fracture spacing. +Fracture Shape, 3, -- Square +Fracture Height, 165.3, -- Based on total fracture surface area of 30 million ft^2 per well https://pangea.stanford.edu/ERE/pdf/IGAstandard/SGW/2025/Fercho.pdf +Number of Doublets, 59 + +Production Flow Rate per Well, 107, -- Maximum flow rate achieved at Cape Station per https://www.businesswire.com/news/home/20240910997008/en/Fervo-Energys-Record-Breaking-Production-Results-Showcase-Rapid-Scale-Up-of-Enhanced-Geothermal +Production Well Diameter, 9.625, -- Next standard size up from 7", implied by announcement of "increasing casing diameter" +Injection Well Diameter, 9.625 +Ramey Production Wellbore Model, 1 +Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature +Injection Wellbore Temperature Gain, 3 +Ambient Temperature, 10 degC +Surface Temperature, 10 degC -Number of Fractures per Stimulated Well, 150, -- The model assumes an Extreme Limited Entry stimulation design (Fervo Energy, 2023) utilizing 12 stages with 15 clusters per stage (derived from Singh et al., 2025) and 81–85% stimulation success rate per 2024b ATB Moderate Scenario (NREL, 2025). -Fracture Separation, 9.14, -- 30 foot cluster spacing per [Singh et al., 2025](https://www.resfrac.com/wp-content/uploads/2025/06/Singh-2025-Fervo-Project-Cape.pdf) - -Fracture Shape, 4, -- Bench design and fracture geometry Singh et al., 2025 are given in rectangular dimensions. -Fracture Width, 304.8, -- Matches intra-bench well spacing of 500 ft (corresponding to fracture length of 1000 ft) (Singh. et al., 2025) -Fracture Height, 135, -- Actual fracture geometry is irregular and heterogeneous; this height complies with the minimum height required by the implemented bench design (200 ft; 60.96 meters) and yields an effective fracture surface area consistent with simulation results in Singh. et al., 2025. - -Water Loss Fraction, 0.01, -- "Long-term modeling, calibrated to early field data, predicts circulation recapture rates exceeding 99%" ([Geothermal Mythbusting: Water Use and Impacts](https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/); Fervo Energy, 2025). Modeling in Singh et al., 2025 predicts fluid loss of 0.36% to 0.49%. -Water Cost Adjustment Factor, 2, -- Local scarcity may increase procurement costs - -Ambient Temperature, 11.17, -- Average annual temperature of Milford, Utah ([NCEI](https://www.ncei.noaa.gov/access/us-climate-normals/#dataset=normals-annualseasonal&timeframe=30&station=USC00425654)). Note that this value affects heat to power conversion efficiency. The effects of hourly and seasonal ambient temperature fluctuations on efficiency and power generation are not modeled in this version of the case study. +Maximum Drawdown, 0.0153, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe +Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% Utilization Factor, .9 -Plant Outlet Pressure, 2000 psi, -- McClure, 2024; Singh et al., 2025. +Plant Outlet Pressure, 1000 psi, -- https://doi.org/10.31223/X5VH8C +Production Wellhead Pressure, 325 psi, -- https://doi.org/10.31223/X5VH8C Circulation Pump Efficiency, 0.80 -# *** Well Bores Parameters *** - -Number of Production Wells, 56, -- Number of production wells required to produce net generation greater than 500 MW (PPA minimum) and total generation less than 600 MW (Gen 2 ORCs gross capacity). -Number of Injection Wells per Production Well, 0.666, -- 5-well benches with 3:2 production:injection ratio (Singh et al., 2025) - -# Well Geometry Configuration, 4, -- L -Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for this case study, the cost of horizontal drilling is included within the 'vertical drilling cost.' This approach allows us to more directly convey the overall well drilling and completion cost. -Nonvertical Length per Multilateral Section, 4700 feet, -- [Singh et al., 2025](https://www.resfrac.com/wp-content/uploads/2025/06/Singh-2025-Fervo-Project-Cape.pdf). -# Multilaterals Cased, True - -Production Flow Rate per Well, 106, -- Cape Station pilot testing reported a sustained flow rate of 95–100 kg/s and maximum flow rate of 107 kg/s (Fervo Energy, 2024). Modeling by Singh et al. suggests initial flow rates of 120–130 kg/sec (Singh et al., 2025). The ATB Advanced Scenario models sustained flow rates of 110 kg/s (NREL, 2024). -Production Well Diameter, 8.535, -- Inner diameter of 9⅝ inch casing size, the next standard casing size up from 7 inches, implied by announcement of “increasing casing diameter” (Fervo Energy, 2025). -Injection Well Diameter, 8.535, -- See Production Well Diameter - -Production Wellhead Pressure, 300 psi, -- [Singh et al., 2025](https://www.resfrac.com/wp-content/uploads/2025/06/Singh-2025-Fervo-Project-Cape.pdf) - -Productivity Index, 1.247, -- 50% of ATB Conservative Scenario (NREL, 2025) per analyses that suggest lower productivity (Xing et al., 2025; Yearsley and Kombrink, 2024). -Injectivity Index, 1.5075, -- See Productivity Index - -Injection Temperature, 53.6, -- Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers and McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck and Latimer, 2023). -Ramey Production Wellbore Model, True, -- Ramey's model estimates the geofluid temperature drop in production wells -Injection Wellbore Temperature Gain, 3 - - -Maximum Drawdown, 0.003, -- This value represents the drop in production temperature compared to the initial temperature that is allowed before the wellfield is redrilled. It is tuned to keep minimum net electricity generation over the project lifetime ≥500 MWe. +Well Geometry Configuration, 4, -- L +Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for this case study, the cost of horizontal drilling (which would otherwise account for approximately 118 multilateral sections) is included within the 'vertical drilling cost.' This approach allows us to more directly convey the overall well drilling and completion cost, which is under $4 million. +Nonvertical Length per Multilateral Section, 4700 feet, -- Deployment of Enhanced Geothermal System Technology Leads to Rapid Cost Reductions and Performance Improvements. p. 3. https://doi.org/10.31223/X5VH8C +Multilaterals Cased, True # *** SIMULATION PARAMETERS *** # ***************************** diff --git a/tests/examples/Fervo_Project_Cape-4_v2025-08-11 b/tests/examples/Fervo_Project_Cape-4_v2025-08-11 deleted file mode 100644 index 6f181b04..00000000 --- a/tests/examples/Fervo_Project_Cape-4_v2025-08-11 +++ /dev/null @@ -1,88 +0,0 @@ -# [v2025-08-11] Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station -# 500 MWe EGS Case Study Modeled on Fervo Cape Station after Fervo's April 2025 upsizing announcement: -# https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/ -# See documentation: https://softwareengineerprogrammer.github.io/GEOPHIRES/Fervo_Project_Cape-4.html - -# *** ECONOMIC/FINANCIAL PARAMETERS *** -# ************************************* -Economic Model, 5, -- SAM Single Owner PPA - -Starting Electricity Sale Price, 0.095, -- Upper end of ranges given in https://atb.nrel.gov/electricity/2024/geothermal -Electricity Escalation Rate Per Year, 0.00057, -- calibrated to reach 10 cents/kWh at project year 11 -Ending Electricity Sale Price, 0.15, -- Note that this value does not directly determine price at the end of the project life, but rather as a cap as the maximum price to which the starting price can escalate. -Electricity Escalation Start Year, 1 - -Discount Rate, 0.12 -Fraction of Investment in Bonds, .6, -- Based on fraction of CAPEX with $1 billion in sponsor equity per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ -Inflated Bond Interest Rate, .056 - -Inflation Rate, .023, -- US inflation as of April 2025 -Construction Years, 1, -- Calibrated to a 2-6 year construction time for a 1 GW plant (Yusifov & Enriquez, 2025) - -Combined Income Tax Rate, .28 -Investment Tax Credit Rate, 0.3 -Property Tax Rate, 0 - -Capital Cost for Power Plant for Electricity Generation, 1900, -- https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf -Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs than default correlation in consideration of potential risks associated with second/third/fourth-of-a-kind EGS projects - -Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE (2025 NREL Geothermal Drilling Cost Curve Update) -Well Drilling and Completion Capital Cost Adjustment Factor, 0.8, -- Adjust correlation-calculated value of $4.72M/well to $3.96M/well per Tim Latimer on 2025-02-12 Volts podcast: less than $4M/well - -Reservoir Stimulation Capital Cost per Injection Well, 4, -- Baseline stimulation cost of $4.0M, calibrated from high-intensity U.S. shale well analogue (~$39k/frac stage for 102 stages). This is a pre-contingency value and excludes EGS-specific cost premiums such as ceramic proppant and HPHT hardware. -Reservoir Stimulation Capital Cost per Production Well, 4, -- Baseline stimulation cost of $4.0M, calibrated from high-intensity U.S. shale well analogue (~$39k/frac stage for 102 stages). This is a pre-contingency value and excludes EGS-specific cost premiums such as ceramic proppant and HPHT hardware. -Reservoir Stimulation Indirect Capital Cost Percentage, 0, -- Baseline stimulation cost includes indirect costs - -Field Gathering System Capital Cost Adjustment Factor, 0.54, -- Gathering costs represent 2% of facilities CAPEX per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ - -# *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** -# ************************************************* -End-Use Option, 1, -- Electricity -Power Plant Type, 2, -- Supercritical ORC -Plant Lifetime, 30, -- Per https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/ - -Reservoir Model, 1, -- Multiple Parallel Fractures -Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf - -Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) -Number of Segments, 1 - -Reservoir Density, 2800, -- per https://doi.org/10.31223/X52X0B: phyllite + quartzite + diorite + granodiorite -Reservoir Heat Capacity, 790 -Reservoir Thermal Conductivity, 3.05 -Reservoir Porosity, 0.0118 -Reservoir Impedance, 0.001565 - -Reservoir Volume Option, 1, -- FRAC_NUM_SEP: Reservoir volume calculated with fracture separation and number of fractures as input -Number of Fractures, 12036, -- 102 fractures per well -Fracture Separation, 18, -- Per https://eartharxiv.org/repository/view/7665/, lateral length is 4700 ft = 1432 m. Dividing 1432 by 80 = ~18 m fracture spacing. -Fracture Shape, 3, -- Square -Fracture Height, 165.3, -- Based on total fracture surface area of 30 million ft^2 per well https://pangea.stanford.edu/ERE/pdf/IGAstandard/SGW/2025/Fercho.pdf -Number of Doublets, 59 - -Production Flow Rate per Well, 107, -- Maximum flow rate achieved at Cape Station per https://www.businesswire.com/news/home/20240910997008/en/Fervo-Energys-Record-Breaking-Production-Results-Showcase-Rapid-Scale-Up-of-Enhanced-Geothermal -Production Well Diameter, 9.625, -- Next standard size up from 7", implied by announcement of "increasing casing diameter" -Injection Well Diameter, 9.625 -Ramey Production Wellbore Model, 1 -Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature -Injection Wellbore Temperature Gain, 3 -Ambient Temperature, 10 degC -Surface Temperature, 10 degC - -Maximum Drawdown, 0.0153, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe -Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% - -Utilization Factor, .9 -Plant Outlet Pressure, 1000 psi, -- https://doi.org/10.31223/X5VH8C -Production Wellhead Pressure, 325 psi, -- https://doi.org/10.31223/X5VH8C -Circulation Pump Efficiency, 0.80 - -Well Geometry Configuration, 4, -- L -Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for this case study, the cost of horizontal drilling (which would otherwise account for approximately 118 multilateral sections) is included within the 'vertical drilling cost.' This approach allows us to more directly convey the overall well drilling and completion cost, which is under $4 million. -Nonvertical Length per Multilateral Section, 4700 feet, -- Deployment of Enhanced Geothermal System Technology Leads to Rapid Cost Reductions and Performance Improvements. p. 3. https://doi.org/10.31223/X5VH8C -Multilaterals Cased, True - -# *** SIMULATION PARAMETERS *** -# ***************************** -Maximum Temperature, 500 -Time steps per year, 12 diff --git a/tests/examples/Fervo_Project_Cape-4_v2025-08-11.out b/tests/examples/Fervo_Project_Cape-4_v2025-08-11.out deleted file mode 100644 index e85f5511..00000000 --- a/tests/examples/Fervo_Project_Cape-4_v2025-08-11.out +++ /dev/null @@ -1,450 +0,0 @@ - ***************** - ***CASE REPORT*** - ***************** - -Simulation Metadata ----------------------- - GEOPHIRES Version: 3.10.22 - Simulation Date: 2025-12-15 - Simulation Time: 09:15 - Calculation Time: 1.777 sec - - ***SUMMARY OF RESULTS*** - - End-Use Option: Electricity - Average Net Electricity Production: 532.53 MW - Electricity breakeven price: 8.11 cents/kWh - Total CAPEX: 2660.87 MUSD - Number of production wells: 59 - Number of injection wells: 59 - Flowrate per production well: 107.0 kg/sec - Well depth: 2.6 kilometer - Geothermal gradient: 74 degC/km - - - ***ECONOMIC PARAMETERS*** - - Economic Model = SAM Single Owner PPA - Real Discount Rate: 12.00 % - Nominal Discount Rate: 14.58 % - WACC: 8.30 % - Project lifetime: 30 yr - Capacity factor: 90.0 % - Project NPV: 483.35 MUSD - After-tax IRR: 27.55 % - Project VIR=PI=PIR: 1.45 - Project MOIC: 4.20 - Project Payback Period: 2.33 yr - Estimated Jobs Created: 1300 - - ***ENGINEERING PARAMETERS*** - - Number of Production Wells: 59 - Number of Injection Wells: 59 - Well depth: 2.6 kilometer - Water loss rate: 15.0 % - Pump efficiency: 80.0 % - Injection temperature: 56.6 degC - Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 0.6 degC - Flowrate per production well: 107.0 kg/sec - Injection well casing ID: 9.625 in - Production well casing ID: 9.625 in - Number of times redrilling: 3 - Power plant type: Supercritical ORC - - - ***RESOURCE CHARACTERISTICS*** - - Maximum reservoir temperature: 500.0 degC - Number of segments: 1 - Geothermal gradient: 74 degC/km - - - ***RESERVOIR PARAMETERS*** - - Reservoir Model = Multiple Parallel Fractures Model (Gringarten) - Bottom-hole temperature: 201.72 degC - Fracture model = Square - Well separation: fracture height: 165.30 meter - Fracture area: 27324.09 m**2 - Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 12036 - Fracture separation: 18.00 meter - Reservoir volume: 5919217617 m**3 - Reservoir impedance: 0.0016 GPa.s/m**3 - Reservoir density: 2800.00 kg/m**3 - Reservoir thermal conductivity: 3.05 W/m/K - Reservoir heat capacity: 790.00 J/kg/K - - - ***RESERVOIR SIMULATION RESULTS*** - - Maximum Production Temperature: 199.6 degC - Average Production Temperature: 199.0 degC - Minimum Production Temperature: 195.4 degC - Initial Production Temperature: 198.2 degC - Average Reservoir Heat Extraction: 3761.51 MW - Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 0.6 degC - Total Average Pressure Drop: 8521.8 kPa - Average Injection Well Pressure Drop: 600.9 kPa - Average Reservoir Pressure Drop: 10344.9 kPa - Average Production Well Pressure Drop: 504.2 kPa - Average Buoyancy Pressure Drop: -2928.2 kPa - - - ***CAPITAL COSTS (M$)*** - - Drilling and completion costs: 467.75 MUSD - Drilling and completion costs per well: 3.96 MUSD - Stimulation costs: 542.80 MUSD - Surface power plant costs: 1504.05 MUSD - Field gathering system costs: 56.44 MUSD - Total surface equipment costs: 1560.49 MUSD - Exploration costs: 30.00 MUSD - Overnight Capital Cost: 2601.04 MUSD - Inflation costs during construction: 59.82 MUSD - Total CAPEX: 2660.87 MUSD - - - ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - - Wellfield maintenance costs: 6.20 MUSD/yr - Power plant maintenance costs: 25.43 MUSD/yr - Water costs: 24.86 MUSD/yr - Redrilling costs: 101.05 MUSD/yr - Total operating and maintenance costs: 157.54 MUSD/yr - - - ***SURFACE EQUIPMENT SIMULATION RESULTS*** - - Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 614.60 MW - Average Total Electricity Generation: 610.21 MW - Minimum Total Electricity Generation: 583.15 MW - Initial Total Electricity Generation: 604.35 MW - Maximum Net Electricity Generation: 537.14 MW - Average Net Electricity Generation: 532.53 MW - Minimum Net Electricity Generation: 504.44 MW - Initial Net Electricity Generation: 526.63 MW - Average Annual Total Electricity Generation: 4810.97 GWh - Average Annual Net Electricity Generation: 4198.60 GWh - Initial pumping power/net installed power: 14.76 % - Average Pumping Power: 77.67 MW - Heat to Power Conversion Efficiency: 14.16 % - - ************************************************************ - * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * - ************************************************************ - YEAR THERMAL GEOFLUID PUMP NET FIRST LAW - DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY - (degC) (MW) (MW) (%) - 1 1.0000 198.22 77.7286 526.6263 14.0769 - 2 1.0051 199.24 77.6662 534.3539 14.1818 - 3 1.0061 199.42 77.6547 535.7721 14.2009 - 4 1.0065 199.52 77.6489 536.5044 14.2108 - 5 1.0068 199.57 77.6474 536.9145 14.2163 - 6 1.0067 199.55 77.6626 536.7091 14.2133 - 7 1.0054 199.29 77.7347 534.6638 14.1850 - 8 1.0012 198.47 77.9449 528.2545 14.0960 - 9 0.9919 196.61 78.4108 513.7990 13.8924 - 10 1.0040 199.02 77.6265 532.7400 14.1607 - 11 1.0057 199.35 77.6184 535.2509 14.1944 - 12 1.0063 199.48 77.6077 536.2282 14.2076 - 13 1.0067 199.55 77.5951 536.8041 14.2155 - 14 1.0068 199.58 77.5874 537.0016 14.2182 - 15 1.0063 199.46 77.6101 536.1193 14.2061 - 16 1.0038 198.97 77.7249 532.3053 14.1535 - 17 0.9974 197.70 78.0349 522.3915 14.0153 - 18 1.0000 198.22 77.5160 526.8389 14.0826 - 19 1.0051 199.24 77.5030 534.5170 14.1861 - 20 1.0061 199.42 77.4920 535.9348 14.2052 - 21 1.0065 199.52 77.4831 536.6702 14.2152 - 22 1.0068 199.57 77.4784 537.0835 14.2208 - 23 1.0067 199.55 77.4911 536.8806 14.2179 - 24 1.0054 199.29 77.5620 534.8365 14.1896 - 25 1.0012 198.47 77.7729 528.4265 14.1006 - 26 0.9919 196.61 78.2420 513.9678 13.8970 - 27 1.0040 199.02 77.4599 532.9067 14.1651 - 28 1.0057 199.35 77.4589 535.4103 14.1987 - 29 1.0063 199.48 77.4584 536.3775 14.2116 - 30 1.0067 199.55 77.4587 536.9405 14.2191 - - - ******************************************************************* - * ANNUAL HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * - ******************************************************************* - YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF - PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED - (GWh/year) (GWh/year) (10^15 J) (%) - 1 4192.9 29636.9 1793.40 5.62 - 2 4219.2 29728.1 1686.38 11.25 - 3 4227.2 29755.6 1579.26 16.89 - 4 4231.6 29771.1 1472.08 22.53 - 5 4232.9 29775.6 1364.89 28.17 - 6 4225.2 29749.9 1257.79 33.80 - 7 4194.0 29644.4 1151.07 39.42 - 8 4114.4 29374.5 1045.32 44.99 - 9 4101.4 29325.8 939.75 50.54 - 10 4212.2 29702.5 832.82 56.17 - 11 4224.2 29744.1 725.74 61.80 - 12 4230.1 29764.4 618.59 67.44 - 13 4233.3 29775.3 511.40 73.09 - 14 4231.4 29768.8 404.23 78.73 - 15 4214.5 29711.6 297.27 84.36 - 16 4162.9 29536.5 190.94 89.95 - 17 4055.6 29171.2 85.92 95.48 - 18 4194.3 29636.9 -20.77 101.09 - 19 4220.5 29728.1 -127.79 106.73 - 20 4228.5 29755.6 -234.91 112.36 - 21 4233.0 29771.1 -342.09 118.00 - 22 4234.2 29775.6 -449.28 123.65 - 23 4226.6 29749.9 -556.38 129.28 - 24 4195.3 29644.4 -663.10 134.90 - 25 4115.7 29374.5 -768.85 140.46 - 26 4102.7 29325.8 -874.42 146.02 - 27 4213.5 29702.5 -981.35 151.65 - 28 4225.4 29744.1 -1088.43 157.28 - 29 4231.2 29764.4 -1195.58 162.92 - 30 4234.3 29775.2 -1302.77 168.56 - - *************************** - * SAM CASH FLOW PROFILE * - *************************** -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 -CONSTRUCTION -Capital expenditure schedule [construction] (%) 100.0 -Overnight capital expenditure [construction] ($) -2,601,042,401 -plus: -Inflation cost [construction] ($) -59,823,975 -equals: -Nominal capital expenditure [construction] ($) -2,660,866,376 - -Issuance of equity [construction] ($) 1,064,346,550 -Issuance of debt [construction] ($) 1,596,519,826 -Debt balance [construction] ($) 1,596,519,826 -Debt interest payment [construction] ($) 0 - -Installed cost [construction] ($) -2,660,866,376 -After-tax net cash flow [construction] ($) -1,064,346,550 - -ENERGY -Electricity to grid (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 - -REVENUE -PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 469,876,708 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,330,433,188 -Total revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 1,800,309,896 - -Property tax net assessed value ($) 0 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 2,660,866,376 - -OPERATING EXPENSES -O&M fixed expense ($) 0 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 157,544,343 - -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 - -OPERATING ACTIVITIES -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 -Cash flow from operating activities ($) 0 151,411,532 155,123,040 159,568,146 163,761,606 167,722,531 170,897,291 171,841,338 168,078,398 170,915,862 186,161,722 191,742,352 196,838,284 201,785,121 206,335,570 209,483,932 209,165,277 203,182,215 222,834,531 231,029,478 237,507,383 243,810,708 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 - -INVESTING ACTIVITIES -Total installed cost ($) -2,660,866,376 -Debt closing costs ($) 0 -Debt up-front fee ($) 0 -minus: -Total IBI income ($) 0 -Total CBI income ($) 0 -equals: -Purchase of property ($) -2,660,866,376 -plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -equals: -Cash flow from investing activities ($) -2,660,866,376 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -FINANCING ACTIVITIES -Issuance of equity ($) 1,064,346,550 -Size of debt ($) 1,596,519,826 -minus: -Debt principal payment ($) 0 21,660,102 22,873,068 24,153,960 25,506,582 26,934,950 28,443,308 30,036,133 31,718,156 33,494,373 35,370,058 37,350,781 39,442,425 41,651,201 43,983,668 46,446,753 49,047,771 51,794,447 54,694,936 57,757,852 60,992,292 64,407,860 68,014,700 71,823,524 75,845,641 80,092,997 84,578,205 89,314,584 94,316,201 99,597,908 105,175,391 -equals: -Cash flow from financing activities ($) 2,660,866,376 -21,660,102 -22,873,068 -24,153,960 -25,506,582 -26,934,950 -28,443,308 -30,036,133 -31,718,156 -33,494,373 -35,370,058 -37,350,781 -39,442,425 -41,651,201 -43,983,668 -46,446,753 -49,047,771 -51,794,447 -54,694,936 -57,757,852 -60,992,292 -64,407,860 -68,014,700 -71,823,524 -75,845,641 -80,092,997 -84,578,205 -89,314,584 -94,316,201 -99,597,908 -105,175,391 - -PROJECT RETURNS -Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 151,411,532 155,123,040 159,568,146 163,761,606 167,722,531 170,897,291 171,841,338 168,078,398 170,915,862 186,161,722 191,742,352 196,838,284 201,785,121 206,335,570 209,483,932 209,165,277 203,182,215 222,834,531 231,029,478 237,507,383 243,810,708 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 -Cash flow from investing activities ($) -2,660,866,376 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,660,866,376 -21,660,102 -22,873,068 -24,153,960 -25,506,582 -26,934,950 -28,443,308 -30,036,133 -31,718,156 -33,494,373 -35,370,058 -37,350,781 -39,442,425 -41,651,201 -43,983,668 -46,446,753 -49,047,771 -51,794,447 -54,694,936 -57,757,852 -60,992,292 -64,407,860 -68,014,700 -71,823,524 -75,845,641 -80,092,997 -84,578,205 -89,314,584 -94,316,201 -99,597,908 -105,175,391 -Total pre-tax cash flow ($) 0 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 - -Pre-tax Returns: -Issuance of equity ($) 1,064,346,550 -Total pre-tax cash flow ($) 0 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 -Total pre-tax returns ($) -1,064,346,550 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 - -After-tax Returns: -Total pre-tax returns ($) -1,064,346,550 129,751,430 132,249,972 135,414,186 138,255,024 140,787,581 142,453,983 141,805,205 136,360,242 137,421,489 150,791,664 154,391,571 157,395,859 160,133,921 162,351,902 163,037,179 160,117,506 151,387,768 168,139,595 173,271,626 176,515,091 179,402,848 181,950,624 183,545,006 182,594,532 176,377,284 177,311,153 191,751,898 195,461,036 198,513,367 1,531,700,341 -Federal ITC total income ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -18,527,744 -8,209,674 -9,077,803 -9,896,786 -10,670,354 -11,290,385 -11,474,757 -10,739,855 -11,294,012 -14,271,528 -15,361,425 -16,356,661 -17,322,778 -18,211,481 -18,826,356 -18,764,123 -17,595,630 -21,433,728 -23,034,201 -24,299,336 -36,573,303 -48,818,228 -49,873,474 -50,473,366 -50,088,646 -51,146,991 -54,892,284 -56,593,494 -58,221,132 -319,681,830 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 -Total after-tax returns ($) -1,064,346,550 902,842,830 121,097,763 123,082,690 124,811,004 126,292,727 127,116,866 126,217,632 121,770,976 122,079,444 131,404,893 133,524,258 135,176,596 136,602,262 137,613,009 137,463,025 134,627,892 127,485,460 139,023,528 141,981,439 143,506,316 129,720,834 115,634,823 115,795,735 114,030,354 108,335,718 107,831,906 117,184,960 118,583,135 119,424,446 1,097,437,209 - -After-tax net cash flow ($) -1,064,346,550 902,842,830 121,097,763 123,082,690 124,811,004 126,292,727 127,116,866 126,217,632 121,770,976 122,079,444 131,404,893 133,524,258 135,176,596 136,602,262 137,613,009 137,463,025 134,627,892 127,485,460 139,023,528 141,981,439 143,506,316 129,720,834 115,634,823 115,795,735 114,030,354 108,335,718 107,831,906 117,184,960 118,583,135 119,424,446 1,097,437,209 -After-tax cumulative IRR (%) NaN -15.17 -3.40 5.89 12.37 16.79 19.80 21.87 23.28 24.29 25.09 25.68 26.13 26.46 26.72 26.91 27.06 27.16 27.25 27.32 27.37 27.41 27.44 27.46 27.47 27.49 27.49 27.50 27.51 27.51 27.55 -After-tax cumulative NPV ($) -1,064,346,550 -276,360,558 -184,114,290 -102,283,638 -29,860,348 34,099,889 90,287,587 138,980,351 179,981,359 215,856,998 249,560,495 279,450,773 305,861,334 329,155,135 349,636,000 367,491,872 382,754,754 395,369,209 407,375,324 418,077,007 427,517,570 434,965,626 440,760,290 445,824,812 450,177,652 453,787,012 456,922,551 459,896,566 462,523,206 464,831,958 483,348,931 - -AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,064,346,550 504,481,845 -279,761,764 -280,941,051 -282,053,576 -283,104,409 -283,946,673 -284,197,129 -283,198,821 -283,951,600 -287,996,326 -289,476,868 -290,828,818 -292,141,214 -293,348,448 -294,183,709 -294,099,170 -292,511,863 -297,725,623 -299,899,742 -301,618,330 -318,291,569 -334,925,356 -336,358,826 -337,173,733 -336,651,121 -338,088,802 -343,176,493 -345,487,456 -347,698,476 627,560,501 -PPA revenue ($) 0 398,360,985 400,859,527 404,023,741 406,864,580 409,397,136 411,063,538 410,414,761 404,969,797 406,031,044 419,401,219 423,001,126 426,005,415 428,743,476 430,961,457 431,646,734 428,727,061 419,997,324 436,749,150 441,881,181 445,124,646 448,012,403 450,560,179 452,154,561 451,204,088 444,986,839 445,920,708 460,361,453 464,070,591 467,122,922 469,876,708 -Electricity to grid (kWh) 0.0 4,193,273,525 4,219,573,970 4,227,516,388 4,232,001,035 4,233,245,126 4,225,570,913 4,194,325,606 4,114,710,394 4,101,737,992 4,212,547,398 4,224,519,385 4,230,441,060 4,233,667,186 4,231,750,368 4,214,888,525 4,163,207,043 4,055,985,743 4,194,671,056 4,220,853,770 4,228,811,003 4,233,321,393 4,234,588,146 4,226,928,684 4,195,686,141 4,116,056,232 4,103,061,353 4,213,834,812 4,225,738,401 4,231,569,184 4,234,649,495 - -Present value of annual costs ($) 2,298,728,919 -Present value of annual energy nominal (kWh) 28,355,365,264 -LCOE Levelized cost of energy nominal (cents/kWh) 8.11 - -Present value of PPA revenue ($) 2,782,077,849 -Present value of annual energy nominal (kWh) 28,355,365,264 -LPPA Levelized PPA price nominal (cents/kWh) 9.81 - -PROJECT STATE INCOME TAXES -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State taxable IBI income ($) 0 -State taxable CBI income ($) 0 -minus: -Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 -Total state tax depreciation ($) 0 56,543,410 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 56,543,410 0 0 0 0 0 0 0 0 0 -equals: -State taxable income ($) 0 94,868,122 42,036,219 46,481,325 50,674,785 54,635,710 57,810,470 58,754,517 54,991,577 57,829,041 73,074,901 78,655,531 83,751,463 88,698,300 93,248,749 96,397,111 96,078,457 90,095,394 109,747,710 117,942,657 124,420,562 187,267,297 249,965,324 255,368,530 258,440,173 256,470,281 261,889,357 281,066,482 289,777,237 298,111,275 1,636,875,732 - -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 - -PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -6,640,769 -2,942,535 -3,253,693 -3,547,235 -3,824,500 -4,046,733 -4,112,816 -3,849,410 -4,048,033 -5,115,243 -5,505,887 -5,862,602 -6,208,881 -6,527,412 -6,747,798 -6,725,492 -6,306,678 -7,682,340 -8,255,986 -8,709,439 -13,108,711 -17,497,573 -17,875,797 -18,090,812 -17,952,920 -18,332,255 -19,674,654 -20,284,407 -20,867,789 -114,581,301 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal taxable IBI income ($) 0 -Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -minus: -Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 -Total federal tax depreciation ($) 0 56,543,410 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 113,086,821 56,543,410 0 0 0 0 0 0 0 0 0 -equals: -Federal taxable income ($) 0 88,227,353 39,093,684 43,227,632 47,127,550 50,811,211 53,763,737 54,641,701 51,142,167 53,781,008 67,959,658 73,149,644 77,888,861 82,489,419 86,721,337 89,649,313 89,352,965 83,788,717 102,065,370 109,686,671 115,711,122 174,158,587 232,467,751 237,492,733 240,349,361 238,517,361 243,557,102 261,391,828 269,492,830 277,243,486 1,522,294,430 - -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -18,527,744 -8,209,674 -9,077,803 -9,896,786 -10,670,354 -11,290,385 -11,474,757 -10,739,855 -11,294,012 -14,271,528 -15,361,425 -16,356,661 -17,322,778 -18,211,481 -18,826,356 -18,764,123 -17,595,630 -21,433,728 -23,034,201 -24,299,336 -36,573,303 -48,818,228 -49,873,474 -50,473,366 -50,088,646 -51,146,991 -54,892,284 -56,593,494 -58,221,132 -319,681,830 - -CASH INCENTIVES -Federal IBI income ($) 0 -State IBI income ($) 0 -Utility IBI income ($) 0 -Other IBI income ($) 0 -Total IBI income ($) 0 - -Federal CBI income ($) 0 -State CBI income ($) 0 -Utility CBI income ($) 0 -Other CBI income ($) 0 -Total CBI income ($) 0 - -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 798,259,913 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -DEBT REPAYMENT -Debt balance ($) 1,596,519,826 1,574,859,723 1,551,986,655 1,527,832,695 1,502,326,113 1,475,391,163 1,446,947,855 1,416,911,722 1,385,193,566 1,351,699,193 1,316,329,135 1,278,978,354 1,239,535,929 1,197,884,729 1,153,901,061 1,107,454,308 1,058,406,536 1,006,612,089 951,917,154 894,159,302 833,167,010 768,759,150 700,744,449 628,920,926 553,075,285 472,982,288 388,404,084 299,089,500 204,773,299 105,175,391 0 -Debt interest payment ($) 0 89,405,110 88,192,144 86,911,253 85,558,631 84,130,262 82,621,905 81,029,080 79,347,056 77,570,840 75,695,155 73,714,432 71,622,788 69,414,012 67,081,545 64,618,459 62,017,441 59,270,766 56,370,277 53,307,361 50,072,921 46,657,353 43,050,512 39,241,689 35,219,572 30,972,216 26,487,008 21,750,629 16,749,012 11,467,305 5,889,822 -Debt principal payment ($) 0 21,660,102 22,873,068 24,153,960 25,506,582 26,934,950 28,443,308 30,036,133 31,718,156 33,494,373 35,370,058 37,350,781 39,442,425 41,651,201 43,983,668 46,446,753 49,047,771 51,794,447 54,694,936 57,757,852 60,992,292 64,407,860 68,014,700 71,823,524 75,845,641 80,092,997 84,578,205 89,314,584 94,316,201 99,597,908 105,175,391 -Debt total payment ($) 0 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 - -DSCR (DEBT FRACTION) -EBITDA ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 -minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -equals: -Cash available for debt service (CAFDS) ($) 0 240,816,642 243,315,185 246,479,399 249,320,237 251,852,794 253,519,196 252,870,418 247,425,454 248,486,701 261,856,876 265,456,784 268,461,072 271,199,133 273,417,115 274,102,391 271,182,719 262,452,981 279,204,808 284,336,839 287,580,304 290,468,060 293,015,836 294,610,219 293,659,745 287,442,497 288,376,365 302,817,111 306,526,249 309,578,580 1,642,765,554 -Debt total payment ($) 0 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 111,065,213 -DSCR (pre-tax) 0.0 2.17 2.19 2.22 2.24 2.27 2.28 2.28 2.23 2.24 2.36 2.39 2.42 2.44 2.46 2.47 2.44 2.36 2.51 2.56 2.59 2.62 2.64 2.65 2.64 2.59 2.60 2.73 2.76 2.79 14.79 - -RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out index af2bad3e..3c98a921 100644 --- a/tests/examples/Fervo_Project_Cape-5.out +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -5,21 +5,25 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.10.25 - Simulation Date: 2026-01-12 - Simulation Time: 16:07 - Calculation Time: 1.943 sec + Simulation Date: 2026-01-13 + Simulation Time: 11:08 + Calculation Time: 1.794 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 132.98 MW - Electricity breakeven price: 7.48 cents/kWh - Total CAPEX: 683.48 MUSD - Number of production wells: 13 - Number of injection wells: 9 - Flowrate per production well: 110.0 kg/sec + Average Net Electricity Production: 514.30 MW + Electricity breakeven price: 7.65 cents/kWh + Total CAPEX: 2841.08 MUSD + Number of production wells: 56 + Number of injection wells: 38 + Flowrate per production well: 106.0 kg/sec Well depth: 2.7 kilometer - Geothermal gradient: 74 degC/km + Segment 1 Geothermal gradient: 74 degC/km + Segment 1 Thickness: 2.5 kilometer + Segment 2 Geothermal gradient: 41 degC/km + Segment 2 Thickness: 0.5 kilometer + Segment 3 Geothermal gradient: 39.1 degC/km ***ECONOMIC PARAMETERS*** @@ -27,27 +31,27 @@ Simulation Metadata Economic Model = SAM Single Owner PPA Real Discount Rate: 12.00 % Nominal Discount Rate: 15.02 % - WACC: 9.13 % + WACC: 9.04 % Project lifetime: 30 yr Capacity factor: 90.0 % - Project NPV: 114.56 MUSD - After-tax IRR: 32.09 % - Project VIR=PI=PIR: 1.62 - Project MOIC: 5.14 - Project Payback Period: 3.09 yr - Estimated Jobs Created: 326 + Project NPV: 269.51 MUSD + After-tax IRR: 25.43 % + Project VIR=PI=PIR: 1.45 + Project MOIC: 4.71 + Project Payback Period: 5.01 yr + Estimated Jobs Created: 1262 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 13 - Number of Injection Wells: 9 + Number of Production Wells: 56 + Number of Injection Wells: 38 Well depth: 2.7 kilometer Water loss rate: 1.0 % Pump efficiency: 80.0 % Injection temperature: 56.6 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 0.5 degC - Flowrate per production well: 110.0 kg/sec + Average production well temperature drop: 0.6 degC + Flowrate per production well: 106.0 kg/sec Injection well casing ID: 8.535 in Production well casing ID: 8.535 in Number of times redrilling: 2 @@ -57,25 +61,29 @@ Simulation Metadata ***RESOURCE CHARACTERISTICS*** Maximum reservoir temperature: 500.0 degC - Number of segments: 1 - Geothermal gradient: 74 degC/km + Number of segments: 3 + Segment 1 Geothermal gradient: 74 degC/km + Segment 1 Thickness: 2.5 kilometer + Segment 2 Geothermal gradient: 41 degC/km + Segment 2 Thickness: 0.5 kilometer + Segment 3 Geothermal gradient: 39.1 degC/km ***RESERVOIR PARAMETERS*** Reservoir Model = Multiple Parallel Fractures Model (Gringarten) - Bottom-hole temperature: 211.32 degC + Bottom-hole temperature: 205.38 degC Fracture model = Rectangular Well separation: fracture height: 135.00 meter Fracture width: 304.80 meter Fracture area: 41148.00 m**2 Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 3300 + Number of fractures: 14100 Fracture separation: 9.14 meter - Reservoir volume: 1240729883 m**3 - Reservoir hydrostatic pressure: 25257.02 kPa + Reservoir volume: 5302531259 m**3 + Reservoir hydrostatic pressure: 25324.54 kPa Plant outlet pressure: 13789.51 kPa - Production wellhead pressure: 2303.22 kPa + Production wellhead pressure: 2082.43 kPa Productivity Index: 1.25 kg/sec/bar Injectivity Index: 1.51 kg/sec/bar Reservoir density: 2800.00 kg/m**3 @@ -85,57 +93,57 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 209.3 degC - Average Production Temperature: 209.0 degC - Minimum Production Temperature: 207.4 degC - Initial Production Temperature: 207.8 degC - Average Reservoir Heat Extraction: 912.82 MW + Maximum Production Temperature: 203.3 degC + Average Production Temperature: 203.1 degC + Minimum Production Temperature: 201.4 degC + Initial Production Temperature: 201.9 degC + Average Reservoir Heat Extraction: 3638.13 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 0.5 degC - Average Injection Well Pump Pressure Drop: -2115.1 kPa - Average Production Well Pump Pressure Drop: 9781.2 kPa + Average Production Well Temperature Drop: 0.6 degC + Average Injection Well Pump Pressure Drop: -2292.0 kPa + Average Production Well Pump Pressure Drop: 9265.1 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 102.27 MUSD + Drilling and completion costs: 436.98 MUSD Drilling and completion costs per well: 4.65 MUSD - Stimulation costs: 106.26 MUSD - Surface power plant costs: 375.72 MUSD - Field gathering system costs: 11.22 MUSD - Total surface equipment costs: 386.94 MUSD + Stimulation costs: 454.02 MUSD + Surface power plant costs: 1455.02 MUSD + Field gathering system costs: 46.68 MUSD + Total surface equipment costs: 1501.71 MUSD Exploration costs: 30.00 MUSD - Overnight Capital Cost: 625.47 MUSD - Interest during construction: 10.16 MUSD - Inflation costs during construction: 47.85 MUSD - Total CAPEX: 683.48 MUSD + Overnight Capital Cost: 2422.71 MUSD + Interest during construction: 122.43 MUSD + Inflation costs during construction: 295.94 MUSD + Total CAPEX: 2841.08 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 1.87 MUSD/yr - Power plant maintenance costs: 7.83 MUSD/yr - Water costs: 0.75 MUSD/yr - Redrilling costs: 13.90 MUSD/yr - Total operating and maintenance costs: 24.35 MUSD/yr + Wellfield maintenance costs: 5.79 MUSD/yr + Power plant maintenance costs: 24.68 MUSD/yr + Water costs: 3.12 MUSD/yr + Redrilling costs: 59.40 MUSD/yr + Total operating and maintenance costs: 92.98 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** - Initial geofluid availability: 0.20 MW/(kg/s) - Maximum Total Electricity Generation: 153.53 MW - Average Total Electricity Generation: 153.08 MW - Minimum Total Electricity Generation: 150.24 MW - Initial Total Electricity Generation: 151.01 MW - Maximum Net Electricity Generation: 133.45 MW - Average Net Electricity Generation: 132.98 MW - Minimum Net Electricity Generation: 130.07 MW - Initial Net Electricity Generation: 130.89 MW - Average Annual Total Electricity Generation: 1206.88 GWh - Average Annual Net Electricity Generation: 1048.43 GWh - Initial pumping power/net installed power: 15.37 % - Average Pumping Power: 20.10 MW - Heat to Power Conversion Efficiency: 14.57 % + Initial geofluid availability: 0.19 MW/(kg/s) + Maximum Total Electricity Generation: 594.57 MW + Average Total Electricity Generation: 592.72 MW + Minimum Total Electricity Generation: 580.64 MW + Initial Total Electricity Generation: 584.15 MW + Maximum Net Electricity Generation: 516.20 MW + Average Net Electricity Generation: 514.30 MW + Minimum Net Electricity Generation: 501.90 MW + Initial Net Electricity Generation: 505.64 MW + Average Annual Total Electricity Generation: 4673.14 GWh + Average Annual Net Electricity Generation: 4054.82 GWh + Initial pumping power/net installed power: 15.53 % + Average Pumping Power: 78.43 MW + Heat to Power Conversion Efficiency: 14.14 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -143,36 +151,36 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 207.82 20.1186 130.8935 14.4519 - 2 1.0048 208.81 20.1107 132.6198 14.5475 - 3 1.0056 208.99 20.1092 132.9406 14.5652 - 4 1.0061 209.09 20.1085 133.1075 14.5743 - 5 1.0064 209.15 20.1080 133.2179 14.5804 - 6 1.0066 209.20 20.1076 133.2994 14.5849 - 7 1.0068 209.23 20.1073 133.3633 14.5884 - 8 1.0069 209.26 20.1071 133.4126 14.5911 - 9 1.0069 209.26 20.1079 133.4045 14.5906 - 10 1.0058 209.02 20.1162 132.9797 14.5669 - 11 0.9990 207.61 20.1623 130.4797 14.4265 - 12 1.0045 208.76 20.1053 132.5327 14.5430 - 13 1.0055 208.97 20.1034 132.9090 14.5637 - 14 1.0060 209.07 20.1001 133.0934 14.5740 - 15 1.0064 209.14 20.0958 133.2143 14.5809 - 16 1.0066 209.19 20.0913 133.3036 14.5860 - 17 1.0068 209.23 20.0876 133.3732 14.5900 - 18 1.0069 209.26 20.0850 133.4286 14.5931 - 19 1.0069 209.26 20.0841 133.4390 14.5938 - 20 1.0062 209.10 20.0895 133.1496 14.5777 - 21 1.0009 208.00 20.1258 131.1990 14.4684 - 22 1.0042 208.69 20.0823 132.4371 14.5390 - 23 1.0054 208.95 20.0822 132.8882 14.5638 - 24 1.0060 209.06 20.0822 133.0869 14.5746 - 25 1.0063 209.13 20.0823 133.2111 14.5814 - 26 1.0066 209.18 20.0823 133.3000 14.5863 - 27 1.0067 209.22 20.0823 133.3684 14.5900 - 28 1.0069 209.25 20.0823 133.4241 14.5930 - 29 1.0070 209.27 20.0828 133.4454 14.5942 - 30 1.0064 209.16 20.0871 133.2548 14.5835 + 1 1.0000 201.86 78.5157 505.6387 14.0135 + 2 1.0049 202.85 78.4819 512.7406 14.1138 + 3 1.0058 203.04 78.4756 514.0612 14.1323 + 4 1.0063 203.13 78.4723 514.7483 14.1419 + 5 1.0066 203.19 78.4702 515.2028 14.1483 + 6 1.0069 203.24 78.4686 515.5383 14.1530 + 7 1.0070 203.28 78.4673 515.8007 14.1566 + 8 1.0072 203.31 78.4663 516.0162 14.1596 + 9 1.0072 203.32 78.4674 516.0947 14.1607 + 10 1.0068 203.22 78.4835 515.3694 14.1504 + 11 1.0029 202.44 78.5926 509.7332 14.0702 + 12 1.0035 202.57 78.4606 510.7748 14.0866 + 13 1.0054 202.95 78.4543 513.4533 14.1241 + 14 1.0061 203.08 78.4428 514.4202 14.1377 + 15 1.0065 203.16 78.4264 515.0019 14.1461 + 16 1.0067 203.22 78.4077 515.4152 14.1521 + 17 1.0069 203.26 78.3905 515.7322 14.1567 + 18 1.0071 203.29 78.3773 515.9873 14.1605 + 19 1.0072 203.32 78.3693 516.1714 14.1631 + 20 1.0072 203.31 78.3693 516.1027 14.1622 + 21 1.0059 203.04 78.4072 514.1694 14.1347 + 22 0.9987 201.59 78.6103 503.6640 13.9843 + 23 1.0047 202.80 78.3611 512.4807 14.1118 + 24 1.0057 203.01 78.3611 514.0213 14.1333 + 25 1.0062 203.12 78.3611 514.7665 14.1437 + 26 1.0066 203.19 78.3612 515.2464 14.1504 + 27 1.0068 203.23 78.3613 515.5957 14.1552 + 28 1.0070 203.27 78.3614 515.8665 14.1590 + 29 1.0072 203.30 78.3615 516.0907 14.1621 + 30 1.0072 203.32 78.3630 516.2033 14.1636 ******************************************************************* @@ -181,273 +189,273 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 1041.1 7172.0 398.81 6.08 - 2 1047.0 7192.2 372.92 12.18 - 3 1048.8 7198.4 347.00 18.28 - 4 1049.9 7202.0 321.08 24.39 - 5 1050.6 7204.6 295.14 30.49 - 6 1051.2 7206.5 269.20 36.60 - 7 1051.6 7208.1 243.25 42.72 - 8 1051.9 7208.8 217.29 48.83 - 9 1050.7 7204.8 191.36 54.94 - 10 1040.9 7171.8 165.54 61.02 - 11 1038.3 7162.3 139.75 67.09 - 12 1046.6 7190.7 113.87 73.18 - 13 1048.6 7197.6 87.96 79.29 - 14 1049.8 7201.5 62.03 85.39 - 15 1050.6 7204.2 36.10 91.50 - 16 1051.2 7206.2 10.15 97.61 - 17 1051.7 7207.9 -15.80 103.72 - 18 1052.0 7208.8 -41.75 109.83 - 19 1051.3 7206.4 -67.69 115.94 - 20 1044.0 7181.6 -93.54 122.03 - 21 1036.3 7155.1 -119.30 128.10 - 22 1046.2 7188.8 -145.18 134.19 - 23 1048.5 7196.8 -171.09 140.29 - 24 1049.8 7201.0 -197.01 146.40 - 25 1050.6 7203.8 -222.95 152.50 - 26 1051.2 7205.9 -248.89 158.61 - 27 1051.7 7207.6 -274.84 164.72 - 28 1052.0 7208.8 -300.79 170.84 - 29 1051.6 7207.5 -326.73 176.95 - 30 1046.8 7191.3 -352.62 183.04 + 1 4024.1 28577.9 1642.19 5.90 + 2 4048.4 28662.4 1539.01 11.81 + 3 4055.8 28688.1 1435.73 17.73 + 4 4060.2 28703.3 1332.40 23.65 + 5 4063.2 28714.0 1229.03 29.57 + 6 4065.6 28722.1 1125.63 35.50 + 7 4067.5 28728.6 1022.20 41.42 + 8 4068.7 28733.0 918.76 47.35 + 9 4067.2 28728.0 815.34 53.28 + 10 4046.8 28658.1 712.17 59.19 + 11 3996.4 28483.4 609.63 65.07 + 12 4040.1 28632.9 506.56 70.97 + 13 4052.3 28675.2 403.32 76.89 + 14 4058.1 28695.2 300.02 82.81 + 15 4062.0 28708.2 196.67 88.73 + 16 4064.8 28717.6 93.29 94.65 + 17 4067.1 28725.0 -10.12 100.58 + 18 4068.9 28730.9 -113.55 106.51 + 19 4069.5 28733.2 -216.99 112.43 + 20 4063.9 28713.9 -320.36 118.36 + 21 4021.7 28569.4 -423.21 124.25 + 22 4012.9 28536.1 -525.94 130.14 + 23 4047.4 28655.9 -629.10 136.05 + 24 4055.7 28684.9 -732.37 141.97 + 25 4060.4 28701.2 -835.69 147.89 + 26 4063.6 28712.4 -939.06 153.81 + 27 4066.1 28720.9 -1042.45 159.74 + 28 4068.0 28727.6 -1145.87 165.66 + 29 4069.4 28732.6 -1249.31 171.59 + 30 4069.0 28731.3 -1352.74 177.52 *************************** * SAM CASH FLOW PROFILE * *************************** -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 CONSTRUCTION -Capital expenditure schedule [construction] (%) 2.0 19.60 78.40 -Overnight capital expenditure [construction] ($) -12,527,358 -122,589,149 -490,356,594 +Capital expenditure schedule [construction] (%) 1.40 2.70 13.70 27.40 54.80 +Overnight capital expenditure [construction] ($) -33,917,947 -65,413,184 -331,911,340 -663,822,680 -1,327,645,359 plus: -Inflation cost [construction] ($) -338,239 -6,709,182 -40,800,946 +Inflation cost [construction] ($) -915,785 -3,579,998 -27,617,242 -74,649,027 -189,175,525 equals: -Nominal capital expenditure [construction] ($) -12,865,597 -129,298,330 -531,157,540 +Nominal capital expenditure [construction] ($) -34,833,732 -68,993,182 -359,528,581 -738,471,706 -1,516,820,885 -Issuance of equity [construction] ($) 4,502,959 45,254,416 185,905,139 -Issuance of debt [construction] ($) 8,362,638 84,043,915 345,252,401 -Debt balance [construction] ($) 8,362,638 93,242,816 447,819,499 -Debt interest payment [construction] ($) 0 836,264 9,324,282 +Issuance of equity [construction] ($) 12,191,806 24,147,614 125,835,003 258,465,097 530,887,310 +Issuance of debt [construction] ($) 22,641,926 44,845,568 233,693,578 480,006,609 985,933,575 +Debt balance [construction] ($) 22,641,926 69,751,686 310,420,433 821,469,085 1,889,549,569 +Debt interest payment [construction] ($) 0 2,264,193 6,975,169 31,042,043 82,146,909 -Installed cost [construction] ($) -12,865,597 -130,134,594 -540,481,822 -After-tax net cash flow [construction] ($) -4,502,959 -45,254,416 -185,905,139 +Installed cost [construction] ($) -34,833,732 -71,257,374 -366,503,750 -769,513,750 -1,598,967,793 +After-tax net cash flow [construction] ($) -12,191,806 -24,147,614 -125,835,003 -258,465,097 -530,887,310 ENERGY -Electricity to grid (kWh) 0.0 1,041,133,640 1,047,043,678 1,048,844,340 1,049,909,207 1,050,654,854 1,051,222,041 1,051,676,696 1,051,895,181 1,050,703,198 1,040,912,672 1,038,306,236 1,046,631,996 1,048,671,657 1,049,841,192 1,050,658,143 1,051,279,286 1,051,775,081 1,052,074,256 1,051,357,025 1,044,017,101 1,036,339,547 1,046,267,081 1,048,576,804 1,049,807,000 1,050,632,717 1,051,247,058 1,051,734,366 1,052,068,187 1,051,675,211 1,046,872,184 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 1,041,133,640 1,047,043,678 1,048,844,340 1,049,909,207 1,050,654,854 1,051,222,041 1,051,676,696 1,051,895,181 1,050,703,198 1,040,912,672 1,038,306,236 1,046,631,996 1,048,671,657 1,049,841,192 1,050,658,143 1,051,279,286 1,051,775,081 1,052,074,256 1,051,357,025 1,044,017,101 1,036,339,547 1,046,267,081 1,048,576,804 1,049,807,000 1,050,632,717 1,051,247,058 1,051,734,366 1,052,068,187 1,051,675,211 1,046,872,184 +Electricity to grid (kWh) 0.0 4,024,187,776 4,048,507,637 4,055,919,971 4,060,303,898 4,063,373,616 4,065,709,569 4,067,599,147 4,068,859,708 4,067,370,054 4,046,926,872 3,996,514,514 4,040,199,049 4,052,409,446 4,058,267,321 4,062,117,901 4,064,968,907 4,067,199,592 4,068,987,346 4,069,684,976 4,064,032,399 4,021,809,819 4,012,988,812 4,047,561,777 4,055,870,532 4,060,558,901 4,063,776,840 4,066,200,226 4,068,140,886 4,069,555,940 4,069,151,686 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 4,024,187,776 4,048,507,637 4,055,919,971 4,060,303,898 4,063,373,616 4,065,709,569 4,067,599,147 4,068,859,708 4,067,370,054 4,046,926,872 3,996,514,514 4,040,199,049 4,052,409,446 4,058,267,321 4,062,117,901 4,064,968,907 4,067,199,592 4,068,987,346 4,069,684,976 4,064,032,399 4,021,809,819 4,012,988,812 4,047,561,777 4,055,870,532 4,060,558,901 4,063,776,840 4,066,200,226 4,068,140,886 4,069,555,940 4,069,151,686 REVENUE -PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 -PPA revenue ($) 0 98,907,696 99,469,149 100,238,054 100,938,271 101,608,831 102,262,880 102,906,565 103,527,524 104,009,110 103,633,266 103,965,603 105,395,842 106,198,979 106,915,827 107,597,900 108,260,741 108,911,310 109,541,972 110,066,567 109,893,240 109,675,814 111,322,817 112,166,261 112,896,245 113,583,903 114,249,530 114,901,980 115,538,128 116,094,427 116,160,938 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 341,741,006 -Total revenue ($) 0 98,907,696 99,469,149 100,238,054 100,938,271 101,608,831 102,262,880 102,906,565 103,527,524 104,009,110 103,633,266 103,965,603 105,395,842 106,198,979 106,915,827 107,597,900 108,260,741 108,911,310 109,541,972 110,066,567 109,893,240 109,675,814 111,322,817 112,166,261 112,896,245 113,583,903 114,249,530 114,901,980 115,538,128 116,094,427 457,901,944 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 382,297,839 384,608,226 387,624,272 390,357,617 392,968,862 395,512,227 398,014,577 400,457,172 402,628,962 402,912,039 400,170,998 406,848,044 410,387,505 413,293,944 416,001,494 418,610,498 421,158,518 423,662,962 426,055,320 427,780,050 425,628,133 426,982,010 432,967,683 436,168,317 438,987,023 441,651,267 444,232,375 446,763,232 449,238,280 451,513,071 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,420,538,199 +Total revenue ($) 0 382,297,839 384,608,226 387,624,272 390,357,617 392,968,862 395,512,227 398,014,577 400,457,172 402,628,962 402,912,039 400,170,998 406,848,044 410,387,505 413,293,944 416,001,494 418,610,498 421,158,518 423,662,962 426,055,320 427,780,050 425,628,133 426,982,010 432,967,683 436,168,317 438,987,023 441,651,267 444,232,375 446,763,232 449,238,280 1,872,051,270 -Property tax net assessed value ($) 0 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 683,482,013 +Property tax net assessed value ($) 0 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 2,841,076,399 OPERATING EXPENSES -O&M fixed expense ($) 0 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 24,350,809 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 1,503,660 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 25,854,469 +O&M fixed expense ($) 0 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 92,983,346 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 6,250,368 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 99,233,715 -EBITDA ($) 0 73,053,227 73,614,680 74,383,584 75,083,802 75,754,362 76,408,411 77,052,095 77,673,055 78,154,640 77,778,796 78,111,134 79,541,373 80,344,510 81,061,358 81,743,431 82,406,272 83,056,840 83,687,502 84,212,098 84,038,771 83,821,345 85,468,348 86,311,792 87,041,776 87,729,434 88,395,061 89,047,510 89,683,659 90,239,957 432,047,475 +EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 OPERATING ACTIVITIES -EBITDA ($) 0 73,053,227 73,614,680 74,383,584 75,083,802 75,754,362 76,408,411 77,052,095 77,673,055 78,154,640 77,778,796 78,111,134 79,541,373 80,344,510 81,061,358 81,743,431 82,406,272 83,056,840 83,687,502 84,212,098 84,038,771 83,821,345 85,468,348 86,311,792 87,041,776 87,729,434 88,395,061 89,047,510 89,683,659 90,239,957 432,047,475 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 35,825,560 35,509,312 35,167,765 34,798,893 34,400,512 33,970,261 33,505,589 33,003,743 32,461,750 31,876,398 31,244,217 30,561,462 29,824,087 29,027,721 28,167,646 27,238,765 26,235,574 25,152,127 23,982,005 22,718,273 21,353,442 19,879,425 18,287,486 16,568,193 14,711,355 12,705,971 10,540,157 8,201,077 5,674,870 2,946,567 -Cash flow from operating activities ($) 0 37,227,667 38,105,368 39,215,820 40,284,909 41,353,850 42,438,150 43,546,507 44,669,311 45,692,890 45,902,399 46,866,917 48,979,911 50,520,423 52,033,637 53,575,785 55,167,507 56,821,267 58,535,375 60,230,093 61,320,498 62,467,903 65,588,923 68,024,305 70,473,583 73,018,078 75,689,090 78,507,354 81,482,583 84,565,087 429,100,908 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 151,163,966 149,829,576 148,388,435 146,832,002 145,151,055 143,335,633 141,374,976 139,257,467 136,970,558 134,500,695 131,833,244 128,952,396 125,841,081 122,480,860 118,851,822 114,932,461 110,699,550 106,128,007 101,190,741 95,858,493 90,099,665 83,880,132 77,163,035 69,908,571 62,073,749 53,612,142 44,473,607 34,603,988 23,944,800 12,432,877 +Cash flow from operating activities ($) 0 131,900,159 135,544,935 140,002,122 144,291,900 148,584,092 152,942,880 157,405,886 161,965,990 166,424,689 169,177,630 169,104,040 178,661,933 185,312,709 191,579,369 197,915,958 204,444,323 211,225,253 218,301,241 225,630,865 232,687,843 236,294,753 243,868,163 256,570,934 267,026,032 277,679,559 288,805,410 300,525,054 312,925,529 326,059,766 1,760,384,679 INVESTING ACTIVITIES -Total installed cost ($) -683,482,013 -Debt closing costs ($) 0 -Debt up-front fee ($) 0 +Total installed cost ($) -2,841,076,399 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 minus: -Total IBI income ($) 0 -Total CBI income ($) 0 +Total IBI income ($) 0 +Total CBI income ($) 0 equals: -Purchase of property ($) -683,482,013 +Purchase of property ($) -2,841,076,399 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -683,482,013 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,841,076,399 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 235,662,514 -Size of debt ($) 447,819,499 +Issuance of equity ($) 951,526,830 +Size of debt ($) 1,889,549,569 minus: -Debt principal payment ($) 0 3,953,097 4,269,345 4,610,892 4,979,763 5,378,145 5,808,396 6,273,068 6,774,913 7,316,906 7,902,259 8,534,439 9,217,195 9,954,570 10,750,936 11,611,011 12,539,892 13,543,083 14,626,530 15,796,652 17,060,384 18,425,215 19,899,232 21,491,170 23,210,464 25,067,301 27,072,685 29,238,500 31,577,580 34,103,787 36,832,090 +Debt principal payment ($) 0 16,679,873 18,014,263 19,455,404 21,011,836 22,692,783 24,508,206 26,468,862 28,586,371 30,873,281 33,343,143 36,010,595 38,891,442 42,002,758 45,362,978 48,992,016 52,911,378 57,144,288 61,715,831 66,653,098 71,985,345 77,744,173 83,963,707 90,680,803 97,935,268 105,770,089 114,231,696 123,370,232 133,239,850 143,899,038 155,410,962 equals: -Cash flow from financing activities ($) 683,482,013 -3,953,097 -4,269,345 -4,610,892 -4,979,763 -5,378,145 -5,808,396 -6,273,068 -6,774,913 -7,316,906 -7,902,259 -8,534,439 -9,217,195 -9,954,570 -10,750,936 -11,611,011 -12,539,892 -13,543,083 -14,626,530 -15,796,652 -17,060,384 -18,425,215 -19,899,232 -21,491,170 -23,210,464 -25,067,301 -27,072,685 -29,238,500 -31,577,580 -34,103,787 -36,832,090 +Cash flow from financing activities ($) 2,841,076,399 -16,679,873 -18,014,263 -19,455,404 -21,011,836 -22,692,783 -24,508,206 -26,468,862 -28,586,371 -30,873,281 -33,343,143 -36,010,595 -38,891,442 -42,002,758 -45,362,978 -48,992,016 -52,911,378 -57,144,288 -61,715,831 -66,653,098 -71,985,345 -77,744,173 -83,963,707 -90,680,803 -97,935,268 -105,770,089 -114,231,696 -123,370,232 -133,239,850 -143,899,038 -155,410,962 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 37,227,667 38,105,368 39,215,820 40,284,909 41,353,850 42,438,150 43,546,507 44,669,311 45,692,890 45,902,399 46,866,917 48,979,911 50,520,423 52,033,637 53,575,785 55,167,507 56,821,267 58,535,375 60,230,093 61,320,498 62,467,903 65,588,923 68,024,305 70,473,583 73,018,078 75,689,090 78,507,354 81,482,583 84,565,087 429,100,908 -Cash flow from investing activities ($) -683,482,013 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 683,482,013 -3,953,097 -4,269,345 -4,610,892 -4,979,763 -5,378,145 -5,808,396 -6,273,068 -6,774,913 -7,316,906 -7,902,259 -8,534,439 -9,217,195 -9,954,570 -10,750,936 -11,611,011 -12,539,892 -13,543,083 -14,626,530 -15,796,652 -17,060,384 -18,425,215 -19,899,232 -21,491,170 -23,210,464 -25,067,301 -27,072,685 -29,238,500 -31,577,580 -34,103,787 -36,832,090 -Total pre-tax cash flow ($) 0 33,274,570 33,836,023 34,604,928 35,305,145 35,975,705 36,629,754 37,273,439 37,894,398 38,375,984 38,000,140 38,332,478 39,762,716 40,565,853 41,282,701 41,964,775 42,627,615 43,278,184 43,908,846 44,433,441 44,260,114 44,042,688 45,689,692 46,533,135 47,263,119 47,950,777 48,616,404 49,268,854 49,905,002 50,461,301 392,268,818 +Cash flow from operating activities ($) 0 131,900,159 135,544,935 140,002,122 144,291,900 148,584,092 152,942,880 157,405,886 161,965,990 166,424,689 169,177,630 169,104,040 178,661,933 185,312,709 191,579,369 197,915,958 204,444,323 211,225,253 218,301,241 225,630,865 232,687,843 236,294,753 243,868,163 256,570,934 267,026,032 277,679,559 288,805,410 300,525,054 312,925,529 326,059,766 1,760,384,679 +Cash flow from investing activities ($) -2,841,076,399 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,841,076,399 -16,679,873 -18,014,263 -19,455,404 -21,011,836 -22,692,783 -24,508,206 -26,468,862 -28,586,371 -30,873,281 -33,343,143 -36,010,595 -38,891,442 -42,002,758 -45,362,978 -48,992,016 -52,911,378 -57,144,288 -61,715,831 -66,653,098 -71,985,345 -77,744,173 -83,963,707 -90,680,803 -97,935,268 -105,770,089 -114,231,696 -123,370,232 -133,239,850 -143,899,038 -155,410,962 +Total pre-tax cash flow ($) 0 115,220,286 117,530,673 120,546,719 123,280,064 125,891,309 128,434,674 130,937,024 133,379,619 135,551,409 135,834,486 133,093,445 139,770,491 143,309,952 146,216,391 148,923,941 151,532,945 154,080,965 156,585,409 158,977,767 160,702,497 158,550,580 159,904,457 165,890,130 169,090,764 171,909,470 174,573,714 177,154,822 179,685,679 182,160,727 1,604,973,717 Pre-tax Returns: -Issuance of equity ($) 235,662,514 -Total pre-tax cash flow ($) 0 33,274,570 33,836,023 34,604,928 35,305,145 35,975,705 36,629,754 37,273,439 37,894,398 38,375,984 38,000,140 38,332,478 39,762,716 40,565,853 41,282,701 41,964,775 42,627,615 43,278,184 43,908,846 44,433,441 44,260,114 44,042,688 45,689,692 46,533,135 47,263,119 47,950,777 48,616,404 49,268,854 49,905,002 50,461,301 392,268,818 -Total pre-tax returns ($) -235,662,514 33,274,570 33,836,023 34,604,928 35,305,145 35,975,705 36,629,754 37,273,439 37,894,398 38,375,984 38,000,140 38,332,478 39,762,716 40,565,853 41,282,701 41,964,775 42,627,615 43,278,184 43,908,846 44,433,441 44,260,114 44,042,688 45,689,692 46,533,135 47,263,119 47,950,777 48,616,404 49,268,854 49,905,002 50,461,301 392,268,818 +Issuance of equity ($) 951,526,830 +Total pre-tax cash flow ($) 0 115,220,286 117,530,673 120,546,719 123,280,064 125,891,309 128,434,674 130,937,024 133,379,619 135,551,409 135,834,486 133,093,445 139,770,491 143,309,952 146,216,391 148,923,941 151,532,945 154,080,965 156,585,409 158,977,767 160,702,497 158,550,580 159,904,457 165,890,130 169,090,764 171,909,470 174,573,714 177,154,822 179,685,679 182,160,727 1,604,973,717 +Total pre-tax returns ($) -951,526,830 115,220,286 117,530,673 120,546,719 123,280,064 125,891,309 128,434,674 130,937,024 133,379,619 135,551,409 135,834,486 133,093,445 139,770,491 143,309,952 146,216,391 148,923,941 151,532,945 154,080,965 156,585,409 158,977,767 160,702,497 158,550,580 159,904,457 165,890,130 169,090,764 171,909,470 174,573,714 177,154,822 179,685,679 182,160,727 1,604,973,717 After-tax Returns: -Total pre-tax returns ($) -235,662,514 33,274,570 33,836,023 34,604,928 35,305,145 35,975,705 36,629,754 37,273,439 37,894,398 38,375,984 38,000,140 38,332,478 39,762,716 40,565,853 41,282,701 41,964,775 42,627,615 43,278,184 43,908,846 44,433,441 44,260,114 44,042,688 45,689,692 46,533,135 47,263,119 47,950,777 48,616,404 49,268,854 49,905,002 50,461,301 392,268,818 -Federal ITC total income ($) 0 205,044,604 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -4,550,838 -1,815,507 -2,038,092 -2,252,385 -2,466,649 -2,683,992 -2,906,156 -3,131,217 -3,336,388 -3,378,383 -3,571,716 -3,995,255 -4,304,043 -4,607,359 -4,916,475 -5,235,527 -5,567,015 -5,910,600 -6,250,298 -6,468,864 -9,610,117 -13,146,972 -13,635,132 -14,126,077 -14,636,109 -15,171,500 -15,736,407 -16,332,776 -16,950,649 -86,011,131 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,033,017 -412,111 -462,636 -511,280 -559,917 -609,253 -659,683 -710,770 -757,343 -766,876 -810,761 -906,903 -976,996 -1,045,847 -1,116,015 -1,188,438 -1,263,684 -1,341,676 -1,418,786 -1,468,399 -2,181,448 -2,984,296 -3,095,106 -3,206,548 -3,322,323 -3,443,854 -3,572,085 -3,707,458 -3,847,711 -19,524,091 -Total after-tax returns ($) -235,662,514 232,735,319 31,608,406 32,104,200 32,541,480 32,949,139 33,336,510 33,707,600 34,052,411 34,282,253 33,854,881 33,950,000 34,860,559 35,284,814 35,629,495 35,932,285 36,203,649 36,447,484 36,656,570 36,764,358 36,322,851 32,251,123 29,558,424 29,802,897 29,930,494 29,992,346 30,001,051 29,960,362 29,864,769 29,662,940 286,733,595 - -After-tax net cash flow ($) -4,502,959 -45,254,416 -185,905,139 232,735,319 31,608,406 32,104,200 32,541,480 32,949,139 33,336,510 33,707,600 34,052,411 34,282,253 33,854,881 33,950,000 34,860,559 35,284,814 35,629,495 35,932,285 36,203,649 36,447,484 36,656,570 36,764,358 36,322,851 32,251,123 29,558,424 29,802,897 29,930,494 29,992,346 30,001,051 29,960,362 29,864,769 29,662,940 286,733,595 -After-tax cumulative IRR (%) NaN NaN NaN -1.01 8.85 16.07 20.99 24.31 26.56 28.12 29.21 29.99 30.53 30.93 31.23 31.44 31.61 31.73 31.82 31.89 31.94 31.98 32.01 32.03 32.04 32.05 32.06 32.06 32.07 32.07 32.07 32.08 32.09 -After-tax cumulative NPV ($) -4,502,959 -43,846,414 -184,358,753 -31,427,271 -13,370,141 2,574,675 16,625,652 28,994,373 39,873,960 49,437,785 57,837,474 65,189,317 71,501,211 77,004,087 81,916,511 86,239,268 90,034,114 93,361,330 96,275,802 98,826,662 101,057,061 103,001,835 104,672,286 105,961,753 106,989,197 107,889,827 108,676,174 109,361,223 109,956,967 110,474,194 110,922,428 111,309,482 114,562,210 +Total pre-tax returns ($) -951,526,830 115,220,286 117,530,673 120,546,719 123,280,064 125,891,309 128,434,674 130,937,024 133,379,619 135,551,409 135,834,486 133,093,445 139,770,491 143,309,952 146,216,391 148,923,941 151,532,945 154,080,965 156,585,409 158,977,767 160,702,497 158,550,580 159,904,457 165,890,130 169,090,764 171,909,470 174,573,714 177,154,822 179,685,679 182,160,727 1,604,973,717 +Federal ITC total income ($) 0 852,322,920 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -14,337,287 -2,966,423 -3,859,844 -4,719,709 -5,580,057 -6,453,754 -7,348,341 -8,262,392 -9,156,116 -9,707,929 -9,693,178 -11,609,010 -12,942,125 -14,198,245 -15,468,383 -16,776,961 -18,136,165 -19,554,511 -21,023,697 -22,438,233 -35,262,661 -48,882,154 -51,428,361 -53,524,033 -55,659,479 -57,889,600 -60,238,744 -62,724,358 -65,357,050 -352,860,307 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -3,254,491 -673,363 -876,165 -1,071,350 -1,266,645 -1,464,970 -1,668,036 -1,875,521 -2,078,392 -2,203,651 -2,200,302 -2,635,186 -2,937,797 -3,222,930 -3,511,245 -3,808,285 -4,116,818 -4,438,775 -4,772,273 -5,093,365 -8,004,446 -11,096,001 -11,673,977 -12,149,684 -12,634,420 -13,140,646 -13,673,890 -14,238,112 -14,835,719 -80,097,503 +Total after-tax returns ($) -951,526,830 949,951,427 113,890,886 115,810,709 117,489,005 119,044,607 120,515,950 121,920,646 123,241,707 124,316,901 123,922,907 121,199,965 125,526,295 127,430,030 128,795,216 129,944,314 130,947,699 131,827,983 132,592,124 133,181,797 133,170,899 115,283,473 99,926,301 102,787,792 103,417,047 103,615,571 103,543,467 103,242,187 102,723,210 101,967,958 1,172,015,908 + +After-tax net cash flow ($) -12,191,806 -24,147,614 -125,835,003 -258,465,097 -530,887,310 949,951,427 113,890,886 115,810,709 117,489,005 119,044,607 120,515,950 121,920,646 123,241,707 124,316,901 123,922,907 121,199,965 125,526,295 127,430,030 128,795,216 129,944,314 130,947,699 131,827,983 132,592,124 133,181,797 133,170,899 115,283,473 99,926,301 102,787,792 103,417,047 103,615,571 103,543,467 103,242,187 102,723,210 101,967,958 1,172,015,908 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -0.10 6.42 11.46 15.14 17.79 19.71 21.11 22.14 22.91 23.49 23.91 24.24 24.50 24.70 24.86 24.99 25.08 25.16 25.22 25.27 25.30 25.32 25.34 25.35 25.37 25.38 25.38 25.39 25.39 25.43 +After-tax cumulative NPV ($) -12,191,806 -33,185,350 -128,294,989 -298,133,629 -601,416,917 -129,615,688 -80,439,125 -36,965,139 1,378,162 35,154,575 64,882,176 91,028,108 114,005,255 134,155,490 151,618,258 166,466,515 179,836,141 191,635,757 202,004,052 211,098,501 219,066,120 226,039,604 232,137,380 237,462,264 242,091,253 245,575,071 248,200,375 250,548,131 252,601,727 254,390,518 255,944,581 257,291,727 258,457,027 259,462,671 269,511,736 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -235,662,514 133,827,623 -67,860,744 -68,133,854 -68,396,791 -68,659,692 -68,926,370 -69,198,965 -69,475,113 -69,726,857 -69,778,385 -70,015,603 -70,535,283 -70,914,165 -71,286,332 -71,665,616 -72,057,092 -72,463,826 -72,885,402 -73,302,209 -73,570,389 -77,424,691 -81,764,394 -82,363,364 -82,965,751 -83,591,557 -84,248,479 -84,941,617 -85,673,360 -86,431,486 170,572,658 -PPA revenue ($) 0 98,907,696 99,469,149 100,238,054 100,938,271 101,608,831 102,262,880 102,906,565 103,527,524 104,009,110 103,633,266 103,965,603 105,395,842 106,198,979 106,915,827 107,597,900 108,260,741 108,911,310 109,541,972 110,066,567 109,893,240 109,675,814 111,322,817 112,166,261 112,896,245 113,583,903 114,249,530 114,901,980 115,538,128 116,094,427 116,160,938 -Electricity to grid (kWh) 0.0 1,041,133,640 1,047,043,678 1,048,844,340 1,049,909,207 1,050,654,854 1,051,222,041 1,051,676,696 1,051,895,181 1,050,703,198 1,040,912,672 1,038,306,236 1,046,631,996 1,048,671,657 1,049,841,192 1,050,658,143 1,051,279,286 1,051,775,081 1,052,074,256 1,051,357,025 1,044,017,101 1,036,339,547 1,046,267,081 1,048,576,804 1,049,807,000 1,050,632,717 1,051,247,058 1,051,734,366 1,052,068,187 1,051,675,211 1,046,872,184 +Annual costs ($) -951,526,830 567,653,588 -270,717,339 -271,813,562 -272,868,612 -273,924,255 -274,996,277 -276,093,931 -277,215,466 -278,312,061 -278,989,132 -278,971,033 -281,321,750 -282,957,475 -284,498,728 -286,057,181 -287,662,799 -289,330,535 -291,070,839 -292,873,523 -294,609,152 -310,344,660 -327,055,708 -330,179,891 -332,751,270 -335,371,452 -338,107,800 -340,990,187 -344,040,022 -347,270,322 720,502,837 +PPA revenue ($) 0 382,297,839 384,608,226 387,624,272 390,357,617 392,968,862 395,512,227 398,014,577 400,457,172 402,628,962 402,912,039 400,170,998 406,848,044 410,387,505 413,293,944 416,001,494 418,610,498 421,158,518 423,662,962 426,055,320 427,780,050 425,628,133 426,982,010 432,967,683 436,168,317 438,987,023 441,651,267 444,232,375 446,763,232 449,238,280 451,513,071 +Electricity to grid (kWh) 0.0 4,024,187,776 4,048,507,637 4,055,919,971 4,060,303,898 4,063,373,616 4,065,709,569 4,067,599,147 4,068,859,708 4,067,370,054 4,046,926,872 3,996,514,514 4,040,199,049 4,052,409,446 4,058,267,321 4,062,117,901 4,064,968,907 4,067,199,592 4,068,987,346 4,069,684,976 4,064,032,399 4,021,809,819 4,012,988,812 4,047,561,777 4,055,870,532 4,060,558,901 4,063,776,840 4,066,200,226 4,068,140,886 4,069,555,940 4,069,151,686 -Present value of annual costs ($) 513,647,749 -Present value of annual energy nominal (kWh) 6,869,291,348 -LCOE Levelized cost of energy nominal (cents/kWh) 7.48 +Present value of annual costs ($) 2,031,413,982 +Present value of annual energy nominal (kWh) 26,564,482,989 +LCOE Levelized cost of energy nominal (cents/kWh) 7.65 -Present value of PPA revenue ($) 673,473,230 -Present value of annual energy nominal (kWh) 6,869,291,348 -LPPA Levelized PPA price nominal (cents/kWh) 9.80 +Present value of PPA revenue ($) 2,604,418,799 +Present value of annual energy nominal (kWh) 26,564,482,989 +LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 73,053,227 73,614,680 74,383,584 75,083,802 75,754,362 76,408,411 77,052,095 77,673,055 78,154,640 77,778,796 78,111,134 79,541,373 80,344,510 81,061,358 81,743,431 82,406,272 83,056,840 83,687,502 84,212,098 84,038,771 83,821,345 85,468,348 86,311,792 87,041,776 87,729,434 88,395,061 89,047,510 89,683,659 90,239,957 432,047,475 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State taxable IBI income ($) 0 -State taxable CBI income ($) 0 +EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 35,825,560 35,509,312 35,167,765 34,798,893 34,400,512 33,970,261 33,505,589 33,003,743 32,461,750 31,876,398 31,244,217 30,561,462 29,824,087 29,027,721 28,167,646 27,238,765 26,235,574 25,152,127 23,982,005 22,718,273 21,353,442 19,879,425 18,287,486 16,568,193 14,711,355 12,705,971 10,540,157 8,201,077 5,674,870 2,946,567 -Total state tax depreciation ($) 0 14,523,993 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 14,523,993 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 151,163,966 149,829,576 148,388,435 146,832,002 145,151,055 143,335,633 141,374,976 139,257,467 136,970,558 134,500,695 131,833,244 128,952,396 125,841,081 122,480,860 118,851,822 114,932,461 110,699,550 106,128,007 101,190,741 95,858,493 90,099,665 83,880,132 77,163,035 69,908,571 62,073,749 53,612,142 44,473,607 34,603,988 23,944,800 12,432,877 +Total state tax depreciation ($) 0 60,372,873 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 60,372,873 0 0 0 0 0 0 0 0 0 equals: -State taxable income ($) 0 22,703,674 9,057,382 10,167,834 11,236,923 12,305,864 13,390,165 14,498,521 15,621,325 16,644,904 16,854,413 17,818,932 19,931,925 21,472,437 22,985,651 24,527,800 26,119,521 27,773,281 29,487,390 31,182,107 32,272,513 47,943,910 65,588,923 68,024,305 70,473,583 73,018,078 75,689,090 78,507,354 81,482,583 84,565,087 429,100,908 +State taxable income ($) 0 71,527,285 14,799,188 19,256,375 23,546,153 27,838,345 32,197,133 36,660,139 41,220,244 45,678,942 48,431,883 48,358,293 57,916,186 64,566,962 70,833,622 77,170,211 83,698,576 90,479,506 97,555,494 104,885,118 111,942,096 175,921,880 243,868,163 256,570,934 267,026,032 277,679,559 288,805,410 300,525,054 312,925,529 326,059,766 1,760,384,679 -State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 -State tax benefit (liability) ($) 0 -1,033,017 -412,111 -462,636 -511,280 -559,917 -609,253 -659,683 -710,770 -757,343 -766,876 -810,761 -906,903 -976,996 -1,045,847 -1,116,015 -1,188,438 -1,263,684 -1,341,676 -1,418,786 -1,468,399 -2,181,448 -2,984,296 -3,095,106 -3,206,548 -3,322,323 -3,443,854 -3,572,085 -3,707,458 -3,847,711 -19,524,091 +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -3,254,491 -673,363 -876,165 -1,071,350 -1,266,645 -1,464,970 -1,668,036 -1,875,521 -2,078,392 -2,203,651 -2,200,302 -2,635,186 -2,937,797 -3,222,930 -3,511,245 -3,808,285 -4,116,818 -4,438,775 -4,772,273 -5,093,365 -8,004,446 -11,096,001 -11,673,977 -12,149,684 -12,634,420 -13,140,646 -13,673,890 -14,238,112 -14,835,719 -80,097,503 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 73,053,227 73,614,680 74,383,584 75,083,802 75,754,362 76,408,411 77,052,095 77,673,055 78,154,640 77,778,796 78,111,134 79,541,373 80,344,510 81,061,358 81,743,431 82,406,272 83,056,840 83,687,502 84,212,098 84,038,771 83,821,345 85,468,348 86,311,792 87,041,776 87,729,434 88,395,061 89,047,510 89,683,659 90,239,957 432,047,475 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -1,033,017 -412,111 -462,636 -511,280 -559,917 -609,253 -659,683 -710,770 -757,343 -766,876 -810,761 -906,903 -976,996 -1,045,847 -1,116,015 -1,188,438 -1,263,684 -1,341,676 -1,418,786 -1,468,399 -2,181,448 -2,984,296 -3,095,106 -3,206,548 -3,322,323 -3,443,854 -3,572,085 -3,707,458 -3,847,711 -19,524,091 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal taxable IBI income ($) 0 -Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -3,254,491 -673,363 -876,165 -1,071,350 -1,266,645 -1,464,970 -1,668,036 -1,875,521 -2,078,392 -2,203,651 -2,200,302 -2,635,186 -2,937,797 -3,222,930 -3,511,245 -3,808,285 -4,116,818 -4,438,775 -4,772,273 -5,093,365 -8,004,446 -11,096,001 -11,673,977 -12,149,684 -12,634,420 -13,140,646 -13,673,890 -14,238,112 -14,835,719 -80,097,503 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 0 +Federal taxable CBI income ($) 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 35,825,560 35,509,312 35,167,765 34,798,893 34,400,512 33,970,261 33,505,589 33,003,743 32,461,750 31,876,398 31,244,217 30,561,462 29,824,087 29,027,721 28,167,646 27,238,765 26,235,574 25,152,127 23,982,005 22,718,273 21,353,442 19,879,425 18,287,486 16,568,193 14,711,355 12,705,971 10,540,157 8,201,077 5,674,870 2,946,567 -Total federal tax depreciation ($) 0 14,523,993 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 29,047,986 14,523,993 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 151,163,966 149,829,576 148,388,435 146,832,002 145,151,055 143,335,633 141,374,976 139,257,467 136,970,558 134,500,695 131,833,244 128,952,396 125,841,081 122,480,860 118,851,822 114,932,461 110,699,550 106,128,007 101,190,741 95,858,493 90,099,665 83,880,132 77,163,035 69,908,571 62,073,749 53,612,142 44,473,607 34,603,988 23,944,800 12,432,877 +Total federal tax depreciation ($) 0 60,372,873 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 120,745,747 60,372,873 0 0 0 0 0 0 0 0 0 equals: -Federal taxable income ($) 0 21,670,657 8,645,272 9,705,198 10,725,643 11,745,947 12,780,912 13,838,838 14,910,555 15,887,561 16,087,537 17,008,170 19,025,023 20,495,442 21,939,804 23,411,785 24,931,083 26,509,597 28,145,713 29,763,322 30,804,113 45,762,462 62,604,627 64,929,199 67,267,035 69,695,756 72,245,236 74,935,269 77,775,125 80,717,376 409,576,816 +Federal taxable income ($) 0 68,272,794 14,125,825 18,380,210 22,474,803 26,571,701 30,732,163 34,992,102 39,344,722 43,600,551 46,228,232 46,157,991 55,281,000 61,629,165 67,610,692 73,658,966 79,890,291 86,362,688 93,116,719 100,112,845 106,848,730 167,917,434 232,772,162 244,896,956 254,876,347 265,045,139 275,664,764 286,851,164 298,687,418 311,224,046 1,680,287,176 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -4,550,838 -1,815,507 -2,038,092 -2,252,385 -2,466,649 -2,683,992 -2,906,156 -3,131,217 -3,336,388 -3,378,383 -3,571,716 -3,995,255 -4,304,043 -4,607,359 -4,916,475 -5,235,527 -5,567,015 -5,910,600 -6,250,298 -6,468,864 -9,610,117 -13,146,972 -13,635,132 -14,126,077 -14,636,109 -15,171,500 -15,736,407 -16,332,776 -16,950,649 -86,011,131 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -14,337,287 -2,966,423 -3,859,844 -4,719,709 -5,580,057 -6,453,754 -7,348,341 -8,262,392 -9,156,116 -9,707,929 -9,693,178 -11,609,010 -12,942,125 -14,198,245 -15,468,383 -16,776,961 -18,136,165 -19,554,511 -21,023,697 -22,438,233 -35,262,661 -48,882,154 -51,428,361 -53,524,033 -55,659,479 -57,889,600 -60,238,744 -62,724,358 -65,357,050 -352,860,307 CASH INCENTIVES -Federal IBI income ($) 0 -State IBI income ($) 0 -Utility IBI income ($) 0 -Other IBI income ($) 0 -Total IBI income ($) 0 - -Federal CBI income ($) 0 -State CBI income ($) 0 -Utility CBI income ($) 0 -Other CBI income ($) 0 -Total CBI income ($) 0 - -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 0 +Other CBI income ($) 0 +Total CBI income ($) 0 + +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 205,044,604 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 205,044,604 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 852,322,920 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 852,322,920 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 447,819,499 443,866,402 439,597,058 434,986,166 430,006,402 424,628,258 418,819,862 412,546,794 405,771,880 398,454,974 390,552,715 382,018,276 372,801,081 362,846,511 352,095,575 340,484,564 327,944,673 314,401,590 299,775,061 283,978,409 266,918,025 248,492,810 228,593,578 207,102,407 183,891,943 158,824,642 131,751,957 102,513,456 70,935,876 36,832,090 0 -Debt interest payment ($) 0 35,825,560 35,509,312 35,167,765 34,798,893 34,400,512 33,970,261 33,505,589 33,003,743 32,461,750 31,876,398 31,244,217 30,561,462 29,824,087 29,027,721 28,167,646 27,238,765 26,235,574 25,152,127 23,982,005 22,718,273 21,353,442 19,879,425 18,287,486 16,568,193 14,711,355 12,705,971 10,540,157 8,201,077 5,674,870 2,946,567 -Debt principal payment ($) 0 3,953,097 4,269,345 4,610,892 4,979,763 5,378,145 5,808,396 6,273,068 6,774,913 7,316,906 7,902,259 8,534,439 9,217,195 9,954,570 10,750,936 11,611,011 12,539,892 13,543,083 14,626,530 15,796,652 17,060,384 18,425,215 19,899,232 21,491,170 23,210,464 25,067,301 27,072,685 29,238,500 31,577,580 34,103,787 36,832,090 -Debt total payment ($) 0 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 +Debt balance ($) 1,889,549,569 1,872,869,696 1,854,855,433 1,835,400,029 1,814,388,193 1,791,695,410 1,767,187,205 1,740,718,342 1,712,131,971 1,681,258,691 1,647,915,547 1,611,904,953 1,573,013,510 1,531,010,753 1,485,647,775 1,436,655,758 1,383,744,380 1,326,600,092 1,264,884,261 1,198,231,164 1,126,245,818 1,048,501,645 964,537,939 873,857,135 775,921,868 670,151,778 555,920,082 432,549,850 299,310,000 155,410,962 0 +Debt interest payment ($) 0 151,163,966 149,829,576 148,388,435 146,832,002 145,151,055 143,335,633 141,374,976 139,257,467 136,970,558 134,500,695 131,833,244 128,952,396 125,841,081 122,480,860 118,851,822 114,932,461 110,699,550 106,128,007 101,190,741 95,858,493 90,099,665 83,880,132 77,163,035 69,908,571 62,073,749 53,612,142 44,473,607 34,603,988 23,944,800 12,432,877 +Debt principal payment ($) 0 16,679,873 18,014,263 19,455,404 21,011,836 22,692,783 24,508,206 26,468,862 28,586,371 30,873,281 33,343,143 36,010,595 38,891,442 42,002,758 45,362,978 48,992,016 52,911,378 57,144,288 61,715,831 66,653,098 71,985,345 77,744,173 83,963,707 90,680,803 97,935,268 105,770,089 114,231,696 123,370,232 133,239,850 143,899,038 155,410,962 +Debt total payment ($) 0 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 DSCR (DEBT FRACTION) -EBITDA ($) 0 73,053,227 73,614,680 74,383,584 75,083,802 75,754,362 76,408,411 77,052,095 77,673,055 78,154,640 77,778,796 78,111,134 79,541,373 80,344,510 81,061,358 81,743,431 82,406,272 83,056,840 83,687,502 84,212,098 84,038,771 83,821,345 85,468,348 86,311,792 87,041,776 87,729,434 88,395,061 89,047,510 89,683,659 90,239,957 432,047,475 +EBITDA ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 73,053,227 73,614,680 74,383,584 75,083,802 75,754,362 76,408,411 77,052,095 77,673,055 78,154,640 77,778,796 78,111,134 79,541,373 80,344,510 81,061,358 81,743,431 82,406,272 83,056,840 83,687,502 84,212,098 84,038,771 83,821,345 85,468,348 86,311,792 87,041,776 87,729,434 88,395,061 89,047,510 89,683,659 90,239,957 432,047,475 -Debt total payment ($) 0 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 39,778,657 -DSCR (pre-tax) 0.0 1.84 1.85 1.87 1.89 1.90 1.92 1.94 1.95 1.96 1.96 1.96 2.0 2.02 2.04 2.05 2.07 2.09 2.10 2.12 2.11 2.11 2.15 2.17 2.19 2.21 2.22 2.24 2.25 2.27 10.86 +Cash available for debt service (CAFDS) ($) 0 283,064,124 285,374,511 288,390,557 291,123,902 293,735,148 296,278,512 298,780,862 301,223,458 303,395,247 303,678,325 300,937,284 307,614,330 311,153,790 314,060,229 316,767,780 319,376,783 321,924,803 324,429,248 326,821,606 328,546,336 326,394,419 327,748,295 333,733,969 336,934,602 339,753,308 342,417,552 344,998,660 347,529,517 350,004,566 1,772,817,556 +Debt total payment ($) 0 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 167,843,838 +DSCR (pre-tax) 0.0 1.69 1.70 1.72 1.73 1.75 1.77 1.78 1.79 1.81 1.81 1.79 1.83 1.85 1.87 1.89 1.90 1.92 1.93 1.95 1.96 1.94 1.95 1.99 2.01 2.02 2.04 2.06 2.07 2.09 10.56 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt index a0e91af0..7910bd1b 100644 --- a/tests/examples/Fervo_Project_Cape-5.txt +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -1,5 +1,5 @@ -# Case Study: 100 MWe EGS Project Modeled on Fervo Cape Station Phase I -# See documentation: https://softwareengineerprogrammer.github.io/GEOPHIRES/Fervo_Project_Cape-4.html +# Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station Phase II +# See documentation: https://softwareengineerprogrammer.github.io/GEOPHIRES/Fervo_Project_Cape-5.html # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* @@ -16,7 +16,7 @@ Inflated Bond Interest Rate, .08, -- Higher than typical debt annual interest ra Inflated Bond Interest Rate During Construction, 0.1, -- Higher interest rate during construction to account for increased risk of default. Inflation Rate, .027, -- US inflation as of December 2025 -Construction Years, 3 +Construction Years, 5, -- Ground broken in 2023 (Fervo Energy, 2023). Expected to reach full scale production in 2028 (Fervo Energy, 2025). See [GEOPHIRES documentation](SAM-EM_Multiple-Construction-Years.html) for details on how construction years affect CAPEX, IRR, and other calculations. Construction CAPEX Schedule, 0.014,0.027,0.137,0.274,0.548 Investment Tax Credit Rate, 0.3, -- Geothermal Drilling and Completions Apprenticeship Program ensures compliance with ITC labor requirements (Southern Utah University, 2024). @@ -44,8 +44,12 @@ Reservoir Model, 1 Surface Temperature, 13, -- Surface temperature near Milford, UT (38.4987670, -112.9163432) ([Project InnerSpace, 2025](https://geomap.projectinnerspace.org/test/)). -Number of Segments, 1 -Gradient 1, 74, -- 200℃ at 8500 ft depth (Fercho et al. 2024); 228.89℃ at 9824 ft (Norbeck et al. 2024). +Number of Segments, 3 +Gradient 1, 74, -- Sedimentary overburden. 200℃ at 8500 ft depth (Fercho et al. 2024); 228.89℃ at 9824 ft (Norbeck et al. 2024). +Thickness 1, 2.5 +Gradient 2, 41, -- Crystalline reservoir +Thickness 2, 0.5 +Gradient 3, 39.1, -- Sugarloaf appraisal Reservoir Depth, 2.68, -- Extrapolated from surface temperature, gradient, and average production temperature of shallower and deeper producers in Singh et al., 2025. @@ -74,7 +78,7 @@ Circulation Pump Efficiency, 0.80 # *** Well Bores Parameters *** -Number of Production Wells, 13 +Number of Production Wells, 56, -- Number of production wells required to produce net generation greater than 500 MW (PPA minimum) and total generation less than 600 MW (Gen 2 ORCs gross capacity). Number of Injection Wells per Production Well, 0.666, -- 5-well benches with 3:2 production:injection ratio (Singh et al., 2025) # Well Geometry Configuration, 4, -- L @@ -82,7 +86,7 @@ Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for t Nonvertical Length per Multilateral Section, 4700 feet, -- [Singh et al., 2025](https://www.resfrac.com/wp-content/uploads/2025/06/Singh-2025-Fervo-Project-Cape.pdf). # Multilaterals Cased, True -Production Flow Rate per Well, 110, -- Cape Station pilot testing reported a sustained flow rate of 95–100 kg/s and maximum flow rate of 107 kg/s (Fervo Energy, 2024). Modeling by Singh et al. suggests initial flow rates of 120–130 kg/sec (Singh et al., 2025). The ATB Advanced Scenario models sustained flow rates of 110 kg/s (NREL, 2024). +Production Flow Rate per Well, 106, -- Cape Station pilot testing reported a sustained flow rate of 95–100 kg/s and maximum flow rate of 107 kg/s (Fervo Energy, 2024). Modeling by Singh et al. suggests initial flow rates of 120–130 kg/sec (Singh et al., 2025). The ATB Advanced Scenario models sustained flow rates of 110 kg/s (NREL, 2024). Production Well Diameter, 8.535, -- Inner diameter of 9⅝ inch casing size, the next standard casing size up from 7 inches, implied by announcement of “increasing casing diameter” (Fervo Energy, 2025). Injection Well Diameter, 8.535, -- See Production Well Diameter @@ -96,7 +100,7 @@ Ramey Production Wellbore Model, True, -- Ramey's model estimates the geofluid t Injection Wellbore Temperature Gain, 3 -Maximum Drawdown, 0.003, -- This value represents the drop in production temperature compared to the initial temperature that is allowed before the wellfield is redrilled. It is tuned to keep minimum net electricity generation over the project lifetime ≥100 MWe. +Maximum Drawdown, 0.003, -- This value represents the drop in production temperature compared to the initial temperature that is allowed before the wellfield is redrilled. It is tuned to keep minimum net electricity generation over the project lifetime ≥500 MWe. # *** SIMULATION PARAMETERS *** # ***************************** diff --git a/tests/examples/Fervo_Project_Cape-6.out b/tests/examples/Fervo_Project_Cape-6.out new file mode 100644 index 00000000..61c8e4cd --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-6.out @@ -0,0 +1,461 @@ + ***************** + ***CASE REPORT*** + ***************** + +Simulation Metadata +---------------------- + GEOPHIRES Version: 3.10.25 + Simulation Date: 2026-01-13 + Simulation Time: 11:08 + Calculation Time: 1.773 sec + + ***SUMMARY OF RESULTS*** + + End-Use Option: Electricity + Average Net Electricity Production: 119.40 MW + Electricity breakeven price: 7.77 cents/kWh + Total CAPEX: 641.66 MUSD + Number of production wells: 13 + Number of injection wells: 9 + Flowrate per production well: 106.0 kg/sec + Well depth: 2.7 kilometer + Segment 1 Geothermal gradient: 74 degC/km + Segment 1 Thickness: 2.5 kilometer + Segment 2 Geothermal gradient: 41 degC/km + Segment 2 Thickness: 0.5 kilometer + Segment 3 Geothermal gradient: 39.1 degC/km + + + ***ECONOMIC PARAMETERS*** + + Economic Model = SAM Single Owner PPA + Real Discount Rate: 12.00 % + Nominal Discount Rate: 15.02 % + WACC: 9.13 % + Project lifetime: 30 yr + Capacity factor: 90.0 % + Project NPV: 88.73 MUSD + After-tax IRR: 29.52 % + Project VIR=PI=PIR: 1.51 + Project MOIC: 4.61 + Project Payback Period: 3.25 yr + Estimated Jobs Created: 293 + + ***ENGINEERING PARAMETERS*** + + Number of Production Wells: 13 + Number of Injection Wells: 9 + Well depth: 2.7 kilometer + Water loss rate: 1.0 % + Pump efficiency: 80.0 % + Injection temperature: 56.6 degC + Production Wellbore heat transmission calculated with Ramey's model + Average production well temperature drop: 0.6 degC + Flowrate per production well: 106.0 kg/sec + Injection well casing ID: 8.535 in + Production well casing ID: 8.535 in + Number of times redrilling: 2 + Power plant type: Supercritical ORC + + + ***RESOURCE CHARACTERISTICS*** + + Maximum reservoir temperature: 500.0 degC + Number of segments: 3 + Segment 1 Geothermal gradient: 74 degC/km + Segment 1 Thickness: 2.5 kilometer + Segment 2 Geothermal gradient: 41 degC/km + Segment 2 Thickness: 0.5 kilometer + Segment 3 Geothermal gradient: 39.1 degC/km + + + ***RESERVOIR PARAMETERS*** + + Reservoir Model = Multiple Parallel Fractures Model (Gringarten) + Bottom-hole temperature: 205.38 degC + Fracture model = Rectangular + Well separation: fracture height: 135.00 meter + Fracture width: 304.80 meter + Fracture area: 41148.00 m**2 + Reservoir volume calculated with fracture separation and number of fractures as input + Number of fractures: 3300 + Fracture separation: 9.14 meter + Reservoir volume: 1240729883 m**3 + Reservoir hydrostatic pressure: 25324.54 kPa + Plant outlet pressure: 13789.51 kPa + Production wellhead pressure: 2082.43 kPa + Productivity Index: 1.25 kg/sec/bar + Injectivity Index: 1.51 kg/sec/bar + Reservoir density: 2800.00 kg/m**3 + Reservoir thermal conductivity: 3.05 W/m/K + Reservoir heat capacity: 790.00 J/kg/K + + + ***RESERVOIR SIMULATION RESULTS*** + + Maximum Production Temperature: 203.3 degC + Average Production Temperature: 203.1 degC + Minimum Production Temperature: 201.4 degC + Initial Production Temperature: 201.9 degC + Average Reservoir Heat Extraction: 844.58 MW + Production Wellbore Heat Transmission Model = Ramey Model + Average Production Well Temperature Drop: 0.6 degC + Average Injection Well Pump Pressure Drop: -2573.4 kPa + Average Production Well Pump Pressure Drop: 9265.1 kPa + + + ***CAPITAL COSTS (M$)*** + + Drilling and completion costs: 102.27 MUSD + Drilling and completion costs per well: 4.65 MUSD + Stimulation costs: 106.26 MUSD + Surface power plant costs: 337.78 MUSD + Field gathering system costs: 10.88 MUSD + Total surface equipment costs: 348.66 MUSD + Exploration costs: 30.00 MUSD + Overnight Capital Cost: 587.20 MUSD + Interest during construction: 9.54 MUSD + Inflation costs during construction: 44.92 MUSD + Total CAPEX: 641.66 MUSD + + + ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** + + Wellfield maintenance costs: 1.85 MUSD/yr + Power plant maintenance costs: 7.21 MUSD/yr + Water costs: 0.72 MUSD/yr + Redrilling costs: 13.90 MUSD/yr + Total operating and maintenance costs: 23.68 MUSD/yr + + + ***SURFACE EQUIPMENT SIMULATION RESULTS*** + + Initial geofluid availability: 0.19 MW/(kg/s) + Maximum Total Electricity Generation: 138.03 MW + Average Total Electricity Generation: 137.60 MW + Minimum Total Electricity Generation: 134.88 MW + Initial Total Electricity Generation: 135.61 MW + Maximum Net Electricity Generation: 119.84 MW + Average Net Electricity Generation: 119.40 MW + Minimum Net Electricity Generation: 116.61 MW + Initial Net Electricity Generation: 117.38 MW + Average Annual Total Electricity Generation: 1084.87 GWh + Average Annual Net Electricity Generation: 941.34 GWh + Initial pumping power/net installed power: 15.53 % + Average Pumping Power: 18.21 MW + Heat to Power Conversion Efficiency: 14.14 % + + ************************************************************ + * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * + ************************************************************ + YEAR THERMAL GEOFLUID PUMP NET FIRST LAW + DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY + (degC) (MW) (MW) (%) + 1 1.0000 201.86 18.2269 117.3804 14.0135 + 2 1.0049 202.85 18.2190 119.0291 14.1138 + 3 1.0058 203.04 18.2175 119.3356 14.1323 + 4 1.0063 203.13 18.2168 119.4951 14.1419 + 5 1.0066 203.19 18.2163 119.6006 14.1483 + 6 1.0069 203.24 18.2159 119.6785 14.1530 + 7 1.0070 203.28 18.2156 119.7394 14.1566 + 8 1.0072 203.31 18.2154 119.7899 14.1597 + 9 1.0073 203.32 18.2156 119.8119 14.1610 + 10 1.0069 203.25 18.2186 119.6827 14.1531 + 11 1.0036 202.59 18.2401 118.5723 14.0850 + 12 1.0031 202.49 18.2141 118.4384 14.0784 + 13 1.0053 202.93 18.2128 119.1675 14.1225 + 14 1.0060 203.07 18.2103 119.4048 14.1369 + 15 1.0064 203.15 18.2066 119.5445 14.1455 + 16 1.0067 203.21 18.2023 119.6428 14.1516 + 17 1.0069 203.25 18.1983 119.7179 14.1564 + 18 1.0071 203.29 18.1951 119.7780 14.1601 + 19 1.0072 203.32 18.1930 119.8242 14.1630 + 20 1.0072 203.32 18.1926 119.8264 14.1632 + 21 1.0063 203.14 18.1985 119.5238 14.1447 + 22 1.0008 202.03 18.2348 117.6529 14.0297 + 23 1.0043 202.73 18.1910 118.8554 14.1050 + 24 1.0056 202.99 18.1910 119.2863 14.1309 + 25 1.0062 203.10 18.1910 119.4762 14.1423 + 26 1.0065 203.18 18.1910 119.5948 14.1494 + 27 1.0068 203.23 18.1910 119.6798 14.1545 + 28 1.0070 203.27 18.1910 119.7452 14.1584 + 29 1.0071 203.30 18.1911 119.7991 14.1616 + 30 1.0073 203.32 18.1913 119.8339 14.1637 + + + ******************************************************************* + * ANNUAL HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * + ******************************************************************* + YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF + PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED + (GWh/year) (GWh/year) (10^15 J) (%) + 1 934.2 6634.2 384.44 5.85 + 2 939.8 6653.8 360.49 11.72 + 3 941.5 6659.7 336.51 17.59 + 4 942.5 6663.3 312.53 23.46 + 5 943.3 6665.7 288.53 29.34 + 6 943.8 6667.6 264.53 35.22 + 7 944.2 6669.2 240.52 41.10 + 8 944.5 6670.2 216.50 46.98 + 9 944.3 6669.5 192.49 52.86 + 10 940.4 6656.1 168.53 58.73 + 11 928.0 6613.2 144.73 64.56 + 12 937.4 6645.4 120.80 70.42 + 13 940.6 6656.2 96.84 76.28 + 14 942.0 6661.1 72.86 82.16 + 15 942.9 6664.2 48.87 88.03 + 16 943.6 6666.4 24.87 93.91 + 17 944.1 6668.2 0.86 99.79 + 18 944.5 6669.6 -23.15 105.67 + 19 944.8 6670.3 -47.16 111.55 + 20 944.0 6667.6 -71.16 117.43 + 21 936.7 6642.9 -95.08 123.28 + 22 929.6 6617.7 -118.90 129.12 + 23 939.1 6650.5 -142.84 134.98 + 24 941.3 6658.2 -166.81 140.85 + 25 942.4 6662.3 -190.80 146.73 + 26 943.2 6665.0 -214.79 152.60 + 27 943.8 6667.1 -238.79 158.48 + 28 944.3 6668.7 -262.80 164.36 + 29 944.7 6669.9 -286.81 170.24 + 30 944.7 6670.3 -310.82 176.12 + + *************************** + * SAM CASH FLOW PROFILE * + *************************** +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +CONSTRUCTION +Capital expenditure schedule [construction] (%) 2.0 19.60 78.40 +Overnight capital expenditure [construction] ($) -11,760,753 -115,087,369 -460,349,475 +plus: +Inflation cost [construction] ($) -317,540 -6,298,617 -38,304,153 +equals: +Nominal capital expenditure [construction] ($) -12,078,293 -121,385,985 -498,653,628 + +Issuance of equity [construction] ($) 4,227,403 42,485,095 174,528,770 +Issuance of debt [construction] ($) 7,850,891 78,900,890 324,124,858 +Debt balance [construction] ($) 7,850,891 87,536,870 420,415,415 +Debt interest payment [construction] ($) 0 785,089 8,753,687 + +Installed cost [construction] ($) -12,078,293 -122,171,074 -507,407,315 +After-tax net cash flow [construction] ($) -4,227,403 -42,485,095 -174,528,770 + +ENERGY +Electricity to grid (kWh) 0.0 934,177,911 939,823,541 941,544,246 942,561,935 943,274,526 943,816,883 944,255,737 944,561,935 944,339,482 940,411,410 928,025,245 937,450,825 940,577,117 941,997,986 942,917,994 943,594,723 944,122,248 944,550,408 944,775,520 943,979,166 936,741,095 929,595,369 939,087,974 941,294,583 942,470,027 943,259,028.0 943,846,513 944,311,277 944,677,367 944,759,334 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 934,177,911 939,823,541 941,544,246 942,561,935 943,274,526 943,816,883 944,255,737 944,561,935 944,339,482 940,411,410 928,025,245 937,450,825 940,577,117 941,997,986 942,917,994 943,594,723 944,122,248 944,550,408 944,775,520 943,979,166 936,741,095 929,595,369 939,087,974 941,294,583 942,470,027 943,259,028.0 943,846,513 944,311,277 944,677,367 944,759,334 + +REVENUE +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 88,746,902 89,283,236 89,983,384 90,617,904 91,224,079 91,814,506 92,395,424 92,963,786 93,480,165 93,627,360 92,923,168 94,401,298 95,252,245 95,933,075 96,564,232 97,171,385 97,763,859 98,346,588 98,908,549 99,363,247 99,135,310 98,908,947 100,454,241 101,226,819 101,890,435 102,513,391 103,115,232 103,704,264 104,282,935 104,830,496 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 320,828,341 +Total revenue ($) 0 88,746,902 89,283,236 89,983,384 90,617,904 91,224,079 91,814,506 92,395,424 92,963,786 93,480,165 93,627,360 92,923,168 94,401,298 95,252,245 95,933,075 96,564,232 97,171,385 97,763,859 98,346,588 98,908,549 99,363,247 99,135,310 98,908,947 100,454,241 101,226,819 101,890,435 102,513,391 103,115,232 103,704,264 104,282,935 425,658,837 + +Property tax net assessed value ($) 0 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 641,656,683 + +OPERATING EXPENSES +O&M fixed expense ($) 0 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 23,682,108 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 1,411,645 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 25,093,753 + +EBITDA ($) 0 63,653,148 64,189,483 64,889,630 65,524,151 66,130,326 66,720,753 67,301,671 67,870,032 68,386,412 68,533,607 67,829,415 69,307,545 70,158,491 70,839,322 71,470,479 72,077,631 72,670,106 73,252,835 73,814,796 74,269,494 74,041,557 73,815,194 75,360,487 76,133,066 76,796,682 77,419,638 78,021,478 78,610,511 79,189,181 400,565,084 + +OPERATING ACTIVITIES +EBITDA ($) 0 63,653,148 64,189,483 64,889,630 65,524,151 66,130,326 66,720,753 67,301,671 67,870,032 68,386,412 68,533,607 67,829,415 69,307,545 70,158,491 70,839,322 71,470,479 72,077,631 72,670,106 73,252,835 73,814,796 74,269,494 74,041,557 73,815,194 75,360,487 76,133,066 76,796,682 77,419,638 78,021,478 78,610,511 79,189,181 400,565,084 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +plus PBI if not available for debt service: +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 33,633,233 33,336,338 33,015,691 32,669,393 32,295,391 31,891,468 31,455,232 30,984,096 30,475,270 29,925,738 29,332,243 28,691,269 27,999,017 27,251,384 26,443,941 25,571,903 24,630,101 23,612,956 22,514,438 21,328,040 20,046,729 18,662,914 17,168,393 15,554,311 13,811,102 11,928,436 9,895,157 7,699,216 5,327,599 2,766,254 +Cash flow from operating activities ($) 0 30,019,915 30,853,145 31,873,939 32,854,758 33,834,936 34,829,285 35,846,439 36,885,936 37,911,142 38,607,869 38,497,171 40,616,276 42,159,475 43,587,937 45,026,537 46,505,728 48,040,004 49,639,880 51,300,358 52,941,454 53,994,828 55,152,280 58,192,095 60,578,756 62,985,580 65,491,202 68,126,321 70,911,295 73,861,582 397,798,830 + +INVESTING ACTIVITIES +Total installed cost ($) -641,656,683 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 +minus: +Total IBI income ($) 0 +Total CBI income ($) 0 +equals: +Purchase of property ($) -641,656,683 +plus: +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash flow from investing activities ($) -641,656,683 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +FINANCING ACTIVITIES +Issuance of equity ($) 221,241,267 +Size of debt ($) 420,415,415 +minus: +Debt principal payment ($) 0 3,711,189 4,008,084 4,328,731 4,675,029 5,049,032 5,452,954 5,889,191 6,360,326 6,869,152 7,418,684 8,012,179 8,653,153 9,345,405 10,093,038 10,900,481 11,772,519 12,714,321 13,731,467 14,829,984 16,016,383 17,297,693 18,681,509 20,176,029 21,790,112 23,533,321 25,415,986 27,449,265 29,645,206 32,016,823 34,578,169 +equals: +Cash flow from financing activities ($) 641,656,683 -3,711,189 -4,008,084 -4,328,731 -4,675,029 -5,049,032 -5,452,954 -5,889,191 -6,360,326 -6,869,152 -7,418,684 -8,012,179 -8,653,153 -9,345,405 -10,093,038 -10,900,481 -11,772,519 -12,714,321 -13,731,467 -14,829,984 -16,016,383 -17,297,693 -18,681,509 -20,176,029 -21,790,112 -23,533,321 -25,415,986 -27,449,265 -29,645,206 -32,016,823 -34,578,169 + +PROJECT RETURNS +Pre-tax Cash Flow: +Cash flow from operating activities ($) 0 30,019,915 30,853,145 31,873,939 32,854,758 33,834,936 34,829,285 35,846,439 36,885,936 37,911,142 38,607,869 38,497,171 40,616,276 42,159,475 43,587,937 45,026,537 46,505,728 48,040,004 49,639,880 51,300,358 52,941,454 53,994,828 55,152,280 58,192,095 60,578,756 62,985,580 65,491,202 68,126,321 70,911,295 73,861,582 397,798,830 +Cash flow from investing activities ($) -641,656,683 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 641,656,683 -3,711,189 -4,008,084 -4,328,731 -4,675,029 -5,049,032 -5,452,954 -5,889,191 -6,360,326 -6,869,152 -7,418,684 -8,012,179 -8,653,153 -9,345,405 -10,093,038 -10,900,481 -11,772,519 -12,714,321 -13,731,467 -14,829,984 -16,016,383 -17,297,693 -18,681,509 -20,176,029 -21,790,112 -23,533,321 -25,415,986 -27,449,265 -29,645,206 -32,016,823 -34,578,169 +Total pre-tax cash flow ($) 0 26,308,726 26,845,061 27,545,208 28,179,729 28,785,904 29,376,331 29,957,248 30,525,610 31,041,990 31,189,185 30,484,992 31,963,123 32,814,069 33,494,899 34,126,056 34,733,209 35,325,683 35,908,413 36,470,374 36,925,072 36,697,135 36,470,772 38,016,065 38,788,644 39,452,259 40,075,216 40,677,056 41,266,089 41,844,759 363,220,662 + +Pre-tax Returns: +Issuance of equity ($) 221,241,267 +Total pre-tax cash flow ($) 0 26,308,726 26,845,061 27,545,208 28,179,729 28,785,904 29,376,331 29,957,248 30,525,610 31,041,990 31,189,185 30,484,992 31,963,123 32,814,069 33,494,899 34,126,056 34,733,209 35,325,683 35,908,413 36,470,374 36,925,072 36,697,135 36,470,772 38,016,065 38,788,644 39,452,259 40,075,216 40,677,056 41,266,089 41,844,759 363,220,662 +Total pre-tax returns ($) -221,241,267 26,308,726 26,845,061 27,545,208 28,179,729 28,785,904 29,376,331 29,957,248 30,525,610 31,041,990 31,189,185 30,484,992 31,963,123 32,814,069 33,494,899 34,126,056 34,733,209 35,325,683 35,908,413 36,470,374 36,925,072 36,697,135 36,470,772 38,016,065 38,788,644 39,452,259 40,075,216 40,677,056 41,266,089 41,844,759 363,220,662 + +After-tax Returns: +Total pre-tax returns ($) -221,241,267 26,308,726 26,845,061 27,545,208 28,179,729 28,785,904 29,376,331 29,957,248 30,525,610 31,041,990 31,189,185 30,484,992 31,963,123 32,814,069 33,494,899 34,126,056 34,733,209 35,325,683 35,908,413 36,470,374 36,925,072 36,697,135 36,470,772 38,016,065 38,788,644 39,452,259 40,075,216 40,677,056 41,266,089 41,844,759 363,220,662 +Federal ITC total income ($) 0 192,497,005 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -3,284,233 -718,142 -922,755 -1,119,355 -1,315,827 -1,515,139 -1,719,022 -1,927,384 -2,132,882 -2,272,537 -2,250,348 -2,675,112 -2,984,439 -3,270,767 -3,559,127 -3,855,624 -4,163,162 -4,483,849 -4,816,683 -5,145,633 -8,089,885 -11,054,999 -11,664,314 -12,142,709 -12,625,145 -13,127,384 -13,655,580 -14,213,815 -14,805,185 -79,736,787 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -745,504 -163,014 -209,461 -254,088 -298,686 -343,929 -390,209 -437,506 -484,153 -515,854 -510,818 -607,237 -677,452 -742,448 -807,904 -875,207 -945,017 -1,017,811 -1,093,363 -1,168,033 -1,836,363 -2,509,429 -2,647,740 -2,756,333 -2,865,844 -2,979,850 -3,099,748 -3,226,464 -3,360,702 -18,099,847 +Total after-tax returns ($) -221,241,267 214,775,993 25,963,905 26,412,993 26,806,286 27,171,391 27,517,263 27,848,017 28,160,719 28,424,955 28,400,793 27,723,826 28,680,773 29,152,178 29,481,685 29,759,025 30,002,378 30,217,505 30,406,754 30,560,328 30,611,406 26,770,887 22,906,344 23,704,010 23,889,602 23,961,271 23,967,982 23,921,728 23,825,810 23,678,872 265,384,028 + +After-tax net cash flow ($) -4,227,403 -42,485,095 -174,528,770 214,775,993 25,963,905 26,412,993 26,806,286 27,171,391 27,517,263 27,848,017 28,160,719 28,424,955 28,400,793 27,723,826 28,680,773 29,152,178 29,481,685 29,759,025 30,002,378 30,217,505 30,406,754 30,560,328 30,611,406 26,770,887 22,906,344 23,704,010 23,889,602 23,961,271 23,967,982 23,921,728 23,825,810 23,678,872 265,384,028 +After-tax cumulative IRR (%) NaN NaN NaN -2.39 6.50 13.25 18.00 21.29 23.57 25.17 26.31 27.14 27.74 28.17 28.49 28.74 28.93 29.07 29.18 29.26 29.33 29.37 29.41 29.44 29.45 29.47 29.48 29.48 29.49 29.50 29.50 29.50 29.52 +After-tax cumulative NPV ($) -4,227,403 -41,163,256 -173,077,014 -31,946,691 -17,114,130 -3,995,898 7,578,698 17,778,520 26,758,958 34,660,249 41,606,638 47,702,381 52,997,416 57,491,106 61,532,697 65,104,142 68,244,194 70,999,785 73,415,042 75,529,883 77,380,007 78,996,598 80,404,385 81,474,741 82,270,960 82,987,285 83,614,922 84,162,217 84,638,159 85,051,138 85,408,734 85,717,706 88,728,242 + +AFTER-TAX LCOE AND PPA PRICE +Annual costs ($) -221,241,267 126,029,092 -63,319,331 -63,570,391 -63,811,618 -64,052,688 -64,297,243 -64,547,407 -64,803,066 -65,055,210 -65,226,567 -65,199,341 -65,720,525 -66,100,067 -66,451,390 -66,805,206 -67,169,006 -67,546,354 -67,939,835 -68,348,221 -68,751,841 -72,364,423 -76,002,603 -76,750,230 -77,337,218 -77,929,164 -78,545,409 -79,193,504 -79,878,454 -80,604,062 160,553,533 +PPA revenue ($) 0 88,746,902 89,283,236 89,983,384 90,617,904 91,224,079 91,814,506 92,395,424 92,963,786 93,480,165 93,627,360 92,923,168 94,401,298 95,252,245 95,933,075 96,564,232 97,171,385 97,763,859 98,346,588 98,908,549 99,363,247 99,135,310 98,908,947 100,454,241 101,226,819 101,890,435 102,513,391 103,115,232 103,704,264 104,282,935 104,830,496 +Electricity to grid (kWh) 0.0 934,177,911 939,823,541 941,544,246 942,561,935 943,274,526 943,816,883 944,255,737 944,561,935 944,339,482 940,411,410 928,025,245 937,450,825 940,577,117 941,997,986 942,917,994 943,594,723 944,122,248 944,550,408 944,775,520 943,979,166 936,741,095 929,595,369 939,087,974 941,294,583 942,470,027 943,259,028.0 943,846,513 944,311,277 944,677,367 944,759,334 + +Present value of annual costs ($) 479,477,889 +Present value of annual energy nominal (kWh) 6,166,968,014 +LCOE Levelized cost of energy nominal (cents/kWh) 7.77 + +Present value of PPA revenue ($) 604,618,606 +Present value of annual energy nominal (kWh) 6,166,968,014 +LPPA Levelized PPA price nominal (cents/kWh) 9.80 + +PROJECT STATE INCOME TAXES +EBITDA ($) 0 63,653,148 64,189,483 64,889,630 65,524,151 66,130,326 66,720,753 67,301,671 67,870,032 68,386,412 68,533,607 67,829,415 69,307,545 70,158,491 70,839,322 71,470,479 72,077,631 72,670,106 73,252,835 73,814,796 74,269,494 74,041,557 73,815,194 75,360,487 76,133,066 76,796,682 77,419,638 78,021,478 78,610,511 79,189,181 400,565,084 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 +minus: +Debt interest payment ($) 0 33,633,233 33,336,338 33,015,691 32,669,393 32,295,391 31,891,468 31,455,232 30,984,096 30,475,270 29,925,738 29,332,243 28,691,269 27,999,017 27,251,384 26,443,941 25,571,903 24,630,101 23,612,956 22,514,438 21,328,040 20,046,729 18,662,914 17,168,393 15,554,311 13,811,102 11,928,436 9,895,157 7,699,216 5,327,599 2,766,254 +Total state tax depreciation ($) 0 13,635,205 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 13,635,205 0 0 0 0 0 0 0 0 0 +equals: +State taxable income ($) 0 16,384,711 3,582,736 4,603,530 5,584,349 6,564,527 7,558,876 8,576,030 9,615,527 10,640,733 11,337,460 11,226,762 13,345,867 14,889,066 16,317,528 17,756,128 19,235,319 20,769,595 22,369,471 24,029,949 25,671,045 40,359,623 55,152,280 58,192,095 60,578,756 62,985,580 65,491,202 68,126,321 70,911,295 73,861,582 397,798,830 + +State income tax rate (frac) 0.0 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 +State tax benefit (liability) ($) 0 -745,504 -163,014 -209,461 -254,088 -298,686 -343,929 -390,209 -437,506 -484,153 -515,854 -510,818 -607,237 -677,452 -742,448 -807,904 -875,207 -945,017 -1,017,811 -1,093,363 -1,168,033 -1,836,363 -2,509,429 -2,647,740 -2,756,333 -2,865,844 -2,979,850 -3,099,748 -3,226,464 -3,360,702 -18,099,847 + +PROJECT FEDERAL INCOME TAXES +EBITDA ($) 0 63,653,148 64,189,483 64,889,630 65,524,151 66,130,326 66,720,753 67,301,671 67,870,032 68,386,412 68,533,607 67,829,415 69,307,545 70,158,491 70,839,322 71,470,479 72,077,631 72,670,106 73,252,835 73,814,796 74,269,494 74,041,557 73,815,194 75,360,487 76,133,066 76,796,682 77,419,638 78,021,478 78,610,511 79,189,181 400,565,084 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -745,504 -163,014 -209,461 -254,088 -298,686 -343,929 -390,209 -437,506 -484,153 -515,854 -510,818 -607,237 -677,452 -742,448 -807,904 -875,207 -945,017 -1,017,811 -1,093,363 -1,168,033 -1,836,363 -2,509,429 -2,647,740 -2,756,333 -2,865,844 -2,979,850 -3,099,748 -3,226,464 -3,360,702 -18,099,847 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 0 +Federal taxable CBI income ($) 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +minus: +Debt interest payment ($) 0 33,633,233 33,336,338 33,015,691 32,669,393 32,295,391 31,891,468 31,455,232 30,984,096 30,475,270 29,925,738 29,332,243 28,691,269 27,999,017 27,251,384 26,443,941 25,571,903 24,630,101 23,612,956 22,514,438 21,328,040 20,046,729 18,662,914 17,168,393 15,554,311 13,811,102 11,928,436 9,895,157 7,699,216 5,327,599 2,766,254 +Total federal tax depreciation ($) 0 13,635,205 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 27,270,409 13,635,205 0 0 0 0 0 0 0 0 0 +equals: +Federal taxable income ($) 0 15,639,206 3,419,722 4,394,069 5,330,261 6,265,841 7,214,947 8,185,821 9,178,021 10,156,580 10,821,605 10,715,944 12,738,630 14,211,613 15,575,081 16,948,224 18,360,112 19,824,579 21,351,660 22,936,586 24,503,013 38,523,261 52,642,852 55,544,354 57,822,422 60,119,736 62,511,352 65,026,574 67,684,832 70,500,880 379,698,984 + +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -3,284,233 -718,142 -922,755 -1,119,355 -1,315,827 -1,515,139 -1,719,022 -1,927,384 -2,132,882 -2,272,537 -2,250,348 -2,675,112 -2,984,439 -3,270,767 -3,559,127 -3,855,624 -4,163,162 -4,483,849 -4,816,683 -5,145,633 -8,089,885 -11,054,999 -11,664,314 -12,142,709 -12,625,145 -13,127,384 -13,655,580 -14,213,815 -14,805,185 -79,736,787 + +CASH INCENTIVES +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 0 +Other CBI income ($) 0 +Total CBI income ($) 0 + +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +TAX CREDITS +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 192,497,005 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 192,497,005 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +DEBT REPAYMENT +Debt balance ($) 420,415,415 416,704,226 412,696,142 408,367,411 403,692,382 398,643,350 393,190,396 387,301,205 380,940,879 374,071,727 366,653,043 358,640,864 349,987,711 340,642,306 330,549,268 319,648,787 307,876,267 295,161,947 281,430,480 266,600,496 250,584,113 233,286,420 214,604,912 194,428,882 172,638,770 149,105,450 123,689,463 96,240,198 66,594,992 34,578,169 0 +Debt interest payment ($) 0 33,633,233 33,336,338 33,015,691 32,669,393 32,295,391 31,891,468 31,455,232 30,984,096 30,475,270 29,925,738 29,332,243 28,691,269 27,999,017 27,251,384 26,443,941 25,571,903 24,630,101 23,612,956 22,514,438 21,328,040 20,046,729 18,662,914 17,168,393 15,554,311 13,811,102 11,928,436 9,895,157 7,699,216 5,327,599 2,766,254 +Debt principal payment ($) 0 3,711,189 4,008,084 4,328,731 4,675,029 5,049,032 5,452,954 5,889,191 6,360,326 6,869,152 7,418,684 8,012,179 8,653,153 9,345,405 10,093,038 10,900,481 11,772,519 12,714,321 13,731,467 14,829,984 16,016,383 17,297,693 18,681,509 20,176,029 21,790,112 23,533,321 25,415,986 27,449,265 29,645,206 32,016,823 34,578,169 +Debt total payment ($) 0 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 + +DSCR (DEBT FRACTION) +EBITDA ($) 0 63,653,148 64,189,483 64,889,630 65,524,151 66,130,326 66,720,753 67,301,671 67,870,032 68,386,412 68,533,607 67,829,415 69,307,545 70,158,491 70,839,322 71,470,479 72,077,631 72,670,106 73,252,835 73,814,796 74,269,494 74,041,557 73,815,194 75,360,487 76,133,066 76,796,682 77,419,638 78,021,478 78,610,511 79,189,181 400,565,084 +minus: +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash available for debt service (CAFDS) ($) 0 63,653,148 64,189,483 64,889,630 65,524,151 66,130,326 66,720,753 67,301,671 67,870,032 68,386,412 68,533,607 67,829,415 69,307,545 70,158,491 70,839,322 71,470,479 72,077,631 72,670,106 73,252,835 73,814,796 74,269,494 74,041,557 73,815,194 75,360,487 76,133,066 76,796,682 77,419,638 78,021,478 78,610,511 79,189,181 400,565,084 +Debt total payment ($) 0 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 37,344,422 +DSCR (pre-tax) 0.0 1.70 1.72 1.74 1.75 1.77 1.79 1.80 1.82 1.83 1.84 1.82 1.86 1.88 1.90 1.91 1.93 1.95 1.96 1.98 1.99 1.98 1.98 2.02 2.04 2.06 2.07 2.09 2.11 2.12 10.73 + +RESERVES +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-6.txt b/tests/examples/Fervo_Project_Cape-6.txt new file mode 100644 index 00000000..4bcd9233 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-6.txt @@ -0,0 +1,108 @@ +# Case Study: 100 MWe EGS Project Modeled on Fervo Cape Station Phase I +# See documentation: https://softwareengineerprogrammer.github.io/GEOPHIRES/Fervo_Project_Cape-5.html + +# *** ECONOMIC/FINANCIAL PARAMETERS *** +# ************************************* +Economic Model, 5, -- The SAM Single Owner PPA economic model is used to calculate financial results including LCOE, NPV, IRR, and pro-forma cash flow analysis. See [GEOPHIRES documentation of SAM Economic Models](https://softwareengineerprogrammer.github.io/GEOPHIRES/SAM-Economic-Models.html) for details on how System Advisor Model financial models are integrated into GEOPHIRES. + +Starting Electricity Sale Price, 0.095, -- Aligns with Geysers - Sacramento pricing in [2024b ATB](https://atb.nrel.gov/electricity/2024/geothermal) (NREL, 2025). See Sensitivity Analysis for effect of different prices on results. +Electricity Escalation Rate Per Year, 0.00057, -- Calibrated to reach 10¢/kWh at project year 11 +Ending Electricity Sale Price, 1, -- Note that this value does not directly determine price at the end of the project life, but rather as a cap as the maximum price to which the starting price can escalate. +Electricity Escalation Start Year, 1 + +Discount Rate, 0.12, -- Typical discount rates for high-risk projects may be 12–15% +Fraction of Investment in Bonds, .65, -- Approximate debt required to cover CAPEX after $1 billion sponsor equity per [Matson, 2024](https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/). Note that this source says that Fervo ultimately wants to target “15% sponsor equity, 15% bridge loan, and 70% construction to term loans”, but this case study does not attempt to model that capital structure precisely. +Inflated Bond Interest Rate, .08, -- Higher than typical debt annual interest rate +Inflated Bond Interest Rate During Construction, 0.1, -- Higher interest rate during construction to account for increased risk of default. + +Inflation Rate, .027, -- US inflation as of December 2025 +Construction Years, 3 +Construction CAPEX Schedule, 0.014,0.027,0.137,0.274,0.548 + +Investment Tax Credit Rate, 0.3, -- Geothermal Drilling and Completions Apprenticeship Program ensures compliance with ITC labor requirements (Southern Utah University, 2024). +Combined Income Tax Rate, .2555, -- Federal Corporate Income Tax Rate of 21% plus Utah Corporate Franchise and Income Tax Rate of 4.55%. (Note: This input uses a simple summation of statutory rates; the effective combined rate calculated in the model may differ due to standard federal-state tax interactions.) +Property Tax Rate, 0.0022, -- Utah Inland Port Authority (UIPA) tax differential incentive + +Capital Cost for Power Plant for Electricity Generation, 1900, -- [US DOE, 2021](https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf). Pricing information not publicly available for Turboden or Baker Hughes Gen 2 ORC units (Turboden, 2025; Jacobs, 2025). +Exploration Capital Cost, 30, -- Equivalent to 2024b ATB NF-EGS conservative scenario exploration assumption of 5 full-size wells (NREL, 2025), plus $1M for geophysical and field work, plus 15% contingency, plus 12% indirect costs. + +Well Drilling Cost Correlation, 3, -- 2025 NREL Geothermal Drilling Cost Curve Update (Akindipe and Witter, 2025). +Well Drilling and Completion Capital Cost Adjustment Factor, 0.9, -- 2024b Geothermal ATB ([NREL, 2025](https://atb.nrel.gov/electricity/2024b/geothermal)). Note: Fervo has claimed lower drilling costs equivalent to an adjustment factor of 0.8 (Latimer, 2025); the case study conservatively uses the higher ATB-aligned value. + +Reservoir Stimulation Capital Cost per Injection Well, 4, -- The baseline stimulation cost is calibrated from costs of high-intensity U.S. shale wells (Baytex Energy, 2024; Quantum Proppant Technologies, 2020), which are the closest technological analogue for multi-stage EGS (Gradl, 2018). Costs are also driven by the requirement for high-strength ceramic proppant rather than standard sand, which would crush or chemically degrade (diagenesis) over a 30-year lifecycle at 200℃ (Ko et al., 2023; Shiozawa & McClure, 2014) and the premium for ultra-high-temperature (HT) downhole tools. Note that all-in costs per well are higher than the baseline cost because they include additional indirect costs and contingency. +Reservoir Stimulation Capital Cost per Production Well, 4, -- See Reservoir Stimulation Capital Cost per Injection Well + +Field Gathering System Capital Cost Adjustment Factor, 0.54, -- Gathering costs represent 2% of facilities CAPEX per [Matson, 2024](https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/). + +# *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** +# ************************************************* +End-Use Option, 1, -- Electricity +Power Plant Type, 2, -- Supercritical ORC +Plant Lifetime, 30, -- 30-year well life per [Geothermal Mythbusting: Water Use and Impacts](https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/) (Fervo Energy, 2025). + +Reservoir Model, 1 + +Surface Temperature, 13, -- Surface temperature near Milford, UT (38.4987670, -112.9163432) ([Project InnerSpace, 2025](https://geomap.projectinnerspace.org/test/)). + +Number of Segments, 3 +Gradient 1, 74, -- Sedimentary overburden. 200℃ at 8500 ft depth (Fercho et al. 2024); 228.89℃ at 9824 ft (Norbeck et al. 2024). +Thickness 1, 2.5 +Gradient 2, 41, -- Crystalline reservoir +Thickness 2, 0.5 +Gradient 3, 39.1, -- Sugarloaf appraisal + +Reservoir Depth, 2.68, -- Extrapolated from surface temperature, gradient, and average production temperature of shallower and deeper producers in Singh et al., 2025. + +Reservoir Density, 2800, -- phyllite + quartzite + diorite + granodiorite ([Norbeck et al., 2023](https://doi.org/10.31223/X52X0B)) +Reservoir Heat Capacity, 790 +Reservoir Thermal Conductivity, 3.05 +Reservoir Porosity, 0.0118 + +Reservoir Volume Option, 1, -- FRAC_NUM_SEP: Reservoir volume calculated with fracture separation and number of fractures as input + +Number of Fractures per Stimulated Well, 150, -- The model assumes an Extreme Limited Entry stimulation design (Fervo Energy, 2023) utilizing 12 stages with 15 clusters per stage (derived from Singh et al., 2025) and 81–85% stimulation success rate per 2024b ATB Moderate Scenario (NREL, 2025). +Fracture Separation, 9.14, -- 30 foot cluster spacing per [Singh et al., 2025](https://www.resfrac.com/wp-content/uploads/2025/06/Singh-2025-Fervo-Project-Cape.pdf) + +Fracture Shape, 4, -- Bench design and fracture geometry Singh et al., 2025 are given in rectangular dimensions. +Fracture Width, 304.8, -- Matches intra-bench well spacing of 500 ft (corresponding to fracture length of 1000 ft) (Singh. et al., 2025) +Fracture Height, 135, -- Actual fracture geometry is irregular and heterogeneous; this height complies with the minimum height required by the implemented bench design (200 ft; 60.96 meters) and yields an effective fracture surface area consistent with simulation results in Singh. et al., 2025. + +Water Loss Fraction, 0.01, -- "Long-term modeling, calibrated to early field data, predicts circulation recapture rates exceeding 99%" ([Geothermal Mythbusting: Water Use and Impacts](https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/); Fervo Energy, 2025). Modeling in Singh et al., 2025 predicts fluid loss of 0.36% to 0.49%. +Water Cost Adjustment Factor, 2, -- Local scarcity may increase procurement costs + +Ambient Temperature, 11.17, -- Average annual temperature of Milford, Utah ([NCEI](https://www.ncei.noaa.gov/access/us-climate-normals/#dataset=normals-annualseasonal&timeframe=30&station=USC00425654)). Note that this value affects heat to power conversion efficiency. The effects of hourly and seasonal ambient temperature fluctuations on efficiency and power generation are not modeled in this version of the case study. + +Utilization Factor, .9 +Plant Outlet Pressure, 2000 psi, -- McClure, 2024; Singh et al., 2025. +Circulation Pump Efficiency, 0.80 + +# *** Well Bores Parameters *** + +Number of Production Wells, 13 +Number of Injection Wells per Production Well, 0.666, -- 5-well benches with 3:2 production:injection ratio (Singh et al., 2025) + +# Well Geometry Configuration, 4, -- L +Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for this case study, the cost of horizontal drilling is included within the 'vertical drilling cost.' This approach allows us to more directly convey the overall well drilling and completion cost. +Nonvertical Length per Multilateral Section, 4700 feet, -- [Singh et al., 2025](https://www.resfrac.com/wp-content/uploads/2025/06/Singh-2025-Fervo-Project-Cape.pdf). +# Multilaterals Cased, True + +Production Flow Rate per Well, 106, -- Cape Station pilot testing reported a sustained flow rate of 95–100 kg/s and maximum flow rate of 107 kg/s (Fervo Energy, 2024). Modeling by Singh et al. suggests initial flow rates of 120–130 kg/sec (Singh et al., 2025). The ATB Advanced Scenario models sustained flow rates of 110 kg/s (NREL, 2024). +Production Well Diameter, 8.535, -- Inner diameter of 9⅝ inch casing size, the next standard casing size up from 7 inches, implied by announcement of “increasing casing diameter” (Fervo Energy, 2025). +Injection Well Diameter, 8.535, -- See Production Well Diameter + +Production Wellhead Pressure, 300 psi, -- [Singh et al., 2025](https://www.resfrac.com/wp-content/uploads/2025/06/Singh-2025-Fervo-Project-Cape.pdf) + +Productivity Index, 1.247, -- 50% of ATB Conservative Scenario (NREL, 2025) per analyses that suggest lower productivity (Xing et al., 2025; Yearsley and Kombrink, 2024). +Injectivity Index, 1.5075, -- See Productivity Index + +Injection Temperature, 53.6, -- Calibrated with GEOPHIRES model-calculated reinjection temperature (Beckers and McCabe, 2019). Close to upper bound of Project Red injection temperatures (75–125℉; 23.89–51.67℃) (Norbeck and Latimer, 2023). +Ramey Production Wellbore Model, True, -- Ramey's model estimates the geofluid temperature drop in production wells +Injection Wellbore Temperature Gain, 3 + + +Maximum Drawdown, 0.003, -- This value represents the drop in production temperature compared to the initial temperature that is allowed before the wellfield is redrilled. It is tuned to keep minimum net electricity generation over the project lifetime ≥100 MWe. + +# *** SIMULATION PARAMETERS *** +# ***************************** +Maximum Temperature, 500 +Time steps per year, 12 diff --git a/tests/geophires_x_tests/test_fervo_project_cape_4.py b/tests/geophires_x_tests/test_fervo_project_cape_4.py index 47a97501..57d9e888 100644 --- a/tests/geophires_x_tests/test_fervo_project_cape_4.py +++ b/tests/geophires_x_tests/test_fervo_project_cape_4.py @@ -1,87 +1,18 @@ from __future__ import annotations import re -import sys from typing import Any -from pint.facets.plain import PlainQuantity - from base_test_case import BaseTestCase -from geophires_x.GeoPHIRESUtils import quantity from geophires_x.GeoPHIRESUtils import sig_figs from geophires_x.Parameter import HasQuantity from geophires_x_client import GeophiresInputParameters from geophires_x_client import GeophiresXClient from geophires_x_client import GeophiresXResult -from geophires_x_client import ImmutableGeophiresInputParameters class FervoProjectCape4TestCase(BaseTestCase): - def test_internal_consistency(self): - - fpc4_result: GeophiresXResult = GeophiresXResult( - self._get_test_file_path('../examples/Fervo_Project_Cape-4.out') - ) - fpc4_input_params: GeophiresInputParameters = ImmutableGeophiresInputParameters( - from_file_path=self._get_test_file_path('../examples/Fervo_Project_Cape-4.txt') - ) - fpc4_input_params_dict: dict[str, Any] = self._get_input_parameters(fpc4_input_params) - - def _q(dict_val: str) -> PlainQuantity: - spl = dict_val.split(' ') - return quantity(float(spl[0]), spl[1]) - - lateral_length_q = _q(fpc4_input_params_dict['Nonvertical Length per Multilateral Section']) - frac_sep_q = quantity(float(fpc4_input_params_dict['Fracture Separation']), 'meter') - number_of_fracs_per_well = int(fpc4_input_params_dict['Number of Fractures per Stimulated Well']) - - self.assertLess(number_of_fracs_per_well * frac_sep_q, lateral_length_q) - - result_number_of_wells: int = self._number_of_wells(fpc4_result) - number_of_fracs = int(fpc4_result.result['RESERVOIR PARAMETERS']['Number of fractures']['value']) - self.assertEqual(number_of_fracs, result_number_of_wells * number_of_fracs_per_well) - self.assertEqual(result_number_of_wells, int(fpc4_input_params_dict['Number of Doublets']) * 2) - - @staticmethod - def _get_input_parameters( - params: GeophiresInputParameters, include_parameter_comments: bool = False, include_line_comments: bool = False - ) -> dict[str, Any]: - """ - TODO consolidate with docs/generate_fervo_project_cape_4_md.py:30 as a common utility function. - Note doing so is non-trivial because there would need to be a mechanism to ensure parsing exactly matches - GEOPHIRES behavior, which may diverge from the below implementation under some circumstances. - """ - comment_idx = 0 - ret: dict[str, Any] = {} - for line in params.as_text().split('\n'): - parts = line.strip().split(', ') # TODO generalize for array-type params - field = parts[0].strip() - if len(parts) >= 2 and not field.startswith('#'): - fieldValue = parts[1].strip() - if include_parameter_comments and len(parts) > 2: - fieldValue += ', ' + (', '.join(parts[2:])).strip() - ret[field] = fieldValue.strip() - - if include_line_comments and field.startswith('#'): - ret[f'_COMMENT-{comment_idx}'] = line.strip() - comment_idx += 1 - - # TODO preserve newlines - - return ret - - @staticmethod - def _number_of_wells(result: GeophiresXResult) -> int: - r: dict[str, dict[str, Any]] = result.result - - number_of_wells = ( - r['SUMMARY OF RESULTS']['Number of injection wells']['value'] - + r['SUMMARY OF RESULTS']['Number of production wells']['value'] - ) - - return number_of_wells - def test_fervo_project_cape_4_results_against_reference_values(self): """ Asserts that results conform to some of the key reference values claimed in docs/Fervo_Project_Cape-4.md. @@ -98,29 +29,26 @@ def test_fervo_project_cape_4_results_against_reference_values(self): max_total_gen = r.result['SURFACE EQUIPMENT SIMULATION RESULTS']['Maximum Total Electricity Generation'][ 'value' ] - self.assertGreater(max_total_gen, 550) - self.assertLess(max_total_gen, 600) + self.assertGreater(max_total_gen, 600) + self.assertLess(max_total_gen, 650) lcoe = r.result['SUMMARY OF RESULTS']['Electricity breakeven price']['value'] self.assertGreater(lcoe, 7.5) self.assertLess(lcoe, 8.5) redrills = r.result['ENGINEERING PARAMETERS']['Number of times redrilling']['value'] - self.assertGreater(redrills, 1) - self.assertLess(redrills, 6) - max_phase_2_permitted_wells = 320 - self.assertLess(self._number_of_wells(r) * redrills, max_phase_2_permitted_wells) - self.assertGreater(self._number_of_wells(r) * redrills, max_phase_2_permitted_wells * 0.9375) + self.assertGreater(redrills, 2) + self.assertLess(redrills, 7) well_cost = r.result['CAPITAL COSTS (M$)']['Drilling and completion costs per well']['value'] - self.assertLess(well_cost, 5.0) - self.assertGreater(well_cost, 4.0) + self.assertLess(well_cost, 4.0) + self.assertGreater(well_cost, 3.0) pumping_power_pct = r.result['SURFACE EQUIPMENT SIMULATION RESULTS'][ 'Initial pumping power/net installed power' ]['value'] - self.assertGreater(pumping_power_pct, 5) - self.assertLess(pumping_power_pct, 15) + self.assertGreater(pumping_power_pct, 13) + self.assertLess(pumping_power_pct, 17) self.assertEqual( r.result['SUMMARY OF RESULTS']['Number of production wells']['value'], @@ -129,51 +57,27 @@ def test_fervo_project_cape_4_results_against_reference_values(self): def test_case_study_documentation(self): """ - Parses result values from case study documentation Markdown and checks that they match the actual result. + Parses result values from case study documentation markdown and checks that they match the actual result. Useful for catching when minor updates are made to the case study which need to be manually synced to the documentation. - Note: for future case studies, generate the documentation Markdown from the input/result rather than writing - (partially) by hand so that they are guaranteed to be in sync and don't need to be tested like this, + Note: for future case studies, generate the documentation markdown from the input/result rather than writing + (entirely) by hand so that they are guaranteed to be in sync and don't need to be tested like this, which has proved messy. - - Update 2026-01-07: Markdown is now partially generated from input and result in - docs/generate_fervo_project_cape_4_md.py. """ - def generate_documentation_markdown() -> None: - # Generate the Markdown from template to ensure it's up to date - sys.path.insert(0, self._get_test_file_path('../../docs')) - # noinspection PyUnresolvedReferences - from generate_fervo_project_cape_4_md import main as generate_documentation - - generate_documentation() - - generate_documentation_markdown() - documentation_file_content = '\n'.join( self._get_test_file_content('../../docs/Fervo_Project_Cape-4.md', encoding='utf-8') ) inputs_in_markdown = self.parse_markdown_inputs_structured(documentation_file_content) results_in_markdown = self.parse_markdown_results_structured(documentation_file_content) - example_result = GeophiresXResult(self._get_test_file_path('../examples/Fervo_Project_Cape-4.out')) + self.assertEqual(3.96, results_in_markdown['Well Drilling and Completion Costs']['value']) + self.assertEqual('MUSD/well', results_in_markdown['Well Drilling and Completion Costs']['unit']) - expected_drilling_cost_MUSD_per_well = 4.46 - # number_of_doublets = inputs_in_markdown['Number of Doublets']['value'] - number_of_wells = self._number_of_wells(example_result) - self.assertAlmostEqualWithinSigFigs( - expected_drilling_cost_MUSD_per_well * number_of_wells, - results_in_markdown['Well Drilling and Completion Costs']['value'], - 3, - ) - self.assertEqual('MUSD', results_in_markdown['Well Drilling and Completion Costs']['unit']) - - expected_stim_cost_MUSD_per_well = 4.83 - self.assertAlmostEqualWithinSigFigs( - expected_stim_cost_MUSD_per_well * number_of_wells, results_in_markdown['Stimulation Costs']['value'], 3 - ) - self.assertEqual('MUSD', results_in_markdown['Stimulation Costs']['unit']) + expected_stim_cost_MUSD_per_well = 4.6 + self.assertEqual(expected_stim_cost_MUSD_per_well, results_in_markdown['Stimulation Costs']['value']) + self.assertEqual('MUSD/well', results_in_markdown['Stimulation Costs']['unit']) self.assertEqual( expected_stim_cost_MUSD_per_well, inputs_in_markdown['Reservoir Stimulation Capital Cost per Well']['value'] @@ -189,13 +93,13 @@ def __init__(self, vu: dict[str, Any]): self.CurrentUnits.value = vu['unit'] - capex_q = _Q(results_in_markdown['Total CAPEX']).quantity() + capex_q = _Q(results_in_markdown['Project capital costs: Total CAPEX']).quantity() markdown_capex_USD_per_kW = ( capex_q.to('USD').magnitude / _Q(results_in_markdown['Maximum Net Electricity Generation']).quantity().to('kW').magnitude ) self.assertAlmostEqual( - sig_figs(markdown_capex_USD_per_kW, 2), results_in_markdown['Total CAPEX: $/kW']['value'] + sig_figs(markdown_capex_USD_per_kW, 2), results_in_markdown['Project capital costs: $/kW']['value'] ) field_mapping = { @@ -207,11 +111,12 @@ def __init__(self, vu: dict[str, Any]): } ignore_keys = [ - 'Total CAPEX: $/kW', # See https://github.com/NREL/GEOPHIRES-X/issues/391 + 'Project capital costs: $/kW', # See https://github.com/NREL/GEOPHIRES-X/issues/391 'Total fracture surface area per production well', 'Stimulation Costs', # remapped to 'Stimulation Costs total' ] + example_result = GeophiresXResult(self._get_test_file_path('../examples/Fervo_Project_Cape-4.out')) example_result_values = {} for key, _ in results_in_markdown.items(): if key not in ignore_keys: @@ -226,6 +131,11 @@ def __init__(self, vu: dict[str, Any]): if ignore_key in results_in_markdown: del results_in_markdown[ignore_key] + results_in_markdown['Well Drilling and Completion Costs']['unit'] = results_in_markdown[ + 'Well Drilling and Completion Costs' + ]['unit'].replace('/well', '') + self.assertDictAlmostEqual(example_result_values, results_in_markdown, percent=0.185) + result_capex_USD_per_kW = ( _Q(example_result._get_result_field('Total CAPEX')).quantity().to('USD').magnitude / _Q(example_result._get_result_field('Maximum Net Electricity Generation')).quantity().to('kW').magnitude @@ -237,7 +147,7 @@ def __init__(self, vu: dict[str, Any]): example_result.result['SUMMARY OF RESULTS']['Number of production wells']['value'], num_doublets ) - num_fracs_per_well = inputs_in_markdown['Number of Fractures per Well']['value'] + num_fracs_per_well = inputs_in_markdown['Number of Fractures per well']['value'] expected_total_fracs = num_doublets * 2 * num_fracs_per_well self.assertEqual( expected_total_fracs, example_result.result['RESERVOIR PARAMETERS']['Number of fractures']['value'] @@ -248,14 +158,10 @@ def __init__(self, vu: dict[str, Any]): inputs_in_markdown['Reservoir Volume']['value'], ) - additional_expected_stim_indirect_cost_frac = 0.00 - expected_stim_cost_total_MUSD = ( - expected_stim_cost_MUSD_per_well * num_doublets * 2 * (1.0 + additional_expected_stim_indirect_cost_frac) - ) - self.assertAlmostEqualWithinSigFigs( + expected_stim_cost_total_MUSD = expected_stim_cost_MUSD_per_well * num_doublets * 2 + self.assertEqual( expected_stim_cost_total_MUSD, example_result.result['CAPITAL COSTS (M$)']['Stimulation costs']['value'], - num_sig_figs=3, ) def parse_markdown_results_structured(self, markdown_text: str) -> dict: @@ -282,7 +188,7 @@ def parse_markdown_results_structured(self, markdown_text: str) -> dict: return {} # Consistency check - special_case_pattern = re.compile(r'LCOE\s*=\s*(\S+)\s*and\s*IRR\s*=\s*(\S+)') + special_case_pattern = re.compile(r'LCOE\s*=\s*(\S+)\s*and\s*CAPEX\s*=\s*(\S+)') special_case_match = special_case_pattern.search(markdown_text) if special_case_match: lcoe_text = special_case_match.group(1).rstrip('.,;') @@ -304,35 +210,26 @@ def parse_markdown_results_structured(self, markdown_text: str) -> dict: 'Minimum Net Electricity Generation', 'Maximum Net Electricity Generation', 'Number of times redrilling', - 'Total CAPEX', - 'Total CAPEX: $/kW', + 'Project capital costs: Total CAPEX', + 'Project capital costs: $/kW', 'WACC', 'Well Drilling and Completion Costs', 'Stimulation Costs', ]: structured_results[key_] = self._parse_value_unit(value_) - # Handle drilling and stimulation costs in format: "$464M total ($4.46M/well)" for result_with_total_key in ['Well Drilling and Completion Costs', 'Stimulation Costs']: entry = structured_results[result_with_total_key] unit_str = entry['unit'] - # unit_str is like "total; $4.46M/well" after _parse_value_unit processes "$464M total ($4.46M/well)" - # The entry['value'] is 464 (total MUSD) - # We need to extract per-well value from unit string - - # Parse per-well value from the parenthetical part - per_well_match = re.search(r'\$(\d+\.?\d*)M/well', unit_str) - if per_well_match: - per_well_value = float(per_well_match.group(1)) - # Store total in 'X total' key - structured_results[f'{result_with_total_key} total'] = { - 'value': entry['value'], - 'unit': 'MUSD', - } - # Update entry to be per-well value - entry['value'] = per_well_value - entry['unit'] = 'MUSD/well' + entry['unit'] = unit_str.split(';')[0] + + # This probably could/should be done with some adaptation of self._parse_value_unit, but one-off parsing + # here is fine for now... + structured_results[f'{result_with_total_key} total'] = { + 'value': float(unit_str.split('; ')[1].replace(' total', '').replace('$', '').replace('M', '')), + 'unit': entry['unit'].split('/')[0], + } return structured_results @@ -343,8 +240,8 @@ def parse_markdown_inputs_structured(self, markdown_text: str) -> dict: """ try: # Isolate the content from "## Inputs" to the next "## " header - sections = re.split(r'(^###\s.*)', markdown_text, flags=re.MULTILINE) - inputs_header_index = next(i for i, s in enumerate(sections) if s.startswith('### Inputs')) + sections = re.split(r'(^##\s.*)', markdown_text, flags=re.MULTILINE) + inputs_header_index = next(i for i, s in enumerate(sections) if s.startswith('## Inputs')) inputs_content = sections[inputs_header_index + 1] except (StopIteration, IndexError): print("Warning: '## Inputs' section not found or is empty.") @@ -374,22 +271,19 @@ def _parse_value_unit(self, raw_string: str) -> dict: """ clean_str = re.split(r'\s*\(|,(?!\s*\d)', raw_string)[0].strip() - if clean_str.startswith('$') and 'M total' in clean_str: - return {'value': float(clean_str.split('M total')[0][1:]), 'unit': 'MUSD'} - - # LCOE format ($X.X/MWh -> cents/kWh) + # Case 1: LCOE format ($X.X/MWh -> cents/kWh) match = re.match(r'^\$(\d+\.?\d*)/MWh$', clean_str) if match: value = float(match.group(1)) return {'value': round(value / 10, 2), 'unit': 'cents/kWh'} - # Billion dollar format ($X.XB -> MUSD) + # Case 2: Billion dollar format ($X.XB -> MUSD) match = re.match(r'^\$(\d+\.?\d*)B$', clean_str) if match: value = float(match.group(1)) return {'value': value * 1000, 'unit': 'MUSD'} - # Million dollar format ($X.XM or $X.XM/unit) + # Case 3: Million dollar format ($X.XM or $X.XM/unit) match = re.match(r'^\$(\d+\.?\d*)M(\/.*)?$', clean_str) if match: value = float(match.group(1)) @@ -399,32 +293,32 @@ def _parse_value_unit(self, raw_string: str) -> dict: unit = f'MUSD{unit_suffix}' return {'value': value, 'unit': unit} - # Dollar per kW format ($X/kW -> USD/kW) + # Case 4: Dollar per kW format ($X/kW -> USD/kW) match = re.match(r'^\$(\d+\.?\d*)/kW$', clean_str) if match: value = float(match.group(1)) return {'value': value, 'unit': 'USD/kW'} - # Percentage format (X.X%) + # Case 5: Percentage format (X.X%) match = re.search(r'(\d+\.?\d*)%$', clean_str) if match: value = float(match.group(1)) return {'value': value, 'unit': '%'} - # Temperature format (X℃ -> degC) + # Case 6: Temperature format (X℃ -> degC) match = re.search(r'(\d+\.?\d*)\s*℃$', clean_str) if match: value = float(match.group(1)) return {'value': value, 'unit': 'degC'} - # Scientific notation format (X.X*10⁶ Y) + # Case 7: Scientific notation format (X.X*10⁶ Y) match = re.match(r'^(\d+\.?\d*)\s*[×xX]\s*10[⁶6]\s*(.*)$', clean_str) if match: base_value = float(match.group(1)) unit = match.group(2).strip() return {'value': base_value * 1e6, 'unit': unit} - # Generic number and unit parser + # Case 8: Generic number and unit parser if clean_str.startswith('9⅝'): parts = clean_str.split(' ') value = 9.0 + 5.0 / 8.0 @@ -445,18 +339,3 @@ def _parse_value_unit(self, raw_string: str) -> dict: # Fallback for text-only values return {'value': clean_str, 'unit': 'text'} - - def test_fervo_project_cape_5(self) -> None: - """ - Fervo_Project_Cape-5 is derived from Fervo_Project_Cape-4 - see tests/regenerate-example-result.sh - """ - - fpc5_result: GeophiresXResult = GeophiresXResult( - self._get_test_file_path('../examples/Fervo_Project_Cape-5.out') - ) - min_net_gen_dict = fpc5_result.result['SURFACE EQUIPMENT SIMULATION RESULTS'][ - 'Minimum Net Electricity Generation' - ] - fpc5_min_net_gen_mwe = quantity(min_net_gen_dict['value'], min_net_gen_dict['unit']).to('MW').magnitude - self.assertGreater(fpc5_min_net_gen_mwe, 100) - self.assertLess(fpc5_min_net_gen_mwe, 110) diff --git a/tests/geophires_x_tests/test_fervo_project_cape_5.py b/tests/geophires_x_tests/test_fervo_project_cape_5.py new file mode 100644 index 00000000..720e9bbc --- /dev/null +++ b/tests/geophires_x_tests/test_fervo_project_cape_5.py @@ -0,0 +1,472 @@ +from __future__ import annotations + +import re +from typing import Any + +from pint.facets.plain import PlainQuantity + +from base_test_case import BaseTestCase +from geophires_docs import generate_fervo_project_cape_5_md +from geophires_x.GeoPHIRESUtils import quantity +from geophires_x.GeoPHIRESUtils import sig_figs +from geophires_x.Parameter import HasQuantity +from geophires_x_client import GeophiresInputParameters +from geophires_x_client import GeophiresXClient +from geophires_x_client import GeophiresXResult +from geophires_x_client import ImmutableGeophiresInputParameters + + +class FervoProjectCape5TestCase(BaseTestCase): + """ + FIXME WIP - see https://github.com/softwareengineerprogrammer/GEOPHIRES/pull/117 + """ + + def test_internal_consistency(self): + if self._is_github_actions(): + self.skipTest('Temporarily Skipping test on GitHub Actions.') # FIXME TEMP + + fpc5_result: GeophiresXResult = GeophiresXResult( + self._get_test_file_path('../examples/Fervo_Project_Cape-5.out') + ) + fpc5_input_params: GeophiresInputParameters = ImmutableGeophiresInputParameters( + from_file_path=self._get_test_file_path('../examples/Fervo_Project_Cape-5.txt') + ) + fpc5_input_params_dict: dict[str, Any] = self._get_input_parameters(fpc5_input_params) + + def _q(dict_val: str) -> PlainQuantity: + spl = dict_val.split(' ') + return quantity(float(spl[0]), spl[1]) + + lateral_length_q = _q(fpc5_input_params_dict['Nonvertical Length per Multilateral Section']) + frac_sep_q = quantity(float(fpc5_input_params_dict['Fracture Separation']), 'meter') + number_of_fracs_per_well = int(fpc5_input_params_dict['Number of Fractures per Stimulated Well']) + + self.assertLess(number_of_fracs_per_well * frac_sep_q, lateral_length_q) + + result_number_of_wells: int = self._number_of_wells(fpc5_result) + number_of_fracs = int(fpc5_result.result['RESERVOIR PARAMETERS']['Number of fractures']['value']) + self.assertEqual(number_of_fracs, result_number_of_wells * number_of_fracs_per_well) + self.assertEqual(result_number_of_wells, int(fpc5_input_params_dict['Number of Doublets']) * 2) + + @staticmethod + def _get_input_parameters( + params: GeophiresInputParameters, include_parameter_comments: bool = False, include_line_comments: bool = False + ) -> dict[str, Any]: + """ + TODO consolidate with src/geophires_docs/generate_fervo_project_cape_5_md.py:30 as a common utility function. + Note doing so is non-trivial because there would need to be a mechanism to ensure parsing exactly matches + GEOPHIRES behavior, which may diverge from the below implementation under some circumstances. + """ + + comment_idx = 0 + ret: dict[str, Any] = {} + for line in params.as_text().split('\n'): + parts = line.strip().split(', ') # TODO generalize for array-type params + field = parts[0].strip() + if len(parts) >= 2 and not field.startswith('#'): + fieldValue = parts[1].strip() + if include_parameter_comments and len(parts) > 2: + fieldValue += ', ' + (', '.join(parts[2:])).strip() + ret[field] = fieldValue.strip() + + if include_line_comments and field.startswith('#'): + ret[f'_COMMENT-{comment_idx}'] = line.strip() + comment_idx += 1 + + # TODO preserve newlines + + return ret + + @staticmethod + def _number_of_wells(result: GeophiresXResult) -> int: + r: dict[str, dict[str, Any]] = result.result + + number_of_wells = ( + r['SUMMARY OF RESULTS']['Number of injection wells']['value'] + + r['SUMMARY OF RESULTS']['Number of production wells']['value'] + ) + + return number_of_wells + + def test_fervo_project_cape_5_results_against_reference_values(self): + """ + Asserts that results conform to some of the key reference values claimed in docs/Fervo_Project_Cape-5.md. + """ + + if self._is_github_actions(): + self.skipTest('Temporarily Skipping test on GitHub Actions.') # FIXME TEMP + + r = GeophiresXClient().get_geophires_result( + GeophiresInputParameters(from_file_path=self._get_test_file_path('../examples/Fervo_Project_Cape-5.txt')) + ) + + min_net_gen = r.result['SURFACE EQUIPMENT SIMULATION RESULTS']['Minimum Net Electricity Generation']['value'] + self.assertGreater(min_net_gen, 500) + self.assertLess(min_net_gen, 505) + + max_total_gen = r.result['SURFACE EQUIPMENT SIMULATION RESULTS']['Maximum Total Electricity Generation'][ + 'value' + ] + self.assertGreater(max_total_gen, 550) + self.assertLess(max_total_gen, 600) + + lcoe = r.result['SUMMARY OF RESULTS']['Electricity breakeven price']['value'] + self.assertGreater(lcoe, 7.5) + self.assertLess(lcoe, 8.5) + + redrills = r.result['ENGINEERING PARAMETERS']['Number of times redrilling']['value'] + self.assertGreater(redrills, 1) + self.assertLess(redrills, 6) + max_phase_2_permitted_wells = 320 + self.assertLess(self._number_of_wells(r) * redrills, max_phase_2_permitted_wells) + self.assertGreater(self._number_of_wells(r) * redrills, max_phase_2_permitted_wells * 0.9375) + + well_cost = r.result['CAPITAL COSTS (M$)']['Drilling and completion costs per well']['value'] + self.assertLess(well_cost, 5.0) + self.assertGreater(well_cost, 4.0) + + pumping_power_pct = r.result['SURFACE EQUIPMENT SIMULATION RESULTS'][ + 'Initial pumping power/net installed power' + ]['value'] + self.assertGreater(pumping_power_pct, 5) + self.assertLess(pumping_power_pct, 15) + + self.assertEqual( + r.result['SUMMARY OF RESULTS']['Number of production wells']['value'], + r.result['SUMMARY OF RESULTS']['Number of injection wells']['value'], + ) + + def test_case_study_documentation(self): + """ + Parses result values from case study documentation Markdown and checks that they match the actual result. + Useful for catching when minor updates are made to the case study which need to be manually synced to the + documentation. + + Note: for future case studies, generate the documentation Markdown from the input/result rather than writing + (partially) by hand so that they are guaranteed to be in sync and don't need to be tested like this, + which has proved messy. + + Update 2026-01-13: Markdown is now partially generated from input and result in + src/geophires_docs/generate_fervo_project_cape_5_md.py. + """ + + if self._is_github_actions(): + self.skipTest('Temporarily Skipping test on GitHub Actions.') # FIXME TEMP + + def generate_documentation_markdown() -> None: + generate_fervo_project_cape_5_md.main() + + generate_documentation_markdown() + + documentation_file_content = '\n'.join( + self._get_test_file_content('../../docs/Fervo_Project_Cape-5.md', encoding='utf-8') + ) + inputs_in_markdown = self.parse_markdown_inputs_structured(documentation_file_content) + results_in_markdown = self.parse_markdown_results_structured(documentation_file_content) + + example_result = GeophiresXResult(self._get_test_file_path('../examples/Fervo_Project_Cape-5.out')) + + expected_drilling_cost_MUSD_per_well = 4.46 + # number_of_doublets = inputs_in_markdown['Number of Doublets']['value'] + number_of_wells = self._number_of_wells(example_result) + self.assertAlmostEqualWithinSigFigs( + expected_drilling_cost_MUSD_per_well * number_of_wells, + results_in_markdown['Well Drilling and Completion Costs']['value'], + 3, + ) + self.assertEqual('MUSD', results_in_markdown['Well Drilling and Completion Costs']['unit']) + + expected_stim_cost_MUSD_per_well = 4.83 + self.assertAlmostEqualWithinSigFigs( + expected_stim_cost_MUSD_per_well * number_of_wells, results_in_markdown['Stimulation Costs']['value'], 3 + ) + self.assertEqual('MUSD', results_in_markdown['Stimulation Costs']['unit']) + + self.assertEqual( + expected_stim_cost_MUSD_per_well, inputs_in_markdown['Reservoir Stimulation Capital Cost per Well']['value'] + ) + self.assertEqual('MUSD', inputs_in_markdown['Reservoir Stimulation Capital Cost per Well']['unit']) + + class _Q(HasQuantity): + def __init__(self, vu: dict[str, Any]): + self.value = vu['value'] + + # https://stackoverflow.com/questions/2280334/shortest-way-of-creating-an-object-with-arbitrary-attributes-in-python + self.CurrentUnits = type('', (), {})() + + self.CurrentUnits.value = vu['unit'] + + capex_q = _Q(results_in_markdown['Total CAPEX']).quantity() + markdown_capex_USD_per_kW = ( + capex_q.to('USD').magnitude + / _Q(results_in_markdown['Maximum Net Electricity Generation']).quantity().to('kW').magnitude + ) + self.assertAlmostEqual( + sig_figs(markdown_capex_USD_per_kW, 2), results_in_markdown['Total CAPEX: $/kW']['value'] + ) + + field_mapping = { + 'LCOE': 'Electricity breakeven price', + 'Project capital costs: Total CAPEX': 'Total CAPEX', + 'Well Drilling and Completion Costs': 'Drilling and completion costs per well', + 'Well Drilling and Completion Costs total': 'Drilling and completion costs', + 'Stimulation Costs total': 'Stimulation costs', + } + + ignore_keys = [ + 'Total CAPEX: $/kW', # See https://github.com/NREL/GEOPHIRES-X/issues/391 + 'Total fracture surface area per production well', + 'Stimulation Costs', # remapped to 'Stimulation Costs total' + ] + + example_result_values = {} + for key, _ in results_in_markdown.items(): + if key not in ignore_keys: + mapped_key = field_mapping.get(key) if key in field_mapping else key + entry = example_result._get_result_field(mapped_key) + if entry is not None and 'value' in entry: + entry['value'] = sig_figs(entry['value'], 3) + + example_result_values[key] = entry + + for ignore_key in ignore_keys: + if ignore_key in results_in_markdown: + del results_in_markdown[ignore_key] + + result_capex_USD_per_kW = ( + _Q(example_result._get_result_field('Total CAPEX')).quantity().to('USD').magnitude + / _Q(example_result._get_result_field('Maximum Net Electricity Generation')).quantity().to('kW').magnitude + ) + self.assertAlmostEqual(sig_figs(result_capex_USD_per_kW, 2), sig_figs(markdown_capex_USD_per_kW, 2)) + + num_doublets = inputs_in_markdown['Number of Doublets']['value'] + self.assertEqual( + example_result.result['SUMMARY OF RESULTS']['Number of production wells']['value'], num_doublets + ) + + num_fracs_per_well = inputs_in_markdown['Number of Fractures per Well']['value'] + expected_total_fracs = num_doublets * 2 * num_fracs_per_well + self.assertEqual( + expected_total_fracs, example_result.result['RESERVOIR PARAMETERS']['Number of fractures']['value'] + ) + + self.assertEqual( + example_result.result['RESERVOIR PARAMETERS']['Reservoir volume']['value'], + inputs_in_markdown['Reservoir Volume']['value'], + ) + + additional_expected_stim_indirect_cost_frac = 0.00 + expected_stim_cost_total_MUSD = ( + expected_stim_cost_MUSD_per_well * num_doublets * 2 * (1.0 + additional_expected_stim_indirect_cost_frac) + ) + self.assertAlmostEqualWithinSigFigs( + expected_stim_cost_total_MUSD, + example_result.result['CAPITAL COSTS (M$)']['Stimulation costs']['value'], + num_sig_figs=3, + ) + + def parse_markdown_results_structured(self, markdown_text: str) -> dict: + """ + Parses result values from markdown into a structured dictionary with values and units. + """ + raw_results = {} + table_pattern = re.compile(r'^\s*\|\s*(?!-)([^|]+?)\s*\|\s*([^|]+?)\s*\|', re.MULTILINE) + + try: + results_start_index = markdown_text.index('## Results') + search_area = markdown_text[results_start_index:] + + matches = table_pattern.findall(search_area) + + # Use key_ and value_ to avoid shadowing + for match in matches: + key_ = match[0].strip() + value_ = match[1].strip() + if key_.lower() not in ('metric', 'parameter'): + raw_results[key_] = value_ + except ValueError: + print("Warning: '## Results' section not found.") + return {} + + # Consistency check + special_case_pattern = re.compile(r'LCOE\s*=\s*(\S+)\s*and\s*IRR\s*=\s*(\S+)') + special_case_match = special_case_pattern.search(markdown_text) + if special_case_match: + lcoe_text = special_case_match.group(1).rstrip('.,;') + lcoe_table_base = raw_results.get('LCOE', '').split('(')[0].strip() + if lcoe_text != lcoe_table_base: + raise ValueError( + f'LCOE mismatch: Text value ({lcoe_text}) does not match table value ({lcoe_table_base}).' + ) + + # Now, process the raw results into the structured format + structured_results = {} + # Use key_ and value_ to avoid shadowing + for key_, value_ in raw_results.items(): + if key_ in [ + 'After-tax IRR', + 'Average Production Temperature', + 'LCOE', + 'Maximum Total Electricity Generation', + 'Minimum Net Electricity Generation', + 'Maximum Net Electricity Generation', + 'Number of times redrilling', + 'Total CAPEX', + 'Total CAPEX: $/kW', + 'WACC', + 'Well Drilling and Completion Costs', + 'Stimulation Costs', + ]: + structured_results[key_] = self._parse_value_unit(value_) + + # Handle drilling and stimulation costs in format: "$464M total ($4.46M/well)" + for result_with_total_key in ['Well Drilling and Completion Costs', 'Stimulation Costs']: + entry = structured_results[result_with_total_key] + + unit_str = entry['unit'] + # unit_str is like "total; $4.46M/well" after _parse_value_unit processes "$464M total ($4.46M/well)" + # The entry['value'] is 464 (total MUSD) + # We need to extract per-well value from unit string + + # Parse per-well value from the parenthetical part + per_well_match = re.search(r'\$(\d+\.?\d*)M/well', unit_str) + if per_well_match: + per_well_value = float(per_well_match.group(1)) + # Store total in 'X total' key + structured_results[f'{result_with_total_key} total'] = { + 'value': entry['value'], + 'unit': 'MUSD', + } + # Update entry to be per-well value + entry['value'] = per_well_value + entry['unit'] = 'MUSD/well' + + return structured_results + + def parse_markdown_inputs_structured(self, markdown_text: str) -> dict: + """ + Parses all input values from all tables under the '## Inputs' section + of a markdown file into a structured dictionary. + """ + try: + # Isolate the content from "## Inputs" to the next "## " header + sections = re.split(r'(^###\s.*)', markdown_text, flags=re.MULTILINE) + inputs_header_index = next(i for i, s in enumerate(sections) if s.startswith('### Inputs')) + inputs_content = sections[inputs_header_index + 1] + except (StopIteration, IndexError): + print("Warning: '## Inputs' section not found or is empty.") + return {} + + raw_inputs = {} + table_pattern = re.compile(r'^\s*\|\s*(?!-)([^|]+?)\s*\|\s*([^|]+?)\s*\|', re.MULTILINE) + matches = table_pattern.findall(inputs_content) + + for match in matches: + key_ = match[0].strip() + value_ = match[1].strip() + if key_.lower() not in ('parameter', 'metric'): + raw_inputs[key_] = value_ + + structured_inputs = {} + for key_, value_ in raw_inputs.items(): + structured_inputs[key_] = self._parse_value_unit(value_) + + return structured_inputs + + # noinspection PyMethodMayBeStatic + def _parse_value_unit(self, raw_string: str) -> dict: + """ + A helper function to parse a string and extract a numerical value and its unit. + It handles various formats like currency, percentages, text, and scientific notation. + """ + clean_str = re.split(r'\s*\(|,(?!\s*\d)', raw_string)[0].strip() + + if clean_str.startswith('$') and 'M total' in clean_str: + return {'value': float(clean_str.split('M total')[0][1:]), 'unit': 'MUSD'} + + # LCOE format ($X.X/MWh -> cents/kWh) + match = re.match(r'^\$(\d+\.?\d*)/MWh$', clean_str) + if match: + value = float(match.group(1)) + return {'value': round(value / 10, 2), 'unit': 'cents/kWh'} + + # Billion dollar format ($X.XB -> MUSD) + match = re.match(r'^\$(\d+\.?\d*)B$', clean_str) + if match: + value = float(match.group(1)) + return {'value': value * 1000, 'unit': 'MUSD'} + + # Million dollar format ($X.XM or $X.XM/unit) + match = re.match(r'^\$(\d+\.?\d*)M(\/.*)?$', clean_str) + if match: + value = float(match.group(1)) + unit_suffix = match.group(2) + unit = 'MUSD' + if unit_suffix: + unit = f'MUSD{unit_suffix}' + return {'value': value, 'unit': unit} + + # Dollar per kW format ($X/kW -> USD/kW) + match = re.match(r'^\$(\d+\.?\d*)/kW$', clean_str) + if match: + value = float(match.group(1)) + return {'value': value, 'unit': 'USD/kW'} + + # Percentage format (X.X%) + match = re.search(r'(\d+\.?\d*)%$', clean_str) + if match: + value = float(match.group(1)) + return {'value': value, 'unit': '%'} + + # Temperature format (X℃ -> degC) + match = re.search(r'(\d+\.?\d*)\s*℃$', clean_str) + if match: + value = float(match.group(1)) + return {'value': value, 'unit': 'degC'} + + # Scientific notation format (X.X*10⁶ Y) + match = re.match(r'^(\d+\.?\d*)\s*[×xX]\s*10[⁶6]\s*(.*)$', clean_str) + if match: + base_value = float(match.group(1)) + unit = match.group(2).strip() + return {'value': base_value * 1e6, 'unit': unit} + + # Generic number and unit parser + if clean_str.startswith('9⅝'): + parts = clean_str.split(' ') + value = 9.0 + 5.0 / 8.0 + unit = parts[1] if len(parts) > 1 else 'unknown' + return {'value': value, 'unit': unit} + + match = re.search(r'([\d\.,]+)\s*(.*)', clean_str) + if match: + value_str = match.group(1).replace(',', '').replace(' ', '') + unit = match.group(2).strip() + + if '.' in value_str: + value = float(value_str) + else: + value = int(value_str) + + return {'value': value, 'unit': unit if unit else 'count'} + + # Fallback for text-only values + return {'value': clean_str, 'unit': 'text'} + + def test_fervo_project_cape_6(self) -> None: + """ + Fervo_Project_Cape-6 is derived from Fervo_Project_Cape-5 - see tests/regenerate-example-result.sh + """ + + if self._is_github_actions(): + self.skipTest('Temporarily Skipping test on GitHub Actions.') # FIXME TEMP + + fpc5_result: GeophiresXResult = GeophiresXResult( + self._get_test_file_path('../examples/Fervo_Project_Cape-6.out') + ) + min_net_gen_dict = fpc5_result.result['SURFACE EQUIPMENT SIMULATION RESULTS'][ + 'Minimum Net Electricity Generation' + ] + fpc5_min_net_gen_mwe = quantity(min_net_gen_dict['value'], min_net_gen_dict['unit']).to('MW').magnitude + self.assertGreater(fpc5_min_net_gen_mwe, 100) + self.assertLess(fpc5_min_net_gen_mwe, 110) diff --git a/tests/regenerate-example-result.env.template b/tests/regenerate-example-result.env.template index 530681cb..e7108889 100644 --- a/tests/regenerate-example-result.env.template +++ b/tests/regenerate-example-result.env.template @@ -1 +1,4 @@ -# export GEOPHIRES_FPC4_SENSITIVITY_ANALYSIS_PROJECT_ROOT= +# export GEOPHIRES_FPC5_SENSITIVITY_ANALYSIS_PROJECT_ROOT= + +export SWS_GTP_CLIENT_USERNAME= +export SWS_GTP_CLIENT_USER_PASSWORD= diff --git a/tests/regenerate-example-result.sh b/tests/regenerate-example-result.sh index 10ac9edb..061e46cc 100755 --- a/tests/regenerate-example-result.sh +++ b/tests/regenerate-example-result.sh @@ -20,20 +20,20 @@ then python regenerate_example_result_csv.py example1_addons fi -if [[ $1 == "Fervo_Project_Cape-4" ]] +if [[ $1 == "Fervo_Project_Cape-5" ]] then - python ../docs/generate_fervo_project_cape_4_md.py + python ../src/geophires_docs/generate_fervo_project_cape_5_docs.py - echo "Regenerating Fervo_Project_Cape-5..." + echo "Regenerating Fervo_Project_Cape-6..." sed -e 's/Construction Years,.*/Construction Years, 3/' \ -e 's/^Number of Production Wells,.*/Number of Production Wells, 13/' \ -e 's/500 MWe/100 MWe/' \ -e 's/Phase II/Phase I/' \ - examples/Fervo_Project_Cape-4.txt > examples/Fervo_Project_Cape-5.txt + examples/Fervo_Project_Cape-5.txt > examples/Fervo_Project_Cape-6.txt - python -mgeophires_x examples/Fervo_Project_Cape-5.txt examples/Fervo_Project_Cape-5.out - rm examples/Fervo_Project_Cape-5.json + python -mgeophires_x examples/Fervo_Project_Cape-6.txt examples/Fervo_Project_Cape-6.out + rm examples/Fervo_Project_Cape-6.json if [ ! -f regenerate-example-result.env ] && [ -f regenerate-example-result.env.template ]; then echo "Creating regenerate-example-result.env from template..." @@ -41,12 +41,12 @@ then fi source regenerate-example-result.env - if [ -n "$GEOPHIRES_FPC4_SENSITIVITY_ANALYSIS_PROJECT_ROOT" ]; then + if [ -n "$GEOPHIRES_FPC5_SENSITIVITY_ANALYSIS_PROJECT_ROOT" ]; then echo "Updating sensitivity analysis..." STASH_PWD=$(pwd) - cd $GEOPHIRES_FPC4_SENSITIVITY_ANALYSIS_PROJECT_ROOT + cd $GEOPHIRES_FPC5_SENSITIVITY_ANALYSIS_PROJECT_ROOT source venv/bin/activate - python -m fpc4_sensitivity_analysis + python -m fpc_sensitivity_analysis.generate_geophires_fpc5_sensitivity_analysis deactivate cd $STASH_PWD fi