From 115ba4e67811674fde6b9bfa941389693d93157c Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 15 May 2025 12:47:01 -0700 Subject: [PATCH 01/13] WIP - Fervo_Project_Cape-4 example. TODO drawdown --- tests/examples/Fervo_Project_Cape-4.out | 409 ++++++++++++++++++++++++ tests/examples/Fervo_Project_Cape-4.txt | 71 ++++ 2 files changed, 480 insertions(+) create mode 100644 tests/examples/Fervo_Project_Cape-4.out create mode 100644 tests/examples/Fervo_Project_Cape-4.txt diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out new file mode 100644 index 00000000..87311712 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -0,0 +1,409 @@ + ***************** + ***CASE REPORT*** + ***************** + +Simulation Metadata +---------------------- + GEOPHIRES Version: 3.9.7 + Simulation Date: 2025-05-15 + Simulation Time: 12:37 + Calculation Time: 0.911 sec + + ***SUMMARY OF RESULTS*** + + End-Use Option: Electricity + Average Net Electricity Production: 435.48 MW + Electricity breakeven price: 6.58 cents/kWh + Number of production wells: 39 + Number of injection wells: 39 + Flowrate per production well: 120.0 kg/sec + Well depth: 2.6 kilometer + Geothermal gradient: 74 degC/km + + + ***ECONOMIC PARAMETERS*** + + Economic Model = SAM Single Owner PPA + Real Discount Rate: 8.00 % + Nominal Discount Rate: 10.16 % + WACC: 6.92 % + Accrued financing during construction: 5.00 % + Project lifetime: 20 yr + Capacity factor: 90.0 % + Project NPV: 2218.10 MUSD + Project IRR: NaN % + Estimated Jobs Created: 974 + + ***ENGINEERING PARAMETERS*** + + Number of Production Wells: 39 + Number of Injection Wells: 39 + Well depth: 2.6 kilometer + Water loss rate: 10.0 % + Pump efficiency: 80.0 % + Injection temperature: 56.7 degC + Production Wellbore heat transmission calculated with Ramey's model + Average production well temperature drop: 1.8 degC + Flowrate per production well: 120.0 kg/sec + Injection well casing ID: 9.625 in + Production well casing ID: 9.625 in + Number of times redrilling: 0 + 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 + Bottom-hole temperature: 201.72 degC + Fracture model = Rectangular + Well separation: fracture height: 2000.00 meter + Fracture width: 10000.00 meter + Fracture area: 20000000.00 m**2 + Reservoir volume calculated with fracture separation and number of fractures as input + Number of fractures: 149.00 + Fracture separation: 30.00 meter + Reservoir volume: 88800000000 m**3 + Reservoir impedance: 0.0010 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: 200.1 degC + Average Production Temperature: 199.9 degC + Minimum Production Temperature: 198.7 degC + Initial Production Temperature: 198.7 degC + Average Reservoir Heat Extraction: 2806.89 MW + Production Wellbore Heat Transmission Model = Ramey Model + Average Production Well Temperature Drop: 1.8 degC + Total Average Pressure Drop: 3388.1 kPa + Average Injection Well Pressure Drop: 690.9 kPa + Average Reservoir Pressure Drop: 4914.3 kPa + Average Production Well Pressure Drop: 633.7 kPa + Average Buoyancy Pressure Drop: -2850.9 kPa + + + ***CAPITAL COSTS (M$)*** + + Drilling and completion costs: 299.52 MUSD + Drilling and completion costs per well: 3.84 MUSD + Stimulation costs: 233.70 MUSD + Surface power plant costs: 898.01 MUSD + Field gathering system costs: 51.03 MUSD + Total surface equipment costs: 949.05 MUSD + Exploration costs: 30.00 MUSD + Investment Tax Credit: -453.68 MUSD + Total capital costs: 1058.59 MUSD + + + ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** + + Wellfield maintenance costs: 4.41 MUSD/yr + Power plant maintenance costs: 16.20 MUSD/yr + Water costs: 12.29 MUSD/yr + Total operating and maintenance costs: 32.90 MUSD/yr + + + ***SURFACE EQUIPMENT SIMULATION RESULTS*** + + Initial geofluid availability: 0.19 MW/(kg/s) + Maximum Total Electricity Generation: 458.44 MW + Average Total Electricity Generation: 457.45 MW + Minimum Total Electricity Generation: 450.66 MW + Initial Total Electricity Generation: 450.66 MW + Maximum Net Electricity Generation: 436.48 MW + Average Net Electricity Generation: 435.48 MW + Minimum Net Electricity Generation: 428.63 MW + Initial Net Electricity Generation: 428.63 MW + Average Annual Total Electricity Generation: 3606.69 GWh + Average Annual Net Electricity Generation: 3433.49 GWh + Initial pumping power/net installed power: 5.14 % + Average Pumping Power: 21.97 MW + Heat to Power Conversion Efficiency: 15.51 % + + ************************************************************ + * 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 198.69 22.0221 428.6338 15.4011 + 2 1.0041 199.51 21.9866 433.2353 15.4776 + 3 1.0049 199.67 21.9794 434.1734 15.4931 + 4 1.0054 199.76 21.9757 434.6599 15.5012 + 5 1.0057 199.81 21.9732 434.9811 15.5065 + 6 1.0059 199.86 21.9714 435.2177 15.5104 + 7 1.0060 199.89 21.9699 435.4035 15.5135 + 8 1.0062 199.92 21.9688 435.5556 15.5160 + 9 1.0063 199.94 21.9678 435.6838 15.5181 + 10 1.0064 199.96 21.9669 435.7942 15.5199 + 11 1.0065 199.98 21.9662 435.8910 15.5215 + 12 1.0065 199.99 21.9655 435.9769 15.5229 + 13 1.0066 200.00 21.9649 436.0541 15.5242 + 14 1.0067 200.02 21.9644 436.1240 15.5253 + 15 1.0067 200.03 21.9639 436.1878 15.5264 + 16 1.0068 200.04 21.9635 436.2465 15.5274 + 17 1.0068 200.05 21.9630 436.3008 15.5282 + 18 1.0069 200.06 21.9627 436.3512 15.5291 + 19 1.0069 200.07 21.9623 436.3982 15.5299 + 20 1.0070 200.07 21.9620 436.4423 15.5306 + + + ******************************************************************* + * 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 3402.8 22023.6 27168.72 0.29 + 2 3419.8 22082.8 27089.22 0.58 + 3 3425.1 22101.0 27009.66 0.87 + 4 3428.2 22111.7 26930.05 1.17 + 5 3430.4 22119.2 26850.42 1.46 + 6 3432.0 22124.9 26770.77 1.75 + 7 3433.3 22129.5 26691.11 2.04 + 8 3434.4 22133.3 26611.43 2.34 + 9 3435.4 22136.6 26531.74 2.63 + 10 3436.2 22139.4 26452.03 2.92 + 11 3436.9 22141.9 26372.32 3.21 + 12 3437.6 22144.1 26292.61 3.51 + 13 3438.1 22146.1 26212.88 3.80 + 14 3438.7 22147.9 26133.15 4.09 + 15 3439.1 22149.6 26053.41 4.38 + 16 3439.6 22151.1 25973.66 4.68 + 17 3440.0 22152.6 25893.92 4.97 + 18 3440.4 22153.9 25814.16 5.26 + 19 3440.7 22155.1 25734.40 5.55 + 20 3441.1 22156.2 25654.64 5.85 + + *************************** + * 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 +ENERGY +Electricity to grid (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 +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 +Electricity to grid net (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 + +REVENUE +PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 +PPA revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 664,006,648 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 793,939,213 +Total revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 1,457,945,861 + +Property tax net assessed value ($) 0 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 + +OPERATING EXPENSES +O&M fixed expense ($) 0 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 + +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 + +OPERATING ACTIVITIES +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +plus PBI if not available for debt service: +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 +Cash flow from operating activities ($) 0 335,756,108 339,002,267 354,777,012 370,381,150 385,953,255 401,541,942 417,171,143 432,855,367 448,604,847 464,427,662 480,330,753 496,320,452 512,402,784 528,583,657 544,868,976 561,264,730 577,777,051 594,412,256 611,176,889 1,422,013,840 + +INVESTING ACTIVITIES +Total installed cost ($) -1,587,878,426 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 +minus: +Total IBI income ($) 0 +Total CBI income ($) 0 +equals: +Purchase of property ($) -1,587,878,426 +plus: +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash flow from investing activities ($) -1,587,878,426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +FINANCING ACTIVITIES +Issuance of equity ($) 793,939,213 +Size of debt ($) 793,939,213 +minus: +Debt principal payment ($) 0 24,010,776 25,211,315 26,471,880 27,795,474 29,185,248 30,644,511 32,176,736 33,785,573 35,474,852 37,248,594 39,111,024 41,066,575 43,119,904 45,275,899 47,539,694 49,916,679 52,412,512 55,033,138 57,784,795 60,674,035 +equals: +Cash flow from financing activities ($) 1,587,878,426 -24,010,776 -25,211,315 -26,471,880 -27,795,474 -29,185,248 -30,644,511 -32,176,736 -33,785,573 -35,474,852 -37,248,594 -39,111,024 -41,066,575 -43,119,904 -45,275,899 -47,539,694 -49,916,679 -52,412,512 -55,033,138 -57,784,795 -60,674,035 + +PROJECT RETURNS +Pre-tax Cash Flow: +Cash flow from operating activities ($) 0 335,756,108 339,002,267 354,777,012 370,381,150 385,953,255 401,541,942 417,171,143 432,855,367 448,604,847 464,427,662 480,330,753 496,320,452 512,402,784 528,583,657 544,868,976 561,264,730 577,777,051 594,412,256 611,176,889 1,422,013,840 +Cash flow from investing activities ($) -1,587,878,426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 1,587,878,426 -24,010,776 -25,211,315 -26,471,880 -27,795,474 -29,185,248 -30,644,511 -32,176,736 -33,785,573 -35,474,852 -37,248,594 -39,111,024 -41,066,575 -43,119,904 -45,275,899 -47,539,694 -49,916,679 -52,412,512 -55,033,138 -57,784,795 -60,674,035 +Total pre-tax cash flow ($) 0 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 + +Pre-tax Returns: +Issuance of equity ($) 793,939,213 +Total pre-tax cash flow ($) 0 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 +Total pre-tax returns ($) -793,939,213 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 + +After-tax Returns: +Total pre-tax returns ($) -793,939,213 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 +Federal ITC total income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -58,983,274 -53,027,355 -56,108,162 -59,155,651 -62,196,883 -65,241,353 -68,293,736 -71,356,865 -74,432,739 -77,522,935 -80,628,808 -83,751,596 -86,892,476 -90,052,600 -93,233,123 -96,435,214 -99,660,070 -102,908,926 -106,183,059 -264,539,515 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 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) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 +Total after-tax returns ($) -793,939,213 707,984,628 241,757,377 252,086,516 262,227,283 272,278,334 282,272,080 292,222,629 302,136,992 312,018,856 321,870,136 331,691,707 341,483,787 351,246,148 360,978,240 370,679,269 380,348,245 389,984,013 399,585,272 409,150,592 1,001,983,260 + +After-tax cumulative IRR (%) NaN -10.83 15.53 30.95 39.49 44.37 47.26 49.03 50.14 50.84 51.30 51.60 51.80 51.93 52.02 52.08 52.12 52.14 52.16 NaN NaN +After-tax cumulative NPV ($) -793,939,213 -151,251,642 47,967,873 236,540,146 414,606,623 582,445,841 740,397,562 888,835,992 1,028,155,677 1,158,762,388 1,281,066,599 1,395,478,556 1,502,404,468 1,602,243,535 1,695,385,639 1,782,209,559 1,863,081,632 1,938,354,774 2,008,367,789 2,073,444,945 2,218,116,091 + +AFTER-TAX LCOE AND PPA PRICE +Annual costs ($) -793,939,213 299,633,240 -168,639,631 -172,824,670 -176,964,448 -181,095,728 -185,231,406 -189,377,833 -193,538,858 -197,717,195 -201,914,988 -206,134,078 -210,376,145 -214,642,788 -218,935,573 -223,256,069 -227,605,862 -231,986,581 -236,399,901 -240,847,558 337,976,612 +PPA revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 664,006,648 +Electricity to grid (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 + +Present value of annual costs ($) 1,901,438,392 +Present value of annual energy nominal (kWh) 28,878,849,832 +LCOE Levelized cost of energy nominal (cents/kWh) 6.58 + +Present value of PPA revenue ($) 4,119,554,483 +Present value of annual energy nominal (kWh) 28,878,849,832 +LPPA Levelized PPA price nominal (cents/kWh) 14.26 + +PROJECT STATE INCOME TAXES +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 +minus: +Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 +Total state tax depreciation ($) 0 33,742,417 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 +equals: +State taxable income ($) 0 302,013,692 271,517,434 287,292,179 302,896,317 318,468,422 334,057,109 349,686,310 365,370,534 381,120,014 396,942,829 412,845,920 428,835,619 444,917,951 461,098,824 477,384,143 493,779,897 510,292,218 526,927,423 543,692,056 1,354,529,007 + +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 + +PROJECT FEDERAL INCOME TAXES +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 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 +minus: +Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 +Total federal tax depreciation ($) 0 33,742,417 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 +equals: +Federal taxable income ($) 0 280,872,733 252,511,213 267,181,726 281,693,575 296,175,632 310,673,111 325,208,268 339,794,597 354,441,613 369,156,831 383,946,706 398,817,125 413,773,694 428,821,906 443,967,253 459,215,304 474,571,762 490,042,503 505,633,612 1,259,711,977 + +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -58,983,274 -53,027,355 -56,108,162 -59,155,651 -62,196,883 -65,241,353 -68,293,736 -71,356,865 -74,432,739 -77,522,935 -80,628,808 -83,751,596 -86,892,476 -90,052,600 -93,233,123 -96,435,214 -99,660,070 -102,908,926 -106,183,059 -264,539,515 + +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +TAX CREDITS +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +DEBT REPAYMENT +Debt balance ($) 793,939,213 769,928,437 744,717,122 718,245,242 690,449,768 661,264,519 630,620,009 598,443,273 564,657,700 529,182,848 491,934,254 452,823,231 411,756,656 368,636,752 323,360,853 275,821,159 225,904,480 173,491,968 118,458,830 60,674,035 0 +Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 +Debt principal payment ($) 0 24,010,776 25,211,315 26,471,880 27,795,474 29,185,248 30,644,511 32,176,736 33,785,573 35,474,852 37,248,594 39,111,024 41,066,575 43,119,904 45,275,899 47,539,694 49,916,679 52,412,512 55,033,138 57,784,795 60,674,035 +Debt total payment ($) 0 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 + +DSCR (DEBT FRACTION) +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +minus: +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 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) ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +Debt total payment ($) 0 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 +DSCR (pre-tax) 0.0 5.89 5.93 6.15 6.38 6.60 6.82 7.04 7.26 7.48 7.71 7.93 8.15 8.37 8.59 8.81 9.03 9.25 9.47 9.69 22.37 + +RESERVES +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt new file mode 100644 index 00000000..5690e999 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -0,0 +1,71 @@ +# Case Study: Fervo Cape Station: 500 MWe Production +https://github.com/NREL/GEOPHIRES-X/issues/385?title=Fervo+Cape+Station+500+MWe+update + +# *** ECONOMIC/FINANCIAL PARAMETERS *** +# ************************************* +Economic Model, 5, -- SAM Single Owner PPA +Starting Electricity Sale Price, 0.12 +Ending Electricity Sale Price, 1.00 +Electricity Escalation Rate Per Year, 0.004053223 +Electricity Escalation Start Year, 1 +Fraction of Investment in Bonds, .5 +Inflated Bond Interest Rate, .05 +Discount Rate, 0.08 +Inflation Rate, .02 +Inflation Rate During Construction, 0.05 +Combined Income Tax Rate, .28 +Investment Tax Credit Rate, .3 +Property Tax Rate, 0 +Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) +Exploration Capital Cost, 30 +Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) + +# *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** +# ************************************************* +End-Use Option, 1 +Plant Lifetime, 20 +Power Plant Type, 2, -- Supercritical ORC +Reservoir Model, 1 +Reservoir Volume Option, 1 +Reservoir Density, 2800 +Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf +Reservoir Heat Capacity, 790 +Reservoir Thermal Conductivity, 3.05 +Reservoir Porosity, 0.0118 +Reservoir Impedance, 0.001 +Number of Fractures, 149 +Fracture Shape, 4 +Fracture Height, 2000 +Fracture Width, 10000 +Fracture Separation, 30 +Number of Segments, 1 +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 Injection Wells, 46 +Number of Production Wells, 46 +Production Flow Rate per Well, 120, -- peak flow reported in paper +Production Well Diameter, 9.625 +Injection Well Diameter, 9.625 +Well Separation, 365 feet +Ramey Production Wellbore Model, 1 +Injection Temperature, 60 degC +Injection Wellbore Temperature Gain, 3 +Plant Outlet Pressure, 1000 psi +Production Wellhead Pressure, 325 psi +Utilization Factor, .9 +Water Loss Fraction, 0.10 +Maximum Drawdown, 1 +Ambient Temperature, 10 degC +Surface Temperature, 10 degC +Circulation Pump Efficiency, 0.80 +Well Geometry Configuration, 4 +Has Nonvertical Section, True +Multilaterals Cased, True +Number of Multilateral Sections, 3 +Nonvertical Length per Multilateral Section, 4700 feet +# TODO drawdown - redrill at 10 years after ~25C production temp drop + +# *** SIMULATION PARAMETERS *** +# ***************************** +Maximum Temperature, 500 +Time steps per year, 10 +Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 From bcb49198f5f2c43c7f6a31832c7de12a8e29f0e1 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 15 May 2025 13:11:26 -0700 Subject: [PATCH 02/13] Drawdown WIP --- tests/examples/Fervo_Project_Cape-4.txt | 9 +++------ 1 file changed, 3 insertions(+), 6 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 5690e999..410893ef 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -1,6 +1,5 @@ # Case Study: Fervo Cape Station: 500 MWe Production https://github.com/NREL/GEOPHIRES-X/issues/385?title=Fervo+Cape+Station+500+MWe+update - # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* Economic Model, 5, -- SAM Single Owner PPA @@ -19,7 +18,6 @@ Property Tax Rate, 0 Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) Exploration Capital Cost, 30 Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) - # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* End-Use Option, 1 @@ -35,8 +33,8 @@ Reservoir Porosity, 0.0118 Reservoir Impedance, 0.001 Number of Fractures, 149 Fracture Shape, 4 -Fracture Height, 2000 -Fracture Width, 10000 +Fracture Height, 1400 +Fracture Width, 1400 Fracture Separation, 30 Number of Segments, 1 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) @@ -53,7 +51,7 @@ Plant Outlet Pressure, 1000 psi Production Wellhead Pressure, 325 psi Utilization Factor, .9 Water Loss Fraction, 0.10 -Maximum Drawdown, 1 +Maximum Drawdown, 0.005, -- WIP Ambient Temperature, 10 degC Surface Temperature, 10 degC Circulation Pump Efficiency, 0.80 @@ -62,7 +60,6 @@ Has Nonvertical Section, True Multilaterals Cased, True Number of Multilateral Sections, 3 Nonvertical Length per Multilateral Section, 4700 feet -# TODO drawdown - redrill at 10 years after ~25C production temp drop # *** SIMULATION PARAMETERS *** # ***************************** From 62ca08568c50f8638c9f684a1d2c15e7ea84ed21 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 15 May 2025 14:53:22 -0700 Subject: [PATCH 03/13] drawdown tuned for Minimum Net Electricity Generation = 500.16 MW --- tests/examples/Fervo_Project_Cape-4.out | 450 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 11 +- 2 files changed, 231 insertions(+), 230 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 87311712..4cb53102 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,16 +6,16 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 Simulation Date: 2025-05-15 - Simulation Time: 12:37 - Calculation Time: 0.911 sec + Simulation Time: 14:52 + Calculation Time: 0.879 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 435.48 MW - Electricity breakeven price: 6.58 cents/kWh - Number of production wells: 39 - Number of injection wells: 39 + Average Net Electricity Production: 513.24 MW + Electricity breakeven price: 7.77 cents/kWh + Number of production wells: 47 + Number of injection wells: 47 Flowrate per production well: 120.0 kg/sec Well depth: 2.6 kilometer Geothermal gradient: 74 degC/km @@ -30,24 +30,24 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 2218.10 MUSD + Project NPV: 2212.40 MUSD Project IRR: NaN % - Estimated Jobs Created: 974 + Estimated Jobs Created: 1167 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 39 - Number of Injection Wells: 39 + Number of Production Wells: 47 + Number of Injection Wells: 47 Well depth: 2.6 kilometer Water loss rate: 10.0 % Pump efficiency: 80.0 % Injection temperature: 56.7 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 1.8 degC + Average production well temperature drop: 1.7 degC Flowrate per production well: 120.0 kg/sec Injection well casing ID: 9.625 in Production well casing ID: 9.625 in - Number of times redrilling: 0 + Number of times redrilling: 2 Power plant type: Supercritical ORC @@ -63,13 +63,13 @@ Simulation Metadata Reservoir Model = Multiple Parallel Fractures Model Bottom-hole temperature: 201.72 degC Fracture model = Rectangular - Well separation: fracture height: 2000.00 meter - Fracture width: 10000.00 meter - Fracture area: 20000000.00 m**2 + Well separation: fracture height: 1400.00 meter + Fracture width: 1400.00 meter + Fracture area: 1960000.00 m**2 Reservoir volume calculated with fracture separation and number of fractures as input Number of fractures: 149.00 Fracture separation: 30.00 meter - Reservoir volume: 88800000000 m**3 + Reservoir volume: 8702400000 m**3 Reservoir impedance: 0.0010 GPa.s/m**3 Reservoir density: 2800.00 kg/m**3 Reservoir thermal conductivity: 3.05 W/m/K @@ -78,57 +78,57 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 200.1 degC - Average Production Temperature: 199.9 degC - Minimum Production Temperature: 198.7 degC + Maximum Production Temperature: 199.8 degC + Average Production Temperature: 199.4 degC + Minimum Production Temperature: 197.5 degC Initial Production Temperature: 198.7 degC - Average Reservoir Heat Extraction: 2806.89 MW + Average Reservoir Heat Extraction: 3370.58 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 1.8 degC - Total Average Pressure Drop: 3388.1 kPa + Average Production Well Temperature Drop: 1.7 degC + Total Average Pressure Drop: 4406.2 kPa Average Injection Well Pressure Drop: 690.9 kPa - Average Reservoir Pressure Drop: 4914.3 kPa - Average Production Well Pressure Drop: 633.7 kPa - Average Buoyancy Pressure Drop: -2850.9 kPa + Average Reservoir Pressure Drop: 5922.4 kPa + Average Production Well Pressure Drop: 633.4 kPa + Average Buoyancy Pressure Drop: -2840.6 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 299.52 MUSD + Drilling and completion costs: 360.96 MUSD Drilling and completion costs per well: 3.84 MUSD - Stimulation costs: 233.70 MUSD - Surface power plant costs: 898.01 MUSD - Field gathering system costs: 51.03 MUSD - Total surface equipment costs: 949.05 MUSD + Stimulation costs: 281.63 MUSD + Surface power plant costs: 1067.20 MUSD + Field gathering system costs: 66.65 MUSD + Total surface equipment costs: 1133.85 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -453.68 MUSD - Total capital costs: 1058.59 MUSD + Investment Tax Credit: -541.93 MUSD + Total capital costs: 1264.51 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 4.41 MUSD/yr - Power plant maintenance costs: 16.20 MUSD/yr - Water costs: 12.29 MUSD/yr - Total operating and maintenance costs: 32.90 MUSD/yr + Wellfield maintenance costs: 5.21 MUSD/yr + Power plant maintenance costs: 18.82 MUSD/yr + Water costs: 14.81 MUSD/yr + Total operating and maintenance costs: 103.11 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 458.44 MW - Average Total Electricity Generation: 457.45 MW - Minimum Total Electricity Generation: 450.66 MW - Initial Total Electricity Generation: 450.66 MW - Maximum Net Electricity Generation: 436.48 MW - Average Net Electricity Generation: 435.48 MW - Minimum Net Electricity Generation: 428.63 MW - Initial Net Electricity Generation: 428.63 MW - Average Annual Total Electricity Generation: 3606.69 GWh - Average Annual Net Electricity Generation: 3433.49 GWh - Initial pumping power/net installed power: 5.14 % - Average Pumping Power: 21.97 MW - Heat to Power Conversion Efficiency: 15.51 % + Maximum Total Electricity Generation: 550.71 MW + Average Total Electricity Generation: 547.67 MW + Minimum Total Electricity Generation: 535.03 MW + Initial Total Electricity Generation: 543.10 MW + Maximum Net Electricity Generation: 516.37 MW + Average Net Electricity Generation: 513.24 MW + Minimum Net Electricity Generation: 500.16 MW + Initial Net Electricity Generation: 508.68 MW + Average Annual Total Electricity Generation: 4317.80 GWh + Average Annual Net Electricity Generation: 4046.33 GWh + Initial pumping power/net installed power: 6.77 % + Average Pumping Power: 34.43 MW + Heat to Power Conversion Efficiency: 15.23 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -136,26 +136,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.69 22.0221 428.6338 15.4011 - 2 1.0041 199.51 21.9866 433.2353 15.4776 - 3 1.0049 199.67 21.9794 434.1734 15.4931 - 4 1.0054 199.76 21.9757 434.6599 15.5012 - 5 1.0057 199.81 21.9732 434.9811 15.5065 - 6 1.0059 199.86 21.9714 435.2177 15.5104 - 7 1.0060 199.89 21.9699 435.4035 15.5135 - 8 1.0062 199.92 21.9688 435.5556 15.5160 - 9 1.0063 199.94 21.9678 435.6838 15.5181 - 10 1.0064 199.96 21.9669 435.7942 15.5199 - 11 1.0065 199.98 21.9662 435.8910 15.5215 - 12 1.0065 199.99 21.9655 435.9769 15.5229 - 13 1.0066 200.00 21.9649 436.0541 15.5242 - 14 1.0067 200.02 21.9644 436.1240 15.5253 - 15 1.0067 200.03 21.9639 436.1878 15.5264 - 16 1.0068 200.04 21.9635 436.2465 15.5274 - 17 1.0068 200.05 21.9630 436.3008 15.5282 - 18 1.0069 200.06 21.9627 436.3512 15.5291 - 19 1.0069 200.07 21.9623 436.3982 15.5299 - 20 1.0070 200.07 21.9620 436.4423 15.5306 + 1 1.0000 198.69 34.4169 508.6812 15.1637 + 2 1.0041 199.51 34.3741 514.2266 15.2415 + 3 1.0049 199.67 34.3654 515.3572 15.2573 + 4 1.0054 199.76 34.3610 515.9404 15.2655 + 5 1.0056 199.81 34.3596 516.2774 15.2702 + 6 1.0056 199.81 34.3652 516.3045 15.2704 + 7 1.0053 199.74 34.3867 515.7681 15.2627 + 8 1.0042 199.52 34.4361 514.2854 15.2414 + 9 1.0021 199.11 34.5279 511.3869 15.1997 + 10 0.9986 198.42 34.6777 506.5626 15.1299 + 11 1.0000 198.69 34.3470 508.7511 15.1658 + 12 1.0041 199.51 34.3448 514.2560 15.2424 + 13 1.0049 199.67 34.3422 515.3803 15.2580 + 14 1.0054 199.76 34.3394 515.9620 15.2661 + 15 1.0056 199.81 34.3376 516.2993 15.2708 + 16 1.0056 199.81 34.3417 516.3281 15.2711 + 17 1.0053 199.74 34.3608 515.7940 15.2635 + 18 1.0042 199.52 34.4073 514.3141 15.2422 + 19 1.0021 199.11 34.4959 511.4189 15.2006 + 20 0.9986 198.42 34.6425 506.5978 15.1309 ******************************************************************* @@ -164,170 +164,170 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 3402.8 22023.6 27168.72 0.29 - 2 3419.8 22082.8 27089.22 0.58 - 3 3425.1 22101.0 27009.66 0.87 - 4 3428.2 22111.7 26930.05 1.17 - 5 3430.4 22119.2 26850.42 1.46 - 6 3432.0 22124.9 26770.77 1.75 - 7 3433.3 22129.5 26691.11 2.04 - 8 3434.4 22133.3 26611.43 2.34 - 9 3435.4 22136.6 26531.74 2.63 - 10 3436.2 22139.4 26452.03 2.92 - 11 3436.9 22141.9 26372.32 3.21 - 12 3437.6 22144.1 26292.61 3.51 - 13 3438.1 22146.1 26212.88 3.80 - 14 3438.7 22147.9 26133.15 4.09 - 15 3439.1 22149.6 26053.41 4.38 - 16 3439.6 22151.1 25973.66 4.68 - 17 3440.0 22152.6 25893.92 4.97 - 18 3440.4 22153.9 25814.16 5.26 - 19 3440.7 22155.1 25734.40 5.55 - 20 3441.1 22156.2 25654.64 5.85 + 1 4038.7 26545.8 2574.74 3.58 + 2 4059.2 26617.0 2478.92 7.17 + 3 4065.6 26638.9 2383.02 10.76 + 4 4069.2 26651.4 2287.07 14.35 + 5 4070.7 26656.8 2191.11 17.95 + 6 4068.9 26650.9 2095.17 21.54 + 7 4061.2 26625.1 1999.32 25.13 + 8 4044.3 26567.8 1903.67 28.71 + 9 4014.2 26465.7 1808.39 32.28 + 10 3970.6 26317.3 1713.65 35.83 + 11 4039.0 26545.8 1618.09 39.40 + 12 4059.4 26617.0 1522.27 42.99 + 13 4065.7 26638.9 1426.37 46.58 + 14 4069.3 26651.4 1330.42 50.18 + 15 4070.9 26656.8 1234.46 53.77 + 16 4069.1 26650.9 1138.51 57.36 + 17 4061.4 26625.1 1042.66 60.95 + 18 4044.5 26567.8 947.02 64.54 + 19 4014.4 26465.7 851.74 68.10 + 20 3970.2 26315.2 757.01 71.65 *************************** * 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 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 ENERGY -Electricity to grid (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 -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 -Electricity to grid net (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 +Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 +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 +Electricity to grid net (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 REVENUE -PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 -PPA revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 664,006,648 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 793,939,213 -Total revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 1,457,945,861 +PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 +PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 948,385,086 +Total revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 1,714,489,024 -Property tax net assessed value ($) 0 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 +Property tax net assessed value ($) 0 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 OPERATING EXPENSES -O&M fixed expense ($) 0 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 +O&M fixed expense ($) 0 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 OPERATING ACTIVITIES -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 -Cash flow from operating activities ($) 0 335,756,108 339,002,267 354,777,012 370,381,150 385,953,255 401,541,942 417,171,143 432,855,367 448,604,847 464,427,662 480,330,753 496,320,452 512,402,784 528,583,657 544,868,976 561,264,730 577,777,051 594,412,256 611,176,889 1,422,013,840 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 +Cash flow from operating activities ($) 0 334,135,681 338,034,982 356,779,695 375,299,565 393,658,097 411,656,750 428,902,874 444,840,571 458,783,994 470,532,878 499,559,555 521,542,699 541,487,344 561,146,988 580,614,375 599,639,976 617,730,496 634,195,238 648,193,150 1,607,759,868 INVESTING ACTIVITIES -Total installed cost ($) -1,587,878,426 +Total installed cost ($) -1,896,770,172 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -1,587,878,426 +Purchase of property ($) -1,896,770,172 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -1,587,878,426 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 ($) -1,896,770,172 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 793,939,213 -Size of debt ($) 793,939,213 +Issuance of equity ($) 948,385,086 +Size of debt ($) 948,385,086 minus: -Debt principal payment ($) 0 24,010,776 25,211,315 26,471,880 27,795,474 29,185,248 30,644,511 32,176,736 33,785,573 35,474,852 37,248,594 39,111,024 41,066,575 43,119,904 45,275,899 47,539,694 49,916,679 52,412,512 55,033,138 57,784,795 60,674,035 +Debt principal payment ($) 0 28,681,619 30,115,700 31,621,485 33,202,559 34,862,687 36,605,821 38,436,112 40,357,918 42,375,814 44,494,604 46,719,335 49,055,301 51,508,066 54,083,470 56,787,643 59,627,025 62,608,377 65,738,795 69,025,735 72,477,022 equals: -Cash flow from financing activities ($) 1,587,878,426 -24,010,776 -25,211,315 -26,471,880 -27,795,474 -29,185,248 -30,644,511 -32,176,736 -33,785,573 -35,474,852 -37,248,594 -39,111,024 -41,066,575 -43,119,904 -45,275,899 -47,539,694 -49,916,679 -52,412,512 -55,033,138 -57,784,795 -60,674,035 +Cash flow from financing activities ($) 1,896,770,172 -28,681,619 -30,115,700 -31,621,485 -33,202,559 -34,862,687 -36,605,821 -38,436,112 -40,357,918 -42,375,814 -44,494,604 -46,719,335 -49,055,301 -51,508,066 -54,083,470 -56,787,643 -59,627,025 -62,608,377 -65,738,795 -69,025,735 -72,477,022 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 335,756,108 339,002,267 354,777,012 370,381,150 385,953,255 401,541,942 417,171,143 432,855,367 448,604,847 464,427,662 480,330,753 496,320,452 512,402,784 528,583,657 544,868,976 561,264,730 577,777,051 594,412,256 611,176,889 1,422,013,840 -Cash flow from investing activities ($) -1,587,878,426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 1,587,878,426 -24,010,776 -25,211,315 -26,471,880 -27,795,474 -29,185,248 -30,644,511 -32,176,736 -33,785,573 -35,474,852 -37,248,594 -39,111,024 -41,066,575 -43,119,904 -45,275,899 -47,539,694 -49,916,679 -52,412,512 -55,033,138 -57,784,795 -60,674,035 -Total pre-tax cash flow ($) 0 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 +Cash flow from operating activities ($) 0 334,135,681 338,034,982 356,779,695 375,299,565 393,658,097 411,656,750 428,902,874 444,840,571 458,783,994 470,532,878 499,559,555 521,542,699 541,487,344 561,146,988 580,614,375 599,639,976 617,730,496 634,195,238 648,193,150 1,607,759,868 +Cash flow from investing activities ($) -1,896,770,172 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 1,896,770,172 -28,681,619 -30,115,700 -31,621,485 -33,202,559 -34,862,687 -36,605,821 -38,436,112 -40,357,918 -42,375,814 -44,494,604 -46,719,335 -49,055,301 -51,508,066 -54,083,470 -56,787,643 -59,627,025 -62,608,377 -65,738,795 -69,025,735 -72,477,022 +Total pre-tax cash flow ($) 0 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 Pre-tax Returns: -Issuance of equity ($) 793,939,213 -Total pre-tax cash flow ($) 0 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 -Total pre-tax returns ($) -793,939,213 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 +Issuance of equity ($) 948,385,086 +Total pre-tax cash flow ($) 0 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 +Total pre-tax returns ($) -948,385,086 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 After-tax Returns: -Total pre-tax returns ($) -793,939,213 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 -Federal ITC total income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -58,983,274 -53,027,355 -56,108,162 -59,155,651 -62,196,883 -65,241,353 -68,293,736 -71,356,865 -74,432,739 -77,522,935 -80,628,808 -83,751,596 -86,892,476 -90,052,600 -93,233,123 -96,435,214 -99,660,070 -102,908,926 -106,183,059 -264,539,515 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 -Total after-tax returns ($) -793,939,213 707,984,628 241,757,377 252,086,516 262,227,283 272,278,334 282,272,080 292,222,629 302,136,992 312,018,856 321,870,136 331,691,707 341,483,787 351,246,148 360,978,240 370,679,269 380,348,245 389,984,013 399,585,272 409,150,592 1,001,983,260 - -After-tax cumulative IRR (%) NaN -10.83 15.53 30.95 39.49 44.37 47.26 49.03 50.14 50.84 51.30 51.60 51.80 51.93 52.02 52.08 52.12 52.14 52.16 NaN NaN -After-tax cumulative NPV ($) -793,939,213 -151,251,642 47,967,873 236,540,146 414,606,623 582,445,841 740,397,562 888,835,992 1,028,155,677 1,158,762,388 1,281,066,599 1,395,478,556 1,502,404,468 1,602,243,535 1,695,385,639 1,782,209,559 1,863,081,632 1,938,354,774 2,008,367,789 2,073,444,945 2,218,116,091 +Total pre-tax returns ($) -948,385,086 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 +Federal ITC total income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -57,384,865 -50,274,565 -53,935,408 -57,552,338 -61,137,760 -64,652,897 -68,021,065 -71,133,697 -73,856,847 -76,151,404 -81,820,315 -86,113,623 -90,008,812 -93,848,340 -97,650,321 -101,366,021 -104,899,099 -108,114,663 -110,848,456 -298,251,836 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 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) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 +Total after-tax returns ($) -948,385,086 796,532,197 239,625,159 251,891,115 263,916,589 275,744,475 287,224,951 298,065,388 307,853,007 316,079,345 322,592,459 341,693,629 355,508,678 367,709,243 379,577,780 391,176,296 402,315,023 412,624,777 421,591,004 428,588,330 1,130,130,711 + +After-tax cumulative IRR (%) NaN -16.01 7.49 22.37 31.08 36.27 39.45 41.47 42.77 43.63 44.20 44.59 44.86 45.05 45.18 NaN NaN NaN NaN NaN NaN +After-tax cumulative NPV ($) -948,385,086 -225,316,643 -27,854,175 160,571,928 339,785,535 509,761,370 670,484,581 821,890,919 963,846,340 1,096,152,716 1,218,731,395 1,336,593,361 1,447,910,768 1,552,429,346 1,650,370,631 1,741,995,554 1,827,538,345 1,907,181,515 1,981,050,247 2,049,219,059 2,212,392,748 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -793,939,213 299,633,240 -168,639,631 -172,824,670 -176,964,448 -181,095,728 -185,231,406 -189,377,833 -193,538,858 -197,717,195 -201,914,988 -206,134,078 -210,376,145 -214,642,788 -218,935,573 -223,256,069 -227,605,862 -231,986,581 -236,399,901 -240,847,558 337,976,612 -PPA revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 664,006,648 -Electricity to grid (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 +Annual costs ($) -948,385,086 311,871,956 -247,500,301 -252,473,273 -257,386,595 -262,257,113 -267,032,156 -271,607,553 -275,835,824 -279,535,014 -282,651,993 -290,352,770 -296,184,898 -301,476,212 -306,691,916 -311,856,614 -316,904,106 -321,703,521 -326,071,617 -329,785,263 364,026,773 +PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 +Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 -Present value of annual costs ($) 1,901,438,392 -Present value of annual energy nominal (kWh) 28,878,849,832 -LCOE Levelized cost of energy nominal (cents/kWh) 6.58 +Present value of annual costs ($) 2,650,795,635 +Present value of annual energy nominal (kWh) 34,112,807,078 +LCOE Levelized cost of energy nominal (cents/kWh) 7.77 -Present value of PPA revenue ($) 4,119,554,483 -Present value of annual energy nominal (kWh) 28,878,849,832 +Present value of PPA revenue ($) 4,863,188,382 +Present value of annual energy nominal (kWh) 34,112,807,078 LPPA Levelized PPA price nominal (cents/kWh) 14.26 PROJECT STATE INCOME TAXES -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 -Total state tax depreciation ($) 0 33,742,417 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 +Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 +Total state tax depreciation ($) 0 40,306,366 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 equals: -State taxable income ($) 0 302,013,692 271,517,434 287,292,179 302,896,317 318,468,422 334,057,109 349,686,310 365,370,534 381,120,014 396,942,829 412,845,920 428,835,619 444,917,951 461,098,824 477,384,143 493,779,897 510,292,218 526,927,423 543,692,056 1,354,529,007 +State taxable income ($) 0 293,829,315 257,422,249 276,166,962 294,686,833 313,045,364 331,044,017 348,290,142 364,227,838 378,171,262 389,920,145 418,946,823 440,929,967 460,874,611 480,534,255 500,001,643 519,027,244 537,117,763 553,582,506 567,580,418 1,527,147,136 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 +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 +State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 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 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 -Total federal tax depreciation ($) 0 33,742,417 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 +Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 +Total federal tax depreciation ($) 0 40,306,366 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 equals: -Federal taxable income ($) 0 280,872,733 252,511,213 267,181,726 281,693,575 296,175,632 310,673,111 325,208,268 339,794,597 354,441,613 369,156,831 383,946,706 398,817,125 413,773,694 428,821,906 443,967,253 459,215,304 474,571,762 490,042,503 505,633,612 1,259,711,977 +Federal taxable income ($) 0 273,261,263 239,402,692 256,835,275 274,058,754 291,132,189 307,870,936 323,909,832 338,731,890 351,699,274 362,625,735 389,620,546 410,064,869 428,613,389 446,896,858 465,001,528 482,695,337 499,519,520 514,831,731 527,849,788 1,420,246,836 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -58,983,274 -53,027,355 -56,108,162 -59,155,651 -62,196,883 -65,241,353 -68,293,736 -71,356,865 -74,432,739 -77,522,935 -80,628,808 -83,751,596 -86,892,476 -90,052,600 -93,233,123 -96,435,214 -99,660,070 -102,908,926 -106,183,059 -264,539,515 +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 +Federal tax benefit (liability) ($) 0 -57,384,865 -50,274,565 -53,935,408 -57,552,338 -61,137,760 -64,652,897 -68,021,065 -71,133,697 -73,856,847 -76,151,404 -81,820,315 -86,113,623 -90,008,812 -93,848,340 -97,650,321 -101,366,021 -104,899,099 -108,114,663 -110,848,456 -298,251,836 CASH INCENTIVES Federal IBI income ($) 0 @@ -342,68 +342,68 @@ 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 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 793,939,213 769,928,437 744,717,122 718,245,242 690,449,768 661,264,519 630,620,009 598,443,273 564,657,700 529,182,848 491,934,254 452,823,231 411,756,656 368,636,752 323,360,853 275,821,159 225,904,480 173,491,968 118,458,830 60,674,035 0 -Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 -Debt principal payment ($) 0 24,010,776 25,211,315 26,471,880 27,795,474 29,185,248 30,644,511 32,176,736 33,785,573 35,474,852 37,248,594 39,111,024 41,066,575 43,119,904 45,275,899 47,539,694 49,916,679 52,412,512 55,033,138 57,784,795 60,674,035 -Debt total payment ($) 0 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 +Debt balance ($) 948,385,086 919,703,467 889,587,768 857,966,283 824,763,724 789,901,038 753,295,217 714,859,104 674,501,187 632,125,373 587,630,769 540,911,434 491,856,133 440,348,067 386,264,597 329,476,954 269,849,929 207,241,552 141,502,757 72,477,022 0 +Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 +Debt principal payment ($) 0 28,681,619 30,115,700 31,621,485 33,202,559 34,862,687 36,605,821 38,436,112 40,357,918 42,375,814 44,494,604 46,719,335 49,055,301 51,508,066 54,083,470 56,787,643 59,627,025 62,608,377 65,738,795 69,025,735 72,477,022 +Debt total payment ($) 0 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 DSCR (DEBT FRACTION) -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 -Debt total payment ($) 0 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 -DSCR (pre-tax) 0.0 5.89 5.93 6.15 6.38 6.60 6.82 7.04 7.26 7.48 7.71 7.93 8.15 8.37 8.59 8.81 9.03 9.25 9.47 9.69 22.37 +Cash available for debt service (CAFDS) ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +Debt total payment ($) 0 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 +DSCR (pre-tax) 0.0 5.01 5.05 5.27 5.50 5.71 5.93 6.13 6.32 6.47 6.60 6.95 7.21 7.44 7.66 7.88 8.10 8.29 8.47 8.61 21.17 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +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 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 410893ef..7105eee0 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -15,9 +15,11 @@ Inflation Rate During Construction, 0.05 Combined Income Tax Rate, .28 Investment Tax Credit Rate, .3 Property Tax Rate, 0 -Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) +Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) TODO Exploration Capital Cost, 30 Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) +Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 + # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* End-Use Option, 1 @@ -38,8 +40,8 @@ Fracture Width, 1400 Fracture Separation, 30 Number of Segments, 1 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 Injection Wells, 46 -Number of Production Wells, 46 +Number of Injection Wells, 47 +Number of Production Wells, 47 Production Flow Rate per Well, 120, -- peak flow reported in paper Production Well Diameter, 9.625 Injection Well Diameter, 9.625 @@ -51,7 +53,7 @@ Plant Outlet Pressure, 1000 psi Production Wellhead Pressure, 325 psi Utilization Factor, .9 Water Loss Fraction, 0.10 -Maximum Drawdown, 0.005, -- WIP +Maximum Drawdown, 0.0066 Ambient Temperature, 10 degC Surface Temperature, 10 degC Circulation Pump Efficiency, 0.80 @@ -65,4 +67,3 @@ Nonvertical Length per Multilateral Section, 4700 feet # ***************************** Maximum Temperature, 500 Time steps per year, 10 -Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 From 0bde922796515f5218935ba0dcac389d2634c7b7 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 15 May 2025 15:04:42 -0700 Subject: [PATCH 04/13] No ITC, capacity-based surface plant cost instead of surface plant adjustment factor --- tests/examples/Fervo_Project_Cape-4.out | 129 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 5 +- 2 files changed, 67 insertions(+), 67 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 4cb53102..44aa6485 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,14 +6,14 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 Simulation Date: 2025-05-15 - Simulation Time: 14:52 - Calculation Time: 0.879 sec + Simulation Time: 15:02 + Calculation Time: 0.874 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 513.24 MW - Electricity breakeven price: 7.77 cents/kWh + Electricity breakeven price: 10.17 cents/kWh Number of production wells: 47 Number of injection wells: 47 Flowrate per production well: 120.0 kg/sec @@ -30,8 +30,8 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 2212.40 MUSD - Project IRR: NaN % + Project NPV: 1393.70 MUSD + Project IRR: 22.30 % Estimated Jobs Created: 1167 ***ENGINEERING PARAMETERS*** @@ -97,20 +97,19 @@ Simulation Metadata Drilling and completion costs: 360.96 MUSD Drilling and completion costs per well: 3.84 MUSD Stimulation costs: 281.63 MUSD - Surface power plant costs: 1067.20 MUSD + Surface power plant costs: 1503.10 MUSD Field gathering system costs: 66.65 MUSD - Total surface equipment costs: 1133.85 MUSD + Total surface equipment costs: 1569.75 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -541.93 MUSD - Total capital costs: 1264.51 MUSD + Total capital costs: 2242.35 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** Wellfield maintenance costs: 5.21 MUSD/yr - Power plant maintenance costs: 18.82 MUSD/yr + Power plant maintenance costs: 25.36 MUSD/yr Water costs: 14.81 MUSD/yr - Total operating and maintenance costs: 103.11 MUSD/yr + Total operating and maintenance costs: 109.64 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** @@ -200,43 +199,43 @@ PPA price (cents/kWh) 0.0 12.0 1 PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 948,385,086 -Total revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 1,714,489,024 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,177,232,595 +Total revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 1,943,336,533 -Property tax net assessed value ($) 0 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 +Property tax net assessed value ($) 0 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 OPERATING EXPENSES -O&M fixed expense ($) 0 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 +O&M fixed expense ($) 0 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 +Total operating expenses ($) 0 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 OPERATING ACTIVITIES -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 -Cash flow from operating activities ($) 0 334,135,681 338,034,982 356,779,695 375,299,565 393,658,097 411,656,750 428,902,874 444,840,571 458,783,994 470,532,878 499,559,555 521,542,699 541,487,344 561,146,988 580,614,375 599,639,976 617,730,496 634,195,238 648,193,150 1,607,759,868 +Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 +Cash flow from operating activities ($) 0 316,154,805 320,400,153 339,508,215 358,409,603 377,168,727 395,588,002 413,275,780 429,677,213 444,107,560 456,367,712 485,931,222 508,478,040 529,014,542 549,295,637 569,415,548 589,126,299 607,936,225 625,156,345 639,947,402 1,829,194,433 INVESTING ACTIVITIES -Total installed cost ($) -1,896,770,172 +Total installed cost ($) -2,354,465,190 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -1,896,770,172 +Purchase of property ($) -2,354,465,190 plus: Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -248,86 +247,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -1,896,770,172 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 ($) -2,354,465,190 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 948,385,086 -Size of debt ($) 948,385,086 +Issuance of equity ($) 1,177,232,595 +Size of debt ($) 1,177,232,595 minus: -Debt principal payment ($) 0 28,681,619 30,115,700 31,621,485 33,202,559 34,862,687 36,605,821 38,436,112 40,357,918 42,375,814 44,494,604 46,719,335 49,055,301 51,508,066 54,083,470 56,787,643 59,627,025 62,608,377 65,738,795 69,025,735 72,477,022 +Debt principal payment ($) 0 35,602,559 37,382,687 39,251,822 41,214,413 43,275,133 45,438,890 47,710,835 50,096,376 52,601,195 55,231,255 57,992,818 60,892,459 63,937,082 67,133,936 70,490,632 74,015,164 77,715,922 81,601,718 85,681,804 89,965,894 equals: -Cash flow from financing activities ($) 1,896,770,172 -28,681,619 -30,115,700 -31,621,485 -33,202,559 -34,862,687 -36,605,821 -38,436,112 -40,357,918 -42,375,814 -44,494,604 -46,719,335 -49,055,301 -51,508,066 -54,083,470 -56,787,643 -59,627,025 -62,608,377 -65,738,795 -69,025,735 -72,477,022 +Cash flow from financing activities ($) 2,354,465,190 -35,602,559 -37,382,687 -39,251,822 -41,214,413 -43,275,133 -45,438,890 -47,710,835 -50,096,376 -52,601,195 -55,231,255 -57,992,818 -60,892,459 -63,937,082 -67,133,936 -70,490,632 -74,015,164 -77,715,922 -81,601,718 -85,681,804 -89,965,894 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 334,135,681 338,034,982 356,779,695 375,299,565 393,658,097 411,656,750 428,902,874 444,840,571 458,783,994 470,532,878 499,559,555 521,542,699 541,487,344 561,146,988 580,614,375 599,639,976 617,730,496 634,195,238 648,193,150 1,607,759,868 -Cash flow from investing activities ($) -1,896,770,172 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 1,896,770,172 -28,681,619 -30,115,700 -31,621,485 -33,202,559 -34,862,687 -36,605,821 -38,436,112 -40,357,918 -42,375,814 -44,494,604 -46,719,335 -49,055,301 -51,508,066 -54,083,470 -56,787,643 -59,627,025 -62,608,377 -65,738,795 -69,025,735 -72,477,022 -Total pre-tax cash flow ($) 0 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 +Cash flow from operating activities ($) 0 316,154,805 320,400,153 339,508,215 358,409,603 377,168,727 395,588,002 413,275,780 429,677,213 444,107,560 456,367,712 485,931,222 508,478,040 529,014,542 549,295,637 569,415,548 589,126,299 607,936,225 625,156,345 639,947,402 1,829,194,433 +Cash flow from investing activities ($) -2,354,465,190 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,354,465,190 -35,602,559 -37,382,687 -39,251,822 -41,214,413 -43,275,133 -45,438,890 -47,710,835 -50,096,376 -52,601,195 -55,231,255 -57,992,818 -60,892,459 -63,937,082 -67,133,936 -70,490,632 -74,015,164 -77,715,922 -81,601,718 -85,681,804 -89,965,894 +Total pre-tax cash flow ($) 0 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 Pre-tax Returns: -Issuance of equity ($) 948,385,086 -Total pre-tax cash flow ($) 0 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 -Total pre-tax returns ($) -948,385,086 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 +Issuance of equity ($) 1,177,232,595 +Total pre-tax cash flow ($) 0 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 +Total pre-tax returns ($) -1,177,232,595 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 After-tax Returns: -Total pre-tax returns ($) -948,385,086 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 -Federal ITC total income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,177,232,595 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 +Federal ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -57,384,865 -50,274,565 -53,935,408 -57,552,338 -61,137,760 -64,652,897 -68,021,065 -71,133,697 -73,856,847 -76,151,404 -81,820,315 -86,113,623 -90,008,812 -93,848,340 -97,650,321 -101,366,021 -104,899,099 -108,114,663 -110,848,456 -298,251,836 +Federal tax benefit (liability) ($) 0 -50,249,357 -39,582,797 -43,314,602 -47,006,043 -50,669,700 -54,266,984 -57,721,407 -60,924,607 -63,742,854 -66,137,262 -71,911,015 -76,314,409 -80,325,188 -84,286,085 -88,215,504 -92,065,014 -95,738,592 -99,101,682 -101,990,375 -334,250,320 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 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) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 -Total after-tax returns ($) -948,385,086 796,532,197 239,625,159 251,891,115 263,916,589 275,744,475 287,224,951 298,065,388 307,853,007 316,079,345 322,592,459 341,693,629 355,508,678 367,709,243 379,577,780 391,176,296 402,315,023 412,624,777 421,591,004 428,588,330 1,130,130,711 +State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 +Total after-tax returns ($) -1,177,232,595 212,292,366 229,247,286 241,416,845 253,341,103 265,062,711 276,431,596 287,154,862 296,819,453 304,916,610 311,294,084 330,252,832 343,918,338 355,961,884 367,665,550 379,090,952 390,047,908 400,166,803 408,932,629 415,719,533 1,285,175,237 -After-tax cumulative IRR (%) NaN -16.01 7.49 22.37 31.08 36.27 39.45 41.47 42.77 43.63 44.20 44.59 44.86 45.05 45.18 NaN NaN NaN NaN NaN NaN -After-tax cumulative NPV ($) -948,385,086 -225,316,643 -27,854,175 160,571,928 339,785,535 509,761,370 670,484,581 821,890,919 963,846,340 1,096,152,716 1,218,731,395 1,336,593,361 1,447,910,768 1,552,429,346 1,650,370,631 1,741,995,554 1,827,538,345 1,907,181,515 1,981,050,247 2,049,219,059 2,212,392,748 +After-tax cumulative IRR (%) NaN -81.97 -45.94 -22.59 -8.35 0.66 6.60 10.67 13.54 15.60 17.12 18.29 19.19 19.89 20.44 20.88 21.22 21.49 21.71 21.89 22.30 +After-tax cumulative NPV ($) -1,177,232,595 -984,519,844 -795,609,235 -615,018,366 -442,986,085 -279,594,758 -124,911,213 20,952,977 157,820,668 285,454,479 403,740,002 517,655,641 625,343,863 726,523,343 821,390,952 910,185,134 993,119,612 1,070,358,195 1,142,009,000 1,208,130,974 1,393,690,735 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -948,385,086 311,871,956 -247,500,301 -252,473,273 -257,386,595 -262,257,113 -267,032,156 -271,607,553 -275,835,824 -279,535,014 -282,651,993 -290,352,770 -296,184,898 -301,476,212 -306,691,916 -311,856,614 -316,904,106 -321,703,521 -326,071,617 -329,785,263 364,026,773 +Annual costs ($) -1,177,232,595 -272,367,874 -257,878,174 -262,947,543 -267,962,081 -272,938,877 -277,825,511 -282,518,078 -286,869,378 -290,697,749 -293,950,368 -301,793,567 -307,775,238 -313,223,572 -318,604,146 -323,941,959 -329,171,221 -334,161,494 -338,729,992 -342,654,060 519,071,298 PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 -Present value of annual costs ($) 2,650,795,635 +Present value of annual costs ($) 3,469,497,647 Present value of annual energy nominal (kWh) 34,112,807,078 -LCOE Levelized cost of energy nominal (cents/kWh) 7.77 +LCOE Levelized cost of energy nominal (cents/kWh) 10.17 Present value of PPA revenue ($) 4,863,188,382 Present value of annual energy nominal (kWh) 34,112,807,078 LPPA Levelized PPA price nominal (cents/kWh) 14.26 PROJECT STATE INCOME TAXES -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 -Total state tax depreciation ($) 0 40,306,366 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 +Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 +Total state tax depreciation ($) 0 58,861,630 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 equals: -State taxable income ($) 0 293,829,315 257,422,249 276,166,962 294,686,833 313,045,364 331,044,017 348,290,142 364,227,838 378,171,262 389,920,145 418,946,823 440,929,967 460,874,611 480,534,255 500,001,643 519,027,244 537,117,763 553,582,506 567,580,418 1,527,147,136 +State taxable income ($) 0 257,293,175 202,676,894 221,784,956 240,686,343 259,445,468 277,864,743 295,552,521 311,953,953 326,384,300 338,644,452 368,207,963 390,754,781 411,291,283 431,572,378 451,692,289 471,403,039 490,212,965 507,433,085 522,224,143 1,711,471,174 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 -State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 +State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 +State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 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 minus: -Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 -Total federal tax depreciation ($) 0 40,306,366 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 +Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 +Total federal tax depreciation ($) 0 58,861,630 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 equals: -Federal taxable income ($) 0 273,261,263 239,402,692 256,835,275 274,058,754 291,132,189 307,870,936 323,909,832 338,731,890 351,699,274 362,625,735 389,620,546 410,064,869 428,613,389 446,896,858 465,001,528 482,695,337 499,519,520 514,831,731 527,849,788 1,420,246,836 +Federal taxable income ($) 0 239,282,653 188,489,511 206,260,009 223,838,299 241,284,285 258,414,211 274,863,844 290,117,177 303,537,399 314,939,341 342,433,405 363,401,946 382,500,893 401,362,311 420,073,828 438,404,826 455,898,058 471,912,769 485,668,453 1,591,668,192 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 -Federal tax benefit (liability) ($) 0 -57,384,865 -50,274,565 -53,935,408 -57,552,338 -61,137,760 -64,652,897 -68,021,065 -71,133,697 -73,856,847 -76,151,404 -81,820,315 -86,113,623 -90,008,812 -93,848,340 -97,650,321 -101,366,021 -104,899,099 -108,114,663 -110,848,456 -298,251,836 +Federal tax benefit (liability) ($) 0 -50,249,357 -39,582,797 -43,314,602 -47,006,043 -50,669,700 -54,266,984 -57,721,407 -60,924,607 -63,742,854 -66,137,262 -71,911,015 -76,314,409 -80,325,188 -84,286,085 -88,215,504 -92,065,014 -95,738,592 -99,101,682 -101,990,375 -334,250,320 CASH INCENTIVES Federal IBI income ($) 0 @@ -353,30 +352,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 948,385,086 919,703,467 889,587,768 857,966,283 824,763,724 789,901,038 753,295,217 714,859,104 674,501,187 632,125,373 587,630,769 540,911,434 491,856,133 440,348,067 386,264,597 329,476,954 269,849,929 207,241,552 141,502,757 72,477,022 0 -Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 -Debt principal payment ($) 0 28,681,619 30,115,700 31,621,485 33,202,559 34,862,687 36,605,821 38,436,112 40,357,918 42,375,814 44,494,604 46,719,335 49,055,301 51,508,066 54,083,470 56,787,643 59,627,025 62,608,377 65,738,795 69,025,735 72,477,022 -Debt total payment ($) 0 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 +Debt balance ($) 1,177,232,595 1,141,630,036 1,104,247,348 1,064,995,527 1,023,781,114 980,505,980 935,067,090 887,356,255 837,259,879 784,658,684 729,427,429 671,434,611 610,542,153 546,605,071 479,471,136 408,980,503 334,965,339 257,249,417 175,647,699 89,965,894 0 +Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 +Debt principal payment ($) 0 35,602,559 37,382,687 39,251,822 41,214,413 43,275,133 45,438,890 47,710,835 50,096,376 52,601,195 55,231,255 57,992,818 60,892,459 63,937,082 67,133,936 70,490,632 74,015,164 77,715,922 81,601,718 85,681,804 89,965,894 +Debt total payment ($) 0 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 DSCR (DEBT FRACTION) -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 -Debt total payment ($) 0 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 -DSCR (pre-tax) 0.0 5.01 5.05 5.27 5.50 5.71 5.93 6.13 6.32 6.47 6.60 6.95 7.21 7.44 7.66 7.88 8.10 8.29 8.47 8.61 21.17 +Cash available for debt service (CAFDS) ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +Debt total payment ($) 0 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 +DSCR (pre-tax) 0.0 3.97 4.0 4.18 4.36 4.53 4.71 4.87 5.02 5.14 5.25 5.53 5.74 5.92 6.10 6.28 6.45 6.61 6.75 6.87 19.41 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 7105eee0..4e4bfbd6 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -1,5 +1,6 @@ # Case Study: Fervo Cape Station: 500 MWe Production https://github.com/NREL/GEOPHIRES-X/issues/385?title=Fervo+Cape+Station+500+MWe+update + # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* Economic Model, 5, -- SAM Single Owner PPA @@ -13,9 +14,9 @@ Discount Rate, 0.08 Inflation Rate, .02 Inflation Rate During Construction, 0.05 Combined Income Tax Rate, .28 -Investment Tax Credit Rate, .3 +Investment Tax Credit Rate, 0 Property Tax Rate, 0 -Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) TODO +Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) Exploration Capital Cost, 30 Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 From e22f37e9acea9d35fbb101b5cf5a99b88fb01292 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 16 May 2025 09:16:57 -0700 Subject: [PATCH 05/13] WIP stash - handle SAM-EM NaN --- src/geophires_x/Outputs.py | 4 +++- src/geophires_x_client/geophires_x_result.py | 2 +- 2 files changed, 4 insertions(+), 2 deletions(-) diff --git a/src/geophires_x/Outputs.py b/src/geophires_x/Outputs.py index 75ab9b76..b25ca30c 100644 --- a/src/geophires_x/Outputs.py +++ b/src/geophires_x/Outputs.py @@ -1,4 +1,5 @@ import datetime +import math import time import sys from pathlib import Path @@ -274,7 +275,8 @@ def PrintOutputs(self, model: Model): # TODO should use CurrentUnits instead of PreferredUnits f.write(f' {npv_field_label}{e_npv.value:10.2f} {e_npv.PreferredUnits.value}\n') - f.write(f' {econ.ProjectIRR.display_name}: {econ.ProjectIRR.value:10.2f} {econ.ProjectIRR.PreferredUnits.value}\n') + irr_display_value = f'{econ.ProjectIRR.value:10.2f}' if not math.isnan(econ.ProjectIRR.value) else 'NaN' + f.write(f' {econ.ProjectIRR.display_name}: {irr_display_value} {econ.ProjectIRR.CurrentUnits.value}\n') if econ.econmodel.value != EconomicModel.SAM_SINGLE_OWNER_PPA: # VIR, MOIC, and Payback period not currently supported by SAM economic model(s) diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index 71665351..3cb306db 100644 --- a/src/geophires_x_client/geophires_x_result.py +++ b/src/geophires_x_client/geophires_x_result.py @@ -863,7 +863,7 @@ def _parse_number(self, number_str, field='string') -> int | float: try: number_str = number_str.replace(',', '') - if '.' in number_str: + if '.' in number_str or number_str.lower() == 'nan': # TODO should probably ideally use decimal.Decimal to preserve precision, # i.e. 1.00 for USD instead of 1.0 return float(number_str) From 1a3df2fc9075e740401f06eca7c539958c5bfcf6 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 16 May 2025 12:37:23 -0700 Subject: [PATCH 06/13] Clarify fraction of investment in bonds = debt in tooltip text --- src/geophires_x/Economics.py | 2 +- src/geophires_x_schema_generator/geophires-request.json | 2 +- 2 files changed, 2 insertions(+), 2 deletions(-) diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index 9f1f8f42..e25ac068 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -884,7 +884,7 @@ def __init__(self, model: Model): PreferredUnits=PercentUnit.TENTH, CurrentUnits=PercentUnit.TENTH, ErrMessage="assume default fraction of investment in bonds (0.5)", - ToolTipText="Fraction of geothermal project financing through bonds (see docs)" + ToolTipText="Fraction of geothermal project financing through bonds (debt)." ) self.BIR = self.ParameterDict[self.BIR.Name] = floatParameter( "Inflated Bond Interest Rate", diff --git a/src/geophires_x_schema_generator/geophires-request.json b/src/geophires_x_schema_generator/geophires-request.json index 21fc70ac..41224f7b 100644 --- a/src/geophires_x_schema_generator/geophires-request.json +++ b/src/geophires_x_schema_generator/geophires-request.json @@ -1595,7 +1595,7 @@ "maximum": null }, "Fraction of Investment in Bonds": { - "description": "Fraction of geothermal project financing through bonds (see docs)", + "description": "Fraction of geothermal project financing through bonds (debt).", "type": "number", "units": "", "category": "Economics", From 6d7b65fda56da6f3c371fc0ae44ea1e819a3b93e Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Mon, 19 May 2025 10:05:07 -0700 Subject: [PATCH 07/13] PySAM JSON default term_tenor sync (does not affect results because term_tenor is being set to project lifetime by EconomicsSam). 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z;(}URfjbbW4}Hq2la1cVZGZm4bi#Ku;Wj}H^p1~7s6ZX`QaVy9$v!T|tn@u2^|08z z!c0mTwoM-Hc#$APfO;n*SC{K&UK_m;21OH>(IOM?sEfSpr6|VV9h1g91acJ)Nm&-d zbeG!{TZIsWupz`X;RV@Q=i>;%R^yHrC=)?l?7Ec=>ZcG|6@G#;_eFVFJ*g}yz2)jN z9G)Ytayy4RnjPCHAxfR{d%OpSS{Rnzz~w^7aU91pXdF$P;B)GDi$6#D&dL5_U|vDYhiyjD<^Sl2-Y) zh(VtSyZ0ZtODcnD{d-(yG?_M|4WLE4s|$`rdf^%1ij;E2s$v9mSx_pNRB5m&cKX<$ zQ83wYm#FC-_({S06mF%OFcF^7mO!0w0xH>FnWaQg@*|$s3Zfhv^2l3Bv=0eZu0;P0 zth^Ne9T;30*llsQmVo=u;w!rIKg>X%n3~JQT9PDuWdW&g`D`Yi#Kb)|GPZhb^(gZ9 z@q1@-$>VTloVFM?Q;e-0JCgi>e%e1XpM6|Me>r{@dXP$l+tCh;{zFn~($LGXLU`8f z38elgDLOSh5AhHD%RIy~X(U5Z*{FuGBctdqQehV7V2Gu{NdC%Z5bNMtI3bZrg^`p& zT(OEd{>N#_d^;X55>t~je$<$;BdgJ0_}7UO!t;|k+WzP$+=Ee8H;$i;N2E2AYft3J zkN7EiuMRgSgPKW)0v9Jw$5xYZ#(y diff --git a/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe.json b/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe.json index 0c331bf9..d7cf47e5 100644 --- a/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe.json +++ b/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe.json @@ -220,7 +220,7 @@ "pbi_oth_escal" : 0, "pbi_oth_tax_fed" : 1, "pbi_oth_tax_sta" : 1, - "term_tenor" : 30, + "term_tenor" : 20, "term_int_rate" : 5, "dscr" : 1.05, "dscr_limit_debt_fraction" : 0, diff --git a/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe_singleowner.json b/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe_singleowner.json index fd159a64..a53bcf19 100644 --- a/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe_singleowner.json +++ b/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe_singleowner.json @@ -172,7 +172,7 @@ "pbi_oth_escal" : 0, "pbi_oth_tax_fed" : 1, "pbi_oth_tax_sta" : 1, - "term_tenor" : 30, + "term_tenor" : 20, "term_int_rate" : 5, "dscr" : 1.05, "dscr_limit_debt_fraction" : 0, From dde4bebce8691e768c6aeb3fbc88b43ed3c94790 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Mon, 19 May 2025 12:12:48 -0700 Subject: [PATCH 08/13] Re-enable ITC for now. Tune doublets/drawdown such that redrilling only occurs once, min net > 500 MWe. --- tests/examples/Fervo_Project_Cape-4.out | 295 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 10 +- 2 files changed, 153 insertions(+), 152 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 44aa6485..943f43c7 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,17 +5,17 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-15 - Simulation Time: 15:02 - Calculation Time: 0.874 sec + Simulation Date: 2025-05-19 + Simulation Time: 12:11 + Calculation Time: 1.055 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 513.24 MW - Electricity breakeven price: 10.17 cents/kWh - Number of production wells: 47 - Number of injection wells: 47 + Average Net Electricity Production: 522.55 MW + Electricity breakeven price: 7.82 cents/kWh + Number of production wells: 48 + Number of injection wells: 48 Flowrate per production well: 120.0 kg/sec Well depth: 2.6 kilometer Geothermal gradient: 74 degC/km @@ -30,24 +30,24 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 1393.70 MUSD - Project IRR: 22.30 % - Estimated Jobs Created: 1167 + Project NPV: 2233.80 MUSD + Project IRR: NaN % + Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 47 - Number of Injection Wells: 47 + Number of Production Wells: 48 + Number of Injection Wells: 48 Well depth: 2.6 kilometer Water loss rate: 10.0 % Pump efficiency: 80.0 % Injection temperature: 56.7 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 1.7 degC + Average production well temperature drop: 1.6 degC Flowrate per production well: 120.0 kg/sec Injection well casing ID: 9.625 in Production well casing ID: 9.625 in - Number of times redrilling: 2 + Number of times redrilling: 1 Power plant type: Supercritical ORC @@ -79,55 +79,56 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** Maximum Production Temperature: 199.8 degC - Average Production Temperature: 199.4 degC - Minimum Production Temperature: 197.5 degC - Initial Production Temperature: 198.7 degC - Average Reservoir Heat Extraction: 3370.58 MW + Average Production Temperature: 199.3 degC + Minimum Production Temperature: 196.8 degC + Initial Production Temperature: 198.6 degC + Average Reservoir Heat Extraction: 3440.59 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 1.7 degC - Total Average Pressure Drop: 4406.2 kPa + Average Production Well Temperature Drop: 1.6 degC + Total Average Pressure Drop: 4534.4 kPa Average Injection Well Pressure Drop: 690.9 kPa - Average Reservoir Pressure Drop: 5922.4 kPa + Average Reservoir Pressure Drop: 6048.4 kPa Average Production Well Pressure Drop: 633.4 kPa - Average Buoyancy Pressure Drop: -2840.6 kPa + Average Buoyancy Pressure Drop: -2838.3 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 360.96 MUSD + Drilling and completion costs: 368.64 MUSD Drilling and completion costs per well: 3.84 MUSD - Stimulation costs: 281.63 MUSD - Surface power plant costs: 1503.10 MUSD - Field gathering system costs: 66.65 MUSD - Total surface equipment costs: 1569.75 MUSD + Stimulation costs: 287.63 MUSD + Surface power plant costs: 1533.02 MUSD + Field gathering system costs: 68.66 MUSD + Total surface equipment costs: 1601.68 MUSD Exploration costs: 30.00 MUSD - Total capital costs: 2242.35 MUSD + Investment Tax Credit: -686.38 MUSD + Total capital costs: 1601.56 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 5.21 MUSD/yr - Power plant maintenance costs: 25.36 MUSD/yr - Water costs: 14.81 MUSD/yr - Total operating and maintenance costs: 109.64 MUSD/yr + Wellfield maintenance costs: 5.32 MUSD/yr + Power plant maintenance costs: 25.82 MUSD/yr + Water costs: 15.12 MUSD/yr + Total operating and maintenance costs: 79.07 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 550.71 MW - Average Total Electricity Generation: 547.67 MW - Minimum Total Electricity Generation: 535.03 MW - Initial Total Electricity Generation: 543.10 MW - Maximum Net Electricity Generation: 516.37 MW - Average Net Electricity Generation: 513.24 MW - Minimum Net Electricity Generation: 500.16 MW - Initial Net Electricity Generation: 508.68 MW - Average Annual Total Electricity Generation: 4317.80 GWh - Average Annual Net Electricity Generation: 4046.33 GWh - Initial pumping power/net installed power: 6.77 % - Average Pumping Power: 34.43 MW - Heat to Power Conversion Efficiency: 15.23 % + Maximum Total Electricity Generation: 562.37 MW + Average Total Electricity Generation: 558.74 MW + Minimum Total Electricity Generation: 541.76 MW + Initial Total Electricity Generation: 554.02 MW + Maximum Net Electricity Generation: 526.30 MW + Average Net Electricity Generation: 522.55 MW + Minimum Net Electricity Generation: 504.99 MW + Initial Net Electricity Generation: 517.86 MW + Average Annual Total Electricity Generation: 4405.08 GWh + Average Annual Net Electricity Generation: 4119.78 GWh + Initial pumping power/net installed power: 6.98 % + Average Pumping Power: 36.19 MW + Heat to Power Conversion Efficiency: 15.19 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -135,26 +136,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.69 34.4169 508.6812 15.1637 - 2 1.0041 199.51 34.3741 514.2266 15.2415 - 3 1.0049 199.67 34.3654 515.3572 15.2573 - 4 1.0054 199.76 34.3610 515.9404 15.2655 - 5 1.0056 199.81 34.3596 516.2774 15.2702 - 6 1.0056 199.81 34.3652 516.3045 15.2704 - 7 1.0053 199.74 34.3867 515.7681 15.2627 - 8 1.0042 199.52 34.4361 514.2854 15.2414 - 9 1.0021 199.11 34.5279 511.3869 15.1997 - 10 0.9986 198.42 34.6777 506.5626 15.1299 - 11 1.0000 198.69 34.3470 508.7511 15.1658 - 12 1.0041 199.51 34.3448 514.2560 15.2424 - 13 1.0049 199.67 34.3422 515.3803 15.2580 - 14 1.0054 199.76 34.3394 515.9620 15.2661 - 15 1.0056 199.81 34.3376 516.2993 15.2708 - 16 1.0056 199.81 34.3417 516.3281 15.2711 - 17 1.0053 199.74 34.3608 515.7940 15.2635 - 18 1.0042 199.52 34.4073 514.3141 15.2422 - 19 1.0021 199.11 34.4959 511.4189 15.2006 - 20 0.9986 198.42 34.6425 506.5978 15.1309 + 1 1.0000 198.60 36.1596 517.8646 15.1241 + 2 1.0046 199.51 36.1111 524.1605 15.2109 + 3 1.0054 199.67 36.1022 525.3153 15.2267 + 4 1.0058 199.76 36.0978 525.9092 15.2349 + 5 1.0061 199.80 36.0969 526.2326 15.2392 + 6 1.0060 199.80 36.1052 526.1784 15.2384 + 7 1.0055 199.69 36.1331 525.4345 15.2279 + 8 1.0042 199.43 36.1946 523.5582 15.2014 + 9 1.0017 198.94 36.3057 520.0266 15.1515 + 10 0.9976 198.13 36.4833 514.2910 15.0699 + 11 0.9916 196.93 36.7432 505.8337 14.9483 + 12 1.0043 199.46 36.0805 523.8583 15.2073 + 13 1.0053 199.65 36.0777 525.2054 15.2256 + 14 1.0058 199.75 36.0746 525.8539 15.2345 + 15 1.0060 199.80 36.0725 526.2231 15.2395 + 16 1.0061 199.80 36.0769 526.2509 15.2398 + 17 1.0056 199.72 36.0981 525.6523 15.2314 + 18 1.0045 199.49 36.1498 524.0026 15.2081 + 19 1.0022 199.04 36.2481 520.7885 15.1628 + 20 0.9984 198.29 36.4100 515.4612 15.0872 ******************************************************************* @@ -163,26 +164,26 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4038.7 26545.8 2574.74 3.58 - 2 4059.2 26617.0 2478.92 7.17 - 3 4065.6 26638.9 2383.02 10.76 - 4 4069.2 26651.4 2287.07 14.35 - 5 4070.7 26656.8 2191.11 17.95 - 6 4068.9 26650.9 2095.17 21.54 - 7 4061.2 26625.1 1999.32 25.13 - 8 4044.3 26567.8 1903.67 28.71 - 9 4014.2 26465.7 1808.39 32.28 - 10 3970.6 26317.3 1713.65 35.83 - 11 4039.0 26545.8 1618.09 39.40 - 12 4059.4 26617.0 1522.27 42.99 - 13 4065.7 26638.9 1426.37 46.58 - 14 4069.3 26651.4 1330.42 50.18 - 15 4070.9 26656.8 1234.46 53.77 - 16 4069.1 26650.9 1138.51 57.36 - 17 4061.4 26625.1 1042.66 60.95 - 18 4044.5 26567.8 947.02 64.54 - 19 4014.4 26465.7 851.74 68.10 - 20 3970.2 26315.2 757.01 71.65 + 1 4116.2 27111.6 2572.70 3.66 + 2 4137.7 27185.9 2474.83 7.32 + 3 4144.1 27208.3 2376.88 10.99 + 4 4147.7 27220.7 2278.89 14.66 + 5 4148.9 27225.0 2180.88 18.33 + 6 4146.0 27215.4 2082.90 22.00 + 7 4136.0 27181.7 1985.05 25.66 + 8 4115.1 27110.8 1887.45 29.32 + 9 4078.9 26988.1 1790.29 32.96 + 10 4023.3 26798.8 1693.82 36.57 + 11 4096.1 27042.1 1596.47 40.21 + 12 4136.2 27180.2 1498.62 43.88 + 13 4143.5 27205.4 1400.68 47.55 + 14 4147.5 27219.2 1302.69 51.22 + 15 4149.1 27225.1 1204.68 54.89 + 16 4147.1 27218.4 1106.69 58.56 + 17 4138.6 27189.5 1008.81 62.22 + 18 4119.8 27125.8 911.16 65.88 + 19 4086.5 27012.8 813.91 69.52 + 20 4037.1 26845.0 717.27 73.14 *************************** * SAM CASH FLOW PROFILE * @@ -190,52 +191,52 @@ Simulation Metadata ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 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 ENERGY -Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 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 -Electricity to grid net (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 +Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 REVENUE PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 -PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 +PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,177,232,595 -Total revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 1,943,336,533 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,201,171,892 +Total revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 1,980,194,836 -Property tax net assessed value ($) 0 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 +Property tax net assessed value ($) 0 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 OPERATING EXPENSES -O&M fixed expense ($) 0 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 +O&M fixed expense ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 +Total operating expenses ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 OPERATING ACTIVITIES -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 -Cash flow from operating activities ($) 0 316,154,805 320,400,153 339,508,215 358,409,603 377,168,727 395,588,002 413,275,780 429,677,213 444,107,560 456,367,712 485,931,222 508,478,040 529,014,542 549,295,637 569,415,548 589,126,299 607,936,225 625,156,345 639,947,402 1,829,194,433 +Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 +Cash flow from operating activities ($) 0 354,837,293 359,224,086 378,704,329 397,965,094 417,039,845 435,670,640 453,390,424 469,564,102 483,431,983 494,168,656 524,695,667 550,699,160 571,765,720 592,489,335 613,017,527 633,076,223 652,116,146 669,377,112 683,945,953 1,896,533,093 INVESTING ACTIVITIES -Total installed cost ($) -2,354,465,190 +Total installed cost ($) -2,402,343,783 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,354,465,190 +Purchase of property ($) -2,402,343,783 plus: Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -247,86 +248,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,354,465,190 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 ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,177,232,595 -Size of debt ($) 1,177,232,595 +Issuance of equity ($) 1,201,171,892 +Size of debt ($) 1,201,171,892 minus: -Debt principal payment ($) 0 35,602,559 37,382,687 39,251,822 41,214,413 43,275,133 45,438,890 47,710,835 50,096,376 52,601,195 55,231,255 57,992,818 60,892,459 63,937,082 67,133,936 70,490,632 74,015,164 77,715,922 81,601,718 85,681,804 89,965,894 +Debt principal payment ($) 0 36,326,546 38,142,873 40,050,017 42,052,517 44,155,143 46,362,900 48,681,045 51,115,098 53,670,853 56,354,395 59,172,115 62,130,721 65,237,257 68,499,120 71,924,076 75,520,279 79,296,293 83,261,108 87,424,163 91,795,372 equals: -Cash flow from financing activities ($) 2,354,465,190 -35,602,559 -37,382,687 -39,251,822 -41,214,413 -43,275,133 -45,438,890 -47,710,835 -50,096,376 -52,601,195 -55,231,255 -57,992,818 -60,892,459 -63,937,082 -67,133,936 -70,490,632 -74,015,164 -77,715,922 -81,601,718 -85,681,804 -89,965,894 +Cash flow from financing activities ($) 2,402,343,783 -36,326,546 -38,142,873 -40,050,017 -42,052,517 -44,155,143 -46,362,900 -48,681,045 -51,115,098 -53,670,853 -56,354,395 -59,172,115 -62,130,721 -65,237,257 -68,499,120 -71,924,076 -75,520,279 -79,296,293 -83,261,108 -87,424,163 -91,795,372 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 316,154,805 320,400,153 339,508,215 358,409,603 377,168,727 395,588,002 413,275,780 429,677,213 444,107,560 456,367,712 485,931,222 508,478,040 529,014,542 549,295,637 569,415,548 589,126,299 607,936,225 625,156,345 639,947,402 1,829,194,433 -Cash flow from investing activities ($) -2,354,465,190 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,354,465,190 -35,602,559 -37,382,687 -39,251,822 -41,214,413 -43,275,133 -45,438,890 -47,710,835 -50,096,376 -52,601,195 -55,231,255 -57,992,818 -60,892,459 -63,937,082 -67,133,936 -70,490,632 -74,015,164 -77,715,922 -81,601,718 -85,681,804 -89,965,894 -Total pre-tax cash flow ($) 0 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 +Cash flow from operating activities ($) 0 354,837,293 359,224,086 378,704,329 397,965,094 417,039,845 435,670,640 453,390,424 469,564,102 483,431,983 494,168,656 524,695,667 550,699,160 571,765,720 592,489,335 613,017,527 633,076,223 652,116,146 669,377,112 683,945,953 1,896,533,093 +Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,402,343,783 -36,326,546 -38,142,873 -40,050,017 -42,052,517 -44,155,143 -46,362,900 -48,681,045 -51,115,098 -53,670,853 -56,354,395 -59,172,115 -62,130,721 -65,237,257 -68,499,120 -71,924,076 -75,520,279 -79,296,293 -83,261,108 -87,424,163 -91,795,372 +Total pre-tax cash flow ($) 0 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 Pre-tax Returns: -Issuance of equity ($) 1,177,232,595 -Total pre-tax cash flow ($) 0 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 -Total pre-tax returns ($) -1,177,232,595 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 +Issuance of equity ($) 1,201,171,892 +Total pre-tax cash flow ($) 0 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 +Total pre-tax returns ($) -1,201,171,892 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 After-tax Returns: -Total pre-tax returns ($) -1,177,232,595 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 -Federal ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,201,171,892 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 +Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -50,249,357 -39,582,797 -43,314,602 -47,006,043 -50,669,700 -54,266,984 -57,721,407 -60,924,607 -63,742,854 -66,137,262 -71,911,015 -76,314,409 -80,325,188 -84,286,085 -88,215,504 -92,065,014 -95,738,592 -99,101,682 -101,990,375 -334,250,320 +Federal tax benefit (liability) ($) 0 -59,329,696 -50,216,410 -54,020,902 -57,782,529 -61,507,828 -65,146,422 -68,607,096 -71,765,815 -74,474,212 -76,571,085 -82,533,010 -87,611,492 -91,725,791 -95,773,113 -99,782,269 -103,699,732 -107,418,229 -110,789,296 -113,634,591 -350,452,859 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 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) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 -Total after-tax returns ($) -1,177,232,595 212,292,366 229,247,286 241,416,845 253,341,103 265,062,711 276,431,596 287,154,862 296,819,453 304,916,610 311,294,084 330,252,832 343,918,338 355,961,884 367,665,550 379,090,952 390,047,908 400,166,803 408,932,629 415,719,533 1,285,175,237 +State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 +Total after-tax returns ($) -1,201,171,892 958,619,062 252,866,089 265,271,081 277,419,464 289,331,058 300,811,346 311,511,926 320,960,675 328,593,652 333,798,343 353,408,818 369,554,979 381,926,045 393,889,822 405,546,928 416,687,848 426,900,466 435,617,283 442,157,955 1,328,674,518 -After-tax cumulative IRR (%) NaN -81.97 -45.94 -22.59 -8.35 0.66 6.60 10.67 13.54 15.60 17.12 18.29 19.19 19.89 20.44 20.88 21.22 21.49 21.71 21.89 22.30 -After-tax cumulative NPV ($) -1,177,232,595 -984,519,844 -795,609,235 -615,018,366 -442,986,085 -279,594,758 -124,911,213 20,952,977 157,820,668 285,454,479 403,740,002 517,655,641 625,343,863 726,523,343 821,390,952 910,185,134 993,119,612 1,070,358,195 1,142,009,000 1,208,130,974 1,393,690,735 +After-tax cumulative IRR (%) NaN -20.19 0.71 14.87 23.56 28.92 32.33 34.54 36.02 37.01 37.69 38.18 38.53 38.78 38.96 39.09 39.19 39.25 39.30 NaN NaN +After-tax cumulative NPV ($) -1,201,171,892 -330,965,772 -122,592,151 75,842,780 264,225,568 442,576,514 610,902,299 769,138,988 917,138,542 1,054,683,230 1,181,519,922 1,303,422,862 1,419,138,467 1,527,698,064 1,629,332,242 1,724,323,186 1,812,922,019 1,895,320,625 1,971,646,960 2,041,974,079 2,233,814,475 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,177,232,595 -272,367,874 -257,878,174 -262,947,543 -267,962,081 -272,938,877 -277,825,511 -282,518,078 -286,869,378 -290,697,749 -293,950,368 -301,793,567 -307,775,238 -313,223,572 -318,604,146 -323,941,959 -329,171,221 -334,161,494 -338,729,992 -342,654,060 519,071,298 -PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 -Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 +Annual costs ($) -1,201,171,892 464,651,199 -243,672,238 -248,840,347 -253,950,228 -259,010,759 -263,953,509 -268,654,568 -272,945,445 -276,624,593 -279,473,033 -287,571,849 -294,470,576 -300,059,534 -305,557,509 -311,003,638 -316,325,210 -321,376,502 -325,955,836 -329,820,950 549,651,574 +PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Present value of annual costs ($) 3,469,497,647 -Present value of annual energy nominal (kWh) 34,112,807,078 -LCOE Levelized cost of energy nominal (cents/kWh) 10.17 +Present value of annual costs ($) 2,718,312,079 +Present value of annual energy nominal (kWh) 34,739,281,954 +LCOE Levelized cost of energy nominal (cents/kWh) 7.82 -Present value of PPA revenue ($) 4,863,188,382 -Present value of annual energy nominal (kWh) 34,112,807,078 +Present value of PPA revenue ($) 4,952,126,554 +Present value of annual energy nominal (kWh) 34,739,281,954 LPPA Levelized PPA price nominal (cents/kWh) 14.26 PROJECT STATE INCOME TAXES -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 -Total state tax depreciation ($) 0 58,861,630 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 +Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 +Total state tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 equals: -State taxable income ($) 0 257,293,175 202,676,894 221,784,956 240,686,343 259,445,468 277,864,743 295,552,521 311,953,953 326,384,300 338,644,452 368,207,963 390,754,781 411,291,283 431,572,378 451,692,289 471,403,039 490,212,965 507,433,085 522,224,143 1,711,471,174 +State taxable income ($) 0 303,787,487 257,124,475 276,604,719 295,865,483 314,940,234 333,571,030 351,290,813 367,464,491 381,332,372 392,069,045 422,596,056 448,599,549 469,666,110 490,389,724 510,917,916 530,976,612 550,016,535 567,277,501 581,846,342 1,794,433,482 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 -State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 +State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 +State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 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 minus: -Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 -Total federal tax depreciation ($) 0 58,861,630 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 +Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 +Total federal tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 equals: -Federal taxable income ($) 0 239,282,653 188,489,511 206,260,009 223,838,299 241,284,285 258,414,211 274,863,844 290,117,177 303,537,399 314,939,341 342,433,405 363,401,946 382,500,893 401,362,311 420,073,828 438,404,826 455,898,058 471,912,769 485,668,453 1,591,668,192 +Federal taxable income ($) 0 282,522,363 239,125,762 257,242,388 275,154,899 292,894,418 310,221,058 326,700,456 341,741,977 354,639,106 364,624,212 393,014,332 417,197,581 436,789,482 456,062,444 475,153,662 493,808,249 511,515,378 527,568,076 541,117,098 1,668,823,138 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 -Federal tax benefit (liability) ($) 0 -50,249,357 -39,582,797 -43,314,602 -47,006,043 -50,669,700 -54,266,984 -57,721,407 -60,924,607 -63,742,854 -66,137,262 -71,911,015 -76,314,409 -80,325,188 -84,286,085 -88,215,504 -92,065,014 -95,738,592 -99,101,682 -101,990,375 -334,250,320 +Federal tax benefit (liability) ($) 0 -59,329,696 -50,216,410 -54,020,902 -57,782,529 -61,507,828 -65,146,422 -68,607,096 -71,765,815 -74,474,212 -76,571,085 -82,533,010 -87,611,492 -91,725,791 -95,773,113 -99,782,269 -103,699,732 -107,418,229 -110,789,296 -113,634,591 -350,452,859 CASH INCENTIVES Federal IBI income ($) 0 @@ -352,30 +353,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,177,232,595 1,141,630,036 1,104,247,348 1,064,995,527 1,023,781,114 980,505,980 935,067,090 887,356,255 837,259,879 784,658,684 729,427,429 671,434,611 610,542,153 546,605,071 479,471,136 408,980,503 334,965,339 257,249,417 175,647,699 89,965,894 0 -Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 -Debt principal payment ($) 0 35,602,559 37,382,687 39,251,822 41,214,413 43,275,133 45,438,890 47,710,835 50,096,376 52,601,195 55,231,255 57,992,818 60,892,459 63,937,082 67,133,936 70,490,632 74,015,164 77,715,922 81,601,718 85,681,804 89,965,894 -Debt total payment ($) 0 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 +Debt balance ($) 1,201,171,892 1,164,845,346 1,126,702,473 1,086,652,456 1,044,599,939 1,000,444,796 954,081,895 905,400,850 854,285,752 800,614,899 744,260,504 685,088,389 622,957,668 557,720,411 489,221,292 417,297,216 341,776,937 262,480,643 179,219,535 91,795,372 0 +Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 +Debt principal payment ($) 0 36,326,546 38,142,873 40,050,017 42,052,517 44,155,143 46,362,900 48,681,045 51,115,098 53,670,853 56,354,395 59,172,115 62,130,721 65,237,257 68,499,120 71,924,076 75,520,279 79,296,293 83,261,108 87,424,163 91,795,372 +Debt total payment ($) 0 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 DSCR (DEBT FRACTION) -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 -Debt total payment ($) 0 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 -DSCR (pre-tax) 0.0 3.97 4.0 4.18 4.36 4.53 4.71 4.87 5.02 5.14 5.25 5.53 5.74 5.92 6.10 6.28 6.45 6.61 6.75 6.87 19.41 +Cash available for debt service (CAFDS) ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +Debt total payment ($) 0 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 +DSCR (pre-tax) 0.0 4.30 4.33 4.51 4.69 4.87 5.04 5.20 5.34 5.46 5.54 5.83 6.07 6.26 6.44 6.61 6.78 6.94 7.08 7.19 19.72 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 4e4bfbd6..184285f6 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -14,7 +14,7 @@ Discount Rate, 0.08 Inflation Rate, .02 Inflation Rate During Construction, 0.05 Combined Income Tax Rate, .28 -Investment Tax Credit Rate, 0 +Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) Exploration Capital Cost, 30 @@ -41,8 +41,8 @@ Fracture Width, 1400 Fracture Separation, 30 Number of Segments, 1 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 Injection Wells, 47 -Number of Production Wells, 47 +Number of Injection Wells, 48 +Number of Production Wells, 48 Production Flow Rate per Well, 120, -- peak flow reported in paper Production Well Diameter, 9.625 Injection Well Diameter, 9.625 @@ -54,7 +54,7 @@ Plant Outlet Pressure, 1000 psi Production Wellhead Pressure, 325 psi Utilization Factor, .9 Water Loss Fraction, 0.10 -Maximum Drawdown, 0.0066 +Maximum Drawdown, 0.009 Ambient Temperature, 10 degC Surface Temperature, 10 degC Circulation Pump Efficiency, 0.80 @@ -67,4 +67,4 @@ Nonvertical Length per Multilateral Section, 4700 feet # *** SIMULATION PARAMETERS *** # ***************************** Maximum Temperature, 500 -Time steps per year, 10 +Time steps per year, 12 From 22f779f3f7e7f678ee7da7109d29b2db9699ebdc Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Mon, 19 May 2025 15:46:19 -0700 Subject: [PATCH 09/13] Workaround for float('nan') != float('nan') --- src/geophires_x_client/geophires_x_result.py | 4 ++-- tests/test_geophires_x.py | 17 +++++++++++++++++ 2 files changed, 19 insertions(+), 2 deletions(-) diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index 3cb306db..7f5f4d3c 100644 --- a/src/geophires_x_client/geophires_x_result.py +++ b/src/geophires_x_client/geophires_x_result.py @@ -862,8 +862,8 @@ def _parse_number(self, number_str, field='string') -> int | float: return None try: - number_str = number_str.replace(',', '') - if '.' in number_str or number_str.lower() == 'nan': + number_str = number_str.replace(',', '').lower() + if '.' in number_str or number_str == 'nan': # TODO should probably ideally use decimal.Decimal to preserve precision, # i.e. 1.00 for USD instead of 1.0 return float(number_str) diff --git a/tests/test_geophires_x.py b/tests/test_geophires_x.py index c7ef8fd3..5b795f16 100644 --- a/tests/test_geophires_x.py +++ b/tests/test_geophires_x.py @@ -1,3 +1,4 @@ +import math import os import tempfile import uuid @@ -194,6 +195,22 @@ def get_output_file_for_example(example_file: str): del expected_result.result['metadata'] del expected_result.result['Simulation Metadata'] + def sanitize_nan(r: GeophiresXResult) -> None: + """ + Workaround for float('nan') != float('nan') + See https://stackoverflow.com/questions/51728427/unittest-how-to-assert-if-the-two-possibly-nan-values-are-equal + + TODO generalize beyond Project IRR + """ + try: + if math.isnan(r.result['ECONOMIC PARAMETERS']['Project IRR']['value']): + r.result['ECONOMIC PARAMETERS']['Project IRR']['value'] = 'NaN' + except TypeError: + pass + + sanitize_nan(geophires_result) + sanitize_nan(expected_result) + try: self.assertDictEqual( expected_result.result, geophires_result.result, msg=f'Example test: {example_file_path}' From 19e608f721f570161b1cf622309b815dd209b170 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 20 May 2025 14:02:16 -0700 Subject: [PATCH 10/13] Debt:equity 20:80 --- tests/examples/Fervo_Project_Cape-4.out | 276 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 2 +- 2 files changed, 139 insertions(+), 139 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 943f43c7..1589b636 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,15 +5,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-19 - Simulation Time: 12:11 - Calculation Time: 1.055 sec + Simulation Date: 2025-05-20 + Simulation Time: 13:06 + Calculation Time: 1.051 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 522.55 MW - Electricity breakeven price: 7.82 cents/kWh + Electricity breakeven price: 8.67 cents/kWh Number of production wells: 48 Number of injection wells: 48 Flowrate per production well: 120.0 kg/sec @@ -26,12 +26,12 @@ Simulation Metadata Economic Model = SAM Single Owner PPA Real Discount Rate: 8.00 % Nominal Discount Rate: 10.16 % - WACC: 6.92 % + WACC: 8.86 % Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 2233.80 MUSD - Project IRR: NaN % + Project NPV: 1940.10 MUSD + Project IRR: 24.75 % Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** @@ -188,45 +188,45 @@ Simulation Metadata *************************** * 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 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 ENERGY -Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -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 -Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +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 +Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 REVENUE -PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 -PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,201,171,892 -Total revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 1,980,194,836 +PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 +PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,201,171,892 +Total revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 1,980,194,836 -Property tax net assessed value ($) 0 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 +Property tax net assessed value ($) 0 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 OPERATING EXPENSES -O&M fixed expense ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 +O&M fixed expense ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 OPERATING ACTIVITIES -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 -Cash flow from operating activities ($) 0 354,837,293 359,224,086 378,704,329 397,965,094 417,039,845 435,670,640 453,390,424 469,564,102 483,431,983 494,168,656 524,695,667 550,699,160 571,765,720 592,489,335 613,017,527 633,076,223 652,116,146 669,377,112 683,945,953 1,896,533,093 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 +Cash flow from operating activities ($) 0 390,872,449 394,169,446 412,505,404 430,564,668 448,377,843 465,683,984 482,012,881 496,726,127 509,060,555 518,187,103 547,023,482 571,251,812 590,454,450 609,220,947 627,694,166 645,595,139 662,369,454 677,251,531 689,322,539 1,899,286,954 INVESTING ACTIVITIES Total installed cost ($) -2,402,343,783 @@ -238,96 +238,96 @@ Total CBI income ($) 0 equals: Purchase of property ($) -2,402,343,783 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,402,343,783 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 ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,201,171,892 -Size of debt ($) 1,201,171,892 +Issuance of equity ($) 1,921,875,027 +Size of debt ($) 480,468,757 minus: -Debt principal payment ($) 0 36,326,546 38,142,873 40,050,017 42,052,517 44,155,143 46,362,900 48,681,045 51,115,098 53,670,853 56,354,395 59,172,115 62,130,721 65,237,257 68,499,120 71,924,076 75,520,279 79,296,293 83,261,108 87,424,163 91,795,372 +Debt principal payment ($) 0 14,530,618 15,257,149 16,020,007 16,821,007 17,662,057 18,545,160 19,472,418 20,446,039 21,468,341 22,541,758 23,668,846 24,852,288 26,094,903 27,399,648 28,769,630 30,208,112 31,718,517 33,304,443 34,969,665 36,718,149 equals: -Cash flow from financing activities ($) 2,402,343,783 -36,326,546 -38,142,873 -40,050,017 -42,052,517 -44,155,143 -46,362,900 -48,681,045 -51,115,098 -53,670,853 -56,354,395 -59,172,115 -62,130,721 -65,237,257 -68,499,120 -71,924,076 -75,520,279 -79,296,293 -83,261,108 -87,424,163 -91,795,372 +Cash flow from financing activities ($) 2,402,343,783 -14,530,618 -15,257,149 -16,020,007 -16,821,007 -17,662,057 -18,545,160 -19,472,418 -20,446,039 -21,468,341 -22,541,758 -23,668,846 -24,852,288 -26,094,903 -27,399,648 -28,769,630 -30,208,112 -31,718,517 -33,304,443 -34,969,665 -36,718,149 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 354,837,293 359,224,086 378,704,329 397,965,094 417,039,845 435,670,640 453,390,424 469,564,102 483,431,983 494,168,656 524,695,667 550,699,160 571,765,720 592,489,335 613,017,527 633,076,223 652,116,146 669,377,112 683,945,953 1,896,533,093 -Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,402,343,783 -36,326,546 -38,142,873 -40,050,017 -42,052,517 -44,155,143 -46,362,900 -48,681,045 -51,115,098 -53,670,853 -56,354,395 -59,172,115 -62,130,721 -65,237,257 -68,499,120 -71,924,076 -75,520,279 -79,296,293 -83,261,108 -87,424,163 -91,795,372 -Total pre-tax cash flow ($) 0 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 +Cash flow from operating activities ($) 0 390,872,449 394,169,446 412,505,404 430,564,668 448,377,843 465,683,984 482,012,881 496,726,127 509,060,555 518,187,103 547,023,482 571,251,812 590,454,450 609,220,947 627,694,166 645,595,139 662,369,454 677,251,531 689,322,539 1,899,286,954 +Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,402,343,783 -14,530,618 -15,257,149 -16,020,007 -16,821,007 -17,662,057 -18,545,160 -19,472,418 -20,446,039 -21,468,341 -22,541,758 -23,668,846 -24,852,288 -26,094,903 -27,399,648 -28,769,630 -30,208,112 -31,718,517 -33,304,443 -34,969,665 -36,718,149 +Total pre-tax cash flow ($) 0 376,341,831 378,912,297 396,485,397 413,743,661 430,715,786 447,138,824 462,540,462 476,280,088 487,592,214 495,645,345 523,354,636 546,399,523 564,359,548 581,821,299 598,924,536 615,387,027 630,650,936 643,947,088 654,352,874 1,862,568,805 Pre-tax Returns: -Issuance of equity ($) 1,201,171,892 -Total pre-tax cash flow ($) 0 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 -Total pre-tax returns ($) -1,201,171,892 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 +Issuance of equity ($) 1,921,875,027 +Total pre-tax cash flow ($) 0 376,341,831 378,912,297 396,485,397 413,743,661 430,715,786 447,138,824 462,540,462 476,280,088 487,592,214 495,645,345 523,354,636 546,399,523 564,359,548 581,821,299 598,924,536 615,387,027 630,650,936 643,947,088 654,352,874 1,862,568,805 +Total pre-tax returns ($) -1,921,875,027 376,341,831 378,912,297 396,485,397 413,743,661 430,715,786 447,138,824 462,540,462 476,280,088 487,592,214 495,645,345 523,354,636 546,399,523 564,359,548 581,821,299 598,924,536 615,387,027 630,650,936 643,947,088 654,352,874 1,862,568,805 After-tax Returns: -Total pre-tax returns ($) -1,201,171,892 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 -Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -59,329,696 -50,216,410 -54,020,902 -57,782,529 -61,507,828 -65,146,422 -68,607,096 -71,765,815 -74,474,212 -76,571,085 -82,533,010 -87,611,492 -91,725,791 -95,773,113 -99,782,269 -103,699,732 -107,418,229 -110,789,296 -113,634,591 -350,452,859 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 -Total after-tax returns ($) -1,201,171,892 958,619,062 252,866,089 265,271,081 277,419,464 289,331,058 300,811,346 311,511,926 320,960,675 328,593,652 333,798,343 353,408,818 369,554,979 381,926,045 393,889,822 405,546,928 416,687,848 426,900,466 435,617,283 442,157,955 1,328,674,518 - -After-tax cumulative IRR (%) NaN -20.19 0.71 14.87 23.56 28.92 32.33 34.54 36.02 37.01 37.69 38.18 38.53 38.78 38.96 39.09 39.19 39.25 39.30 NaN NaN -After-tax cumulative NPV ($) -1,201,171,892 -330,965,772 -122,592,151 75,842,780 264,225,568 442,576,514 610,902,299 769,138,988 917,138,542 1,054,683,230 1,181,519,922 1,303,422,862 1,419,138,467 1,527,698,064 1,629,332,242 1,724,323,186 1,812,922,019 1,895,320,625 1,971,646,960 2,041,974,079 2,233,814,475 +Total pre-tax returns ($) -1,921,875,027 376,341,831 378,912,297 396,485,397 413,743,661 430,715,786 447,138,824 462,540,462 476,280,088 487,592,214 495,645,345 523,354,636 546,399,523 564,359,548 581,821,299 598,924,536 615,387,027 630,650,936 643,947,088 654,352,874 1,862,568,805 +Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -66,367,362 -57,041,239 -60,622,251 -64,149,226 -67,628,139 -71,008,028 -74,197,062 -77,070,559 -79,479,472 -81,261,887 -86,893,632 -91,625,425 -95,375,700 -99,040,797 -102,648,617 -106,144,677 -109,420,700 -112,327,170 -114,684,638 -350,990,688 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 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) ($) 0 -23,787,585 -20,444,888 -21,728,405 -22,992,554 -24,239,476 -25,450,906 -26,593,929 -27,623,856 -28,487,266 -29,126,124 -31,144,671 -32,840,654 -34,184,839 -35,498,494 -36,791,619 -38,044,687 -39,218,889 -40,260,634 -41,105,605 -125,803,114 +Total after-tax returns ($) -1,921,875,027 1,006,890,019 301,426,170 314,134,740 326,601,881 338,848,171 350,679,890 361,749,472 371,585,673 379,625,476 385,257,333 405,316,333 421,933,444 434,799,009 447,282,009 459,484,300 471,197,664 482,011,347 491,359,283 498,562,631 1,385,775,003 + +After-tax cumulative IRR (%) NaN -47.61 -26.32 -10.0 0.71 7.72 12.43 15.67 17.96 19.60 20.80 21.73 22.43 22.98 23.40 23.73 23.99 24.19 24.35 24.48 24.75 +After-tax cumulative NPV ($) -1,921,875,027 -1,007,849,955 -759,460,531 -524,473,342 -302,693,039 -93,818,498 102,412,358 286,167,887 457,511,351 616,417,244 762,807,322 902,614,962 1,034,731,390 1,158,319,728 1,273,730,527 1,381,355,181 1,481,544,239 1,574,580,125 1,660,673,251 1,739,971,775 1,940,056,612 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,201,171,892 464,651,199 -243,672,238 -248,840,347 -253,950,228 -259,010,759 -263,953,509 -268,654,568 -272,945,445 -276,624,593 -279,473,033 -287,571,849 -294,470,576 -300,059,534 -305,557,509 -311,003,638 -316,325,210 -321,376,502 -325,955,836 -329,820,950 549,651,574 -PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 -Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Annual costs ($) -1,921,875,027 512,922,156 -195,112,158 -199,976,688 -204,767,811 -209,493,646 -214,084,965 -218,417,022 -222,320,446 -225,592,770 -228,014,043 -235,664,334 -242,092,110 -247,186,570 -252,165,322 -257,066,267 -261,815,395 -266,265,620 -270,213,835 -273,416,274 606,752,058 +PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Present value of annual costs ($) 2,718,312,079 +Present value of annual costs ($) 3,012,069,942 Present value of annual energy nominal (kWh) 34,739,281,954 -LCOE Levelized cost of energy nominal (cents/kWh) 7.82 +LCOE Levelized cost of energy nominal (cents/kWh) 8.67 Present value of PPA revenue ($) 4,952,126,554 Present value of annual energy nominal (kWh) 34,739,281,954 LPPA Levelized PPA price nominal (cents/kWh) 14.26 PROJECT STATE INCOME TAXES -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 -Total state tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 +Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 +Total state tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 equals: -State taxable income ($) 0 303,787,487 257,124,475 276,604,719 295,865,483 314,940,234 333,571,030 351,290,813 367,464,491 381,332,372 392,069,045 422,596,056 448,599,549 469,666,110 490,389,724 510,917,916 530,976,612 550,016,535 567,277,501 581,846,342 1,794,433,482 +State taxable income ($) 0 339,822,644 292,069,835 310,405,793 328,465,057 346,278,232 363,584,374 379,913,270 394,626,516 406,960,945 416,087,492 444,923,871 469,152,201 488,354,840 507,121,337 525,594,555 543,495,528 560,269,843 575,151,920 587,222,928 1,797,187,343 -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 -State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -23,787,585 -20,444,888 -21,728,405 -22,992,554 -24,239,476 -25,450,906 -26,593,929 -27,623,856 -28,487,266 -29,126,124 -31,144,671 -32,840,654 -34,184,839 -35,498,494 -36,791,619 -38,044,687 -39,218,889 -40,260,634 -41,105,605 -125,803,114 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -23,787,585 -20,444,888 -21,728,405 -22,992,554 -24,239,476 -25,450,906 -26,593,929 -27,623,856 -28,487,266 -29,126,124 -31,144,671 -32,840,654 -34,184,839 -35,498,494 -36,791,619 -38,044,687 -39,218,889 -40,260,634 -41,105,605 -125,803,114 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 -Total federal tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 +Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 +Total federal tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 equals: -Federal taxable income ($) 0 282,522,363 239,125,762 257,242,388 275,154,899 292,894,418 310,221,058 326,700,456 341,741,977 354,639,106 364,624,212 393,014,332 417,197,581 436,789,482 456,062,444 475,153,662 493,808,249 511,515,378 527,568,076 541,117,098 1,668,823,138 +Federal taxable income ($) 0 316,035,059 271,624,947 288,677,387 305,472,503 322,038,756 338,133,467 353,319,341 367,002,660 378,473,678 386,961,368 413,779,200 436,311,547 454,170,001 471,622,843 488,802,936 505,450,841 521,050,954 534,891,286 546,117,323 1,671,384,229 -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 -Federal tax benefit (liability) ($) 0 -59,329,696 -50,216,410 -54,020,902 -57,782,529 -61,507,828 -65,146,422 -68,607,096 -71,765,815 -74,474,212 -76,571,085 -82,533,010 -87,611,492 -91,725,791 -95,773,113 -99,782,269 -103,699,732 -107,418,229 -110,789,296 -113,634,591 -350,452,859 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -66,367,362 -57,041,239 -60,622,251 -64,149,226 -67,628,139 -71,008,028 -74,197,062 -77,070,559 -79,479,472 -81,261,887 -86,893,632 -91,625,425 -95,375,700 -99,040,797 -102,648,617 -106,144,677 -109,420,700 -112,327,170 -114,684,638 -350,990,688 CASH INCENTIVES Federal IBI income ($) 0 @@ -342,68 +342,68 @@ Utility CBI income ($) 0 Other CBI income ($) 0 Total CBI income ($) 0 -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,201,171,892 1,164,845,346 1,126,702,473 1,086,652,456 1,044,599,939 1,000,444,796 954,081,895 905,400,850 854,285,752 800,614,899 744,260,504 685,088,389 622,957,668 557,720,411 489,221,292 417,297,216 341,776,937 262,480,643 179,219,535 91,795,372 0 -Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 -Debt principal payment ($) 0 36,326,546 38,142,873 40,050,017 42,052,517 44,155,143 46,362,900 48,681,045 51,115,098 53,670,853 56,354,395 59,172,115 62,130,721 65,237,257 68,499,120 71,924,076 75,520,279 79,296,293 83,261,108 87,424,163 91,795,372 -Debt total payment ($) 0 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 +Debt balance ($) 480,468,757 465,938,138 450,680,989 434,660,983 417,839,976 400,177,918 381,632,758 362,160,340 341,714,301 320,245,960 297,704,202 274,035,356 249,183,067 223,088,165 195,688,517 166,918,886 136,710,775 104,992,257 71,687,814 36,718,149 0 +Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 +Debt principal payment ($) 0 14,530,618 15,257,149 16,020,007 16,821,007 17,662,057 18,545,160 19,472,418 20,446,039 21,468,341 22,541,758 23,668,846 24,852,288 26,094,903 27,399,648 28,769,630 30,208,112 31,718,517 33,304,443 34,969,665 36,718,149 +Debt total payment ($) 0 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 DSCR (DEBT FRACTION) -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 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) ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 -Debt total payment ($) 0 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 -DSCR (pre-tax) 0.0 4.30 4.33 4.51 4.69 4.87 5.04 5.20 5.34 5.46 5.54 5.83 6.07 6.26 6.44 6.61 6.78 6.94 7.08 7.19 19.72 +Cash available for debt service (CAFDS) ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +Debt total payment ($) 0 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 +DSCR (pre-tax) 0.0 10.76 10.83 11.28 11.73 12.17 12.60 13.0 13.35 13.65 13.86 14.57 15.17 15.64 16.09 16.53 16.96 17.36 17.70 17.97 49.31 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 184285f6..969c6780 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -8,7 +8,7 @@ Starting Electricity Sale Price, 0.12 Ending Electricity Sale Price, 1.00 Electricity Escalation Rate Per Year, 0.004053223 Electricity Escalation Start Year, 1 -Fraction of Investment in Bonds, .5 +Fraction of Investment in Bonds, .2 Inflated Bond Interest Rate, .05 Discount Rate, 0.08 Inflation Rate, .02 From 405b5b87997c9595a5f99445a940aa3de45d59d6 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 20 May 2025 14:42:23 -0700 Subject: [PATCH 11/13] TODO to cite exploration cost --- tests/examples/Fervo_Project_Cape-4.txt | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 969c6780..cbe24a42 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -17,7 +17,7 @@ Combined Income Tax Rate, .28 Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) -Exploration Capital Cost, 30 +Exploration Capital Cost, 30, -- TODO source/citation Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 From f83298a0c9344144211e3520b07cb60933160c0a Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 08:17:45 -0700 Subject: [PATCH 12/13] Exploration cost documentation --- src/geophires_x/Economics.py | 10 +++++++++- src/geophires_x_schema_generator/geophires-result.json | 2 +- 2 files changed, 10 insertions(+), 2 deletions(-) diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index e25ac068..f19b78c8 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -1581,12 +1581,19 @@ def __init__(self, model: Model): PreferredUnits=CurrencyUnit.MDOLLARS, CurrentUnits=CurrencyUnit.MDOLLARS ) + + # See TODO re:parameterizing indirect costs at src/geophires_x/Economics.py:652 + # (https://github.com/NREL/GEOPHIRES-X/issues/383) self.Cexpl = self.OutputParameterDict[self.Cexpl.Name] = OutputParameter( Name="Exploration cost", display_name='Exploration costs', UnitType=Units.CURRENCY, PreferredUnits=CurrencyUnit.MDOLLARS, - CurrentUnits=CurrencyUnit.MDOLLARS + CurrentUnits=CurrencyUnit.MDOLLARS, + ToolTipText=f'Default correlation: 60% of the cost of one production well plus 15% contingency ' + f'plus 12% indirect costs. ' + f'Provide {self.ccexpladjfactor.Name} to multiply the default correlation. ' + f'Provide {self.ccexplfixed.Name} to override the default correlation and set your own cost.' ) self.Cwell = self.OutputParameterDict[self.Cwell.Name] = OutputParameter( @@ -1597,6 +1604,7 @@ def __init__(self, model: Model): CurrentUnits=CurrencyUnit.MDOLLARS, # See TODO re:parameterizing indirect costs at src/geophires_x/Economics.py:652 + # (https://github.com/NREL/GEOPHIRES-X/issues/383) ToolTipText="Includes total drilling and completion cost of all injection and production wells and " "laterals, plus 5% indirect costs." ) diff --git a/src/geophires_x_schema_generator/geophires-result.json b/src/geophires_x_schema_generator/geophires-result.json index 936e8f50..12cfb6c9 100644 --- a/src/geophires_x_schema_generator/geophires-result.json +++ b/src/geophires_x_schema_generator/geophires-result.json @@ -362,7 +362,7 @@ "Total surface equipment costs": {}, "Exploration costs": { "type": "number", - "description": "Exploration cost", + "description": "Exploration cost. Default correlation: 60% of the cost of one production well plus 15% contingency plus 12% indirect costs. Provide Exploration Capital Cost Adjustment Factor to multiply the default correlation. Provide Exploration Capital Cost to override the default correlation and set your own cost.", "units": "MUSD" }, "Investment Tax Credit": { From 2eaaf00919d598f5e203b6d980595de6d60b90f7 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 10:07:02 -0700 Subject: [PATCH 13/13] Output SAM IRR as 'After-Tax IRR' to avoid potential mixup with 'Project IRR' as unlevered IRR (see https://www.efinancialmodels.com/knowledge-base/financial-metrics/internal-rate-of-revenue-irr/irr-levered-an-internal-rate-of-return-example/) --- src/geophires_x/Economics.py | 8 +++- src/geophires_x/EconomicsSam.py | 19 +++++---- src/geophires_x/EconomicsUtils.py | 42 ++++++++++++------- src/geophires_x/Outputs.py | 8 +++- tests/examples/Fervo_Project_Cape-4.out | 8 ++-- .../examples/example_SAM-single-owner-PPA.out | 8 ++-- tests/test_geophires_x.py | 33 ++++++++------- 7 files changed, 76 insertions(+), 50 deletions(-) diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index f19b78c8..821aaed2 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -6,7 +6,7 @@ from geophires_x import EconomicsSam from geophires_x.EconomicsSam import calculate_sam_economics, SamEconomicsCalculations from geophires_x.EconomicsUtils import BuildPricingModel, wacc_output_parameter, nominal_discount_rate_parameter, \ - real_discount_rate_parameter + real_discount_rate_parameter, after_tax_irr_parameter from geophires_x.OptionList import Configuration, WellDrillingCostCorrelation, EconomicModel, EndUseOptions, PlantType, \ _WellDrillingCostCorrelationCitation from geophires_x.Parameter import intParameter, floatParameter, OutputParameter, ReadParameter, boolParameter, \ @@ -1784,6 +1784,8 @@ def __init__(self, model: Model): CurrentUnits=PercentUnit.PERCENT ) + self.after_tax_irr = self.OutputParameterDict[self.after_tax_irr.Name] = ( + after_tax_irr_parameter()) self.real_discount_rate = self.OutputParameterDict[self.real_discount_rate.Name] = ( real_discount_rate_parameter()) self.nominal_discount_rate = self.OutputParameterDict[self.nominal_discount_rate.Name] = ( @@ -2775,7 +2777,9 @@ def Calculate(self, model: Model) -> None: self.nominal_discount_rate.value = self.sam_economics_calculations.nominal_discount_rate.value self.ProjectNPV.value = self.sam_economics_calculations.project_npv.quantity().to( convertible_unit(self.ProjectNPV.CurrentUnits)).magnitude - self.ProjectIRR.value = self.sam_economics_calculations.project_irr.quantity().to( + + self.ProjectIRR.value = non_calculated_output_placeholder_val # SAM calculates After-Tax IRR instead + self.after_tax_irr.value = self.sam_economics_calculations.after_tax_irr.quantity().to( convertible_unit(self.ProjectIRR.CurrentUnits)).magnitude self.ProjectVIR.value = non_calculated_output_placeholder_val # TODO SAM VIR diff --git a/src/geophires_x/EconomicsSam.py b/src/geophires_x/EconomicsSam.py index 00e59d14..d2ddd18e 100644 --- a/src/geophires_x/EconomicsSam.py +++ b/src/geophires_x/EconomicsSam.py @@ -27,7 +27,12 @@ from geophires_x import Model as Model from geophires_x.EconomicsSamCashFlow import _calculate_sam_economics_cash_flow -from geophires_x.EconomicsUtils import BuildPricingModel, wacc_output_parameter, nominal_discount_rate_parameter +from geophires_x.EconomicsUtils import ( + BuildPricingModel, + wacc_output_parameter, + nominal_discount_rate_parameter, + after_tax_irr_parameter, +) from geophires_x.GeoPHIRESUtils import is_float, is_int from geophires_x.OptionList import EconomicModel, EndUseOptions from geophires_x.Parameter import Parameter, OutputParameter, floatParameter @@ -44,24 +49,22 @@ class SamEconomicsCalculations: CurrentUnits=EnergyCostUnit.CENTSSPERKWH, ) ) + capex: OutputParameter = field( default_factory=lambda: OutputParameter( UnitType=Units.CURRENCY, CurrentUnits=CurrencyUnit.MDOLLARS, ) ) + project_npv: OutputParameter = field( default_factory=lambda: OutputParameter( UnitType=Units.CURRENCY, CurrentUnits=CurrencyUnit.MDOLLARS, ) ) - project_irr: OutputParameter = field( - default_factory=lambda: OutputParameter( - UnitType=Units.PERCENT, - CurrentUnits=PercentUnit.PERCENT, - ) - ) + + after_tax_irr: OutputParameter = field(default_factory=after_tax_irr_parameter) nominal_discount_rate: OutputParameter = field(default_factory=nominal_discount_rate_parameter) @@ -157,7 +160,7 @@ def sf(_v: float) -> float: sam_economics: SamEconomicsCalculations = SamEconomicsCalculations(sam_cash_flow_profile=cash_flow) sam_economics.lcoe_nominal.value = sf(single_owner.Outputs.lcoe_nom) - sam_economics.project_irr.value = sf(single_owner.Outputs.project_return_aftertax_irr) + sam_economics.after_tax_irr.value = sf(single_owner.Outputs.project_return_aftertax_irr) sam_economics.project_npv.value = sf(single_owner.Outputs.project_return_aftertax_npv * 1e-6) sam_economics.capex.value = single_owner.Outputs.adjusted_installed_cost * 1e-6 diff --git a/src/geophires_x/EconomicsUtils.py b/src/geophires_x/EconomicsUtils.py index 03ad6d26..0df75e9a 100644 --- a/src/geophires_x/EconomicsUtils.py +++ b/src/geophires_x/EconomicsUtils.py @@ -37,27 +37,39 @@ def BuildPricingModel(plantlifetime: int, StartPrice: float, EndPrice: float, return Price +def after_tax_irr_parameter() -> OutputParameter: + return OutputParameter( + Name='After-Tax IRR', + UnitType=Units.PERCENT, + CurrentUnits=PercentUnit.PERCENT, + PreferredUnits=PercentUnit.PERCENT, + ToolTipText='The After-Tax IRR (internal rate of return) is the nominal discount rate that corresponds to ' + 'a net present value (NPV) of zero for PPA SAM Economic models. ' + 'See https://samrepo.nrelcloud.org/help/mtf_irr.html.' + ) + + def real_discount_rate_parameter() -> OutputParameter: return OutputParameter( - Name="Real Discount Rate", - UnitType=Units.PERCENT, - CurrentUnits=PercentUnit.PERCENT, - PreferredUnits=PercentUnit.PERCENT, - ) + Name="Real Discount Rate", + UnitType=Units.PERCENT, + CurrentUnits=PercentUnit.PERCENT, + PreferredUnits=PercentUnit.PERCENT, + ) def nominal_discount_rate_parameter() -> OutputParameter: return OutputParameter( - Name="Nominal Discount Rate", - ToolTipText="Nominal Discount Rate is displayed for SAM Economic Models. " - "It is calculated " - "per https://samrepo.nrelcloud.org/help/fin_single_owner.html?q=nominal+discount+rate: " - "Nominal Discount Rate = [ ( 1 + Real Discount Rate ÷ 100 ) " - "× ( 1 + Inflation Rate ÷ 100 ) - 1 ] × 100.", - UnitType=Units.PERCENT, - CurrentUnits=PercentUnit.PERCENT, - PreferredUnits=PercentUnit.PERCENT, - ) + Name="Nominal Discount Rate", + ToolTipText="Nominal Discount Rate is displayed for SAM Economic Models. " + "It is calculated " + "per https://samrepo.nrelcloud.org/help/fin_single_owner.html?q=nominal+discount+rate: " + "Nominal Discount Rate = [ ( 1 + Real Discount Rate ÷ 100 ) " + "× ( 1 + Inflation Rate ÷ 100 ) - 1 ] × 100.", + UnitType=Units.PERCENT, + CurrentUnits=PercentUnit.PERCENT, + PreferredUnits=PercentUnit.PERCENT, + ) def wacc_output_parameter() -> OutputParameter: diff --git a/src/geophires_x/Outputs.py b/src/geophires_x/Outputs.py index b25ca30c..e5c144c9 100644 --- a/src/geophires_x/Outputs.py +++ b/src/geophires_x/Outputs.py @@ -275,8 +275,12 @@ def PrintOutputs(self, model: Model): # TODO should use CurrentUnits instead of PreferredUnits f.write(f' {npv_field_label}{e_npv.value:10.2f} {e_npv.PreferredUnits.value}\n') - irr_display_value = f'{econ.ProjectIRR.value:10.2f}' if not math.isnan(econ.ProjectIRR.value) else 'NaN' - f.write(f' {econ.ProjectIRR.display_name}: {irr_display_value} {econ.ProjectIRR.CurrentUnits.value}\n') + irr_output_param: OutputParameter = econ.ProjectIRR \ + if econ.econmodel.value != EconomicModel.SAM_SINGLE_OWNER_PPA else econ.after_tax_irr + irr_field_label = Outputs._field_label(irr_output_param.display_name, 49) + irr_display_value = f'{irr_output_param.value:10.2f}' \ + if not math.isnan(irr_output_param.value) else 'NaN' + f.write(f' {irr_field_label}{irr_display_value} {irr_output_param.CurrentUnits.value}\n') if econ.econmodel.value != EconomicModel.SAM_SINGLE_OWNER_PPA: # VIR, MOIC, and Payback period not currently supported by SAM economic model(s) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 1589b636..33113a2c 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,9 +5,9 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-20 - Simulation Time: 13:06 - Calculation Time: 1.051 sec + Simulation Date: 2025-05-21 + Simulation Time: 09:51 + Calculation Time: 1.041 sec ***SUMMARY OF RESULTS*** @@ -31,7 +31,7 @@ Simulation Metadata Project lifetime: 20 yr Capacity factor: 90.0 % Project NPV: 1940.10 MUSD - Project IRR: 24.75 % + After-Tax IRR: 24.75 % Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index b93d2781..102db9de 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -5,9 +5,9 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-15 - Simulation Time: 10:13 - Calculation Time: 0.891 sec + Simulation Date: 2025-05-21 + Simulation Time: 09:55 + Calculation Time: 0.888 sec ***SUMMARY OF RESULTS*** @@ -31,7 +31,7 @@ Simulation Metadata Project lifetime: 20 yr Capacity factor: 90.0 % Project NPV: 2877.00 MUSD - Project IRR: 59.73 % + After-Tax IRR: 59.73 % Estimated Jobs Created: 976 ***ENGINEERING PARAMETERS*** diff --git a/tests/test_geophires_x.py b/tests/test_geophires_x.py index 5b795f16..e1520b02 100644 --- a/tests/test_geophires_x.py +++ b/tests/test_geophires_x.py @@ -195,21 +195,8 @@ def get_output_file_for_example(example_file: str): del expected_result.result['metadata'] del expected_result.result['Simulation Metadata'] - def sanitize_nan(r: GeophiresXResult) -> None: - """ - Workaround for float('nan') != float('nan') - See https://stackoverflow.com/questions/51728427/unittest-how-to-assert-if-the-two-possibly-nan-values-are-equal - - TODO generalize beyond Project IRR - """ - try: - if math.isnan(r.result['ECONOMIC PARAMETERS']['Project IRR']['value']): - r.result['ECONOMIC PARAMETERS']['Project IRR']['value'] = 'NaN' - except TypeError: - pass - - sanitize_nan(geophires_result) - sanitize_nan(expected_result) + self._sanitize_nan(geophires_result) + self._sanitize_nan(expected_result) try: self.assertDictEqual( @@ -261,6 +248,22 @@ def sanitize_nan(r: GeophiresXResult) -> None: if len(regenerate_cmds) > 0: print(f'Command to regenerate {len(regenerate_cmds)} failed examples:\n{" && ".join(regenerate_cmds)}') + # noinspection PyMethodMayBeStatic + def _sanitize_nan(self, r: GeophiresXResult) -> None: + """ + Workaround for float('nan') != float('nan') + See https://stackoverflow.com/questions/51728427/unittest-how-to-assert-if-the-two-possibly-nan-values-are-equal + + TODO generalize beyond After-Tax IRR + """ + irr_key = 'After-Tax IRR' + if irr_key in r.result['ECONOMIC PARAMETERS']: + try: + if math.isnan(r.result['ECONOMIC PARAMETERS'][irr_key]['value']): + r.result['ECONOMIC PARAMETERS'][irr_key]['value'] = 'NaN' + except TypeError: + pass + def _get_unequal_dicts_approximate_percent_difference(self, d1: dict, d2: dict) -> Optional[float]: for i in range(99): try: