diff --git a/.bumpversion.cfg b/.bumpversion.cfg index 999ece17..26e249f7 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.9.8 +current_version = 3.9.13 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index 4ce2ac72..254f9779 100644 --- a/.cookiecutterrc +++ b/.cookiecutterrc @@ -54,7 +54,7 @@ default_context: sphinx_doctest: "no" sphinx_theme: "sphinx-py3doc-enhanced-theme" test_matrix_separate_coverage: "no" - version: 3.9.8 + version: 3.9.13 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/README.rst b/README.rst index a43f3b35..80f89bd3 100644 --- a/README.rst +++ b/README.rst @@ -56,9 +56,9 @@ Free software: `MIT license `__ :alt: Supported implementations :target: https://pypi.org/project/geophires-x -.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.9.8.svg +.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.9.13.svg :alt: Commits since latest release - :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.8...main + :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.13...main .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat :target: https://nrel.github.io/GEOPHIRES-X @@ -293,7 +293,7 @@ electricity: (1) fixed charge rate (FCR) model; (2) standard discounting levelized cost model; (3) BICYCLE model; (4) CLGS; -(5) SAM Single-owner PPA. +(5) `SAM Single-owner PPA `__. .. TODO link to SAM Economic Model docs @@ -462,10 +462,14 @@ Example-specific web interface deeplinks are listed in the Link column. - `example_SHR-2.txt `__ - `.out `__ - `link `__ - * - SAM Single Owner PPA + * - SAM Single Owner PPA: 50 MWe - `example_SAM-single-owner-PPA.txt `__ - `.out `__ - `link `__ + * - SAM Single Owner PPA: 400 MWe BICYCLE Comparison + - `example_SAM-single-owner-PPA-2.txt `__ + - `.out `__ + - `link `__ .. raw:: html diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md new file mode 100644 index 00000000..1236a5af --- /dev/null +++ b/docs/Fervo_Project_Cape-4.md @@ -0,0 +1,69 @@ +# Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station + +This case study – example name: `Fervo_Project_Cape-4` – is a 500 MWe EGS Project modeled +on Fervo Cape Station with its April 2025-announced +[upsizing from 400 MW to 500 MW](https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/), +using a combination of publicly available data, extrapolations, and estimates. + +[Web interface link](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4) + +## Approach & Methodology + +The case study is constructed to be representative of a 500 MWe EGS project similar to Cape Station, +but is not intended to be an exact facsimile. +This is because not all relevant data points are publicly available (e.g. full PPA terms) while others may not be +applicable +outside of Cape Station's first-of-a-kind status (such as drilling costs of initial wells which were more expensive +at [$4.8–9.4M per well](https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html)). + +Exact values were used for publicly available technical and engineering parameters, such as reservoir +density ([2800 kg/m³](https://doi.org/10.31223/X52X0B)). +Some technical parameters were inferred with high confidence from publicly available data, such as well diameter +and geothermal gradient ([74 ℃/km](https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf)). +Other parameters were extrapolated or speculatively estimated based on plausibility and/or compatibility with known +results, such as reservoir volume. + +The Inputs and Results tables below highlight key input assumptions (for parameters lacking publicly available data) +and comparison of results with reference values. (Note that these are not the complete sets of inputs and results, +which are available in source code and +the [web interface](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4).) + +## Inputs + +| Parameter | Input Value(s) | Source | +|-----------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| Well diameter | 9⅝ inches | Next standard size up from 7", implied by announcement of "increasing casing diameter" | +| Flow Rate per Production Well | 107 kg/s | Maximum flow rate achieved at Cape Station per https://www.businesswire.com/news/home/20240910997008/en/Fervo-Energys-Record-Breaking-Production-Results-Showcase-Rapid-Scale-Up-of-Enhanced-Geothermal. The announced increased casing diameter implies higher flow rates. | +| Number of doublets | 54 | Estimate based on extrapolation from [Project Red](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Norbeck_Latimer_2023) and [Fervo_Project_Cape-3](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-3) | +| Reservoir size & geometry | Reservoir Volume = 5,801,599,999 m³; Fracture Separation = 10 m | Extrapolation to based on a resulting heat extraction profile that is plausible and compatible with required electricity production. Actual number and size of fractures not known. | +| Water Loss Rate | 15% | Water loss rate estimated to be between 10 and 20% | +| Maximum Drawdown | 0.009 | Tuned to keep minimum net electricity generation ≥ 500 MWe and number of times redrilling = 1 | +| Reservoir Impedance | 0.001 GPa.s/m³ | Same as 400 MWe case study (Fervo_Project_Cape-3) | +| Inflation Rate | 2.3% | US inflation rate as of April 2025 | +| PPA Price | Starting at 9.5 cents/kWh, escalating to 10 cents/kWh by project year 11 | Upper end of ranges given in https://atb.nrel.gov/electricity/2024/geothermal. Both PPAs 'firm for 10 years at less than $100/MWh' estimate given in a podcast. | +| Well Drilling Cost Correlation & Adjustment Factor | Vertical large baseline correlation + adjustment factor = 0.84 to align with Fervo claimed drilling costs of <$4M/well | Akindipe, D. and Witter. E. 2025. "2025 Geothermal Drilling Cost Curves Update". https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2025/Akindipe.pdf?t=1740084555; Latimer, T. (2025, February 12). Catching up with enhanced geothermal (D. Roberts, Interviewer). https://www.volts.wtf/p/catching-up-with-enhanced-geothermal. | +| Reservoir Stimulation Capital Cost Adjustment Factor | 2 | Estimated cost of ~$1.5M per well falls within typical range of $0.5–2M | +| Capital Cost for Power Plant for Electricity Generation | $1900/kW | https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf | +| Discount Rate | 7.5% | Intended to be approximately equivalent to the 8% inflated equity interest rate used in the 400 MWe BICYCLE case study ([Fervo_Project_Cape-3](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-3)) | +| Inflated Bond Interest Rate (debt annual interest rate) | 5.6% | | +| Fraction of Investment in Bonds (percent debt vs. equity) | 28.6% | It is estimated that Fervo currently has more equity financing than debt financing. This particular value is tuned in conjunction with discount rate and interest rate to create a WACC of 8.3% per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc. Note that this source says that Fervo ultimately wants to target "15% sponsor equity, 15% bridge loan, and 70% construction to term loans", but this case study does not attempt to model that capital structure. | +| Exploration Capital Cost | $30M | Estimate significantly higher exploration costs than default correlation in consideration of potential risks associated with second/third/fourth-of-a-kind EGS projects | +| Investment Tax Credit Rate (ITC) | 30% | Same as 400 MWe case study (Fervo_Project_Cape-3) | + +See `tests/examples/Fervo_Project_Cape-4.txt` in source code for the full set of inputs. + +## Results + +| Metric | Result Value(s) | Reference Value | Reference Source | +|-----------------------------------------------|-----------------------------------------------------------|----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| LCOE | $73/MWh | $80/MWh | https://www.nature.com/articles/s44359-024-00019-9 | +| Project capital costs | ~$4200/kW (based on maximum total electricity generation) | $4500/kW, $3000–$6000/kW | https://www.nature.com/articles/s44359-024-00019-9; Latimer, T. (2025, February 12). Catching up with enhanced geothermal (D. Roberts, Interviewer). https://www.volts.wtf/p/catching-up-with-enhanced-geothermal. | +| Maximum Total Electricity Generation | 564 MW | | Actual maximum total generation may be bounded or constrained by modular power plant design not modeled in this case study. For example, a modular design with 50MW units may constrain maximum total generation to 550 MW. | +| Minimum Net Electricity Generation | 505 MW | 500 MW | https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/. The 500 MW PPA is interpreted to mean that Cape Station's net electricity generation must never fall below 500 MWe. | +| Average Production Temperature | 200℃ | 204℃, 190.6–198.6℃ (optimal plant operating range) | https://jpt.spe.org/fervo-and-forge-report-breakthrough-test-results-signaling-more-progress-for-enhanced-geothermal; https://eartharxiv.org/repository/view/7665/. | +| Well Drilling and Completion Cost Correlation | $3.96M/well | $<4M/well | Latimer, T. (2025, February 12). Catching up with enhanced geothermal (D. Roberts, Interviewer). https://www.volts.wtf/p/catching-up-with-enhanced-geothermal | +| WACC | 8.3% | 8.3% | https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc | +| After-tax IRR | 18.80% | 15–25% | Typical levered returns for energy projects | +| Number of times redrilling | 1 | 1–2 | Redrilling expected to be required within 5–10 years of project start | + +See `tests/examples/Fervo_Project_Cape-4.out` in source code for the results. diff --git a/docs/GEOPHIRES-Examples.md b/docs/GEOPHIRES-Examples.md new file mode 100644 index 00000000..02ac8287 --- /dev/null +++ b/docs/GEOPHIRES-Examples.md @@ -0,0 +1,10 @@ +# GEOPHIRES Examples + +## Examples List + +View the list of all GEOPHIRES examples in the [README](https://github.com/NREL/GEOPHIRES-X?tab=readme-ov-file#examples) +or in the [web interface](https://gtp.scientificwebservices.com/geophires) under the Examples tab. + +## Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station + +See [Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station](Fervo_Project_Cape-4.html). diff --git a/docs/SAM-Economic-Models.md b/docs/SAM-Economic-Models.md index 64d9424a..1a4bab0f 100644 --- a/docs/SAM-Economic-Models.md +++ b/docs/SAM-Economic-Models.md @@ -20,7 +20,7 @@ The following table describes how GEOPHIRES parameters are transformed into SAM | `Maximum Total Electricity Generation` | Generation Profile | `Nameplate capacity` | `Singleowner` | `system_capacity` | .. N/A | | `Utilization Factor` | Generation Profile | `Nominal capacity factor` | `Singleowner` | `user_capacity_factor` | .. N/A | | `Net Electricity Generation` | AC Degradation | `Annual AC degradation rate` schedule | `Utilityrate5` | `degradation` | Percentage difference of each year's `Net Electricity Generation` from `Maximum Total Electricity Generation` is input as SAM as the degradation rate schedule in order to match SAM's generation profile to GEOPHIRES | -| `Total Capital Cost` + `Investment Tax Credit Value` + (`Inflation Rate During Construction` × `Total Capital Cost`) | Installation Costs | `Total Installed Cost` | `Singleowner` | `total_installed_cost` | ITC, if present, is added to GEOPHIRES total capital cost since SAM handles ITC credits in cash flow analysis. Inflation during construction is treated as an indirect EPC capital cost percentage. | +| `Total CAPEX` × (1 + `Inflation Rate During Construction`) | Installation Costs | `Total Installed Cost` | `Singleowner` | `total_installed_cost` | Inflation during construction is treated as an indirect EPC capital cost percentage. Note that unlike the BICYCLE Economic Model's `Total capital costs`, SAM Economic Model's `Total CAPEX` is the total installed cost and does not subtract ITC value (if present). | | `Total O&M Cost`, `Inflation Rate` | Operating Costs | `Fixed operating cost`, `Escalation rate` set to `Inflation Rate` × -1 | `Singleowner` | `om_fixed`, `om_fixed_escal` | .. N/A | | `Plant Lifetime` | Financial Parameters → Analysis Parameters | `Analysis period` | `CustomGeneration`, `Singleowner` | `CustomGeneration.analysis_period`, `Singleowner.term_tenor` | .. N/A | | `Inflation Rate` | Financial Parameters → Analysis Parameters | `Inflation rate` | `Utilityrate5` | `inflation_rate` | .. N/A | @@ -53,3 +53,103 @@ The following table describes how GEOPHIRES parameters are transformed into SAM 1. Project VIR=PI=PIR 2. Project MOIC 3. Project Payback Period + +## Using SAM Economic Models with Existing GEOPHIRES Inputs + +In many cases, all you need to do to use SAM Economic Models for your existing GEOPHIRES inputs is to change the +`Economic Model` parameter value. +For example, if your GEOPHIRES `.txt` file contained the following: + +``` +# *** Financial Parameters *** +Economic Model, 2, -- Standard Levelized Cost Model +Discount Rate, .05 +Inflation Rate During Construction, 0 +Plant Lifetime, 25 +``` + +You would change it to: + +``` +# *** Financial Parameters *** +Economic Model, 5, -- SAM Single Owner PPA Economic Model +Discount Rate, .05 +Inflation Rate During Construction, 0 +Plant Lifetime, 25 +``` + +For inputs with the BICYCLE economic model, such as the following: + +``` +# *** Financial Parameters *** +Economic Model, 3, -- BICYCLE +Inflated Equity Interest Rate, .08 +Plant Lifetime, 30 +``` + +Change `Economic Model` and replace `Inflated Equity Interest Rate` with a suitable `Discount Rate` and +`Inflation Rate`: + +``` +# *** Financial Parameters *** +Economic Model, 5, -- SAM Single Owner PPA Economic Model +Discount Rate, .08 +Inflation Rate, .03 +Plant Lifetime, 30 +``` + +## Recreating SAM Economic Model Results in the SAM Desktop Application + +First, open `src/geophires_sam_economics/Generic_400_MWe.sam` +in the SAM desktop application. + +Next, run GEOPHIRES for your input, e.g.: + +``` +python -mgeophires_x my-geophires-input.txt +``` + +Then check `src/geophires_x/all_messages_conf.log` for the SAM Economics Parameter Mapping entry: + +``` +23-05-2025 10:09:35 : INFO : EconomicsSam : calculate_sam_economics : 151 : (Process Details : (1378, MainProcess), Thread Details : (8589068352, MainThread)): SAM Economics Parameter Mapping: +----------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +SAM Module Parameter Value +Custom Generation analysis_period 20 +Custom Generation user_capacity_factor 90.0 +Utility Rate inflation_rate 2.0 +Utility Rate degradation [1.2734946600673935, 0.7001040275842613, 0.5267634676194525, 0.4244824247238818, 0.3529717582311231, 0.29852256883429373, 0.2548483024454293, 0.21855974702202877, 0.18762922644042462, 0.1607514026827296, 0.13703877682895466, 0.11586181507372084, 0.09675857340703789, 0.07938054662917803, 0.06345865490418974, 0.0487810281945756, 0.03517801101748528, 0.02251175220012943, 0.010668799824934945, 0.0] +Single Owner analysis_period 20 +Single Owner total_installed_cost 264606243.76608825 +Single Owner om_fixed [7193902.821741002] +Single Owner om_fixed_escal -2.0 +Single Owner system_capacity 59020.69007804236 +Single Owner federal_tax_rate [21.0] +Single Owner state_tax_rate [7.0] +Single Owner itc_fed_percent [30.0] +Single Owner property_tax_rate 0.0 +Single Owner ppa_price_input [0.08, 0.08, 0.08322, 0.08644, 0.08966, 0.09288, 0.0961, 0.09932, 0.10254, 0.10576, 0.10898000000000001, 0.1122, 0.11542, 0.11864, 0.12186, 0.12508, 0.1283, 0.13152, 0.13474, 0.13796] +Single Owner debt_percent 40.0 +Single Owner real_discount_rate 8.0 +Single Owner term_tenor 20 +Single Owner term_int_rate 5.0 +Single Owner ibi_oth_amount 0.0 +----------------- -------------------- ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +``` + +You can then manually enter the parameters from the logged mapping into the SAM desktop app. + +![](sam-desktop-app-manually-enter-system-capacity-from-geophires-log.png) + + +## Examples + +### SAM Single Owner PPA: 50 MWe + +[Web interface link](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=example_SAM-single-owner-PPA) + +### Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station + +[Web interface link](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4) + +See [Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station](Fervo_Project_Cape-4.html). diff --git a/docs/conf.py b/docs/conf.py index eadfd887..174c6605 100644 --- a/docs/conf.py +++ b/docs/conf.py @@ -18,7 +18,7 @@ year = '2025' author = 'NREL' copyright = f'{year}, {author}' -version = release = '3.9.8' +version = release = '3.9.13' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/docs/index.rst b/docs/index.rst index d45a88f8..5a9dbc04 100644 --- a/docs/index.rst +++ b/docs/index.rst @@ -11,6 +11,7 @@ Contents hip_ra_x_parameters Monte-Carlo-User-Guide SAM-Economic-Models + GEOPHIRES-Examples .. reference/index Indices and tables diff --git a/docs/overview.rst b/docs/overview.rst index 19c9fdea..c708e3e5 100644 --- a/docs/overview.rst +++ b/docs/overview.rst @@ -2,8 +2,5 @@ GEOPHIRES-X Reference Manual ============================ -This reference manual is a supplement to the README in the GitHub repository. - -+ :doc:`parameters` - -+ :doc:`How-to-extend-GEOPHIRES-X` +This reference manual is a supplement to the `Documentation section of the README `__ in the GitHub repository. +Click a topic in the Table of Contents on the left to view its documentation. diff --git a/docs/sam-desktop-app-manually-enter-system-capacity-from-geophires-log.png b/docs/sam-desktop-app-manually-enter-system-capacity-from-geophires-log.png new file mode 100644 index 00000000..fc3751d4 Binary files /dev/null and b/docs/sam-desktop-app-manually-enter-system-capacity-from-geophires-log.png differ diff --git a/setup.py b/setup.py index 853b078c..eb1eaa79 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.9.8', + version='3.9.13', license='MIT', description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.', long_description='{}\n{}'.format( diff --git a/src/geophires_sam_economics/Generic_400_MWe.sam b/src/geophires_sam_economics/Generic_400_MWe.sam index b1972ad1..410b9534 100644 Binary files a/src/geophires_sam_economics/Generic_400_MWe.sam and b/src/geophires_sam_economics/Generic_400_MWe.sam differ diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index 9f1f8f42..e0f83976 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, \ @@ -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", @@ -1575,18 +1575,33 @@ def __init__(self, model: Model): PreferredUnits=EnergyCostUnit.DOLLARSPERMMBTU, # $/MMBTU CurrentUnits=EnergyCostUnit.DOLLARSPERMMBTU ) + + # TODO https://github.com/NREL/GEOPHIRES-X/issues/383?title=Parameterize+indirect+cost+factor + contingency_and_indirect_costs_tooltip = 'plus 15% contingency plus 12% indirect costs' + + # noinspection SpellCheckingInspection self.Cstim = self.OutputParameterDict[self.Cstim.Name] = OutputParameter( - Name="O&M Surface Plant costs", # FIXME wrong name - should be Stimulation Costs + Name="Stimulation costs", UnitType=Units.CURRENCY, PreferredUnits=CurrencyUnit.MDOLLARS, - CurrentUnits=CurrencyUnit.MDOLLARS + CurrentUnits=CurrencyUnit.MDOLLARS, + ToolTipText=f'Default correlation: $1.25M per injection well {contingency_and_indirect_costs_tooltip}. ' + f'Provide {self.ccstimadjfactor.Name} to multiply the default correlation. ' + f'Provide {self.ccstimfixed.Name} to override the default correlation and set your own cost.' ) + + # 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 ' + f'{contingency_and_indirect_costs_tooltip}. ' + 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 +1612,7 @@ 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." ) @@ -1776,6 +1792,8 @@ 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] = ( @@ -2284,7 +2302,13 @@ def Calculate(self, model: Model) -> None: if self.ccstimfixed.Valid: self.Cstim.value = self.ccstimfixed.value else: - self.Cstim.value = 1.05 * 1.15 * self.ccstimadjfactor.value * model.wellbores.ninj.value * 1.25 # 1.15 for 15% contingency and 1.05 for 5% indirect costs + base_stimulation_cost_MUSD_per_injection_well = 1.25 # TODO parameterize + + # 1.15 for 15% contingency and 1.05 for 5% indirect costs + # TODO https://github.com/NREL/GEOPHIRES-X/issues/383?title=Parameterize+indirect+cost+factor + self.Cstim.value = (base_stimulation_cost_MUSD_per_injection_well * self.ccstimadjfactor.value + * model.wellbores.ninj.value + * 1.05 * 1.15) # field gathering system costs (M$) if self.ccgathfixed.Valid: @@ -2763,11 +2787,19 @@ def Calculate(self, model: Model) -> None: non_calculated_output_placeholder_val = -1 if self.econmodel.value == EconomicModel.SAM_SINGLE_OWNER_PPA: self.sam_economics_calculations = calculate_sam_economics(model) + + # Distinguish capex from default display name of 'Total capital costs' since SAM Economic Model doesn't + # subtract ITC from this value. + self.CCap.display_name = 'Total CAPEX' + self.CCap.value = self.sam_economics_calculations.capex.quantity().to(self.CCap.CurrentUnits.value).magnitude + self.wacc.value = self.sam_economics_calculations.wacc.value 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..0cbf4071 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 @@ -267,11 +270,7 @@ def _get_single_owner_parameters(model: Model) -> dict[str, Any]: itc = econ.RITCValue.quantity() total_capex = econ.CCap.quantity() + itc - - # 'Inflation Rate During Construction' - construction_additional_cost = econ.inflrateconstruction.value * total_capex - - ret['total_installed_cost'] = (total_capex + construction_additional_cost).to('USD').magnitude + ret['total_installed_cost'] = (total_capex * (1 + econ.inflrateconstruction.value)).to('USD').magnitude opex_musd = econ.Coam.value ret['om_fixed'] = [opex_musd * 1e6] diff --git a/src/geophires_x/EconomicsUtils.py b/src/geophires_x/EconomicsUtils.py index 03ad6d26..61526aa6 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 75ab9b76..05e605a2 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 @@ -220,6 +221,9 @@ def PrintOutputs(self, model: Model): f.write(f' {model.economics.LCOE.display_name}: {model.economics.LCOE.value:10.2f} {model.economics.LCOE.CurrentUnits.value}\n') f.write(f' {model.economics.LCOH.display_name}: {model.economics.LCOH.value:10.2f} {model.economics.LCOH.CurrentUnits.value}\n') + if econ.econmodel.value == EconomicModel.SAM_SINGLE_OWNER_PPA: + f.write(f' {Outputs._field_label(econ.CCap.display_name, 50)}{econ.CCap.value:10.2f} {econ.CCap.CurrentUnits.value}\n') + f.write(f' Number of production wells: {model.wellbores.nprod.value:10.0f}'+NL) f.write(f' Number of injection wells: {model.wellbores.ninj.value:10.0f}'+NL) f.write(f' Flowrate per production well: {model.wellbores.prodwellflowrate.value:10.1f} ' + model.wellbores.prodwellflowrate.CurrentUnits.value + NL) @@ -274,7 +278,12 @@ 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') - f.write(f' {econ.ProjectIRR.display_name}: {econ.ProjectIRR.value:10.2f} {econ.ProjectIRR.PreferredUnits.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) @@ -374,7 +383,8 @@ def PrintOutputs(self, model: Model): elif model.reserv.resvoloption.value == ReservoirVolume.RES_VOL_ONLY: f.write(' Reservoir volume provided as input\n') if model.reserv.resvoloption.value in [ReservoirVolume.FRAC_NUM_SEP, ReservoirVolume.RES_VOL_FRAC_SEP, ReservoirVolume.FRAC_NUM_SEP]: - f.write(f' {model.reserv.fracnumbcalc.display_name}: {model.reserv.fracnumbcalc.value:10.2f}\n') + frac_num_label = Outputs._field_label(model.reserv.fracnumbcalc.display_name, 56) + f.write(f' {frac_num_label}{math.ceil(model.reserv.fracnumbcalc.value)}\n') f.write(f' {model.reserv.fracsepcalc.display_name}: {model.reserv.fracsepcalc.value:10.2f} {model.reserv.fracsep.CurrentUnits.value}\n') f.write(f' Reservoir volume: {model.reserv.resvolcalc.value:10.0f} {model.reserv.resvol.CurrentUnits.value}\n') @@ -451,7 +461,7 @@ def PrintOutputs(self, model: Model): f.write(f' Drilling and completion costs per injection well: {econ.cost_one_injection_well.value:10.2f} ' + econ.cost_one_injection_well.CurrentUnits.value + NL) else: f.write(f' Drilling and completion costs per well: {model.economics.Cwell.value/(model.wellbores.nprod.value+model.wellbores.ninj.value):10.2f} ' + model.economics.Cwell.CurrentUnits.value + NL) - f.write(f' Stimulation costs: {model.economics.Cstim.value:10.2f} ' + model.economics.Cstim.CurrentUnits.value + NL) + f.write(f' {econ.Cstim.display_name}: {econ.Cstim.value:10.2f} {econ.Cstim.CurrentUnits.value}\n') f.write(f' Surface power plant costs: {model.economics.Cplant.value:10.2f} ' + model.economics.Cplant.CurrentUnits.value + NL) if model.surfaceplant.plant_type.value == PlantType.ABSORPTION_CHILLER: f.write(f' of which Absorption Chiller Cost: {model.economics.chillercapex.value:10.2f} ' + model.economics.Cplant.CurrentUnits.value + NL) @@ -472,7 +482,10 @@ def PrintOutputs(self, model: Model): f.write(f' Stimulation costs (for redrilling): {model.economics.Cstim.value:10.2f} ' + model.economics.Cstim.CurrentUnits.value + NL) if model.economics.RITCValue.value: f.write(f' {model.economics.RITCValue.display_name}: {-1*model.economics.RITCValue.value:10.2f} {model.economics.RITCValue.CurrentUnits.value}\n') - f.write(f' {model.economics.CCap.display_name}: {model.economics.CCap.value:10.2f} {model.economics.CCap.CurrentUnits.value}\n') + + capex_label = Outputs._field_label(econ.CCap.display_name, 50) + f.write(f' {capex_label}{econ.CCap.value:10.2f} {econ.CCap.CurrentUnits.value}\n') + if model.economics.econmodel.value == EconomicModel.FCR: f.write(f' Annualized capital costs: {(model.economics.CCap.value*(1+model.economics.inflrateconstruction.value)*model.economics.FCR.value):10.2f} ' + model.economics.CCap.CurrentUnits.value + NL) diff --git a/src/geophires_x/Reservoir.py b/src/geophires_x/Reservoir.py index a04c7b71..464611b5 100644 --- a/src/geophires_x/Reservoir.py +++ b/src/geophires_x/Reservoir.py @@ -430,7 +430,7 @@ def __init__(self, model: Model): ) self.fracnumbcalc = self.OutputParameterDict[self.fracnumbcalc.Name] = OutputParameter( - "Calculated Number of Fractures", + "Calculated Number of Fractures. Displayed rounded up to the nearest whole number.", display_name='Number of fractures', value=self.fracnumb.value, UnitType=Units.NONE diff --git a/src/geophires_x/SUTRAWellBores.py b/src/geophires_x/SUTRAWellBores.py index e828d647..ab77aea1 100644 --- a/src/geophires_x/SUTRAWellBores.py +++ b/src/geophires_x/SUTRAWellBores.py @@ -98,9 +98,9 @@ def __init__(self, model: Model): PreferredUnits=ImpedanceUnit.GPASPERM3, CurrentUnits=ImpedanceUnit.GPASPERM3, ErrMessage="assume default reservoir impedance (0.1 GPa*s/m^3)", - ToolTipText="Reservoir resistance to flow per well-pair. For EGS-type reservoirs when the injection well \ - is in hydraulic communication with the production well, this parameter specifies the overall pressure drop \ - in the reservoir between injection well and production well (see docs)", + ToolTipText='Reservoir resistance to flow per well-pair. For EGS-type reservoirs when the injection well ' + 'is in hydraulic communication with the production well, this parameter specifies the overall ' + 'pressure drop in the reservoir between injection well and production well (see docs)', ) self.Tinj = self.ParameterDict[self.Tinj.Name] = floatParameter( diff --git a/src/geophires_x/WellBores.py b/src/geophires_x/WellBores.py index 9f250d49..d4f6e51d 100644 --- a/src/geophires_x/WellBores.py +++ b/src/geophires_x/WellBores.py @@ -807,9 +807,10 @@ def __init__(self, model: Model): PreferredUnits=ImpedanceUnit.GPASPERM3, CurrentUnits=ImpedanceUnit.GPASPERM3, ErrMessage="assume default reservoir impedance (0.1 GPa*s/m^3)", - ToolTipText="Reservoir resistance to flow per well-pair. For EGS-type reservoirs when the injection well " - "is in hydraulic communication with the production well, this parameter specifies the overall " - "pressure drop in the reservoir between injection well and production well (see docs)" + ToolTipText='Reservoir resistance to flow per well-pair. ' + 'For EGS-type reservoirs when the injection well is in hydraulic communication with the ' + 'production well, this parameter specifies the overall pressure drop in the reservoir between ' + 'injection well and production well (see docs)' ) self.wellsep = self.ParameterDict[self.wellsep.Name] = floatParameter( "Well Separation", diff --git a/src/geophires_x/__init__.py b/src/geophires_x/__init__.py index da437954..b1eb5f0e 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.9.8' +__version__ = '3.9.13' 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, diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index 71665351..7b34f3dc 100644 --- a/src/geophires_x_client/geophires_x_result.py +++ b/src/geophires_x_client/geophires_x_result.py @@ -27,6 +27,12 @@ def __init__(self, field_name: str): self.field_name: str = field_name +class _UnlabeledStringField: + def __init__(self, field_name: str, marker_prefixes: list[str]): + self.field_name: str = field_name + self.marker_prefixes = marker_prefixes + + class GeophiresXResult: _RESULT_FIELDS_BY_CATEGORY = MappingProxyType( { @@ -36,6 +42,7 @@ class GeophiresXResult: _StringValueField('Surface Application'), 'Average Net Electricity Production', 'Electricity breakeven price', + 'Total CAPEX', 'Average Direct-Use Heat Production', 'Direct-Use heat breakeven price', 'Direct-Use heat breakeven price (LCOH)', @@ -75,6 +82,8 @@ class GeophiresXResult: 'Capacity factor', 'Project NPV', 'Project IRR', + 'After-Tax IRR', + 'After-tax IRR', 'Project VIR=PI=PIR', 'Project MOIC', 'Fixed Charge Rate (FCR)', # SUTRA @@ -171,7 +180,15 @@ class GeophiresXResult: 'Fracture area', 'Number of fractures', 'Fracture separation', - # TODO reservoir volume note + _UnlabeledStringField( + 'Reservoir volume calculation note', + [ + 'Reservoir volume calculated', + 'Number of fractures calculated', + 'Fracture separation calculated', + 'Reservoir volume provided as input', + ], + ), 'Reservoir volume', 'Reservoir impedance', 'Reservoir hydrostatic pressure', @@ -375,6 +392,10 @@ def __init__(self, output_file_path, logger_name=None): for field in fields: if isinstance(field, _EqualSignDelimitedField): self.result[category][field.field_name] = self._get_equal_sign_delimited_field(field.field_name) + elif isinstance(field, _UnlabeledStringField): + self.result[category][field.field_name] = self._get_unlabeled_string_field( + field.field_name, field.marker_prefixes + ) else: is_string_field = isinstance(field, _StringValueField) field_name = field.field_name if is_string_field else field @@ -594,6 +615,27 @@ def _get_equal_sign_delimited_field(self, field_name): self._logger.error(f'Unexpected error extracting equal sign-delimited field {field_name}') # Shouldn't happen return None + def _get_unlabeled_string_field(self, field_name: str, marker_prefixes: list[str]): + matching_lines = set(filter(lambda line: any(m in line for m in marker_prefixes), self._lines)) + + if len(matching_lines) == 0: + self._logger.debug(f'Unlabeled string field not found: {field_name}') + return None + + if len(matching_lines) > 1: + self._logger.warning( + f'Found multiple ({len(matching_lines)}) entries for unlabeled string field: ' + f'{field_name}\n\t{matching_lines}' + ) + + matching_line = matching_lines.pop() + for marker_prefix in marker_prefixes: + if marker_prefix in matching_line: + return matching_line.strip() + + self._logger.error(f'Unexpected error extracting unlabeled string field {field_name}') # Shouldn't happen + return None + @property def power_generation_profile(self): return self.result['POWER GENERATION PROFILE'] @@ -862,8 +904,8 @@ def _parse_number(self, number_str, field='string') -> int | float: return None try: - number_str = number_str.replace(',', '') - if '.' in number_str: + 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/src/geophires_x_schema_generator/__init__.py b/src/geophires_x_schema_generator/__init__.py index fa775f8f..ccba5354 100644 --- a/src/geophires_x_schema_generator/__init__.py +++ b/src/geophires_x_schema_generator/__init__.py @@ -140,7 +140,9 @@ def generate_json_schema(self) -> Tuple[dict, dict]: 'properties': properties, } - return request_schema, self.get_result_json_schema(output_params_json) + result_schema = self.get_result_json_schema(output_params_json) + + return request_schema, result_schema def get_result_json_schema(self, output_params_json) -> dict: properties = {} @@ -165,6 +167,11 @@ def get_result_json_schema(self, output_params_json) -> dict: for field in GeophiresXResult._RESULT_FIELDS_BY_CATEGORY[category]: param_name = field if isinstance(field, str) else field.field_name + ignored_output_param_names = ['After-Tax IRR'] # Silently ignored in favor of "After-tax IRR" + + if param_name in ignored_output_param_names: + continue + if param_name in properties: _log.warning(f'Param {param_name} is already in properties: {properties[param_name]}') diff --git a/src/geophires_x_schema_generator/geophires-request.json b/src/geophires_x_schema_generator/geophires-request.json index 21fc70ac..7023a7b4 100644 --- a/src/geophires_x_schema_generator/geophires-request.json +++ b/src/geophires_x_schema_generator/geophires-request.json @@ -693,7 +693,7 @@ "maximum": 500.0 }, "Reservoir Impedance": { - "description": "Reservoir resistance to flow per well-pair. For EGS-type reservoirs when the injection well is in hydraulic communication with the production well, this parameter specifies the overall pressure drop in the reservoir between injection well and production well (see docs)", + "description": "Reservoir resistance to flow per well-pair. For EGS-type reservoirs when the injection well is in hydraulic communication with the production well, this parameter specifies the overall pressure drop in the reservoir between injection well and production well (see docs)", "type": "number", "units": "GPa.s/m**3", "category": "Well Bores", @@ -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", diff --git a/src/geophires_x_schema_generator/geophires-result.json b/src/geophires_x_schema_generator/geophires-result.json index 936e8f50..9c5d9f3f 100644 --- a/src/geophires_x_schema_generator/geophires-result.json +++ b/src/geophires_x_schema_generator/geophires-result.json @@ -102,6 +102,11 @@ "description": "Project Internal Rate of Return", "units": "%" }, + "After-tax IRR": { + "type": "number", + "description": "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.", + "units": "%" + }, "Project VIR=PI=PIR": { "type": "number", "description": "Project Value Investment Ratio", @@ -241,7 +246,7 @@ }, "Number of fractures": { "type": "number", - "description": "Calculated Number of Fractures", + "description": "Calculated Number of Fractures. Displayed rounded up to the nearest whole number.", "units": null }, "Fracture separation": { @@ -338,7 +343,11 @@ }, "Drilling and completion costs (for redrilling)": {}, "Drilling and completion costs per redrilled well": {}, - "Stimulation costs": {}, + "Stimulation costs": { + "type": "number", + "description": "Default correlation: $1.25M per injection well plus 15% contingency plus 12% indirect costs. Provide Reservoir Stimulation Capital Cost Adjustment Factor to multiply the default correlation. Provide Reservoir Stimulation Capital Cost to override the default correlation and set your own cost.", + "units": "MUSD" + }, "Stimulation costs (for redrilling)": {}, "Surface power plant costs": {}, "of which Absorption Chiller Cost": {}, @@ -362,7 +371,7 @@ "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": { diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out new file mode 100644 index 00000000..5203034c --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -0,0 +1,412 @@ + ***************** + ***CASE REPORT*** + ***************** + +Simulation Metadata +---------------------- + GEOPHIRES Version: 3.9.13 + Simulation Date: 2025-05-30 + Simulation Time: 09:38 + Calculation Time: 1.052 sec + + ***SUMMARY OF RESULTS*** + + End-Use Option: Electricity + Average Net Electricity Production: 525.19 MW + Electricity breakeven price: 7.30 cents/kWh + Total CAPEX: 2372.78 MUSD + Number of production wells: 54 + Number of injection wells: 54 + Flowrate per production well: 107.0 kg/sec + Well depth: 2.6 kilometer + Geothermal gradient: 74 degC/km + + + ***ECONOMIC PARAMETERS*** + + Economic Model = SAM Single Owner PPA + Real Discount Rate: 7.50 % + Nominal Discount Rate: 9.97 % + WACC: 8.30 % + Accrued financing during construction: 5.00 % + Project lifetime: 20 yr + Capacity factor: 90.0 % + Project NPV: 869.26 MUSD + After-tax IRR: 18.80 % + Estimated Jobs Created: 1196 + + ***ENGINEERING PARAMETERS*** + + Number of Production Wells: 54 + Number of Injection Wells: 54 + Well depth: 2.6 kilometer + Water loss rate: 15.0 % + Pump efficiency: 80.0 % + Injection temperature: 56.7 degC + Production Wellbore heat transmission calculated with Ramey's model + Average production well temperature drop: 1.6 degC + Flowrate per production well: 107.0 kg/sec + Injection well casing ID: 9.625 in + Production well casing ID: 9.625 in + Number of times redrilling: 1 + 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: 500.00 meter + Fracture width: 500.00 meter + Fracture area: 250000.00 m**2 + Number of fractures calculated with reservoir volume and fracture separation as input + Number of fractures: 2322 + Fracture separation: 10.00 meter + Reservoir volume: 5801599999 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: 199.7 degC + Average Production Temperature: 199.4 degC + Minimum Production Temperature: 196.6 degC + Initial Production Temperature: 198.2 degC + Average Reservoir Heat Extraction: 3454.60 MW + Production Wellbore Heat Transmission Model = Ramey Model + Average Production Well Temperature Drop: 1.6 degC + Total Average Pressure Drop: 4324.2 kPa + Average Injection Well Pressure Drop: 601.4 kPa + Average Reservoir Pressure Drop: 6067.3 kPa + Average Production Well Pressure Drop: 504.3 kPa + Average Buoyancy Pressure Drop: -2848.9 kPa + + + ***CAPITAL COSTS (M$)*** + + Drilling and completion costs: 456.07 MUSD + Drilling and completion costs per vertical production well: 3.96 MUSD + Drilling and completion costs per vertical injection well: 3.96 MUSD + Drilling and completion costs per non-vertical section: 2.08 MUSD + Stimulation costs: 163.01 MUSD + Surface power plant costs: 1536.20 MUSD + Field gathering system costs: 74.51 MUSD + Total surface equipment costs: 1610.71 MUSD + Exploration costs: 30.00 MUSD + Investment Tax Credit: -677.94 MUSD + Total CAPEX: 2372.78 MUSD + + + ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** + + Wellfield maintenance costs: 6.25 MUSD/yr + Power plant maintenance costs: 25.87 MUSD/yr + Water costs: 22.75 MUSD/yr + Total operating and maintenance costs: 85.83 MUSD/yr + + + ***SURFACE EQUIPMENT SIMULATION RESULTS*** + + Initial geofluid availability: 0.19 MW/(kg/s) + Maximum Total Electricity Generation: 563.56 MW + Average Total Electricity Generation: 561.38 MW + Minimum Total Electricity Generation: 541.74 MW + Initial Total Electricity Generation: 553.17 MW + Maximum Net Electricity Generation: 527.45 MW + Average Net Electricity Generation: 525.19 MW + Minimum Net Electricity Generation: 504.82 MW + Initial Net Electricity Generation: 516.90 MW + Average Annual Total Electricity Generation: 4426.11 GWh + Average Annual Net Electricity Generation: 4140.79 GWh + Initial pumping power/net installed power: 7.02 % + Average Pumping Power: 36.19 MW + Heat to Power Conversion Efficiency: 15.20 % + + ************************************************************ + * 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 198.23 36.2693 516.9019 15.0882 + 2 1.0051 199.24 36.2121 523.9642 15.1856 + 3 1.0060 199.43 36.2016 525.2604 15.2034 + 4 1.0065 199.52 36.1962 525.9328 15.2126 + 5 1.0069 199.59 36.1926 526.3767 15.2187 + 6 1.0071 199.63 36.1899 526.7038 15.2231 + 7 1.0073 199.67 36.1879 526.9605 15.2267 + 8 1.0074 199.70 36.1861 527.1709 15.2295 + 9 1.0075 199.72 36.1851 527.3367 15.2318 + 10 1.0076 199.72 36.1883 527.3491 15.2319 + 11 1.0070 199.61 36.2172 526.5485 15.2206 + 12 1.0038 198.99 36.3640 522.0564 15.1573 + 13 0.9931 196.86 36.8516 506.8961 14.9406 + 14 1.0048 199.19 36.1704 523.6325 15.1818 + 15 1.0059 199.40 36.1581 525.1531 15.2026 + 16 1.0065 199.51 36.1397 525.8986 15.2130 + 17 1.0068 199.58 36.1167 526.3890 15.2200 + 18 1.0071 199.62 36.0925 526.7528 15.2253 + 19 1.0072 199.66 36.0706 527.0391 15.2295 + 20 1.0074 199.69 36.0533 527.2711 15.2329 + + + ******************************************************************* + * 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 4112.7 27139.7 1682.50 5.49 + 2 4136.8 27223.1 1584.50 10.99 + 3 4144.0 27248.3 1486.40 16.50 + 4 4148.3 27263.1 1388.26 22.02 + 5 4151.3 27273.5 1290.07 27.53 + 6 4153.6 27281.4 1191.86 33.05 + 7 4155.4 27287.7 1093.62 38.57 + 8 4156.9 27292.9 995.37 44.09 + 9 4157.8 27295.9 897.10 49.61 + 10 4155.5 27288.5 798.86 55.13 + 11 4137.7 27228.3 700.84 60.63 + 12 4066.4 26986.4 603.69 66.09 + 13 4092.9 27071.0 506.24 71.56 + 14 4135.3 27216.7 408.26 77.07 + 15 4143.5 27245.1 310.17 82.58 + 16 4148.2 27261.0 212.03 88.09 + 17 4151.5 27272.0 113.85 93.60 + 18 4154.1 27280.2 15.65 99.12 + 19 4156.1 27286.7 -82.59 104.64 + 20 4157.7 27292.0 -180.84 110.16 + + *************************** + * 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 4,112,811,740 4,136,847,195 4,144,111,251 4,148,397,130 4,151,393,429 4,153,675,290 4,155,501,374 4,157,009,910 4,157,844,807 4,155,631,906 4,137,803,685 4,066,464,241 4,092,974,025 4,135,343,230 4,143,584,865 4,148,319,889 4,151,640,310 4,154,182,648 4,156,212,259 4,157,819,682 +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 4,112,811,740 4,136,847,195 4,144,111,251 4,148,397,130 4,151,393,429 4,153,675,290 4,155,501,374 4,157,009,910 4,157,844,807 4,155,631,906 4,137,803,685 4,066,464,241 4,092,974,025 4,135,343,230 4,143,584,865 4,148,319,889 4,151,640,310 4,154,182,648 4,156,212,259 4,157,819,682 + +REVENUE +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 +PPA revenue ($) 0 390,717,115 393,000,484 396,052,712 398,826,900 401,481,259 404,069,532 406,615,809 409,132,915 411,585,057 413,734,713 413,780,369 406,646,424 409,297,403 413,534,323 414,358,486 414,831,989 415,164,031 415,418,265 415,621,226 415,781,968 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,186,390,626 +Total revenue ($) 0 390,717,115 393,000,484 396,052,712 398,826,900 401,481,259 404,069,532 406,615,809 409,132,915 411,585,057 413,734,713 413,780,369 406,646,424 409,297,403 413,534,323 414,358,486 414,831,989 415,164,031 415,418,265 415,621,226 1,602,172,594 + +Property tax net assessed value ($) 0 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 2,372,781,251 + +OPERATING EXPENSES +O&M fixed expense ($) 0 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 +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 ($) 0 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 85,826,598 + +EBITDA ($) 0 304,890,517 307,173,885 310,226,114 313,000,302 315,654,660 318,242,934 320,789,211 323,306,317 325,758,459 327,908,114 327,953,770 320,819,826 323,470,804 327,707,725 328,531,888 329,005,391 329,337,433 329,591,667 329,794,628 1,516,345,996 + +OPERATING ACTIVITIES +EBITDA ($) 0 304,890,517 307,173,885 310,226,114 313,000,302 315,654,660 318,242,934 320,789,211 323,306,317 325,758,459 327,908,114 327,953,770 320,819,826 323,470,804 327,707,725 328,531,888 329,005,391 329,337,433 329,591,667 329,794,628 1,516,345,996 +Interest earned on reserves ($) 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 ($) 0 38,002,465 36,924,146 35,785,442 34,582,971 33,313,161 31,972,242 30,556,231 29,060,923 27,481,879 25,814,408 24,053,558 22,194,101 20,230,515 18,156,967 15,967,301 13,655,014 11,213,238 8,634,723 5,911,812 3,036,417 +Cash flow from operating activities ($) 0 266,888,053 270,249,739 274,440,672 278,417,331 282,341,500 286,270,693 290,232,981 294,245,394 298,276,580 302,093,707 303,900,212 298,625,725 303,240,290 309,550,758 312,564,587 315,350,377 318,124,194 320,956,943 323,882,816 1,513,309,579 + +INVESTING ACTIVITIES +Total installed cost ($) -2,372,781,251 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 +minus: +Total IBI income ($) 0 +Total CBI income ($) 0 +equals: +Purchase of property ($) -2,372,781,251 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash flow from investing activities ($) -2,372,781,251 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 ($) 1,694,165,813 +Size of debt ($) 678,615,438 +minus: +Debt principal payment ($) 0 19,255,683 20,334,001 21,472,705 22,675,177 23,944,987 25,285,906 26,701,917 28,197,224 29,776,269 31,443,740 33,204,589 35,064,046 37,027,633 39,101,180 41,290,846 43,603,134 46,044,909 48,623,424 51,346,336 54,221,731 +equals: +Cash flow from financing activities ($) 2,372,781,251 -19,255,683 -20,334,001 -21,472,705 -22,675,177 -23,944,987 -25,285,906 -26,701,917 -28,197,224 -29,776,269 -31,443,740 -33,204,589 -35,064,046 -37,027,633 -39,101,180 -41,290,846 -43,603,134 -46,044,909 -48,623,424 -51,346,336 -54,221,731 + +PROJECT RETURNS +Pre-tax Cash Flow: +Cash flow from operating activities ($) 0 266,888,053 270,249,739 274,440,672 278,417,331 282,341,500 286,270,693 290,232,981 294,245,394 298,276,580 302,093,707 303,900,212 298,625,725 303,240,290 309,550,758 312,564,587 315,350,377 318,124,194 320,956,943 323,882,816 1,513,309,579 +Cash flow from investing activities ($) -2,372,781,251 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 ($) 2,372,781,251 -19,255,683 -20,334,001 -21,472,705 -22,675,177 -23,944,987 -25,285,906 -26,701,917 -28,197,224 -29,776,269 -31,443,740 -33,204,589 -35,064,046 -37,027,633 -39,101,180 -41,290,846 -43,603,134 -46,044,909 -48,623,424 -51,346,336 -54,221,731 +Total pre-tax cash flow ($) 0 247,632,370 249,915,738 252,967,967 255,742,154 258,396,513 260,984,787 263,531,064 266,048,170 268,500,312 270,649,967 270,695,623 263,561,678 266,212,657 270,449,577 271,273,741 271,747,243 272,079,285 272,333,519 272,536,480 1,459,087,848 + +Pre-tax Returns: +Issuance of equity ($) 1,694,165,813 +Total pre-tax cash flow ($) 0 247,632,370 249,915,738 252,967,967 255,742,154 258,396,513 260,984,787 263,531,064 266,048,170 268,500,312 270,649,967 270,695,623 263,561,678 266,212,657 270,449,577 271,273,741 271,747,243 272,079,285 272,333,519 272,536,480 1,459,087,848 +Total pre-tax returns ($) -1,694,165,813 247,632,370 249,915,738 252,967,967 255,742,154 258,396,513 260,984,787 263,531,064 266,048,170 268,500,312 270,649,967 270,695,623 263,561,678 266,212,657 270,449,577 271,273,741 271,747,243 272,079,285 272,333,519 272,536,480 1,459,087,848 + +After-tax Returns: +Total pre-tax returns ($) -1,694,165,813 247,632,370 249,915,738 252,967,967 255,742,154 258,396,513 260,984,787 263,531,064 266,048,170 268,500,312 270,649,967 270,695,623 263,561,678 266,212,657 270,449,577 271,273,741 271,747,243 272,079,285 272,333,519 272,536,480 1,459,087,848 +Federal ITC total income ($) 0 711,834,375 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 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) ($) 0 -42,275,898 -33,085,096 -33,903,586 -34,680,227 -35,446,617 -36,213,989 -36,987,824 -37,771,448 -38,558,739 -39,304,223 -39,657,034 -38,626,926 -39,528,151 -40,760,585 -41,349,186 -41,893,251 -42,434,978 -42,988,213 -43,559,636 -275,854,683 +State ITC total income ($) 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 -15,152,652 -11,858,458 -12,151,823 -12,430,189 -12,704,881 -12,979,924 -13,257,284 -13,538,153 -13,820,336 -14,087,535 -14,213,991 -13,844,777 -14,167,796 -14,609,529 -14,820,497 -15,015,502 -15,209,669 -15,407,962 -15,612,773 -98,872,646 +Total after-tax returns ($) -1,694,165,813 902,038,195 204,972,184 206,912,558 208,631,738 210,245,015 211,790,874 213,285,956 214,738,568 216,121,237 217,258,208 216,824,598 211,089,975 212,516,710 215,079,463 215,104,058 214,838,490 214,434,638 213,937,344 213,364,071 1,084,360,519 + +After-tax cumulative IRR (%) NaN -46.76 -29.58 -15.39 -5.60 1.03 5.60 8.83 11.17 12.90 14.19 15.18 15.91 16.49 16.96 17.32 17.62 17.85 18.04 18.20 18.80 +After-tax cumulative NPV ($) -1,694,165,813 -873,926,030 -704,442,800 -548,869,682 -406,228,810 -275,519,893 -155,789,984 -46,148,836 54,228,871 146,091,858 230,063,996 306,268,997 373,730,876 435,489,813 492,325,560 544,013,251 590,955,785 633,561,246 672,213,323 707,266,181 869,257,498 + +AFTER-TAX LCOE AND PPA PRICE +Annual costs ($) -1,694,165,813 511,321,080 -188,028,300 -189,140,154 -190,195,162 -191,236,244 -192,278,659 -193,329,854 -194,394,347 -195,463,821 -196,476,504 -196,955,770 -195,556,449 -196,780,693 -198,454,860 -199,254,429 -199,993,499 -200,729,393 -201,480,921 -202,257,155 668,578,550 +PPA revenue ($) 0 390,717,115 393,000,484 396,052,712 398,826,900 401,481,259 404,069,532 406,615,809 409,132,915 411,585,057 413,734,713 413,780,369 406,646,424 409,297,403 413,534,323 414,358,486 414,831,989 415,164,031 415,418,265 415,621,226 415,781,968 +Electricity to grid (kWh) 0.0 4,112,811,740 4,136,847,195 4,144,111,251 4,148,397,130 4,151,393,429 4,153,675,290 4,155,501,374 4,157,009,910 4,157,844,807 4,155,631,906 4,137,803,685 4,066,464,241 4,092,974,025 4,135,343,230 4,143,584,865 4,148,319,889 4,151,640,310 4,154,182,648 4,156,212,259 4,157,819,682 + +Present value of annual costs ($) 2,576,354,849 +Present value of annual energy nominal (kWh) 35,311,986,370 +LCOE Levelized cost of energy nominal (cents/kWh) 7.30 + +Present value of PPA revenue ($) 3,445,612,347 +Present value of annual energy nominal (kWh) 35,311,986,370 +LPPA Levelized PPA price nominal (cents/kWh) 9.76 + +PROJECT STATE INCOME TAXES +EBITDA ($) 0 304,890,517 307,173,885 310,226,114 313,000,302 315,654,660 318,242,934 320,789,211 323,306,317 325,758,459 327,908,114 327,953,770 320,819,826 323,470,804 327,707,725 328,531,888 329,005,391 329,337,433 329,591,667 329,794,628 1,516,345,996 +State taxable PBI income ($) 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 38,002,465 36,924,146 35,785,442 34,582,971 33,313,161 31,972,242 30,556,231 29,060,923 27,481,879 25,814,408 24,053,558 22,194,101 20,230,515 18,156,967 15,967,301 13,655,014 11,213,238 8,634,723 5,911,812 3,036,417 +Total state tax depreciation ($) 0 50,421,602 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 +equals: +State taxable income ($) 0 216,466,451 169,406,536 173,597,469 177,574,128 181,498,296 185,427,489 189,389,777 193,402,191 197,433,377 201,250,503 203,057,009 197,782,521 202,397,086 208,707,554 211,721,384 214,507,174 217,280,991 220,113,740 223,039,613 1,412,466,376 + +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) ($) 0 -15,152,652 -11,858,458 -12,151,823 -12,430,189 -12,704,881 -12,979,924 -13,257,284 -13,538,153 -13,820,336 -14,087,535 -14,213,991 -13,844,777 -14,167,796 -14,609,529 -14,820,497 -15,015,502 -15,209,669 -15,407,962 -15,612,773 -98,872,646 + +PROJECT FEDERAL INCOME TAXES +EBITDA ($) 0 304,890,517 307,173,885 310,226,114 313,000,302 315,654,660 318,242,934 320,789,211 323,306,317 325,758,459 327,908,114 327,953,770 320,819,826 323,470,804 327,707,725 328,531,888 329,005,391 329,337,433 329,591,667 329,794,628 1,516,345,996 +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 -15,152,652 -11,858,458 -12,151,823 -12,430,189 -12,704,881 -12,979,924 -13,257,284 -13,538,153 -13,820,336 -14,087,535 -14,213,991 -13,844,777 -14,167,796 -14,609,529 -14,820,497 -15,015,502 -15,209,669 -15,407,962 -15,612,773 -98,872,646 +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 38,002,465 36,924,146 35,785,442 34,582,971 33,313,161 31,972,242 30,556,231 29,060,923 27,481,879 25,814,408 24,053,558 22,194,101 20,230,515 18,156,967 15,967,301 13,655,014 11,213,238 8,634,723 5,911,812 3,036,417 +Total federal tax depreciation ($) 0 50,421,602 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 100,843,203 +equals: +Federal taxable income ($) 0 201,313,799 157,548,078 161,445,646 165,143,939 168,793,416 172,447,565 176,132,493 179,864,037 183,613,041 187,162,968 188,843,018 183,937,745 188,229,290 194,098,026 196,900,887 199,491,672 202,071,322 204,705,778 207,426,840 1,313,593,729 + +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) ($) 0 -42,275,898 -33,085,096 -33,903,586 -34,680,227 -35,446,617 -36,213,989 -36,987,824 -37,771,448 -38,558,739 -39,304,223 -39,657,034 -38,626,926 -39,528,151 -40,760,585 -41,349,186 -41,893,251 -42,434,978 -42,988,213 -43,559,636 -275,854,683 + +CASH INCENTIVES +Federal IBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 711,834,375 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 711,834,375 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +State ITC amount income ($) 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 ($) 678,615,438 659,359,755 639,025,753 617,553,048 594,877,871 570,932,884 545,646,978 518,945,061 490,747,837 460,971,568 429,527,829 396,323,239 361,259,193 324,231,560 285,130,380 243,839,534 200,236,400 154,191,491 105,568,067 54,221,731 0 +Debt interest payment ($) 0 38,002,465 36,924,146 35,785,442 34,582,971 33,313,161 31,972,242 30,556,231 29,060,923 27,481,879 25,814,408 24,053,558 22,194,101 20,230,515 18,156,967 15,967,301 13,655,014 11,213,238 8,634,723 5,911,812 3,036,417 +Debt principal payment ($) 0 19,255,683 20,334,001 21,472,705 22,675,177 23,944,987 25,285,906 26,701,917 28,197,224 29,776,269 31,443,740 33,204,589 35,064,046 37,027,633 39,101,180 41,290,846 43,603,134 46,044,909 48,623,424 51,346,336 54,221,731 +Debt total payment ($) 0 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 + +DSCR (DEBT FRACTION) +EBITDA ($) 0 304,890,517 307,173,885 310,226,114 313,000,302 315,654,660 318,242,934 320,789,211 323,306,317 325,758,459 327,908,114 327,953,770 320,819,826 323,470,804 327,707,725 328,531,888 329,005,391 329,337,433 329,591,667 329,794,628 1,516,345,996 +minus: +Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash available for debt service (CAFDS) ($) 0 304,890,517 307,173,885 310,226,114 313,000,302 315,654,660 318,242,934 320,789,211 323,306,317 325,758,459 327,908,114 327,953,770 320,819,826 323,470,804 327,707,725 328,531,888 329,005,391 329,337,433 329,591,667 329,794,628 1,516,345,996 +Debt total payment ($) 0 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 57,258,148 +DSCR (pre-tax) 0.0 5.32 5.36 5.42 5.47 5.51 5.56 5.60 5.65 5.69 5.73 5.73 5.60 5.65 5.72 5.74 5.75 5.75 5.76 5.76 26.48 + +RESERVES +Reserves working capital funding ($) 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..79d6ba55 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -0,0 +1,88 @@ +# Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station +# 500 MWe EGS Case Study Modeled on Fervo Cape Station after Fervo's April 2025 upsizing announcement: +# https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/ +# See https://softwareengineerprogrammer.github.io/GEOPHIRES/Fervo_Project_Cape-4.html +# for further documentation and discussion. + +# *** ECONOMIC/FINANCIAL PARAMETERS *** +# ************************************* +Economic Model, 5, -- SAM Single Owner PPA + +Starting Electricity Sale Price, 0.095, -- Upper end of ranges given in https://atb.nrel.gov/electricity/2024/geothermal +Ending Electricity Sale Price, 0.1 +Electricity Escalation Rate Per Year, 0.00057 +Electricity Escalation Start Year, 1 + +Fraction of Investment in Bonds, .286, -- Yields WACC = 8.3% target given in https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc +Inflated Bond Interest Rate, .056 +Discount Rate, 0.075 + +Inflation Rate, .023, -- US inflation as of April 2025 +Inflation Rate During Construction, 0.05 + +Combined Income Tax Rate, .28 +Investment Tax Credit Rate, 0.3 +Property Tax Rate, 0 + +Capital Cost for Power Plant for Electricity Generation, 1900, -- https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf +Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs than default correlation in consideration of potential risks associated with second/third/fourth-of-a-kind EGS projects + +Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE (2025 NREL Geothermal Drilling Cost Curve Update) +Well Drilling and Completion Capital Cost Adjustment Factor, 0.84, -- Adjust correlation-calculated value of $4.72M/well to $3.96M/well per Tim Latimer on 2025-02-12 Volts podcast: less than $4M/well + +Reservoir Stimulation Capital Cost Adjustment Factor, 2, -- Estimate; cost of ~$1.5M per well falls within typical range of $0.5-2M. + +# *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** +# ************************************************* +End-Use Option, 1 +Power Plant Type, 2, -- Supercritical ORC +Plant Lifetime, 20 + +Reservoir Model, 1, -- Multiple Parallel Fractures + +Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf + +Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) +Number of Segments, 1 +Reservoir Density, 2800, -- per https://doi.org/10.31223/X52X0B: phyllite + quartzite + diorite + granodiorite +Reservoir Heat Capacity, 790 +Reservoir Thermal Conductivity, 3.05 +Reservoir Porosity, 0.0118 +Reservoir Impedance, 0.001 + +Reservoir Volume Option, 2, -- RES_VOL_FRAC_SEP (Specify reservoir volume and fracture separation) +Reservoir Volume, 5801599999 m**3 +Fracture Shape, 4 +Fracture Separation, 10 + +Number of Injection Wells, 54 +Number of Production Wells, 54 +# Well Separation, 365 feet, -- Value given in paper but has no effect for MPF + FRAC_NUM_SEP Reservoir Model & Volume Option + +Production Flow Rate per Well, 107, -- Maximum flow rate achieved at Cape Station per https://www.businesswire.com/news/home/20240910997008/en/Fervo-Energys-Record-Breaking-Production-Results-Showcase-Rapid-Scale-Up-of-Enhanced-Geothermal +Production Well Diameter, 9.625, -- Next standard size up from 7", implied by announcement of "increasing casing diameter" +Injection Well Diameter, 9.625 + +Ramey Production Wellbore Model, 1 +Injection Temperature, 60 degC +Injection Wellbore Temperature Gain, 3 +Ambient Temperature, 10 degC +Surface Temperature, 10 degC + +Maximum Drawdown, 0.009, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe and triggers 1 redrilling over project lifetime. +Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% + +Utilization Factor, .9 +Plant Outlet Pressure, 1000 psi, -- https://doi.org/10.31223/X5VH8C +Production Wellhead Pressure, 325 psi, -- https://doi.org/10.31223/X5VH8C +Circulation Pump Efficiency, 0.80 + +Well Geometry Configuration, 4 +Number of Multilateral Sections, 3 +Nonvertical Length per Multilateral Section, 4700 feet +Multilaterals Cased, True + +# *** SIMULATION PARAMETERS *** +# ***************************** +Maximum Temperature, 500 +Time steps per year, 12 diff --git a/tests/examples/example2.out b/tests/examples/example2.out index 4ce62218..f8d4a569 100644 --- a/tests/examples/example2.out +++ b/tests/examples/example2.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-15 - Simulation Time: 10:12 - Calculation Time: 0.203 sec + GEOPHIRES Version: 3.9.12 + Simulation Date: 2025-05-29 + Simulation Time: 09:02 + Calculation Time: 0.215 sec ***SUMMARY OF RESULTS*** @@ -65,7 +65,7 @@ Simulation Metadata Well separation: fracture diameter: 300.00 meter Fracture area: 70685.83 m**2 Number of fractures calculated with reservoir volume and fracture separation as input - Number of fractures: 30.47 + Number of fractures: 31 Fracture separation: 60.00 meter Reservoir volume: 125000000 m**3 Reservoir impedance: 0.2000 GPa.s/m**3 diff --git a/tests/examples/example_SAM-single-owner-PPA-2.out b/tests/examples/example_SAM-single-owner-PPA-2.out new file mode 100644 index 00000000..8df4c5af --- /dev/null +++ b/tests/examples/example_SAM-single-owner-PPA-2.out @@ -0,0 +1,410 @@ + ***************** + ***CASE REPORT*** + ***************** + +Simulation Metadata +---------------------- + GEOPHIRES Version: 3.9.12 + Simulation Date: 2025-05-29 + Simulation Time: 08:52 + Calculation Time: 0.878 sec + + ***SUMMARY OF RESULTS*** + + End-Use Option: Electricity + Average Net Electricity Production: 404.31 MW + Electricity breakeven price: 7.37 cents/kWh + Total CAPEX: 1609.42 MUSD + 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: 7.00 % + Nominal Discount Rate: 9.14 % + WACC: 6.41 % + Accrued financing during construction: 5.00 % + Project lifetime: 20 yr + Capacity factor: 90.0 % + Project NPV: 2877.00 MUSD + After-tax IRR: 59.73 % + Estimated Jobs Created: 976 + + ***ENGINEERING PARAMETERS*** + + Number of Production Wells: 39 + Number of Injection Wells: 39 + Well depth: 2.6 kilometer + Water loss rate: 5.0 % + 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 + Flowrate per production well: 120.0 kg/sec + Injection well casing ID: 7.000 in + Production well casing ID: 7.000 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 + 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: 200.2 degC + Average Production Temperature: 200.0 degC + Minimum Production Temperature: 199.0 degC + Initial Production Temperature: 199.0 degC + Average Reservoir Heat Extraction: 2808.85 MW + Production Wellbore Heat Transmission Model = Ramey Model + Average Production Well Temperature Drop: 1.7 degC + Total Average Pressure Drop: 8681.5 kPa + Average Injection Well Pressure Drop: 3287.7 kPa + Average Reservoir Pressure Drop: 4914.3 kPa + Average Production Well Pressure Drop: 3331.1 kPa + Average Buoyancy Pressure Drop: -2851.6 kPa + + + ***CAPITAL COSTS (M$)*** + + Drilling and completion costs: 299.52 MUSD + Drilling and completion costs per well: 3.84 MUSD + Stimulation costs: 234.00 MUSD + Surface power plant costs: 898.83 MUSD + Field gathering system costs: 70.43 MUSD + Total surface equipment costs: 969.26 MUSD + Exploration costs: 30.00 MUSD + Investment Tax Credit: -459.83 MUSD + Total CAPEX: 1609.42 MUSD + + + ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** + + Wellfield maintenance costs: 4.61 MUSD/yr + Power plant maintenance costs: 16.21 MUSD/yr + Water costs: 6.14 MUSD/yr + Total operating and maintenance costs: 26.96 MUSD/yr + + + ***SURFACE EQUIPMENT SIMULATION RESULTS*** + + Initial geofluid availability: 0.19 MW/(kg/s) + Maximum Total Electricity Generation: 458.92 MW + Average Total Electricity Generation: 458.05 MW + Minimum Total Electricity Generation: 452.22 MW + Initial Total Electricity Generation: 452.22 MW + Maximum Net Electricity Generation: 405.19 MW + Average Net Electricity Generation: 404.31 MW + Minimum Net Electricity Generation: 398.45 MW + Initial Net Electricity Generation: 398.45 MW + Average Annual Total Electricity Generation: 3611.36 GWh + Average Annual Net Electricity Generation: 3187.72 GWh + Initial pumping power/net installed power: 13.50 % + Average Pumping Power: 53.73 MW + Heat to Power Conversion Efficiency: 14.39 % + + ************************************************************ + * 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 198.97 53.7719 398.4508 14.2890 + 2 1.0035 199.66 53.7468 402.3356 14.3589 + 3 1.0042 199.80 53.7416 403.1518 14.3735 + 4 1.0046 199.88 53.7388 403.5785 14.3811 + 5 1.0048 199.93 53.7370 403.8614 14.3862 + 6 1.0050 199.97 53.7356 404.0705 14.3899 + 7 1.0051 200.00 53.7346 404.2351 14.3928 + 8 1.0053 200.02 53.7337 404.3701 14.3952 + 9 1.0054 200.04 53.7330 404.4840 14.3973 + 10 1.0055 200.06 53.7323 404.5823 14.3990 + 11 1.0055 200.07 53.7318 404.6685 14.4006 + 12 1.0056 200.09 53.7313 404.7451 14.4019 + 13 1.0057 200.10 53.7309 404.8140 14.4032 + 14 1.0057 200.11 53.7304 404.8764 14.4043 + 15 1.0058 200.12 53.7301 404.9335 14.4053 + 16 1.0058 200.13 53.7297 404.9860 14.4062 + 17 1.0059 200.14 53.7294 405.0346 14.4071 + 18 1.0059 200.14 53.7291 405.0797 14.4079 + 19 1.0059 200.15 53.7289 405.1219 14.4086 + 20 1.0060 200.16 53.7286 405.1614 14.4093 + + + ******************************************************************* + * 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 3161.1 22053.0 27168.61 0.29 + 2 3175.7 22103.7 27089.04 0.58 + 3 3180.3 22119.6 27009.41 0.88 + 4 3183.0 22129.0 26929.74 1.17 + 5 3184.9 22135.7 26850.05 1.46 + 6 3186.4 22140.7 26770.35 1.75 + 7 3187.5 22144.8 26690.63 2.05 + 8 3188.5 22148.2 26610.89 2.34 + 9 3189.3 22151.1 26531.15 2.63 + 10 3190.1 22153.6 26451.40 2.92 + 11 3190.7 22155.8 26371.64 3.22 + 12 3191.3 22157.8 26291.87 3.51 + 13 3191.8 22159.6 26212.09 3.80 + 14 3192.3 22161.2 26132.31 4.09 + 15 3192.7 22162.7 26052.53 4.39 + 16 3193.1 22164.1 25972.74 4.68 + 17 3193.5 22165.4 25892.94 4.97 + 18 3193.8 22166.6 25813.14 5.27 + 19 3194.1 22167.7 25733.34 5.56 + 20 3194.4 22168.7 25653.53 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 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 +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 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 + +REVENUE +PPA price (cents/kWh) 0.0 15.0 15.0 15.41 15.81 16.22 16.62 17.03 17.43 17.84 18.24 18.65 19.05 19.46 19.86 20.27 20.67 21.08 21.49 21.89 22.30 +PPA revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 712,248,474 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 804,710,910 +Total revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 1,516,959,384 + +Property tax net assessed value ($) 0 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 + +OPERATING EXPENSES +O&M fixed expense ($) 0 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 +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 ($) 0 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 + +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 + +OPERATING ACTIVITIES +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +Interest earned on reserves ($) 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 ($) 0 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 +Cash flow from operating activities ($) 0 406,982,206 410,387,464 425,244,861 439,908,178 454,528,812 469,160,166 483,828,518 498,549,719 513,334,854 528,192,588 543,130,289 558,154,619 573,271,867 588,488,162 603,809,602 619,242,346 634,792,680 650,467,071 666,272,202 1,486,922,677 + +INVESTING ACTIVITIES +Total installed cost ($) -1,609,421,820 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 +minus: +Total IBI income ($) 0 +Total CBI income ($) 0 +equals: +Purchase of property ($) -1,609,421,820 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash flow from investing activities ($) -1,609,421,820 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 ($) 804,710,910 +Size of debt ($) 804,710,910 +minus: +Debt principal payment ($) 0 24,336,540 25,553,367 26,831,035 28,172,587 29,581,216 31,060,277 32,613,291 34,243,956 35,956,153 37,753,961 39,641,659 41,623,742 43,704,929 45,890,176 48,184,684 50,593,918 53,123,614 55,779,795 58,568,785 61,497,224 +equals: +Cash flow from financing activities ($) 1,609,421,820 -24,336,540 -25,553,367 -26,831,035 -28,172,587 -29,581,216 -31,060,277 -32,613,291 -34,243,956 -35,956,153 -37,753,961 -39,641,659 -41,623,742 -43,704,929 -45,890,176 -48,184,684 -50,593,918 -53,123,614 -55,779,795 -58,568,785 -61,497,224 + +PROJECT RETURNS +Pre-tax Cash Flow: +Cash flow from operating activities ($) 0 406,982,206 410,387,464 425,244,861 439,908,178 454,528,812 469,160,166 483,828,518 498,549,719 513,334,854 528,192,588 543,130,289 558,154,619 573,271,867 588,488,162 603,809,602 619,242,346 634,792,680 650,467,071 666,272,202 1,486,922,677 +Cash flow from investing activities ($) -1,609,421,820 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 ($) 1,609,421,820 -24,336,540 -25,553,367 -26,831,035 -28,172,587 -29,581,216 -31,060,277 -32,613,291 -34,243,956 -35,956,153 -37,753,961 -39,641,659 -41,623,742 -43,704,929 -45,890,176 -48,184,684 -50,593,918 -53,123,614 -55,779,795 -58,568,785 -61,497,224 +Total pre-tax cash flow ($) 0 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 + +Pre-tax Returns: +Issuance of equity ($) 804,710,910 +Total pre-tax cash flow ($) 0 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 +Total pre-tax returns ($) -804,710,910 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 + +After-tax Returns: +Total pre-tax returns ($) -804,710,910 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 +Federal ITC total income ($) 0 482,826,546 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 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) ($) 0 -72,804,323 -66,790,068 -69,691,718 -72,555,464 -75,410,874 -78,268,377 -81,133,106 -84,008,157 -86,895,694 -89,797,409 -92,714,742 -95,648,994 -98,601,392 -101,573,135 -104,565,412 -107,579,427 -110,616,407 -113,677,616 -116,764,358 -277,037,395 +State ITC total income ($) 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 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 +Total after-tax returns ($) -804,710,910 766,573,150 294,104,937 303,742,997 313,174,585 322,507,735 331,778,331 341,002,154 350,187,156 359,337,597 368,455,767 377,542,798 386,599,090 395,624,545 404,618,711 413,580,864 422,510,066 431,405,201 440,264,996 449,088,035 1,049,091,500 + +After-tax cumulative IRR (%) NaN -4.74 24.59 40.43 48.73 53.26 55.83 57.34 58.25 58.80 59.15 59.36 59.50 59.58 59.64 59.67 59.69 59.71 59.72 59.72 59.73 +After-tax cumulative NPV ($) -804,710,910 -102,334,925 144,572,650 378,216,539 598,941,126 807,208,091 1,003,518,949 1,188,390,241 1,362,341,918 1,525,890,624 1,679,545,330 1,823,804,273 1,959,152,769 2,086,061,612 2,204,985,930 2,316,364,386 2,420,618,660 2,518,153,155 2,609,354,883 2,694,593,509 2,877,039,523 + +AFTER-TAX LCOE AND PPA PRICE +Annual costs ($) -804,710,910 292,393,552 -182,263,092 -186,204,759 -190,094,937 -193,973,792 -197,855,490 -201,747,003 -205,652,538 -209,575,034 -213,516,791 -217,479,763 -221,465,718 -225,476,324 -229,513,207 -233,577,985 -237,672,292 -241,797,796 -245,956,212 -250,149,313 336,843,026 +PPA revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 712,248,474 +Electricity to grid (kWh) 0.0 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 + +Present value of annual costs ($) 2,121,805,148 +Present value of annual energy nominal (kWh) 28,780,754,350 +LCOE Levelized cost of energy nominal (cents/kWh) 7.37 + +Present value of PPA revenue ($) 4,998,844,672 +Present value of annual energy nominal (kWh) 28,780,754,350 +LPPA Levelized PPA price nominal (cents/kWh) 17.37 + +PROJECT STATE INCOME TAXES +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +State taxable PBI income ($) 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 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 +Total state tax depreciation ($) 0 34,200,214 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 +equals: +State taxable income ($) 0 372,781,993 341,987,037 356,844,434 371,507,751 386,128,385 400,759,739 415,428,090 430,149,292 444,934,427 459,792,161 474,729,862 489,754,191 504,871,440 520,087,735 535,409,175 550,841,918 566,392,253 582,066,644 597,871,774 1,418,522,250 + +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) ($) 0 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 + +PROJECT FEDERAL INCOME TAXES +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +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 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 +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 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 +Total federal tax depreciation ($) 0 34,200,214 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 +equals: +Federal taxable income ($) 0 346,687,253 318,047,944 331,865,323 345,502,208 359,099,398 372,706,557 386,348,124 400,038,841 413,789,017 427,606,710 441,498,772 455,471,398 469,530,439 483,681,593 497,930,532 512,282,984 526,744,795 541,321,979 556,020,750 1,319,225,692 + +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) ($) 0 -72,804,323 -66,790,068 -69,691,718 -72,555,464 -75,410,874 -78,268,377 -81,133,106 -84,008,157 -86,895,694 -89,797,409 -92,714,742 -95,648,994 -98,601,392 -101,573,135 -104,565,412 -107,579,427 -110,616,407 -113,677,616 -116,764,358 -277,037,395 + +CASH INCENTIVES +Federal IBI income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 482,826,546 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 482,826,546 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +State ITC amount income ($) 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 ($) 804,710,910 780,374,370 754,821,003 727,989,968 699,817,381 670,236,165 639,175,888 606,562,597 572,318,641 536,362,488 498,608,527 458,966,868 417,343,126 373,638,197 327,748,021 279,563,337 228,969,419 175,845,804 120,066,009 61,497,224 0 +Debt interest payment ($) 0 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 +Debt principal payment ($) 0 24,336,540 25,553,367 26,831,035 28,172,587 29,581,216 31,060,277 32,613,291 34,243,956 35,956,153 37,753,961 39,641,659 41,623,742 43,704,929 45,890,176 48,184,684 50,593,918 53,123,614 55,779,795 58,568,785 61,497,224 +Debt total payment ($) 0 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 + +DSCR (DEBT FRACTION) +EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +minus: +Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash available for debt service (CAFDS) ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +Debt total payment ($) 0 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 +DSCR (pre-tax) 0.0 6.93 6.96 7.17 7.38 7.58 7.78 7.99 8.19 8.39 8.60 8.80 9.0 9.20 9.40 9.60 9.81 10.01 10.21 10.41 23.07 + +RESERVES +Reserves working capital funding ($) 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/example_SAM-single-owner-PPA-2.txt b/tests/examples/example_SAM-single-owner-PPA-2.txt new file mode 100644 index 00000000..4b4a7e5c --- /dev/null +++ b/tests/examples/example_SAM-single-owner-PPA-2.txt @@ -0,0 +1,89 @@ +# Example: SAM Single Owner PPA Economic Model: 400 MWe BICYCLE Comparison +# This example is adapted from Fervo_Project_Cape-3, allowing for comparison between BICYCLE and SAM economic models. +# Note that this example produces an unrealistically high IRR of ~60%. This is an artifact of using Fervo_Project_Cape-3's +# BICYCLE parameters and assumptions as-is with the SAM Economic Model (such as starting electricity rate = 15 cents/kWh). +# See example_SAM-single-owner-PPA for parameters formulated with more refined assumptions appropriate for the +# SAM Economic Model. +# See "SAM Economic Models" in GEOPHIRES documentation: https://nrel.github.io/GEOPHIRES-X/SAM-Economic-Models.html + + +# *** ECONOMIC/FINANCIAL PARAMETERS *** +# ************************************* +Economic Model, 5, -- SAM Single Owner PPA + +Starting Electricity Sale Price, 0.15 +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, 0.07 + +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: https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf +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, 234, -- 78 wells @ $3M/well + + +# *** 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, 39 +Number of Production Wells, 39 +Production Flow Rate per Well, 120, -- peak flow reported in paper +Production Well Diameter, 7 +Injection Well Diameter, 7 +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, 0.05 +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 + +# *** SIMULATION PARAMETERS *** +# ***************************** +Maximum Temperature, 500 +Time steps per year, 10 diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index b93d2781..1bc2a0f8 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -4,19 +4,20 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-15 - Simulation Time: 10:13 - Calculation Time: 0.891 sec + GEOPHIRES Version: 3.9.12 + Simulation Date: 2025-05-29 + Simulation Time: 08:55 + Calculation Time: 1.052 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 404.31 MW - Electricity breakeven price: 7.37 cents/kWh - Number of production wells: 39 - Number of injection wells: 39 - Flowrate per production well: 120.0 kg/sec + Average Net Electricity Production: 58.87 MW + Electricity breakeven price: 6.60 cents/kWh + Total CAPEX: 264.61 MUSD + Number of production wells: 6 + Number of injection wells: 6 + Flowrate per production well: 100.0 kg/sec Well depth: 2.6 kilometer Geothermal gradient: 74 degC/km @@ -24,29 +25,29 @@ Simulation Metadata ***ECONOMIC PARAMETERS*** Economic Model = SAM Single Owner PPA - Real Discount Rate: 7.00 % - Nominal Discount Rate: 9.14 % - WACC: 6.41 % + Real Discount Rate: 8.00 % + Nominal Discount Rate: 10.16 % + WACC: 7.57 % Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 2877.00 MUSD - Project IRR: 59.73 % - Estimated Jobs Created: 976 + Project NPV: 124.91 MUSD + After-tax IRR: 22.33 % + Estimated Jobs Created: 125 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 39 - Number of Injection Wells: 39 + Number of Production Wells: 6 + Number of Injection Wells: 6 Well depth: 2.6 kilometer - Water loss rate: 5.0 % + 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 - Flowrate per production well: 120.0 kg/sec - Injection well casing ID: 7.000 in - Production well casing ID: 7.000 in + Average production well temperature drop: 2.2 degC + Flowrate per production well: 100.0 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 @@ -61,15 +62,15 @@ Simulation Metadata ***RESERVOIR PARAMETERS*** Reservoir Model = Multiple Parallel Fractures Model - Bottom-hole temperature: 201.72 degC + Bottom-hole temperature: 202.40 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 + Well separation: fracture height: 500.00 meter + Fracture width: 500.00 meter + Fracture area: 250000.00 m**2 + Number of fractures calculated with reservoir volume and fracture separation as input + Number of fractures: 2322 + Fracture separation: 10.00 meter + Reservoir volume: 5801599999 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 +79,58 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 200.2 degC - Average Production Temperature: 200.0 degC - Minimum Production Temperature: 199.0 degC - Initial Production Temperature: 199.0 degC - Average Reservoir Heat Extraction: 2808.85 MW + Maximum Production Temperature: 200.4 degC + Average Production Temperature: 200.2 degC + Minimum Production Temperature: 198.6 degC + Initial Production Temperature: 198.6 degC + Average Reservoir Heat Extraction: 360.65 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 1.7 degC - Total Average Pressure Drop: 8681.5 kPa - Average Injection Well Pressure Drop: 3287.7 kPa - Average Reservoir Pressure Drop: 4914.3 kPa - Average Production Well Pressure Drop: 3331.1 kPa - Average Buoyancy Pressure Drop: -2851.6 kPa + Average Production Well Temperature Drop: 2.2 degC + Total Average Pressure Drop: -1320.2 kPa + Average Injection Well Pressure Drop: 483.7 kPa + Average Reservoir Pressure Drop: 630.2 kPa + Average Production Well Pressure Drop: 442.7 kPa + Average Buoyancy Pressure Drop: -2876.7 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 299.52 MUSD - Drilling and completion costs per well: 3.84 MUSD - Stimulation costs: 234.00 MUSD - Surface power plant costs: 898.83 MUSD - Field gathering system costs: 70.43 MUSD - Total surface equipment costs: 969.26 MUSD - Exploration costs: 30.00 MUSD - Investment Tax Credit: -459.83 MUSD - Total capital costs: 1072.95 MUSD + Drilling and completion costs: 49.18 MUSD + Drilling and completion costs per vertical production well: 3.37 MUSD + Drilling and completion costs per vertical injection well: 3.37 MUSD + Drilling and completion costs per non-vertical section: 2.14 MUSD + Stimulation costs: 9.06 MUSD + Surface power plant costs: 184.09 MUSD + Field gathering system costs: 5.80 MUSD + Total surface equipment costs: 189.88 MUSD + Exploration costs: 3.89 MUSD + Investment Tax Credit: -75.60 MUSD + Total CAPEX: 264.61 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 4.61 MUSD/yr - Power plant maintenance costs: 16.21 MUSD/yr - Water costs: 6.14 MUSD/yr - Total operating and maintenance costs: 26.96 MUSD/yr + Wellfield maintenance costs: 1.13 MUSD/yr + Power plant maintenance costs: 4.49 MUSD/yr + Water costs: 1.58 MUSD/yr + Total operating and maintenance costs: 7.19 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 458.92 MW - Average Total Electricity Generation: 458.05 MW - Minimum Total Electricity Generation: 452.22 MW - Initial Total Electricity Generation: 452.22 MW - Maximum Net Electricity Generation: 405.19 MW - Average Net Electricity Generation: 404.31 MW - Minimum Net Electricity Generation: 398.45 MW - Initial Net Electricity Generation: 398.45 MW - Average Annual Total Electricity Generation: 3611.36 GWh - Average Annual Net Electricity Generation: 3187.72 GWh - Initial pumping power/net installed power: 13.50 % - Average Pumping Power: 53.73 MW - Heat to Power Conversion Efficiency: 14.39 % + Maximum Total Electricity Generation: 59.02 MW + Average Total Electricity Generation: 58.87 MW + Minimum Total Electricity Generation: 57.74 MW + Initial Total Electricity Generation: 57.74 MW + Maximum Net Electricity Generation: 59.02 MW + Average Net Electricity Generation: 58.87 MW + Minimum Net Electricity Generation: 57.74 MW + Initial Net Electricity Generation: 57.74 MW + Average Annual Total Electricity Generation: 464.13 GWh + Average Annual Net Electricity Generation: 464.13 GWh + Average Pumping Power: 0.00 MW + Heat to Power Conversion Efficiency: 16.32 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -136,26 +138,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.97 53.7719 398.4508 14.2890 - 2 1.0035 199.66 53.7468 402.3356 14.3589 - 3 1.0042 199.80 53.7416 403.1518 14.3735 - 4 1.0046 199.88 53.7388 403.5785 14.3811 - 5 1.0048 199.93 53.7370 403.8614 14.3862 - 6 1.0050 199.97 53.7356 404.0705 14.3899 - 7 1.0051 200.00 53.7346 404.2351 14.3928 - 8 1.0053 200.02 53.7337 404.3701 14.3952 - 9 1.0054 200.04 53.7330 404.4840 14.3973 - 10 1.0055 200.06 53.7323 404.5823 14.3990 - 11 1.0055 200.07 53.7318 404.6685 14.4006 - 12 1.0056 200.09 53.7313 404.7451 14.4019 - 13 1.0057 200.10 53.7309 404.8140 14.4032 - 14 1.0057 200.11 53.7304 404.8764 14.4043 - 15 1.0058 200.12 53.7301 404.9335 14.4053 - 16 1.0058 200.13 53.7297 404.9860 14.4062 - 17 1.0059 200.14 53.7294 405.0346 14.4071 - 18 1.0059 200.14 53.7291 405.0797 14.4079 - 19 1.0059 200.15 53.7289 405.1219 14.4086 - 20 1.0060 200.16 53.7286 405.1614 14.4093 + 1 1.0000 198.64 0.0000 57.7389 16.1868 + 2 1.0055 199.73 0.0000 58.5226 16.2814 + 3 1.0065 199.93 0.0000 58.6666 16.2987 + 4 1.0070 200.03 0.0000 58.7412 16.3077 + 5 1.0074 200.10 0.0000 58.7905 16.3136 + 6 1.0076 200.15 0.0000 58.8268 16.3179 + 7 1.0078 200.19 0.0000 58.8554 16.3213 + 8 1.0080 200.22 0.0000 58.8787 16.3241 + 9 1.0081 200.25 0.0000 58.8984 16.3265 + 10 1.0082 200.27 0.0000 58.9153 16.3285 + 11 1.0083 200.30 0.0000 58.9302 16.3303 + 12 1.0084 200.31 0.0000 58.9434 16.3318 + 13 1.0085 200.33 0.0000 58.9552 16.3332 + 14 1.0086 200.34 0.0000 58.9660 16.3345 + 15 1.0087 200.36 0.0000 58.9758 16.3357 + 16 1.0087 200.37 0.0000 58.9848 16.3368 + 17 1.0088 200.38 0.0000 58.9931 16.3378 + 18 1.0088 200.39 0.0000 59.0009 16.3387 + 19 1.0089 200.40 0.0000 59.0081 16.3395 + 20 1.0089 200.41 0.0000 59.0148 16.3404 ******************************************************************* @@ -164,170 +166,170 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 3161.1 22053.0 27168.61 0.29 - 2 3175.7 22103.7 27089.04 0.58 - 3 3180.3 22119.6 27009.41 0.88 - 4 3183.0 22129.0 26929.74 1.17 - 5 3184.9 22135.7 26850.05 1.46 - 6 3186.4 22140.7 26770.35 1.75 - 7 3187.5 22144.8 26690.63 2.05 - 8 3188.5 22148.2 26610.89 2.34 - 9 3189.3 22151.1 26531.15 2.63 - 10 3190.1 22153.6 26451.40 2.92 - 11 3190.7 22155.8 26371.64 3.22 - 12 3191.3 22157.8 26291.87 3.51 - 13 3191.8 22159.6 26212.09 3.80 - 14 3192.3 22161.2 26132.31 4.09 - 15 3192.7 22162.7 26052.53 4.39 - 16 3193.1 22164.1 25972.74 4.68 - 17 3193.5 22165.4 25892.94 4.97 - 18 3193.8 22166.6 25813.14 5.27 - 19 3194.1 22167.7 25733.34 5.56 - 20 3194.4 22168.7 25653.53 5.85 + 1 459.4 2826.8 1778.76 0.57 + 2 462.0 2836.1 1768.55 1.14 + 3 462.8 2838.9 1758.33 1.71 + 4 463.3 2840.6 1748.11 2.28 + 5 463.7 2841.7 1737.88 2.85 + 6 463.9 2842.6 1727.64 3.43 + 7 464.1 2843.3 1717.41 4.00 + 8 464.3 2843.9 1707.17 4.57 + 9 464.4 2844.4 1696.93 5.14 + 10 464.5 2844.9 1686.69 5.72 + 11 464.7 2845.2 1676.44 6.29 + 12 464.8 2845.6 1666.20 6.86 + 13 464.8 2845.9 1655.96 7.43 + 14 464.9 2846.2 1645.71 8.01 + 15 465.0 2846.4 1635.46 8.58 + 16 465.1 2846.7 1625.21 9.15 + 17 465.1 2846.9 1614.97 9.73 + 18 465.2 2847.1 1604.72 10.30 + 19 465.2 2847.3 1594.47 10.87 + 20 465.3 2847.5 1584.21 11.44 *************************** * 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 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 -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 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 +Electricity to grid (kWh) 0.0 459,393,306 462,061,403 462,867,989 463,343,923 463,676,675 463,930,038 464,133,263 464,302,120 464,446,046 464,571,114 464,681,453 464,779,993 464,868,884 464,949,748 465,023,835 465,092,133 465,155,431 465,214,369 465,269,477 465,319,121 +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) 0.0 459,393,306 462,061,403 462,867,989 463,343,923 463,676,675 463,930,038 464,133,263 464,302,120 464,446,046 464,571,114 464,681,453 464,779,993 464,868,884 464,949,748 465,023,835 465,092,133 465,155,431 465,214,369 465,269,477 465,319,121 REVENUE -PPA price (cents/kWh) 0.0 15.0 15.0 15.41 15.81 16.22 16.62 17.03 17.43 17.84 18.24 18.65 19.05 19.46 19.86 20.27 20.67 21.08 21.49 21.89 22.30 -PPA revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 712,248,474 -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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 804,710,910 -Total revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 1,516,959,384 +PPA price (cents/kWh) 0.0 8.0 8.0 8.32 8.64 8.97 9.29 9.61 9.93 10.25 10.58 10.90 11.22 11.54 11.86 12.19 12.51 12.83 13.15 13.47 13.80 +PPA revenue ($) 0 36,751,465 36,964,912 38,519,874 40,051,449 41,573,251 43,089,822 44,603,207 46,114,487 47,624,298 49,133,041 50,640,985 52,148,315 53,655,167 55,161,638 56,667,805 58,173,724 59,679,442 61,184,994 62,690,409 64,195,426 +Curtailment payment revenue ($) 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 0 132,303,122 +Total revenue ($) 0 36,751,465 36,964,912 38,519,874 40,051,449 41,573,251 43,089,822 44,603,207 46,114,487 47,624,298 49,133,041 50,640,985 52,148,315 53,655,167 55,161,638 56,667,805 58,173,724 59,679,442 61,184,994 62,690,409 196,498,548 -Property tax net assessed value ($) 0 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 1,609,421,820 +Property tax net assessed value ($) 0 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 264,606,244 OPERATING EXPENSES -O&M fixed expense ($) 0 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 -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 ($) 0 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 26,961,846 +O&M fixed expense ($) 0 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 +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 ($) 0 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 7,193,903 -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +EBITDA ($) 0 29,557,562 29,771,009 31,325,971 32,857,546 34,379,348 35,895,919 37,409,304 38,920,584 40,430,395 41,939,138 43,447,082 44,954,412 46,461,264 47,967,735 49,473,902 50,979,821 52,485,539 53,991,091 55,496,506 189,304,645 OPERATING ACTIVITIES -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 -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 29,557,562 29,771,009 31,325,971 32,857,546 34,379,348 35,895,919 37,409,304 38,920,584 40,430,395 41,939,138 43,447,082 44,954,412 46,461,264 47,967,735 49,473,902 50,979,821 52,485,539 53,991,091 55,496,506 189,304,645 +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 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 -Cash flow from operating activities ($) 0 406,982,206 410,387,464 425,244,861 439,908,178 454,528,812 469,160,166 483,828,518 498,549,719 513,334,854 528,192,588 543,130,289 558,154,619 573,271,867 588,488,162 603,809,602 619,242,346 634,792,680 650,467,071 666,272,202 1,486,922,677 +Federal PBI income ($) 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 5,292,125 5,132,077 4,964,027 4,787,575 4,602,300 4,407,761 4,203,495 3,989,016 3,763,813 3,527,350 3,279,064 3,018,363 2,744,628 2,457,205 2,155,412 1,838,529 1,505,801 1,156,438 789,606 404,432 +Cash flow from operating activities ($) 0 24,265,437 24,638,932 26,361,944 28,069,971 29,777,048 31,488,158 33,205,808 34,931,567 36,666,581 38,411,788 40,168,018 41,936,049 43,716,636 45,510,530 47,318,490 49,141,293 50,979,738 52,834,653 54,706,901 188,900,213 INVESTING ACTIVITIES -Total installed cost ($) -1,609,421,820 +Total installed cost ($) -264,606,244 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -1,609,421,820 +Purchase of property ($) -264,606,244 plus: -Reserve (increase)/decrease debt service ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -1,609,421,820 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 ($) -264,606,244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 804,710,910 -Size of debt ($) 804,710,910 +Issuance of equity ($) 158,763,746 +Size of debt ($) 105,842,498 minus: -Debt principal payment ($) 0 24,336,540 25,553,367 26,831,035 28,172,587 29,581,216 31,060,277 32,613,291 34,243,956 35,956,153 37,753,961 39,641,659 41,623,742 43,704,929 45,890,176 48,184,684 50,593,918 53,123,614 55,779,795 58,568,785 61,497,224 +Debt principal payment ($) 0 3,200,951 3,360,999 3,529,048 3,705,501 3,890,776 4,085,315 4,289,580 4,504,059 4,729,262 4,965,726 5,214,012 5,474,712 5,748,448 6,035,870 6,337,664 6,654,547 6,987,275 7,336,638 7,703,470 8,088,644 equals: -Cash flow from financing activities ($) 1,609,421,820 -24,336,540 -25,553,367 -26,831,035 -28,172,587 -29,581,216 -31,060,277 -32,613,291 -34,243,956 -35,956,153 -37,753,961 -39,641,659 -41,623,742 -43,704,929 -45,890,176 -48,184,684 -50,593,918 -53,123,614 -55,779,795 -58,568,785 -61,497,224 +Cash flow from financing activities ($) 264,606,244 -3,200,951 -3,360,999 -3,529,048 -3,705,501 -3,890,776 -4,085,315 -4,289,580 -4,504,059 -4,729,262 -4,965,726 -5,214,012 -5,474,712 -5,748,448 -6,035,870 -6,337,664 -6,654,547 -6,987,275 -7,336,638 -7,703,470 -8,088,644 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 406,982,206 410,387,464 425,244,861 439,908,178 454,528,812 469,160,166 483,828,518 498,549,719 513,334,854 528,192,588 543,130,289 558,154,619 573,271,867 588,488,162 603,809,602 619,242,346 634,792,680 650,467,071 666,272,202 1,486,922,677 -Cash flow from investing activities ($) -1,609,421,820 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 1,609,421,820 -24,336,540 -25,553,367 -26,831,035 -28,172,587 -29,581,216 -31,060,277 -32,613,291 -34,243,956 -35,956,153 -37,753,961 -39,641,659 -41,623,742 -43,704,929 -45,890,176 -48,184,684 -50,593,918 -53,123,614 -55,779,795 -58,568,785 -61,497,224 -Total pre-tax cash flow ($) 0 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 +Cash flow from operating activities ($) 0 24,265,437 24,638,932 26,361,944 28,069,971 29,777,048 31,488,158 33,205,808 34,931,567 36,666,581 38,411,788 40,168,018 41,936,049 43,716,636 45,510,530 47,318,490 49,141,293 50,979,738 52,834,653 54,706,901 188,900,213 +Cash flow from investing activities ($) -264,606,244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 264,606,244 -3,200,951 -3,360,999 -3,529,048 -3,705,501 -3,890,776 -4,085,315 -4,289,580 -4,504,059 -4,729,262 -4,965,726 -5,214,012 -5,474,712 -5,748,448 -6,035,870 -6,337,664 -6,654,547 -6,987,275 -7,336,638 -7,703,470 -8,088,644 +Total pre-tax cash flow ($) 0 21,064,486 21,277,934 22,832,895 24,364,470 25,886,272 27,402,843 28,916,228 30,427,508 31,937,319 33,446,062 34,954,006 36,461,337 37,968,188 39,474,659 40,980,826 42,486,745 43,992,463 45,498,015 47,003,431 180,811,569 Pre-tax Returns: -Issuance of equity ($) 804,710,910 -Total pre-tax cash flow ($) 0 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 -Total pre-tax returns ($) -804,710,910 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 +Issuance of equity ($) 158,763,746 +Total pre-tax cash flow ($) 0 21,064,486 21,277,934 22,832,895 24,364,470 25,886,272 27,402,843 28,916,228 30,427,508 31,937,319 33,446,062 34,954,006 36,461,337 37,968,188 39,474,659 40,980,826 42,486,745 43,992,463 45,498,015 47,003,431 180,811,569 +Total pre-tax returns ($) -158,763,746 21,064,486 21,277,934 22,832,895 24,364,470 25,886,272 27,402,843 28,916,228 30,427,508 31,937,319 33,446,062 34,954,006 36,461,337 37,968,188 39,474,659 40,980,826 42,486,745 43,992,463 45,498,015 47,003,431 180,811,569 After-tax Returns: -Total pre-tax returns ($) -804,710,910 382,645,666 384,834,097 398,413,826 411,735,591 424,947,596 438,099,889 451,215,227 464,305,764 477,378,701 490,438,627 503,488,630 516,530,877 529,566,938 542,597,987 555,624,918 568,648,427 581,669,066 594,687,276 607,703,417 1,425,425,453 -Federal ITC total income ($) 0 482,826,546 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 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) ($) 0 -72,804,323 -66,790,068 -69,691,718 -72,555,464 -75,410,874 -78,268,377 -81,133,106 -84,008,157 -86,895,694 -89,797,409 -92,714,742 -95,648,994 -98,601,392 -101,573,135 -104,565,412 -107,579,427 -110,616,407 -113,677,616 -116,764,358 -277,037,395 -State ITC total income ($) 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 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 -Total after-tax returns ($) -804,710,910 766,573,150 294,104,937 303,742,997 313,174,585 322,507,735 331,778,331 341,002,154 350,187,156 359,337,597 368,455,767 377,542,798 386,599,090 395,624,545 404,618,711 413,580,864 422,510,066 431,405,201 440,264,996 449,088,035 1,049,091,500 - -After-tax cumulative IRR (%) NaN -4.74 24.59 40.43 48.73 53.26 55.83 57.34 58.25 58.80 59.15 59.36 59.50 59.58 59.64 59.67 59.69 59.71 59.72 59.72 59.73 -After-tax cumulative NPV ($) -804,710,910 -102,334,925 144,572,650 378,216,539 598,941,126 807,208,091 1,003,518,949 1,188,390,241 1,362,341,918 1,525,890,624 1,679,545,330 1,823,804,273 1,959,152,769 2,086,061,612 2,204,985,930 2,316,364,386 2,420,618,660 2,518,153,155 2,609,354,883 2,694,593,509 2,877,039,523 +Total pre-tax returns ($) -158,763,746 21,064,486 21,277,934 22,832,895 24,364,470 25,886,272 27,402,843 28,916,228 30,427,508 31,937,319 33,446,062 34,954,006 36,461,337 37,968,188 39,474,659 40,980,826 42,486,745 43,992,463 45,498,015 47,003,431 180,811,569 +Federal ITC total income ($) 0 79,381,873 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 -3,640,891 -2,615,685 -2,952,190 -3,285,767 -3,619,159 -3,953,339 -4,288,796 -4,625,837 -4,964,685 -5,305,524 -5,648,516 -5,993,812 -6,341,561 -6,691,909 -7,045,003 -7,400,996 -7,760,045 -8,122,310 -8,487,960 -34,695,914 +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) ($) 0 -1,304,979 -937,522 -1,058,132 -1,177,694 -1,297,190 -1,416,967 -1,537,203 -1,658,006 -1,779,457 -1,901,622 -2,024,558 -2,148,320 -2,272,961 -2,398,534 -2,525,091 -2,652,687 -2,781,378 -2,911,222 -3,042,279 -12,435,811 +Total after-tax returns ($) -158,763,746 95,500,489 17,724,726 18,822,573 19,901,008 20,969,923 22,032,537 23,090,228 24,143,665 25,193,176 26,238,917 27,280,932 28,319,204 29,353,666 30,384,217 31,410,732 32,433,062 33,451,040 34,464,483 35,473,191 133,679,844 + +After-tax cumulative IRR (%) NaN -39.85 -24.97 -11.90 -2.44 4.14 8.75 12.05 14.46 16.24 17.59 18.62 19.42 20.04 20.53 20.93 21.24 21.49 21.69 21.86 22.33 +After-tax cumulative NPV ($) -158,763,746 -72,071,218 -57,465,205 -43,385,057 -29,871,198 -16,944,810 -4,616,006 7,112,987 18,245,976 28,791,486 38,761,749 48,171,887 57,039,239 65,382,797 73,222,743 80,580,054 87,476,179 93,932,764 99,971,431 105,613,594 124,914,931 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -804,710,910 292,393,552 -182,263,092 -186,204,759 -190,094,937 -193,973,792 -197,855,490 -201,747,003 -205,652,538 -209,575,034 -213,516,791 -217,479,763 -221,465,718 -225,476,324 -229,513,207 -233,577,985 -237,672,292 -241,797,796 -245,956,212 -250,149,313 336,843,026 -PPA revenue ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 712,248,474 -Electricity to grid (kWh) 0.0 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 +Annual costs ($) -158,763,746 58,749,025 -19,240,186 -19,697,301 -20,150,440 -20,603,328 -21,057,285 -21,512,978 -21,970,822 -22,431,121 -22,894,124 -23,360,052 -23,829,111 -24,301,501 -24,777,421 -25,257,072 -25,740,662 -26,228,401 -26,720,511 -27,217,218 69,484,418 +PPA revenue ($) 0 36,751,465 36,964,912 38,519,874 40,051,449 41,573,251 43,089,822 44,603,207 46,114,487 47,624,298 49,133,041 50,640,985 52,148,315 53,655,167 55,161,638 56,667,805 58,173,724 59,679,442 61,184,994 62,690,409 64,195,426 +Electricity to grid (kWh) 0.0 459,393,306 462,061,403 462,867,989 463,343,923 463,676,675 463,930,038 464,133,263 464,302,120 464,446,046 464,571,114 464,681,453 464,779,993 464,868,884 464,949,748 465,023,835 465,092,133 465,155,431 465,214,369 465,269,477 465,319,121 -Present value of annual costs ($) 2,121,805,148 -Present value of annual energy nominal (kWh) 28,780,754,350 -LCOE Levelized cost of energy nominal (cents/kWh) 7.37 +Present value of annual costs ($) 257,586,458 +Present value of annual energy nominal (kWh) 3,903,106,182 +LCOE Levelized cost of energy nominal (cents/kWh) 6.60 -Present value of PPA revenue ($) 4,998,844,672 -Present value of annual energy nominal (kWh) 28,780,754,350 -LPPA Levelized PPA price nominal (cents/kWh) 17.37 +Present value of PPA revenue ($) 382,501,389 +Present value of annual energy nominal (kWh) 3,903,106,182 +LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 -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 ($) 0 29,557,562 29,771,009 31,325,971 32,857,546 34,379,348 35,895,919 37,409,304 38,920,584 40,430,395 41,939,138 43,447,082 44,954,412 46,461,264 47,967,735 49,473,902 50,979,821 52,485,539 53,991,091 55,496,506 189,304,645 +State taxable PBI income ($) 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 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 -Total state tax depreciation ($) 0 34,200,214 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 +Debt interest payment ($) 0 5,292,125 5,132,077 4,964,027 4,787,575 4,602,300 4,407,761 4,203,495 3,989,016 3,763,813 3,527,350 3,279,064 3,018,363 2,744,628 2,457,205 2,155,412 1,838,529 1,505,801 1,156,438 789,606 404,432 +Total state tax depreciation ($) 0 5,622,883 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 equals: -State taxable income ($) 0 372,781,993 341,987,037 356,844,434 371,507,751 386,128,385 400,759,739 415,428,090 430,149,292 444,934,427 459,792,161 474,729,862 489,754,191 504,871,440 520,087,735 535,409,175 550,841,918 566,392,253 582,066,644 597,871,774 1,418,522,250 +State taxable income ($) 0 18,642,554 13,393,167 15,116,178 16,824,206 18,531,283 20,242,393 21,960,043 23,685,802 25,420,816 27,166,022 28,922,253 30,690,284 32,470,871 34,264,764 36,072,725 37,895,527 39,733,972 41,588,888 43,461,135 177,654,447 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 +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) ($) 0 -1,304,979 -937,522 -1,058,132 -1,177,694 -1,297,190 -1,416,967 -1,537,203 -1,658,006 -1,779,457 -1,901,622 -2,024,558 -2,148,320 -2,272,961 -2,398,534 -2,525,091 -2,652,687 -2,781,378 -2,911,222 -3,042,279 -12,435,811 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 -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 -26,094,739 -23,939,093 -24,979,110 -26,005,543 -27,028,987 -28,053,182 -29,079,966 -30,110,450 -31,145,410 -32,185,451 -33,231,090 -34,282,793 -35,341,001 -36,406,141 -37,478,642 -38,558,934 -39,647,458 -40,744,665 -41,851,024 -99,296,557 -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 ($) 0 29,557,562 29,771,009 31,325,971 32,857,546 34,379,348 35,895,919 37,409,304 38,920,584 40,430,395 41,939,138 43,447,082 44,954,412 46,461,264 47,967,735 49,473,902 50,979,821 52,485,539 53,991,091 55,496,506 189,304,645 +Interest earned on reserves ($) 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) ($) 0 -1,304,979 -937,522 -1,058,132 -1,177,694 -1,297,190 -1,416,967 -1,537,203 -1,658,006 -1,779,457 -1,901,622 -2,024,558 -2,148,320 -2,272,961 -2,398,534 -2,525,091 -2,652,687 -2,781,378 -2,911,222 -3,042,279 -12,435,811 +State ITC total income ($) 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 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 -Total federal tax depreciation ($) 0 34,200,214 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 68,400,427 +Debt interest payment ($) 0 5,292,125 5,132,077 4,964,027 4,787,575 4,602,300 4,407,761 4,203,495 3,989,016 3,763,813 3,527,350 3,279,064 3,018,363 2,744,628 2,457,205 2,155,412 1,838,529 1,505,801 1,156,438 789,606 404,432 +Total federal tax depreciation ($) 0 5,622,883 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 11,245,765 equals: -Federal taxable income ($) 0 346,687,253 318,047,944 331,865,323 345,502,208 359,099,398 372,706,557 386,348,124 400,038,841 413,789,017 427,606,710 441,498,772 455,471,398 469,530,439 483,681,593 497,930,532 512,282,984 526,744,795 541,321,979 556,020,750 1,319,225,692 +Federal taxable income ($) 0 17,337,575 12,455,645 14,058,046 15,646,511 17,234,093 18,825,425 20,422,840 22,027,796 23,641,359 25,264,401 26,897,695 28,541,964 30,197,910 31,866,231 33,547,634 35,242,840 36,952,594 38,677,666 40,418,856 165,218,636 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -72,804,323 -66,790,068 -69,691,718 -72,555,464 -75,410,874 -78,268,377 -81,133,106 -84,008,157 -86,895,694 -89,797,409 -92,714,742 -95,648,994 -98,601,392 -101,573,135 -104,565,412 -107,579,427 -110,616,407 -113,677,616 -116,764,358 -277,037,395 +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) ($) 0 -3,640,891 -2,615,685 -2,952,190 -3,285,767 -3,619,159 -3,953,339 -4,288,796 -4,625,837 -4,964,685 -5,305,524 -5,648,516 -5,993,812 -6,341,561 -6,691,909 -7,045,003 -7,400,996 -7,760,045 -8,122,310 -8,487,960 -34,695,914 CASH INCENTIVES Federal IBI income ($) 0 @@ -342,68 +344,68 @@ 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 ($) 0 482,826,546 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 482,826,546 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 79,381,873 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 79,381,873 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 804,710,910 780,374,370 754,821,003 727,989,968 699,817,381 670,236,165 639,175,888 606,562,597 572,318,641 536,362,488 498,608,527 458,966,868 417,343,126 373,638,197 327,748,021 279,563,337 228,969,419 175,845,804 120,066,009 61,497,224 0 -Debt interest payment ($) 0 40,235,545 39,018,719 37,741,050 36,399,498 34,990,869 33,511,808 31,958,794 30,328,130 28,615,932 26,818,124 24,930,426 22,948,343 20,867,156 18,681,910 16,387,401 13,978,167 11,448,471 8,792,290 6,003,300 3,074,861 -Debt principal payment ($) 0 24,336,540 25,553,367 26,831,035 28,172,587 29,581,216 31,060,277 32,613,291 34,243,956 35,956,153 37,753,961 39,641,659 41,623,742 43,704,929 45,890,176 48,184,684 50,593,918 53,123,614 55,779,795 58,568,785 61,497,224 -Debt total payment ($) 0 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 +Debt balance ($) 105,842,498 102,641,547 99,280,548 95,751,500 92,045,999 88,155,223 84,069,908 79,780,328 75,276,268 70,547,006 65,581,280 60,367,269 54,892,556 49,144,108 43,108,238 36,770,574 30,116,027 23,128,752 15,792,114 8,088,644 0 +Debt interest payment ($) 0 5,292,125 5,132,077 4,964,027 4,787,575 4,602,300 4,407,761 4,203,495 3,989,016 3,763,813 3,527,350 3,279,064 3,018,363 2,744,628 2,457,205 2,155,412 1,838,529 1,505,801 1,156,438 789,606 404,432 +Debt principal payment ($) 0 3,200,951 3,360,999 3,529,048 3,705,501 3,890,776 4,085,315 4,289,580 4,504,059 4,729,262 4,965,726 5,214,012 5,474,712 5,748,448 6,035,870 6,337,664 6,654,547 6,987,275 7,336,638 7,703,470 8,088,644 +Debt total payment ($) 0 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 DSCR (DEBT FRACTION) -EBITDA ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 +EBITDA ($) 0 29,557,562 29,771,009 31,325,971 32,857,546 34,379,348 35,895,919 37,409,304 38,920,584 40,430,395 41,939,138 43,447,082 44,954,412 46,461,264 47,967,735 49,473,902 50,979,821 52,485,539 53,991,091 55,496,506 189,304,645 minus: -Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 447,217,752 449,406,183 462,985,911 476,307,677 489,519,681 502,671,975 515,787,312 528,877,849 541,950,786 555,010,713 568,060,716 581,102,962 594,139,023 607,170,072 620,197,003 633,220,513 646,241,151 659,259,362 672,275,502 1,489,997,538 -Debt total payment ($) 0 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 -DSCR (pre-tax) 0.0 6.93 6.96 7.17 7.38 7.58 7.78 7.99 8.19 8.39 8.60 8.80 9.0 9.20 9.40 9.60 9.81 10.01 10.21 10.41 23.07 +Cash available for debt service (CAFDS) ($) 0 29,557,562 29,771,009 31,325,971 32,857,546 34,379,348 35,895,919 37,409,304 38,920,584 40,430,395 41,939,138 43,447,082 44,954,412 46,461,264 47,967,735 49,473,902 50,979,821 52,485,539 53,991,091 55,496,506 189,304,645 +Debt total payment ($) 0 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 8,493,076 +DSCR (pre-tax) 0.0 3.48 3.51 3.69 3.87 4.05 4.23 4.40 4.58 4.76 4.94 5.12 5.29 5.47 5.65 5.83 6.0 6.18 6.36 6.53 22.29 RESERVES -Reserves working capital funding ($) 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/example_SAM-single-owner-PPA.txt b/tests/examples/example_SAM-single-owner-PPA.txt index 8dde0641..fc82f7bf 100644 --- a/tests/examples/example_SAM-single-owner-PPA.txt +++ b/tests/examples/example_SAM-single-owner-PPA.txt @@ -1,86 +1,77 @@ -# Example: SAM Single Owner PPA Economic Model -# This example is adapted from Fervo_Project_Cape-3, allowing for comparison between BICYCLE and SAM economic models. -# See "SAM Economic Models" in GEOPHIRES documentation for details on how GEOPHIRES parameters and outputs are transformed and passed -# to the SAM financial model. -# NREL SAM PPA (Power Purchase Agreement) Financial Model documentation: https://sam.nrel.gov/financial-models/utility-scale-ppa +# Example: SAM Single Owner PPA Economic Model: 50 MWe +# This example demonstrates a 50 MWe EGS project with similar engineering parameters to Fervo Cape Station. +# The SAM Single Owner PPA Economic Model calculates project NPV， after-tax IRR， and cash flow based on +# electricity production， capital costs， and economic input parameters. +# See "SAM Economic Models" in GEOPHIRES documentation: https://nrel.github.io/GEOPHIRES-X/SAM-Economic-Models.html # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* Economic Model, 5, -- SAM Single Owner PPA +Capital Cost for Power Plant for Electricity Generation, 1900 -Starting Electricity Sale Price, 0.15 +Starting Electricity Sale Price, 0.08 Ending Electricity Sale Price, 1.00 -Electricity Escalation Rate Per Year, 0.004053223 +Electricity Escalation Rate Per Year, 0.00322 Electricity Escalation Start Year, 1 -Fraction of Investment in Bonds, .5 +Fraction of Investment in Bonds, .4 Inflated Bond Interest Rate, .05 -Discount Rate, 0.07 - +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, 0.3 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) -Reservoir Stimulation Capital Cost, 234, -- 78 wells @ $3M/well - # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* -End-Use Option, 1 -Plant Lifetime, 20 +End-Use Option, 1, -- Electricity Power Plant Type, 2, -- Supercritical ORC +Plant Lifetime, 20 Reservoir Model, 1 -Reservoir Volume Option, 1 + +Reservoir Volume Option, 2, -- RES_VOL_FRAC_SEP (Specify reservoir volume and fracture separation) +Reservoir Volume, 5801599999 m**3 +Fracture Shape, 4 +Fracture Separation, 10 + Reservoir Density, 2800 -Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf +Reservoir Depth, 2.6, -- km 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, 39 -Number of Production Wells, 39 -Production Flow Rate per Well, 120, -- peak flow reported in paper -Production Well Diameter, 7 -Injection Well Diameter, 7 +Number of Injection Wells, 6 +Number of Production Wells, 6 +Production Flow Rate per Well, 100 +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, 0.05 -Maximum Drawdown, 1 +Water Loss Fraction, 0.10 +Maximum Drawdown, 0.0066 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 + # *** SIMULATION PARAMETERS *** # ***************************** Maximum Temperature, 500 -Time steps per year, 10 +Time steps per year, 12 diff --git a/tests/geophires-result_example-3.csv b/tests/geophires-result_example-3.csv index 7333f400..59715605 100644 --- a/tests/geophires-result_example-3.csv +++ b/tests/geophires-result_example-3.csv @@ -35,6 +35,7 @@ RESERVOIR PARAMETERS,Reservoir Model,,Single Fracture m/A Thermal Drawdown Model RESERVOIR PARAMETERS,Bottom-hole temperature,,232.0,degC RESERVOIR PARAMETERS,Number of fractures,,12.0,count RESERVOIR PARAMETERS,Fracture separation,,80.0,meter +RESERVOIR PARAMETERS,Reservoir volume calculation note,,Reservoir volume calculated with fracture separation and number of fractures as input, RESERVOIR PARAMETERS,Reservoir volume,,176000000,m**3 RESERVOIR PARAMETERS,Average reservoir pressure,,100.0,kPa RESERVOIR PARAMETERS,Plant outlet pressure,,100.0,kPa diff --git a/tests/geophires_x_client_tests/test_geophires_x_result.py b/tests/geophires_x_client_tests/test_geophires_x_result.py index ee3052c0..9edec5a3 100644 --- a/tests/geophires_x_client_tests/test_geophires_x_result.py +++ b/tests/geophires_x_client_tests/test_geophires_x_result.py @@ -15,3 +15,20 @@ def test_get_sam_cash_flow_row_name_unit_split(self) -> None: with self.subTest(msg=case[0]): actual = GeophiresXResult._get_sam_cash_flow_row_name_unit_split(case[0]) self.assertListEqual(actual, case[1]) + + def test_reservoir_volume_calculation_note(self) -> None: + r: GeophiresXResult = GeophiresXResult(self._get_test_file_path('../examples/example2.out')) + field_name = 'Reservoir volume calculation note' + self.assertIn(field_name, r.result['RESERVOIR PARAMETERS']) + self.assertEqual( + r.result['RESERVOIR PARAMETERS'][field_name], + 'Number of fractures calculated with reservoir volume and fracture separation as input', + ) + + def test_sam_econ_model_capex_in_summary(self) -> None: + r: GeophiresXResult = GeophiresXResult(self._get_test_file_path('../examples/example_SAM-single-owner-PPA.out')) + field_name = 'Total CAPEX' + self.assertIn(field_name, r.result['SUMMARY OF RESULTS']) + self.assertIn('value', r.result['SUMMARY OF RESULTS'][field_name]) + self.assertGreater(r.result['SUMMARY OF RESULTS'][field_name]['value'], 1) + self.assertEqual(r.result['SUMMARY OF RESULTS'][field_name]['unit'], 'MUSD') diff --git a/tests/test_geophires_x.py b/tests/test_geophires_x.py index c7ef8fd3..ba7e1dc2 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 +195,9 @@ def get_output_file_for_example(example_file: str): del expected_result.result['metadata'] del expected_result.result['Simulation Metadata'] + self._sanitize_nan(geophires_result) + self._sanitize_nan(expected_result) + try: self.assertDictEqual( expected_result.result, geophires_result.result, msg=f'Example test: {example_file_path}' @@ -244,6 +248,22 @@ def get_output_file_for_example(example_file: str): 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: