From 5132e661bfa40952510abeec449d120441f1036b Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 15 May 2025 12:47:01 -0700 Subject: [PATCH 01/61] WIP - Fervo_Project_Cape-4 example. TODO drawdown --- tests/examples/Fervo_Project_Cape-4.out | 409 ++++++++++++++++++++++++ tests/examples/Fervo_Project_Cape-4.txt | 71 ++++ 2 files changed, 480 insertions(+) create mode 100644 tests/examples/Fervo_Project_Cape-4.out create mode 100644 tests/examples/Fervo_Project_Cape-4.txt diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out new file mode 100644 index 00000000..87311712 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -0,0 +1,409 @@ + ***************** + ***CASE REPORT*** + ***************** + +Simulation Metadata +---------------------- + GEOPHIRES Version: 3.9.7 + Simulation Date: 2025-05-15 + Simulation Time: 12:37 + Calculation Time: 0.911 sec + + ***SUMMARY OF RESULTS*** + + End-Use Option: Electricity + Average Net Electricity Production: 435.48 MW + Electricity breakeven price: 6.58 cents/kWh + Number of production wells: 39 + Number of injection wells: 39 + Flowrate per production well: 120.0 kg/sec + Well depth: 2.6 kilometer + Geothermal gradient: 74 degC/km + + + ***ECONOMIC PARAMETERS*** + + Economic Model = SAM Single Owner PPA + Real Discount Rate: 8.00 % + Nominal Discount Rate: 10.16 % + WACC: 6.92 % + Accrued financing during construction: 5.00 % + Project lifetime: 20 yr + Capacity factor: 90.0 % + Project NPV: 2218.10 MUSD + Project IRR: NaN % + Estimated Jobs Created: 974 + + ***ENGINEERING PARAMETERS*** + + Number of Production Wells: 39 + Number of Injection Wells: 39 + Well depth: 2.6 kilometer + Water loss rate: 10.0 % + Pump efficiency: 80.0 % + Injection temperature: 56.7 degC + Production Wellbore heat transmission calculated with Ramey's model + Average production well temperature drop: 1.8 degC + Flowrate per production well: 120.0 kg/sec + Injection well casing ID: 9.625 in + Production well casing ID: 9.625 in + Number of times redrilling: 0 + Power plant type: Supercritical ORC + + + ***RESOURCE CHARACTERISTICS*** + + Maximum reservoir temperature: 500.0 degC + Number of segments: 1 + Geothermal gradient: 74 degC/km + + + ***RESERVOIR PARAMETERS*** + + Reservoir Model = Multiple Parallel Fractures Model + Bottom-hole temperature: 201.72 degC + Fracture model = Rectangular + Well separation: fracture height: 2000.00 meter + Fracture width: 10000.00 meter + Fracture area: 20000000.00 m**2 + Reservoir volume calculated with fracture separation and number of fractures as input + Number of fractures: 149.00 + Fracture separation: 30.00 meter + Reservoir volume: 88800000000 m**3 + Reservoir impedance: 0.0010 GPa.s/m**3 + Reservoir density: 2800.00 kg/m**3 + Reservoir thermal conductivity: 3.05 W/m/K + Reservoir heat capacity: 790.00 J/kg/K + + + ***RESERVOIR SIMULATION RESULTS*** + + Maximum Production Temperature: 200.1 degC + Average Production Temperature: 199.9 degC + Minimum Production Temperature: 198.7 degC + Initial Production Temperature: 198.7 degC + Average Reservoir Heat Extraction: 2806.89 MW + Production Wellbore Heat Transmission Model = Ramey Model + Average Production Well Temperature Drop: 1.8 degC + Total Average Pressure Drop: 3388.1 kPa + Average Injection Well Pressure Drop: 690.9 kPa + Average Reservoir Pressure Drop: 4914.3 kPa + Average Production Well Pressure Drop: 633.7 kPa + Average Buoyancy Pressure Drop: -2850.9 kPa + + + ***CAPITAL COSTS (M$)*** + + Drilling and completion costs: 299.52 MUSD + Drilling and completion costs per well: 3.84 MUSD + Stimulation costs: 233.70 MUSD + Surface power plant costs: 898.01 MUSD + Field gathering system costs: 51.03 MUSD + Total surface equipment costs: 949.05 MUSD + Exploration costs: 30.00 MUSD + Investment Tax Credit: -453.68 MUSD + Total capital costs: 1058.59 MUSD + + + ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** + + Wellfield maintenance costs: 4.41 MUSD/yr + Power plant maintenance costs: 16.20 MUSD/yr + Water costs: 12.29 MUSD/yr + Total operating and maintenance costs: 32.90 MUSD/yr + + + ***SURFACE EQUIPMENT SIMULATION RESULTS*** + + Initial geofluid availability: 0.19 MW/(kg/s) + Maximum Total Electricity Generation: 458.44 MW + Average Total Electricity Generation: 457.45 MW + Minimum Total Electricity Generation: 450.66 MW + Initial Total Electricity Generation: 450.66 MW + Maximum Net Electricity Generation: 436.48 MW + Average Net Electricity Generation: 435.48 MW + Minimum Net Electricity Generation: 428.63 MW + Initial Net Electricity Generation: 428.63 MW + Average Annual Total Electricity Generation: 3606.69 GWh + Average Annual Net Electricity Generation: 3433.49 GWh + Initial pumping power/net installed power: 5.14 % + Average Pumping Power: 21.97 MW + Heat to Power Conversion Efficiency: 15.51 % + + ************************************************************ + * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * + ************************************************************ + YEAR THERMAL GEOFLUID PUMP NET FIRST LAW + DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY + (degC) (MW) (MW) (%) + 1 1.0000 198.69 22.0221 428.6338 15.4011 + 2 1.0041 199.51 21.9866 433.2353 15.4776 + 3 1.0049 199.67 21.9794 434.1734 15.4931 + 4 1.0054 199.76 21.9757 434.6599 15.5012 + 5 1.0057 199.81 21.9732 434.9811 15.5065 + 6 1.0059 199.86 21.9714 435.2177 15.5104 + 7 1.0060 199.89 21.9699 435.4035 15.5135 + 8 1.0062 199.92 21.9688 435.5556 15.5160 + 9 1.0063 199.94 21.9678 435.6838 15.5181 + 10 1.0064 199.96 21.9669 435.7942 15.5199 + 11 1.0065 199.98 21.9662 435.8910 15.5215 + 12 1.0065 199.99 21.9655 435.9769 15.5229 + 13 1.0066 200.00 21.9649 436.0541 15.5242 + 14 1.0067 200.02 21.9644 436.1240 15.5253 + 15 1.0067 200.03 21.9639 436.1878 15.5264 + 16 1.0068 200.04 21.9635 436.2465 15.5274 + 17 1.0068 200.05 21.9630 436.3008 15.5282 + 18 1.0069 200.06 21.9627 436.3512 15.5291 + 19 1.0069 200.07 21.9623 436.3982 15.5299 + 20 1.0070 200.07 21.9620 436.4423 15.5306 + + + ******************************************************************* + * ANNUAL HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * + ******************************************************************* + YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF + PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED + (GWh/year) (GWh/year) (10^15 J) (%) + 1 3402.8 22023.6 27168.72 0.29 + 2 3419.8 22082.8 27089.22 0.58 + 3 3425.1 22101.0 27009.66 0.87 + 4 3428.2 22111.7 26930.05 1.17 + 5 3430.4 22119.2 26850.42 1.46 + 6 3432.0 22124.9 26770.77 1.75 + 7 3433.3 22129.5 26691.11 2.04 + 8 3434.4 22133.3 26611.43 2.34 + 9 3435.4 22136.6 26531.74 2.63 + 10 3436.2 22139.4 26452.03 2.92 + 11 3436.9 22141.9 26372.32 3.21 + 12 3437.6 22144.1 26292.61 3.51 + 13 3438.1 22146.1 26212.88 3.80 + 14 3438.7 22147.9 26133.15 4.09 + 15 3439.1 22149.6 26053.41 4.38 + 16 3439.6 22151.1 25973.66 4.68 + 17 3440.0 22152.6 25893.92 4.97 + 18 3440.4 22153.9 25814.16 5.26 + 19 3440.7 22155.1 25734.40 5.55 + 20 3441.1 22156.2 25654.64 5.85 + + *************************** + * SAM CASH FLOW PROFILE * + *************************** +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 +ENERGY +Electricity to grid (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 + +REVENUE +PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 +PPA revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 664,006,648 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 793,939,213 +Total revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 1,457,945,861 + +Property tax net assessed value ($) 0 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 + +OPERATING EXPENSES +O&M fixed expense ($) 0 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 + +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 + +OPERATING ACTIVITIES +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +plus PBI if not available for debt service: +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 +Cash flow from operating activities ($) 0 335,756,108 339,002,267 354,777,012 370,381,150 385,953,255 401,541,942 417,171,143 432,855,367 448,604,847 464,427,662 480,330,753 496,320,452 512,402,784 528,583,657 544,868,976 561,264,730 577,777,051 594,412,256 611,176,889 1,422,013,840 + +INVESTING ACTIVITIES +Total installed cost ($) -1,587,878,426 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 +minus: +Total IBI income ($) 0 +Total CBI income ($) 0 +equals: +Purchase of property ($) -1,587,878,426 +plus: +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash flow from investing activities ($) -1,587,878,426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +FINANCING ACTIVITIES +Issuance of equity ($) 793,939,213 +Size of debt ($) 793,939,213 +minus: +Debt principal payment ($) 0 24,010,776 25,211,315 26,471,880 27,795,474 29,185,248 30,644,511 32,176,736 33,785,573 35,474,852 37,248,594 39,111,024 41,066,575 43,119,904 45,275,899 47,539,694 49,916,679 52,412,512 55,033,138 57,784,795 60,674,035 +equals: +Cash flow from financing activities ($) 1,587,878,426 -24,010,776 -25,211,315 -26,471,880 -27,795,474 -29,185,248 -30,644,511 -32,176,736 -33,785,573 -35,474,852 -37,248,594 -39,111,024 -41,066,575 -43,119,904 -45,275,899 -47,539,694 -49,916,679 -52,412,512 -55,033,138 -57,784,795 -60,674,035 + +PROJECT RETURNS +Pre-tax Cash Flow: +Cash flow from operating activities ($) 0 335,756,108 339,002,267 354,777,012 370,381,150 385,953,255 401,541,942 417,171,143 432,855,367 448,604,847 464,427,662 480,330,753 496,320,452 512,402,784 528,583,657 544,868,976 561,264,730 577,777,051 594,412,256 611,176,889 1,422,013,840 +Cash flow from investing activities ($) -1,587,878,426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 1,587,878,426 -24,010,776 -25,211,315 -26,471,880 -27,795,474 -29,185,248 -30,644,511 -32,176,736 -33,785,573 -35,474,852 -37,248,594 -39,111,024 -41,066,575 -43,119,904 -45,275,899 -47,539,694 -49,916,679 -52,412,512 -55,033,138 -57,784,795 -60,674,035 +Total pre-tax cash flow ($) 0 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 + +Pre-tax Returns: +Issuance of equity ($) 793,939,213 +Total pre-tax cash flow ($) 0 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 +Total pre-tax returns ($) -793,939,213 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 + +After-tax Returns: +Total pre-tax returns ($) -793,939,213 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 +Federal ITC total income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -58,983,274 -53,027,355 -56,108,162 -59,155,651 -62,196,883 -65,241,353 -68,293,736 -71,356,865 -74,432,739 -77,522,935 -80,628,808 -83,751,596 -86,892,476 -90,052,600 -93,233,123 -96,435,214 -99,660,070 -102,908,926 -106,183,059 -264,539,515 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 +Total after-tax returns ($) -793,939,213 707,984,628 241,757,377 252,086,516 262,227,283 272,278,334 282,272,080 292,222,629 302,136,992 312,018,856 321,870,136 331,691,707 341,483,787 351,246,148 360,978,240 370,679,269 380,348,245 389,984,013 399,585,272 409,150,592 1,001,983,260 + +After-tax cumulative IRR (%) NaN -10.83 15.53 30.95 39.49 44.37 47.26 49.03 50.14 50.84 51.30 51.60 51.80 51.93 52.02 52.08 52.12 52.14 52.16 NaN NaN +After-tax cumulative NPV ($) -793,939,213 -151,251,642 47,967,873 236,540,146 414,606,623 582,445,841 740,397,562 888,835,992 1,028,155,677 1,158,762,388 1,281,066,599 1,395,478,556 1,502,404,468 1,602,243,535 1,695,385,639 1,782,209,559 1,863,081,632 1,938,354,774 2,008,367,789 2,073,444,945 2,218,116,091 + +AFTER-TAX LCOE AND PPA PRICE +Annual costs ($) -793,939,213 299,633,240 -168,639,631 -172,824,670 -176,964,448 -181,095,728 -185,231,406 -189,377,833 -193,538,858 -197,717,195 -201,914,988 -206,134,078 -210,376,145 -214,642,788 -218,935,573 -223,256,069 -227,605,862 -231,986,581 -236,399,901 -240,847,558 337,976,612 +PPA revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 664,006,648 +Electricity to grid (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 + +Present value of annual costs ($) 1,901,438,392 +Present value of annual energy nominal (kWh) 28,878,849,832 +LCOE Levelized cost of energy nominal (cents/kWh) 6.58 + +Present value of PPA revenue ($) 4,119,554,483 +Present value of annual energy nominal (kWh) 28,878,849,832 +LPPA Levelized PPA price nominal (cents/kWh) 14.26 + +PROJECT STATE INCOME TAXES +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 +minus: +Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 +Total state tax depreciation ($) 0 33,742,417 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 +equals: +State taxable income ($) 0 302,013,692 271,517,434 287,292,179 302,896,317 318,468,422 334,057,109 349,686,310 365,370,534 381,120,014 396,942,829 412,845,920 428,835,619 444,917,951 461,098,824 477,384,143 493,779,897 510,292,218 526,927,423 543,692,056 1,354,529,007 + +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 + +PROJECT FEDERAL INCOME TAXES +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 0 +Federal taxable CBI income ($) 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +minus: +Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 +Total federal tax depreciation ($) 0 33,742,417 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 +equals: +Federal taxable income ($) 0 280,872,733 252,511,213 267,181,726 281,693,575 296,175,632 310,673,111 325,208,268 339,794,597 354,441,613 369,156,831 383,946,706 398,817,125 413,773,694 428,821,906 443,967,253 459,215,304 474,571,762 490,042,503 505,633,612 1,259,711,977 + +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -58,983,274 -53,027,355 -56,108,162 -59,155,651 -62,196,883 -65,241,353 -68,293,736 -71,356,865 -74,432,739 -77,522,935 -80,628,808 -83,751,596 -86,892,476 -90,052,600 -93,233,123 -96,435,214 -99,660,070 -102,908,926 -106,183,059 -264,539,515 + +CASH INCENTIVES +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 0 +Other CBI income ($) 0 +Total CBI income ($) 0 + +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +TAX CREDITS +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +DEBT REPAYMENT +Debt balance ($) 793,939,213 769,928,437 744,717,122 718,245,242 690,449,768 661,264,519 630,620,009 598,443,273 564,657,700 529,182,848 491,934,254 452,823,231 411,756,656 368,636,752 323,360,853 275,821,159 225,904,480 173,491,968 118,458,830 60,674,035 0 +Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 +Debt principal payment ($) 0 24,010,776 25,211,315 26,471,880 27,795,474 29,185,248 30,644,511 32,176,736 33,785,573 35,474,852 37,248,594 39,111,024 41,066,575 43,119,904 45,275,899 47,539,694 49,916,679 52,412,512 55,033,138 57,784,795 60,674,035 +Debt total payment ($) 0 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 + +DSCR (DEBT FRACTION) +EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +minus: +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash available for debt service (CAFDS) ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +Debt total payment ($) 0 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 +DSCR (pre-tax) 0.0 5.89 5.93 6.15 6.38 6.60 6.82 7.04 7.26 7.48 7.71 7.93 8.15 8.37 8.59 8.81 9.03 9.25 9.47 9.69 22.37 + +RESERVES +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt new file mode 100644 index 00000000..5690e999 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -0,0 +1,71 @@ +# Case Study: Fervo Cape Station: 500 MWe Production +https://github.com/NREL/GEOPHIRES-X/issues/385?title=Fervo+Cape+Station+500+MWe+update + +# *** ECONOMIC/FINANCIAL PARAMETERS *** +# ************************************* +Economic Model, 5, -- SAM Single Owner PPA +Starting Electricity Sale Price, 0.12 +Ending Electricity Sale Price, 1.00 +Electricity Escalation Rate Per Year, 0.004053223 +Electricity Escalation Start Year, 1 +Fraction of Investment in Bonds, .5 +Inflated Bond Interest Rate, .05 +Discount Rate, 0.08 +Inflation Rate, .02 +Inflation Rate During Construction, 0.05 +Combined Income Tax Rate, .28 +Investment Tax Credit Rate, .3 +Property Tax Rate, 0 +Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) +Exploration Capital Cost, 30 +Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) + +# *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** +# ************************************************* +End-Use Option, 1 +Plant Lifetime, 20 +Power Plant Type, 2, -- Supercritical ORC +Reservoir Model, 1 +Reservoir Volume Option, 1 +Reservoir Density, 2800 +Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf +Reservoir Heat Capacity, 790 +Reservoir Thermal Conductivity, 3.05 +Reservoir Porosity, 0.0118 +Reservoir Impedance, 0.001 +Number of Fractures, 149 +Fracture Shape, 4 +Fracture Height, 2000 +Fracture Width, 10000 +Fracture Separation, 30 +Number of Segments, 1 +Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) +Number of Injection Wells, 46 +Number of Production Wells, 46 +Production Flow Rate per Well, 120, -- peak flow reported in paper +Production Well Diameter, 9.625 +Injection Well Diameter, 9.625 +Well Separation, 365 feet +Ramey Production Wellbore Model, 1 +Injection Temperature, 60 degC +Injection Wellbore Temperature Gain, 3 +Plant Outlet Pressure, 1000 psi +Production Wellhead Pressure, 325 psi +Utilization Factor, .9 +Water Loss Fraction, 0.10 +Maximum Drawdown, 1 +Ambient Temperature, 10 degC +Surface Temperature, 10 degC +Circulation Pump Efficiency, 0.80 +Well Geometry Configuration, 4 +Has Nonvertical Section, True +Multilaterals Cased, True +Number of Multilateral Sections, 3 +Nonvertical Length per Multilateral Section, 4700 feet +# TODO drawdown - redrill at 10 years after ~25C production temp drop + +# *** SIMULATION PARAMETERS *** +# ***************************** +Maximum Temperature, 500 +Time steps per year, 10 +Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 From 013a57ca51d5ddfe55f26ef9d32afddcb339ad1b Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 15 May 2025 13:11:26 -0700 Subject: [PATCH 02/61] Drawdown WIP --- tests/examples/Fervo_Project_Cape-4.txt | 9 +++------ 1 file changed, 3 insertions(+), 6 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 5690e999..410893ef 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -1,6 +1,5 @@ # Case Study: Fervo Cape Station: 500 MWe Production https://github.com/NREL/GEOPHIRES-X/issues/385?title=Fervo+Cape+Station+500+MWe+update - # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* Economic Model, 5, -- SAM Single Owner PPA @@ -19,7 +18,6 @@ Property Tax Rate, 0 Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) Exploration Capital Cost, 30 Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) - # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* End-Use Option, 1 @@ -35,8 +33,8 @@ Reservoir Porosity, 0.0118 Reservoir Impedance, 0.001 Number of Fractures, 149 Fracture Shape, 4 -Fracture Height, 2000 -Fracture Width, 10000 +Fracture Height, 1400 +Fracture Width, 1400 Fracture Separation, 30 Number of Segments, 1 Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) @@ -53,7 +51,7 @@ Plant Outlet Pressure, 1000 psi Production Wellhead Pressure, 325 psi Utilization Factor, .9 Water Loss Fraction, 0.10 -Maximum Drawdown, 1 +Maximum Drawdown, 0.005, -- WIP Ambient Temperature, 10 degC Surface Temperature, 10 degC Circulation Pump Efficiency, 0.80 @@ -62,7 +60,6 @@ Has Nonvertical Section, True Multilaterals Cased, True Number of Multilateral Sections, 3 Nonvertical Length per Multilateral Section, 4700 feet -# TODO drawdown - redrill at 10 years after ~25C production temp drop # *** SIMULATION PARAMETERS *** # ***************************** From 24b232a5a0e5e213eb47f0a0a597c983e824a263 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 15 May 2025 14:53:22 -0700 Subject: [PATCH 03/61] drawdown tuned for Minimum Net Electricity Generation = 500.16 MW --- tests/examples/Fervo_Project_Cape-4.out | 450 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 11 +- 2 files changed, 231 insertions(+), 230 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 87311712..4cb53102 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,16 +6,16 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 Simulation Date: 2025-05-15 - Simulation Time: 12:37 - Calculation Time: 0.911 sec + Simulation Time: 14:52 + Calculation Time: 0.879 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 435.48 MW - Electricity breakeven price: 6.58 cents/kWh - Number of production wells: 39 - Number of injection wells: 39 + Average Net Electricity Production: 513.24 MW + Electricity breakeven price: 7.77 cents/kWh + Number of production wells: 47 + Number of injection wells: 47 Flowrate per production well: 120.0 kg/sec Well depth: 2.6 kilometer Geothermal gradient: 74 degC/km @@ -30,24 +30,24 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 2218.10 MUSD + Project NPV: 2212.40 MUSD Project IRR: NaN % - Estimated Jobs Created: 974 + Estimated Jobs Created: 1167 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 39 - Number of Injection Wells: 39 + Number of Production Wells: 47 + Number of Injection Wells: 47 Well depth: 2.6 kilometer Water loss rate: 10.0 % Pump efficiency: 80.0 % Injection temperature: 56.7 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 1.8 degC + Average production well temperature drop: 1.7 degC Flowrate per production well: 120.0 kg/sec Injection well casing ID: 9.625 in Production well casing ID: 9.625 in - Number of times redrilling: 0 + Number of times redrilling: 2 Power plant type: Supercritical ORC @@ -63,13 +63,13 @@ Simulation Metadata Reservoir Model = Multiple Parallel Fractures Model Bottom-hole temperature: 201.72 degC Fracture model = Rectangular - Well separation: fracture height: 2000.00 meter - Fracture width: 10000.00 meter - Fracture area: 20000000.00 m**2 + Well separation: fracture height: 1400.00 meter + Fracture width: 1400.00 meter + Fracture area: 1960000.00 m**2 Reservoir volume calculated with fracture separation and number of fractures as input Number of fractures: 149.00 Fracture separation: 30.00 meter - Reservoir volume: 88800000000 m**3 + Reservoir volume: 8702400000 m**3 Reservoir impedance: 0.0010 GPa.s/m**3 Reservoir density: 2800.00 kg/m**3 Reservoir thermal conductivity: 3.05 W/m/K @@ -78,57 +78,57 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 200.1 degC - Average Production Temperature: 199.9 degC - Minimum Production Temperature: 198.7 degC + Maximum Production Temperature: 199.8 degC + Average Production Temperature: 199.4 degC + Minimum Production Temperature: 197.5 degC Initial Production Temperature: 198.7 degC - Average Reservoir Heat Extraction: 2806.89 MW + Average Reservoir Heat Extraction: 3370.58 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 1.8 degC - Total Average Pressure Drop: 3388.1 kPa + Average Production Well Temperature Drop: 1.7 degC + Total Average Pressure Drop: 4406.2 kPa Average Injection Well Pressure Drop: 690.9 kPa - Average Reservoir Pressure Drop: 4914.3 kPa - Average Production Well Pressure Drop: 633.7 kPa - Average Buoyancy Pressure Drop: -2850.9 kPa + Average Reservoir Pressure Drop: 5922.4 kPa + Average Production Well Pressure Drop: 633.4 kPa + Average Buoyancy Pressure Drop: -2840.6 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 299.52 MUSD + Drilling and completion costs: 360.96 MUSD Drilling and completion costs per well: 3.84 MUSD - Stimulation costs: 233.70 MUSD - Surface power plant costs: 898.01 MUSD - Field gathering system costs: 51.03 MUSD - Total surface equipment costs: 949.05 MUSD + Stimulation costs: 281.63 MUSD + Surface power plant costs: 1067.20 MUSD + Field gathering system costs: 66.65 MUSD + Total surface equipment costs: 1133.85 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -453.68 MUSD - Total capital costs: 1058.59 MUSD + Investment Tax Credit: -541.93 MUSD + Total capital costs: 1264.51 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 4.41 MUSD/yr - Power plant maintenance costs: 16.20 MUSD/yr - Water costs: 12.29 MUSD/yr - Total operating and maintenance costs: 32.90 MUSD/yr + Wellfield maintenance costs: 5.21 MUSD/yr + Power plant maintenance costs: 18.82 MUSD/yr + Water costs: 14.81 MUSD/yr + Total operating and maintenance costs: 103.11 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 458.44 MW - Average Total Electricity Generation: 457.45 MW - Minimum Total Electricity Generation: 450.66 MW - Initial Total Electricity Generation: 450.66 MW - Maximum Net Electricity Generation: 436.48 MW - Average Net Electricity Generation: 435.48 MW - Minimum Net Electricity Generation: 428.63 MW - Initial Net Electricity Generation: 428.63 MW - Average Annual Total Electricity Generation: 3606.69 GWh - Average Annual Net Electricity Generation: 3433.49 GWh - Initial pumping power/net installed power: 5.14 % - Average Pumping Power: 21.97 MW - Heat to Power Conversion Efficiency: 15.51 % + Maximum Total Electricity Generation: 550.71 MW + Average Total Electricity Generation: 547.67 MW + Minimum Total Electricity Generation: 535.03 MW + Initial Total Electricity Generation: 543.10 MW + Maximum Net Electricity Generation: 516.37 MW + Average Net Electricity Generation: 513.24 MW + Minimum Net Electricity Generation: 500.16 MW + Initial Net Electricity Generation: 508.68 MW + Average Annual Total Electricity Generation: 4317.80 GWh + Average Annual Net Electricity Generation: 4046.33 GWh + Initial pumping power/net installed power: 6.77 % + Average Pumping Power: 34.43 MW + Heat to Power Conversion Efficiency: 15.23 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -136,26 +136,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.69 22.0221 428.6338 15.4011 - 2 1.0041 199.51 21.9866 433.2353 15.4776 - 3 1.0049 199.67 21.9794 434.1734 15.4931 - 4 1.0054 199.76 21.9757 434.6599 15.5012 - 5 1.0057 199.81 21.9732 434.9811 15.5065 - 6 1.0059 199.86 21.9714 435.2177 15.5104 - 7 1.0060 199.89 21.9699 435.4035 15.5135 - 8 1.0062 199.92 21.9688 435.5556 15.5160 - 9 1.0063 199.94 21.9678 435.6838 15.5181 - 10 1.0064 199.96 21.9669 435.7942 15.5199 - 11 1.0065 199.98 21.9662 435.8910 15.5215 - 12 1.0065 199.99 21.9655 435.9769 15.5229 - 13 1.0066 200.00 21.9649 436.0541 15.5242 - 14 1.0067 200.02 21.9644 436.1240 15.5253 - 15 1.0067 200.03 21.9639 436.1878 15.5264 - 16 1.0068 200.04 21.9635 436.2465 15.5274 - 17 1.0068 200.05 21.9630 436.3008 15.5282 - 18 1.0069 200.06 21.9627 436.3512 15.5291 - 19 1.0069 200.07 21.9623 436.3982 15.5299 - 20 1.0070 200.07 21.9620 436.4423 15.5306 + 1 1.0000 198.69 34.4169 508.6812 15.1637 + 2 1.0041 199.51 34.3741 514.2266 15.2415 + 3 1.0049 199.67 34.3654 515.3572 15.2573 + 4 1.0054 199.76 34.3610 515.9404 15.2655 + 5 1.0056 199.81 34.3596 516.2774 15.2702 + 6 1.0056 199.81 34.3652 516.3045 15.2704 + 7 1.0053 199.74 34.3867 515.7681 15.2627 + 8 1.0042 199.52 34.4361 514.2854 15.2414 + 9 1.0021 199.11 34.5279 511.3869 15.1997 + 10 0.9986 198.42 34.6777 506.5626 15.1299 + 11 1.0000 198.69 34.3470 508.7511 15.1658 + 12 1.0041 199.51 34.3448 514.2560 15.2424 + 13 1.0049 199.67 34.3422 515.3803 15.2580 + 14 1.0054 199.76 34.3394 515.9620 15.2661 + 15 1.0056 199.81 34.3376 516.2993 15.2708 + 16 1.0056 199.81 34.3417 516.3281 15.2711 + 17 1.0053 199.74 34.3608 515.7940 15.2635 + 18 1.0042 199.52 34.4073 514.3141 15.2422 + 19 1.0021 199.11 34.4959 511.4189 15.2006 + 20 0.9986 198.42 34.6425 506.5978 15.1309 ******************************************************************* @@ -164,170 +164,170 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 3402.8 22023.6 27168.72 0.29 - 2 3419.8 22082.8 27089.22 0.58 - 3 3425.1 22101.0 27009.66 0.87 - 4 3428.2 22111.7 26930.05 1.17 - 5 3430.4 22119.2 26850.42 1.46 - 6 3432.0 22124.9 26770.77 1.75 - 7 3433.3 22129.5 26691.11 2.04 - 8 3434.4 22133.3 26611.43 2.34 - 9 3435.4 22136.6 26531.74 2.63 - 10 3436.2 22139.4 26452.03 2.92 - 11 3436.9 22141.9 26372.32 3.21 - 12 3437.6 22144.1 26292.61 3.51 - 13 3438.1 22146.1 26212.88 3.80 - 14 3438.7 22147.9 26133.15 4.09 - 15 3439.1 22149.6 26053.41 4.38 - 16 3439.6 22151.1 25973.66 4.68 - 17 3440.0 22152.6 25893.92 4.97 - 18 3440.4 22153.9 25814.16 5.26 - 19 3440.7 22155.1 25734.40 5.55 - 20 3441.1 22156.2 25654.64 5.85 + 1 4038.7 26545.8 2574.74 3.58 + 2 4059.2 26617.0 2478.92 7.17 + 3 4065.6 26638.9 2383.02 10.76 + 4 4069.2 26651.4 2287.07 14.35 + 5 4070.7 26656.8 2191.11 17.95 + 6 4068.9 26650.9 2095.17 21.54 + 7 4061.2 26625.1 1999.32 25.13 + 8 4044.3 26567.8 1903.67 28.71 + 9 4014.2 26465.7 1808.39 32.28 + 10 3970.6 26317.3 1713.65 35.83 + 11 4039.0 26545.8 1618.09 39.40 + 12 4059.4 26617.0 1522.27 42.99 + 13 4065.7 26638.9 1426.37 46.58 + 14 4069.3 26651.4 1330.42 50.18 + 15 4070.9 26656.8 1234.46 53.77 + 16 4069.1 26650.9 1138.51 57.36 + 17 4061.4 26625.1 1042.66 60.95 + 18 4044.5 26567.8 947.02 64.54 + 19 4014.4 26465.7 851.74 68.10 + 20 3970.2 26315.2 757.01 71.65 *************************** * SAM CASH FLOW PROFILE * *************************** -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 ENERGY -Electricity to grid (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 +Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 REVENUE -PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 -PPA revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 664,006,648 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 793,939,213 -Total revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 1,457,945,861 +PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 +PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 948,385,086 +Total revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 1,714,489,024 -Property tax net assessed value ($) 0 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 1,587,878,426 +Property tax net assessed value ($) 0 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 OPERATING EXPENSES -O&M fixed expense ($) 0 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 32,898,319 +O&M fixed expense ($) 0 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 OPERATING ACTIVITIES -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 -Cash flow from operating activities ($) 0 335,756,108 339,002,267 354,777,012 370,381,150 385,953,255 401,541,942 417,171,143 432,855,367 448,604,847 464,427,662 480,330,753 496,320,452 512,402,784 528,583,657 544,868,976 561,264,730 577,777,051 594,412,256 611,176,889 1,422,013,840 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 +Cash flow from operating activities ($) 0 334,135,681 338,034,982 356,779,695 375,299,565 393,658,097 411,656,750 428,902,874 444,840,571 458,783,994 470,532,878 499,559,555 521,542,699 541,487,344 561,146,988 580,614,375 599,639,976 617,730,496 634,195,238 648,193,150 1,607,759,868 INVESTING ACTIVITIES -Total installed cost ($) -1,587,878,426 +Total installed cost ($) -1,896,770,172 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -1,587,878,426 +Purchase of property ($) -1,896,770,172 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -1,587,878,426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -1,896,770,172 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 793,939,213 -Size of debt ($) 793,939,213 +Issuance of equity ($) 948,385,086 +Size of debt ($) 948,385,086 minus: -Debt principal payment ($) 0 24,010,776 25,211,315 26,471,880 27,795,474 29,185,248 30,644,511 32,176,736 33,785,573 35,474,852 37,248,594 39,111,024 41,066,575 43,119,904 45,275,899 47,539,694 49,916,679 52,412,512 55,033,138 57,784,795 60,674,035 +Debt principal payment ($) 0 28,681,619 30,115,700 31,621,485 33,202,559 34,862,687 36,605,821 38,436,112 40,357,918 42,375,814 44,494,604 46,719,335 49,055,301 51,508,066 54,083,470 56,787,643 59,627,025 62,608,377 65,738,795 69,025,735 72,477,022 equals: -Cash flow from financing activities ($) 1,587,878,426 -24,010,776 -25,211,315 -26,471,880 -27,795,474 -29,185,248 -30,644,511 -32,176,736 -33,785,573 -35,474,852 -37,248,594 -39,111,024 -41,066,575 -43,119,904 -45,275,899 -47,539,694 -49,916,679 -52,412,512 -55,033,138 -57,784,795 -60,674,035 +Cash flow from financing activities ($) 1,896,770,172 -28,681,619 -30,115,700 -31,621,485 -33,202,559 -34,862,687 -36,605,821 -38,436,112 -40,357,918 -42,375,814 -44,494,604 -46,719,335 -49,055,301 -51,508,066 -54,083,470 -56,787,643 -59,627,025 -62,608,377 -65,738,795 -69,025,735 -72,477,022 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 335,756,108 339,002,267 354,777,012 370,381,150 385,953,255 401,541,942 417,171,143 432,855,367 448,604,847 464,427,662 480,330,753 496,320,452 512,402,784 528,583,657 544,868,976 561,264,730 577,777,051 594,412,256 611,176,889 1,422,013,840 -Cash flow from investing activities ($) -1,587,878,426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 1,587,878,426 -24,010,776 -25,211,315 -26,471,880 -27,795,474 -29,185,248 -30,644,511 -32,176,736 -33,785,573 -35,474,852 -37,248,594 -39,111,024 -41,066,575 -43,119,904 -45,275,899 -47,539,694 -49,916,679 -52,412,512 -55,033,138 -57,784,795 -60,674,035 -Total pre-tax cash flow ($) 0 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 +Cash flow from operating activities ($) 0 334,135,681 338,034,982 356,779,695 375,299,565 393,658,097 411,656,750 428,902,874 444,840,571 458,783,994 470,532,878 499,559,555 521,542,699 541,487,344 561,146,988 580,614,375 599,639,976 617,730,496 634,195,238 648,193,150 1,607,759,868 +Cash flow from investing activities ($) -1,896,770,172 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 1,896,770,172 -28,681,619 -30,115,700 -31,621,485 -33,202,559 -34,862,687 -36,605,821 -38,436,112 -40,357,918 -42,375,814 -44,494,604 -46,719,335 -49,055,301 -51,508,066 -54,083,470 -56,787,643 -59,627,025 -62,608,377 -65,738,795 -69,025,735 -72,477,022 +Total pre-tax cash flow ($) 0 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 Pre-tax Returns: -Issuance of equity ($) 793,939,213 -Total pre-tax cash flow ($) 0 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 -Total pre-tax returns ($) -793,939,213 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 +Issuance of equity ($) 948,385,086 +Total pre-tax cash flow ($) 0 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 +Total pre-tax returns ($) -948,385,086 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 After-tax Returns: -Total pre-tax returns ($) -793,939,213 311,745,332 313,790,952 328,305,131 342,585,676 356,768,007 370,897,431 384,994,407 399,069,794 413,129,996 427,179,068 441,219,729 455,253,877 469,282,880 483,307,758 497,329,282 511,348,052 525,364,538 539,379,118 553,392,094 1,361,339,805 -Federal ITC total income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -58,983,274 -53,027,355 -56,108,162 -59,155,651 -62,196,883 -65,241,353 -68,293,736 -71,356,865 -74,432,739 -77,522,935 -80,628,808 -83,751,596 -86,892,476 -90,052,600 -93,233,123 -96,435,214 -99,660,070 -102,908,926 -106,183,059 -264,539,515 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 -Total after-tax returns ($) -793,939,213 707,984,628 241,757,377 252,086,516 262,227,283 272,278,334 282,272,080 292,222,629 302,136,992 312,018,856 321,870,136 331,691,707 341,483,787 351,246,148 360,978,240 370,679,269 380,348,245 389,984,013 399,585,272 409,150,592 1,001,983,260 - -After-tax cumulative IRR (%) NaN -10.83 15.53 30.95 39.49 44.37 47.26 49.03 50.14 50.84 51.30 51.60 51.80 51.93 52.02 52.08 52.12 52.14 52.16 NaN NaN -After-tax cumulative NPV ($) -793,939,213 -151,251,642 47,967,873 236,540,146 414,606,623 582,445,841 740,397,562 888,835,992 1,028,155,677 1,158,762,388 1,281,066,599 1,395,478,556 1,502,404,468 1,602,243,535 1,695,385,639 1,782,209,559 1,863,081,632 1,938,354,774 2,008,367,789 2,073,444,945 2,218,116,091 +Total pre-tax returns ($) -948,385,086 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 +Federal ITC total income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -57,384,865 -50,274,565 -53,935,408 -57,552,338 -61,137,760 -64,652,897 -68,021,065 -71,133,697 -73,856,847 -76,151,404 -81,820,315 -86,113,623 -90,008,812 -93,848,340 -97,650,321 -101,366,021 -104,899,099 -108,114,663 -110,848,456 -298,251,836 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 +Total after-tax returns ($) -948,385,086 796,532,197 239,625,159 251,891,115 263,916,589 275,744,475 287,224,951 298,065,388 307,853,007 316,079,345 322,592,459 341,693,629 355,508,678 367,709,243 379,577,780 391,176,296 402,315,023 412,624,777 421,591,004 428,588,330 1,130,130,711 + +After-tax cumulative IRR (%) NaN -16.01 7.49 22.37 31.08 36.27 39.45 41.47 42.77 43.63 44.20 44.59 44.86 45.05 45.18 NaN NaN NaN NaN NaN NaN +After-tax cumulative NPV ($) -948,385,086 -225,316,643 -27,854,175 160,571,928 339,785,535 509,761,370 670,484,581 821,890,919 963,846,340 1,096,152,716 1,218,731,395 1,336,593,361 1,447,910,768 1,552,429,346 1,650,370,631 1,741,995,554 1,827,538,345 1,907,181,515 1,981,050,247 2,049,219,059 2,212,392,748 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -793,939,213 299,633,240 -168,639,631 -172,824,670 -176,964,448 -181,095,728 -185,231,406 -189,377,833 -193,538,858 -197,717,195 -201,914,988 -206,134,078 -210,376,145 -214,642,788 -218,935,573 -223,256,069 -227,605,862 -231,986,581 -236,399,901 -240,847,558 337,976,612 -PPA revenue ($) 0 408,351,388 410,397,008 424,911,187 439,191,731 453,374,062 467,503,487 481,600,462 495,675,850 509,736,051 523,785,124 537,825,785 551,859,932 565,888,936 579,913,813 593,935,338 607,954,107 621,970,594 635,985,173 649,998,150 664,006,648 -Electricity to grid (kWh) 0.0 3,402,928,230 3,419,975,063 3,425,232,949 3,428,334,366 3,430,502,403 3,432,153,007 3,433,476,874 3,434,576,799 3,435,514,273 3,436,328,881 3,437,047,533 3,437,689,317 3,438,268,239 3,438,794,866 3,439,277,355 3,439,722,129 3,440,134,331.0 3,440,518,141 3,440,876,996 3,441,197,566 +Annual costs ($) -948,385,086 311,871,956 -247,500,301 -252,473,273 -257,386,595 -262,257,113 -267,032,156 -271,607,553 -275,835,824 -279,535,014 -282,651,993 -290,352,770 -296,184,898 -301,476,212 -306,691,916 -311,856,614 -316,904,106 -321,703,521 -326,071,617 -329,785,263 364,026,773 +PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 +Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 -Present value of annual costs ($) 1,901,438,392 -Present value of annual energy nominal (kWh) 28,878,849,832 -LCOE Levelized cost of energy nominal (cents/kWh) 6.58 +Present value of annual costs ($) 2,650,795,635 +Present value of annual energy nominal (kWh) 34,112,807,078 +LCOE Levelized cost of energy nominal (cents/kWh) 7.77 -Present value of PPA revenue ($) 4,119,554,483 -Present value of annual energy nominal (kWh) 28,878,849,832 +Present value of PPA revenue ($) 4,863,188,382 +Present value of annual energy nominal (kWh) 34,112,807,078 LPPA Levelized PPA price nominal (cents/kWh) 14.26 PROJECT STATE INCOME TAXES -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 -Total state tax depreciation ($) 0 33,742,417 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 +Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 +Total state tax depreciation ($) 0 40,306,366 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 equals: -State taxable income ($) 0 302,013,692 271,517,434 287,292,179 302,896,317 318,468,422 334,057,109 349,686,310 365,370,534 381,120,014 396,942,829 412,845,920 428,835,619 444,917,951 461,098,824 477,384,143 493,779,897 510,292,218 526,927,423 543,692,056 1,354,529,007 +State taxable income ($) 0 293,829,315 257,422,249 276,166,962 294,686,833 313,045,364 331,044,017 348,290,142 364,227,838 378,171,262 389,920,145 418,946,823 440,929,967 460,874,611 480,534,255 500,001,643 519,027,244 537,117,763 553,582,506 567,580,418 1,527,147,136 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -21,140,958 -19,006,220 -20,110,453 -21,202,742 -22,292,790 -23,383,998 -24,478,042 -25,575,937 -26,678,401 -27,785,998 -28,899,214 -30,018,493 -31,144,257 -32,276,918 -33,416,890 -34,564,593 -35,720,455 -36,884,920 -38,058,444 -94,817,030 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 -Total federal tax depreciation ($) 0 33,742,417 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 67,484,833 +Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 +Total federal tax depreciation ($) 0 40,306,366 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 equals: -Federal taxable income ($) 0 280,872,733 252,511,213 267,181,726 281,693,575 296,175,632 310,673,111 325,208,268 339,794,597 354,441,613 369,156,831 383,946,706 398,817,125 413,773,694 428,821,906 443,967,253 459,215,304 474,571,762 490,042,503 505,633,612 1,259,711,977 +Federal taxable income ($) 0 273,261,263 239,402,692 256,835,275 274,058,754 291,132,189 307,870,936 323,909,832 338,731,890 351,699,274 362,625,735 389,620,546 410,064,869 428,613,389 446,896,858 465,001,528 482,695,337 499,519,520 514,831,731 527,849,788 1,420,246,836 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -58,983,274 -53,027,355 -56,108,162 -59,155,651 -62,196,883 -65,241,353 -68,293,736 -71,356,865 -74,432,739 -77,522,935 -80,628,808 -83,751,596 -86,892,476 -90,052,600 -93,233,123 -96,435,214 -99,660,070 -102,908,926 -106,183,059 -264,539,515 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -57,384,865 -50,274,565 -53,935,408 -57,552,338 -61,137,760 -64,652,897 -68,021,065 -71,133,697 -73,856,847 -76,151,404 -81,820,315 -86,113,623 -90,008,812 -93,848,340 -97,650,321 -101,366,021 -104,899,099 -108,114,663 -110,848,456 -298,251,836 CASH INCENTIVES Federal IBI income ($) 0 @@ -342,68 +342,68 @@ Utility CBI income ($) 0 Other CBI income ($) 0 Total CBI income ($) 0 -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 476,363,528 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 793,939,213 769,928,437 744,717,122 718,245,242 690,449,768 661,264,519 630,620,009 598,443,273 564,657,700 529,182,848 491,934,254 452,823,231 411,756,656 368,636,752 323,360,853 275,821,159 225,904,480 173,491,968 118,458,830 60,674,035 0 -Debt interest payment ($) 0 39,696,961 38,496,422 37,235,856 35,912,262 34,522,488 33,063,226 31,531,000 29,922,164 28,232,885 26,459,142 24,596,713 22,641,162 20,587,833 18,431,838 16,168,043 13,791,058 11,295,224 8,674,598 5,922,941 3,033,702 -Debt principal payment ($) 0 24,010,776 25,211,315 26,471,880 27,795,474 29,185,248 30,644,511 32,176,736 33,785,573 35,474,852 37,248,594 39,111,024 41,066,575 43,119,904 45,275,899 47,539,694 49,916,679 52,412,512 55,033,138 57,784,795 60,674,035 -Debt total payment ($) 0 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 +Debt balance ($) 948,385,086 919,703,467 889,587,768 857,966,283 824,763,724 789,901,038 753,295,217 714,859,104 674,501,187 632,125,373 587,630,769 540,911,434 491,856,133 440,348,067 386,264,597 329,476,954 269,849,929 207,241,552 141,502,757 72,477,022 0 +Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 +Debt principal payment ($) 0 28,681,619 30,115,700 31,621,485 33,202,559 34,862,687 36,605,821 38,436,112 40,357,918 42,375,814 44,494,604 46,719,335 49,055,301 51,508,066 54,083,470 56,787,643 59,627,025 62,608,377 65,738,795 69,025,735 72,477,022 +Debt total payment ($) 0 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 DSCR (DEBT FRACTION) -EBITDA ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 +EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 375,453,069 377,498,689 392,012,868 406,293,412 420,475,743 434,605,168 448,702,143 462,777,531 476,837,732 490,886,805 504,927,466 518,961,613 532,990,617 547,015,494 561,037,019 575,055,788 589,072,275 603,086,854 617,099,831 1,425,047,542 -Debt total payment ($) 0 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 63,707,737 -DSCR (pre-tax) 0.0 5.89 5.93 6.15 6.38 6.60 6.82 7.04 7.26 7.48 7.71 7.93 8.15 8.37 8.59 8.81 9.03 9.25 9.47 9.69 22.37 +Cash available for debt service (CAFDS) ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +Debt total payment ($) 0 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 +DSCR (pre-tax) 0.0 5.01 5.05 5.27 5.50 5.71 5.93 6.13 6.32 6.47 6.60 6.95 7.21 7.44 7.66 7.88 8.10 8.29 8.47 8.61 21.17 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 410893ef..7105eee0 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -15,9 +15,11 @@ Inflation Rate During Construction, 0.05 Combined Income Tax Rate, .28 Investment Tax Credit Rate, .3 Property Tax Rate, 0 -Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) +Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) TODO Exploration Capital Cost, 30 Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) +Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 + # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** # ************************************************* End-Use Option, 1 @@ -38,8 +40,8 @@ Fracture Width, 1400 Fracture Separation, 30 Number of Segments, 1 Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) -Number of Injection Wells, 46 -Number of Production Wells, 46 +Number of Injection Wells, 47 +Number of Production Wells, 47 Production Flow Rate per Well, 120, -- peak flow reported in paper Production Well Diameter, 9.625 Injection Well Diameter, 9.625 @@ -51,7 +53,7 @@ Plant Outlet Pressure, 1000 psi Production Wellhead Pressure, 325 psi Utilization Factor, .9 Water Loss Fraction, 0.10 -Maximum Drawdown, 0.005, -- WIP +Maximum Drawdown, 0.0066 Ambient Temperature, 10 degC Surface Temperature, 10 degC Circulation Pump Efficiency, 0.80 @@ -65,4 +67,3 @@ Nonvertical Length per Multilateral Section, 4700 feet # ***************************** Maximum Temperature, 500 Time steps per year, 10 -Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 From 11c4749ea889de4ee41b901363d8e6c1e8df8cec Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 15 May 2025 15:04:42 -0700 Subject: [PATCH 04/61] No ITC, capacity-based surface plant cost instead of surface plant adjustment factor --- tests/examples/Fervo_Project_Cape-4.out | 129 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 5 +- 2 files changed, 67 insertions(+), 67 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 4cb53102..44aa6485 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,14 +6,14 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 Simulation Date: 2025-05-15 - Simulation Time: 14:52 - Calculation Time: 0.879 sec + Simulation Time: 15:02 + Calculation Time: 0.874 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 513.24 MW - Electricity breakeven price: 7.77 cents/kWh + Electricity breakeven price: 10.17 cents/kWh Number of production wells: 47 Number of injection wells: 47 Flowrate per production well: 120.0 kg/sec @@ -30,8 +30,8 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 2212.40 MUSD - Project IRR: NaN % + Project NPV: 1393.70 MUSD + Project IRR: 22.30 % Estimated Jobs Created: 1167 ***ENGINEERING PARAMETERS*** @@ -97,20 +97,19 @@ Simulation Metadata Drilling and completion costs: 360.96 MUSD Drilling and completion costs per well: 3.84 MUSD Stimulation costs: 281.63 MUSD - Surface power plant costs: 1067.20 MUSD + Surface power plant costs: 1503.10 MUSD Field gathering system costs: 66.65 MUSD - Total surface equipment costs: 1133.85 MUSD + Total surface equipment costs: 1569.75 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -541.93 MUSD - Total capital costs: 1264.51 MUSD + Total capital costs: 2242.35 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** Wellfield maintenance costs: 5.21 MUSD/yr - Power plant maintenance costs: 18.82 MUSD/yr + Power plant maintenance costs: 25.36 MUSD/yr Water costs: 14.81 MUSD/yr - Total operating and maintenance costs: 103.11 MUSD/yr + Total operating and maintenance costs: 109.64 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** @@ -200,43 +199,43 @@ PPA price (cents/kWh) 0.0 12.0 1 PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 948,385,086 -Total revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 1,714,489,024 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,177,232,595 +Total revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 1,943,336,533 -Property tax net assessed value ($) 0 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 1,896,770,172 +Property tax net assessed value ($) 0 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 OPERATING EXPENSES -O&M fixed expense ($) 0 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 +O&M fixed expense ($) 0 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 103,105,305 +Total operating expenses ($) 0 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 OPERATING ACTIVITIES -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 -Cash flow from operating activities ($) 0 334,135,681 338,034,982 356,779,695 375,299,565 393,658,097 411,656,750 428,902,874 444,840,571 458,783,994 470,532,878 499,559,555 521,542,699 541,487,344 561,146,988 580,614,375 599,639,976 617,730,496 634,195,238 648,193,150 1,607,759,868 +Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 +Cash flow from operating activities ($) 0 316,154,805 320,400,153 339,508,215 358,409,603 377,168,727 395,588,002 413,275,780 429,677,213 444,107,560 456,367,712 485,931,222 508,478,040 529,014,542 549,295,637 569,415,548 589,126,299 607,936,225 625,156,345 639,947,402 1,829,194,433 INVESTING ACTIVITIES -Total installed cost ($) -1,896,770,172 +Total installed cost ($) -2,354,465,190 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -1,896,770,172 +Purchase of property ($) -2,354,465,190 plus: Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -248,86 +247,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -1,896,770,172 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,354,465,190 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 948,385,086 -Size of debt ($) 948,385,086 +Issuance of equity ($) 1,177,232,595 +Size of debt ($) 1,177,232,595 minus: -Debt principal payment ($) 0 28,681,619 30,115,700 31,621,485 33,202,559 34,862,687 36,605,821 38,436,112 40,357,918 42,375,814 44,494,604 46,719,335 49,055,301 51,508,066 54,083,470 56,787,643 59,627,025 62,608,377 65,738,795 69,025,735 72,477,022 +Debt principal payment ($) 0 35,602,559 37,382,687 39,251,822 41,214,413 43,275,133 45,438,890 47,710,835 50,096,376 52,601,195 55,231,255 57,992,818 60,892,459 63,937,082 67,133,936 70,490,632 74,015,164 77,715,922 81,601,718 85,681,804 89,965,894 equals: -Cash flow from financing activities ($) 1,896,770,172 -28,681,619 -30,115,700 -31,621,485 -33,202,559 -34,862,687 -36,605,821 -38,436,112 -40,357,918 -42,375,814 -44,494,604 -46,719,335 -49,055,301 -51,508,066 -54,083,470 -56,787,643 -59,627,025 -62,608,377 -65,738,795 -69,025,735 -72,477,022 +Cash flow from financing activities ($) 2,354,465,190 -35,602,559 -37,382,687 -39,251,822 -41,214,413 -43,275,133 -45,438,890 -47,710,835 -50,096,376 -52,601,195 -55,231,255 -57,992,818 -60,892,459 -63,937,082 -67,133,936 -70,490,632 -74,015,164 -77,715,922 -81,601,718 -85,681,804 -89,965,894 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 334,135,681 338,034,982 356,779,695 375,299,565 393,658,097 411,656,750 428,902,874 444,840,571 458,783,994 470,532,878 499,559,555 521,542,699 541,487,344 561,146,988 580,614,375 599,639,976 617,730,496 634,195,238 648,193,150 1,607,759,868 -Cash flow from investing activities ($) -1,896,770,172 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 1,896,770,172 -28,681,619 -30,115,700 -31,621,485 -33,202,559 -34,862,687 -36,605,821 -38,436,112 -40,357,918 -42,375,814 -44,494,604 -46,719,335 -49,055,301 -51,508,066 -54,083,470 -56,787,643 -59,627,025 -62,608,377 -65,738,795 -69,025,735 -72,477,022 -Total pre-tax cash flow ($) 0 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 +Cash flow from operating activities ($) 0 316,154,805 320,400,153 339,508,215 358,409,603 377,168,727 395,588,002 413,275,780 429,677,213 444,107,560 456,367,712 485,931,222 508,478,040 529,014,542 549,295,637 569,415,548 589,126,299 607,936,225 625,156,345 639,947,402 1,829,194,433 +Cash flow from investing activities ($) -2,354,465,190 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,354,465,190 -35,602,559 -37,382,687 -39,251,822 -41,214,413 -43,275,133 -45,438,890 -47,710,835 -50,096,376 -52,601,195 -55,231,255 -57,992,818 -60,892,459 -63,937,082 -67,133,936 -70,490,632 -74,015,164 -77,715,922 -81,601,718 -85,681,804 -89,965,894 +Total pre-tax cash flow ($) 0 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 Pre-tax Returns: -Issuance of equity ($) 948,385,086 -Total pre-tax cash flow ($) 0 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 -Total pre-tax returns ($) -948,385,086 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 +Issuance of equity ($) 1,177,232,595 +Total pre-tax cash flow ($) 0 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 +Total pre-tax returns ($) -1,177,232,595 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 After-tax Returns: -Total pre-tax returns ($) -948,385,086 305,454,062 307,919,282 325,158,210 342,097,006 358,795,410 375,050,929 390,466,762 404,482,653 416,408,181 426,038,273 452,840,221 472,487,398 489,979,277 507,063,518 523,826,732 540,012,951 555,122,119 568,456,443 579,167,415 1,535,282,846 -Federal ITC total income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,177,232,595 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 +Federal ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -57,384,865 -50,274,565 -53,935,408 -57,552,338 -61,137,760 -64,652,897 -68,021,065 -71,133,697 -73,856,847 -76,151,404 -81,820,315 -86,113,623 -90,008,812 -93,848,340 -97,650,321 -101,366,021 -104,899,099 -108,114,663 -110,848,456 -298,251,836 +Federal tax benefit (liability) ($) 0 -50,249,357 -39,582,797 -43,314,602 -47,006,043 -50,669,700 -54,266,984 -57,721,407 -60,924,607 -63,742,854 -66,137,262 -71,911,015 -76,314,409 -80,325,188 -84,286,085 -88,215,504 -92,065,014 -95,738,592 -99,101,682 -101,990,375 -334,250,320 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 -Total after-tax returns ($) -948,385,086 796,532,197 239,625,159 251,891,115 263,916,589 275,744,475 287,224,951 298,065,388 307,853,007 316,079,345 322,592,459 341,693,629 355,508,678 367,709,243 379,577,780 391,176,296 402,315,023 412,624,777 421,591,004 428,588,330 1,130,130,711 +State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 +Total after-tax returns ($) -1,177,232,595 212,292,366 229,247,286 241,416,845 253,341,103 265,062,711 276,431,596 287,154,862 296,819,453 304,916,610 311,294,084 330,252,832 343,918,338 355,961,884 367,665,550 379,090,952 390,047,908 400,166,803 408,932,629 415,719,533 1,285,175,237 -After-tax cumulative IRR (%) NaN -16.01 7.49 22.37 31.08 36.27 39.45 41.47 42.77 43.63 44.20 44.59 44.86 45.05 45.18 NaN NaN NaN NaN NaN NaN -After-tax cumulative NPV ($) -948,385,086 -225,316,643 -27,854,175 160,571,928 339,785,535 509,761,370 670,484,581 821,890,919 963,846,340 1,096,152,716 1,218,731,395 1,336,593,361 1,447,910,768 1,552,429,346 1,650,370,631 1,741,995,554 1,827,538,345 1,907,181,515 1,981,050,247 2,049,219,059 2,212,392,748 +After-tax cumulative IRR (%) NaN -81.97 -45.94 -22.59 -8.35 0.66 6.60 10.67 13.54 15.60 17.12 18.29 19.19 19.89 20.44 20.88 21.22 21.49 21.71 21.89 22.30 +After-tax cumulative NPV ($) -1,177,232,595 -984,519,844 -795,609,235 -615,018,366 -442,986,085 -279,594,758 -124,911,213 20,952,977 157,820,668 285,454,479 403,740,002 517,655,641 625,343,863 726,523,343 821,390,952 910,185,134 993,119,612 1,070,358,195 1,142,009,000 1,208,130,974 1,393,690,735 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -948,385,086 311,871,956 -247,500,301 -252,473,273 -257,386,595 -262,257,113 -267,032,156 -271,607,553 -275,835,824 -279,535,014 -282,651,993 -290,352,770 -296,184,898 -301,476,212 -306,691,916 -311,856,614 -316,904,106 -321,703,521 -326,071,617 -329,785,263 364,026,773 +Annual costs ($) -1,177,232,595 -272,367,874 -257,878,174 -262,947,543 -267,962,081 -272,938,877 -277,825,511 -282,518,078 -286,869,378 -290,697,749 -293,950,368 -301,793,567 -307,775,238 -313,223,572 -318,604,146 -323,941,959 -329,171,221 -334,161,494 -338,729,992 -342,654,060 519,071,298 PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 -Present value of annual costs ($) 2,650,795,635 +Present value of annual costs ($) 3,469,497,647 Present value of annual energy nominal (kWh) 34,112,807,078 -LCOE Levelized cost of energy nominal (cents/kWh) 7.77 +LCOE Levelized cost of energy nominal (cents/kWh) 10.17 Present value of PPA revenue ($) 4,863,188,382 Present value of annual energy nominal (kWh) 34,112,807,078 LPPA Levelized PPA price nominal (cents/kWh) 14.26 PROJECT STATE INCOME TAXES -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 -Total state tax depreciation ($) 0 40,306,366 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 +Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 +Total state tax depreciation ($) 0 58,861,630 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 equals: -State taxable income ($) 0 293,829,315 257,422,249 276,166,962 294,686,833 313,045,364 331,044,017 348,290,142 364,227,838 378,171,262 389,920,145 418,946,823 440,929,967 460,874,611 480,534,255 500,001,643 519,027,244 537,117,763 553,582,506 567,580,418 1,527,147,136 +State taxable income ($) 0 257,293,175 202,676,894 221,784,956 240,686,343 259,445,468 277,864,743 295,552,521 311,953,953 326,384,300 338,644,452 368,207,963 390,754,781 411,291,283 431,572,378 451,692,289 471,403,039 490,212,965 507,433,085 522,224,143 1,711,471,174 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 +State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -20,568,052 -18,019,557 -19,331,687 -20,628,078 -21,913,176 -23,173,081 -24,380,310 -25,495,949 -26,471,988 -27,294,410 -29,326,278 -30,865,098 -32,261,223 -33,637,398 -35,000,115 -36,331,907 -37,598,243 -38,750,775 -39,730,629 -106,900,300 +State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 -Total federal tax depreciation ($) 0 40,306,366 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 80,612,732 +Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 +Total federal tax depreciation ($) 0 58,861,630 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 equals: -Federal taxable income ($) 0 273,261,263 239,402,692 256,835,275 274,058,754 291,132,189 307,870,936 323,909,832 338,731,890 351,699,274 362,625,735 389,620,546 410,064,869 428,613,389 446,896,858 465,001,528 482,695,337 499,519,520 514,831,731 527,849,788 1,420,246,836 +Federal taxable income ($) 0 239,282,653 188,489,511 206,260,009 223,838,299 241,284,285 258,414,211 274,863,844 290,117,177 303,537,399 314,939,341 342,433,405 363,401,946 382,500,893 401,362,311 420,073,828 438,404,826 455,898,058 471,912,769 485,668,453 1,591,668,192 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -57,384,865 -50,274,565 -53,935,408 -57,552,338 -61,137,760 -64,652,897 -68,021,065 -71,133,697 -73,856,847 -76,151,404 -81,820,315 -86,113,623 -90,008,812 -93,848,340 -97,650,321 -101,366,021 -104,899,099 -108,114,663 -110,848,456 -298,251,836 +Federal tax benefit (liability) ($) 0 -50,249,357 -39,582,797 -43,314,602 -47,006,043 -50,669,700 -54,266,984 -57,721,407 -60,924,607 -63,742,854 -66,137,262 -71,911,015 -76,314,409 -80,325,188 -84,286,085 -88,215,504 -92,065,014 -95,738,592 -99,101,682 -101,990,375 -334,250,320 CASH INCENTIVES Federal IBI income ($) 0 @@ -353,30 +352,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 569,031,052 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 948,385,086 919,703,467 889,587,768 857,966,283 824,763,724 789,901,038 753,295,217 714,859,104 674,501,187 632,125,373 587,630,769 540,911,434 491,856,133 440,348,067 386,264,597 329,476,954 269,849,929 207,241,552 141,502,757 72,477,022 0 -Debt interest payment ($) 0 47,419,254 45,985,173 44,479,388 42,898,314 41,238,186 39,495,052 37,664,761 35,742,955 33,725,059 31,606,269 29,381,538 27,045,572 24,592,807 22,017,403 19,313,230 16,473,848 13,492,496 10,362,078 7,075,138 3,623,851 -Debt principal payment ($) 0 28,681,619 30,115,700 31,621,485 33,202,559 34,862,687 36,605,821 38,436,112 40,357,918 42,375,814 44,494,604 46,719,335 49,055,301 51,508,066 54,083,470 56,787,643 59,627,025 62,608,377 65,738,795 69,025,735 72,477,022 -Debt total payment ($) 0 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 +Debt balance ($) 1,177,232,595 1,141,630,036 1,104,247,348 1,064,995,527 1,023,781,114 980,505,980 935,067,090 887,356,255 837,259,879 784,658,684 729,427,429 671,434,611 610,542,153 546,605,071 479,471,136 408,980,503 334,965,339 257,249,417 175,647,699 89,965,894 0 +Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 +Debt principal payment ($) 0 35,602,559 37,382,687 39,251,822 41,214,413 43,275,133 45,438,890 47,710,835 50,096,376 52,601,195 55,231,255 57,992,818 60,892,459 63,937,082 67,133,936 70,490,632 74,015,164 77,715,922 81,601,718 85,681,804 89,965,894 +Debt total payment ($) 0 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 DSCR (DEBT FRACTION) -EBITDA ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 +EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 381,554,935 384,020,155 401,259,083 418,197,879 434,896,283 451,151,802 466,567,635 480,583,526 492,509,054 502,139,146 528,941,094 548,588,271 566,080,150 583,164,391 599,927,605 616,113,824 631,222,992 644,557,316 655,268,288 1,611,383,719 -Debt total payment ($) 0 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 76,100,873 -DSCR (pre-tax) 0.0 5.01 5.05 5.27 5.50 5.71 5.93 6.13 6.32 6.47 6.60 6.95 7.21 7.44 7.66 7.88 8.10 8.29 8.47 8.61 21.17 +Cash available for debt service (CAFDS) ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +Debt total payment ($) 0 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 +DSCR (pre-tax) 0.0 3.97 4.0 4.18 4.36 4.53 4.71 4.87 5.02 5.14 5.25 5.53 5.74 5.92 6.10 6.28 6.45 6.61 6.75 6.87 19.41 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 7105eee0..4e4bfbd6 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -1,5 +1,6 @@ # Case Study: Fervo Cape Station: 500 MWe Production https://github.com/NREL/GEOPHIRES-X/issues/385?title=Fervo+Cape+Station+500+MWe+update + # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* Economic Model, 5, -- SAM Single Owner PPA @@ -13,9 +14,9 @@ Discount Rate, 0.08 Inflation Rate, .02 Inflation Rate During Construction, 0.05 Combined Income Tax Rate, .28 -Investment Tax Credit Rate, .3 +Investment Tax Credit Rate, 0 Property Tax Rate, 0 -Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) TODO +Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) Exploration Capital Cost, 30 Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 From a29a047f76ca0291193751f060e90bfcb6130e54 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 16 May 2025 09:16:57 -0700 Subject: [PATCH 05/61] WIP stash - handle SAM-EM NaN --- src/geophires_x/Outputs.py | 4 +++- src/geophires_x_client/geophires_x_result.py | 2 +- 2 files changed, 4 insertions(+), 2 deletions(-) diff --git a/src/geophires_x/Outputs.py b/src/geophires_x/Outputs.py index 75ab9b76..b25ca30c 100644 --- a/src/geophires_x/Outputs.py +++ b/src/geophires_x/Outputs.py @@ -1,4 +1,5 @@ import datetime +import math import time import sys from pathlib import Path @@ -274,7 +275,8 @@ def PrintOutputs(self, model: Model): # TODO should use CurrentUnits instead of PreferredUnits f.write(f' {npv_field_label}{e_npv.value:10.2f} {e_npv.PreferredUnits.value}\n') - f.write(f' {econ.ProjectIRR.display_name}: {econ.ProjectIRR.value:10.2f} {econ.ProjectIRR.PreferredUnits.value}\n') + irr_display_value = f'{econ.ProjectIRR.value:10.2f}' if not math.isnan(econ.ProjectIRR.value) else 'NaN' + f.write(f' {econ.ProjectIRR.display_name}: {irr_display_value} {econ.ProjectIRR.CurrentUnits.value}\n') if econ.econmodel.value != EconomicModel.SAM_SINGLE_OWNER_PPA: # VIR, MOIC, and Payback period not currently supported by SAM economic model(s) diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index 71665351..3cb306db 100644 --- a/src/geophires_x_client/geophires_x_result.py +++ b/src/geophires_x_client/geophires_x_result.py @@ -863,7 +863,7 @@ def _parse_number(self, number_str, field='string') -> int | float: try: number_str = number_str.replace(',', '') - if '.' in number_str: + if '.' in number_str or number_str.lower() == 'nan': # TODO should probably ideally use decimal.Decimal to preserve precision, # i.e. 1.00 for USD instead of 1.0 return float(number_str) From 5ce09cf1f3a63dce298b71d746ed89154068b653 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 16 May 2025 12:37:23 -0700 Subject: [PATCH 06/61] Clarify fraction of investment in bonds = debt in tooltip text --- src/geophires_x/Economics.py | 2 +- src/geophires_x_schema_generator/geophires-request.json | 2 +- 2 files changed, 2 insertions(+), 2 deletions(-) diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index 9f1f8f42..e25ac068 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -884,7 +884,7 @@ def __init__(self, model: Model): PreferredUnits=PercentUnit.TENTH, CurrentUnits=PercentUnit.TENTH, ErrMessage="assume default fraction of investment in bonds (0.5)", - ToolTipText="Fraction of geothermal project financing through bonds (see docs)" + ToolTipText="Fraction of geothermal project financing through bonds (debt)." ) self.BIR = self.ParameterDict[self.BIR.Name] = floatParameter( "Inflated Bond Interest Rate", diff --git a/src/geophires_x_schema_generator/geophires-request.json b/src/geophires_x_schema_generator/geophires-request.json index 21fc70ac..41224f7b 100644 --- a/src/geophires_x_schema_generator/geophires-request.json +++ b/src/geophires_x_schema_generator/geophires-request.json @@ -1595,7 +1595,7 @@ "maximum": null }, "Fraction of Investment in Bonds": { - "description": "Fraction of geothermal project financing through bonds (see docs)", + "description": "Fraction of geothermal project financing through bonds (debt).", "type": "number", "units": "", "category": "Economics", From a6713dbb3d19d0dd8578bac1d34fda471e22925a Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Mon, 19 May 2025 10:05:07 -0700 Subject: [PATCH 07/61] PySAM JSON default term_tenor sync (does not affect results because term_tenor is being set to project lifetime by EconomicsSam). 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z;(}URfjbbW4}Hq2la1cVZGZm4bi#Ku;Wj}H^p1~7s6ZX`QaVy9$v!T|tn@u2^|08z z!c0mTwoM-Hc#$APfO;n*SC{K&UK_m;21OH>(IOM?sEfSpr6|VV9h1g91acJ)Nm&-d zbeG!{TZIsWupz`X;RV@Q=i>;%R^yHrC=)?l?7Ec=>ZcG|6@G#;_eFVFJ*g}yz2)jN z9G)Ytayy4RnjPCHAxfR{d%OpSS{Rnzz~w^7aU91pXdF$P;B)GDi$6#D&dL5_U|vDYhiyjD<^Sl2-Y) zh(VtSyZ0ZtODcnD{d-(yG?_M|4WLE4s|$`rdf^%1ij;E2s$v9mSx_pNRB5m&cKX<$ zQ83wYm#FC-_({S06mF%OFcF^7mO!0w0xH>FnWaQg@*|$s3Zfhv^2l3Bv=0eZu0;P0 zth^Ne9T;30*llsQmVo=u;w!rIKg>X%n3~JQT9PDuWdW&g`D`Yi#Kb)|GPZhb^(gZ9 z@q1@-$>VTloVFM?Q;e-0JCgi>e%e1XpM6|Me>r{@dXP$l+tCh;{zFn~($LGXLU`8f z38elgDLOSh5AhHD%RIy~X(U5Z*{FuGBctdqQehV7V2Gu{NdC%Z5bNMtI3bZrg^`p& zT(OEd{>N#_d^;X55>t~je$<$;BdgJ0_}7UO!t;|k+WzP$+=Ee8H;$i;N2E2AYft3J zkN7EiuMRgSgPKW)0v9Jw$5xYZ#(y diff --git a/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe.json b/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe.json index 0c331bf9..d7cf47e5 100644 --- a/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe.json +++ b/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe.json @@ -220,7 +220,7 @@ "pbi_oth_escal" : 0, "pbi_oth_tax_fed" : 1, "pbi_oth_tax_sta" : 1, - "term_tenor" : 30, + "term_tenor" : 20, "term_int_rate" : 5, "dscr" : 1.05, "dscr_limit_debt_fraction" : 0, diff --git a/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe_singleowner.json b/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe_singleowner.json index fd159a64..a53bcf19 100644 --- a/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe_singleowner.json +++ b/src/geophires_x/sam_economics/Generic_400_MWe/Generic_400_MWe_singleowner.json @@ -172,7 +172,7 @@ "pbi_oth_escal" : 0, "pbi_oth_tax_fed" : 1, "pbi_oth_tax_sta" : 1, - "term_tenor" : 30, + "term_tenor" : 20, "term_int_rate" : 5, "dscr" : 1.05, "dscr_limit_debt_fraction" : 0, From f4f42f9620c121fec67855ab4f975da9e1e8418f Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Mon, 19 May 2025 12:12:48 -0700 Subject: [PATCH 08/61] Re-enable ITC for now. Tune doublets/drawdown such that redrilling only occurs once, min net > 500 MWe. --- tests/examples/Fervo_Project_Cape-4.out | 295 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 10 +- 2 files changed, 153 insertions(+), 152 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 44aa6485..943f43c7 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,17 +5,17 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-15 - Simulation Time: 15:02 - Calculation Time: 0.874 sec + Simulation Date: 2025-05-19 + Simulation Time: 12:11 + Calculation Time: 1.055 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 513.24 MW - Electricity breakeven price: 10.17 cents/kWh - Number of production wells: 47 - Number of injection wells: 47 + Average Net Electricity Production: 522.55 MW + Electricity breakeven price: 7.82 cents/kWh + Number of production wells: 48 + Number of injection wells: 48 Flowrate per production well: 120.0 kg/sec Well depth: 2.6 kilometer Geothermal gradient: 74 degC/km @@ -30,24 +30,24 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 1393.70 MUSD - Project IRR: 22.30 % - Estimated Jobs Created: 1167 + Project NPV: 2233.80 MUSD + Project IRR: NaN % + Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 47 - Number of Injection Wells: 47 + Number of Production Wells: 48 + Number of Injection Wells: 48 Well depth: 2.6 kilometer Water loss rate: 10.0 % Pump efficiency: 80.0 % Injection temperature: 56.7 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 1.7 degC + Average production well temperature drop: 1.6 degC Flowrate per production well: 120.0 kg/sec Injection well casing ID: 9.625 in Production well casing ID: 9.625 in - Number of times redrilling: 2 + Number of times redrilling: 1 Power plant type: Supercritical ORC @@ -79,55 +79,56 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** Maximum Production Temperature: 199.8 degC - Average Production Temperature: 199.4 degC - Minimum Production Temperature: 197.5 degC - Initial Production Temperature: 198.7 degC - Average Reservoir Heat Extraction: 3370.58 MW + Average Production Temperature: 199.3 degC + Minimum Production Temperature: 196.8 degC + Initial Production Temperature: 198.6 degC + Average Reservoir Heat Extraction: 3440.59 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 1.7 degC - Total Average Pressure Drop: 4406.2 kPa + Average Production Well Temperature Drop: 1.6 degC + Total Average Pressure Drop: 4534.4 kPa Average Injection Well Pressure Drop: 690.9 kPa - Average Reservoir Pressure Drop: 5922.4 kPa + Average Reservoir Pressure Drop: 6048.4 kPa Average Production Well Pressure Drop: 633.4 kPa - Average Buoyancy Pressure Drop: -2840.6 kPa + Average Buoyancy Pressure Drop: -2838.3 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 360.96 MUSD + Drilling and completion costs: 368.64 MUSD Drilling and completion costs per well: 3.84 MUSD - Stimulation costs: 281.63 MUSD - Surface power plant costs: 1503.10 MUSD - Field gathering system costs: 66.65 MUSD - Total surface equipment costs: 1569.75 MUSD + Stimulation costs: 287.63 MUSD + Surface power plant costs: 1533.02 MUSD + Field gathering system costs: 68.66 MUSD + Total surface equipment costs: 1601.68 MUSD Exploration costs: 30.00 MUSD - Total capital costs: 2242.35 MUSD + Investment Tax Credit: -686.38 MUSD + Total capital costs: 1601.56 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 5.21 MUSD/yr - Power plant maintenance costs: 25.36 MUSD/yr - Water costs: 14.81 MUSD/yr - Total operating and maintenance costs: 109.64 MUSD/yr + Wellfield maintenance costs: 5.32 MUSD/yr + Power plant maintenance costs: 25.82 MUSD/yr + Water costs: 15.12 MUSD/yr + Total operating and maintenance costs: 79.07 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 550.71 MW - Average Total Electricity Generation: 547.67 MW - Minimum Total Electricity Generation: 535.03 MW - Initial Total Electricity Generation: 543.10 MW - Maximum Net Electricity Generation: 516.37 MW - Average Net Electricity Generation: 513.24 MW - Minimum Net Electricity Generation: 500.16 MW - Initial Net Electricity Generation: 508.68 MW - Average Annual Total Electricity Generation: 4317.80 GWh - Average Annual Net Electricity Generation: 4046.33 GWh - Initial pumping power/net installed power: 6.77 % - Average Pumping Power: 34.43 MW - Heat to Power Conversion Efficiency: 15.23 % + Maximum Total Electricity Generation: 562.37 MW + Average Total Electricity Generation: 558.74 MW + Minimum Total Electricity Generation: 541.76 MW + Initial Total Electricity Generation: 554.02 MW + Maximum Net Electricity Generation: 526.30 MW + Average Net Electricity Generation: 522.55 MW + Minimum Net Electricity Generation: 504.99 MW + Initial Net Electricity Generation: 517.86 MW + Average Annual Total Electricity Generation: 4405.08 GWh + Average Annual Net Electricity Generation: 4119.78 GWh + Initial pumping power/net installed power: 6.98 % + Average Pumping Power: 36.19 MW + Heat to Power Conversion Efficiency: 15.19 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -135,26 +136,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.69 34.4169 508.6812 15.1637 - 2 1.0041 199.51 34.3741 514.2266 15.2415 - 3 1.0049 199.67 34.3654 515.3572 15.2573 - 4 1.0054 199.76 34.3610 515.9404 15.2655 - 5 1.0056 199.81 34.3596 516.2774 15.2702 - 6 1.0056 199.81 34.3652 516.3045 15.2704 - 7 1.0053 199.74 34.3867 515.7681 15.2627 - 8 1.0042 199.52 34.4361 514.2854 15.2414 - 9 1.0021 199.11 34.5279 511.3869 15.1997 - 10 0.9986 198.42 34.6777 506.5626 15.1299 - 11 1.0000 198.69 34.3470 508.7511 15.1658 - 12 1.0041 199.51 34.3448 514.2560 15.2424 - 13 1.0049 199.67 34.3422 515.3803 15.2580 - 14 1.0054 199.76 34.3394 515.9620 15.2661 - 15 1.0056 199.81 34.3376 516.2993 15.2708 - 16 1.0056 199.81 34.3417 516.3281 15.2711 - 17 1.0053 199.74 34.3608 515.7940 15.2635 - 18 1.0042 199.52 34.4073 514.3141 15.2422 - 19 1.0021 199.11 34.4959 511.4189 15.2006 - 20 0.9986 198.42 34.6425 506.5978 15.1309 + 1 1.0000 198.60 36.1596 517.8646 15.1241 + 2 1.0046 199.51 36.1111 524.1605 15.2109 + 3 1.0054 199.67 36.1022 525.3153 15.2267 + 4 1.0058 199.76 36.0978 525.9092 15.2349 + 5 1.0061 199.80 36.0969 526.2326 15.2392 + 6 1.0060 199.80 36.1052 526.1784 15.2384 + 7 1.0055 199.69 36.1331 525.4345 15.2279 + 8 1.0042 199.43 36.1946 523.5582 15.2014 + 9 1.0017 198.94 36.3057 520.0266 15.1515 + 10 0.9976 198.13 36.4833 514.2910 15.0699 + 11 0.9916 196.93 36.7432 505.8337 14.9483 + 12 1.0043 199.46 36.0805 523.8583 15.2073 + 13 1.0053 199.65 36.0777 525.2054 15.2256 + 14 1.0058 199.75 36.0746 525.8539 15.2345 + 15 1.0060 199.80 36.0725 526.2231 15.2395 + 16 1.0061 199.80 36.0769 526.2509 15.2398 + 17 1.0056 199.72 36.0981 525.6523 15.2314 + 18 1.0045 199.49 36.1498 524.0026 15.2081 + 19 1.0022 199.04 36.2481 520.7885 15.1628 + 20 0.9984 198.29 36.4100 515.4612 15.0872 ******************************************************************* @@ -163,26 +164,26 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4038.7 26545.8 2574.74 3.58 - 2 4059.2 26617.0 2478.92 7.17 - 3 4065.6 26638.9 2383.02 10.76 - 4 4069.2 26651.4 2287.07 14.35 - 5 4070.7 26656.8 2191.11 17.95 - 6 4068.9 26650.9 2095.17 21.54 - 7 4061.2 26625.1 1999.32 25.13 - 8 4044.3 26567.8 1903.67 28.71 - 9 4014.2 26465.7 1808.39 32.28 - 10 3970.6 26317.3 1713.65 35.83 - 11 4039.0 26545.8 1618.09 39.40 - 12 4059.4 26617.0 1522.27 42.99 - 13 4065.7 26638.9 1426.37 46.58 - 14 4069.3 26651.4 1330.42 50.18 - 15 4070.9 26656.8 1234.46 53.77 - 16 4069.1 26650.9 1138.51 57.36 - 17 4061.4 26625.1 1042.66 60.95 - 18 4044.5 26567.8 947.02 64.54 - 19 4014.4 26465.7 851.74 68.10 - 20 3970.2 26315.2 757.01 71.65 + 1 4116.2 27111.6 2572.70 3.66 + 2 4137.7 27185.9 2474.83 7.32 + 3 4144.1 27208.3 2376.88 10.99 + 4 4147.7 27220.7 2278.89 14.66 + 5 4148.9 27225.0 2180.88 18.33 + 6 4146.0 27215.4 2082.90 22.00 + 7 4136.0 27181.7 1985.05 25.66 + 8 4115.1 27110.8 1887.45 29.32 + 9 4078.9 26988.1 1790.29 32.96 + 10 4023.3 26798.8 1693.82 36.57 + 11 4096.1 27042.1 1596.47 40.21 + 12 4136.2 27180.2 1498.62 43.88 + 13 4143.5 27205.4 1400.68 47.55 + 14 4147.5 27219.2 1302.69 51.22 + 15 4149.1 27225.1 1204.68 54.89 + 16 4147.1 27218.4 1106.69 58.56 + 17 4138.6 27189.5 1008.81 62.22 + 18 4119.8 27125.8 911.16 65.88 + 19 4086.5 27012.8 813.91 69.52 + 20 4037.1 26845.0 717.27 73.14 *************************** * SAM CASH FLOW PROFILE * @@ -190,52 +191,52 @@ Simulation Metadata ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 ENERGY -Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 +Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 REVENUE PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 -PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 +PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,177,232,595 -Total revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 1,943,336,533 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,201,171,892 +Total revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 1,980,194,836 -Property tax net assessed value ($) 0 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 2,354,465,190 +Property tax net assessed value ($) 0 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 OPERATING EXPENSES -O&M fixed expense ($) 0 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 +O&M fixed expense ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 109,643,805 +Total operating expenses ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 OPERATING ACTIVITIES -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 -Cash flow from operating activities ($) 0 316,154,805 320,400,153 339,508,215 358,409,603 377,168,727 395,588,002 413,275,780 429,677,213 444,107,560 456,367,712 485,931,222 508,478,040 529,014,542 549,295,637 569,415,548 589,126,299 607,936,225 625,156,345 639,947,402 1,829,194,433 +Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 +Cash flow from operating activities ($) 0 354,837,293 359,224,086 378,704,329 397,965,094 417,039,845 435,670,640 453,390,424 469,564,102 483,431,983 494,168,656 524,695,667 550,699,160 571,765,720 592,489,335 613,017,527 633,076,223 652,116,146 669,377,112 683,945,953 1,896,533,093 INVESTING ACTIVITIES -Total installed cost ($) -2,354,465,190 +Total installed cost ($) -2,402,343,783 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,354,465,190 +Purchase of property ($) -2,402,343,783 plus: Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -247,86 +248,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,354,465,190 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,177,232,595 -Size of debt ($) 1,177,232,595 +Issuance of equity ($) 1,201,171,892 +Size of debt ($) 1,201,171,892 minus: -Debt principal payment ($) 0 35,602,559 37,382,687 39,251,822 41,214,413 43,275,133 45,438,890 47,710,835 50,096,376 52,601,195 55,231,255 57,992,818 60,892,459 63,937,082 67,133,936 70,490,632 74,015,164 77,715,922 81,601,718 85,681,804 89,965,894 +Debt principal payment ($) 0 36,326,546 38,142,873 40,050,017 42,052,517 44,155,143 46,362,900 48,681,045 51,115,098 53,670,853 56,354,395 59,172,115 62,130,721 65,237,257 68,499,120 71,924,076 75,520,279 79,296,293 83,261,108 87,424,163 91,795,372 equals: -Cash flow from financing activities ($) 2,354,465,190 -35,602,559 -37,382,687 -39,251,822 -41,214,413 -43,275,133 -45,438,890 -47,710,835 -50,096,376 -52,601,195 -55,231,255 -57,992,818 -60,892,459 -63,937,082 -67,133,936 -70,490,632 -74,015,164 -77,715,922 -81,601,718 -85,681,804 -89,965,894 +Cash flow from financing activities ($) 2,402,343,783 -36,326,546 -38,142,873 -40,050,017 -42,052,517 -44,155,143 -46,362,900 -48,681,045 -51,115,098 -53,670,853 -56,354,395 -59,172,115 -62,130,721 -65,237,257 -68,499,120 -71,924,076 -75,520,279 -79,296,293 -83,261,108 -87,424,163 -91,795,372 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 316,154,805 320,400,153 339,508,215 358,409,603 377,168,727 395,588,002 413,275,780 429,677,213 444,107,560 456,367,712 485,931,222 508,478,040 529,014,542 549,295,637 569,415,548 589,126,299 607,936,225 625,156,345 639,947,402 1,829,194,433 -Cash flow from investing activities ($) -2,354,465,190 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,354,465,190 -35,602,559 -37,382,687 -39,251,822 -41,214,413 -43,275,133 -45,438,890 -47,710,835 -50,096,376 -52,601,195 -55,231,255 -57,992,818 -60,892,459 -63,937,082 -67,133,936 -70,490,632 -74,015,164 -77,715,922 -81,601,718 -85,681,804 -89,965,894 -Total pre-tax cash flow ($) 0 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 +Cash flow from operating activities ($) 0 354,837,293 359,224,086 378,704,329 397,965,094 417,039,845 435,670,640 453,390,424 469,564,102 483,431,983 494,168,656 524,695,667 550,699,160 571,765,720 592,489,335 613,017,527 633,076,223 652,116,146 669,377,112 683,945,953 1,896,533,093 +Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,402,343,783 -36,326,546 -38,142,873 -40,050,017 -42,052,517 -44,155,143 -46,362,900 -48,681,045 -51,115,098 -53,670,853 -56,354,395 -59,172,115 -62,130,721 -65,237,257 -68,499,120 -71,924,076 -75,520,279 -79,296,293 -83,261,108 -87,424,163 -91,795,372 +Total pre-tax cash flow ($) 0 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 Pre-tax Returns: -Issuance of equity ($) 1,177,232,595 -Total pre-tax cash flow ($) 0 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 -Total pre-tax returns ($) -1,177,232,595 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 +Issuance of equity ($) 1,201,171,892 +Total pre-tax cash flow ($) 0 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 +Total pre-tax returns ($) -1,201,171,892 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 After-tax Returns: -Total pre-tax returns ($) -1,177,232,595 280,552,246 283,017,466 300,256,394 317,195,190 333,893,594 350,149,112 365,564,946 379,580,836 391,506,364 401,136,457 427,938,404 447,585,582 465,077,461 482,161,702 498,924,916 515,111,135 530,220,303 543,554,627 554,265,598 1,739,228,539 -Federal ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,201,171,892 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 +Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -50,249,357 -39,582,797 -43,314,602 -47,006,043 -50,669,700 -54,266,984 -57,721,407 -60,924,607 -63,742,854 -66,137,262 -71,911,015 -76,314,409 -80,325,188 -84,286,085 -88,215,504 -92,065,014 -95,738,592 -99,101,682 -101,990,375 -334,250,320 +Federal tax benefit (liability) ($) 0 -59,329,696 -50,216,410 -54,020,902 -57,782,529 -61,507,828 -65,146,422 -68,607,096 -71,765,815 -74,474,212 -76,571,085 -82,533,010 -87,611,492 -91,725,791 -95,773,113 -99,782,269 -103,699,732 -107,418,229 -110,789,296 -113,634,591 -350,452,859 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 -Total after-tax returns ($) -1,177,232,595 212,292,366 229,247,286 241,416,845 253,341,103 265,062,711 276,431,596 287,154,862 296,819,453 304,916,610 311,294,084 330,252,832 343,918,338 355,961,884 367,665,550 379,090,952 390,047,908 400,166,803 408,932,629 415,719,533 1,285,175,237 +State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 +Total after-tax returns ($) -1,201,171,892 958,619,062 252,866,089 265,271,081 277,419,464 289,331,058 300,811,346 311,511,926 320,960,675 328,593,652 333,798,343 353,408,818 369,554,979 381,926,045 393,889,822 405,546,928 416,687,848 426,900,466 435,617,283 442,157,955 1,328,674,518 -After-tax cumulative IRR (%) NaN -81.97 -45.94 -22.59 -8.35 0.66 6.60 10.67 13.54 15.60 17.12 18.29 19.19 19.89 20.44 20.88 21.22 21.49 21.71 21.89 22.30 -After-tax cumulative NPV ($) -1,177,232,595 -984,519,844 -795,609,235 -615,018,366 -442,986,085 -279,594,758 -124,911,213 20,952,977 157,820,668 285,454,479 403,740,002 517,655,641 625,343,863 726,523,343 821,390,952 910,185,134 993,119,612 1,070,358,195 1,142,009,000 1,208,130,974 1,393,690,735 +After-tax cumulative IRR (%) NaN -20.19 0.71 14.87 23.56 28.92 32.33 34.54 36.02 37.01 37.69 38.18 38.53 38.78 38.96 39.09 39.19 39.25 39.30 NaN NaN +After-tax cumulative NPV ($) -1,201,171,892 -330,965,772 -122,592,151 75,842,780 264,225,568 442,576,514 610,902,299 769,138,988 917,138,542 1,054,683,230 1,181,519,922 1,303,422,862 1,419,138,467 1,527,698,064 1,629,332,242 1,724,323,186 1,812,922,019 1,895,320,625 1,971,646,960 2,041,974,079 2,233,814,475 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,177,232,595 -272,367,874 -257,878,174 -262,947,543 -267,962,081 -272,938,877 -277,825,511 -282,518,078 -286,869,378 -290,697,749 -293,950,368 -301,793,567 -307,775,238 -313,223,572 -318,604,146 -323,941,959 -329,171,221 -334,161,494 -338,729,992 -342,654,060 519,071,298 -PPA revenue ($) 0 484,660,240 487,125,460 504,364,388 521,303,184 538,001,588 554,257,107 569,672,940 583,688,831 595,614,359 605,244,451 632,046,399 651,693,576 669,185,455 686,269,696 703,032,910 719,219,129 734,328,297 747,662,621 758,373,593 766,103,938 -Electricity to grid (kWh) 0.0 4,038,835,335 4,059,378,836 4,065,709,669 4,069,297,061 4,070,845,457 4,069,050,282 4,061,372,486 4,044,425,640 4,014,316,089 3,970,748,488 4,039,176,955 4,059,580,909 4,065,884,580 4,069,468,004 4,071,024,260 4,069,244,576 4,061,587,496 4,044,664,750 4,014,581,042 3,970,314,177 +Annual costs ($) -1,201,171,892 464,651,199 -243,672,238 -248,840,347 -253,950,228 -259,010,759 -263,953,509 -268,654,568 -272,945,445 -276,624,593 -279,473,033 -287,571,849 -294,470,576 -300,059,534 -305,557,509 -311,003,638 -316,325,210 -321,376,502 -325,955,836 -329,820,950 549,651,574 +PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Present value of annual costs ($) 3,469,497,647 -Present value of annual energy nominal (kWh) 34,112,807,078 -LCOE Levelized cost of energy nominal (cents/kWh) 10.17 +Present value of annual costs ($) 2,718,312,079 +Present value of annual energy nominal (kWh) 34,739,281,954 +LCOE Levelized cost of energy nominal (cents/kWh) 7.82 -Present value of PPA revenue ($) 4,863,188,382 -Present value of annual energy nominal (kWh) 34,112,807,078 +Present value of PPA revenue ($) 4,952,126,554 +Present value of annual energy nominal (kWh) 34,739,281,954 LPPA Levelized PPA price nominal (cents/kWh) 14.26 PROJECT STATE INCOME TAXES -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 -Total state tax depreciation ($) 0 58,861,630 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 +Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 +Total state tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 equals: -State taxable income ($) 0 257,293,175 202,676,894 221,784,956 240,686,343 259,445,468 277,864,743 295,552,521 311,953,953 326,384,300 338,644,452 368,207,963 390,754,781 411,291,283 431,572,378 451,692,289 471,403,039 490,212,965 507,433,085 522,224,143 1,711,471,174 +State taxable income ($) 0 303,787,487 257,124,475 276,604,719 295,865,483 314,940,234 333,571,030 351,290,813 367,464,491 381,332,372 392,069,045 422,596,056 448,599,549 469,666,110 490,389,724 510,917,916 530,976,612 550,016,535 567,277,501 581,846,342 1,794,433,482 State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 +State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -18,010,522 -14,187,383 -15,524,947 -16,848,044 -18,161,183 -19,450,532 -20,688,676 -21,836,777 -22,846,901 -23,705,112 -25,774,557 -27,352,835 -28,790,390 -30,210,066 -31,618,460 -32,998,213 -34,314,908 -35,520,316 -36,555,690 -119,802,982 +State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 -Total federal tax depreciation ($) 0 58,861,630 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 117,723,260 +Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 +Total federal tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 equals: -Federal taxable income ($) 0 239,282,653 188,489,511 206,260,009 223,838,299 241,284,285 258,414,211 274,863,844 290,117,177 303,537,399 314,939,341 342,433,405 363,401,946 382,500,893 401,362,311 420,073,828 438,404,826 455,898,058 471,912,769 485,668,453 1,591,668,192 +Federal taxable income ($) 0 282,522,363 239,125,762 257,242,388 275,154,899 292,894,418 310,221,058 326,700,456 341,741,977 354,639,106 364,624,212 393,014,332 417,197,581 436,789,482 456,062,444 475,153,662 493,808,249 511,515,378 527,568,076 541,117,098 1,668,823,138 Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -50,249,357 -39,582,797 -43,314,602 -47,006,043 -50,669,700 -54,266,984 -57,721,407 -60,924,607 -63,742,854 -66,137,262 -71,911,015 -76,314,409 -80,325,188 -84,286,085 -88,215,504 -92,065,014 -95,738,592 -99,101,682 -101,990,375 -334,250,320 +Federal tax benefit (liability) ($) 0 -59,329,696 -50,216,410 -54,020,902 -57,782,529 -61,507,828 -65,146,422 -68,607,096 -71,765,815 -74,474,212 -76,571,085 -82,533,010 -87,611,492 -91,725,791 -95,773,113 -99,782,269 -103,699,732 -107,418,229 -110,789,296 -113,634,591 -350,452,859 CASH INCENTIVES Federal IBI income ($) 0 @@ -352,30 +353,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,177,232,595 1,141,630,036 1,104,247,348 1,064,995,527 1,023,781,114 980,505,980 935,067,090 887,356,255 837,259,879 784,658,684 729,427,429 671,434,611 610,542,153 546,605,071 479,471,136 408,980,503 334,965,339 257,249,417 175,647,699 89,965,894 0 -Debt interest payment ($) 0 58,861,630 57,081,502 55,212,367 53,249,776 51,189,056 49,025,299 46,753,355 44,367,813 41,862,994 39,232,934 36,471,371 33,571,731 30,527,108 27,330,254 23,973,557 20,449,025 16,748,267 12,862,471 8,782,385 4,498,295 -Debt principal payment ($) 0 35,602,559 37,382,687 39,251,822 41,214,413 43,275,133 45,438,890 47,710,835 50,096,376 52,601,195 55,231,255 57,992,818 60,892,459 63,937,082 67,133,936 70,490,632 74,015,164 77,715,922 81,601,718 85,681,804 89,965,894 -Debt total payment ($) 0 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 +Debt balance ($) 1,201,171,892 1,164,845,346 1,126,702,473 1,086,652,456 1,044,599,939 1,000,444,796 954,081,895 905,400,850 854,285,752 800,614,899 744,260,504 685,088,389 622,957,668 557,720,411 489,221,292 417,297,216 341,776,937 262,480,643 179,219,535 91,795,372 0 +Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 +Debt principal payment ($) 0 36,326,546 38,142,873 40,050,017 42,052,517 44,155,143 46,362,900 48,681,045 51,115,098 53,670,853 56,354,395 59,172,115 62,130,721 65,237,257 68,499,120 71,924,076 75,520,279 79,296,293 83,261,108 87,424,163 91,795,372 +Debt total payment ($) 0 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 DSCR (DEBT FRACTION) -EBITDA ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 minus: Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 375,016,435 377,481,655 394,720,583 411,659,379 428,357,783 444,613,301 460,029,135 474,045,026 485,970,553 495,600,646 522,402,594 542,049,771 559,541,650 576,625,891 593,389,105 609,575,324 624,684,492 638,018,816 648,729,787 1,833,692,728 -Debt total payment ($) 0 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 94,464,189 -DSCR (pre-tax) 0.0 3.97 4.0 4.18 4.36 4.53 4.71 4.87 5.02 5.14 5.25 5.53 5.74 5.92 6.10 6.28 6.45 6.61 6.75 6.87 19.41 +Cash available for debt service (CAFDS) ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +Debt total payment ($) 0 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 +DSCR (pre-tax) 0.0 4.30 4.33 4.51 4.69 4.87 5.04 5.20 5.34 5.46 5.54 5.83 6.07 6.26 6.44 6.61 6.78 6.94 7.08 7.19 19.72 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 4e4bfbd6..184285f6 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -14,7 +14,7 @@ Discount Rate, 0.08 Inflation Rate, .02 Inflation Rate During Construction, 0.05 Combined Income Tax Rate, .28 -Investment Tax Credit Rate, 0 +Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) Exploration Capital Cost, 30 @@ -41,8 +41,8 @@ Fracture Width, 1400 Fracture Separation, 30 Number of Segments, 1 Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) -Number of Injection Wells, 47 -Number of Production Wells, 47 +Number of Injection Wells, 48 +Number of Production Wells, 48 Production Flow Rate per Well, 120, -- peak flow reported in paper Production Well Diameter, 9.625 Injection Well Diameter, 9.625 @@ -54,7 +54,7 @@ Plant Outlet Pressure, 1000 psi Production Wellhead Pressure, 325 psi Utilization Factor, .9 Water Loss Fraction, 0.10 -Maximum Drawdown, 0.0066 +Maximum Drawdown, 0.009 Ambient Temperature, 10 degC Surface Temperature, 10 degC Circulation Pump Efficiency, 0.80 @@ -67,4 +67,4 @@ Nonvertical Length per Multilateral Section, 4700 feet # *** SIMULATION PARAMETERS *** # ***************************** Maximum Temperature, 500 -Time steps per year, 10 +Time steps per year, 12 From 412bcb0b8516e0c002df724485535143d5fb26ff Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Mon, 19 May 2025 15:46:19 -0700 Subject: [PATCH 09/61] Workaround for float('nan') != float('nan') --- src/geophires_x_client/geophires_x_result.py | 4 ++-- tests/test_geophires_x.py | 17 +++++++++++++++++ 2 files changed, 19 insertions(+), 2 deletions(-) diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index 3cb306db..7f5f4d3c 100644 --- a/src/geophires_x_client/geophires_x_result.py +++ b/src/geophires_x_client/geophires_x_result.py @@ -862,8 +862,8 @@ def _parse_number(self, number_str, field='string') -> int | float: return None try: - number_str = number_str.replace(',', '') - if '.' in number_str or number_str.lower() == 'nan': + number_str = number_str.replace(',', '').lower() + if '.' in number_str or number_str == 'nan': # TODO should probably ideally use decimal.Decimal to preserve precision, # i.e. 1.00 for USD instead of 1.0 return float(number_str) diff --git a/tests/test_geophires_x.py b/tests/test_geophires_x.py index c7ef8fd3..5b795f16 100644 --- a/tests/test_geophires_x.py +++ b/tests/test_geophires_x.py @@ -1,3 +1,4 @@ +import math import os import tempfile import uuid @@ -194,6 +195,22 @@ def get_output_file_for_example(example_file: str): del expected_result.result['metadata'] del expected_result.result['Simulation Metadata'] + def sanitize_nan(r: GeophiresXResult) -> None: + """ + Workaround for float('nan') != float('nan') + See https://stackoverflow.com/questions/51728427/unittest-how-to-assert-if-the-two-possibly-nan-values-are-equal + + TODO generalize beyond Project IRR + """ + try: + if math.isnan(r.result['ECONOMIC PARAMETERS']['Project IRR']['value']): + r.result['ECONOMIC PARAMETERS']['Project IRR']['value'] = 'NaN' + except TypeError: + pass + + sanitize_nan(geophires_result) + sanitize_nan(expected_result) + try: self.assertDictEqual( expected_result.result, geophires_result.result, msg=f'Example test: {example_file_path}' From a053c49e5be4765f16cff35da65ed2ab3d6d9a3c Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 20 May 2025 14:02:16 -0700 Subject: [PATCH 10/61] Debt:equity 20:80 --- tests/examples/Fervo_Project_Cape-4.out | 276 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 2 +- 2 files changed, 139 insertions(+), 139 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 943f43c7..1589b636 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,15 +5,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-19 - Simulation Time: 12:11 - Calculation Time: 1.055 sec + Simulation Date: 2025-05-20 + Simulation Time: 13:06 + Calculation Time: 1.051 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 522.55 MW - Electricity breakeven price: 7.82 cents/kWh + Electricity breakeven price: 8.67 cents/kWh Number of production wells: 48 Number of injection wells: 48 Flowrate per production well: 120.0 kg/sec @@ -26,12 +26,12 @@ Simulation Metadata Economic Model = SAM Single Owner PPA Real Discount Rate: 8.00 % Nominal Discount Rate: 10.16 % - WACC: 6.92 % + WACC: 8.86 % Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 2233.80 MUSD - Project IRR: NaN % + Project NPV: 1940.10 MUSD + Project IRR: 24.75 % Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** @@ -188,45 +188,45 @@ Simulation Metadata *************************** * SAM CASH FLOW PROFILE * *************************** ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ - Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ + Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 ENERGY -Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 REVENUE -PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 -PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 -Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,201,171,892 -Total revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 1,980,194,836 +PPA price (cents/kWh) 0.0 12.0 12.0 12.41 12.81 13.22 13.62 14.03 14.43 14.84 15.24 15.65 16.05 16.46 16.86 17.27 17.67 18.08 18.49 18.89 19.30 +PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,201,171,892 +Total revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 1,980,194,836 -Property tax net assessed value ($) 0 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 +Property tax net assessed value ($) 0 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 OPERATING EXPENSES -O&M fixed expense ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 -O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 +O&M fixed expense ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 OPERATING ACTIVITIES -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 -Cash flow from operating activities ($) 0 354,837,293 359,224,086 378,704,329 397,965,094 417,039,845 435,670,640 453,390,424 469,564,102 483,431,983 494,168,656 524,695,667 550,699,160 571,765,720 592,489,335 613,017,527 633,076,223 652,116,146 669,377,112 683,945,953 1,896,533,093 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 +Cash flow from operating activities ($) 0 390,872,449 394,169,446 412,505,404 430,564,668 448,377,843 465,683,984 482,012,881 496,726,127 509,060,555 518,187,103 547,023,482 571,251,812 590,454,450 609,220,947 627,694,166 645,595,139 662,369,454 677,251,531 689,322,539 1,899,286,954 INVESTING ACTIVITIES Total installed cost ($) -2,402,343,783 @@ -238,96 +238,96 @@ Total CBI income ($) 0 equals: Purchase of property ($) -2,402,343,783 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,201,171,892 -Size of debt ($) 1,201,171,892 +Issuance of equity ($) 1,921,875,027 +Size of debt ($) 480,468,757 minus: -Debt principal payment ($) 0 36,326,546 38,142,873 40,050,017 42,052,517 44,155,143 46,362,900 48,681,045 51,115,098 53,670,853 56,354,395 59,172,115 62,130,721 65,237,257 68,499,120 71,924,076 75,520,279 79,296,293 83,261,108 87,424,163 91,795,372 +Debt principal payment ($) 0 14,530,618 15,257,149 16,020,007 16,821,007 17,662,057 18,545,160 19,472,418 20,446,039 21,468,341 22,541,758 23,668,846 24,852,288 26,094,903 27,399,648 28,769,630 30,208,112 31,718,517 33,304,443 34,969,665 36,718,149 equals: -Cash flow from financing activities ($) 2,402,343,783 -36,326,546 -38,142,873 -40,050,017 -42,052,517 -44,155,143 -46,362,900 -48,681,045 -51,115,098 -53,670,853 -56,354,395 -59,172,115 -62,130,721 -65,237,257 -68,499,120 -71,924,076 -75,520,279 -79,296,293 -83,261,108 -87,424,163 -91,795,372 +Cash flow from financing activities ($) 2,402,343,783 -14,530,618 -15,257,149 -16,020,007 -16,821,007 -17,662,057 -18,545,160 -19,472,418 -20,446,039 -21,468,341 -22,541,758 -23,668,846 -24,852,288 -26,094,903 -27,399,648 -28,769,630 -30,208,112 -31,718,517 -33,304,443 -34,969,665 -36,718,149 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 354,837,293 359,224,086 378,704,329 397,965,094 417,039,845 435,670,640 453,390,424 469,564,102 483,431,983 494,168,656 524,695,667 550,699,160 571,765,720 592,489,335 613,017,527 633,076,223 652,116,146 669,377,112 683,945,953 1,896,533,093 -Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,402,343,783 -36,326,546 -38,142,873 -40,050,017 -42,052,517 -44,155,143 -46,362,900 -48,681,045 -51,115,098 -53,670,853 -56,354,395 -59,172,115 -62,130,721 -65,237,257 -68,499,120 -71,924,076 -75,520,279 -79,296,293 -83,261,108 -87,424,163 -91,795,372 -Total pre-tax cash flow ($) 0 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 +Cash flow from operating activities ($) 0 390,872,449 394,169,446 412,505,404 430,564,668 448,377,843 465,683,984 482,012,881 496,726,127 509,060,555 518,187,103 547,023,482 571,251,812 590,454,450 609,220,947 627,694,166 645,595,139 662,369,454 677,251,531 689,322,539 1,899,286,954 +Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,402,343,783 -14,530,618 -15,257,149 -16,020,007 -16,821,007 -17,662,057 -18,545,160 -19,472,418 -20,446,039 -21,468,341 -22,541,758 -23,668,846 -24,852,288 -26,094,903 -27,399,648 -28,769,630 -30,208,112 -31,718,517 -33,304,443 -34,969,665 -36,718,149 +Total pre-tax cash flow ($) 0 376,341,831 378,912,297 396,485,397 413,743,661 430,715,786 447,138,824 462,540,462 476,280,088 487,592,214 495,645,345 523,354,636 546,399,523 564,359,548 581,821,299 598,924,536 615,387,027 630,650,936 643,947,088 654,352,874 1,862,568,805 Pre-tax Returns: -Issuance of equity ($) 1,201,171,892 -Total pre-tax cash flow ($) 0 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 -Total pre-tax returns ($) -1,201,171,892 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 +Issuance of equity ($) 1,921,875,027 +Total pre-tax cash flow ($) 0 376,341,831 378,912,297 396,485,397 413,743,661 430,715,786 447,138,824 462,540,462 476,280,088 487,592,214 495,645,345 523,354,636 546,399,523 564,359,548 581,821,299 598,924,536 615,387,027 630,650,936 643,947,088 654,352,874 1,862,568,805 +Total pre-tax returns ($) -1,921,875,027 376,341,831 378,912,297 396,485,397 413,743,661 430,715,786 447,138,824 462,540,462 476,280,088 487,592,214 495,645,345 523,354,636 546,399,523 564,359,548 581,821,299 598,924,536 615,387,027 630,650,936 643,947,088 654,352,874 1,862,568,805 After-tax Returns: -Total pre-tax returns ($) -1,201,171,892 318,510,747 321,081,213 338,654,313 355,912,577 372,884,702 389,307,740 404,709,378 418,449,004 429,761,130 437,814,261 465,523,552 488,568,439 506,528,464 523,990,215 541,093,452 557,555,943 572,819,852 586,116,004 596,521,790 1,804,737,721 -Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal tax benefit (liability) ($) 0 -59,329,696 -50,216,410 -54,020,902 -57,782,529 -61,507,828 -65,146,422 -68,607,096 -71,765,815 -74,474,212 -76,571,085 -82,533,010 -87,611,492 -91,725,791 -95,773,113 -99,782,269 -103,699,732 -107,418,229 -110,789,296 -113,634,591 -350,452,859 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 -Total after-tax returns ($) -1,201,171,892 958,619,062 252,866,089 265,271,081 277,419,464 289,331,058 300,811,346 311,511,926 320,960,675 328,593,652 333,798,343 353,408,818 369,554,979 381,926,045 393,889,822 405,546,928 416,687,848 426,900,466 435,617,283 442,157,955 1,328,674,518 - -After-tax cumulative IRR (%) NaN -20.19 0.71 14.87 23.56 28.92 32.33 34.54 36.02 37.01 37.69 38.18 38.53 38.78 38.96 39.09 39.19 39.25 39.30 NaN NaN -After-tax cumulative NPV ($) -1,201,171,892 -330,965,772 -122,592,151 75,842,780 264,225,568 442,576,514 610,902,299 769,138,988 917,138,542 1,054,683,230 1,181,519,922 1,303,422,862 1,419,138,467 1,527,698,064 1,629,332,242 1,724,323,186 1,812,922,019 1,895,320,625 1,971,646,960 2,041,974,079 2,233,814,475 +Total pre-tax returns ($) -1,921,875,027 376,341,831 378,912,297 396,485,397 413,743,661 430,715,786 447,138,824 462,540,462 476,280,088 487,592,214 495,645,345 523,354,636 546,399,523 564,359,548 581,821,299 598,924,536 615,387,027 630,650,936 643,947,088 654,352,874 1,862,568,805 +Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -66,367,362 -57,041,239 -60,622,251 -64,149,226 -67,628,139 -71,008,028 -74,197,062 -77,070,559 -79,479,472 -81,261,887 -86,893,632 -91,625,425 -95,375,700 -99,040,797 -102,648,617 -106,144,677 -109,420,700 -112,327,170 -114,684,638 -350,990,688 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -23,787,585 -20,444,888 -21,728,405 -22,992,554 -24,239,476 -25,450,906 -26,593,929 -27,623,856 -28,487,266 -29,126,124 -31,144,671 -32,840,654 -34,184,839 -35,498,494 -36,791,619 -38,044,687 -39,218,889 -40,260,634 -41,105,605 -125,803,114 +Total after-tax returns ($) -1,921,875,027 1,006,890,019 301,426,170 314,134,740 326,601,881 338,848,171 350,679,890 361,749,472 371,585,673 379,625,476 385,257,333 405,316,333 421,933,444 434,799,009 447,282,009 459,484,300 471,197,664 482,011,347 491,359,283 498,562,631 1,385,775,003 + +After-tax cumulative IRR (%) NaN -47.61 -26.32 -10.0 0.71 7.72 12.43 15.67 17.96 19.60 20.80 21.73 22.43 22.98 23.40 23.73 23.99 24.19 24.35 24.48 24.75 +After-tax cumulative NPV ($) -1,921,875,027 -1,007,849,955 -759,460,531 -524,473,342 -302,693,039 -93,818,498 102,412,358 286,167,887 457,511,351 616,417,244 762,807,322 902,614,962 1,034,731,390 1,158,319,728 1,273,730,527 1,381,355,181 1,481,544,239 1,574,580,125 1,660,673,251 1,739,971,775 1,940,056,612 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,201,171,892 464,651,199 -243,672,238 -248,840,347 -253,950,228 -259,010,759 -263,953,509 -268,654,568 -272,945,445 -276,624,593 -279,473,033 -287,571,849 -294,470,576 -300,059,534 -305,557,509 -311,003,638 -316,325,210 -321,376,502 -325,955,836 -329,820,950 549,651,574 -PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 -Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Annual costs ($) -1,921,875,027 512,922,156 -195,112,158 -199,976,688 -204,767,811 -209,493,646 -214,084,965 -218,417,022 -222,320,446 -225,592,770 -228,014,043 -235,664,334 -242,092,110 -247,186,570 -252,165,322 -257,066,267 -261,815,395 -266,265,620 -270,213,835 -273,416,274 606,752,058 +PPA revenue ($) 0 493,967,862 496,538,328 514,111,428 531,369,692 548,341,817 564,764,855 580,166,493 593,906,119 605,218,245 613,271,376 640,980,667 664,025,554 681,985,579 699,447,331 716,550,567 733,013,058 748,276,968 761,573,119 771,978,905 779,022,945 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Present value of annual costs ($) 2,718,312,079 +Present value of annual costs ($) 3,012,069,942 Present value of annual energy nominal (kWh) 34,739,281,954 -LCOE Levelized cost of energy nominal (cents/kWh) 7.82 +LCOE Levelized cost of energy nominal (cents/kWh) 8.67 Present value of PPA revenue ($) 4,952,126,554 Present value of annual energy nominal (kWh) 34,739,281,954 LPPA Levelized PPA price nominal (cents/kWh) 14.26 PROJECT STATE INCOME TAXES -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 -State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 -Total state tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 +Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 +Total state tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 equals: -State taxable income ($) 0 303,787,487 257,124,475 276,604,719 295,865,483 314,940,234 333,571,030 351,290,813 367,464,491 381,332,372 392,069,045 422,596,056 448,599,549 469,666,110 490,389,724 510,917,916 530,976,612 550,016,535 567,277,501 581,846,342 1,794,433,482 +State taxable income ($) 0 339,822,644 292,069,835 310,405,793 328,465,057 346,278,232 363,584,374 379,913,270 394,626,516 406,960,945 416,087,492 444,923,871 469,152,201 488,354,840 507,121,337 525,594,555 543,495,528 560,269,843 575,151,920 587,222,928 1,797,187,343 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -23,787,585 -20,444,888 -21,728,405 -22,992,554 -24,239,476 -25,450,906 -26,593,929 -27,623,856 -28,487,266 -29,126,124 -31,144,671 -32,840,654 -34,184,839 -35,498,494 -36,791,619 -38,044,687 -39,218,889 -40,260,634 -41,105,605 -125,803,114 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State tax benefit (liability) ($) 0 -21,265,124 -17,998,713 -19,362,330 -20,710,584 -22,045,816 -23,349,972 -24,590,357 -25,722,514 -26,693,266 -27,444,833 -29,581,724 -31,401,968 -32,876,628 -34,327,281 -35,764,254 -37,168,363 -38,501,157 -39,709,425 -40,729,244 -125,610,344 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -23,787,585 -20,444,888 -21,728,405 -22,992,554 -24,239,476 -25,450,906 -26,593,929 -27,623,856 -28,487,266 -29,126,124 -31,144,671 -32,840,654 -34,184,839 -35,498,494 -36,791,619 -38,044,687 -39,218,889 -40,260,634 -41,105,605 -125,803,114 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 -Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 -Total federal tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 +Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 +Total federal tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 equals: -Federal taxable income ($) 0 282,522,363 239,125,762 257,242,388 275,154,899 292,894,418 310,221,058 326,700,456 341,741,977 354,639,106 364,624,212 393,014,332 417,197,581 436,789,482 456,062,444 475,153,662 493,808,249 511,515,378 527,568,076 541,117,098 1,668,823,138 +Federal taxable income ($) 0 316,035,059 271,624,947 288,677,387 305,472,503 322,038,756 338,133,467 353,319,341 367,002,660 378,473,678 386,961,368 413,779,200 436,311,547 454,170,001 471,622,843 488,802,936 505,450,841 521,050,954 534,891,286 546,117,323 1,671,384,229 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -59,329,696 -50,216,410 -54,020,902 -57,782,529 -61,507,828 -65,146,422 -68,607,096 -71,765,815 -74,474,212 -76,571,085 -82,533,010 -87,611,492 -91,725,791 -95,773,113 -99,782,269 -103,699,732 -107,418,229 -110,789,296 -113,634,591 -350,452,859 +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -66,367,362 -57,041,239 -60,622,251 -64,149,226 -67,628,139 -71,008,028 -74,197,062 -77,070,559 -79,479,472 -81,261,887 -86,893,632 -91,625,425 -95,375,700 -99,040,797 -102,648,617 -106,144,677 -109,420,700 -112,327,170 -114,684,638 -350,990,688 CASH INCENTIVES Federal IBI income ($) 0 @@ -342,68 +342,68 @@ Utility CBI income ($) 0 Other CBI income ($) 0 Total CBI income ($) 0 -Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TAX CREDITS -Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 1,201,171,892 1,164,845,346 1,126,702,473 1,086,652,456 1,044,599,939 1,000,444,796 954,081,895 905,400,850 854,285,752 800,614,899 744,260,504 685,088,389 622,957,668 557,720,411 489,221,292 417,297,216 341,776,937 262,480,643 179,219,535 91,795,372 0 -Debt interest payment ($) 0 60,058,595 58,242,267 56,335,124 54,332,623 52,229,997 50,022,240 47,704,095 45,270,042 42,714,288 40,030,745 37,213,025 34,254,419 31,147,883 27,886,021 24,461,065 20,864,861 17,088,847 13,124,032 8,960,977 4,589,769 -Debt principal payment ($) 0 36,326,546 38,142,873 40,050,017 42,052,517 44,155,143 46,362,900 48,681,045 51,115,098 53,670,853 56,354,395 59,172,115 62,130,721 65,237,257 68,499,120 71,924,076 75,520,279 79,296,293 83,261,108 87,424,163 91,795,372 -Debt total payment ($) 0 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 +Debt balance ($) 480,468,757 465,938,138 450,680,989 434,660,983 417,839,976 400,177,918 381,632,758 362,160,340 341,714,301 320,245,960 297,704,202 274,035,356 249,183,067 223,088,165 195,688,517 166,918,886 136,710,775 104,992,257 71,687,814 36,718,149 0 +Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 +Debt principal payment ($) 0 14,530,618 15,257,149 16,020,007 16,821,007 17,662,057 18,545,160 19,472,418 20,446,039 21,468,341 22,541,758 23,668,846 24,852,288 26,094,903 27,399,648 28,769,630 30,208,112 31,718,517 33,304,443 34,969,665 36,718,149 +Debt total payment ($) 0 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 DSCR (DEBT FRACTION) -EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +EBITDA ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 minus: -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 -Debt total payment ($) 0 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 96,385,140 -DSCR (pre-tax) 0.0 4.30 4.33 4.51 4.69 4.87 5.04 5.20 5.34 5.46 5.54 5.83 6.07 6.26 6.44 6.61 6.78 6.94 7.08 7.19 19.72 +Cash available for debt service (CAFDS) ($) 0 414,895,887 417,466,353 435,039,453 452,297,717 469,269,842 485,692,880 501,094,519 514,834,144 526,146,270 534,199,401 561,908,692 584,953,579 602,913,604 620,375,356 637,478,592 653,941,083 669,204,993 682,501,144 692,906,930 1,901,122,861 +Debt total payment ($) 0 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 +DSCR (pre-tax) 0.0 10.76 10.83 11.28 11.73 12.17 12.60 13.0 13.35 13.65 13.86 14.57 15.17 15.64 16.09 16.53 16.96 17.36 17.70 17.97 49.31 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 184285f6..969c6780 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -8,7 +8,7 @@ Starting Electricity Sale Price, 0.12 Ending Electricity Sale Price, 1.00 Electricity Escalation Rate Per Year, 0.004053223 Electricity Escalation Start Year, 1 -Fraction of Investment in Bonds, .5 +Fraction of Investment in Bonds, .2 Inflated Bond Interest Rate, .05 Discount Rate, 0.08 Inflation Rate, .02 From 4a3066f50bf8188c736027b15486ba13e62daf59 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 20 May 2025 14:42:23 -0700 Subject: [PATCH 11/61] TODO to cite exploration cost --- tests/examples/Fervo_Project_Cape-4.txt | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 969c6780..cbe24a42 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -17,7 +17,7 @@ Combined Income Tax Rate, .28 Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) -Exploration Capital Cost, 30 +Exploration Capital Cost, 30, -- TODO source/citation Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 From 7cd6918fdd54d1133764efb368f56a5ed26f9983 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 08:17:45 -0700 Subject: [PATCH 12/61] Exploration cost documentation --- src/geophires_x/Economics.py | 10 +++++++++- src/geophires_x_schema_generator/geophires-result.json | 2 +- 2 files changed, 10 insertions(+), 2 deletions(-) diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index e25ac068..f19b78c8 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -1581,12 +1581,19 @@ def __init__(self, model: Model): PreferredUnits=CurrencyUnit.MDOLLARS, CurrentUnits=CurrencyUnit.MDOLLARS ) + + # See TODO re:parameterizing indirect costs at src/geophires_x/Economics.py:652 + # (https://github.com/NREL/GEOPHIRES-X/issues/383) self.Cexpl = self.OutputParameterDict[self.Cexpl.Name] = OutputParameter( Name="Exploration cost", display_name='Exploration costs', UnitType=Units.CURRENCY, PreferredUnits=CurrencyUnit.MDOLLARS, - CurrentUnits=CurrencyUnit.MDOLLARS + CurrentUnits=CurrencyUnit.MDOLLARS, + ToolTipText=f'Default correlation: 60% of the cost of one production well plus 15% contingency ' + f'plus 12% indirect costs. ' + f'Provide {self.ccexpladjfactor.Name} to multiply the default correlation. ' + f'Provide {self.ccexplfixed.Name} to override the default correlation and set your own cost.' ) self.Cwell = self.OutputParameterDict[self.Cwell.Name] = OutputParameter( @@ -1597,6 +1604,7 @@ def __init__(self, model: Model): CurrentUnits=CurrencyUnit.MDOLLARS, # See TODO re:parameterizing indirect costs at src/geophires_x/Economics.py:652 + # (https://github.com/NREL/GEOPHIRES-X/issues/383) ToolTipText="Includes total drilling and completion cost of all injection and production wells and " "laterals, plus 5% indirect costs." ) diff --git a/src/geophires_x_schema_generator/geophires-result.json b/src/geophires_x_schema_generator/geophires-result.json index 936e8f50..12cfb6c9 100644 --- a/src/geophires_x_schema_generator/geophires-result.json +++ b/src/geophires_x_schema_generator/geophires-result.json @@ -362,7 +362,7 @@ "Total surface equipment costs": {}, "Exploration costs": { "type": "number", - "description": "Exploration cost", + "description": "Exploration cost. Default correlation: 60% of the cost of one production well plus 15% contingency plus 12% indirect costs. Provide Exploration Capital Cost Adjustment Factor to multiply the default correlation. Provide Exploration Capital Cost to override the default correlation and set your own cost.", "units": "MUSD" }, "Investment Tax Credit": { From 193b5d3c7e67f8b7ef85aababe46852e2c45b1f9 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 10:07:02 -0700 Subject: [PATCH 13/61] Output SAM IRR as 'After-Tax IRR' to avoid potential mixup with 'Project IRR' as unlevered IRR (see https://www.efinancialmodels.com/knowledge-base/financial-metrics/internal-rate-of-revenue-irr/irr-levered-an-internal-rate-of-return-example/) --- src/geophires_x/Economics.py | 8 +++- src/geophires_x/EconomicsSam.py | 19 +++++---- src/geophires_x/EconomicsUtils.py | 42 ++++++++++++------- src/geophires_x/Outputs.py | 8 +++- tests/examples/Fervo_Project_Cape-4.out | 8 ++-- .../examples/example_SAM-single-owner-PPA.out | 8 ++-- tests/test_geophires_x.py | 33 ++++++++------- 7 files changed, 76 insertions(+), 50 deletions(-) diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index f19b78c8..821aaed2 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -6,7 +6,7 @@ from geophires_x import EconomicsSam from geophires_x.EconomicsSam import calculate_sam_economics, SamEconomicsCalculations from geophires_x.EconomicsUtils import BuildPricingModel, wacc_output_parameter, nominal_discount_rate_parameter, \ - real_discount_rate_parameter + real_discount_rate_parameter, after_tax_irr_parameter from geophires_x.OptionList import Configuration, WellDrillingCostCorrelation, EconomicModel, EndUseOptions, PlantType, \ _WellDrillingCostCorrelationCitation from geophires_x.Parameter import intParameter, floatParameter, OutputParameter, ReadParameter, boolParameter, \ @@ -1784,6 +1784,8 @@ def __init__(self, model: Model): CurrentUnits=PercentUnit.PERCENT ) + self.after_tax_irr = self.OutputParameterDict[self.after_tax_irr.Name] = ( + after_tax_irr_parameter()) self.real_discount_rate = self.OutputParameterDict[self.real_discount_rate.Name] = ( real_discount_rate_parameter()) self.nominal_discount_rate = self.OutputParameterDict[self.nominal_discount_rate.Name] = ( @@ -2775,7 +2777,9 @@ def Calculate(self, model: Model) -> None: self.nominal_discount_rate.value = self.sam_economics_calculations.nominal_discount_rate.value self.ProjectNPV.value = self.sam_economics_calculations.project_npv.quantity().to( convertible_unit(self.ProjectNPV.CurrentUnits)).magnitude - self.ProjectIRR.value = self.sam_economics_calculations.project_irr.quantity().to( + + self.ProjectIRR.value = non_calculated_output_placeholder_val # SAM calculates After-Tax IRR instead + self.after_tax_irr.value = self.sam_economics_calculations.after_tax_irr.quantity().to( convertible_unit(self.ProjectIRR.CurrentUnits)).magnitude self.ProjectVIR.value = non_calculated_output_placeholder_val # TODO SAM VIR diff --git a/src/geophires_x/EconomicsSam.py b/src/geophires_x/EconomicsSam.py index 00e59d14..d2ddd18e 100644 --- a/src/geophires_x/EconomicsSam.py +++ b/src/geophires_x/EconomicsSam.py @@ -27,7 +27,12 @@ from geophires_x import Model as Model from geophires_x.EconomicsSamCashFlow import _calculate_sam_economics_cash_flow -from geophires_x.EconomicsUtils import BuildPricingModel, wacc_output_parameter, nominal_discount_rate_parameter +from geophires_x.EconomicsUtils import ( + BuildPricingModel, + wacc_output_parameter, + nominal_discount_rate_parameter, + after_tax_irr_parameter, +) from geophires_x.GeoPHIRESUtils import is_float, is_int from geophires_x.OptionList import EconomicModel, EndUseOptions from geophires_x.Parameter import Parameter, OutputParameter, floatParameter @@ -44,24 +49,22 @@ class SamEconomicsCalculations: CurrentUnits=EnergyCostUnit.CENTSSPERKWH, ) ) + capex: OutputParameter = field( default_factory=lambda: OutputParameter( UnitType=Units.CURRENCY, CurrentUnits=CurrencyUnit.MDOLLARS, ) ) + project_npv: OutputParameter = field( default_factory=lambda: OutputParameter( UnitType=Units.CURRENCY, CurrentUnits=CurrencyUnit.MDOLLARS, ) ) - project_irr: OutputParameter = field( - default_factory=lambda: OutputParameter( - UnitType=Units.PERCENT, - CurrentUnits=PercentUnit.PERCENT, - ) - ) + + after_tax_irr: OutputParameter = field(default_factory=after_tax_irr_parameter) nominal_discount_rate: OutputParameter = field(default_factory=nominal_discount_rate_parameter) @@ -157,7 +160,7 @@ def sf(_v: float) -> float: sam_economics: SamEconomicsCalculations = SamEconomicsCalculations(sam_cash_flow_profile=cash_flow) sam_economics.lcoe_nominal.value = sf(single_owner.Outputs.lcoe_nom) - sam_economics.project_irr.value = sf(single_owner.Outputs.project_return_aftertax_irr) + sam_economics.after_tax_irr.value = sf(single_owner.Outputs.project_return_aftertax_irr) sam_economics.project_npv.value = sf(single_owner.Outputs.project_return_aftertax_npv * 1e-6) sam_economics.capex.value = single_owner.Outputs.adjusted_installed_cost * 1e-6 diff --git a/src/geophires_x/EconomicsUtils.py b/src/geophires_x/EconomicsUtils.py index 03ad6d26..0df75e9a 100644 --- a/src/geophires_x/EconomicsUtils.py +++ b/src/geophires_x/EconomicsUtils.py @@ -37,27 +37,39 @@ def BuildPricingModel(plantlifetime: int, StartPrice: float, EndPrice: float, return Price +def after_tax_irr_parameter() -> OutputParameter: + return OutputParameter( + Name='After-Tax IRR', + UnitType=Units.PERCENT, + CurrentUnits=PercentUnit.PERCENT, + PreferredUnits=PercentUnit.PERCENT, + ToolTipText='The After-Tax IRR (internal rate of return) is the nominal discount rate that corresponds to ' + 'a net present value (NPV) of zero for PPA SAM Economic models. ' + 'See https://samrepo.nrelcloud.org/help/mtf_irr.html.' + ) + + def real_discount_rate_parameter() -> OutputParameter: return OutputParameter( - Name="Real Discount Rate", - UnitType=Units.PERCENT, - CurrentUnits=PercentUnit.PERCENT, - PreferredUnits=PercentUnit.PERCENT, - ) + Name="Real Discount Rate", + UnitType=Units.PERCENT, + CurrentUnits=PercentUnit.PERCENT, + PreferredUnits=PercentUnit.PERCENT, + ) def nominal_discount_rate_parameter() -> OutputParameter: return OutputParameter( - Name="Nominal Discount Rate", - ToolTipText="Nominal Discount Rate is displayed for SAM Economic Models. " - "It is calculated " - "per https://samrepo.nrelcloud.org/help/fin_single_owner.html?q=nominal+discount+rate: " - "Nominal Discount Rate = [ ( 1 + Real Discount Rate ÷ 100 ) " - "× ( 1 + Inflation Rate ÷ 100 ) - 1 ] × 100.", - UnitType=Units.PERCENT, - CurrentUnits=PercentUnit.PERCENT, - PreferredUnits=PercentUnit.PERCENT, - ) + Name="Nominal Discount Rate", + ToolTipText="Nominal Discount Rate is displayed for SAM Economic Models. " + "It is calculated " + "per https://samrepo.nrelcloud.org/help/fin_single_owner.html?q=nominal+discount+rate: " + "Nominal Discount Rate = [ ( 1 + Real Discount Rate ÷ 100 ) " + "× ( 1 + Inflation Rate ÷ 100 ) - 1 ] × 100.", + UnitType=Units.PERCENT, + CurrentUnits=PercentUnit.PERCENT, + PreferredUnits=PercentUnit.PERCENT, + ) def wacc_output_parameter() -> OutputParameter: diff --git a/src/geophires_x/Outputs.py b/src/geophires_x/Outputs.py index b25ca30c..e5c144c9 100644 --- a/src/geophires_x/Outputs.py +++ b/src/geophires_x/Outputs.py @@ -275,8 +275,12 @@ def PrintOutputs(self, model: Model): # TODO should use CurrentUnits instead of PreferredUnits f.write(f' {npv_field_label}{e_npv.value:10.2f} {e_npv.PreferredUnits.value}\n') - irr_display_value = f'{econ.ProjectIRR.value:10.2f}' if not math.isnan(econ.ProjectIRR.value) else 'NaN' - f.write(f' {econ.ProjectIRR.display_name}: {irr_display_value} {econ.ProjectIRR.CurrentUnits.value}\n') + irr_output_param: OutputParameter = econ.ProjectIRR \ + if econ.econmodel.value != EconomicModel.SAM_SINGLE_OWNER_PPA else econ.after_tax_irr + irr_field_label = Outputs._field_label(irr_output_param.display_name, 49) + irr_display_value = f'{irr_output_param.value:10.2f}' \ + if not math.isnan(irr_output_param.value) else 'NaN' + f.write(f' {irr_field_label}{irr_display_value} {irr_output_param.CurrentUnits.value}\n') if econ.econmodel.value != EconomicModel.SAM_SINGLE_OWNER_PPA: # VIR, MOIC, and Payback period not currently supported by SAM economic model(s) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 1589b636..33113a2c 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,9 +5,9 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-20 - Simulation Time: 13:06 - Calculation Time: 1.051 sec + Simulation Date: 2025-05-21 + Simulation Time: 09:51 + Calculation Time: 1.041 sec ***SUMMARY OF RESULTS*** @@ -31,7 +31,7 @@ Simulation Metadata Project lifetime: 20 yr Capacity factor: 90.0 % Project NPV: 1940.10 MUSD - Project IRR: 24.75 % + After-Tax IRR: 24.75 % Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index b93d2781..102db9de 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -5,9 +5,9 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.7 - Simulation Date: 2025-05-15 - Simulation Time: 10:13 - Calculation Time: 0.891 sec + Simulation Date: 2025-05-21 + Simulation Time: 09:55 + Calculation Time: 0.888 sec ***SUMMARY OF RESULTS*** @@ -31,7 +31,7 @@ Simulation Metadata Project lifetime: 20 yr Capacity factor: 90.0 % Project NPV: 2877.00 MUSD - Project IRR: 59.73 % + After-Tax IRR: 59.73 % Estimated Jobs Created: 976 ***ENGINEERING PARAMETERS*** diff --git a/tests/test_geophires_x.py b/tests/test_geophires_x.py index 5b795f16..e1520b02 100644 --- a/tests/test_geophires_x.py +++ b/tests/test_geophires_x.py @@ -195,21 +195,8 @@ def get_output_file_for_example(example_file: str): del expected_result.result['metadata'] del expected_result.result['Simulation Metadata'] - def sanitize_nan(r: GeophiresXResult) -> None: - """ - Workaround for float('nan') != float('nan') - See https://stackoverflow.com/questions/51728427/unittest-how-to-assert-if-the-two-possibly-nan-values-are-equal - - TODO generalize beyond Project IRR - """ - try: - if math.isnan(r.result['ECONOMIC PARAMETERS']['Project IRR']['value']): - r.result['ECONOMIC PARAMETERS']['Project IRR']['value'] = 'NaN' - except TypeError: - pass - - sanitize_nan(geophires_result) - sanitize_nan(expected_result) + self._sanitize_nan(geophires_result) + self._sanitize_nan(expected_result) try: self.assertDictEqual( @@ -261,6 +248,22 @@ def sanitize_nan(r: GeophiresXResult) -> None: if len(regenerate_cmds) > 0: print(f'Command to regenerate {len(regenerate_cmds)} failed examples:\n{" && ".join(regenerate_cmds)}') + # noinspection PyMethodMayBeStatic + def _sanitize_nan(self, r: GeophiresXResult) -> None: + """ + Workaround for float('nan') != float('nan') + See https://stackoverflow.com/questions/51728427/unittest-how-to-assert-if-the-two-possibly-nan-values-are-equal + + TODO generalize beyond After-Tax IRR + """ + irr_key = 'After-Tax IRR' + if irr_key in r.result['ECONOMIC PARAMETERS']: + try: + if math.isnan(r.result['ECONOMIC PARAMETERS'][irr_key]['value']): + r.result['ECONOMIC PARAMETERS'][irr_key]['value'] = 'NaN' + except TypeError: + pass + def _get_unequal_dicts_approximate_percent_difference(self, d1: dict, d2: dict) -> Optional[float]: for i in range(99): try: From 01158b648fdd5134cddea1638098a945deb0a752 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 11:01:12 -0700 Subject: [PATCH 14/61] =?UTF-8?q?Bump=20version:=203.9.8=20=E2=86=92=203.9?= =?UTF-8?q?.9?= MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 8bit --- .bumpversion.cfg | 2 +- .cookiecutterrc | 2 +- README.rst | 4 ++-- docs/conf.py | 2 +- setup.py | 2 +- src/geophires_x/__init__.py | 2 +- 6 files changed, 7 insertions(+), 7 deletions(-) diff --git a/.bumpversion.cfg b/.bumpversion.cfg index 999ece17..edcdbdd7 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.9.8 +current_version = 3.9.9 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index 4ce2ac72..abbb65a7 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: 3.9.9 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/README.rst b/README.rst index a43f3b35..8b9e6232 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/v3.9.9.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/v3.9.9...main .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat :target: https://nrel.github.io/GEOPHIRES-X diff --git a/docs/conf.py b/docs/conf.py index eadfd887..88de0c16 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 = '3.9.9' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/setup.py b/setup.py index 853b078c..20fa8332 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.9.8', + version='3.9.9', license='MIT', description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.', long_description='{}\n{}'.format( diff --git a/src/geophires_x/__init__.py b/src/geophires_x/__init__.py index da437954..611851fe 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.9.8' +__version__ = '3.9.9' From 6a3c06eadf3458dd1ca4fbbf9bcade13f24c180f Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 11:11:47 -0700 Subject: [PATCH 15/61] After-Tax IRR result field --- src/geophires_x_client/geophires_x_result.py | 1 + src/geophires_x_schema_generator/geophires-result.json | 5 +++++ 2 files changed, 6 insertions(+) diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index 7f5f4d3c..a55644a9 100644 --- a/src/geophires_x_client/geophires_x_result.py +++ b/src/geophires_x_client/geophires_x_result.py @@ -75,6 +75,7 @@ class GeophiresXResult: 'Capacity factor', 'Project NPV', 'Project IRR', + 'After-Tax IRR', 'Project VIR=PI=PIR', 'Project MOIC', 'Fixed Charge Rate (FCR)', # SUTRA diff --git a/src/geophires_x_schema_generator/geophires-result.json b/src/geophires_x_schema_generator/geophires-result.json index 12cfb6c9..82fd4e06 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", From 163131d0755ed229e2a90e3f4239f0b746999530 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 11:12:00 -0700 Subject: [PATCH 16/61] =?UTF-8?q?Bump=20version:=203.9.9=20=E2=86=92=203.9?= =?UTF-8?q?.10?= MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 8bit --- .bumpversion.cfg | 2 +- .cookiecutterrc | 2 +- README.rst | 4 ++-- docs/conf.py | 2 +- setup.py | 2 +- src/geophires_x/__init__.py | 2 +- 6 files changed, 7 insertions(+), 7 deletions(-) diff --git a/.bumpversion.cfg b/.bumpversion.cfg index edcdbdd7..54df9ad2 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.9.9 +current_version = 3.9.10 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index abbb65a7..c586269c 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: 3.9.9 + version: 3.9.10 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/README.rst b/README.rst index 8b9e6232..fea469bd 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/v3.9.9.svg +.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.9.10.svg :alt: Commits since latest release - :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.9...main + :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.10...main .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat :target: https://nrel.github.io/GEOPHIRES-X diff --git a/docs/conf.py b/docs/conf.py index 88de0c16..152f432d 100644 --- a/docs/conf.py +++ b/docs/conf.py @@ -18,7 +18,7 @@ year = '2025' author = 'NREL' copyright = f'{year}, {author}' -version = release = '3.9.9' +version = release = '3.9.10' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/setup.py b/setup.py index 20fa8332..f3b7a63b 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.9.9', + version='3.9.10', license='MIT', description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.', long_description='{}\n{}'.format( diff --git a/src/geophires_x/__init__.py b/src/geophires_x/__init__.py index 611851fe..016b86d6 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.9.9' +__version__ = '3.9.10' From 79676463748cf36b4a09f0297228f8c6df789ea2 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 13:03:36 -0700 Subject: [PATCH 17/61] Pivot SAM example from attempt to compare with Fervo 400 MWe BICYCLE to 50 MWe loosely based on Fervo 500 MWe --- .../examples/example_SAM-single-owner-PPA.out | 479 +++++++++--------- .../examples/example_SAM-single-owner-PPA.txt | 50 +- 2 files changed, 258 insertions(+), 271 deletions(-) diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index 102db9de..1f8f03cd 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -4,19 +4,19 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.7 + GEOPHIRES Version: 3.9.10 Simulation Date: 2025-05-21 - Simulation Time: 09:55 - Calculation Time: 0.888 sec + Simulation Time: 12:56 + Calculation Time: 0.891 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: 58.39 MW + Electricity breakeven price: 6.61 cents/kWh + 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 +24,29 @@ 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 - After-Tax IRR: 59.73 % - Estimated Jobs Created: 976 + Project NPV: 123.44 MUSD + After-Tax IRR: 22.26 % + Estimated Jobs Created: 124 ***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 @@ -63,13 +63,13 @@ Simulation Metadata Reservoir Model = Multiple Parallel Fractures Model Bottom-hole temperature: 201.72 degC Fracture model = Rectangular - Well separation: fracture height: 2000.00 meter - Fracture width: 10000.00 meter - Fracture area: 20000000.00 m**2 + Well separation: fracture height: 1400.00 meter + Fracture width: 1400.00 meter + Fracture area: 1960000.00 m**2 Reservoir volume calculated with fracture separation and number of fractures as input Number of fractures: 149.00 Fracture separation: 30.00 meter - Reservoir volume: 88800000000 m**3 + Reservoir volume: 8702400000 m**3 Reservoir impedance: 0.0010 GPa.s/m**3 Reservoir density: 2800.00 kg/m**3 Reservoir thermal conductivity: 3.05 W/m/K @@ -78,57 +78,58 @@ 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: 199.8 degC + Average Production Temperature: 199.5 degC + Minimum Production Temperature: 198.1 degC + Initial Production Temperature: 198.1 degC + Average Reservoir Heat Extraction: 358.98 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: -1295.6 kPa + Average Injection Well Pressure Drop: 482.0 kPa + Average Reservoir Pressure Drop: 630.0 kPa + Average Production Well Pressure Drop: 440.8 kPa + Average Buoyancy Pressure Drop: -2848.4 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: 49.03 MUSD + Drilling and completion costs per vertical production well: 3.36 MUSD + Drilling and completion costs per vertical injection well: 3.36 MUSD + Drilling and completion costs per non-vertical section: 2.14 MUSD + Stimulation costs: 9.06 MUSD + Surface power plant costs: 182.79 MUSD + Field gathering system costs: 5.80 MUSD + Total surface equipment costs: 188.59 MUSD + Exploration costs: 3.88 MUSD + Investment Tax Credit: -75.17 MUSD + Total capital costs: 175.39 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: 1.12 MUSD/yr + Power plant maintenance costs: 4.47 MUSD/yr + Water costs: 1.58 MUSD/yr + Total operating and maintenance costs: 7.17 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: 58.54 MW + Average Total Electricity Generation: 58.39 MW + Minimum Total Electricity Generation: 57.35 MW + Initial Total Electricity Generation: 57.35 MW + Maximum Net Electricity Generation: 58.54 MW + Average Net Electricity Generation: 58.39 MW + Minimum Net Electricity Generation: 57.35 MW + Initial Net Electricity Generation: 57.35 MW + Average Annual Total Electricity Generation: 460.35 GWh + Average Annual Net Electricity Generation: 460.35 GWh + Average Pumping Power: 0.00 MW + Heat to Power Conversion Efficiency: 16.26 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -136,26 +137,26 @@ 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 198.09 0.0000 57.3478 16.1389 + 2 1.0049 199.07 0.0000 58.0465 16.2237 + 3 1.0059 199.27 0.0000 58.1891 16.2409 + 4 1.0064 199.37 0.0000 58.2631 16.2499 + 5 1.0068 199.44 0.0000 58.3119 16.2557 + 6 1.0070 199.49 0.0000 58.3479 16.2601 + 7 1.0072 199.53 0.0000 58.3762 16.2635 + 8 1.0074 199.56 0.0000 58.3993 16.2663 + 9 1.0075 199.59 0.0000 58.4188 16.2686 + 10 1.0076 199.61 0.0000 58.4356 16.2706 + 11 1.0078 199.63 0.0000 58.4503 16.2724 + 12 1.0078 199.65 0.0000 58.4634 16.2740 + 13 1.0079 199.66 0.0000 58.4751 16.2754 + 14 1.0080 199.68 0.0000 58.4857 16.2767 + 15 1.0081 199.69 0.0000 58.4955 16.2778 + 16 1.0081 199.70 0.0000 58.5044 16.2789 + 17 1.0082 199.72 0.0000 58.5126 16.2799 + 18 1.0082 199.73 0.0000 58.5203 16.2808 + 19 1.0083 199.74 0.0000 58.5275 16.2817 + 20 1.0083 199.75 0.0000 58.5342 16.2825 ******************************************************************* @@ -164,170 +165,170 @@ 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 + 1 455.7 2814.0 2660.17 0.38 + 2 458.3 2823.0 2650.01 0.76 + 3 459.1 2825.8 2639.84 1.14 + 4 459.5 2827.5 2629.66 1.52 + 5 459.9 2828.6 2619.48 1.90 + 6 460.1 2829.5 2609.29 2.28 + 7 460.3 2830.2 2599.10 2.67 + 8 460.5 2830.8 2588.91 3.05 + 9 460.6 2831.3 2578.72 3.43 + 10 460.8 2831.7 2568.52 3.81 + 11 460.9 2832.1 2558.33 4.19 + 12 461.0 2832.4 2548.13 4.58 + 13 461.1 2832.8 2537.93 4.96 + 14 461.1 2833.0 2527.73 5.34 + 15 461.2 2833.3 2517.53 5.72 + 16 461.3 2833.5 2507.33 6.10 + 17 461.3 2833.7 2497.13 6.49 + 18 461.4 2834.0 2486.93 6.87 + 19 461.5 2834.1 2476.73 7.25 + 20 461.5 2834.3 2466.52 7.63 *************************** * 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) 0.0 455,711,002 458,300,701 459,100,021.0 459,571,605 459,901,307 460,152,343 460,353,701 460,521,006 460,663,610 460,787,528 460,896,853 460,994,488 461,082,563 461,162,683 461,236,090 461,303,761 461,366,477 461,424,874 461,479,475 461,528,252 +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) 0.0 455,711,002 458,300,701 459,100,021.0 459,571,605 459,901,307 460,152,343 460,353,701 460,521,006 460,663,610 460,787,528 460,896,853 460,994,488 461,082,563 461,162,683 461,236,090 461,303,761 461,366,477 461,424,874 461,479,475 461,528,252 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 ($) 0 36,456,880 36,664,056 38,206,304 39,725,370 41,234,751 42,738,950 44,239,991 45,738,946 47,236,447 48,732,889 50,228,539 51,723,582 53,218,149 54,712,341 56,206,230 57,699,874 59,193,319 60,686,599 62,179,745 63,672,438 +Curtailment payment revenue ($) 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 0 131,540,473 +Total revenue ($) 0 36,456,880 36,664,056 38,206,304 39,725,370 41,234,751 42,738,950 44,239,991 45,738,946 47,236,447 48,732,889 50,228,539 51,723,582 53,218,149 54,712,341 56,206,230 57,699,874 59,193,319 60,686,599 62,179,745 195,212,911 -Property tax net assessed value ($) 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 ($) 0 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 OPERATING EXPENSES -O&M fixed expense ($) 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 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 +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 ($) 0 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 -EBITDA ($) 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 ($) 0 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 OPERATING ACTIVITIES -EBITDA ($) 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 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 +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 5,261,619 5,102,494 4,935,413 4,759,977 4,575,770 4,382,353 4,179,265 3,966,022 3,742,117 3,507,017 3,260,162 3,000,964 2,728,807 2,443,041 2,142,987 1,827,931 1,497,121 1,149,771 785,054 402,101 +Cash flow from operating activities ($) 0 24,027,573 24,393,874 26,103,202 27,797,704 29,491,292 31,188,908 32,893,037 34,605,236 36,326,641 38,058,183 39,800,688 41,554,929 43,321,654 45,101,611 46,895,554 48,704,255 50,528,509 52,369,139 54,227,002 187,643,122 INVESTING ACTIVITIES -Total installed cost ($) -1,609,421,820 +Total installed cost ($) -263,080,947 Debt closing costs ($) 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 ($) -263,080,947 plus: -Reserve (increase)/decrease debt service ($) 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 ($) -263,080,947 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 804,710,910 -Size of debt ($) 804,710,910 +Issuance of equity ($) 157,848,568 +Size of debt ($) 105,232,379 minus: -Debt principal payment ($) 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 ($) 0 3,182,499 3,341,624 3,508,706 3,684,141 3,868,348 4,061,765 4,264,854 4,478,096 4,702,001 4,937,101 5,183,956 5,443,154 5,715,312 6,001,077 6,301,131 6,616,188 6,946,997 7,294,347 7,659,064 8,042,017 equals: -Cash flow from financing activities ($) 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 ($) 263,080,947 -3,182,499 -3,341,624 -3,508,706 -3,684,141 -3,868,348 -4,061,765 -4,264,854 -4,478,096 -4,702,001 -4,937,101 -5,183,956 -5,443,154 -5,715,312 -6,001,077 -6,301,131 -6,616,188 -6,946,997 -7,294,347 -7,659,064 -8,042,017 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 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 24,027,573 24,393,874 26,103,202 27,797,704 29,491,292 31,188,908 32,893,037 34,605,236 36,326,641 38,058,183 39,800,688 41,554,929 43,321,654 45,101,611 46,895,554 48,704,255 50,528,509 52,369,139 54,227,002 187,643,122 +Cash flow from investing activities ($) -263,080,947 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 263,080,947 -3,182,499 -3,341,624 -3,508,706 -3,684,141 -3,868,348 -4,061,765 -4,264,854 -4,478,096 -4,702,001 -4,937,101 -5,183,956 -5,443,154 -5,715,312 -6,001,077 -6,301,131 -6,616,188 -6,946,997 -7,294,347 -7,659,064 -8,042,017 +Total pre-tax cash flow ($) 0 20,845,073 21,052,249 22,594,497 24,113,563 25,622,944 27,127,143 28,628,184 30,127,140 31,624,640 33,121,082 34,616,732 36,111,775 37,606,343 39,100,534 40,594,423 42,088,068 43,581,512 45,074,793 46,567,938 179,601,104 Pre-tax Returns: -Issuance of equity ($) 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 ($) 157,848,568 +Total pre-tax cash flow ($) 0 20,845,073 21,052,249 22,594,497 24,113,563 25,622,944 27,127,143 28,628,184 30,127,140 31,624,640 33,121,082 34,616,732 36,111,775 37,606,343 39,100,534 40,594,423 42,088,068 43,581,512 45,074,793 46,567,938 179,601,104 +Total pre-tax returns ($) -157,848,568 20,845,073 21,052,249 22,594,497 24,113,563 25,622,944 27,127,143 28,628,184 30,127,140 31,624,640 33,121,082 34,616,732 36,111,775 37,606,343 39,100,534 40,594,423 42,088,068 43,581,512 45,074,793 46,567,938 179,601,104 After-tax Returns: -Total pre-tax returns ($) -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 ($) -157,848,568 20,845,073 21,052,249 22,594,497 24,113,563 25,622,944 27,127,143 28,628,184 30,127,140 31,624,640 33,121,082 34,616,732 36,111,775 37,606,343 39,100,534 40,594,423 42,088,068 43,581,512 45,074,793 46,567,938 179,601,104 +Federal ITC total income ($) 0 78,924,284 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 -3,600,766 -2,580,486 -2,914,318 -3,245,254 -3,576,012 -3,907,556 -4,240,373 -4,574,765 -4,910,955 -5,249,126 -5,589,437 -5,932,040 -6,277,081 -6,624,707 -6,975,064 -7,328,303 -7,684,580 -8,044,055 -8,406,896 -34,463,064 +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) ($) 0 -1,290,597 -924,905 -1,044,558 -1,163,173 -1,281,725 -1,400,558 -1,519,847 -1,639,701 -1,760,199 -1,881,407 -2,003,382 -2,126,179 -2,249,850 -2,374,447 -2,500,023 -2,626,632 -2,754,330 -2,883,174 -3,013,224 -12,352,353 +Total after-tax returns ($) -157,848,568 94,877,994 17,546,858 18,635,621 19,705,135 20,765,208 21,819,029 22,867,964 23,912,674 24,953,485 25,990,550 27,023,913 28,053,556 29,079,411 30,101,380 31,119,336 32,133,132 33,142,602 34,147,563 35,147,817 132,785,688 + +After-tax cumulative IRR (%) NaN -39.89 -25.06 -12.01 -2.56 4.03 8.65 11.95 14.36 16.15 17.50 18.53 19.33 19.96 20.45 20.85 21.16 21.41 21.62 21.78 22.26 +After-tax cumulative NPV ($) -157,848,568 -71,721,123 -57,261,681 -43,321,383 -29,940,532 -17,140,335 -4,931,005 6,685,086 17,711,562 28,156,741 38,032,629 47,354,113 56,138,284 64,403,887 72,170,854 79,459,912 86,292,264 92,689,315 98,672,453 104,262,864 123,435,098 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -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 ($) 0 474,179,597 476,368,028 489,947,757 503,269,522 516,481,527 529,633,820 542,749,158 555,839,694 568,912,632 581,972,558 595,022,561 608,064,808 621,100,869 634,131,918 647,158,849 660,182,358 673,202,997 686,221,207 699,237,348 712,248,474 -Electricity to grid (kWh) 0.0 3,161,197,316 3,175,786,856 3,180,379,788 3,183,105,655 3,185,018,384 3,186,478,581 3,187,652,210 3,188,628,989 3,189,462,709 3,190,188,061 3,190,828,668 3,191,401,306 3,191,918,303 3,192,388,967 3,192,820,492 3,193,218,548 3,193,587,678 3,193,931,576 3,194,253,285 3,194,540,808 +Annual costs ($) -157,848,568 58,421,114 -19,117,198 -19,570,683 -20,020,234 -20,469,543 -20,919,921 -21,372,026 -21,826,272 -22,282,961 -22,742,339 -23,204,626 -23,670,026 -24,138,738 -24,610,961 -25,086,894 -25,566,742 -26,050,717 -26,539,036 -27,031,927 69,113,250 +PPA revenue ($) 0 36,456,880 36,664,056 38,206,304 39,725,370 41,234,751 42,738,950 44,239,991 45,738,946 47,236,447 48,732,889 50,228,539 51,723,582 53,218,149 54,712,341 56,206,230 57,699,874 59,193,319 60,686,599 62,179,745 63,672,438 +Electricity to grid (kWh) 0.0 455,711,002 458,300,701 459,100,021.0 459,571,605 459,901,307 460,152,343 460,353,701 460,521,006 460,663,610 460,787,528 460,896,853 460,994,488 461,082,563 461,162,683 461,236,090 461,303,761 461,366,477 461,424,874 461,479,475 461,528,252 -Present value of annual costs ($) 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 ($) 255,955,734 +Present value of annual energy nominal (kWh) 3,871,376,454 +LCOE Levelized cost of energy nominal (cents/kWh) 6.61 -Present value of PPA revenue ($) 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 ($) 379,390,832 +Present value of annual energy nominal (kWh) 3,871,376,454 +LPPA Levelized PPA price nominal (cents/kWh) 9.80 PROJECT STATE INCOME TAXES -EBITDA ($) 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 ($) 0 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 +State taxable PBI income ($) 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 5,261,619 5,102,494 4,935,413 4,759,977 4,575,770 4,382,353 4,179,265 3,966,022 3,742,117 3,507,017 3,260,162 3,000,964 2,728,807 2,443,041 2,142,987 1,827,931 1,497,121 1,149,771 785,054 402,101 +Total state tax depreciation ($) 0 5,590,470 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 equals: -State taxable income ($) 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 ($) 0 18,437,103 13,212,933 14,922,262 16,616,763 18,310,352 20,007,968 21,712,097 23,424,296 25,145,700 26,877,243 28,619,748 30,373,988 32,140,714 33,920,671 35,714,614 37,523,315 39,347,569 41,188,199 43,046,062 176,462,181 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 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) ($) 0 -1,290,597 -924,905 -1,044,558 -1,163,173 -1,281,725 -1,400,558 -1,519,847 -1,639,701 -1,760,199 -1,881,407 -2,003,382 -2,126,179 -2,249,850 -2,374,447 -2,500,023 -2,626,632 -2,754,330 -2,883,174 -3,013,224 -12,352,353 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 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 ($) 0 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 +Interest earned on reserves ($) 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) ($) 0 -1,290,597 -924,905 -1,044,558 -1,163,173 -1,281,725 -1,400,558 -1,519,847 -1,639,701 -1,760,199 -1,881,407 -2,003,382 -2,126,179 -2,249,850 -2,374,447 -2,500,023 -2,626,632 -2,754,330 -2,883,174 -3,013,224 -12,352,353 +State ITC total income ($) 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 5,261,619 5,102,494 4,935,413 4,759,977 4,575,770 4,382,353 4,179,265 3,966,022 3,742,117 3,507,017 3,260,162 3,000,964 2,728,807 2,443,041 2,142,987 1,827,931 1,497,121 1,149,771 785,054 402,101 +Total federal tax depreciation ($) 0 5,590,470 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 equals: -Federal taxable income ($) 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 ($) 0 17,146,505 12,288,028 13,877,704 15,453,590 17,028,627 18,607,410 20,192,250 21,784,595 23,385,501 24,995,836 26,616,366 28,247,809 29,890,864 31,546,224 33,214,591 34,896,683 36,593,239 38,305,025 40,032,837 164,109,829 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 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) ($) 0 -3,600,766 -2,580,486 -2,914,318 -3,245,254 -3,576,012 -3,907,556 -4,240,373 -4,574,765 -4,910,955 -5,249,126 -5,589,437 -5,932,040 -6,277,081 -6,624,707 -6,975,064 -7,328,303 -7,684,580 -8,044,055 -8,406,896 -34,463,064 CASH INCENTIVES Federal IBI income ($) 0 @@ -342,68 +343,68 @@ 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 78,924,284 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 78,924,284 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 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 ($) 0 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 64,572,085 +Debt balance ($) 105,232,379 102,049,879 98,708,255 95,199,549 91,515,409 87,647,061 83,585,295 79,320,442 74,842,346 70,140,345 65,203,243 60,019,287 54,576,133 48,860,822 42,859,744 36,558,613 29,942,426 22,995,429 15,701,082 8,042,017 0 +Debt interest payment ($) 0 5,261,619 5,102,494 4,935,413 4,759,977 4,575,770 4,382,353 4,179,265 3,966,022 3,742,117 3,507,017 3,260,162 3,000,964 2,728,807 2,443,041 2,142,987 1,827,931 1,497,121 1,149,771 785,054 402,101 +Debt principal payment ($) 0 3,182,499 3,341,624 3,508,706 3,684,141 3,868,348 4,061,765 4,264,854 4,478,096 4,702,001 4,937,101 5,183,956 5,443,154 5,715,312 6,001,077 6,301,131 6,616,188 6,946,997 7,294,347 7,659,064 8,042,017 +Debt total payment ($) 0 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 DSCR (DEBT FRACTION) -EBITDA ($) 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 ($) 0 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 minus: -Reserves major equipment 1 funding ($) 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 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 +Debt total payment ($) 0 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 +DSCR (pre-tax) 0.0 3.47 3.49 3.68 3.86 4.03 4.21 4.39 4.57 4.75 4.92 5.10 5.28 5.45 5.63 5.81 5.98 6.16 6.34 6.51 22.27 RESERVES -Reserves working capital funding ($) 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..f91f645b 100644 --- a/tests/examples/example_SAM-single-owner-PPA.txt +++ b/tests/examples/example_SAM-single-owner-PPA.txt @@ -1,41 +1,33 @@ # 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 +# SAM Economic Model Preview: 50 MWe based on Fervo Cape Station 500 MWe extrapolation +# Created by Jonathan Pezzino | jonathan@scientificwebservices.com + # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* Economic Model, 5, -- SAM Single Owner PPA - -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 - +Capital Cost for Power Plant for Electricity Generation, 1900 # *** 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 @@ -44,36 +36,30 @@ 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 Height, 1400 +Fracture Width, 1400 Fracture Separation, 30 - Number of Segments, 1 Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) - -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 From 8b5ae1922065eca93753937397bbcb248174d8f2 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 21 May 2025 13:20:29 -0700 Subject: [PATCH 18/61] SAM example description + minor input parameter tweaks --- .../examples/example_SAM-single-owner-PPA.out | 432 +++++++++--------- .../examples/example_SAM-single-owner-PPA.txt | 25 +- 2 files changed, 230 insertions(+), 227 deletions(-) diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index 1f8f03cd..8bfae75c 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -6,14 +6,14 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.10 Simulation Date: 2025-05-21 - Simulation Time: 12:56 - Calculation Time: 0.891 sec + Simulation Time: 13:19 + Calculation Time: 1.058 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 58.39 MW - Electricity breakeven price: 6.61 cents/kWh + Average Net Electricity Production: 58.87 MW + Electricity breakeven price: 6.60 cents/kWh Number of production wells: 6 Number of injection wells: 6 Flowrate per production well: 100.0 kg/sec @@ -30,9 +30,9 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 123.44 MUSD - After-Tax IRR: 22.26 % - Estimated Jobs Created: 124 + Project NPV: 124.91 MUSD + After-Tax IRR: 22.33 % + Estimated Jobs Created: 125 ***ENGINEERING PARAMETERS*** @@ -61,7 +61,7 @@ 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: 1400.00 meter Fracture width: 1400.00 meter @@ -78,58 +78,58 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 199.8 degC - Average Production Temperature: 199.5 degC - Minimum Production Temperature: 198.1 degC - Initial Production Temperature: 198.1 degC - Average Reservoir Heat Extraction: 358.98 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: 2.2 degC - Total Average Pressure Drop: -1295.6 kPa - Average Injection Well Pressure Drop: 482.0 kPa - Average Reservoir Pressure Drop: 630.0 kPa - Average Production Well Pressure Drop: 440.8 kPa - Average Buoyancy Pressure Drop: -2848.4 kPa + 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: 49.03 MUSD - Drilling and completion costs per vertical production well: 3.36 MUSD - Drilling and completion costs per vertical injection well: 3.36 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: 182.79 MUSD + Surface power plant costs: 184.09 MUSD Field gathering system costs: 5.80 MUSD - Total surface equipment costs: 188.59 MUSD - Exploration costs: 3.88 MUSD - Investment Tax Credit: -75.17 MUSD - Total capital costs: 175.39 MUSD + Total surface equipment costs: 189.88 MUSD + Exploration costs: 3.89 MUSD + Investment Tax Credit: -75.60 MUSD + Total capital costs: 176.40 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 1.12 MUSD/yr - Power plant maintenance costs: 4.47 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: 7.17 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: 58.54 MW - Average Total Electricity Generation: 58.39 MW - Minimum Total Electricity Generation: 57.35 MW - Initial Total Electricity Generation: 57.35 MW - Maximum Net Electricity Generation: 58.54 MW - Average Net Electricity Generation: 58.39 MW - Minimum Net Electricity Generation: 57.35 MW - Initial Net Electricity Generation: 57.35 MW - Average Annual Total Electricity Generation: 460.35 GWh - Average Annual Net Electricity Generation: 460.35 GWh + 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: 16.26 % + Heat to Power Conversion Efficiency: 16.32 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -137,26 +137,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.09 0.0000 57.3478 16.1389 - 2 1.0049 199.07 0.0000 58.0465 16.2237 - 3 1.0059 199.27 0.0000 58.1891 16.2409 - 4 1.0064 199.37 0.0000 58.2631 16.2499 - 5 1.0068 199.44 0.0000 58.3119 16.2557 - 6 1.0070 199.49 0.0000 58.3479 16.2601 - 7 1.0072 199.53 0.0000 58.3762 16.2635 - 8 1.0074 199.56 0.0000 58.3993 16.2663 - 9 1.0075 199.59 0.0000 58.4188 16.2686 - 10 1.0076 199.61 0.0000 58.4356 16.2706 - 11 1.0078 199.63 0.0000 58.4503 16.2724 - 12 1.0078 199.65 0.0000 58.4634 16.2740 - 13 1.0079 199.66 0.0000 58.4751 16.2754 - 14 1.0080 199.68 0.0000 58.4857 16.2767 - 15 1.0081 199.69 0.0000 58.4955 16.2778 - 16 1.0081 199.70 0.0000 58.5044 16.2789 - 17 1.0082 199.72 0.0000 58.5126 16.2799 - 18 1.0082 199.73 0.0000 58.5203 16.2808 - 19 1.0083 199.74 0.0000 58.5275 16.2817 - 20 1.0083 199.75 0.0000 58.5342 16.2825 + 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 ******************************************************************* @@ -165,170 +165,170 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 455.7 2814.0 2660.17 0.38 - 2 458.3 2823.0 2650.01 0.76 - 3 459.1 2825.8 2639.84 1.14 - 4 459.5 2827.5 2629.66 1.52 - 5 459.9 2828.6 2619.48 1.90 - 6 460.1 2829.5 2609.29 2.28 - 7 460.3 2830.2 2599.10 2.67 - 8 460.5 2830.8 2588.91 3.05 - 9 460.6 2831.3 2578.72 3.43 - 10 460.8 2831.7 2568.52 3.81 - 11 460.9 2832.1 2558.33 4.19 - 12 461.0 2832.4 2548.13 4.58 - 13 461.1 2832.8 2537.93 4.96 - 14 461.1 2833.0 2527.73 5.34 - 15 461.2 2833.3 2517.53 5.72 - 16 461.3 2833.5 2507.33 6.10 - 17 461.3 2833.7 2497.13 6.49 - 18 461.4 2834.0 2486.93 6.87 - 19 461.5 2834.1 2476.73 7.25 - 20 461.5 2834.3 2466.52 7.63 + 1 459.4 2826.8 2673.23 0.38 + 2 462.0 2836.1 2663.02 0.76 + 3 462.8 2838.9 2652.80 1.14 + 4 463.3 2840.6 2642.58 1.52 + 5 463.7 2841.7 2632.35 1.90 + 6 463.9 2842.6 2622.11 2.28 + 7 464.1 2843.3 2611.88 2.67 + 8 464.3 2843.9 2601.64 3.05 + 9 464.4 2844.4 2591.40 3.43 + 10 464.5 2844.9 2581.16 3.81 + 11 464.7 2845.2 2570.91 4.19 + 12 464.8 2845.6 2560.67 4.57 + 13 464.8 2845.9 2550.43 4.96 + 14 464.9 2846.2 2540.18 5.34 + 15 465.0 2846.4 2529.93 5.72 + 16 465.1 2846.7 2519.68 6.10 + 17 465.1 2846.9 2509.43 6.48 + 18 465.2 2847.1 2499.19 6.87 + 19 465.2 2847.3 2488.94 7.25 + 20 465.3 2847.5 2478.68 7.63 *************************** * 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) 0.0 455,711,002 458,300,701 459,100,021.0 459,571,605 459,901,307 460,152,343 460,353,701 460,521,006 460,663,610 460,787,528 460,896,853 460,994,488 461,082,563 461,162,683 461,236,090 461,303,761 461,366,477 461,424,874 461,479,475 461,528,252 -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) 0.0 455,711,002 458,300,701 459,100,021.0 459,571,605 459,901,307 460,152,343 460,353,701 460,521,006 460,663,610 460,787,528 460,896,853 460,994,488 461,082,563 461,162,683 461,236,090 461,303,761 461,366,477 461,424,874 461,479,475 461,528,252 +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 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 36,456,880 36,664,056 38,206,304 39,725,370 41,234,751 42,738,950 44,239,991 45,738,946 47,236,447 48,732,889 50,228,539 51,723,582 53,218,149 54,712,341 56,206,230 57,699,874 59,193,319 60,686,599 62,179,745 63,672,438 -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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 131,540,473 -Total revenue ($) 0 36,456,880 36,664,056 38,206,304 39,725,370 41,234,751 42,738,950 44,239,991 45,738,946 47,236,447 48,732,889 50,228,539 51,723,582 53,218,149 54,712,341 56,206,230 57,699,874 59,193,319 60,686,599 62,179,745 195,212,911 +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 ($) 0 36,751,465 36,964,912 38,519,874 40,051,449 41,573,251 43,089,822 44,603,207 46,114,487 47,624,298 49,133,041 50,640,985 52,148,315 53,655,167 55,161,638 56,667,805 58,173,724 59,679,442 61,184,994 62,690,409 196,498,548 -Property tax net assessed value ($) 0 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 263,080,947 +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 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 -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 ($) 0 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 7,167,689 +O&M fixed expense ($) 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 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 +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 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 -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 5,261,619 5,102,494 4,935,413 4,759,977 4,575,770 4,382,353 4,179,265 3,966,022 3,742,117 3,507,017 3,260,162 3,000,964 2,728,807 2,443,041 2,142,987 1,827,931 1,497,121 1,149,771 785,054 402,101 -Cash flow from operating activities ($) 0 24,027,573 24,393,874 26,103,202 27,797,704 29,491,292 31,188,908 32,893,037 34,605,236 36,326,641 38,058,183 39,800,688 41,554,929 43,321,654 45,101,611 46,895,554 48,704,255 50,528,509 52,369,139 54,227,002 187,643,122 +Federal PBI income ($) 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 ($) 0 24,265,437 24,638,932 26,361,944 28,069,971 29,777,048 31,488,158 33,205,808 34,931,567 36,666,581 38,411,788 40,168,018 41,936,049 43,716,636 45,510,530 47,318,490 49,141,293 50,979,738 52,834,653 54,706,901 188,900,213 INVESTING ACTIVITIES -Total installed cost ($) -263,080,947 +Total installed cost ($) -264,606,244 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -263,080,947 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -263,080,947 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 ($) -264,606,244 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 157,848,568 -Size of debt ($) 105,232,379 +Issuance of equity ($) 158,763,746 +Size of debt ($) 105,842,498 minus: -Debt principal payment ($) 0 3,182,499 3,341,624 3,508,706 3,684,141 3,868,348 4,061,765 4,264,854 4,478,096 4,702,001 4,937,101 5,183,956 5,443,154 5,715,312 6,001,077 6,301,131 6,616,188 6,946,997 7,294,347 7,659,064 8,042,017 +Debt principal payment ($) 0 3,200,951 3,360,999 3,529,048 3,705,501 3,890,776 4,085,315 4,289,580 4,504,059 4,729,262 4,965,726 5,214,012 5,474,712 5,748,448 6,035,870 6,337,664 6,654,547 6,987,275 7,336,638 7,703,470 8,088,644 equals: -Cash flow from financing activities ($) 263,080,947 -3,182,499 -3,341,624 -3,508,706 -3,684,141 -3,868,348 -4,061,765 -4,264,854 -4,478,096 -4,702,001 -4,937,101 -5,183,956 -5,443,154 -5,715,312 -6,001,077 -6,301,131 -6,616,188 -6,946,997 -7,294,347 -7,659,064 -8,042,017 +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 24,027,573 24,393,874 26,103,202 27,797,704 29,491,292 31,188,908 32,893,037 34,605,236 36,326,641 38,058,183 39,800,688 41,554,929 43,321,654 45,101,611 46,895,554 48,704,255 50,528,509 52,369,139 54,227,002 187,643,122 -Cash flow from investing activities ($) -263,080,947 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 263,080,947 -3,182,499 -3,341,624 -3,508,706 -3,684,141 -3,868,348 -4,061,765 -4,264,854 -4,478,096 -4,702,001 -4,937,101 -5,183,956 -5,443,154 -5,715,312 -6,001,077 -6,301,131 -6,616,188 -6,946,997 -7,294,347 -7,659,064 -8,042,017 -Total pre-tax cash flow ($) 0 20,845,073 21,052,249 22,594,497 24,113,563 25,622,944 27,127,143 28,628,184 30,127,140 31,624,640 33,121,082 34,616,732 36,111,775 37,606,343 39,100,534 40,594,423 42,088,068 43,581,512 45,074,793 46,567,938 179,601,104 +Cash flow from operating activities ($) 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 ($) 0 21,064,486 21,277,934 22,832,895 24,364,470 25,886,272 27,402,843 28,916,228 30,427,508 31,937,319 33,446,062 34,954,006 36,461,337 37,968,188 39,474,659 40,980,826 42,486,745 43,992,463 45,498,015 47,003,431 180,811,569 Pre-tax Returns: -Issuance of equity ($) 157,848,568 -Total pre-tax cash flow ($) 0 20,845,073 21,052,249 22,594,497 24,113,563 25,622,944 27,127,143 28,628,184 30,127,140 31,624,640 33,121,082 34,616,732 36,111,775 37,606,343 39,100,534 40,594,423 42,088,068 43,581,512 45,074,793 46,567,938 179,601,104 -Total pre-tax returns ($) -157,848,568 20,845,073 21,052,249 22,594,497 24,113,563 25,622,944 27,127,143 28,628,184 30,127,140 31,624,640 33,121,082 34,616,732 36,111,775 37,606,343 39,100,534 40,594,423 42,088,068 43,581,512 45,074,793 46,567,938 179,601,104 +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 ($) -158,763,746 21,064,486 21,277,934 22,832,895 24,364,470 25,886,272 27,402,843 28,916,228 30,427,508 31,937,319 33,446,062 34,954,006 36,461,337 37,968,188 39,474,659 40,980,826 42,486,745 43,992,463 45,498,015 47,003,431 180,811,569 After-tax Returns: -Total pre-tax returns ($) -157,848,568 20,845,073 21,052,249 22,594,497 24,113,563 25,622,944 27,127,143 28,628,184 30,127,140 31,624,640 33,121,082 34,616,732 36,111,775 37,606,343 39,100,534 40,594,423 42,088,068 43,581,512 45,074,793 46,567,938 179,601,104 -Federal ITC total income ($) 0 78,924,284 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal PTC income ($) 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) ($) 0 -3,600,766 -2,580,486 -2,914,318 -3,245,254 -3,576,012 -3,907,556 -4,240,373 -4,574,765 -4,910,955 -5,249,126 -5,589,437 -5,932,040 -6,277,081 -6,624,707 -6,975,064 -7,328,303 -7,684,580 -8,044,055 -8,406,896 -34,463,064 -State ITC total income ($) 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 -1,290,597 -924,905 -1,044,558 -1,163,173 -1,281,725 -1,400,558 -1,519,847 -1,639,701 -1,760,199 -1,881,407 -2,003,382 -2,126,179 -2,249,850 -2,374,447 -2,500,023 -2,626,632 -2,754,330 -2,883,174 -3,013,224 -12,352,353 -Total after-tax returns ($) -157,848,568 94,877,994 17,546,858 18,635,621 19,705,135 20,765,208 21,819,029 22,867,964 23,912,674 24,953,485 25,990,550 27,023,913 28,053,556 29,079,411 30,101,380 31,119,336 32,133,132 33,142,602 34,147,563 35,147,817 132,785,688 - -After-tax cumulative IRR (%) NaN -39.89 -25.06 -12.01 -2.56 4.03 8.65 11.95 14.36 16.15 17.50 18.53 19.33 19.96 20.45 20.85 21.16 21.41 21.62 21.78 22.26 -After-tax cumulative NPV ($) -157,848,568 -71,721,123 -57,261,681 -43,321,383 -29,940,532 -17,140,335 -4,931,005 6,685,086 17,711,562 28,156,741 38,032,629 47,354,113 56,138,284 64,403,887 72,170,854 79,459,912 86,292,264 92,689,315 98,672,453 104,262,864 123,435,098 +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 ($) -158,763,746 -72,071,218 -57,465,205 -43,385,057 -29,871,198 -16,944,810 -4,616,006 7,112,987 18,245,976 28,791,486 38,761,749 48,171,887 57,039,239 65,382,797 73,222,743 80,580,054 87,476,179 93,932,764 99,971,431 105,613,594 124,914,931 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -157,848,568 58,421,114 -19,117,198 -19,570,683 -20,020,234 -20,469,543 -20,919,921 -21,372,026 -21,826,272 -22,282,961 -22,742,339 -23,204,626 -23,670,026 -24,138,738 -24,610,961 -25,086,894 -25,566,742 -26,050,717 -26,539,036 -27,031,927 69,113,250 -PPA revenue ($) 0 36,456,880 36,664,056 38,206,304 39,725,370 41,234,751 42,738,950 44,239,991 45,738,946 47,236,447 48,732,889 50,228,539 51,723,582 53,218,149 54,712,341 56,206,230 57,699,874 59,193,319 60,686,599 62,179,745 63,672,438 -Electricity to grid (kWh) 0.0 455,711,002 458,300,701 459,100,021.0 459,571,605 459,901,307 460,152,343 460,353,701 460,521,006 460,663,610 460,787,528 460,896,853 460,994,488 461,082,563 461,162,683 461,236,090 461,303,761 461,366,477 461,424,874 461,479,475 461,528,252 +Annual costs ($) -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 ($) 0 36,751,465 36,964,912 38,519,874 40,051,449 41,573,251 43,089,822 44,603,207 46,114,487 47,624,298 49,133,041 50,640,985 52,148,315 53,655,167 55,161,638 56,667,805 58,173,724 59,679,442 61,184,994 62,690,409 64,195,426 +Electricity to grid (kWh) 0.0 459,393,306 462,061,403 462,867,989 463,343,923 463,676,675 463,930,038 464,133,263 464,302,120 464,446,046 464,571,114 464,681,453 464,779,993 464,868,884 464,949,748 465,023,835 465,092,133 465,155,431 465,214,369 465,269,477 465,319,121 -Present value of annual costs ($) 255,955,734 -Present value of annual energy nominal (kWh) 3,871,376,454 -LCOE Levelized cost of energy nominal (cents/kWh) 6.61 +Present value of annual costs ($) 257,586,458 +Present value of annual energy nominal (kWh) 3,903,106,182 +LCOE Levelized cost of energy nominal (cents/kWh) 6.60 -Present value of PPA revenue ($) 379,390,832 -Present value of annual energy nominal (kWh) 3,871,376,454 +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 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 -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 5,261,619 5,102,494 4,935,413 4,759,977 4,575,770 4,382,353 4,179,265 3,966,022 3,742,117 3,507,017 3,260,162 3,000,964 2,728,807 2,443,041 2,142,987 1,827,931 1,497,121 1,149,771 785,054 402,101 -Total state tax depreciation ($) 0 5,590,470 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 +Debt interest payment ($) 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 18,437,103 13,212,933 14,922,262 16,616,763 18,310,352 20,007,968 21,712,097 23,424,296 25,145,700 26,877,243 28,619,748 30,373,988 32,140,714 33,920,671 35,714,614 37,523,315 39,347,569 41,188,199 43,046,062 176,462,181 +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 -1,290,597 -924,905 -1,044,558 -1,163,173 -1,281,725 -1,400,558 -1,519,847 -1,639,701 -1,760,199 -1,881,407 -2,003,382 -2,126,179 -2,249,850 -2,374,447 -2,500,023 -2,626,632 -2,754,330 -2,883,174 -3,013,224 -12,352,353 +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 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 -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 -1,290,597 -924,905 -1,044,558 -1,163,173 -1,281,725 -1,400,558 -1,519,847 -1,639,701 -1,760,199 -1,881,407 -2,003,382 -2,126,179 -2,249,850 -2,374,447 -2,500,023 -2,626,632 -2,754,330 -2,883,174 -3,013,224 -12,352,353 -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 5,261,619 5,102,494 4,935,413 4,759,977 4,575,770 4,382,353 4,179,265 3,966,022 3,742,117 3,507,017 3,260,162 3,000,964 2,728,807 2,443,041 2,142,987 1,827,931 1,497,121 1,149,771 785,054 402,101 -Total federal tax depreciation ($) 0 5,590,470 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 11,180,940 +Debt interest payment ($) 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 17,146,505 12,288,028 13,877,704 15,453,590 17,028,627 18,607,410 20,192,250 21,784,595 23,385,501 24,995,836 26,616,366 28,247,809 29,890,864 31,546,224 33,214,591 34,896,683 36,593,239 38,305,025 40,032,837 164,109,829 +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 -3,600,766 -2,580,486 -2,914,318 -3,245,254 -3,576,012 -3,907,556 -4,240,373 -4,574,765 -4,910,955 -5,249,126 -5,589,437 -5,932,040 -6,277,081 -6,624,707 -6,975,064 -7,328,303 -7,684,580 -8,044,055 -8,406,896 -34,463,064 +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 @@ -343,68 +343,68 @@ 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 ($) 0 78,924,284 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 78,924,284 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 105,232,379 102,049,879 98,708,255 95,199,549 91,515,409 87,647,061 83,585,295 79,320,442 74,842,346 70,140,345 65,203,243 60,019,287 54,576,133 48,860,822 42,859,744 36,558,613 29,942,426 22,995,429 15,701,082 8,042,017 0 -Debt interest payment ($) 0 5,261,619 5,102,494 4,935,413 4,759,977 4,575,770 4,382,353 4,179,265 3,966,022 3,742,117 3,507,017 3,260,162 3,000,964 2,728,807 2,443,041 2,142,987 1,827,931 1,497,121 1,149,771 785,054 402,101 -Debt principal payment ($) 0 3,182,499 3,341,624 3,508,706 3,684,141 3,868,348 4,061,765 4,264,854 4,478,096 4,702,001 4,937,101 5,183,956 5,443,154 5,715,312 6,001,077 6,301,131 6,616,188 6,946,997 7,294,347 7,659,064 8,042,017 -Debt total payment ($) 0 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 +Debt balance ($) 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 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 +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 29,289,192 29,496,368 31,038,615 32,557,681 34,067,063 35,571,261 37,072,302 38,571,258 40,068,758 41,565,200 43,060,851 44,555,893 46,050,461 47,544,652 49,038,541 50,532,186 52,025,630 53,518,911 55,012,056 188,045,223 -Debt total payment ($) 0 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 8,444,118 -DSCR (pre-tax) 0.0 3.47 3.49 3.68 3.86 4.03 4.21 4.39 4.57 4.75 4.92 5.10 5.28 5.45 5.63 5.81 5.98 6.16 6.34 6.51 22.27 +Cash available for debt service (CAFDS) ($) 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 f91f645b..a7f5edd5 100644 --- a/tests/examples/example_SAM-single-owner-PPA.txt +++ b/tests/examples/example_SAM-single-owner-PPA.txt @@ -1,37 +1,39 @@ # Example: SAM Single Owner PPA Economic Model -# 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 - -# SAM Economic Model Preview: 50 MWe based on Fervo Cape Station 500 MWe extrapolation -# Created by Jonathan Pezzino | jonathan@scientificwebservices.com +# 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, 0.08 Ending Electricity Sale Price, 1.00 Electricity Escalation Rate Per Year, 0.00322 Electricity Escalation Start Year, 1 + Fraction of Investment in Bonds, .4 Inflated Bond Interest Rate, .05 Discount Rate, 0.08 Inflation Rate, .02 Inflation Rate During Construction, 0.05 + Combined Income Tax Rate, .28 Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 -Capital Cost for Power Plant for Electricity Generation, 1900 + # *** 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 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 @@ -66,7 +68,8 @@ 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 From ec8c1e8e837bf1fdae2b477b0e943ce33b475f4e Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 22 May 2025 07:12:28 -0700 Subject: [PATCH 19/61] Add original SAM example back as example_SAM-single-owner-PPA-2 - good to have for posterity and as a testing guardrail --- .../example_SAM-single-owner-PPA-2.out | 409 ++++++++++++++++++ .../example_SAM-single-owner-PPA-2.txt | 86 ++++ 2 files changed, 495 insertions(+) create mode 100644 tests/examples/example_SAM-single-owner-PPA-2.out create mode 100644 tests/examples/example_SAM-single-owner-PPA-2.txt 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..a7267a63 --- /dev/null +++ b/tests/examples/example_SAM-single-owner-PPA-2.out @@ -0,0 +1,409 @@ + ***************** + ***CASE REPORT*** + ***************** + +Simulation Metadata +---------------------- + GEOPHIRES Version: 3.9.10 + Simulation Date: 2025-05-22 + Simulation Time: 07:11 + Calculation Time: 0.874 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 + 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: 149.00 + Fracture separation: 30.00 meter + Reservoir volume: 88800000000 m**3 + Reservoir impedance: 0.0010 GPa.s/m**3 + Reservoir density: 2800.00 kg/m**3 + Reservoir thermal conductivity: 3.05 W/m/K + Reservoir heat capacity: 790.00 J/kg/K + + + ***RESERVOIR SIMULATION RESULTS*** + + Maximum Production Temperature: 200.2 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 capital costs: 1072.95 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..8dde0641 --- /dev/null +++ b/tests/examples/example_SAM-single-owner-PPA-2.txt @@ -0,0 +1,86 @@ +# 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 + +# *** 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 (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 +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 From 2d195af5acea6cfd51e6ba4cd3195a86f42f93bd Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 22 May 2025 08:25:41 -0700 Subject: [PATCH 20/61] Stimulation costs tooltip text --- src/geophires_x/Economics.py | 24 +++++++++++++++---- src/geophires_x/Outputs.py | 2 +- .../geophires-result.json | 6 ++++- 3 files changed, 25 insertions(+), 7 deletions(-) diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index 821aaed2..9e0c5442 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -1575,11 +1575,19 @@ 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: $1.25M {contingency_and_indirect_costs_tooltip}. ' + f'Provide {self.ccstimadjfactor.Name} to multiply the default correlation. ' + f'Provide {self.ccstimfixed.Name} to override the default correlation and set your own cost.' ) # See TODO re:parameterizing indirect costs at src/geophires_x/Economics.py:652 @@ -1590,8 +1598,8 @@ def __init__(self, model: Model): UnitType=Units.CURRENCY, PreferredUnits=CurrencyUnit.MDOLLARS, CurrentUnits=CurrencyUnit.MDOLLARS, - ToolTipText=f'Default correlation: 60% of the cost of one production well plus 15% contingency ' - f'plus 12% indirect costs. ' + ToolTipText=f'Default correlation: 60% of the cost of one production well ' + f'{contingency_and_indirect_costs_tooltip}. ' f'Provide {self.ccexpladjfactor.Name} to multiply the default correlation. ' f'Provide {self.ccexplfixed.Name} to override the default correlation and set your own cost.' ) @@ -2294,7 +2302,13 @@ def Calculate(self, model: Model) -> None: if self.ccstimfixed.Valid: self.Cstim.value = self.ccstimfixed.value else: - self.Cstim.value = 1.05 * 1.15 * self.ccstimadjfactor.value * model.wellbores.ninj.value * 1.25 # 1.15 for 15% contingency and 1.05 for 5% indirect costs + base_stimulation_cost_MUSD_per_injection_well = 1.25 + + # 1.15 for 15% contingency and 1.05 for 5% indirect costs + # TODO https://github.com/NREL/GEOPHIRES-X/issues/383?title=Parameterize+indirect+cost+factor + self.Cstim.value = (base_stimulation_cost_MUSD_per_injection_well * self.ccstimadjfactor.value + * model.wellbores.ninj.value + * 1.05 * 1.15) # field gathering system costs (M$) if self.ccgathfixed.Valid: diff --git a/src/geophires_x/Outputs.py b/src/geophires_x/Outputs.py index e5c144c9..9ded5576 100644 --- a/src/geophires_x/Outputs.py +++ b/src/geophires_x/Outputs.py @@ -457,7 +457,7 @@ 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) diff --git a/src/geophires_x_schema_generator/geophires-result.json b/src/geophires_x_schema_generator/geophires-result.json index 82fd4e06..d3263a4b 100644 --- a/src/geophires_x_schema_generator/geophires-result.json +++ b/src/geophires_x_schema_generator/geophires-result.json @@ -343,7 +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 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": {}, From dcbfc33f3b581863059d88207575d68ec964bb44 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 22 May 2025 08:30:52 -0700 Subject: [PATCH 21/61] Fix Reservoir Impedance tooltip whitespace --- src/geophires_x/SUTRAWellBores.py | 6 +++--- src/geophires_x/WellBores.py | 7 ++++--- src/geophires_x_schema_generator/geophires-request.json | 2 +- 3 files changed, 8 insertions(+), 7 deletions(-) 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_schema_generator/geophires-request.json b/src/geophires_x_schema_generator/geophires-request.json index 41224f7b..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", From 146811560abc595d66c3044fa766abc742db2def Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 22 May 2025 08:52:06 -0700 Subject: [PATCH 22/61] SAM example 2 README entry --- README.rst | 6 +++++- 1 file changed, 5 insertions(+), 1 deletion(-) diff --git a/README.rst b/README.rst index fea469bd..98493f3a 100644 --- a/README.rst +++ b/README.rst @@ -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 + - `example_SAM-single-owner-PPA-2.txt `__ + - `.out `__ + - `link `__ .. raw:: html From ed7bb6e03d9c98047f59f6f7223e2c60cfaa3b80 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 22 May 2025 08:54:19 -0700 Subject: [PATCH 23/61] Link to SAM-EM docs from README description of economic models --- README.rst | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/README.rst b/README.rst index 98493f3a..e52e13a8 100644 --- a/README.rst +++ b/README.rst @@ -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 From 5e68ad03a1c885dfdc459776a890fc61f5bff05e Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 22 May 2025 09:14:49 -0700 Subject: [PATCH 24/61] SAM example descriptions - clarify BICYCLE comparison context --- README.rst | 2 +- tests/examples/example_SAM-single-owner-PPA-2.txt | 11 +++++++---- tests/examples/example_SAM-single-owner-PPA.txt | 2 +- 3 files changed, 9 insertions(+), 6 deletions(-) diff --git a/README.rst b/README.rst index e52e13a8..d4f1e51c 100644 --- a/README.rst +++ b/README.rst @@ -466,7 +466,7 @@ Example-specific web interface deeplinks are listed in the Link column. - `example_SAM-single-owner-PPA.txt `__ - `.out `__ - `link `__ - * - SAM Single Owner PPA: 400 MWe + * - SAM Single Owner PPA: 400 MWe BICYCLE Comparison - `example_SAM-single-owner-PPA-2.txt `__ - `.out `__ - `link `__ diff --git a/tests/examples/example_SAM-single-owner-PPA-2.txt b/tests/examples/example_SAM-single-owner-PPA-2.txt index 8dde0641..26d1ab0a 100644 --- a/tests/examples/example_SAM-single-owner-PPA-2.txt +++ b/tests/examples/example_SAM-single-owner-PPA-2.txt @@ -1,8 +1,11 @@ -# Example: SAM Single Owner PPA Economic Model +# 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. -# 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 +# 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 *** # ************************************* diff --git a/tests/examples/example_SAM-single-owner-PPA.txt b/tests/examples/example_SAM-single-owner-PPA.txt index a7f5edd5..3bf1317a 100644 --- a/tests/examples/example_SAM-single-owner-PPA.txt +++ b/tests/examples/example_SAM-single-owner-PPA.txt @@ -1,4 +1,4 @@ -# Example: SAM Single Owner PPA Economic Model +# 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. From 9f3c303a8a3583c9cf2efbe3cca2c111a80aec48 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 22 May 2025 09:27:25 -0700 Subject: [PATCH 25/61] fix description typo --- tests/examples/example_SAM-single-owner-PPA-2.txt | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/tests/examples/example_SAM-single-owner-PPA-2.txt b/tests/examples/example_SAM-single-owner-PPA-2.txt index 26d1ab0a..88d3bc2f 100644 --- a/tests/examples/example_SAM-single-owner-PPA-2.txt +++ b/tests/examples/example_SAM-single-owner-PPA-2.txt @@ -1,7 +1,7 @@ # 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). +# 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 From 703236ab0fcd576e2203707e68a21f2559b7b2e5 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 23 May 2025 07:58:49 -0700 Subject: [PATCH 26/61] use full-width commas in SAM example description as workaround for web interface issue with incorrectly interpreting commas in comment lines as comment delineators --- tests/examples/example_SAM-single-owner-PPA.txt | 4 ++-- 1 file changed, 2 insertions(+), 2 deletions(-) diff --git a/tests/examples/example_SAM-single-owner-PPA.txt b/tests/examples/example_SAM-single-owner-PPA.txt index 3bf1317a..733a30ec 100644 --- a/tests/examples/example_SAM-single-owner-PPA.txt +++ b/tests/examples/example_SAM-single-owner-PPA.txt @@ -1,7 +1,7 @@ # 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. +# 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 *** From 994a6dae573e8e161438844aa7f7a7a9c1147f44 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 23 May 2025 09:37:33 -0700 Subject: [PATCH 27/61] 'Using SAM Economic Models with Existing GEOPHIRES Inputs' documentation --- docs/SAM-Economic-Models.md | 42 +++++++++++++++++++++++++++++++++++++ 1 file changed, 42 insertions(+) diff --git a/docs/SAM-Economic-Models.md b/docs/SAM-Economic-Models.md index 64d9424a..bbc3b265 100644 --- a/docs/SAM-Economic-Models.md +++ b/docs/SAM-Economic-Models.md @@ -53,3 +53,45 @@ 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 +``` From 575f6e0ca0100729fb8d0ac145ea2214859b3d0f Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 23 May 2025 10:22:42 -0700 Subject: [PATCH 28/61] Documentation: Recreating SAM Economic Model Results in the SAM Desktop Application --- docs/SAM-Economic-Models.md | 43 ++++++++++++++++++ ...ter-system-capacity-from-geophires-log.png | Bin 0 -> 317069 bytes 2 files changed, 43 insertions(+) create mode 100644 docs/sam-desktop-app-manually-enter-system-capacity-from-geophires-log.png diff --git a/docs/SAM-Economic-Models.md b/docs/SAM-Economic-Models.md index bbc3b265..91b83721 100644 --- a/docs/SAM-Economic-Models.md +++ b/docs/SAM-Economic-Models.md @@ -95,3 +95,46 @@ 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) 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 0000000000000000000000000000000000000000..fc3751d47b5d12720d95d2285d4c065875502962 GIT binary patch literal 317069 zcma&NXH=8j+AVBHQ9!yhc>t9Tg7m8N-g}Ek?;WH@q<2wziLW?>^(a{?79a7(DkFyIyeH!9hAwB(JDI=AIcRk1 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zpR|VkZ9X&RMFhG*^*r;ab)1eix8tk6y}Q(Ps}gsq3*6?4gnXOR5E^~4DRB>I4{mMQ zW|BHiNeHCZ&uaosC}4|0{P?&emYmy9QuF~naP-H0S_aE(aZ9(NLX!j|Z#AvycMZHj z`p9ScH{aUxs%5fLU}rUjQ=%Qdgqr-$Oyyz!Nq5fzsi9;{zT!z9xi+5(*;}vjJeJat R^9%ShI%{_3&FL%m{{<-(D(3(I literal 0 HcmV?d00001 From 4e78e11f794797d5209dec81bd29353247305a4c Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 23 May 2025 10:37:49 -0700 Subject: [PATCH 29/61] Adjust PPA: start at /MWh and remaining Date: Fri, 23 May 2025 13:22:02 -0700 Subject: [PATCH 30/61] Tweak name to 'After-tax IRR' for consistency with SAM name and existing GEOPHIRES hyphenated result fields. Result backwards compatibility maintained with previous capitalization --- src/geophires_x/EconomicsUtils.py | 4 ++-- src/geophires_x_client/geophires_x_result.py | 1 + src/geophires_x_schema_generator/__init__.py | 9 ++++++++- src/geophires_x_schema_generator/geophires-result.json | 4 ++-- tests/examples/Fervo_Project_Cape-4.out | 4 ++-- tests/examples/example_SAM-single-owner-PPA-2.out | 8 ++++---- tests/examples/example_SAM-single-owner-PPA.out | 8 ++++---- tests/test_geophires_x.py | 4 ++-- 8 files changed, 25 insertions(+), 17 deletions(-) diff --git a/src/geophires_x/EconomicsUtils.py b/src/geophires_x/EconomicsUtils.py index 0df75e9a..61526aa6 100644 --- a/src/geophires_x/EconomicsUtils.py +++ b/src/geophires_x/EconomicsUtils.py @@ -39,11 +39,11 @@ def BuildPricingModel(plantlifetime: int, StartPrice: float, EndPrice: float, def after_tax_irr_parameter() -> OutputParameter: return OutputParameter( - Name='After-Tax IRR', + 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 ' + 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.' ) diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index a55644a9..60028964 100644 --- a/src/geophires_x_client/geophires_x_result.py +++ b/src/geophires_x_client/geophires_x_result.py @@ -76,6 +76,7 @@ class GeophiresXResult: 'Project NPV', 'Project IRR', 'After-Tax IRR', + 'After-tax IRR', 'Project VIR=PI=PIR', 'Project MOIC', 'Fixed Charge Rate (FCR)', # SUTRA 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-result.json b/src/geophires_x_schema_generator/geophires-result.json index d3263a4b..893017fa 100644 --- a/src/geophires_x_schema_generator/geophires-result.json +++ b/src/geophires_x_schema_generator/geophires-result.json @@ -102,9 +102,9 @@ "description": "Project Internal Rate of Return", "units": "%" }, - "After-Tax IRR": { + "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.", + "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": { diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 6abb28c1..43f0bdef 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,7 +6,7 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.10 Simulation Date: 2025-05-23 - Simulation Time: 10:35 + Simulation Time: 12:57 Calculation Time: 1.052 sec ***SUMMARY OF RESULTS*** @@ -31,7 +31,7 @@ Simulation Metadata Project lifetime: 20 yr Capacity factor: 90.0 % Project NPV: 791.59 MUSD - After-Tax IRR: 17.18 % + After-tax IRR: 17.18 % Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** diff --git a/tests/examples/example_SAM-single-owner-PPA-2.out b/tests/examples/example_SAM-single-owner-PPA-2.out index a7267a63..e24ca8c3 100644 --- a/tests/examples/example_SAM-single-owner-PPA-2.out +++ b/tests/examples/example_SAM-single-owner-PPA-2.out @@ -5,9 +5,9 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.10 - Simulation Date: 2025-05-22 - Simulation Time: 07:11 - Calculation Time: 0.874 sec + Simulation Date: 2025-05-23 + Simulation Time: 12:57 + Calculation Time: 0.879 sec ***SUMMARY OF RESULTS*** @@ -31,7 +31,7 @@ Simulation Metadata Project lifetime: 20 yr Capacity factor: 90.0 % Project NPV: 2877.00 MUSD - After-Tax IRR: 59.73 % + After-tax IRR: 59.73 % Estimated Jobs Created: 976 ***ENGINEERING PARAMETERS*** diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index 8bfae75c..c2db8887 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -5,9 +5,9 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.10 - Simulation Date: 2025-05-21 - Simulation Time: 13:19 - Calculation Time: 1.058 sec + Simulation Date: 2025-05-23 + Simulation Time: 12:57 + Calculation Time: 1.052 sec ***SUMMARY OF RESULTS*** @@ -31,7 +31,7 @@ Simulation Metadata Project lifetime: 20 yr Capacity factor: 90.0 % Project NPV: 124.91 MUSD - After-Tax IRR: 22.33 % + After-tax IRR: 22.33 % Estimated Jobs Created: 125 ***ENGINEERING PARAMETERS*** diff --git a/tests/test_geophires_x.py b/tests/test_geophires_x.py index e1520b02..ba7e1dc2 100644 --- a/tests/test_geophires_x.py +++ b/tests/test_geophires_x.py @@ -254,9 +254,9 @@ 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 + TODO generalize beyond After-tax IRR """ - irr_key = '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']): From a7e6cc70bd566af91022d465cae6091eb80d0fbe Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 23 May 2025 13:22:40 -0700 Subject: [PATCH 31/61] =?UTF-8?q?Bump=20version:=203.9.10=20=E2=86=92=203.?= =?UTF-8?q?9.11?= MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 8bit --- .bumpversion.cfg | 2 +- .cookiecutterrc | 2 +- README.rst | 4 ++-- docs/conf.py | 2 +- setup.py | 2 +- src/geophires_x/__init__.py | 2 +- 6 files changed, 7 insertions(+), 7 deletions(-) diff --git a/.bumpversion.cfg b/.bumpversion.cfg index 54df9ad2..c040a97b 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.9.10 +current_version = 3.9.11 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index c586269c..54a3e9f2 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: 3.9.10 + version: 3.9.11 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/README.rst b/README.rst index d4f1e51c..91db9697 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/v3.9.10.svg +.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.9.11.svg :alt: Commits since latest release - :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.10...main + :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.11...main .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat :target: https://nrel.github.io/GEOPHIRES-X diff --git a/docs/conf.py b/docs/conf.py index 152f432d..504c70ad 100644 --- a/docs/conf.py +++ b/docs/conf.py @@ -18,7 +18,7 @@ year = '2025' author = 'NREL' copyright = f'{year}, {author}' -version = release = '3.9.10' +version = release = '3.9.11' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/setup.py b/setup.py index f3b7a63b..051a842c 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.9.10', + version='3.9.11', license='MIT', description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.', long_description='{}\n{}'.format( diff --git a/src/geophires_x/__init__.py b/src/geophires_x/__init__.py index 016b86d6..f4d05733 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.9.10' +__version__ = '3.9.11' From 0a25eb631628d4c98c6be06a795323527d0113df Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 08:53:37 -0700 Subject: [PATCH 32/61] Fervo_Project_Cape-4 parameters organization, documentation --- tests/examples/Fervo_Project_Cape-4.txt | 39 +++++++++++++++---------- 1 file changed, 24 insertions(+), 15 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index df9213a2..ecc71255 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -24,45 +24,54 @@ Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 # *** 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 +Plant Lifetime, 20 + +Reservoir Model, 1, -- Multiple Parallel Fractures +Reservoir Volume Option, 1, -- FRAC_NUM_SEP (Specify number of fractures and fracture separation) + 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 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, 1400 Fracture Width, 1400 Fracture Separation, 30 -Number of Segments, 1 -Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) + Number of Injection Wells, 48 Number of Production Wells, 48 -Production Flow Rate per Well, 120, -- peak flow reported in paper -Production Well Diameter, 9.625 +# 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, 120, -- Peak flow reported for Project Red +Production Well Diameter, 9.625, -- Next standard size up from 7", implied by announcement of "increasing casing diameter" Injection Well Diameter, 9.625 -Well Separation, 365 feet + Ramey Production Wellbore Model, 1 Injection Temperature, 60 degC Injection Wellbore Temperature Gain, 3 +Ambient Temperature, 10 degC +Surface Temperature, 10 degC + Plant Outlet Pressure, 1000 psi Production Wellhead Pressure, 325 psi + Utilization Factor, .9 -Water Loss Fraction, 0.10 -Maximum Drawdown, 0.009 -Ambient Temperature, 10 degC -Surface Temperature, 10 degC Circulation Pump Efficiency, 0.80 +Water Loss Fraction, 0.10 +Maximum Drawdown, 0.009, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe and triggers 1 redrilling over project lifetime. + Well Geometry Configuration, 4 -Has Nonvertical Section, True -Multilaterals Cased, True Number of Multilateral Sections, 3 Nonvertical Length per Multilateral Section, 4700 feet +Multilaterals Cased, True # *** SIMULATION PARAMETERS *** # ***************************** From 83be8d1727334f9e6a0a91050a3f9aba9ae6e213 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 09:11:12 -0700 Subject: [PATCH 33/61] Switch from hardcoded .84M/well cost to VERTICAL_LARGE correlation --- tests/examples/Fervo_Project_Cape-4.out | 136 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 8 +- 2 files changed, 74 insertions(+), 70 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 43f0bdef..347d5efb 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.10 - Simulation Date: 2025-05-23 - Simulation Time: 12:57 - Calculation Time: 1.052 sec + GEOPHIRES Version: 3.9.11 + Simulation Date: 2025-05-27 + Simulation Time: 09:09 + Calculation Time: 1.054 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 522.55 MW - Electricity breakeven price: 7.48 cents/kWh + Electricity breakeven price: 7.77 cents/kWh Number of production wells: 48 Number of injection wells: 48 Flowrate per production well: 120.0 kg/sec @@ -30,8 +30,8 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 791.59 MUSD - After-tax IRR: 17.18 % + Project NPV: 688.27 MUSD + After-tax IRR: 16.01 % Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** @@ -94,23 +94,25 @@ Simulation Metadata ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 368.64 MUSD - Drilling and completion costs per well: 3.84 MUSD + Drilling and completion costs: 483.48 MUSD + Drilling and completion costs per vertical production well: 4.72 MUSD + Drilling and completion costs per vertical injection well: 4.72 MUSD + Drilling and completion costs per non-vertical section: 2.48 MUSD Stimulation costs: 287.63 MUSD Surface power plant costs: 1533.02 MUSD Field gathering system costs: 68.66 MUSD Total surface equipment costs: 1601.68 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -686.38 MUSD - Total capital costs: 1601.56 MUSD + Investment Tax Credit: -720.84 MUSD + Total capital costs: 1681.95 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 5.32 MUSD/yr + Wellfield maintenance costs: 6.46 MUSD/yr Power plant maintenance costs: 25.82 MUSD/yr Water costs: 15.12 MUSD/yr - Total operating and maintenance costs: 79.07 MUSD/yr + Total operating and maintenance costs: 85.96 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** @@ -200,43 +202,43 @@ PPA price (cents/kWh) 0.0 9.50 PPA revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,201,171,892 -Total revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 1,604,898,551 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,261,463,295 +Total revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 1,665,189,955 -Property tax net assessed value ($) 0 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 2,402,343,783 +Property tax net assessed value ($) 0 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 OPERATING EXPENSES -O&M fixed expense ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 +O&M fixed expense ($) 0 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Total operating expenses ($) 0 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 79,071,975 +Total operating expenses ($) 0 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 -EBITDA ($) 0 311,985,916 314,020,868 316,996,970 319,704,853 322,186,121 324,269,620 325,653,652 325,948,177 324,712,618 321,498,694 330,555,284 334,568,049 335,293,673 335,688,949 335,858,066 335,656,901 334,801,818 332,919,726 329,588,335 1,525,826,576 +EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 OPERATING ACTIVITIES -EBITDA ($) 0 311,985,916 314,020,868 316,996,970 319,704,853 322,186,121 324,269,620 325,653,652 325,948,177 324,712,618 321,498,694 330,555,284 334,568,049 335,293,673 335,688,949 335,858,066 335,656,901 334,801,818 332,919,726 329,588,335 1,525,826,576 +EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 Interest earned on reserves ($) 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 ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 -Cash flow from operating activities ($) 0 287,962,478 290,723,961 294,462,921 297,971,804 301,294,122 304,260,724 306,572,014 307,840,160 307,626,903 305,486,396 315,670,074 320,866,281 322,834,520 324,534,541 326,073,640 327,310,957 327,966,279 327,670,113 326,003,944 1,523,990,669 +Debt interest payment ($) 0 25,229,266 24,466,268 23,665,119 22,823,914 21,940,648 21,013,219 20,039,418 19,016,928 17,943,312 16,816,016 15,632,356 14,389,512 13,084,526 11,714,291 10,275,544 8,764,859 7,178,641 5,513,111 3,764,305 1,928,059 +Cash flow from operating activities ($) 0 279,866,204 282,664,154 286,441,405 289,990,493 293,355,027 296,365,955 298,723,788 300,040,804 299,878,859 297,792,231 308,032,482 313,288,091 315,318,701 317,084,212 318,692,076 320,001,596 320,732,731 320,516,169 318,933,584 1,577,299,475 INVESTING ACTIVITIES -Total installed cost ($) -2,402,343,783 +Total installed cost ($) -2,522,926,591 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,402,343,783 +Purchase of property ($) -2,522,926,591 plus: Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 @@ -248,86 +250,86 @@ Reserve capital spending major equipment 1 ($) 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,522,926,591 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,921,875,027 -Size of debt ($) 480,468,757 +Issuance of equity ($) 2,018,341,273 +Size of debt ($) 504,585,318 minus: -Debt principal payment ($) 0 14,530,618 15,257,149 16,020,007 16,821,007 17,662,057 18,545,160 19,472,418 20,446,039 21,468,341 22,541,758 23,668,846 24,852,288 26,094,903 27,399,648 28,769,630 30,208,112 31,718,517 33,304,443 34,969,665 36,718,149 +Debt principal payment ($) 0 15,259,965 16,022,964 16,824,112 17,665,318 18,548,583 19,476,013 20,449,813 21,472,304 22,545,919 23,673,215 24,856,876 26,099,720 27,404,706 28,774,941 30,213,688 31,724,372 33,310,591 34,976,120 36,724,926 38,561,173 equals: -Cash flow from financing activities ($) 2,402,343,783 -14,530,618 -15,257,149 -16,020,007 -16,821,007 -17,662,057 -18,545,160 -19,472,418 -20,446,039 -21,468,341 -22,541,758 -23,668,846 -24,852,288 -26,094,903 -27,399,648 -28,769,630 -30,208,112 -31,718,517 -33,304,443 -34,969,665 -36,718,149 +Cash flow from financing activities ($) 2,522,926,591 -15,259,965 -16,022,964 -16,824,112 -17,665,318 -18,548,583 -19,476,013 -20,449,813 -21,472,304 -22,545,919 -23,673,215 -24,856,876 -26,099,720 -27,404,706 -28,774,941 -30,213,688 -31,724,372 -33,310,591 -34,976,120 -36,724,926 -38,561,173 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 287,962,478 290,723,961 294,462,921 297,971,804 301,294,122 304,260,724 306,572,014 307,840,160 307,626,903 305,486,396 315,670,074 320,866,281 322,834,520 324,534,541 326,073,640 327,310,957 327,966,279 327,670,113 326,003,944 1,523,990,669 -Cash flow from investing activities ($) -2,402,343,783 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,402,343,783 -14,530,618 -15,257,149 -16,020,007 -16,821,007 -17,662,057 -18,545,160 -19,472,418 -20,446,039 -21,468,341 -22,541,758 -23,668,846 -24,852,288 -26,094,903 -27,399,648 -28,769,630 -30,208,112 -31,718,517 -33,304,443 -34,969,665 -36,718,149 -Total pre-tax cash flow ($) 0 273,431,860 275,466,812 278,442,914 281,150,797 283,632,065 285,715,564 287,099,596 287,394,121 286,158,562 282,944,638 292,001,228 296,013,993 296,739,617 297,134,893 297,304,010 297,102,845 296,247,762 294,365,670 291,034,279 1,487,272,520 +Cash flow from operating activities ($) 0 279,866,204 282,664,154 286,441,405 289,990,493 293,355,027 296,365,955 298,723,788 300,040,804 299,878,859 297,792,231 308,032,482 313,288,091 315,318,701 317,084,212 318,692,076 320,001,596 320,732,731 320,516,169 318,933,584 1,577,299,475 +Cash flow from investing activities ($) -2,522,926,591 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,522,926,591 -15,259,965 -16,022,964 -16,824,112 -17,665,318 -18,548,583 -19,476,013 -20,449,813 -21,472,304 -22,545,919 -23,673,215 -24,856,876 -26,099,720 -27,404,706 -28,774,941 -30,213,688 -31,724,372 -33,310,591 -34,976,120 -36,724,926 -38,561,173 +Total pre-tax cash flow ($) 0 264,606,238 266,641,190 269,617,293 272,325,175 274,806,443 276,889,942 278,273,975 278,568,500 277,332,940 274,119,016 283,175,607 287,188,371 287,913,995 288,309,271 288,478,388 288,277,224 287,422,140 285,540,048 282,208,658 1,538,738,303 Pre-tax Returns: -Issuance of equity ($) 1,921,875,027 -Total pre-tax cash flow ($) 0 273,431,860 275,466,812 278,442,914 281,150,797 283,632,065 285,715,564 287,099,596 287,394,121 286,158,562 282,944,638 292,001,228 296,013,993 296,739,617 297,134,893 297,304,010 297,102,845 296,247,762 294,365,670 291,034,279 1,487,272,520 -Total pre-tax returns ($) -1,921,875,027 273,431,860 275,466,812 278,442,914 281,150,797 283,632,065 285,715,564 287,099,596 287,394,121 286,158,562 282,944,638 292,001,228 296,013,993 296,739,617 297,134,893 297,304,010 297,102,845 296,247,762 294,365,670 291,034,279 1,487,272,520 +Issuance of equity ($) 2,018,341,273 +Total pre-tax cash flow ($) 0 264,606,238 266,641,190 269,617,293 272,325,175 274,806,443 276,889,942 278,273,975 278,568,500 277,332,940 274,119,016 283,175,607 287,188,371 287,913,995 288,309,271 288,478,388 288,277,224 287,422,140 285,540,048 282,208,658 1,538,738,303 +Total pre-tax returns ($) -2,018,341,273 264,606,238 266,641,190 269,617,293 272,325,175 274,806,443 276,889,942 278,273,975 278,568,500 277,332,940 274,119,016 283,175,607 287,188,371 287,913,995 288,309,271 288,478,388 288,277,224 287,422,140 285,540,048 282,208,658 1,538,738,303 After-tax Returns: -Total pre-tax returns ($) -1,921,875,027 273,431,860 275,466,812 278,442,914 281,150,797 283,632,065 285,715,564 287,099,596 287,394,121 286,158,562 282,944,638 292,001,228 296,013,993 296,739,617 297,134,893 297,304,010 297,102,845 296,247,762 294,365,670 291,034,279 1,487,272,520 -Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -2,018,341,273 264,606,238 266,641,190 269,617,293 272,325,175 274,806,443 276,889,942 278,273,975 278,568,500 277,332,940 274,119,016 283,175,607 287,188,371 287,913,995 288,309,271 288,478,388 288,277,224 287,422,140 285,540,048 282,208,658 1,538,738,303 +Federal ITC total income ($) 0 756,877,977 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 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) ($) 0 -46,269,045 -36,838,336 -37,568,554 -38,253,839 -38,902,688 -39,482,065 -39,933,460 -40,181,129 -40,139,480 -39,721,439 -41,710,311 -42,725,131 -43,109,528 -43,441,542 -43,742,128 -43,983,776 -44,111,760 -44,053,919 -43,728,516 -277,695,324 +Federal tax benefit (liability) ($) 0 -44,187,409 -34,263,388 -35,001,085 -35,694,222 -36,351,315 -36,939,350 -37,399,834 -37,657,048 -37,625,420 -37,217,901 -39,217,822 -40,244,243 -40,640,821 -40,985,625 -41,299,641 -41,555,390 -41,698,181 -41,655,886 -41,346,808 -287,105,666 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) ($) 0 -16,583,887 -13,203,705 -13,465,432 -13,711,054 -13,943,616 -14,151,278 -14,313,068 -14,401,838 -14,386,910 -14,237,075 -14,949,932 -15,313,667 -15,451,444 -15,570,445 -15,678,182 -15,764,794 -15,810,667 -15,789,935 -15,673,303 -99,532,374 -Total after-tax returns ($) -1,921,875,027 931,282,063 225,424,772 227,408,928 229,185,904 230,785,761 232,082,221 232,853,068 232,811,153 231,632,171 228,986,124 235,340,984 237,975,195 238,178,646 238,122,906 237,883,700 237,354,275 236,325,335 234,521,815 231,632,459 1,110,044,823 +State tax benefit (liability) ($) 0 -15,837,781 -12,280,784 -12,545,192 -12,793,628 -13,029,145 -13,239,910 -13,404,959 -13,497,150 -13,485,814 -13,339,750 -14,056,567 -14,424,460 -14,566,602 -14,690,188 -14,802,739 -14,894,405 -14,945,585 -14,930,425 -14,819,644 -102,905,257 +Total after-tax returns ($) -2,018,341,273 961,459,026 220,097,018 222,071,016 223,837,326 225,425,983 226,710,683 227,469,182 227,414,303 226,221,707 223,561,365 229,901,217 232,519,669 232,706,572 232,633,458 232,376,008 231,827,428 230,778,375 228,953,737 226,042,206 1,148,727,380 -After-tax cumulative IRR (%) NaN -51.54 -33.82 -19.02 -8.77 -1.81 3.0 6.40 8.87 10.68 12.03 13.10 13.94 14.59 15.11 15.53 15.86 16.13 16.35 16.53 17.18 -After-tax cumulative NPV ($) -1,921,875,027 -1,076,484,628 -890,723,952 -720,611,647 -564,982,049 -422,719,898 -292,853,047 -174,572,187 -67,219,637 29,738,337 116,748,482 197,925,737 272,440,885 340,141,368 401,583,488 457,302,804 507,770,586 553,385,149 594,476,702 631,318,838 791,592,430 +After-tax cumulative IRR (%) NaN -52.36 -35.47 -20.96 -10.74 -3.73 1.16 4.64 7.18 9.06 10.47 11.59 12.47 13.17 13.72 14.17 14.53 14.82 15.06 15.25 16.01 +After-tax cumulative NPV ($) -2,018,341,273 -1,145,557,117 -964,186,761 -798,067,459 -646,069,835 -507,111,586 -380,250,501 -264,704,458 -159,840,473 -65,147,244 19,801,602 99,102,493 171,909,398 238,054,486 298,080,180 352,509,434 401,802,063 446,345,974 486,461,921 522,414,903 688,273,668 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,921,875,027 540,224,172 -167,668,071 -168,660,017 -169,590,924 -170,472,335 -171,259,374 -171,872,560 -172,208,999 -172,152,422 -171,584,545 -174,286,275 -175,664,829 -176,187,002 -176,638,018 -177,046,341 -177,374,601 -177,548,458 -177,469,885 -177,027,851 706,318,163 +Annual costs ($) -2,018,341,273 570,401,135 -172,995,825 -173,997,929 -174,939,502 -175,832,113 -176,630,912 -177,256,445 -177,605,850 -177,562,886 -177,009,303 -179,726,042 -181,120,355 -181,659,076 -182,127,466 -182,554,032 -182,901,448 -183,095,418 -183,037,964 -182,618,104 745,000,720 PPA revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Present value of annual costs ($) 2,597,359,791 +Present value of annual costs ($) 2,700,678,553 Present value of annual energy nominal (kWh) 34,739,281,954 -LCOE Levelized cost of energy nominal (cents/kWh) 7.48 +LCOE Levelized cost of energy nominal (cents/kWh) 7.77 Present value of PPA revenue ($) 3,388,952,221 Present value of annual energy nominal (kWh) 34,739,281,954 LPPA Levelized PPA price nominal (cents/kWh) 9.76 PROJECT STATE INCOME TAXES -EBITDA ($) 0 311,985,916 314,020,868 316,996,970 319,704,853 322,186,121 324,269,620 325,653,652 325,948,177 324,712,618 321,498,694 330,555,284 334,568,049 335,293,673 335,688,949 335,858,066 335,656,901 334,801,818 332,919,726 329,588,335 1,525,826,576 +EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 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 ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 -Total state tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 +Debt interest payment ($) 0 25,229,266 24,466,268 23,665,119 22,823,914 21,940,648 21,013,219 20,039,418 19,016,928 17,943,312 16,816,016 15,632,356 14,389,512 13,084,526 11,714,291 10,275,544 8,764,859 7,178,641 5,513,111 3,764,305 1,928,059 +Total state tax depreciation ($) 0 53,612,190 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 equals: -State taxable income ($) 0 236,912,673 188,624,350 192,363,310 195,872,193 199,194,511 202,161,113 204,472,404 205,740,550 205,527,292 203,386,785 213,570,463 218,766,670 220,734,909 222,434,930 223,974,029 225,211,346 225,866,668 225,570,502 223,904,334 1,421,891,058 +State taxable income ($) 0 226,254,014 175,439,774 179,217,024 182,766,113 186,130,646 189,141,575 191,499,408 192,816,424 192,654,479 190,567,851 200,808,102 206,063,711 208,094,321 209,859,832 211,467,696 212,777,216 213,508,351 213,291,789 211,709,204 1,470,075,095 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) ($) 0 -16,583,887 -13,203,705 -13,465,432 -13,711,054 -13,943,616 -14,151,278 -14,313,068 -14,401,838 -14,386,910 -14,237,075 -14,949,932 -15,313,667 -15,451,444 -15,570,445 -15,678,182 -15,764,794 -15,810,667 -15,789,935 -15,673,303 -99,532,374 +State tax benefit (liability) ($) 0 -15,837,781 -12,280,784 -12,545,192 -12,793,628 -13,029,145 -13,239,910 -13,404,959 -13,497,150 -13,485,814 -13,339,750 -14,056,567 -14,424,460 -14,566,602 -14,690,188 -14,802,739 -14,894,405 -14,945,585 -14,930,425 -14,819,644 -102,905,257 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 311,985,916 314,020,868 316,996,970 319,704,853 322,186,121 324,269,620 325,653,652 325,948,177 324,712,618 321,498,694 330,555,284 334,568,049 335,293,673 335,688,949 335,858,066 335,656,901 334,801,818 332,919,726 329,588,335 1,525,826,576 +EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 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 -16,583,887 -13,203,705 -13,465,432 -13,711,054 -13,943,616 -14,151,278 -14,313,068 -14,401,838 -14,386,910 -14,237,075 -14,949,932 -15,313,667 -15,451,444 -15,570,445 -15,678,182 -15,764,794 -15,810,667 -15,789,935 -15,673,303 -99,532,374 +State tax benefit (liability) ($) 0 -15,837,781 -12,280,784 -12,545,192 -12,793,628 -13,029,145 -13,239,910 -13,404,959 -13,497,150 -13,485,814 -13,339,750 -14,056,567 -14,424,460 -14,566,602 -14,690,188 -14,802,739 -14,894,405 -14,945,585 -14,930,425 -14,819,644 -102,905,257 State ITC total income ($) 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 ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 -Total federal tax depreciation ($) 0 51,049,805 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 102,099,611 +Debt interest payment ($) 0 25,229,266 24,466,268 23,665,119 22,823,914 21,940,648 21,013,219 20,039,418 19,016,928 17,943,312 16,816,016 15,632,356 14,389,512 13,084,526 11,714,291 10,275,544 8,764,859 7,178,641 5,513,111 3,764,305 1,928,059 +Total federal tax depreciation ($) 0 53,612,190 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 equals: -Federal taxable income ($) 0 220,328,786 175,420,646 178,897,878 182,161,140 185,250,895 188,009,835 190,159,335 191,338,711 191,140,381 189,149,710 198,620,531 203,453,003 205,283,465 206,864,485 208,295,847 209,446,552 210,056,001 209,780,567 208,231,030 1,322,358,684 +Federal taxable income ($) 0 210,416,233 163,158,990 166,671,833 169,972,485 173,101,501 175,901,665 178,094,449 179,319,274 179,168,666 177,228,101 186,751,535 191,639,251 193,527,718 195,169,644 196,664,957 197,882,811 198,562,766 198,361,363 196,889,560 1,367,169,839 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) ($) 0 -46,269,045 -36,838,336 -37,568,554 -38,253,839 -38,902,688 -39,482,065 -39,933,460 -40,181,129 -40,139,480 -39,721,439 -41,710,311 -42,725,131 -43,109,528 -43,441,542 -43,742,128 -43,983,776 -44,111,760 -44,053,919 -43,728,516 -277,695,324 +Federal tax benefit (liability) ($) 0 -44,187,409 -34,263,388 -35,001,085 -35,694,222 -36,351,315 -36,939,350 -37,399,834 -37,657,048 -37,625,420 -37,217,901 -39,217,822 -40,244,243 -40,640,821 -40,985,625 -41,299,641 -41,555,390 -41,698,181 -41,655,886 -41,346,808 -287,105,666 CASH INCENTIVES Federal IBI income ($) 0 @@ -353,30 +355,30 @@ Federal PTC income ($) 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 720,703,135 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 756,877,977 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 756,877,977 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 480,468,757 465,938,138 450,680,989 434,660,983 417,839,976 400,177,918 381,632,758 362,160,340 341,714,301 320,245,960 297,704,202 274,035,356 249,183,067 223,088,165 195,688,517 166,918,886 136,710,775 104,992,257 71,687,814 36,718,149 0 -Debt interest payment ($) 0 24,023,438 23,296,907 22,534,049 21,733,049 20,891,999 20,008,896 19,081,638 18,108,017 17,085,715 16,012,298 14,885,210 13,701,768 12,459,153 11,154,408 9,784,426 8,345,944 6,835,539 5,249,613 3,584,391 1,835,907 -Debt principal payment ($) 0 14,530,618 15,257,149 16,020,007 16,821,007 17,662,057 18,545,160 19,472,418 20,446,039 21,468,341 22,541,758 23,668,846 24,852,288 26,094,903 27,399,648 28,769,630 30,208,112 31,718,517 33,304,443 34,969,665 36,718,149 -Debt total payment ($) 0 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 +Debt balance ($) 504,585,318 489,325,353 473,302,389 456,478,277 438,812,959 420,264,376 400,788,363 380,338,550 358,866,246 336,320,327 312,647,112 287,790,236 261,690,517 234,285,811 205,510,871 175,297,183 143,572,810 110,262,220 75,286,099 38,561,173 0 +Debt interest payment ($) 0 25,229,266 24,466,268 23,665,119 22,823,914 21,940,648 21,013,219 20,039,418 19,016,928 17,943,312 16,816,016 15,632,356 14,389,512 13,084,526 11,714,291 10,275,544 8,764,859 7,178,641 5,513,111 3,764,305 1,928,059 +Debt principal payment ($) 0 15,259,965 16,022,964 16,824,112 17,665,318 18,548,583 19,476,013 20,449,813 21,472,304 22,545,919 23,673,215 24,856,876 26,099,720 27,404,706 28,774,941 30,213,688 31,724,372 33,310,591 34,976,120 36,724,926 38,561,173 +Debt total payment ($) 0 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 DSCR (DEBT FRACTION) -EBITDA ($) 0 311,985,916 314,020,868 316,996,970 319,704,853 322,186,121 324,269,620 325,653,652 325,948,177 324,712,618 321,498,694 330,555,284 334,568,049 335,293,673 335,688,949 335,858,066 335,656,901 334,801,818 332,919,726 329,588,335 1,525,826,576 +EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 minus: Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 311,985,916 314,020,868 316,996,970 319,704,853 322,186,121 324,269,620 325,653,652 325,948,177 324,712,618 321,498,694 330,555,284 334,568,049 335,293,673 335,688,949 335,858,066 335,656,901 334,801,818 332,919,726 329,588,335 1,525,826,576 -Debt total payment ($) 0 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 38,554,056 -DSCR (pre-tax) 0.0 8.09 8.14 8.22 8.29 8.36 8.41 8.45 8.45 8.42 8.34 8.57 8.68 8.70 8.71 8.71 8.71 8.68 8.64 8.55 39.58 +Cash available for debt service (CAFDS) ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 +Debt total payment ($) 0 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 +DSCR (pre-tax) 0.0 7.54 7.59 7.66 7.73 7.79 7.84 7.87 7.88 7.85 7.77 7.99 8.09 8.11 8.12 8.12 8.12 8.10 8.05 7.97 39.0 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index ecc71255..cc138eb0 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -1,13 +1,15 @@ # Case Study: Fervo Cape Station: 500 MWe Production -https://github.com/NREL/GEOPHIRES-X/issues/385?title=Fervo+Cape+Station+500+MWe+update +# https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/ # *** ECONOMIC/FINANCIAL PARAMETERS *** # ************************************* Economic Model, 5, -- SAM Single Owner PPA -Starting Electricity Sale Price, 0.095 + +Starting Electricity Sale Price, 0.095, -- Both PPAs 'firm for 10 years at less than $100/MWh' estimate given in a podcast Ending Electricity Sale Price, 0.1 Electricity Escalation Rate Per Year, 0.00057 Electricity Escalation Start Year, 1 + Fraction of Investment in Bonds, .2 Inflated Bond Interest Rate, .05 Discount Rate, 0.08 @@ -18,7 +20,7 @@ Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) Exploration Capital Cost, 30, -- TODO source/citation -Well Drilling and Completion Capital Cost, 3.84, -- Assume cost continues to decrease from $4.8M/well (https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html) +Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE correlation. Correlation-calculated value of $4.72M/well aligns with paper-reported value of $4.8M/well. Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 # *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** From 0baf38f87288b060921b4f8008faa178bb9787a0 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 09:40:00 -0700 Subject: [PATCH 34/61] tweak debt percent, stimulation cost adjustment factor (.5M/well estimate) --- tests/examples/Fervo_Project_Cape-4.out | 286 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 8 +- 2 files changed, 149 insertions(+), 145 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 347d5efb..f2bb45cc 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,14 +6,14 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.11 Simulation Date: 2025-05-27 - Simulation Time: 09:09 - Calculation Time: 1.054 sec + Simulation Time: 09:32 + Calculation Time: 1.055 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 522.55 MW - Electricity breakeven price: 7.77 cents/kWh + Electricity breakeven price: 7.19 cents/kWh Number of production wells: 48 Number of injection wells: 48 Flowrate per production well: 120.0 kg/sec @@ -26,12 +26,12 @@ Simulation Metadata Economic Model = SAM Single Owner PPA Real Discount Rate: 8.00 % Nominal Discount Rate: 10.16 % - WACC: 8.86 % + WACC: 8.30 % Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 688.27 MUSD - After-tax IRR: 16.01 % + Project NPV: 891.03 MUSD + After-tax IRR: 19.32 % Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** @@ -98,13 +98,13 @@ Simulation Metadata Drilling and completion costs per vertical production well: 4.72 MUSD Drilling and completion costs per vertical injection well: 4.72 MUSD Drilling and completion costs per non-vertical section: 2.48 MUSD - Stimulation costs: 287.63 MUSD + Stimulation costs: 144.90 MUSD Surface power plant costs: 1533.02 MUSD Field gathering system costs: 68.66 MUSD Total surface equipment costs: 1601.68 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -720.84 MUSD - Total capital costs: 1681.95 MUSD + Investment Tax Credit: -678.02 MUSD + Total capital costs: 1582.04 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** @@ -112,7 +112,7 @@ Simulation Metadata Wellfield maintenance costs: 6.46 MUSD/yr Power plant maintenance costs: 25.82 MUSD/yr Water costs: 15.12 MUSD/yr - Total operating and maintenance costs: 85.96 MUSD/yr + Total operating and maintenance costs: 78.83 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** @@ -190,146 +190,146 @@ Simulation Metadata *************************** * SAM CASH FLOW PROFILE * *************************** ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- - Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 ENERGY -Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 REVENUE -PPA price (cents/kWh) 0.0 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 ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 -Curtailment payment revenue ($) 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 1,261,463,295 -Total revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 1,665,189,955 +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 +PPA revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 +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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,186,531,883 +Total revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 1,590,258,543 -Property tax net assessed value ($) 0 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 2,522,926,591 +Property tax net assessed value ($) 0 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 OPERATING EXPENSES -O&M fixed expense ($) 0 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 -O&M production-based expense ($) 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 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 85,962,421 +O&M fixed expense ($) 0 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 +O&M production-based expense ($) 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 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 -EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 +EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 OPERATING ACTIVITIES -EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +Interest earned on reserves ($) 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 ($) 0 25,229,266 24,466,268 23,665,119 22,823,914 21,940,648 21,013,219 20,039,418 19,016,928 17,943,312 16,816,016 15,632,356 14,389,512 13,084,526 11,714,291 10,275,544 8,764,859 7,178,641 5,513,111 3,764,305 1,928,059 -Cash flow from operating activities ($) 0 279,866,204 282,664,154 286,441,405 289,990,493 293,355,027 296,365,955 298,723,788 300,040,804 299,878,859 297,792,231 308,032,482 313,288,091 315,318,701 317,084,212 318,692,076 320,001,596 320,732,731 320,516,169 318,933,584 1,577,299,475 +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 ($) 0 33,934,812 32,908,535 31,830,945 30,699,475 29,511,432 28,263,986 26,954,169 25,578,860 24,134,786 22,618,508 21,026,416 19,354,720 17,599,439 15,756,394 13,821,196 11,789,239 9,655,684 7,415,451 5,063,206 2,593,350 +Cash flow from operating activities ($) 0 278,296,983 281,358,211 285,411,904 289,251,257 292,920,568 296,251,513 298,945,363 300,615,196 300,823,711 299,126,065 309,774,747 315,459,208 317,940,113 320,178,434 322,282,748 324,113,541 325,392,013 325,750,154 324,771,008 1,508,839,097 INVESTING ACTIVITIES -Total installed cost ($) -2,522,926,591 +Total installed cost ($) -2,373,063,766 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,522,926,591 +Purchase of property ($) -2,373,063,766 plus: -Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,522,926,591 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,373,063,766 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 ($) 2,018,341,273 -Size of debt ($) 504,585,318 +Issuance of equity ($) 1,694,367,529 +Size of debt ($) 678,696,237 minus: -Debt principal payment ($) 0 15,259,965 16,022,964 16,824,112 17,665,318 18,548,583 19,476,013 20,449,813 21,472,304 22,545,919 23,673,215 24,856,876 26,099,720 27,404,706 28,774,941 30,213,688 31,724,372 33,310,591 34,976,120 36,724,926 38,561,173 +Debt principal payment ($) 0 20,525,530 21,551,807 22,629,397 23,760,867 24,948,910 26,196,356 27,506,173 28,881,482 30,325,556 31,841,834 33,433,926 35,105,622 36,860,903 38,703,948 40,639,146 42,671,103 44,804,658 47,044,891 49,397,136 51,866,992 equals: -Cash flow from financing activities ($) 2,522,926,591 -15,259,965 -16,022,964 -16,824,112 -17,665,318 -18,548,583 -19,476,013 -20,449,813 -21,472,304 -22,545,919 -23,673,215 -24,856,876 -26,099,720 -27,404,706 -28,774,941 -30,213,688 -31,724,372 -33,310,591 -34,976,120 -36,724,926 -38,561,173 +Cash flow from financing activities ($) 2,373,063,766 -20,525,530 -21,551,807 -22,629,397 -23,760,867 -24,948,910 -26,196,356 -27,506,173 -28,881,482 -30,325,556 -31,841,834 -33,433,926 -35,105,622 -36,860,903 -38,703,948 -40,639,146 -42,671,103 -44,804,658 -47,044,891 -49,397,136 -51,866,992 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 279,866,204 282,664,154 286,441,405 289,990,493 293,355,027 296,365,955 298,723,788 300,040,804 299,878,859 297,792,231 308,032,482 313,288,091 315,318,701 317,084,212 318,692,076 320,001,596 320,732,731 320,516,169 318,933,584 1,577,299,475 -Cash flow from investing activities ($) -2,522,926,591 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 ($) 2,522,926,591 -15,259,965 -16,022,964 -16,824,112 -17,665,318 -18,548,583 -19,476,013 -20,449,813 -21,472,304 -22,545,919 -23,673,215 -24,856,876 -26,099,720 -27,404,706 -28,774,941 -30,213,688 -31,724,372 -33,310,591 -34,976,120 -36,724,926 -38,561,173 -Total pre-tax cash flow ($) 0 264,606,238 266,641,190 269,617,293 272,325,175 274,806,443 276,889,942 278,273,975 278,568,500 277,332,940 274,119,016 283,175,607 287,188,371 287,913,995 288,309,271 288,478,388 288,277,224 287,422,140 285,540,048 282,208,658 1,538,738,303 +Cash flow from operating activities ($) 0 278,296,983 281,358,211 285,411,904 289,251,257 292,920,568 296,251,513 298,945,363 300,615,196 300,823,711 299,126,065 309,774,747 315,459,208 317,940,113 320,178,434 322,282,748 324,113,541 325,392,013 325,750,154 324,771,008 1,508,839,097 +Cash flow from investing activities ($) -2,373,063,766 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 ($) 2,373,063,766 -20,525,530 -21,551,807 -22,629,397 -23,760,867 -24,948,910 -26,196,356 -27,506,173 -28,881,482 -30,325,556 -31,841,834 -33,433,926 -35,105,622 -36,860,903 -38,703,948 -40,639,146 -42,671,103 -44,804,658 -47,044,891 -49,397,136 -51,866,992 +Total pre-tax cash flow ($) 0 257,771,453 259,806,405 262,782,507 265,490,390 267,971,658 270,055,157 271,439,189 271,733,714 270,498,155 267,284,230 276,340,821 280,353,586 281,079,210 281,474,486 281,643,603 281,442,438 280,587,355 278,705,263 275,373,872 1,456,972,105 Pre-tax Returns: -Issuance of equity ($) 2,018,341,273 -Total pre-tax cash flow ($) 0 264,606,238 266,641,190 269,617,293 272,325,175 274,806,443 276,889,942 278,273,975 278,568,500 277,332,940 274,119,016 283,175,607 287,188,371 287,913,995 288,309,271 288,478,388 288,277,224 287,422,140 285,540,048 282,208,658 1,538,738,303 -Total pre-tax returns ($) -2,018,341,273 264,606,238 266,641,190 269,617,293 272,325,175 274,806,443 276,889,942 278,273,975 278,568,500 277,332,940 274,119,016 283,175,607 287,188,371 287,913,995 288,309,271 288,478,388 288,277,224 287,422,140 285,540,048 282,208,658 1,538,738,303 +Issuance of equity ($) 1,694,367,529 +Total pre-tax cash flow ($) 0 257,771,453 259,806,405 262,782,507 265,490,390 267,971,658 270,055,157 271,439,189 271,733,714 270,498,155 267,284,230 276,340,821 280,353,586 281,079,210 281,474,486 281,643,603 281,442,438 280,587,355 278,705,263 275,373,872 1,456,972,105 +Total pre-tax returns ($) -1,694,367,529 257,771,453 259,806,405 262,782,507 265,490,390 267,971,658 270,055,157 271,439,189 271,733,714 270,498,155 267,284,230 276,340,821 280,353,586 281,079,210 281,474,486 281,643,603 281,442,438 280,587,355 278,705,263 275,373,872 1,456,972,105 After-tax Returns: -Total pre-tax returns ($) -2,018,341,273 264,606,238 266,641,190 269,617,293 272,325,175 274,806,443 276,889,942 278,273,975 278,568,500 277,332,940 274,119,016 283,175,607 287,188,371 287,913,995 288,309,271 288,478,388 288,277,224 287,422,140 285,540,048 282,208,658 1,538,738,303 -Federal ITC total income ($) 0 756,877,977 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 -44,187,409 -34,263,388 -35,001,085 -35,694,222 -36,351,315 -36,939,350 -37,399,834 -37,657,048 -37,625,420 -37,217,901 -39,217,822 -40,244,243 -40,640,821 -40,985,625 -41,299,641 -41,555,390 -41,698,181 -41,655,886 -41,346,808 -287,105,666 -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) ($) 0 -15,837,781 -12,280,784 -12,545,192 -12,793,628 -13,029,145 -13,239,910 -13,404,959 -13,497,150 -13,485,814 -13,339,750 -14,056,567 -14,424,460 -14,566,602 -14,690,188 -14,802,739 -14,894,405 -14,945,585 -14,930,425 -14,819,644 -102,905,257 -Total after-tax returns ($) -2,018,341,273 961,459,026 220,097,018 222,071,016 223,837,326 225,425,983 226,710,683 227,469,182 227,414,303 226,221,707 223,561,365 229,901,217 232,519,669 232,706,572 232,633,458 232,376,008 231,827,428 230,778,375 228,953,737 226,042,206 1,148,727,380 - -After-tax cumulative IRR (%) NaN -52.36 -35.47 -20.96 -10.74 -3.73 1.16 4.64 7.18 9.06 10.47 11.59 12.47 13.17 13.72 14.17 14.53 14.82 15.06 15.25 16.01 -After-tax cumulative NPV ($) -2,018,341,273 -1,145,557,117 -964,186,761 -798,067,459 -646,069,835 -507,111,586 -380,250,501 -264,704,458 -159,840,473 -65,147,244 19,801,602 99,102,493 171,909,398 238,054,486 298,080,180 352,509,434 401,802,063 446,345,974 486,461,921 522,414,903 688,273,668 +Total pre-tax returns ($) -1,694,367,529 257,771,453 259,806,405 262,782,507 265,490,390 267,971,658 270,055,157 271,439,189 271,733,714 270,498,155 267,284,230 276,340,821 280,353,586 281,079,210 281,474,486 281,643,603 281,442,438 280,587,355 278,705,263 275,373,872 1,456,972,105 +Federal ITC total income ($) 0 711,919,130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 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) ($) 0 -44,502,889 -35,252,236 -36,043,922 -36,793,748 -37,510,364 -38,160,898 -38,687,007 -39,013,125 -39,053,848 -38,722,298 -40,801,985 -41,912,161 -42,396,682 -42,833,826 -43,244,798 -43,602,352 -43,852,038 -43,921,982 -43,730,755 -274,979,253 +State ITC total income ($) 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 -15,950,856 -12,635,210 -12,918,969 -13,187,723 -13,444,575 -13,677,741 -13,866,311 -13,983,199 -13,997,795 -13,878,960 -14,624,368 -15,022,280 -15,195,943 -15,352,626 -15,499,928 -15,628,083 -15,717,576 -15,742,646 -15,674,106 -98,558,872 +Total after-tax returns ($) -1,694,367,529 909,236,837 211,918,959 213,819,616 215,508,919 217,016,718 218,216,518 218,885,872 218,737,390 217,446,511 214,682,973 220,914,468 223,419,145 223,486,585 223,288,034 222,898,877 222,212,003 221,017,741 219,040,634 215,969,011 1,083,433,979 + +After-tax cumulative IRR (%) NaN -46.34 -28.78 -14.47 -4.66 1.94 6.47 9.64 11.92 13.58 14.81 15.77 16.52 17.10 17.55 17.91 18.20 18.43 18.61 18.76 19.32 +After-tax cumulative NPV ($) -1,694,367,529 -868,989,137 -694,357,889 -534,411,013 -388,068,827 -254,294,259 -132,186,276 -21,000,242 79,862,694 170,882,751 252,457,985 328,659,035 398,616,371 462,140,746 519,755,070 571,964,502 619,212,638 661,872,591 700,251,621 734,602,419 891,033,810 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -2,018,341,273 570,401,135 -172,995,825 -173,997,929 -174,939,502 -175,832,113 -176,630,912 -177,256,445 -177,605,850 -177,562,886 -177,009,303 -179,726,042 -181,120,355 -181,659,076 -182,127,466 -182,554,032 -182,901,448 -183,095,418 -183,037,964 -182,618,104 745,000,720 -PPA revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 -Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Annual costs ($) -1,694,367,529 518,178,946 -181,173,884 -182,249,329 -183,267,909 -184,241,377 -185,125,077 -185,839,756 -186,282,762 -186,338,081 -185,887,696 -188,712,791 -190,220,879 -190,879,063 -191,472,889 -192,031,164 -192,516,873 -192,856,052 -192,951,067 -192,691,299 679,707,320 +PPA revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 +Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Present value of annual costs ($) 2,700,678,553 +Present value of annual costs ($) 2,497,918,412 Present value of annual energy nominal (kWh) 34,739,281,954 -LCOE Levelized cost of energy nominal (cents/kWh) 7.77 +LCOE Levelized cost of energy nominal (cents/kWh) 7.19 Present value of PPA revenue ($) 3,388,952,221 Present value of annual energy nominal (kWh) 34,739,281,954 LPPA Levelized PPA price nominal (cents/kWh) 9.76 PROJECT STATE INCOME TAXES -EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 -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 ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +State taxable PBI income ($) 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 25,229,266 24,466,268 23,665,119 22,823,914 21,940,648 21,013,219 20,039,418 19,016,928 17,943,312 16,816,016 15,632,356 14,389,512 13,084,526 11,714,291 10,275,544 8,764,859 7,178,641 5,513,111 3,764,305 1,928,059 -Total state tax depreciation ($) 0 53,612,190 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 +Debt interest payment ($) 0 33,934,812 32,908,535 31,830,945 30,699,475 29,511,432 28,263,986 26,954,169 25,578,860 24,134,786 22,618,508 21,026,416 19,354,720 17,599,439 15,756,394 13,821,196 11,789,239 9,655,684 7,415,451 5,063,206 2,593,350 +Total state tax depreciation ($) 0 50,427,605 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 equals: -State taxable income ($) 0 226,254,014 175,439,774 179,217,024 182,766,113 186,130,646 189,141,575 191,499,408 192,816,424 192,654,479 190,567,851 200,808,102 206,063,711 208,094,321 209,859,832 211,467,696 212,777,216 213,508,351 213,291,789 211,709,204 1,470,075,095 +State taxable income ($) 0 227,869,378 180,503,001 184,556,694 188,396,047 192,065,358 195,396,302 198,090,153 199,759,986 199,968,501 198,270,854 208,919,537 214,603,998 217,084,903 219,323,224 221,427,538 223,258,331 224,536,803 224,894,944 223,915,798 1,407,983,887 -State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 -State tax benefit (liability) ($) 0 -15,837,781 -12,280,784 -12,545,192 -12,793,628 -13,029,145 -13,239,910 -13,404,959 -13,497,150 -13,485,814 -13,339,750 -14,056,567 -14,424,460 -14,566,602 -14,690,188 -14,802,739 -14,894,405 -14,945,585 -14,930,425 -14,819,644 -102,905,257 +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) ($) 0 -15,950,856 -12,635,210 -12,918,969 -13,187,723 -13,444,575 -13,677,741 -13,866,311 -13,983,199 -13,997,795 -13,878,960 -14,624,368 -15,022,280 -15,195,943 -15,352,626 -15,499,928 -15,628,083 -15,717,576 -15,742,646 -15,674,106 -98,558,872 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 -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 -15,837,781 -12,280,784 -12,545,192 -12,793,628 -13,029,145 -13,239,910 -13,404,959 -13,497,150 -13,485,814 -13,339,750 -14,056,567 -14,424,460 -14,566,602 -14,690,188 -14,802,739 -14,894,405 -14,945,585 -14,930,425 -14,819,644 -102,905,257 -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 ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +Interest earned on reserves ($) 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) ($) 0 -15,950,856 -12,635,210 -12,918,969 -13,187,723 -13,444,575 -13,677,741 -13,866,311 -13,983,199 -13,997,795 -13,878,960 -14,624,368 -15,022,280 -15,195,943 -15,352,626 -15,499,928 -15,628,083 -15,717,576 -15,742,646 -15,674,106 -98,558,872 +State ITC total income ($) 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 25,229,266 24,466,268 23,665,119 22,823,914 21,940,648 21,013,219 20,039,418 19,016,928 17,943,312 16,816,016 15,632,356 14,389,512 13,084,526 11,714,291 10,275,544 8,764,859 7,178,641 5,513,111 3,764,305 1,928,059 -Total federal tax depreciation ($) 0 53,612,190 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 107,224,380 +Debt interest payment ($) 0 33,934,812 32,908,535 31,830,945 30,699,475 29,511,432 28,263,986 26,954,169 25,578,860 24,134,786 22,618,508 21,026,416 19,354,720 17,599,439 15,756,394 13,821,196 11,789,239 9,655,684 7,415,451 5,063,206 2,593,350 +Total federal tax depreciation ($) 0 50,427,605 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 equals: -Federal taxable income ($) 0 210,416,233 163,158,990 166,671,833 169,972,485 173,101,501 175,901,665 178,094,449 179,319,274 179,168,666 177,228,101 186,751,535 191,639,251 193,527,718 195,169,644 196,664,957 197,882,811 198,562,766 198,361,363 196,889,560 1,367,169,839 +Federal taxable income ($) 0 211,918,521 167,867,791 171,637,725 175,208,323 178,620,783 181,718,561 184,223,842 185,776,787 185,970,706 184,391,895 194,295,169 199,581,718 201,888,960 203,970,598 205,927,611 207,630,248 208,819,226 209,152,298 208,241,692 1,309,425,015 -Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 -Federal tax benefit (liability) ($) 0 -44,187,409 -34,263,388 -35,001,085 -35,694,222 -36,351,315 -36,939,350 -37,399,834 -37,657,048 -37,625,420 -37,217,901 -39,217,822 -40,244,243 -40,640,821 -40,985,625 -41,299,641 -41,555,390 -41,698,181 -41,655,886 -41,346,808 -287,105,666 +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) ($) 0 -44,502,889 -35,252,236 -36,043,922 -36,793,748 -37,510,364 -38,160,898 -38,687,007 -39,013,125 -39,053,848 -38,722,298 -40,801,985 -41,912,161 -42,396,682 -42,833,826 -43,244,798 -43,602,352 -43,852,038 -43,921,982 -43,730,755 -274,979,253 CASH INCENTIVES Federal IBI income ($) 0 @@ -344,68 +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 ($) 0 756,877,977 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 756,877,977 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 711,919,130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 711,919,130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -State ITC amount income ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 504,585,318 489,325,353 473,302,389 456,478,277 438,812,959 420,264,376 400,788,363 380,338,550 358,866,246 336,320,327 312,647,112 287,790,236 261,690,517 234,285,811 205,510,871 175,297,183 143,572,810 110,262,220 75,286,099 38,561,173 0 -Debt interest payment ($) 0 25,229,266 24,466,268 23,665,119 22,823,914 21,940,648 21,013,219 20,039,418 19,016,928 17,943,312 16,816,016 15,632,356 14,389,512 13,084,526 11,714,291 10,275,544 8,764,859 7,178,641 5,513,111 3,764,305 1,928,059 -Debt principal payment ($) 0 15,259,965 16,022,964 16,824,112 17,665,318 18,548,583 19,476,013 20,449,813 21,472,304 22,545,919 23,673,215 24,856,876 26,099,720 27,404,706 28,774,941 30,213,688 31,724,372 33,310,591 34,976,120 36,724,926 38,561,173 -Debt total payment ($) 0 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 +Debt balance ($) 678,696,237 658,170,707 636,618,900 613,989,503 590,228,637 565,279,726 539,083,371 511,577,197 482,695,715 452,370,159 420,528,325 387,094,399 351,988,777 315,127,874 276,423,926 235,784,780 193,113,677 148,309,019 101,264,128 51,866,992 0 +Debt interest payment ($) 0 33,934,812 32,908,535 31,830,945 30,699,475 29,511,432 28,263,986 26,954,169 25,578,860 24,134,786 22,618,508 21,026,416 19,354,720 17,599,439 15,756,394 13,821,196 11,789,239 9,655,684 7,415,451 5,063,206 2,593,350 +Debt principal payment ($) 0 20,525,530 21,551,807 22,629,397 23,760,867 24,948,910 26,196,356 27,506,173 28,881,482 30,325,556 31,841,834 33,433,926 35,105,622 36,860,903 38,703,948 40,639,146 42,671,103 44,804,658 47,044,891 49,397,136 51,866,992 +Debt total payment ($) 0 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 DSCR (DEBT FRACTION) -EBITDA ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 +EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 minus: -Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 305,095,470 307,130,422 310,106,524 312,814,407 315,295,675 317,379,174 318,763,206 319,057,731 317,822,172 314,608,247 323,664,838 327,677,603 328,403,227 328,798,503 328,967,620 328,766,455 327,911,372 326,029,280 322,697,889 1,579,227,534 -Debt total payment ($) 0 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 40,489,231 -DSCR (pre-tax) 0.0 7.54 7.59 7.66 7.73 7.79 7.84 7.87 7.88 7.85 7.77 7.99 8.09 8.11 8.12 8.12 8.12 8.10 8.05 7.97 39.0 +Cash available for debt service (CAFDS) ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +Debt total payment ($) 0 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 +DSCR (pre-tax) 0.0 5.73 5.77 5.83 5.87 5.92 5.96 5.98 5.99 5.97 5.91 6.07 6.15 6.16 6.17 6.17 6.17 6.15 6.12 6.06 27.75 RESERVES -Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest on reserves (%/year) 1.75 -Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index cc138eb0..932adc5d 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -10,18 +10,22 @@ Ending Electricity Sale Price, 0.1 Electricity Escalation Rate Per Year, 0.00057 Electricity Escalation Start Year, 1 -Fraction of Investment in Bonds, .2 +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, .05 Discount Rate, 0.08 + Inflation Rate, .02 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, -- (peak production) Exploration Capital Cost, 30, -- TODO source/citation + Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE correlation. Correlation-calculated value of $4.72M/well aligns with paper-reported value of $4.8M/well. -Reservoir Stimulation Capital Cost Adjustment Factor, 3.97 +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 *** # ************************************************* From e6030a795d9c791a4b7b006e2667c317cbaeda4d Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 10:16:54 -0700 Subject: [PATCH 35/61] Output SAM-EM capex as 'Total CAPEX' instead of 'Total capital costs' to distinguish from BICYCLE model's substraction of ITC from 'Total capital costs'. --- docs/SAM-Economic-Models.md | 8 +++++--- src/geophires_x/Economics.py | 6 ++++++ src/geophires_x/EconomicsSam.py | 6 +----- src/geophires_x/Outputs.py | 5 ++++- tests/examples/Fervo_Project_Cape-4.out | 6 +++--- tests/examples/example_SAM-single-owner-PPA-2.out | 10 +++++----- tests/examples/example_SAM-single-owner-PPA.out | 10 +++++----- 7 files changed, 29 insertions(+), 22 deletions(-) diff --git a/docs/SAM-Economic-Models.md b/docs/SAM-Economic-Models.md index 91b83721..18674d53 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 | @@ -56,7 +56,8 @@ The following table describes how GEOPHIRES parameters are transformed into SAM ## 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. +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: ``` @@ -86,7 +87,8 @@ 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`: +Change `Economic Model` and replace `Inflated Equity Interest Rate` with a suitable `Discount Rate` and +`Inflation Rate`: ``` # *** Financial Parameters *** diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index 9e0c5442..bb8c4c95 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -2787,6 +2787,12 @@ 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( diff --git a/src/geophires_x/EconomicsSam.py b/src/geophires_x/EconomicsSam.py index d2ddd18e..0cbf4071 100644 --- a/src/geophires_x/EconomicsSam.py +++ b/src/geophires_x/EconomicsSam.py @@ -270,11 +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/Outputs.py b/src/geophires_x/Outputs.py index 9ded5576..3b608d59 100644 --- a/src/geophires_x/Outputs.py +++ b/src/geophires_x/Outputs.py @@ -478,7 +478,10 @@ 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/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index f2bb45cc..f91dbbf4 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,8 +6,8 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.11 Simulation Date: 2025-05-27 - Simulation Time: 09:32 - Calculation Time: 1.055 sec + Simulation Time: 10:11 + Calculation Time: 1.040 sec ***SUMMARY OF RESULTS*** @@ -104,7 +104,7 @@ Simulation Metadata Total surface equipment costs: 1601.68 MUSD Exploration costs: 30.00 MUSD Investment Tax Credit: -678.02 MUSD - Total capital costs: 1582.04 MUSD + Total CAPEX: 2373.06 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** diff --git a/tests/examples/example_SAM-single-owner-PPA-2.out b/tests/examples/example_SAM-single-owner-PPA-2.out index e24ca8c3..7ab39d05 100644 --- a/tests/examples/example_SAM-single-owner-PPA-2.out +++ b/tests/examples/example_SAM-single-owner-PPA-2.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.10 - Simulation Date: 2025-05-23 - Simulation Time: 12:57 - Calculation Time: 0.879 sec + GEOPHIRES Version: 3.9.11 + Simulation Date: 2025-05-27 + Simulation Time: 10:11 + Calculation Time: 0.908 sec ***SUMMARY OF RESULTS*** @@ -102,7 +102,7 @@ Simulation Metadata Total surface equipment costs: 969.26 MUSD Exploration costs: 30.00 MUSD Investment Tax Credit: -459.83 MUSD - Total capital costs: 1072.95 MUSD + Total CAPEX: 1609.42 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index c2db8887..2b0dee60 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.10 - Simulation Date: 2025-05-23 - Simulation Time: 12:57 - Calculation Time: 1.052 sec + GEOPHIRES Version: 3.9.11 + Simulation Date: 2025-05-27 + Simulation Time: 10:10 + Calculation Time: 1.053 sec ***SUMMARY OF RESULTS*** @@ -104,7 +104,7 @@ Simulation Metadata Total surface equipment costs: 189.88 MUSD Exploration costs: 3.89 MUSD Investment Tax Credit: -75.60 MUSD - Total capital costs: 176.40 MUSD + Total CAPEX: 264.61 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** From 3369acf995f2089c06a0b6163b46ee42372e9fa6 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 10:17:31 -0700 Subject: [PATCH 36/61] =?UTF-8?q?Bump=20version:=203.9.11=20=E2=86=92=203.?= =?UTF-8?q?9.12?= MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 8bit --- .bumpversion.cfg | 2 +- .cookiecutterrc | 2 +- README.rst | 4 ++-- docs/conf.py | 2 +- setup.py | 2 +- src/geophires_x/__init__.py | 2 +- 6 files changed, 7 insertions(+), 7 deletions(-) diff --git a/.bumpversion.cfg b/.bumpversion.cfg index c040a97b..4be4f176 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.9.11 +current_version = 3.9.12 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index 54a3e9f2..e589a020 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: 3.9.11 + version: 3.9.12 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/README.rst b/README.rst index 91db9697..7d858a86 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/v3.9.11.svg +.. |commits-since| image:: https://img.shields.io/github/commits-since/softwareengineerprogrammer/GEOPHIRES-X/v3.9.12.svg :alt: Commits since latest release - :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.11...main + :target: https://github.com/softwareengineerprogrammer/GEOPHIRES-X/compare/v3.9.12...main .. |docs| image:: https://readthedocs.org/projects/GEOPHIRES-X/badge/?style=flat :target: https://nrel.github.io/GEOPHIRES-X diff --git a/docs/conf.py b/docs/conf.py index 504c70ad..dd9d072c 100644 --- a/docs/conf.py +++ b/docs/conf.py @@ -18,7 +18,7 @@ year = '2025' author = 'NREL' copyright = f'{year}, {author}' -version = release = '3.9.11' +version = release = '3.9.12' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/setup.py b/setup.py index 051a842c..4ad50796 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.9.11', + version='3.9.12', license='MIT', description='GEOPHIRES is a free and open-source geothermal techno-economic simulator.', long_description='{}\n{}'.format( diff --git a/src/geophires_x/__init__.py b/src/geophires_x/__init__.py index f4d05733..fdae339d 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.9.11' +__version__ = '3.9.12' From f1c928b8990121d9feaa58af813ca25f946e538f Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 14:06:06 -0700 Subject: [PATCH 37/61] Inflation Rate, .023, -- US inflation as of April 2025 --- tests/examples/Fervo_Project_Cape-4.out | 28 ++++++++++++------------- tests/examples/Fervo_Project_Cape-4.txt | 2 +- 2 files changed, 15 insertions(+), 15 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index f91dbbf4..c5663790 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -4,16 +4,16 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.11 + GEOPHIRES Version: 3.9.12 Simulation Date: 2025-05-27 - Simulation Time: 10:11 - Calculation Time: 1.040 sec + Simulation Time: 11:57 + Calculation Time: 1.055 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 522.55 MW - Electricity breakeven price: 7.19 cents/kWh + Electricity breakeven price: 7.27 cents/kWh Number of production wells: 48 Number of injection wells: 48 Flowrate per production well: 120.0 kg/sec @@ -25,12 +25,12 @@ Simulation Metadata Economic Model = SAM Single Owner PPA Real Discount Rate: 8.00 % - Nominal Discount Rate: 10.16 % - WACC: 8.30 % + Nominal Discount Rate: 10.48 % + WACC: 8.54 % Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 891.03 MUSD + Project NPV: 842.25 MUSD After-tax IRR: 19.32 % Estimated Jobs Created: 1190 @@ -283,20 +283,20 @@ State tax benefit (liability) ($) 0 -15,950,856 - Total after-tax returns ($) -1,694,367,529 909,236,837 211,918,959 213,819,616 215,508,919 217,016,718 218,216,518 218,885,872 218,737,390 217,446,511 214,682,973 220,914,468 223,419,145 223,486,585 223,288,034 222,898,877 222,212,003 221,017,741 219,040,634 215,969,011 1,083,433,979 After-tax cumulative IRR (%) NaN -46.34 -28.78 -14.47 -4.66 1.94 6.47 9.64 11.92 13.58 14.81 15.77 16.52 17.10 17.55 17.91 18.20 18.43 18.61 18.76 19.32 -After-tax cumulative NPV ($) -1,694,367,529 -868,989,137 -694,357,889 -534,411,013 -388,068,827 -254,294,259 -132,186,276 -21,000,242 79,862,694 170,882,751 252,457,985 328,659,035 398,616,371 462,140,746 519,755,070 571,964,502 619,212,638 661,872,591 700,251,621 734,602,419 891,033,810 +After-tax cumulative NPV ($) -1,694,367,529 -871,409,601 -697,801,082 -539,257,240 -394,624,142 -262,799,607 -142,824,462 -33,900,857 64,619,939 153,265,694 232,480,016 306,258,695 373,793,510 434,938,292 490,231,782 540,191,162 585,270,475 625,852,856 662,255,730 694,742,239 842,249,931 AFTER-TAX LCOE AND PPA PRICE Annual costs ($) -1,694,367,529 518,178,946 -181,173,884 -182,249,329 -183,267,909 -184,241,377 -185,125,077 -185,839,756 -186,282,762 -186,338,081 -185,887,696 -188,712,791 -190,220,879 -190,879,063 -191,472,889 -192,031,164 -192,516,873 -192,856,052 -192,951,067 -192,691,299 679,707,320 PPA revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 -Present value of annual costs ($) 2,497,918,412 -Present value of annual energy nominal (kWh) 34,739,281,954 -LCOE Levelized cost of energy nominal (cents/kWh) 7.19 +Present value of annual costs ($) 2,472,724,517 +Present value of annual energy nominal (kWh) 33,990,894,668 +LCOE Levelized cost of energy nominal (cents/kWh) 7.27 -Present value of PPA revenue ($) 3,388,952,221 -Present value of annual energy nominal (kWh) 34,739,281,954 -LPPA Levelized PPA price nominal (cents/kWh) 9.76 +Present value of PPA revenue ($) 3,314,974,448 +Present value of annual energy nominal (kWh) 33,990,894,668 +LPPA Levelized PPA price nominal (cents/kWh) 9.75 PROJECT STATE INCOME TAXES EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 932adc5d..9d273b67 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -14,7 +14,7 @@ Fraction of Investment in Bonds, .286, -- Yields WACC = 8.3% target given in htt Inflated Bond Interest Rate, .05 Discount Rate, 0.08 -Inflation Rate, .02 +Inflation Rate, .023, -- US inflation as of April 2025 Inflation Rate During Construction, 0.05 Combined Income Tax Rate, .28 From 8c8d50bb7a0b96ddcc3dcca6ecca16a92bef2318 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 14:16:55 -0700 Subject: [PATCH 38/61] lower flow rate to 115 kg/s. Adjust discount rate & inflation rate --- tests/examples/Fervo_Project_Cape-4.out | 308 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 10 +- 2 files changed, 159 insertions(+), 159 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index c5663790..c25a3b5e 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,17 +6,17 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.12 Simulation Date: 2025-05-27 - Simulation Time: 11:57 - Calculation Time: 1.055 sec + Simulation Time: 14:15 + Calculation Time: 1.057 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 522.55 MW - Electricity breakeven price: 7.27 cents/kWh - Number of production wells: 48 - Number of injection wells: 48 - Flowrate per production well: 120.0 kg/sec + Average Net Electricity Production: 522.05 MW + Electricity breakeven price: 7.25 cents/kWh + Number of production wells: 50 + Number of injection wells: 50 + Flowrate per production well: 115.0 kg/sec Well depth: 2.6 kilometer Geothermal gradient: 74 degC/km @@ -24,27 +24,27 @@ Simulation Metadata ***ECONOMIC PARAMETERS*** Economic Model = SAM Single Owner PPA - Real Discount Rate: 8.00 % - Nominal Discount Rate: 10.48 % - WACC: 8.54 % + 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: 842.25 MUSD - After-tax IRR: 19.32 % - Estimated Jobs Created: 1190 + Project NPV: 880.72 MUSD + After-tax IRR: 18.85 % + Estimated Jobs Created: 1187 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 48 - Number of Injection Wells: 48 + Number of Production Wells: 50 + Number of Injection Wells: 50 Well depth: 2.6 kilometer Water loss rate: 10.0 % Pump efficiency: 80.0 % Injection temperature: 56.7 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 1.6 degC - Flowrate per production well: 120.0 kg/sec + Average production well temperature drop: 1.7 degC + Flowrate per production well: 115.0 kg/sec Injection well casing ID: 9.625 in Production well casing ID: 9.625 in Number of times redrilling: 1 @@ -78,59 +78,59 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 199.8 degC - Average Production Temperature: 199.3 degC + Maximum Production Temperature: 199.7 degC + Average Production Temperature: 199.2 degC Minimum Production Temperature: 196.8 degC - Initial Production Temperature: 198.6 degC - Average Reservoir Heat Extraction: 3440.59 MW + Initial Production Temperature: 198.5 degC + Average Reservoir Heat Extraction: 3432.79 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 1.6 degC - Total Average Pressure Drop: 4534.4 kPa - Average Injection Well Pressure Drop: 690.9 kPa - Average Reservoir Pressure Drop: 6048.4 kPa - Average Production Well Pressure Drop: 633.4 kPa - Average Buoyancy Pressure Drop: -2838.3 kPa + Average Production Well Temperature Drop: 1.7 degC + Total Average Pressure Drop: 4416.9 kPa + Average Injection Well Pressure Drop: 635.2 kPa + Average Reservoir Pressure Drop: 6037.9 kPa + Average Production Well Pressure Drop: 581.9 kPa + Average Buoyancy Pressure Drop: -2838.0 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 483.48 MUSD + Drilling and completion costs: 503.30 MUSD Drilling and completion costs per vertical production well: 4.72 MUSD Drilling and completion costs per vertical injection well: 4.72 MUSD Drilling and completion costs per non-vertical section: 2.48 MUSD - Stimulation costs: 144.90 MUSD - Surface power plant costs: 1533.02 MUSD - Field gathering system costs: 68.66 MUSD - Total surface equipment costs: 1601.68 MUSD + Stimulation costs: 150.94 MUSD + Surface power plant costs: 1529.21 MUSD + Field gathering system costs: 69.87 MUSD + Total surface equipment costs: 1599.07 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -678.02 MUSD - Total CAPEX: 2373.06 MUSD + Investment Tax Credit: -684.99 MUSD + Total CAPEX: 2397.48 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 6.46 MUSD/yr - Power plant maintenance costs: 25.82 MUSD/yr - Water costs: 15.12 MUSD/yr - Total operating and maintenance costs: 78.83 MUSD/yr + Wellfield maintenance costs: 6.67 MUSD/yr + Power plant maintenance costs: 25.76 MUSD/yr + Water costs: 15.10 MUSD/yr + Total operating and maintenance costs: 80.24 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 562.37 MW - Average Total Electricity Generation: 558.74 MW - Minimum Total Electricity Generation: 541.76 MW - Initial Total Electricity Generation: 554.02 MW - Maximum Net Electricity Generation: 526.30 MW - Average Net Electricity Generation: 522.55 MW - Minimum Net Electricity Generation: 504.99 MW - Initial Net Electricity Generation: 517.86 MW - Average Annual Total Electricity Generation: 4405.08 GWh - Average Annual Net Electricity Generation: 4119.78 GWh - Initial pumping power/net installed power: 6.98 % - Average Pumping Power: 36.19 MW - Heat to Power Conversion Efficiency: 15.19 % + Maximum Total Electricity Generation: 560.84 MW + Average Total Electricity Generation: 557.24 MW + Minimum Total Electricity Generation: 540.60 MW + Initial Total Electricity Generation: 552.14 MW + Maximum Net Electricity Generation: 525.76 MW + Average Net Electricity Generation: 522.05 MW + Minimum Net Electricity Generation: 504.83 MW + Initial Net Electricity Generation: 516.97 MW + Average Annual Total Electricity Generation: 4393.29 GWh + Average Annual Net Electricity Generation: 4115.86 GWh + Initial pumping power/net installed power: 6.80 % + Average Pumping Power: 35.19 MW + Heat to Power Conversion Efficiency: 15.21 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -138,26 +138,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.60 36.1596 517.8646 15.1241 - 2 1.0046 199.51 36.1111 524.1605 15.2109 - 3 1.0054 199.67 36.1022 525.3153 15.2267 - 4 1.0058 199.76 36.0978 525.9092 15.2349 - 5 1.0061 199.80 36.0969 526.2326 15.2392 - 6 1.0060 199.80 36.1052 526.1784 15.2384 - 7 1.0055 199.69 36.1331 525.4345 15.2279 - 8 1.0042 199.43 36.1946 523.5582 15.2014 - 9 1.0017 198.94 36.3057 520.0266 15.1515 - 10 0.9976 198.13 36.4833 514.2910 15.0699 - 11 0.9916 196.93 36.7432 505.8337 14.9483 - 12 1.0043 199.46 36.0805 523.8583 15.2073 - 13 1.0053 199.65 36.0777 525.2054 15.2256 - 14 1.0058 199.75 36.0746 525.8539 15.2345 - 15 1.0060 199.80 36.0725 526.2231 15.2395 - 16 1.0061 199.80 36.0769 526.2509 15.2398 - 17 1.0056 199.72 36.0981 525.6523 15.2314 - 18 1.0045 199.49 36.1498 524.0026 15.2081 - 19 1.0022 199.04 36.2481 520.7885 15.1628 - 20 0.9984 198.29 36.4100 515.4612 15.0872 + 1 1.0000 198.47 35.1662 516.9747 15.1386 + 2 1.0048 199.41 35.1156 523.5253 15.2290 + 3 1.0056 199.58 35.1063 524.7271 15.2455 + 4 1.0061 199.67 35.1016 525.3456 15.2539 + 5 1.0063 199.72 35.1006 525.6873 15.2586 + 6 1.0063 199.72 35.1086 525.6536 15.2580 + 7 1.0058 199.62 35.1359 524.9396 15.2479 + 8 1.0045 199.36 35.1963 523.1091 15.2221 + 9 1.0021 198.88 35.3058 519.6449 15.1731 + 10 0.9981 198.08 35.4813 514.0021 15.0927 + 11 0.9921 196.90 35.7384 505.6650 14.9729 + 12 1.0045 199.36 35.0837 523.2108 15.2252 + 13 1.0055 199.56 35.0808 524.6127 15.2443 + 14 1.0060 199.66 35.0775 525.2879 15.2535 + 15 1.0063 199.72 35.0753 525.6758 15.2588 + 16 1.0063 199.72 35.0794 525.7232 15.2594 + 17 1.0059 199.64 35.0999 525.1526 15.2514 + 18 1.0048 199.42 35.1505 523.5458 15.2287 + 19 1.0026 198.98 35.2472 520.3952 15.1842 + 20 0.9988 198.24 35.4069 515.1564 15.1098 ******************************************************************* @@ -166,26 +166,26 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4116.2 27111.6 2572.70 3.66 - 2 4137.7 27185.9 2474.83 7.32 - 3 4144.1 27208.3 2376.88 10.99 - 4 4147.7 27220.7 2278.89 14.66 - 5 4148.9 27225.0 2180.88 18.33 - 6 4146.0 27215.4 2082.90 22.00 - 7 4136.0 27181.7 1985.05 25.66 - 8 4115.1 27110.8 1887.45 29.32 - 9 4078.9 26988.1 1790.29 32.96 - 10 4023.3 26798.8 1693.82 36.57 - 11 4096.1 27042.1 1596.47 40.21 - 12 4136.2 27180.2 1498.62 43.88 - 13 4143.5 27205.4 1400.68 47.55 - 14 4147.5 27219.2 1302.69 51.22 - 15 4149.1 27225.1 1204.68 54.89 - 16 4147.1 27218.4 1106.69 58.56 - 17 4138.6 27189.5 1008.81 62.22 - 18 4119.8 27125.8 911.16 65.88 - 19 4086.5 27012.8 813.91 69.52 - 20 4037.1 26845.0 717.27 73.14 + 1 4110.6 27044.1 2572.95 3.65 + 2 4132.9 27121.5 2475.31 7.30 + 3 4139.6 27144.8 2377.59 10.96 + 4 4143.4 27157.8 2279.82 14.62 + 5 4144.7 27162.6 2182.03 18.29 + 6 4142.0 27153.6 2084.28 21.95 + 7 4132.3 27120.9 1986.65 25.60 + 8 4111.8 27051.5 1889.26 29.25 + 9 4076.2 26930.9 1792.31 32.88 + 10 4021.4 26744.5 1696.03 36.49 + 11 4090.9 26976.0 1598.91 40.12 + 12 4131.4 27115.5 1501.30 43.78 + 13 4138.9 27141.8 1403.59 47.44 + 14 4143.1 27156.1 1305.83 51.10 + 15 4144.9 27162.5 1208.04 54.76 + 16 4143.1 27156.5 1110.28 58.42 + 17 4134.8 27128.5 1012.62 62.08 + 18 4116.4 27066.2 915.18 65.73 + 19 4083.7 26955.2 818.14 69.36 + 20 4035.1 26790.0 721.69 72.97 *************************** * SAM CASH FLOW PROFILE * @@ -193,52 +193,52 @@ Simulation Metadata ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 ENERGY -Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Electricity to grid (kWh) 0.0 4,110,731,011 4,133,020,649 4,139,746,346 4,143,504,566 4,144,862,111 4,142,162,616 4,132,449,004 4,111,929,832 4,076,381,494 4,021,586,315 4,091,011,507 4,131,543,823 4,139,095,716 4,143,220,499 4,145,057,889 4,143,229,233 4,134,953,486 4,116,548,917 4,083,832,430 4,035,261,283 Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -Electricity to grid net (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Electricity to grid net (kWh) 0.0 4,110,731,011 4,133,020,649 4,139,746,346 4,143,504,566 4,144,862,111 4,142,162,616 4,132,449,004 4,111,929,832 4,076,381,494 4,021,586,315 4,091,011,507 4,131,543,823 4,139,095,716 4,143,220,499 4,145,057,889 4,143,229,233 4,134,953,486 4,116,548,917 4,083,832,430 4,035,261,283 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 ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 +PPA revenue ($) 0 390,519,446 392,636,962 395,635,558 398,356,529 400,849,615 402,949,579 404,360,135 404,696,134 403,521,004 400,389,134 409,101,151 413,154,382 413,909,572 414,322,050 414,505,789 414,322,923 413,495,349 411,654,892 408,383,243 403,526,128 Curtailment payment revenue ($) 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 1,186,531,883 -Total revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 1,590,258,543 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,198,738,271 +Total revenue ($) 0 390,519,446 392,636,962 395,635,558 398,356,529 400,849,615 402,949,579 404,360,135 404,696,134 403,521,004 400,389,134 409,101,151 413,154,382 413,909,572 414,322,050 414,505,789 414,322,923 413,495,349 411,654,892 408,383,243 1,602,264,399 -Property tax net assessed value ($) 0 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 2,373,063,766 +Property tax net assessed value ($) 0 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 OPERATING EXPENSES -O&M fixed expense ($) 0 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 +O&M fixed expense ($) 0 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 O&M production-based expense ($) 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 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 78,826,096 +Total operating expenses ($) 0 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 -EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 OPERATING ACTIVITIES -EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 Interest earned on reserves ($) 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 ($) 0 33,934,812 32,908,535 31,830,945 30,699,475 29,511,432 28,263,986 26,954,169 25,578,860 24,134,786 22,618,508 21,026,416 19,354,720 17,599,439 15,756,394 13,821,196 11,789,239 9,655,684 7,415,451 5,063,206 2,593,350 -Cash flow from operating activities ($) 0 278,296,983 281,358,211 285,411,904 289,251,257 292,920,568 296,251,513 298,945,363 300,615,196 300,823,711 299,126,065 309,774,747 315,459,208 317,940,113 320,178,434 322,282,748 324,113,541 325,392,013 325,750,154 324,771,008 1,508,839,097 +Debt interest payment ($) 0 38,397,984 37,308,443 36,157,888 34,942,901 33,659,875 32,305,000 30,874,252 29,363,382 27,767,903 26,083,077 24,303,902 22,425,092 20,441,069 18,345,940 16,133,485 13,797,132 11,329,943 8,724,591 5,973,340 3,068,019 +Cash flow from operating activities ($) 0 271,877,459 275,084,515 279,233,667 283,169,625 286,945,736 290,400,576 293,241,880 295,088,749 295,509,098 294,062,053 304,553,246 310,485,287 313,224,500 315,732,106 318,128,301 320,281,789 321,921,403 322,686,297 322,165,900 1,518,952,377 INVESTING ACTIVITIES -Total installed cost ($) -2,373,063,766 +Total installed cost ($) -2,397,476,541 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,373,063,766 +Purchase of property ($) -2,397,476,541 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 @@ -250,86 +250,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,373,063,766 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,397,476,541 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,694,367,529 -Size of debt ($) 678,696,237 +Issuance of equity ($) 1,711,798,251 +Size of debt ($) 685,678,291 minus: -Debt principal payment ($) 0 20,525,530 21,551,807 22,629,397 23,760,867 24,948,910 26,196,356 27,506,173 28,881,482 30,325,556 31,841,834 33,433,926 35,105,622 36,860,903 38,703,948 40,639,146 42,671,103 44,804,658 47,044,891 49,397,136 51,866,992 +Debt principal payment ($) 0 19,456,091 20,545,632 21,696,188 22,911,174 24,194,200 25,549,075 26,979,823 28,490,694 30,086,172 31,770,998 33,550,174 35,428,984 37,413,007 39,508,135 41,720,591 44,056,944 46,524,133 49,129,484 51,880,735 54,786,056 equals: -Cash flow from financing activities ($) 2,373,063,766 -20,525,530 -21,551,807 -22,629,397 -23,760,867 -24,948,910 -26,196,356 -27,506,173 -28,881,482 -30,325,556 -31,841,834 -33,433,926 -35,105,622 -36,860,903 -38,703,948 -40,639,146 -42,671,103 -44,804,658 -47,044,891 -49,397,136 -51,866,992 +Cash flow from financing activities ($) 2,397,476,541 -19,456,091 -20,545,632 -21,696,188 -22,911,174 -24,194,200 -25,549,075 -26,979,823 -28,490,694 -30,086,172 -31,770,998 -33,550,174 -35,428,984 -37,413,007 -39,508,135 -41,720,591 -44,056,944 -46,524,133 -49,129,484 -51,880,735 -54,786,056 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 278,296,983 281,358,211 285,411,904 289,251,257 292,920,568 296,251,513 298,945,363 300,615,196 300,823,711 299,126,065 309,774,747 315,459,208 317,940,113 320,178,434 322,282,748 324,113,541 325,392,013 325,750,154 324,771,008 1,508,839,097 -Cash flow from investing activities ($) -2,373,063,766 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,373,063,766 -20,525,530 -21,551,807 -22,629,397 -23,760,867 -24,948,910 -26,196,356 -27,506,173 -28,881,482 -30,325,556 -31,841,834 -33,433,926 -35,105,622 -36,860,903 -38,703,948 -40,639,146 -42,671,103 -44,804,658 -47,044,891 -49,397,136 -51,866,992 -Total pre-tax cash flow ($) 0 257,771,453 259,806,405 262,782,507 265,490,390 267,971,658 270,055,157 271,439,189 271,733,714 270,498,155 267,284,230 276,340,821 280,353,586 281,079,210 281,474,486 281,643,603 281,442,438 280,587,355 278,705,263 275,373,872 1,456,972,105 +Cash flow from operating activities ($) 0 271,877,459 275,084,515 279,233,667 283,169,625 286,945,736 290,400,576 293,241,880 295,088,749 295,509,098 294,062,053 304,553,246 310,485,287 313,224,500 315,732,106 318,128,301 320,281,789 321,921,403 322,686,297 322,165,900 1,518,952,377 +Cash flow from investing activities ($) -2,397,476,541 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,397,476,541 -19,456,091 -20,545,632 -21,696,188 -22,911,174 -24,194,200 -25,549,075 -26,979,823 -28,490,694 -30,086,172 -31,770,998 -33,550,174 -35,428,984 -37,413,007 -39,508,135 -41,720,591 -44,056,944 -46,524,133 -49,129,484 -51,880,735 -54,786,056 +Total pre-tax cash flow ($) 0 252,421,367 254,538,883 257,537,480 260,258,450 262,751,536 264,851,501 266,262,057 266,598,056 265,422,926 262,291,055 271,003,072 275,056,304 275,811,493 276,223,971 276,407,710 276,224,845 275,397,270 273,556,813 270,285,164 1,464,166,320 Pre-tax Returns: -Issuance of equity ($) 1,694,367,529 -Total pre-tax cash flow ($) 0 257,771,453 259,806,405 262,782,507 265,490,390 267,971,658 270,055,157 271,439,189 271,733,714 270,498,155 267,284,230 276,340,821 280,353,586 281,079,210 281,474,486 281,643,603 281,442,438 280,587,355 278,705,263 275,373,872 1,456,972,105 -Total pre-tax returns ($) -1,694,367,529 257,771,453 259,806,405 262,782,507 265,490,390 267,971,658 270,055,157 271,439,189 271,733,714 270,498,155 267,284,230 276,340,821 280,353,586 281,079,210 281,474,486 281,643,603 281,442,438 280,587,355 278,705,263 275,373,872 1,456,972,105 +Issuance of equity ($) 1,711,798,251 +Total pre-tax cash flow ($) 0 252,421,367 254,538,883 257,537,480 260,258,450 262,751,536 264,851,501 266,262,057 266,598,056 265,422,926 262,291,055 271,003,072 275,056,304 275,811,493 276,223,971 276,407,710 276,224,845 275,397,270 273,556,813 270,285,164 1,464,166,320 +Total pre-tax returns ($) -1,711,798,251 252,421,367 254,538,883 257,537,480 260,258,450 262,751,536 264,851,501 266,262,057 266,598,056 265,422,926 262,291,055 271,003,072 275,056,304 275,811,493 276,223,971 276,407,710 276,224,845 275,397,270 273,556,813 270,285,164 1,464,166,320 After-tax Returns: -Total pre-tax returns ($) -1,694,367,529 257,771,453 259,806,405 262,782,507 265,490,390 267,971,658 270,055,157 271,439,189 271,733,714 270,498,155 267,284,230 276,340,821 280,353,586 281,079,210 281,474,486 281,643,603 281,442,438 280,587,355 278,705,263 275,373,872 1,456,972,105 -Federal ITC total income ($) 0 711,919,130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,711,798,251 252,421,367 254,538,883 257,537,480 260,258,450 262,751,536 264,851,501 266,262,057 266,598,056 265,422,926 262,291,055 271,003,072 275,056,304 275,811,493 276,223,971 276,407,710 276,224,845 275,397,270 273,556,813 270,285,164 1,464,166,320 +Federal ITC total income ($) 0 719,242,962 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 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) ($) 0 -44,502,889 -35,252,236 -36,043,922 -36,793,748 -37,510,364 -38,160,898 -38,687,007 -39,013,125 -39,053,848 -38,722,298 -40,801,985 -41,912,161 -42,396,682 -42,833,826 -43,244,798 -43,602,352 -43,852,038 -43,921,982 -43,730,755 -274,979,253 +Federal tax benefit (liability) ($) 0 -43,147,840 -33,824,351 -34,634,681 -35,403,373 -36,140,848 -36,815,578 -37,370,484 -37,731,178 -37,813,272 -37,530,664 -39,579,594 -40,738,122 -41,273,090 -41,762,826 -42,230,803 -42,651,379 -42,971,595 -43,120,979 -43,019,346 -276,751,745 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) ($) 0 -15,950,856 -12,635,210 -12,918,969 -13,187,723 -13,444,575 -13,677,741 -13,866,311 -13,983,199 -13,997,795 -13,878,960 -14,624,368 -15,022,280 -15,195,943 -15,352,626 -15,499,928 -15,628,083 -15,717,576 -15,742,646 -15,674,106 -98,558,872 -Total after-tax returns ($) -1,694,367,529 909,236,837 211,918,959 213,819,616 215,508,919 217,016,718 218,216,518 218,885,872 218,737,390 217,446,511 214,682,973 220,914,468 223,419,145 223,486,585 223,288,034 222,898,877 222,212,003 221,017,741 219,040,634 215,969,011 1,083,433,979 +State tax benefit (liability) ($) 0 -15,465,176 -12,123,423 -12,413,864 -12,689,381 -12,953,709 -13,195,548 -13,394,439 -13,523,720 -13,553,144 -13,451,851 -14,186,235 -14,601,477 -14,793,222 -14,968,755 -15,136,488 -15,287,232 -15,402,005 -15,455,548 -15,419,120 -99,194,174 +Total after-tax returns ($) -1,711,798,251 913,051,314 208,591,108 210,488,935 212,165,696 213,656,980 214,840,375 215,497,133 215,343,158 214,056,509 211,308,540 217,237,243 219,716,704 219,745,181 219,492,391 219,040,419 218,286,234 217,023,669 214,980,286 211,846,699 1,088,220,402 -After-tax cumulative IRR (%) NaN -46.34 -28.78 -14.47 -4.66 1.94 6.47 9.64 11.92 13.58 14.81 15.77 16.52 17.10 17.55 17.91 18.20 18.43 18.61 18.76 19.32 -After-tax cumulative NPV ($) -1,694,367,529 -871,409,601 -697,801,082 -539,257,240 -394,624,142 -262,799,607 -142,824,462 -33,900,857 64,619,939 153,265,694 232,480,016 306,258,695 373,793,510 434,938,292 490,231,782 540,191,162 585,270,475 625,852,856 662,255,730 694,742,239 842,249,931 +After-tax cumulative IRR (%) NaN -46.66 -29.40 -15.19 -5.40 1.22 5.77 8.98 11.28 12.97 14.22 15.20 15.96 16.55 17.02 17.39 17.68 17.92 18.10 18.25 18.85 +After-tax cumulative NPV ($) -1,711,798,251 -881,544,038 -709,068,465 -550,806,346 -405,749,318 -272,919,189 -151,465,331 -40,687,512 59,972,805 150,958,174 232,630,715 308,980,744 379,199,624 443,059,208 501,061,092 553,694,658 601,390,528 644,510,398 683,350,903 718,154,477 880,722,417 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,694,367,529 518,178,946 -181,173,884 -182,249,329 -183,267,909 -184,241,377 -185,125,077 -185,839,756 -186,282,762 -186,338,081 -185,887,696 -188,712,791 -190,220,879 -190,879,063 -191,472,889 -192,031,164 -192,516,873 -192,856,052 -192,951,067 -192,691,299 679,707,320 -PPA revenue ($) 0 391,057,891 393,092,843 396,068,945 398,776,828 401,258,096 403,341,595 404,725,627 405,020,152 403,784,593 400,570,669 409,627,259 413,640,024 414,365,648 414,760,924 414,930,041 414,728,876 413,873,793 411,991,701 408,660,310 403,726,660 -Electricity to grid (kWh) 0.0 4,116,398,851 4,137,819,399 4,144,281,104 4,147,876,305 4,149,085,882 4,146,192,382 4,136,184,234 4,115,222,031 4,079,044,274 4,023,409,688 4,096,272,590 4,136,400,237 4,143,656,480 4,147,609,239 4,149,300,407 4,147,288,763 4,138,737,927 4,119,917,007 4,086,603,102 4,037,266,598 +Annual costs ($) -1,711,798,251 522,531,868 -184,045,853 -185,146,623 -186,190,833 -187,192,635 -188,109,204 -188,863,002 -189,352,976 -189,464,495 -189,080,594 -191,863,907 -193,437,678 -194,164,391 -194,829,659 -195,465,369 -196,036,690 -196,471,679 -196,674,606 -196,536,544 684,694,274 +PPA revenue ($) 0 390,519,446 392,636,962 395,635,558 398,356,529 400,849,615 402,949,579 404,360,135 404,696,134 403,521,004 400,389,134 409,101,151 413,154,382 413,909,572 414,322,050 414,505,789 414,322,923 413,495,349 411,654,892 408,383,243 403,526,128 +Electricity to grid (kWh) 0.0 4,110,731,011 4,133,020,649 4,139,746,346 4,143,504,566 4,144,862,111 4,142,162,616 4,132,449,004 4,111,929,832 4,076,381,494 4,021,586,315 4,091,011,507 4,131,543,823 4,139,095,716 4,143,220,499 4,145,057,889 4,143,229,233 4,134,953,486 4,116,548,917 4,083,832,430 4,035,261,283 -Present value of annual costs ($) 2,472,724,517 -Present value of annual energy nominal (kWh) 33,990,894,668 -LCOE Levelized cost of energy nominal (cents/kWh) 7.27 +Present value of annual costs ($) 2,548,805,732 +Present value of annual energy nominal (kWh) 35,149,141,055 +LCOE Levelized cost of energy nominal (cents/kWh) 7.25 -Present value of PPA revenue ($) 3,314,974,448 -Present value of annual energy nominal (kWh) 33,990,894,668 -LPPA Levelized PPA price nominal (cents/kWh) 9.75 +Present value of PPA revenue ($) 3,429,528,149 +Present value of annual energy nominal (kWh) 35,149,141,055 +LPPA Levelized PPA price nominal (cents/kWh) 9.76 PROJECT STATE INCOME TAXES -EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 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 ($) 0 33,934,812 32,908,535 31,830,945 30,699,475 29,511,432 28,263,986 26,954,169 25,578,860 24,134,786 22,618,508 21,026,416 19,354,720 17,599,439 15,756,394 13,821,196 11,789,239 9,655,684 7,415,451 5,063,206 2,593,350 -Total state tax depreciation ($) 0 50,427,605 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 +Debt interest payment ($) 0 38,397,984 37,308,443 36,157,888 34,942,901 33,659,875 32,305,000 30,874,252 29,363,382 27,767,903 26,083,077 24,303,902 22,425,092 20,441,069 18,345,940 16,133,485 13,797,132 11,329,943 8,724,591 5,973,340 3,068,019 +Total state tax depreciation ($) 0 50,946,377 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 equals: -State taxable income ($) 0 227,869,378 180,503,001 184,556,694 188,396,047 192,065,358 195,396,302 198,090,153 199,759,986 199,968,501 198,270,854 208,919,537 214,603,998 217,084,903 219,323,224 221,427,538 223,258,331 224,536,803 224,894,944 223,915,798 1,407,983,887 +State taxable income ($) 0 220,931,082 173,191,762 177,340,914 181,276,872 185,052,983 188,507,823 191,349,127 193,195,996 193,616,345 192,169,300 202,660,493 208,592,534 211,331,747 213,839,353 216,235,548 218,389,036 220,028,650 220,793,544 220,273,147 1,417,059,624 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) ($) 0 -15,950,856 -12,635,210 -12,918,969 -13,187,723 -13,444,575 -13,677,741 -13,866,311 -13,983,199 -13,997,795 -13,878,960 -14,624,368 -15,022,280 -15,195,943 -15,352,626 -15,499,928 -15,628,083 -15,717,576 -15,742,646 -15,674,106 -98,558,872 +State tax benefit (liability) ($) 0 -15,465,176 -12,123,423 -12,413,864 -12,689,381 -12,953,709 -13,195,548 -13,394,439 -13,523,720 -13,553,144 -13,451,851 -14,186,235 -14,601,477 -14,793,222 -14,968,755 -15,136,488 -15,287,232 -15,402,005 -15,455,548 -15,419,120 -99,194,174 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 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 -15,950,856 -12,635,210 -12,918,969 -13,187,723 -13,444,575 -13,677,741 -13,866,311 -13,983,199 -13,997,795 -13,878,960 -14,624,368 -15,022,280 -15,195,943 -15,352,626 -15,499,928 -15,628,083 -15,717,576 -15,742,646 -15,674,106 -98,558,872 +State tax benefit (liability) ($) 0 -15,465,176 -12,123,423 -12,413,864 -12,689,381 -12,953,709 -13,195,548 -13,394,439 -13,523,720 -13,553,144 -13,451,851 -14,186,235 -14,601,477 -14,793,222 -14,968,755 -15,136,488 -15,287,232 -15,402,005 -15,455,548 -15,419,120 -99,194,174 State ITC total income ($) 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 ($) 0 33,934,812 32,908,535 31,830,945 30,699,475 29,511,432 28,263,986 26,954,169 25,578,860 24,134,786 22,618,508 21,026,416 19,354,720 17,599,439 15,756,394 13,821,196 11,789,239 9,655,684 7,415,451 5,063,206 2,593,350 -Total federal tax depreciation ($) 0 50,427,605 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 100,855,210 +Debt interest payment ($) 0 38,397,984 37,308,443 36,157,888 34,942,901 33,659,875 32,305,000 30,874,252 29,363,382 27,767,903 26,083,077 24,303,902 22,425,092 20,441,069 18,345,940 16,133,485 13,797,132 11,329,943 8,724,591 5,973,340 3,068,019 +Total federal tax depreciation ($) 0 50,946,377 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 equals: -Federal taxable income ($) 0 211,918,521 167,867,791 171,637,725 175,208,323 178,620,783 181,718,561 184,223,842 185,776,787 185,970,706 184,391,895 194,295,169 199,581,718 201,888,960 203,970,598 205,927,611 207,630,248 208,819,226 209,152,298 208,241,692 1,309,425,015 +Federal taxable income ($) 0 205,465,906 161,068,339 164,927,050 168,587,491 172,099,274 175,312,275 177,954,688 179,672,276 180,063,201 178,717,449 188,474,259 193,991,057 196,538,525 198,870,599 201,099,060 203,101,803 204,626,644 205,337,996 204,854,026 1,317,865,450 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) ($) 0 -44,502,889 -35,252,236 -36,043,922 -36,793,748 -37,510,364 -38,160,898 -38,687,007 -39,013,125 -39,053,848 -38,722,298 -40,801,985 -41,912,161 -42,396,682 -42,833,826 -43,244,798 -43,602,352 -43,852,038 -43,921,982 -43,730,755 -274,979,253 +Federal tax benefit (liability) ($) 0 -43,147,840 -33,824,351 -34,634,681 -35,403,373 -36,140,848 -36,815,578 -37,370,484 -37,731,178 -37,813,272 -37,530,664 -39,579,594 -40,738,122 -41,273,090 -41,762,826 -42,230,803 -42,651,379 -42,971,595 -43,120,979 -43,019,346 -276,751,745 CASH INCENTIVES Federal IBI income ($) 0 @@ -355,30 +355,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 711,919,130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 711,919,130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 719,242,962 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 719,242,962 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 678,696,237 658,170,707 636,618,900 613,989,503 590,228,637 565,279,726 539,083,371 511,577,197 482,695,715 452,370,159 420,528,325 387,094,399 351,988,777 315,127,874 276,423,926 235,784,780 193,113,677 148,309,019 101,264,128 51,866,992 0 -Debt interest payment ($) 0 33,934,812 32,908,535 31,830,945 30,699,475 29,511,432 28,263,986 26,954,169 25,578,860 24,134,786 22,618,508 21,026,416 19,354,720 17,599,439 15,756,394 13,821,196 11,789,239 9,655,684 7,415,451 5,063,206 2,593,350 -Debt principal payment ($) 0 20,525,530 21,551,807 22,629,397 23,760,867 24,948,910 26,196,356 27,506,173 28,881,482 30,325,556 31,841,834 33,433,926 35,105,622 36,860,903 38,703,948 40,639,146 42,671,103 44,804,658 47,044,891 49,397,136 51,866,992 -Debt total payment ($) 0 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 +Debt balance ($) 685,678,291 666,222,200 645,676,567 623,980,379 601,069,205 576,875,005 551,325,930 524,346,106 495,855,413 465,769,241 433,998,242 400,448,068 365,019,085 327,606,078 288,097,943 246,377,352 202,320,408 155,796,276 106,666,792 54,786,056 0 +Debt interest payment ($) 0 38,397,984 37,308,443 36,157,888 34,942,901 33,659,875 32,305,000 30,874,252 29,363,382 27,767,903 26,083,077 24,303,902 22,425,092 20,441,069 18,345,940 16,133,485 13,797,132 11,329,943 8,724,591 5,973,340 3,068,019 +Debt principal payment ($) 0 19,456,091 20,545,632 21,696,188 22,911,174 24,194,200 25,549,075 26,979,823 28,490,694 30,086,172 31,770,998 33,550,174 35,428,984 37,413,007 39,508,135 41,720,591 44,056,944 46,524,133 49,129,484 51,880,735 54,786,056 +Debt total payment ($) 0 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 DSCR (DEBT FRACTION) -EBITDA ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 +EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 minus: Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 312,231,795 314,266,747 317,242,849 319,950,732 322,432,000 324,515,499 325,899,531 326,194,056 324,958,497 321,744,572 330,801,163 334,813,928 335,539,552 335,934,828 336,103,945 335,902,780 335,047,697 333,165,605 329,834,214 1,511,432,447 -Debt total payment ($) 0 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 54,460,342 -DSCR (pre-tax) 0.0 5.73 5.77 5.83 5.87 5.92 5.96 5.98 5.99 5.97 5.91 6.07 6.15 6.16 6.17 6.17 6.17 6.15 6.12 6.06 27.75 +Cash available for debt service (CAFDS) ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 +Debt total payment ($) 0 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 +DSCR (pre-tax) 0.0 5.36 5.40 5.45 5.50 5.54 5.58 5.60 5.61 5.59 5.53 5.68 5.75 5.77 5.77 5.78 5.77 5.76 5.73 5.67 26.31 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 9d273b67..ba06ac66 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -11,8 +11,8 @@ 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, .05 -Discount Rate, 0.08 +Inflated Bond Interest Rate, .056 +Discount Rate, 0.075 Inflation Rate, .023, -- US inflation as of April 2025 Inflation Rate During Construction, 0.05 @@ -52,11 +52,11 @@ Fracture Height, 1400 Fracture Width, 1400 Fracture Separation, 30 -Number of Injection Wells, 48 -Number of Production Wells, 48 +Number of Injection Wells, 50 +Number of Production Wells, 50 # 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, 120, -- Peak flow reported for Project Red +Production Flow Rate per Well, 115, -- 5 kg/s less than 120 kg/s peak flow reported for Project Red Production Well Diameter, 9.625, -- Next standard size up from 7", implied by announcement of "increasing casing diameter" Injection Well Diameter, 9.625 From ef207430baf9e833665380664314effcde959fe0 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 14:21:00 -0700 Subject: [PATCH 39/61] Set water loss fraction = 15% --- tests/examples/Fervo_Project_Cape-4.out | 252 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 8 +- 2 files changed, 130 insertions(+), 130 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index c25a3b5e..7331a4ea 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,14 +6,14 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.12 Simulation Date: 2025-05-27 - Simulation Time: 14:15 - Calculation Time: 1.057 sec + Simulation Time: 14:19 + Calculation Time: 1.048 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 522.05 MW - Electricity breakeven price: 7.25 cents/kWh + Average Net Electricity Production: 519.97 MW + Electricity breakeven price: 7.41 cents/kWh Number of production wells: 50 Number of injection wells: 50 Flowrate per production well: 115.0 kg/sec @@ -30,8 +30,8 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 880.72 MUSD - After-tax IRR: 18.85 % + Project NPV: 822.54 MUSD + After-tax IRR: 18.28 % Estimated Jobs Created: 1187 ***ENGINEERING PARAMETERS*** @@ -39,7 +39,7 @@ Simulation Metadata Number of Production Wells: 50 Number of Injection Wells: 50 Well depth: 2.6 kilometer - Water loss rate: 10.0 % + Water loss rate: 15.0 % Pump efficiency: 80.0 % Injection temperature: 56.7 degC Production Wellbore heat transmission calculated with Ramey's model @@ -85,8 +85,8 @@ Simulation Metadata Average Reservoir Heat Extraction: 3432.79 MW Production Wellbore Heat Transmission Model = Ramey Model Average Production Well Temperature Drop: 1.7 degC - Total Average Pressure Drop: 4416.9 kPa - Average Injection Well Pressure Drop: 635.2 kPa + Total Average Pressure Drop: 4475.3 kPa + Average Injection Well Pressure Drop: 693.5 kPa Average Reservoir Pressure Drop: 6037.9 kPa Average Production Well Pressure Drop: 581.9 kPa Average Buoyancy Pressure Drop: -2838.0 kPa @@ -100,19 +100,19 @@ Simulation Metadata Drilling and completion costs per non-vertical section: 2.48 MUSD Stimulation costs: 150.94 MUSD Surface power plant costs: 1529.21 MUSD - Field gathering system costs: 69.87 MUSD - Total surface equipment costs: 1599.07 MUSD + Field gathering system costs: 71.35 MUSD + Total surface equipment costs: 1600.56 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -684.99 MUSD - Total CAPEX: 2397.48 MUSD + Investment Tax Credit: -685.44 MUSD + Total CAPEX: 2399.04 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 6.67 MUSD/yr + Wellfield maintenance costs: 6.69 MUSD/yr Power plant maintenance costs: 25.76 MUSD/yr - Water costs: 15.10 MUSD/yr - Total operating and maintenance costs: 80.24 MUSD/yr + Water costs: 22.64 MUSD/yr + Total operating and maintenance costs: 87.81 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** @@ -122,15 +122,15 @@ Simulation Metadata Average Total Electricity Generation: 557.24 MW Minimum Total Electricity Generation: 540.60 MW Initial Total Electricity Generation: 552.14 MW - Maximum Net Electricity Generation: 525.76 MW - Average Net Electricity Generation: 522.05 MW - Minimum Net Electricity Generation: 504.83 MW - Initial Net Electricity Generation: 516.97 MW + Maximum Net Electricity Generation: 523.68 MW + Average Net Electricity Generation: 519.97 MW + Minimum Net Electricity Generation: 502.72 MW + Initial Net Electricity Generation: 514.89 MW Average Annual Total Electricity Generation: 4393.29 GWh - Average Annual Net Electricity Generation: 4115.86 GWh - Initial pumping power/net installed power: 6.80 % - Average Pumping Power: 35.19 MW - Heat to Power Conversion Efficiency: 15.21 % + Average Annual Net Electricity Generation: 4099.42 GWh + Initial pumping power/net installed power: 7.23 % + Average Pumping Power: 37.27 MW + Heat to Power Conversion Efficiency: 15.15 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -138,26 +138,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.47 35.1662 516.9747 15.1386 - 2 1.0048 199.41 35.1156 523.5253 15.2290 - 3 1.0056 199.58 35.1063 524.7271 15.2455 - 4 1.0061 199.67 35.1016 525.3456 15.2539 - 5 1.0063 199.72 35.1006 525.6873 15.2586 - 6 1.0063 199.72 35.1086 525.6536 15.2580 - 7 1.0058 199.62 35.1359 524.9396 15.2479 - 8 1.0045 199.36 35.1963 523.1091 15.2221 - 9 1.0021 198.88 35.3058 519.6449 15.1731 - 10 0.9981 198.08 35.4813 514.0021 15.0927 - 11 0.9921 196.90 35.7384 505.6650 14.9729 - 12 1.0045 199.36 35.0837 523.2108 15.2252 - 13 1.0055 199.56 35.0808 524.6127 15.2443 - 14 1.0060 199.66 35.0775 525.2879 15.2535 - 15 1.0063 199.72 35.0753 525.6758 15.2588 - 16 1.0063 199.72 35.0794 525.7232 15.2594 - 17 1.0059 199.64 35.0999 525.1526 15.2514 - 18 1.0048 199.42 35.1505 523.5458 15.2287 - 19 1.0026 198.98 35.2472 520.3952 15.1842 - 20 0.9988 198.24 35.4069 515.1564 15.1098 + 1 1.0000 198.47 37.2505 514.8904 15.0776 + 2 1.0048 199.41 37.1976 521.4433 15.1684 + 3 1.0056 199.58 37.1879 522.6455 15.1850 + 4 1.0061 199.67 37.1830 523.2642 15.1935 + 5 1.0063 199.72 37.1820 523.6060 15.1982 + 6 1.0063 199.72 37.1903 523.5719 15.1976 + 7 1.0058 199.62 37.2188 522.8566 15.1874 + 8 1.0045 199.36 37.2820 521.0234 15.1614 + 9 1.0021 198.88 37.3965 517.5542 15.1120 + 10 0.9981 198.08 37.5799 511.9035 15.0311 + 11 0.9921 196.90 37.8487 503.5547 14.9104 + 12 1.0045 199.36 37.1643 521.1302 15.1647 + 13 1.0055 199.56 37.1613 522.5323 15.1839 + 14 1.0060 199.66 37.1578 523.2076 15.1931 + 15 1.0063 199.72 37.1555 523.5956 15.1985 + 16 1.0063 199.72 37.1597 523.6428 15.1990 + 17 1.0059 199.64 37.1812 523.0713 15.1909 + 18 1.0048 199.42 37.2341 521.4622 15.1681 + 19 1.0026 198.98 37.3352 518.3072 15.1233 + 20 0.9988 198.24 37.5021 513.0611 15.0484 ******************************************************************* @@ -166,26 +166,26 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4110.6 27044.1 2572.95 3.65 - 2 4132.9 27121.5 2475.31 7.30 - 3 4139.6 27144.8 2377.59 10.96 - 4 4143.4 27157.8 2279.82 14.62 - 5 4144.7 27162.6 2182.03 18.29 - 6 4142.0 27153.6 2084.28 21.95 - 7 4132.3 27120.9 1986.65 25.60 - 8 4111.8 27051.5 1889.26 29.25 - 9 4076.2 26930.9 1792.31 32.88 - 10 4021.4 26744.5 1696.03 36.49 - 11 4090.9 26976.0 1598.91 40.12 - 12 4131.4 27115.5 1501.30 43.78 - 13 4138.9 27141.8 1403.59 47.44 - 14 4143.1 27156.1 1305.83 51.10 - 15 4144.9 27162.5 1208.04 54.76 - 16 4143.1 27156.5 1110.28 58.42 - 17 4134.8 27128.5 1012.62 62.08 - 18 4116.4 27066.2 915.18 65.73 - 19 4083.7 26955.2 818.14 69.36 - 20 4035.1 26790.0 721.69 72.97 + 1 4094.2 27044.1 2572.95 3.65 + 2 4116.5 27121.5 2475.31 7.30 + 3 4123.2 27144.8 2377.59 10.96 + 4 4126.9 27157.8 2279.82 14.62 + 5 4128.3 27162.6 2182.03 18.29 + 6 4125.6 27153.6 2084.28 21.95 + 7 4115.9 27120.9 1986.65 25.60 + 8 4095.3 27051.5 1889.26 29.25 + 9 4059.7 26930.9 1792.31 32.88 + 10 4004.9 26744.5 1696.03 36.49 + 11 4074.4 26976.0 1598.91 40.12 + 12 4115.0 27115.5 1501.30 43.78 + 13 4122.5 27141.8 1403.59 47.44 + 14 4126.7 27156.1 1305.83 51.10 + 15 4128.5 27162.5 1208.04 54.76 + 16 4126.7 27156.5 1110.28 58.42 + 17 4118.4 27128.5 1012.62 62.08 + 18 4100.0 27066.2 915.18 65.73 + 19 4067.2 26955.2 818.14 69.36 + 20 4018.6 26790.0 721.69 72.97 *************************** * SAM CASH FLOW PROFILE * @@ -193,52 +193,52 @@ Simulation Metadata ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 ENERGY -Electricity to grid (kWh) 0.0 4,110,731,011 4,133,020,649 4,139,746,346 4,143,504,566 4,144,862,111 4,142,162,616 4,132,449,004 4,111,929,832 4,076,381,494 4,021,586,315 4,091,011,507 4,131,543,823 4,139,095,716 4,143,220,499 4,145,057,889 4,143,229,233 4,134,953,486 4,116,548,917 4,083,832,430 4,035,261,283 +Electricity to grid (kWh) 0.0 4,094,309,766 4,116,607,226 4,123,335,272 4,127,094,586 4,128,451,130 4,125,745,683 4,116,016,811 4,095,467,678 4,059,868,757 4,004,996,510 4,074,577,166 4,115,140,431 4,122,693,439 4,126,819,305 4,128,656,605 4,126,823,891 4,118,535,845 4,100,105,386 4,067,343,460 4,018,705,073 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 4,110,731,011 4,133,020,649 4,139,746,346 4,143,504,566 4,144,862,111 4,142,162,616 4,132,449,004 4,111,929,832 4,076,381,494 4,021,586,315 4,091,011,507 4,131,543,823 4,139,095,716 4,143,220,499 4,145,057,889 4,143,229,233 4,134,953,486 4,116,548,917 4,083,832,430 4,035,261,283 +Electricity to grid net (kWh) 0.0 4,094,309,766 4,116,607,226 4,123,335,272 4,127,094,586 4,128,451,130 4,125,745,683 4,116,016,811 4,095,467,678 4,059,868,757 4,004,996,510 4,074,577,166 4,115,140,431 4,122,693,439 4,126,819,305 4,128,656,605 4,126,823,891 4,118,535,845 4,100,105,386 4,067,343,460 4,018,705,073 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 ($) 0 390,519,446 392,636,962 395,635,558 398,356,529 400,849,615 402,949,579 404,360,135 404,696,134 403,521,004 400,389,134 409,101,151 413,154,382 413,909,572 414,322,050 414,505,789 414,322,923 413,495,349 411,654,892 408,383,243 403,526,128 +PPA revenue ($) 0 388,959,428 391,077,686 394,067,152 396,778,874 399,262,509 401,352,540 402,752,245 403,075,929 401,886,408 398,737,452 407,457,717 411,514,043 412,269,344 412,681,931 412,865,660 412,682,389 411,853,585 410,010,539 406,734,346 401,870,507 Curtailment payment revenue ($) 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 1,198,738,271 -Total revenue ($) 0 390,519,446 392,636,962 395,635,558 398,356,529 400,849,615 402,949,579 404,360,135 404,696,134 403,521,004 400,389,134 409,101,151 413,154,382 413,909,572 414,322,050 414,505,789 414,322,923 413,495,349 411,654,892 408,383,243 1,602,264,399 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,199,518,746 +Total revenue ($) 0 388,959,428 391,077,686 394,067,152 396,778,874 399,262,509 401,352,540 402,752,245 403,075,929 401,886,408 398,737,452 407,457,717 411,514,043 412,269,344 412,681,931 412,865,660 412,682,389 411,853,585 410,010,539 406,734,346 1,601,389,253 -Property tax net assessed value ($) 0 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 2,397,476,541 +Property tax net assessed value ($) 0 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 OPERATING EXPENSES -O&M fixed expense ($) 0 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 +O&M fixed expense ($) 0 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 O&M production-based expense ($) 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 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 80,244,003 +Total operating expenses ($) 0 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 -EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 +EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 OPERATING ACTIVITIES -EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 +EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 Interest earned on reserves ($) 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 ($) 0 38,397,984 37,308,443 36,157,888 34,942,901 33,659,875 32,305,000 30,874,252 29,363,382 27,767,903 26,083,077 24,303,902 22,425,092 20,441,069 18,345,940 16,133,485 13,797,132 11,329,943 8,724,591 5,973,340 3,068,019 -Cash flow from operating activities ($) 0 271,877,459 275,084,515 279,233,667 283,169,625 286,945,736 290,400,576 293,241,880 295,088,749 295,509,098 294,062,053 304,553,246 310,485,287 313,224,500 315,732,106 318,128,301 320,281,789 321,921,403 322,686,297 322,165,900 1,518,952,377 +Debt interest payment ($) 0 38,422,984 37,332,734 36,181,429 34,965,652 33,681,791 32,326,033 30,894,354 29,382,500 27,785,982 26,100,060 24,319,725 22,439,692 20,454,378 18,357,885 16,143,989 13,806,115 11,337,320 8,730,272 5,977,229 3,070,017 +Cash flow from operating activities ($) 0 262,729,630 265,938,139 270,078,909 274,006,408 277,773,904 281,219,693 284,051,078 285,886,615 286,293,612 284,830,579 295,331,178 301,267,537 304,008,153 306,517,232 308,914,858 311,069,461 312,709,451 313,473,453 312,950,303 1,510,512,422 INVESTING ACTIVITIES -Total installed cost ($) -2,397,476,541 +Total installed cost ($) -2,399,037,491 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,397,476,541 +Purchase of property ($) -2,399,037,491 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 @@ -250,86 +250,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,397,476,541 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,399,037,491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,711,798,251 -Size of debt ($) 685,678,291 +Issuance of equity ($) 1,712,912,769 +Size of debt ($) 686,124,722 minus: -Debt principal payment ($) 0 19,456,091 20,545,632 21,696,188 22,911,174 24,194,200 25,549,075 26,979,823 28,490,694 30,086,172 31,770,998 33,550,174 35,428,984 37,413,007 39,508,135 41,720,591 44,056,944 46,524,133 49,129,484 51,880,735 54,786,056 +Debt principal payment ($) 0 19,468,759 20,559,009 21,710,314 22,926,091 24,209,952 25,565,710 26,997,389 28,509,243 30,105,761 31,791,684 33,572,018 35,452,051 37,437,366 39,533,858 41,747,754 44,085,628 46,554,424 49,161,471 51,914,514 54,821,726 equals: -Cash flow from financing activities ($) 2,397,476,541 -19,456,091 -20,545,632 -21,696,188 -22,911,174 -24,194,200 -25,549,075 -26,979,823 -28,490,694 -30,086,172 -31,770,998 -33,550,174 -35,428,984 -37,413,007 -39,508,135 -41,720,591 -44,056,944 -46,524,133 -49,129,484 -51,880,735 -54,786,056 +Cash flow from financing activities ($) 2,399,037,491 -19,468,759 -20,559,009 -21,710,314 -22,926,091 -24,209,952 -25,565,710 -26,997,389 -28,509,243 -30,105,761 -31,791,684 -33,572,018 -35,452,051 -37,437,366 -39,533,858 -41,747,754 -44,085,628 -46,554,424 -49,161,471 -51,914,514 -54,821,726 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 271,877,459 275,084,515 279,233,667 283,169,625 286,945,736 290,400,576 293,241,880 295,088,749 295,509,098 294,062,053 304,553,246 310,485,287 313,224,500 315,732,106 318,128,301 320,281,789 321,921,403 322,686,297 322,165,900 1,518,952,377 -Cash flow from investing activities ($) -2,397,476,541 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,397,476,541 -19,456,091 -20,545,632 -21,696,188 -22,911,174 -24,194,200 -25,549,075 -26,979,823 -28,490,694 -30,086,172 -31,770,998 -33,550,174 -35,428,984 -37,413,007 -39,508,135 -41,720,591 -44,056,944 -46,524,133 -49,129,484 -51,880,735 -54,786,056 -Total pre-tax cash flow ($) 0 252,421,367 254,538,883 257,537,480 260,258,450 262,751,536 264,851,501 266,262,057 266,598,056 265,422,926 262,291,055 271,003,072 275,056,304 275,811,493 276,223,971 276,407,710 276,224,845 275,397,270 273,556,813 270,285,164 1,464,166,320 +Cash flow from operating activities ($) 0 262,729,630 265,938,139 270,078,909 274,006,408 277,773,904 281,219,693 284,051,078 285,886,615 286,293,612 284,830,579 295,331,178 301,267,537 304,008,153 306,517,232 308,914,858 311,069,461 312,709,451 313,473,453 312,950,303 1,510,512,422 +Cash flow from investing activities ($) -2,399,037,491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,399,037,491 -19,468,759 -20,559,009 -21,710,314 -22,926,091 -24,209,952 -25,565,710 -26,997,389 -28,509,243 -30,105,761 -31,791,684 -33,572,018 -35,452,051 -37,437,366 -39,533,858 -41,747,754 -44,085,628 -46,554,424 -49,161,471 -51,914,514 -54,821,726 +Total pre-tax cash flow ($) 0 243,260,871 245,379,130 248,368,595 251,080,317 253,563,952 255,653,983 257,053,688 257,377,372 256,187,851 253,038,896 261,759,160 265,815,486 266,570,787 266,983,374 267,167,104 266,983,832 266,155,028 264,311,982 261,035,789 1,455,690,696 Pre-tax Returns: -Issuance of equity ($) 1,711,798,251 -Total pre-tax cash flow ($) 0 252,421,367 254,538,883 257,537,480 260,258,450 262,751,536 264,851,501 266,262,057 266,598,056 265,422,926 262,291,055 271,003,072 275,056,304 275,811,493 276,223,971 276,407,710 276,224,845 275,397,270 273,556,813 270,285,164 1,464,166,320 -Total pre-tax returns ($) -1,711,798,251 252,421,367 254,538,883 257,537,480 260,258,450 262,751,536 264,851,501 266,262,057 266,598,056 265,422,926 262,291,055 271,003,072 275,056,304 275,811,493 276,223,971 276,407,710 276,224,845 275,397,270 273,556,813 270,285,164 1,464,166,320 +Issuance of equity ($) 1,712,912,769 +Total pre-tax cash flow ($) 0 243,260,871 245,379,130 248,368,595 251,080,317 253,563,952 255,653,983 257,053,688 257,377,372 256,187,851 253,038,896 261,759,160 265,815,486 266,570,787 266,983,374 267,167,104 266,983,832 266,155,028 264,311,982 261,035,789 1,455,690,696 +Total pre-tax returns ($) -1,712,912,769 243,260,871 245,379,130 248,368,595 251,080,317 253,563,952 255,653,983 257,053,688 257,377,372 256,187,851 253,038,896 261,759,160 265,815,486 266,570,787 266,983,374 267,167,104 266,983,832 266,155,028 264,311,982 261,035,789 1,455,690,696 After-tax Returns: -Total pre-tax returns ($) -1,711,798,251 252,421,367 254,538,883 257,537,480 260,258,450 262,751,536 264,851,501 266,262,057 266,598,056 265,422,926 262,291,055 271,003,072 275,056,304 275,811,493 276,223,971 276,407,710 276,224,845 275,397,270 273,556,813 270,285,164 1,464,166,320 -Federal ITC total income ($) 0 719,242,962 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,712,912,769 243,260,871 245,379,130 248,368,595 251,080,317 253,563,952 255,653,983 257,053,688 257,377,372 256,187,851 253,038,896 261,759,160 265,815,486 266,570,787 266,983,374 267,167,104 266,983,832 266,155,028 264,311,982 261,035,789 1,455,690,696 +Federal ITC total income ($) 0 719,711,247 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 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) ($) 0 -43,147,840 -33,824,351 -34,634,681 -35,403,373 -36,140,848 -36,815,578 -37,370,484 -37,731,178 -37,813,272 -37,530,664 -39,579,594 -40,738,122 -41,273,090 -41,762,826 -42,230,803 -42,651,379 -42,971,595 -43,120,979 -43,019,346 -276,751,745 +Federal tax benefit (liability) ($) 0 -41,354,791 -32,025,108 -32,833,800 -33,600,841 -34,336,633 -35,009,595 -35,562,565 -35,921,045 -36,000,532 -35,714,801 -37,765,568 -38,924,939 -39,460,181 -39,950,204 -40,418,461 -40,839,255 -41,159,545 -41,308,754 -41,206,583 -275,090,465 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) ($) 0 -15,465,176 -12,123,423 -12,413,864 -12,689,381 -12,953,709 -13,195,548 -13,394,439 -13,523,720 -13,553,144 -13,451,851 -14,186,235 -14,601,477 -14,793,222 -14,968,755 -15,136,488 -15,287,232 -15,402,005 -15,455,548 -15,419,120 -99,194,174 -Total after-tax returns ($) -1,711,798,251 913,051,314 208,591,108 210,488,935 212,165,696 213,656,980 214,840,375 215,497,133 215,343,158 214,056,509 211,308,540 217,237,243 219,716,704 219,745,181 219,492,391 219,040,419 218,286,234 217,023,669 214,980,286 211,846,699 1,088,220,402 +State tax benefit (liability) ($) 0 -14,822,506 -11,478,533 -11,768,387 -12,043,312 -12,307,037 -12,548,242 -12,746,439 -12,874,927 -12,903,416 -12,801,004 -13,536,046 -13,951,591 -14,143,434 -14,319,070 -14,486,904 -14,637,726 -14,752,525 -14,806,005 -14,769,385 -98,598,733 +Total after-tax returns ($) -1,712,912,769 906,794,821 201,875,489 203,766,408 205,436,164 206,920,283 208,096,146 208,744,685 208,581,400 207,283,904 204,523,090 210,457,546 212,938,956 212,967,172 212,714,100 212,261,739 211,506,852 210,242,958 208,197,222 205,059,821 1,082,001,498 -After-tax cumulative IRR (%) NaN -46.66 -29.40 -15.19 -5.40 1.22 5.77 8.98 11.28 12.97 14.22 15.20 15.96 16.55 17.02 17.39 17.68 17.92 18.10 18.25 18.85 -After-tax cumulative NPV ($) -1,711,798,251 -881,544,038 -709,068,465 -550,806,346 -405,749,318 -272,919,189 -151,465,331 -40,687,512 59,972,805 150,958,174 232,630,715 308,980,744 379,199,624 443,059,208 501,061,092 553,694,658 601,390,528 644,510,398 683,350,903 718,154,477 880,722,417 +After-tax cumulative IRR (%) NaN -47.06 -30.18 -16.11 -6.33 0.32 4.91 8.15 10.49 12.20 13.48 14.48 15.26 15.87 16.35 16.73 17.04 17.28 17.48 17.64 18.28 +After-tax cumulative NPV ($) -1,712,912,769 -888,347,699 -721,425,001 -568,217,406 -427,761,338 -299,119,400 -181,478,199 -74,171,524 23,328,067 111,434,719 190,484,627 264,451,868 332,504,660 394,394,504 450,605,193 501,609,899 547,824,464 589,597,092 627,212,101 660,900,681 822,539,587 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,711,798,251 522,531,868 -184,045,853 -185,146,623 -186,190,833 -187,192,635 -188,109,204 -188,863,002 -189,352,976 -189,464,495 -189,080,594 -191,863,907 -193,437,678 -194,164,391 -194,829,659 -195,465,369 -196,036,690 -196,471,679 -196,674,606 -196,536,544 684,694,274 -PPA revenue ($) 0 390,519,446 392,636,962 395,635,558 398,356,529 400,849,615 402,949,579 404,360,135 404,696,134 403,521,004 400,389,134 409,101,151 413,154,382 413,909,572 414,322,050 414,505,789 414,322,923 413,495,349 411,654,892 408,383,243 403,526,128 -Electricity to grid (kWh) 0.0 4,110,731,011 4,133,020,649 4,139,746,346 4,143,504,566 4,144,862,111 4,142,162,616 4,132,449,004 4,111,929,832 4,076,381,494 4,021,586,315 4,091,011,507 4,131,543,823 4,139,095,716 4,143,220,499 4,145,057,889 4,143,229,233 4,134,953,486 4,116,548,917 4,083,832,430 4,035,261,283 +Annual costs ($) -1,712,912,769 517,835,393 -189,202,198 -190,300,744 -191,342,709 -192,342,226 -193,256,394 -194,007,560 -194,494,528 -194,602,505 -194,214,362 -197,000,171 -198,575,087 -199,302,172 -199,967,831 -200,603,921 -201,175,537 -201,610,627 -201,813,317 -201,674,525 680,130,990 +PPA revenue ($) 0 388,959,428 391,077,686 394,067,152 396,778,874 399,262,509 401,352,540 402,752,245 403,075,929 401,886,408 398,737,452 407,457,717 411,514,043 412,269,344 412,681,931 412,865,660 412,682,389 411,853,585 410,010,539 406,734,346 401,870,507 +Electricity to grid (kWh) 0.0 4,094,309,766 4,116,607,226 4,123,335,272 4,127,094,586 4,128,451,130 4,125,745,683 4,116,016,811 4,095,467,678 4,059,868,757 4,004,996,510 4,074,577,166 4,115,140,431 4,122,693,439 4,126,819,305 4,128,656,605 4,126,823,891 4,118,535,845 4,100,105,386 4,067,343,460 4,018,705,073 -Present value of annual costs ($) 2,548,805,732 -Present value of annual energy nominal (kWh) 35,149,141,055 -LCOE Levelized cost of energy nominal (cents/kWh) 7.25 +Present value of annual costs ($) 2,593,310,221 +Present value of annual energy nominal (kWh) 35,008,962,358 +LCOE Levelized cost of energy nominal (cents/kWh) 7.41 -Present value of PPA revenue ($) 3,429,528,149 -Present value of annual energy nominal (kWh) 35,149,141,055 +Present value of PPA revenue ($) 3,415,849,808 +Present value of annual energy nominal (kWh) 35,008,962,358 LPPA Levelized PPA price nominal (cents/kWh) 9.76 PROJECT STATE INCOME TAXES -EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 +EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 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 ($) 0 38,397,984 37,308,443 36,157,888 34,942,901 33,659,875 32,305,000 30,874,252 29,363,382 27,767,903 26,083,077 24,303,902 22,425,092 20,441,069 18,345,940 16,133,485 13,797,132 11,329,943 8,724,591 5,973,340 3,068,019 -Total state tax depreciation ($) 0 50,946,377 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 +Debt interest payment ($) 0 38,422,984 37,332,734 36,181,429 34,965,652 33,681,791 32,326,033 30,894,354 29,382,500 27,785,982 26,100,060 24,319,725 22,439,692 20,454,378 18,357,885 16,143,989 13,806,115 11,337,320 8,730,272 5,977,229 3,070,017 +Total state tax depreciation ($) 0 50,979,547 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 equals: -State taxable income ($) 0 220,931,082 173,191,762 177,340,914 181,276,872 185,052,983 188,507,823 191,349,127 193,195,996 193,616,345 192,169,300 202,660,493 208,592,534 211,331,747 213,839,353 216,235,548 218,389,036 220,028,650 220,793,544 220,273,147 1,417,059,624 +State taxable income ($) 0 211,750,083 163,979,045 168,119,815 172,047,315 175,814,811 179,260,600 182,091,984 183,927,522 184,334,519 182,871,486 193,372,084 199,308,444 202,049,059 204,558,138 206,955,764 209,110,367 210,750,358 211,514,360 210,991,209 1,408,553,329 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) ($) 0 -15,465,176 -12,123,423 -12,413,864 -12,689,381 -12,953,709 -13,195,548 -13,394,439 -13,523,720 -13,553,144 -13,451,851 -14,186,235 -14,601,477 -14,793,222 -14,968,755 -15,136,488 -15,287,232 -15,402,005 -15,455,548 -15,419,120 -99,194,174 +State tax benefit (liability) ($) 0 -14,822,506 -11,478,533 -11,768,387 -12,043,312 -12,307,037 -12,548,242 -12,746,439 -12,874,927 -12,903,416 -12,801,004 -13,536,046 -13,951,591 -14,143,434 -14,319,070 -14,486,904 -14,637,726 -14,752,525 -14,806,005 -14,769,385 -98,598,733 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 +EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 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 -15,465,176 -12,123,423 -12,413,864 -12,689,381 -12,953,709 -13,195,548 -13,394,439 -13,523,720 -13,553,144 -13,451,851 -14,186,235 -14,601,477 -14,793,222 -14,968,755 -15,136,488 -15,287,232 -15,402,005 -15,455,548 -15,419,120 -99,194,174 +State tax benefit (liability) ($) 0 -14,822,506 -11,478,533 -11,768,387 -12,043,312 -12,307,037 -12,548,242 -12,746,439 -12,874,927 -12,903,416 -12,801,004 -13,536,046 -13,951,591 -14,143,434 -14,319,070 -14,486,904 -14,637,726 -14,752,525 -14,806,005 -14,769,385 -98,598,733 State ITC total income ($) 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 ($) 0 38,397,984 37,308,443 36,157,888 34,942,901 33,659,875 32,305,000 30,874,252 29,363,382 27,767,903 26,083,077 24,303,902 22,425,092 20,441,069 18,345,940 16,133,485 13,797,132 11,329,943 8,724,591 5,973,340 3,068,019 -Total federal tax depreciation ($) 0 50,946,377 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 101,892,753 +Debt interest payment ($) 0 38,422,984 37,332,734 36,181,429 34,965,652 33,681,791 32,326,033 30,894,354 29,382,500 27,785,982 26,100,060 24,319,725 22,439,692 20,454,378 18,357,885 16,143,989 13,806,115 11,337,320 8,730,272 5,977,229 3,070,017 +Total federal tax depreciation ($) 0 50,979,547 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 equals: -Federal taxable income ($) 0 205,465,906 161,068,339 164,927,050 168,587,491 172,099,274 175,312,275 177,954,688 179,672,276 180,063,201 178,717,449 188,474,259 193,991,057 196,538,525 198,870,599 201,099,060 203,101,803 204,626,644 205,337,996 204,854,026 1,317,865,450 +Federal taxable income ($) 0 196,927,577 152,500,512 156,351,428 160,004,003 163,507,774 166,712,358 169,345,545 171,052,595 171,431,103 170,070,482 179,836,038 185,356,853 187,905,625 190,239,069 192,468,861 194,472,642 195,997,833 196,708,355 196,221,825 1,309,954,596 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) ($) 0 -43,147,840 -33,824,351 -34,634,681 -35,403,373 -36,140,848 -36,815,578 -37,370,484 -37,731,178 -37,813,272 -37,530,664 -39,579,594 -40,738,122 -41,273,090 -41,762,826 -42,230,803 -42,651,379 -42,971,595 -43,120,979 -43,019,346 -276,751,745 +Federal tax benefit (liability) ($) 0 -41,354,791 -32,025,108 -32,833,800 -33,600,841 -34,336,633 -35,009,595 -35,562,565 -35,921,045 -36,000,532 -35,714,801 -37,765,568 -38,924,939 -39,460,181 -39,950,204 -40,418,461 -40,839,255 -41,159,545 -41,308,754 -41,206,583 -275,090,465 CASH INCENTIVES Federal IBI income ($) 0 @@ -355,30 +355,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 719,242,962 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 719,242,962 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 719,711,247 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 719,711,247 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 685,678,291 666,222,200 645,676,567 623,980,379 601,069,205 576,875,005 551,325,930 524,346,106 495,855,413 465,769,241 433,998,242 400,448,068 365,019,085 327,606,078 288,097,943 246,377,352 202,320,408 155,796,276 106,666,792 54,786,056 0 -Debt interest payment ($) 0 38,397,984 37,308,443 36,157,888 34,942,901 33,659,875 32,305,000 30,874,252 29,363,382 27,767,903 26,083,077 24,303,902 22,425,092 20,441,069 18,345,940 16,133,485 13,797,132 11,329,943 8,724,591 5,973,340 3,068,019 -Debt principal payment ($) 0 19,456,091 20,545,632 21,696,188 22,911,174 24,194,200 25,549,075 26,979,823 28,490,694 30,086,172 31,770,998 33,550,174 35,428,984 37,413,007 39,508,135 41,720,591 44,056,944 46,524,133 49,129,484 51,880,735 54,786,056 -Debt total payment ($) 0 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 +Debt balance ($) 686,124,722 666,655,964 646,096,955 624,386,641 601,460,549 577,250,597 551,684,887 524,687,498 496,178,255 466,072,494 434,280,810 400,708,792 365,256,742 327,819,376 288,285,518 246,537,764 202,452,135 155,897,712 106,736,240 54,821,726 0 +Debt interest payment ($) 0 38,422,984 37,332,734 36,181,429 34,965,652 33,681,791 32,326,033 30,894,354 29,382,500 27,785,982 26,100,060 24,319,725 22,439,692 20,454,378 18,357,885 16,143,989 13,806,115 11,337,320 8,730,272 5,977,229 3,070,017 +Debt principal payment ($) 0 19,468,759 20,559,009 21,710,314 22,926,091 24,209,952 25,565,710 26,997,389 28,509,243 30,105,761 31,791,684 33,572,018 35,452,051 37,437,366 39,533,858 41,747,754 44,085,628 46,554,424 49,161,471 51,914,514 54,821,726 +Debt total payment ($) 0 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 DSCR (DEBT FRACTION) -EBITDA ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 +EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 minus: Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 310,275,443 312,392,959 315,391,555 318,112,526 320,605,612 322,705,576 324,116,132 324,452,131 323,277,001 320,145,131 328,857,148 332,910,379 333,665,569 334,078,047 334,261,786 334,078,920 333,251,346 331,410,889 328,139,240 1,522,020,396 -Debt total payment ($) 0 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 57,854,076 -DSCR (pre-tax) 0.0 5.36 5.40 5.45 5.50 5.54 5.58 5.60 5.61 5.59 5.53 5.68 5.75 5.77 5.77 5.78 5.77 5.76 5.73 5.67 26.31 +Cash available for debt service (CAFDS) ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 +Debt total payment ($) 0 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 +DSCR (pre-tax) 0.0 5.20 5.24 5.29 5.34 5.38 5.42 5.44 5.45 5.43 5.37 5.52 5.59 5.60 5.61 5.61 5.61 5.60 5.57 5.51 26.15 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index ba06ac66..2966d1a5 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -66,13 +66,13 @@ Injection Wellbore Temperature Gain, 3 Ambient Temperature, 10 degC Surface Temperature, 10 degC -Plant Outlet Pressure, 1000 psi -Production Wellhead Pressure, 325 psi +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 +Production Wellhead Pressure, 325 psi Circulation Pump Efficiency, 0.80 -Water Loss Fraction, 0.10 -Maximum Drawdown, 0.009, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe and triggers 1 redrilling over project lifetime. Well Geometry Configuration, 4 Number of Multilateral Sections, 3 From c813dee7ad49150e0e642b16991b87ad9a5490c6 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 15:28:52 -0700 Subject: [PATCH 40/61] Fervo_Project_Cape-4.md - documenting input assumptions and result comparisons with references --- docs/Fervo_Project_Cape-4.md | 36 +++++++++++++++++++++++++ tests/examples/Fervo_Project_Cape-4.txt | 2 +- 2 files changed, 37 insertions(+), 1 deletion(-) create mode 100644 docs/Fervo_Project_Cape-4.md diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md new file mode 100644 index 00000000..f6d9362f --- /dev/null +++ b/docs/Fervo_Project_Cape-4.md @@ -0,0 +1,36 @@ +# 500 MWe EGS Case Study Modeled on Fervo Cape Station + +This case study is modeled +on Fervo Cape Station with +its [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 and estimated values. The tables below highlight key assumptions and +results of the case study. + +## 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 | 115 kg/s | Project Red stable and peak flows: 93–120 kg/s. Estimate on higher end of range chosen due to increased casing diameter implying higher flow rates. | +| Number of doublets | 50 | Estimate based on extrapolation from Project Red | +| Reservoir size & geometry | 149 rectangular 1400m×1400m fractures; 30m fracture separation | Actual number and size of fractures not known; inputs chosen to create reservoir volume that is compatible with required heat extraction profile. | +| 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 | +| 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 | Both PPAs 'firm for 10 years at less than $100/MWh' estimate given in a podcast | +| Well Drilling Cost Correlation | Vertical large baseline correlation | 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. | +| Reservoir Stimulation Capital Cost Adjustment Factor | 2 | Estimated cost of ~$1.5M per well falls within typical range of $0.5–2M | +| 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 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 FOAK EGS projects | + +## Results + +| Metric | Result Value | Reference Value | Reference Source | +|-----------------------------------------------|----------------------------------------------------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| LCOE | $74.1/MWh | $80/MWh | https://www.nature.com/articles/s44359-024-00019-9 | +| Plant capital costs | $4581/kW (based on maximum net total electricity generation of 523.68 MW) | $4500/kW | https://www.nature.com/articles/s44359-024-00019-9 | +| Minimum Net Electricity Generation | 502.72 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. | +| Well Drilling and Completion Cost Correlation | $4.72M/well | $4.8M/well | https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html | +| WACC | 8.3% | 8.3% | https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc | +| Number of times redrilling | 1 | 1–2 | Redrilling expected to be required within 5–10 years of project start | diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 2966d1a5..dd29dc5f 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -22,7 +22,7 @@ Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) -Exploration Capital Cost, 30, -- TODO source/citation +Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs than default correlation for FOAK EGS projects Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE correlation. Correlation-calculated value of $4.72M/well aligns with paper-reported value of $4.8M/well. Reservoir Stimulation Capital Cost Adjustment Factor, 2, -- Estimate; cost of ~$1.5M per well falls within typical range of $0.5-2M. From 4d7ac2f47761f8f46801f4a199ce5e6d8f44556a Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Tue, 27 May 2025 15:45:06 -0700 Subject: [PATCH 41/61] More work on Fervo_Project_Cape-4.md, citations in Fervo_Project_Cape-4.txt --- docs/Fervo_Project_Cape-4.md | 40 ++++++++++++++----------- tests/examples/Fervo_Project_Cape-4.txt | 6 ++-- 2 files changed, 25 insertions(+), 21 deletions(-) diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index f6d9362f..2239fe6a 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -1,28 +1,32 @@ # 500 MWe EGS Case Study Modeled on Fervo Cape Station -This case study is modeled +This case study - example name: `Fervo_Project_Cape-4` - is modeled on Fervo Cape Station with its [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 and estimated values. The tables below highlight key assumptions and -results of the case study. +using a combination of publicly available data, extrapolations, and estimates. The tables below highlight key input +assumptions and +comparison of results with reference values. ## 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 | 115 kg/s | Project Red stable and peak flows: 93–120 kg/s. Estimate on higher end of range chosen due to increased casing diameter implying higher flow rates. | -| Number of doublets | 50 | Estimate based on extrapolation from Project Red | -| Reservoir size & geometry | 149 rectangular 1400m×1400m fractures; 30m fracture separation | Actual number and size of fractures not known; inputs chosen to create reservoir volume that is compatible with required heat extraction profile. | -| 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 | -| 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 | Both PPAs 'firm for 10 years at less than $100/MWh' estimate given in a podcast | -| Well Drilling Cost Correlation | Vertical large baseline correlation | 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. | -| Reservoir Stimulation Capital Cost Adjustment Factor | 2 | Estimated cost of ~$1.5M per well falls within typical range of $0.5–2M | -| 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 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 FOAK EGS projects | +| 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 | 115 kg/s | Project Red stable and peak flows: 93–120 kg/s. Estimate on higher end of range chosen due to increased casing diameter implying higher flow rates. | +| Number of doublets | 50 | Estimate based on extrapolation from Project Red | +| Reservoir size & geometry | 149 rectangular 1400m×1400m fractures; 30m fracture separation | Actual number and size of fractures not known; inputs chosen to create reservoir volume that is compatible with required heat extraction profile. | +| 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 | | +| 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 | Both PPAs 'firm for 10 years at less than $100/MWh' estimate given in a podcast | +| Well Drilling Cost Correlation | Vertical large baseline correlation | 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. | +| Reservoir Stimulation Capital Cost Adjustment Factor | 2 | Estimated cost of ~$1.5M per well falls within typical range of $0.5–2M | +| 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) | +| 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 FOAK EGS projects | +| Investment Tax Credit Rate (ITC) | 30% | Same as 400 MWe case study | ## Results diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index dd29dc5f..c9955ba2 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -40,7 +40,7 @@ Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers 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 +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 @@ -70,8 +70,8 @@ Maximum Drawdown, 0.009, -- Drawdown value that prevents minimum net electricity Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% Utilization Factor, .9 -Plant Outlet Pressure, 1000 psi -Production Wellhead Pressure, 325 psi +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 From 20a99a79caa7588afeee85c2d8c989ec2a05db42 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 28 May 2025 14:28:06 -0700 Subject: [PATCH 42/61] Document ATB PPA reference, typical levered returns --- docs/Fervo_Project_Cape-4.md | 3 ++- tests/examples/Fervo_Project_Cape-4.txt | 2 +- 2 files changed, 3 insertions(+), 2 deletions(-) diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index 2239fe6a..ed8c6554 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -19,7 +19,7 @@ comparison of results with reference values. | 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 | | | 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 | Both PPAs 'firm for 10 years at less than $100/MWh' estimate given in a podcast | +| 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 | Vertical large baseline correlation | 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. | | Reservoir Stimulation Capital Cost Adjustment Factor | 2 | Estimated cost of ~$1.5M per well falls within typical range of $0.5–2M | | 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) | @@ -37,4 +37,5 @@ comparison of results with reference values. | Minimum Net Electricity Generation | 502.72 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. | | Well Drilling and Completion Cost Correlation | $4.72M/well | $4.8M/well | https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html | | WACC | 8.3% | 8.3% | https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc | +| After-tax IRR | 18.28% | 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 | diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index c9955ba2..5d02a54c 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -5,7 +5,7 @@ # ************************************* Economic Model, 5, -- SAM Single Owner PPA -Starting Electricity Sale Price, 0.095, -- Both PPAs 'firm for 10 years at less than $100/MWh' estimate given in a podcast +Starting Electricity Sale Price, 0.095, -- 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. Ending Electricity Sale Price, 0.1 Electricity Escalation Rate Per Year, 0.00057 Electricity Escalation Start Year, 1 From bb8605844ce11811cd4a4ebdbb3e5ecfa54265a2 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 28 May 2025 14:29:03 -0700 Subject: [PATCH 43/61] Document stimulation cost is per injection well --- src/geophires_x/Economics.py | 4 ++-- src/geophires_x_schema_generator/geophires-result.json | 2 +- 2 files changed, 3 insertions(+), 3 deletions(-) diff --git a/src/geophires_x/Economics.py b/src/geophires_x/Economics.py index bb8c4c95..e0f83976 100644 --- a/src/geophires_x/Economics.py +++ b/src/geophires_x/Economics.py @@ -1585,7 +1585,7 @@ def __init__(self, model: Model): UnitType=Units.CURRENCY, PreferredUnits=CurrencyUnit.MDOLLARS, CurrentUnits=CurrencyUnit.MDOLLARS, - ToolTipText=f'Default correlation: $1.25M {contingency_and_indirect_costs_tooltip}. ' + 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.' ) @@ -2302,7 +2302,7 @@ def Calculate(self, model: Model) -> None: if self.ccstimfixed.Valid: self.Cstim.value = self.ccstimfixed.value else: - base_stimulation_cost_MUSD_per_injection_well = 1.25 + 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 diff --git a/src/geophires_x_schema_generator/geophires-result.json b/src/geophires_x_schema_generator/geophires-result.json index 893017fa..72a02cfc 100644 --- a/src/geophires_x_schema_generator/geophires-result.json +++ b/src/geophires_x_schema_generator/geophires-result.json @@ -345,7 +345,7 @@ "Drilling and completion costs per redrilled well": {}, "Stimulation costs": { "type": "number", - "description": "Default correlation: $1.25M 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.", + "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)": {}, From 4e194625b65b942a0fc92202f28481eb8fcf989b Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 28 May 2025 15:52:52 -0700 Subject: [PATCH 44/61] Set flow rate to 107 kg/s per max rate achieved in test --- docs/Fervo_Project_Cape-4.md | 22 +- tests/examples/Fervo_Project_Cape-4.out | 304 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 6 +- 3 files changed, 166 insertions(+), 166 deletions(-) diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index ed8c6554..0cc4ff80 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -12,8 +12,8 @@ comparison of results with reference values. | 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 | 115 kg/s | Project Red stable and peak flows: 93–120 kg/s. Estimate on higher end of range chosen due to increased casing diameter implying higher flow rates. | -| Number of doublets | 50 | Estimate based on extrapolation from Project Red | +| 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 and Fervo_Project_Cape-3 | | Reservoir size & geometry | 149 rectangular 1400m×1400m fractures; 30m fracture separation | Actual number and size of fractures not known; inputs chosen to create reservoir volume that is compatible with required heat extraction profile. | | 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 | @@ -30,12 +30,12 @@ comparison of results with reference values. ## Results -| Metric | Result Value | Reference Value | Reference Source | -|-----------------------------------------------|----------------------------------------------------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| -| LCOE | $74.1/MWh | $80/MWh | https://www.nature.com/articles/s44359-024-00019-9 | -| Plant capital costs | $4581/kW (based on maximum net total electricity generation of 523.68 MW) | $4500/kW | https://www.nature.com/articles/s44359-024-00019-9 | -| Minimum Net Electricity Generation | 502.72 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. | -| Well Drilling and Completion Cost Correlation | $4.72M/well | $4.8M/well | https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html | -| WACC | 8.3% | 8.3% | https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc | -| After-tax IRR | 18.28% | 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 | +| Metric | Result Value | Reference Value | Reference Source | +|-----------------------------------------------|-----------------------------------------------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| LCOE | $75.3/MWh | $80/MWh | https://www.nature.com/articles/s44359-024-00019-9 | +| Plant capital costs | $4375/kW (based on maximum total electricity generation of 562.54 MW) | $4500/kW | https://www.nature.com/articles/s44359-024-00019-9 | +| Minimum Net Electricity Generation | 504.64 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. | +| Well Drilling and Completion Cost Correlation | $4.72M/well | $4.8M/well | https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html | +| WACC | 8.3% | 8.3% | https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc | +| After-tax IRR | 17.73% | 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 | diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 7331a4ea..697ed775 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,18 +5,18 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.12 - Simulation Date: 2025-05-27 - Simulation Time: 14:19 - Calculation Time: 1.048 sec + Simulation Date: 2025-05-28 + Simulation Time: 15:46 + Calculation Time: 1.064 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 519.97 MW - Electricity breakeven price: 7.41 cents/kWh - Number of production wells: 50 - Number of injection wells: 50 - Flowrate per production well: 115.0 kg/sec + Average Net Electricity Production: 522.49 MW + Electricity breakeven price: 7.53 cents/kWh + 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 @@ -30,21 +30,21 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 822.54 MUSD - After-tax IRR: 18.28 % - Estimated Jobs Created: 1187 + Project NPV: 785.14 MUSD + After-tax IRR: 17.73 % + Estimated Jobs Created: 1190 ***ENGINEERING PARAMETERS*** - Number of Production Wells: 50 - Number of Injection Wells: 50 + 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: 1.7 degC - Flowrate per production well: 115.0 kg/sec + Average production well temperature drop: 1.8 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 @@ -78,59 +78,59 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 199.7 degC - Average Production Temperature: 199.2 degC - Minimum Production Temperature: 196.8 degC - Initial Production Temperature: 198.5 degC - Average Reservoir Heat Extraction: 3432.79 MW + Maximum Production Temperature: 199.6 degC + Average Production Temperature: 199.0 degC + Minimum Production Temperature: 196.5 degC + Initial Production Temperature: 198.2 degC + Average Reservoir Heat Extraction: 3445.50 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 1.7 degC - Total Average Pressure Drop: 4475.3 kPa - Average Injection Well Pressure Drop: 693.5 kPa - Average Reservoir Pressure Drop: 6037.9 kPa - Average Production Well Pressure Drop: 581.9 kPa - Average Buoyancy Pressure Drop: -2838.0 kPa + Average Production Well Temperature Drop: 1.8 degC + Total Average Pressure Drop: 4336.2 kPa + Average Injection Well Pressure Drop: 601.4 kPa + Average Reservoir Pressure Drop: 6067.3 kPa + Average Production Well Pressure Drop: 504.0 kPa + Average Buoyancy Pressure Drop: -2836.6 kPa ***CAPITAL COSTS (M$)*** - Drilling and completion costs: 503.30 MUSD + Drilling and completion costs: 542.94 MUSD Drilling and completion costs per vertical production well: 4.72 MUSD Drilling and completion costs per vertical injection well: 4.72 MUSD Drilling and completion costs per non-vertical section: 2.48 MUSD - Stimulation costs: 150.94 MUSD - Surface power plant costs: 1529.21 MUSD - Field gathering system costs: 71.35 MUSD - Total surface equipment costs: 1600.56 MUSD + Stimulation costs: 163.01 MUSD + Surface power plant costs: 1533.79 MUSD + Field gathering system costs: 74.51 MUSD + Total surface equipment costs: 1608.30 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -685.44 MUSD - Total CAPEX: 2399.04 MUSD + Investment Tax Credit: -703.28 MUSD + Total CAPEX: 2461.47 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** - Wellfield maintenance costs: 6.69 MUSD/yr - Power plant maintenance costs: 25.76 MUSD/yr - Water costs: 22.64 MUSD/yr - Total operating and maintenance costs: 87.81 MUSD/yr + Wellfield maintenance costs: 7.12 MUSD/yr + Power plant maintenance costs: 25.83 MUSD/yr + Water costs: 22.75 MUSD/yr + Total operating and maintenance costs: 91.00 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 560.84 MW - Average Total Electricity Generation: 557.24 MW - Minimum Total Electricity Generation: 540.60 MW - Initial Total Electricity Generation: 552.14 MW - Maximum Net Electricity Generation: 523.68 MW - Average Net Electricity Generation: 519.97 MW - Minimum Net Electricity Generation: 502.72 MW - Initial Net Electricity Generation: 514.89 MW - Average Annual Total Electricity Generation: 4393.29 GWh - Average Annual Net Electricity Generation: 4099.42 GWh - Initial pumping power/net installed power: 7.23 % - Average Pumping Power: 37.27 MW - Heat to Power Conversion Efficiency: 15.15 % + Maximum Total Electricity Generation: 562.54 MW + Average Total Electricity Generation: 558.78 MW + Minimum Total Electricity Generation: 541.56 MW + Initial Total Electricity Generation: 553.17 MW + Maximum Net Electricity Generation: 526.38 MW + Average Net Electricity Generation: 522.49 MW + Minimum Net Electricity Generation: 504.64 MW + Initial Net Electricity Generation: 516.90 MW + Average Annual Total Electricity Generation: 4405.39 GWh + Average Annual Net Electricity Generation: 4119.26 GWh + Initial pumping power/net installed power: 7.02 % + Average Pumping Power: 36.29 MW + Heat to Power Conversion Efficiency: 15.16 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -138,26 +138,26 @@ Simulation Metadata YEAR THERMAL GEOFLUID PUMP NET FIRST LAW DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY (degC) (MW) (MW) (%) - 1 1.0000 198.47 37.2505 514.8904 15.0776 - 2 1.0048 199.41 37.1976 521.4433 15.1684 - 3 1.0056 199.58 37.1879 522.6455 15.1850 - 4 1.0061 199.67 37.1830 523.2642 15.1935 - 5 1.0063 199.72 37.1820 523.6060 15.1982 - 6 1.0063 199.72 37.1903 523.5719 15.1976 - 7 1.0058 199.62 37.2188 522.8566 15.1874 - 8 1.0045 199.36 37.2820 521.0234 15.1614 - 9 1.0021 198.88 37.3965 517.5542 15.1120 - 10 0.9981 198.08 37.5799 511.9035 15.0311 - 11 0.9921 196.90 37.8487 503.5547 14.9104 - 12 1.0045 199.36 37.1643 521.1302 15.1647 - 13 1.0055 199.56 37.1613 522.5323 15.1839 - 14 1.0060 199.66 37.1578 523.2076 15.1931 - 15 1.0063 199.72 37.1555 523.5956 15.1985 - 16 1.0063 199.72 37.1597 523.6428 15.1990 - 17 1.0059 199.64 37.1812 523.0713 15.1909 - 18 1.0048 199.42 37.2341 521.4622 15.1681 - 19 1.0026 198.98 37.3352 518.3072 15.1233 - 20 0.9988 198.24 37.5021 513.0611 15.0484 + 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 15.2033 + 4 1.0065 199.52 36.1963 525.9275 15.2125 + 5 1.0068 199.57 36.1952 526.2955 15.2175 + 6 1.0068 199.57 36.2041 526.2623 15.2169 + 7 1.0063 199.47 36.2343 525.5119 15.2063 + 8 1.0049 199.20 36.3008 523.5950 15.1792 + 9 1.0024 198.69 36.4208 519.9828 15.1281 + 10 0.9982 197.87 36.6121 514.1224 15.0446 + 11 0.9921 196.66 36.8912 505.4953 14.9204 + 12 1.0048 199.19 36.1759 523.6270 15.1816 + 13 1.0059 199.40 36.1725 525.1387 15.2021 + 14 1.0065 199.51 36.1687 525.8668 15.2121 + 15 1.0068 199.57 36.1661 526.2848 15.2178 + 16 1.0068 199.58 36.1706 526.3381 15.2184 + 17 1.0064 199.49 36.1933 525.7385 15.2100 + 18 1.0052 199.26 36.2489 524.0549 15.1862 + 19 1.0029 198.80 36.3547 520.7678 15.1398 + 20 0.9990 198.04 36.5288 515.3239 15.0624 ******************************************************************* @@ -166,26 +166,26 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4094.2 27044.1 2572.95 3.65 - 2 4116.5 27121.5 2475.31 7.30 - 3 4123.2 27144.8 2377.59 10.96 - 4 4126.9 27157.8 2279.82 14.62 - 5 4128.3 27162.6 2182.03 18.29 - 6 4125.6 27153.6 2084.28 21.95 - 7 4115.9 27120.9 1986.65 25.60 - 8 4095.3 27051.5 1889.26 29.25 - 9 4059.7 26930.9 1792.31 32.88 - 10 4004.9 26744.5 1696.03 36.49 - 11 4074.4 26976.0 1598.91 40.12 - 12 4115.0 27115.5 1501.30 43.78 - 13 4122.5 27141.8 1403.59 47.44 - 14 4126.7 27156.1 1305.83 51.10 - 15 4128.5 27162.5 1208.04 54.76 - 16 4126.7 27156.5 1110.28 58.42 - 17 4118.4 27128.5 1012.62 62.08 - 18 4100.0 27066.2 915.18 65.73 - 19 4067.2 26955.2 818.14 69.36 - 20 4018.6 26790.0 721.69 72.97 + 1 4112.7 27139.8 2572.60 3.66 + 2 4136.8 27223.2 2474.60 7.33 + 3 4144.0 27248.3 2376.50 11.00 + 4 4148.1 27262.4 2278.36 14.68 + 5 4149.5 27267.6 2180.20 18.35 + 6 4146.7 27258.2 2082.07 22.03 + 7 4136.5 27223.9 1984.06 25.70 + 8 4115.1 27151.5 1886.31 29.36 + 9 4078.1 27026.2 1789.02 33.00 + 10 4021.3 26833.1 1692.42 36.62 + 11 4092.3 27069.1 1594.97 40.27 + 12 4135.2 27216.8 1496.99 43.94 + 13 4143.3 27245.1 1398.91 47.61 + 14 4147.8 27260.6 1300.77 51.29 + 15 4149.8 27267.5 1202.61 54.96 + 16 4147.8 27261.2 1104.47 58.64 + 17 4139.2 27231.9 1006.43 62.31 + 18 4119.9 27166.8 908.63 65.97 + 19 4085.9 27051.4 811.25 69.62 + 20 4035.5 26880.2 714.48 73.24 *************************** * SAM CASH FLOW PROFILE * @@ -193,52 +193,52 @@ Simulation Metadata ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 ENERGY -Electricity to grid (kWh) 0.0 4,094,309,766 4,116,607,226 4,123,335,272 4,127,094,586 4,128,451,130 4,125,745,683 4,116,016,811 4,095,467,678 4,059,868,757 4,004,996,510 4,074,577,166 4,115,140,431 4,122,693,439 4,126,819,305 4,128,656,605 4,126,823,891 4,118,535,845 4,100,105,386 4,067,343,460 4,018,705,073 +Electricity to grid (kWh) 0.0 4,112,877,636 4,136,913,453 4,144,167,684 4,148,218,433 4,149,688,225 4,146,855,646 4,136,665,938 4,115,229,306 4,078,243,398 4,021,446,909 4,092,437,792 4,135,334,680 4,143,478,814 4,147,925,785 4,149,910,079 4,147,998,477 4,139,314,391 4,120,075,993 4,086,016,670 4,035,637,603 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 4,094,309,766 4,116,607,226 4,123,335,272 4,127,094,586 4,128,451,130 4,125,745,683 4,116,016,811 4,095,467,678 4,059,868,757 4,004,996,510 4,074,577,166 4,115,140,431 4,122,693,439 4,126,819,305 4,128,656,605 4,126,823,891 4,118,535,845 4,100,105,386 4,067,343,460 4,018,705,073 +Electricity to grid net (kWh) 0.0 4,112,877,636 4,136,913,453 4,144,167,684 4,148,218,433 4,149,688,225 4,146,855,646 4,136,665,938 4,115,229,306 4,078,243,398 4,021,446,909 4,092,437,792 4,135,334,680 4,143,478,814 4,147,925,785 4,149,910,079 4,147,998,477 4,139,314,391 4,120,075,993 4,086,016,670 4,035,637,603 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 ($) 0 388,959,428 391,077,686 394,067,152 396,778,874 399,262,509 401,352,540 402,752,245 403,075,929 401,886,408 398,737,452 407,457,717 411,514,043 412,269,344 412,681,931 412,865,660 412,682,389 411,853,585 410,010,539 406,734,346 401,870,507 +PPA revenue ($) 0 390,723,375 393,006,778 396,058,106 398,809,720 401,316,348 403,406,117 404,772,762 405,020,868 403,705,314 400,375,254 409,243,779 413,533,468 414,347,881 414,792,579 414,991,008 414,799,848 413,931,439 412,007,599 408,601,667 403,563,760 Curtailment payment revenue ($) 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 1,199,518,746 -Total revenue ($) 0 388,959,428 391,077,686 394,067,152 396,778,874 399,262,509 401,352,540 402,752,245 403,075,929 401,886,408 398,737,452 407,457,717 411,514,043 412,269,344 412,681,931 412,865,660 412,682,389 411,853,585 410,010,539 406,734,346 1,601,389,253 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,230,734,706 +Total revenue ($) 0 390,723,375 393,006,778 396,058,106 398,809,720 401,316,348 403,406,117 404,772,762 405,020,868 403,705,314 400,375,254 409,243,779 413,533,468 414,347,881 414,792,579 414,991,008 414,799,848 413,931,439 412,007,599 408,601,667 1,634,298,466 -Property tax net assessed value ($) 0 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 2,399,037,491 +Property tax net assessed value ($) 0 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 OPERATING EXPENSES -O&M fixed expense ($) 0 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 +O&M fixed expense ($) 0 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 O&M production-based expense ($) 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 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 87,806,814 +Total operating expenses ($) 0 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 -EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 +EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 OPERATING ACTIVITIES -EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 +EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 Interest earned on reserves ($) 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 ($) 0 38,422,984 37,332,734 36,181,429 34,965,652 33,681,791 32,326,033 30,894,354 29,382,500 27,785,982 26,100,060 24,319,725 22,439,692 20,454,378 18,357,885 16,143,989 13,806,115 11,337,320 8,730,272 5,977,229 3,070,017 -Cash flow from operating activities ($) 0 262,729,630 265,938,139 270,078,909 274,006,408 277,773,904 281,219,693 284,051,078 285,886,615 286,293,612 284,830,579 295,331,178 301,267,537 304,008,153 306,517,232 308,914,858 311,069,461 312,709,451 313,473,453 312,950,303 1,510,512,422 +Debt interest payment ($) 0 39,422,894 38,304,271 37,123,005 35,875,589 34,558,317 33,167,278 31,698,340 30,147,142 28,509,077 26,779,281 24,952,616 23,023,657 20,986,677 18,835,626 16,564,116 14,165,401 11,632,359 8,957,466 6,132,779 3,149,910 +Cash flow from operating activities ($) 0 260,298,915 263,700,940 267,933,534 271,932,565 275,756,465 279,237,273 282,072,855 283,872,160 284,194,670 282,594,407 293,289,597 299,508,244 302,359,638 304,955,386 307,425,325 309,632,880 311,297,514 312,048,567 311,467,321 1,540,146,990 INVESTING ACTIVITIES -Total installed cost ($) -2,399,037,491 +Total installed cost ($) -2,461,469,412 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,399,037,491 +Purchase of property ($) -2,461,469,412 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 @@ -250,86 +250,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,399,037,491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,461,469,412 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,712,912,769 -Size of debt ($) 686,124,722 +Issuance of equity ($) 1,757,489,160 +Size of debt ($) 703,980,252 minus: -Debt principal payment ($) 0 19,468,759 20,559,009 21,710,314 22,926,091 24,209,952 25,565,710 26,997,389 28,509,243 30,105,761 31,791,684 33,572,018 35,452,051 37,437,366 39,533,858 41,747,754 44,085,628 46,554,424 49,161,471 51,914,514 54,821,726 +Debt principal payment ($) 0 19,975,409 21,094,031 22,275,297 23,522,714 24,839,986 26,231,025 27,699,962 29,251,160 30,889,225 32,619,022 34,445,687 36,374,646 38,411,626 40,562,677 42,834,187 45,232,901 47,765,944 50,440,837 53,265,523 56,248,393 equals: -Cash flow from financing activities ($) 2,399,037,491 -19,468,759 -20,559,009 -21,710,314 -22,926,091 -24,209,952 -25,565,710 -26,997,389 -28,509,243 -30,105,761 -31,791,684 -33,572,018 -35,452,051 -37,437,366 -39,533,858 -41,747,754 -44,085,628 -46,554,424 -49,161,471 -51,914,514 -54,821,726 +Cash flow from financing activities ($) 2,461,469,412 -19,975,409 -21,094,031 -22,275,297 -23,522,714 -24,839,986 -26,231,025 -27,699,962 -29,251,160 -30,889,225 -32,619,022 -34,445,687 -36,374,646 -38,411,626 -40,562,677 -42,834,187 -45,232,901 -47,765,944 -50,440,837 -53,265,523 -56,248,393 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 262,729,630 265,938,139 270,078,909 274,006,408 277,773,904 281,219,693 284,051,078 285,886,615 286,293,612 284,830,579 295,331,178 301,267,537 304,008,153 306,517,232 308,914,858 311,069,461 312,709,451 313,473,453 312,950,303 1,510,512,422 -Cash flow from investing activities ($) -2,399,037,491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,399,037,491 -19,468,759 -20,559,009 -21,710,314 -22,926,091 -24,209,952 -25,565,710 -26,997,389 -28,509,243 -30,105,761 -31,791,684 -33,572,018 -35,452,051 -37,437,366 -39,533,858 -41,747,754 -44,085,628 -46,554,424 -49,161,471 -51,914,514 -54,821,726 -Total pre-tax cash flow ($) 0 243,260,871 245,379,130 248,368,595 251,080,317 253,563,952 255,653,983 257,053,688 257,377,372 256,187,851 253,038,896 261,759,160 265,815,486 266,570,787 266,983,374 267,167,104 266,983,832 266,155,028 264,311,982 261,035,789 1,455,690,696 +Cash flow from operating activities ($) 0 260,298,915 263,700,940 267,933,534 271,932,565 275,756,465 279,237,273 282,072,855 283,872,160 284,194,670 282,594,407 293,289,597 299,508,244 302,359,638 304,955,386 307,425,325 309,632,880 311,297,514 312,048,567 311,467,321 1,540,146,990 +Cash flow from investing activities ($) -2,461,469,412 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,461,469,412 -19,975,409 -21,094,031 -22,275,297 -23,522,714 -24,839,986 -26,231,025 -27,699,962 -29,251,160 -30,889,225 -32,619,022 -34,445,687 -36,374,646 -38,411,626 -40,562,677 -42,834,187 -45,232,901 -47,765,944 -50,440,837 -53,265,523 -56,248,393 +Total pre-tax cash flow ($) 0 240,323,506 242,606,909 245,658,236 248,409,851 250,916,479 253,006,248 254,372,893 254,620,999 253,305,445 249,975,385 258,843,910 263,133,599 263,948,012 264,392,709 264,591,139 264,399,979 263,531,570 261,607,730 258,201,798 1,483,898,597 Pre-tax Returns: -Issuance of equity ($) 1,712,912,769 -Total pre-tax cash flow ($) 0 243,260,871 245,379,130 248,368,595 251,080,317 253,563,952 255,653,983 257,053,688 257,377,372 256,187,851 253,038,896 261,759,160 265,815,486 266,570,787 266,983,374 267,167,104 266,983,832 266,155,028 264,311,982 261,035,789 1,455,690,696 -Total pre-tax returns ($) -1,712,912,769 243,260,871 245,379,130 248,368,595 251,080,317 253,563,952 255,653,983 257,053,688 257,377,372 256,187,851 253,038,896 261,759,160 265,815,486 266,570,787 266,983,374 267,167,104 266,983,832 266,155,028 264,311,982 261,035,789 1,455,690,696 +Issuance of equity ($) 1,757,489,160 +Total pre-tax cash flow ($) 0 240,323,506 242,606,909 245,658,236 248,409,851 250,916,479 253,006,248 254,372,893 254,620,999 253,305,445 249,975,385 258,843,910 263,133,599 263,948,012 264,392,709 264,591,139 264,399,979 263,531,570 261,607,730 258,201,798 1,483,898,597 +Total pre-tax returns ($) -1,757,489,160 240,323,506 242,606,909 245,658,236 248,409,851 250,916,479 253,006,248 254,372,893 254,620,999 253,305,445 249,975,385 258,843,910 263,133,599 263,948,012 264,392,709 264,591,139 264,399,979 263,531,570 261,607,730 258,201,798 1,483,898,597 After-tax Returns: -Total pre-tax returns ($) -1,712,912,769 243,260,871 245,379,130 248,368,595 251,080,317 253,563,952 255,653,983 257,053,688 257,377,372 256,187,851 253,038,896 261,759,160 265,815,486 266,570,787 266,983,374 267,167,104 266,983,832 266,155,028 264,311,982 261,035,789 1,455,690,696 -Federal ITC total income ($) 0 719,711,247 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,757,489,160 240,323,506 242,606,909 245,658,236 248,409,851 250,916,479 253,006,248 254,372,893 254,620,999 253,305,445 249,975,385 258,843,910 263,133,599 263,948,012 264,392,709 264,591,139 264,399,979 263,531,570 261,607,730 258,201,798 1,483,898,597 +Federal ITC total income ($) 0 738,440,824 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 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) ($) 0 -41,354,791 -32,025,108 -32,833,800 -33,600,841 -34,336,633 -35,009,595 -35,562,565 -35,921,045 -36,000,532 -35,714,801 -37,765,568 -38,924,939 -39,460,181 -39,950,204 -40,418,461 -40,839,255 -41,159,545 -41,308,754 -41,206,583 -275,090,465 +Federal tax benefit (liability) ($) 0 -40,620,972 -31,069,982 -31,896,608 -32,677,618 -33,424,426 -34,104,228 -34,658,017 -35,009,421 -35,072,408 -34,759,876 -36,848,647 -38,063,149 -38,620,026 -39,126,975 -39,609,355 -40,040,490 -40,365,593 -40,512,274 -40,398,756 -280,359,896 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) ($) 0 -14,822,506 -11,478,533 -11,768,387 -12,043,312 -12,307,037 -12,548,242 -12,746,439 -12,874,927 -12,903,416 -12,801,004 -13,536,046 -13,951,591 -14,143,434 -14,319,070 -14,486,904 -14,637,726 -14,752,525 -14,806,005 -14,769,385 -98,598,733 -Total after-tax returns ($) -1,712,912,769 906,794,821 201,875,489 203,766,408 205,436,164 206,920,283 208,096,146 208,744,685 208,581,400 207,283,904 204,523,090 210,457,546 212,938,956 212,967,172 212,714,100 212,261,739 211,506,852 210,242,958 208,197,222 205,059,821 1,082,001,498 +State tax benefit (liability) ($) 0 -14,559,488 -11,136,194 -11,432,476 -11,712,408 -11,980,081 -12,223,738 -12,422,228 -12,548,180 -12,570,755 -12,458,737 -13,207,400 -13,642,706 -13,842,303 -14,024,006 -14,196,901 -14,351,430 -14,467,954 -14,520,528 -14,479,841 -100,487,418 +Total after-tax returns ($) -1,757,489,160 923,583,869 200,400,732 202,329,153 204,019,825 205,511,972 206,678,282 207,292,647 207,063,398 205,662,282 202,756,772 208,787,863 211,427,745 211,485,683 211,241,728 210,784,883 210,008,059 208,698,023 206,574,928 203,323,201 1,103,051,284 -After-tax cumulative IRR (%) NaN -47.06 -30.18 -16.11 -6.33 0.32 4.91 8.15 10.49 12.20 13.48 14.48 15.26 15.87 16.35 16.73 17.04 17.28 17.48 17.64 18.28 -After-tax cumulative NPV ($) -1,712,912,769 -888,347,699 -721,425,001 -568,217,406 -427,761,338 -299,119,400 -181,478,199 -74,171,524 23,328,067 111,434,719 190,484,627 264,451,868 332,504,660 394,394,504 450,605,193 501,609,899 547,824,464 589,597,092 627,212,101 660,900,681 822,539,587 +After-tax cumulative IRR (%) NaN -47.45 -30.94 -17.0 -7.24 -0.57 4.06 7.33 9.70 11.45 12.75 13.77 14.57 15.20 15.70 16.09 16.41 16.66 16.87 17.04 17.73 +After-tax cumulative NPV ($) -1,757,489,160 -917,657,503 -751,954,222 -599,827,268 -460,339,547 -332,573,153 -215,733,501 -109,173,255 -12,383,241 75,034,135 153,401,346 226,781,762 294,351,588 355,810,901 411,632,509 462,282,339 508,169,415 549,635,084 586,956,992 620,360,270 785,143,778 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,712,912,769 517,835,393 -189,202,198 -190,300,744 -191,342,709 -192,342,226 -193,256,394 -194,007,560 -194,494,528 -194,602,505 -194,214,362 -197,000,171 -198,575,087 -199,302,172 -199,967,831 -200,603,921 -201,175,537 -201,610,627 -201,813,317 -201,674,525 680,130,990 -PPA revenue ($) 0 388,959,428 391,077,686 394,067,152 396,778,874 399,262,509 401,352,540 402,752,245 403,075,929 401,886,408 398,737,452 407,457,717 411,514,043 412,269,344 412,681,931 412,865,660 412,682,389 411,853,585 410,010,539 406,734,346 401,870,507 -Electricity to grid (kWh) 0.0 4,094,309,766 4,116,607,226 4,123,335,272 4,127,094,586 4,128,451,130 4,125,745,683 4,116,016,811 4,095,467,678 4,059,868,757 4,004,996,510 4,074,577,166 4,115,140,431 4,122,693,439 4,126,819,305 4,128,656,605 4,126,823,891 4,118,535,845 4,100,105,386 4,067,343,460 4,018,705,073 +Annual costs ($) -1,757,489,160 532,860,494 -192,606,046 -193,728,953 -194,789,896 -195,804,376 -196,727,835 -197,480,115 -197,957,470 -198,043,032 -197,618,482 -200,455,916 -202,105,723 -202,862,198 -203,550,850 -204,206,125 -204,791,789 -205,233,417 -205,432,671 -205,278,466 699,487,523 +PPA revenue ($) 0 390,723,375 393,006,778 396,058,106 398,809,720 401,316,348 403,406,117 404,772,762 405,020,868 403,705,314 400,375,254 409,243,779 413,533,468 414,347,881 414,792,579 414,991,008 414,799,848 413,931,439 412,007,599 408,601,667 403,563,760 +Electricity to grid (kWh) 0.0 4,112,877,636 4,136,913,453 4,144,167,684 4,148,218,433 4,149,688,225 4,146,855,646 4,136,665,938 4,115,229,306 4,078,243,398 4,021,446,909 4,092,437,792 4,135,334,680 4,143,478,814 4,147,925,785 4,149,910,079 4,147,998,477 4,139,314,391 4,120,075,993 4,086,016,670 4,035,637,603 -Present value of annual costs ($) 2,593,310,221 -Present value of annual energy nominal (kWh) 35,008,962,358 -LCOE Levelized cost of energy nominal (cents/kWh) 7.41 +Present value of annual costs ($) 2,647,323,960 +Present value of annual energy nominal (kWh) 35,179,316,756 +LCOE Levelized cost of energy nominal (cents/kWh) 7.53 -Present value of PPA revenue ($) 3,415,849,808 -Present value of annual energy nominal (kWh) 35,008,962,358 +Present value of PPA revenue ($) 3,432,467,738 +Present value of annual energy nominal (kWh) 35,179,316,756 LPPA Levelized PPA price nominal (cents/kWh) 9.76 PROJECT STATE INCOME TAXES -EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 +EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 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 ($) 0 38,422,984 37,332,734 36,181,429 34,965,652 33,681,791 32,326,033 30,894,354 29,382,500 27,785,982 26,100,060 24,319,725 22,439,692 20,454,378 18,357,885 16,143,989 13,806,115 11,337,320 8,730,272 5,977,229 3,070,017 -Total state tax depreciation ($) 0 50,979,547 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 +Debt interest payment ($) 0 39,422,894 38,304,271 37,123,005 35,875,589 34,558,317 33,167,278 31,698,340 30,147,142 28,509,077 26,779,281 24,952,616 23,023,657 20,986,677 18,835,626 16,564,116 14,165,401 11,632,359 8,957,466 6,132,779 3,149,910 +Total state tax depreciation ($) 0 52,306,225 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 equals: -State taxable income ($) 0 211,750,083 163,979,045 168,119,815 172,047,315 175,814,811 179,260,600 182,091,984 183,927,522 184,334,519 182,871,486 193,372,084 199,308,444 202,049,059 204,558,138 206,955,764 209,110,367 210,750,358 211,514,360 210,991,209 1,408,553,329 +State taxable income ($) 0 207,992,690 159,088,490 163,321,084 167,320,115 171,144,015 174,624,823 177,460,405 179,259,709 179,582,220 177,981,957 188,677,147 194,895,794 197,747,188 200,342,936 202,812,875 205,020,430 206,685,064 207,436,117 206,854,871 1,435,534,540 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) ($) 0 -14,822,506 -11,478,533 -11,768,387 -12,043,312 -12,307,037 -12,548,242 -12,746,439 -12,874,927 -12,903,416 -12,801,004 -13,536,046 -13,951,591 -14,143,434 -14,319,070 -14,486,904 -14,637,726 -14,752,525 -14,806,005 -14,769,385 -98,598,733 +State tax benefit (liability) ($) 0 -14,559,488 -11,136,194 -11,432,476 -11,712,408 -11,980,081 -12,223,738 -12,422,228 -12,548,180 -12,570,755 -12,458,737 -13,207,400 -13,642,706 -13,842,303 -14,024,006 -14,196,901 -14,351,430 -14,467,954 -14,520,528 -14,479,841 -100,487,418 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 +EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 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 -14,822,506 -11,478,533 -11,768,387 -12,043,312 -12,307,037 -12,548,242 -12,746,439 -12,874,927 -12,903,416 -12,801,004 -13,536,046 -13,951,591 -14,143,434 -14,319,070 -14,486,904 -14,637,726 -14,752,525 -14,806,005 -14,769,385 -98,598,733 +State tax benefit (liability) ($) 0 -14,559,488 -11,136,194 -11,432,476 -11,712,408 -11,980,081 -12,223,738 -12,422,228 -12,548,180 -12,570,755 -12,458,737 -13,207,400 -13,642,706 -13,842,303 -14,024,006 -14,196,901 -14,351,430 -14,467,954 -14,520,528 -14,479,841 -100,487,418 State ITC total income ($) 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 ($) 0 38,422,984 37,332,734 36,181,429 34,965,652 33,681,791 32,326,033 30,894,354 29,382,500 27,785,982 26,100,060 24,319,725 22,439,692 20,454,378 18,357,885 16,143,989 13,806,115 11,337,320 8,730,272 5,977,229 3,070,017 -Total federal tax depreciation ($) 0 50,979,547 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 101,959,093 +Debt interest payment ($) 0 39,422,894 38,304,271 37,123,005 35,875,589 34,558,317 33,167,278 31,698,340 30,147,142 28,509,077 26,779,281 24,952,616 23,023,657 20,986,677 18,835,626 16,564,116 14,165,401 11,632,359 8,957,466 6,132,779 3,149,910 +Total federal tax depreciation ($) 0 52,306,225 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 equals: -Federal taxable income ($) 0 196,927,577 152,500,512 156,351,428 160,004,003 163,507,774 166,712,358 169,345,545 171,052,595 171,431,103 170,070,482 179,836,038 185,356,853 187,905,625 190,239,069 192,468,861 194,472,642 195,997,833 196,708,355 196,221,825 1,309,954,596 +Federal taxable income ($) 0 193,433,202 147,952,296 151,888,608 155,607,707 159,163,934 162,401,085 165,038,177 166,711,530 167,011,465 165,523,220 175,469,747 181,253,089 183,904,885 186,318,931 188,615,974 190,669,000 192,217,109 192,915,589 192,375,030 1,335,047,122 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) ($) 0 -41,354,791 -32,025,108 -32,833,800 -33,600,841 -34,336,633 -35,009,595 -35,562,565 -35,921,045 -36,000,532 -35,714,801 -37,765,568 -38,924,939 -39,460,181 -39,950,204 -40,418,461 -40,839,255 -41,159,545 -41,308,754 -41,206,583 -275,090,465 +Federal tax benefit (liability) ($) 0 -40,620,972 -31,069,982 -31,896,608 -32,677,618 -33,424,426 -34,104,228 -34,658,017 -35,009,421 -35,072,408 -34,759,876 -36,848,647 -38,063,149 -38,620,026 -39,126,975 -39,609,355 -40,040,490 -40,365,593 -40,512,274 -40,398,756 -280,359,896 CASH INCENTIVES Federal IBI income ($) 0 @@ -355,30 +355,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 719,711,247 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 719,711,247 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 738,440,824 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 738,440,824 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 686,124,722 666,655,964 646,096,955 624,386,641 601,460,549 577,250,597 551,684,887 524,687,498 496,178,255 466,072,494 434,280,810 400,708,792 365,256,742 327,819,376 288,285,518 246,537,764 202,452,135 155,897,712 106,736,240 54,821,726 0 -Debt interest payment ($) 0 38,422,984 37,332,734 36,181,429 34,965,652 33,681,791 32,326,033 30,894,354 29,382,500 27,785,982 26,100,060 24,319,725 22,439,692 20,454,378 18,357,885 16,143,989 13,806,115 11,337,320 8,730,272 5,977,229 3,070,017 -Debt principal payment ($) 0 19,468,759 20,559,009 21,710,314 22,926,091 24,209,952 25,565,710 26,997,389 28,509,243 30,105,761 31,791,684 33,572,018 35,452,051 37,437,366 39,533,858 41,747,754 44,085,628 46,554,424 49,161,471 51,914,514 54,821,726 -Debt total payment ($) 0 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 +Debt balance ($) 703,980,252 684,004,843 662,910,812 640,635,515 617,112,801 592,272,815 566,041,790 538,341,827 509,090,667 478,201,442 445,582,420 411,136,733 374,762,087 336,350,461 295,787,784 252,953,597 207,720,696 159,954,753 109,513,916 56,248,393 0 +Debt interest payment ($) 0 39,422,894 38,304,271 37,123,005 35,875,589 34,558,317 33,167,278 31,698,340 30,147,142 28,509,077 26,779,281 24,952,616 23,023,657 20,986,677 18,835,626 16,564,116 14,165,401 11,632,359 8,957,466 6,132,779 3,149,910 +Debt principal payment ($) 0 19,975,409 21,094,031 22,275,297 23,522,714 24,839,986 26,231,025 27,699,962 29,251,160 30,889,225 32,619,022 34,445,687 36,374,646 38,411,626 40,562,677 42,834,187 45,232,901 47,765,944 50,440,837 53,265,523 56,248,393 +Debt total payment ($) 0 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 DSCR (DEBT FRACTION) -EBITDA ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 +EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 minus: Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 301,152,614 303,270,873 306,260,338 308,972,060 311,455,695 313,545,726 314,945,431 315,269,115 314,079,595 310,930,639 319,650,903 323,707,229 324,462,530 324,875,117 325,058,847 324,875,575 324,046,771 322,203,725 318,927,532 1,513,582,439 -Debt total payment ($) 0 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 57,891,743 -DSCR (pre-tax) 0.0 5.20 5.24 5.29 5.34 5.38 5.42 5.44 5.45 5.43 5.37 5.52 5.59 5.60 5.61 5.61 5.61 5.60 5.57 5.51 26.15 +Cash available for debt service (CAFDS) ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 +Debt total payment ($) 0 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 +DSCR (pre-tax) 0.0 5.05 5.08 5.14 5.18 5.22 5.26 5.28 5.29 5.26 5.21 5.36 5.43 5.44 5.45 5.45 5.45 5.44 5.40 5.35 25.98 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 5d02a54c..064f2632 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -52,11 +52,11 @@ Fracture Height, 1400 Fracture Width, 1400 Fracture Separation, 30 -Number of Injection Wells, 50 -Number of Production Wells, 50 +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, 115, -- 5 kg/s less than 120 kg/s peak flow reported for Project Red +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 From 46e49ae28a69560f5d6ffd05697c565a145ccd94 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 28 May 2025 16:09:21 -0700 Subject: [PATCH 45/61] Switch to RES_VOL_FRAC_SEP for realistic fracture size/count --- docs/Fervo_Project_Cape-4.md | 20 +- tests/examples/Fervo_Project_Cape-4.out | 278 ++++++++++++------------ tests/examples/Fervo_Project_Cape-4.txt | 8 +- 3 files changed, 152 insertions(+), 154 deletions(-) diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index 0cc4ff80..e183a4e2 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -14,7 +14,7 @@ comparison of results with reference values. | 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 and Fervo_Project_Cape-3 | -| Reservoir size & geometry | 149 rectangular 1400m×1400m fractures; 30m fracture separation | Actual number and size of fractures not known; inputs chosen to create reservoir volume that is compatible with required heat extraction profile. | +| Reservoir size & geometry | Reservoir Volume = 5801599999 m**3, Fracture Separation = 10m | Extrapolation to create case study heat extraction profile. 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 | | @@ -30,12 +30,12 @@ comparison of results with reference values. ## Results -| Metric | Result Value | Reference Value | Reference Source | -|-----------------------------------------------|-----------------------------------------------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| -| LCOE | $75.3/MWh | $80/MWh | https://www.nature.com/articles/s44359-024-00019-9 | -| Plant capital costs | $4375/kW (based on maximum total electricity generation of 562.54 MW) | $4500/kW | https://www.nature.com/articles/s44359-024-00019-9 | -| Minimum Net Electricity Generation | 504.64 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. | -| Well Drilling and Completion Cost Correlation | $4.72M/well | $4.8M/well | https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html | -| WACC | 8.3% | 8.3% | https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc | -| After-tax IRR | 17.73% | 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 | +| Metric | Result Value | Reference Value | Reference Source | +|-----------------------------------------------|----------------------------------------------------------|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| +| LCOE | $75.1/MWh | $80/MWh | https://www.nature.com/articles/s44359-024-00019-9 | +| Plant capital costs | $4372/kW (based on maximum total electricity generation) | $4500/kW | https://www.nature.com/articles/s44359-024-00019-9 | +| Minimum Net Electricity Generation | 504.82 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. | +| Well Drilling and Completion Cost Correlation | $4.72M/well | $4.8M/well | https://houston.innovationmap.com/fervo-energy-drilling-utah-project-2667300142.html | +| WACC | 8.3% | 8.3% | https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc | +| After-tax IRR | 17.77% | 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 | diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 697ed775..7cf71973 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,14 +6,14 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.12 Simulation Date: 2025-05-28 - Simulation Time: 15:46 - Calculation Time: 1.064 sec + Simulation Time: 16:03 + Calculation Time: 1.059 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity - Average Net Electricity Production: 522.49 MW - Electricity breakeven price: 7.53 cents/kWh + Average Net Electricity Production: 525.19 MW + Electricity breakeven price: 7.51 cents/kWh Number of production wells: 54 Number of injection wells: 54 Flowrate per production well: 107.0 kg/sec @@ -30,9 +30,9 @@ Simulation Metadata Accrued financing during construction: 5.00 % Project lifetime: 20 yr Capacity factor: 90.0 % - Project NPV: 785.14 MUSD - After-tax IRR: 17.73 % - Estimated Jobs Created: 1190 + Project NPV: 793.37 MUSD + After-tax IRR: 17.77 % + Estimated Jobs Created: 1196 ***ENGINEERING PARAMETERS*** @@ -43,7 +43,7 @@ Simulation Metadata Pump efficiency: 80.0 % Injection temperature: 56.7 degC Production Wellbore heat transmission calculated with Ramey's model - Average production well temperature drop: 1.8 degC + Average production well temperature drop: 1.6 degC Flowrate per production well: 107.0 kg/sec Injection well casing ID: 9.625 in Production well casing ID: 9.625 in @@ -63,13 +63,13 @@ Simulation Metadata Reservoir Model = Multiple Parallel Fractures Model Bottom-hole temperature: 201.72 degC Fracture model = Rectangular - Well separation: fracture height: 1400.00 meter - Fracture width: 1400.00 meter - Fracture area: 1960000.00 m**2 - Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 149.00 - Fracture separation: 30.00 meter - Reservoir volume: 8702400000 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: 2321.64 + 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 @@ -78,18 +78,18 @@ Simulation Metadata ***RESERVOIR SIMULATION RESULTS*** - Maximum Production Temperature: 199.6 degC - Average Production Temperature: 199.0 degC - Minimum Production Temperature: 196.5 degC + 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: 3445.50 MW + Average Reservoir Heat Extraction: 3454.60 MW Production Wellbore Heat Transmission Model = Ramey Model - Average Production Well Temperature Drop: 1.8 degC - Total Average Pressure Drop: 4336.2 kPa + 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: 504.0 kPa - Average Buoyancy Pressure Drop: -2836.6 kPa + Average Production Well Pressure Drop: 504.3 kPa + Average Buoyancy Pressure Drop: -2848.9 kPa ***CAPITAL COSTS (M$)*** @@ -99,38 +99,38 @@ Simulation Metadata Drilling and completion costs per vertical injection well: 4.72 MUSD Drilling and completion costs per non-vertical section: 2.48 MUSD Stimulation costs: 163.01 MUSD - Surface power plant costs: 1533.79 MUSD + Surface power plant costs: 1536.20 MUSD Field gathering system costs: 74.51 MUSD - Total surface equipment costs: 1608.30 MUSD + Total surface equipment costs: 1610.71 MUSD Exploration costs: 30.00 MUSD - Investment Tax Credit: -703.28 MUSD - Total CAPEX: 2461.47 MUSD + Investment Tax Credit: -704.00 MUSD + Total CAPEX: 2464.00 MUSD ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** Wellfield maintenance costs: 7.12 MUSD/yr - Power plant maintenance costs: 25.83 MUSD/yr + Power plant maintenance costs: 25.87 MUSD/yr Water costs: 22.75 MUSD/yr - Total operating and maintenance costs: 91.00 MUSD/yr + Total operating and maintenance costs: 91.04 MUSD/yr ***SURFACE EQUIPMENT SIMULATION RESULTS*** Initial geofluid availability: 0.19 MW/(kg/s) - Maximum Total Electricity Generation: 562.54 MW - Average Total Electricity Generation: 558.78 MW - Minimum Total Electricity Generation: 541.56 MW + 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: 526.38 MW - Average Net Electricity Generation: 522.49 MW - Minimum Net Electricity Generation: 504.64 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: 4405.39 GWh - Average Annual Net Electricity Generation: 4119.26 GWh + 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: 36.29 MW - Heat to Power Conversion Efficiency: 15.16 % + Average Pumping Power: 36.19 MW + Heat to Power Conversion Efficiency: 15.20 % ************************************************************ * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * @@ -140,24 +140,24 @@ Simulation Metadata (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 15.2033 - 4 1.0065 199.52 36.1963 525.9275 15.2125 - 5 1.0068 199.57 36.1952 526.2955 15.2175 - 6 1.0068 199.57 36.2041 526.2623 15.2169 - 7 1.0063 199.47 36.2343 525.5119 15.2063 - 8 1.0049 199.20 36.3008 523.5950 15.1792 - 9 1.0024 198.69 36.4208 519.9828 15.1281 - 10 0.9982 197.87 36.6121 514.1224 15.0446 - 11 0.9921 196.66 36.8912 505.4953 14.9204 - 12 1.0048 199.19 36.1759 523.6270 15.1816 - 13 1.0059 199.40 36.1725 525.1387 15.2021 - 14 1.0065 199.51 36.1687 525.8668 15.2121 - 15 1.0068 199.57 36.1661 526.2848 15.2178 - 16 1.0068 199.58 36.1706 526.3381 15.2184 - 17 1.0064 199.49 36.1933 525.7385 15.2100 - 18 1.0052 199.26 36.2489 524.0549 15.1862 - 19 1.0029 198.80 36.3547 520.7678 15.1398 - 20 0.9990 198.04 36.5288 515.3239 15.0624 + 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 ******************************************************************* @@ -166,26 +166,26 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 4112.7 27139.8 2572.60 3.66 - 2 4136.8 27223.2 2474.60 7.33 - 3 4144.0 27248.3 2376.50 11.00 - 4 4148.1 27262.4 2278.36 14.68 - 5 4149.5 27267.6 2180.20 18.35 - 6 4146.7 27258.2 2082.07 22.03 - 7 4136.5 27223.9 1984.06 25.70 - 8 4115.1 27151.5 1886.31 29.36 - 9 4078.1 27026.2 1789.02 33.00 - 10 4021.3 26833.1 1692.42 36.62 - 11 4092.3 27069.1 1594.97 40.27 - 12 4135.2 27216.8 1496.99 43.94 - 13 4143.3 27245.1 1398.91 47.61 - 14 4147.8 27260.6 1300.77 51.29 - 15 4149.8 27267.5 1202.61 54.96 - 16 4147.8 27261.2 1104.47 58.64 - 17 4139.2 27231.9 1006.43 62.31 - 18 4119.9 27166.8 908.63 65.97 - 19 4085.9 27051.4 811.25 69.62 - 20 4035.5 26880.2 714.48 73.24 + 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 * @@ -193,52 +193,52 @@ Simulation Metadata ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 ENERGY -Electricity to grid (kWh) 0.0 4,112,877,636 4,136,913,453 4,144,167,684 4,148,218,433 4,149,688,225 4,146,855,646 4,136,665,938 4,115,229,306 4,078,243,398 4,021,446,909 4,092,437,792 4,135,334,680 4,143,478,814 4,147,925,785 4,149,910,079 4,147,998,477 4,139,314,391 4,120,075,993 4,086,016,670 4,035,637,603 +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 4,112,877,636 4,136,913,453 4,144,167,684 4,148,218,433 4,149,688,225 4,146,855,646 4,136,665,938 4,115,229,306 4,078,243,398 4,021,446,909 4,092,437,792 4,135,334,680 4,143,478,814 4,147,925,785 4,149,910,079 4,147,998,477 4,139,314,391 4,120,075,993 4,086,016,670 4,035,637,603 +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 ($) 0 390,723,375 393,006,778 396,058,106 398,809,720 401,316,348 403,406,117 404,772,762 405,020,868 403,705,314 400,375,254 409,243,779 413,533,468 414,347,881 414,792,579 414,991,008 414,799,848 413,931,439 412,007,599 408,601,667 403,563,760 +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 1,230,734,706 -Total revenue ($) 0 390,723,375 393,006,778 396,058,106 398,809,720 401,316,348 403,406,117 404,772,762 405,020,868 403,705,314 400,375,254 409,243,779 413,533,468 414,347,881 414,792,579 414,991,008 414,799,848 413,931,439 412,007,599 408,601,667 1,634,298,466 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,231,997,625 +Total revenue ($) 0 390,717,115 393,000,484 396,052,712 398,826,900 401,481,259 404,069,532 406,615,809 409,132,915 411,585,057 413,734,713 413,780,369 406,646,424 409,297,403 413,534,323 414,358,486 414,831,989 415,164,031 415,418,265 415,621,226 1,647,779,593 -Property tax net assessed value ($) 0 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 2,461,469,412 +Property tax net assessed value ($) 0 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 2,463,995,249 OPERATING EXPENSES -O&M fixed expense ($) 0 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 +O&M fixed expense ($) 0 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 O&M production-based expense ($) 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 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 91,001,566 +Total operating expenses ($) 0 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 91,038,827 -EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 +EBITDA ($) 0 299,678,289 301,961,657 305,013,886 307,788,074 310,442,432 313,030,706 315,576,983 318,094,089 320,546,231 322,695,886 322,741,542 315,607,598 318,258,576 322,495,496 323,319,660 323,793,162 324,125,204 324,379,438 324,582,399 1,556,740,766 OPERATING ACTIVITIES -EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 +EBITDA ($) 0 299,678,289 301,961,657 305,013,886 307,788,074 310,442,432 313,030,706 315,576,983 318,094,089 320,546,231 322,695,886 322,741,542 315,607,598 318,258,576 322,495,496 323,319,660 323,793,162 324,125,204 324,379,438 324,582,399 1,556,740,766 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 plus PBI if not available for debt service: Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Debt interest payment ($) 0 39,422,894 38,304,271 37,123,005 35,875,589 34,558,317 33,167,278 31,698,340 30,147,142 28,509,077 26,779,281 24,952,616 23,023,657 20,986,677 18,835,626 16,564,116 14,165,401 11,632,359 8,957,466 6,132,779 3,149,910 -Cash flow from operating activities ($) 0 260,298,915 263,700,940 267,933,534 271,932,565 275,756,465 279,237,273 282,072,855 283,872,160 284,194,670 282,594,407 293,289,597 299,508,244 302,359,638 304,955,386 307,425,325 309,632,880 311,297,514 312,048,567 311,467,321 1,540,146,990 +Debt interest payment ($) 0 39,463,348 38,343,577 37,161,099 35,912,403 34,593,779 33,201,312 31,730,867 30,178,078 28,538,332 26,806,760 24,978,221 23,047,283 21,008,212 18,854,954 16,581,113 14,179,937 11,644,296 8,966,658 6,139,072 3,153,142 +Cash flow from operating activities ($) 0 260,214,941 263,618,080 267,852,786 271,875,671 275,848,653 279,829,393 283,846,115 287,916,011 292,007,899 295,889,126 297,763,321 292,560,315 297,250,364 303,640,542 306,738,547 309,613,225 312,480,909 315,412,780 318,443,327 1,553,587,624 INVESTING ACTIVITIES -Total installed cost ($) -2,461,469,412 +Total installed cost ($) -2,463,995,249 Debt closing costs ($) 0 Debt up-front fee ($) 0 minus: Total IBI income ($) 0 Total CBI income ($) 0 equals: -Purchase of property ($) -2,461,469,412 +Purchase of property ($) -2,463,995,249 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 @@ -250,86 +250,86 @@ Reserve capital spending major equipment 1 ($) 0 0 0 Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash flow from investing activities ($) -2,461,469,412 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from investing activities ($) -2,463,995,249 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FINANCING ACTIVITIES -Issuance of equity ($) 1,757,489,160 -Size of debt ($) 703,980,252 +Issuance of equity ($) 1,759,292,608 +Size of debt ($) 704,702,641 minus: -Debt principal payment ($) 0 19,975,409 21,094,031 22,275,297 23,522,714 24,839,986 26,231,025 27,699,962 29,251,160 30,889,225 32,619,022 34,445,687 36,374,646 38,411,626 40,562,677 42,834,187 45,232,901 47,765,944 50,440,837 53,265,523 56,248,393 +Debt principal payment ($) 0 19,995,906 21,115,677 22,298,155 23,546,852 24,865,475 26,257,942 27,728,387 29,281,176 30,920,922 32,652,494 34,481,034 36,411,972 38,451,042 40,604,300 42,878,141 45,279,317 47,814,959 50,492,596 53,320,182 56,306,112 equals: -Cash flow from financing activities ($) 2,461,469,412 -19,975,409 -21,094,031 -22,275,297 -23,522,714 -24,839,986 -26,231,025 -27,699,962 -29,251,160 -30,889,225 -32,619,022 -34,445,687 -36,374,646 -38,411,626 -40,562,677 -42,834,187 -45,232,901 -47,765,944 -50,440,837 -53,265,523 -56,248,393 +Cash flow from financing activities ($) 2,463,995,249 -19,995,906 -21,115,677 -22,298,155 -23,546,852 -24,865,475 -26,257,942 -27,728,387 -29,281,176 -30,920,922 -32,652,494 -34,481,034 -36,411,972 -38,451,042 -40,604,300 -42,878,141 -45,279,317 -47,814,959 -50,492,596 -53,320,182 -56,306,112 PROJECT RETURNS Pre-tax Cash Flow: -Cash flow from operating activities ($) 0 260,298,915 263,700,940 267,933,534 271,932,565 275,756,465 279,237,273 282,072,855 283,872,160 284,194,670 282,594,407 293,289,597 299,508,244 302,359,638 304,955,386 307,425,325 309,632,880 311,297,514 312,048,567 311,467,321 1,540,146,990 -Cash flow from investing activities ($) -2,461,469,412 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Cash flow from financing activities ($) 2,461,469,412 -19,975,409 -21,094,031 -22,275,297 -23,522,714 -24,839,986 -26,231,025 -27,699,962 -29,251,160 -30,889,225 -32,619,022 -34,445,687 -36,374,646 -38,411,626 -40,562,677 -42,834,187 -45,232,901 -47,765,944 -50,440,837 -53,265,523 -56,248,393 -Total pre-tax cash flow ($) 0 240,323,506 242,606,909 245,658,236 248,409,851 250,916,479 253,006,248 254,372,893 254,620,999 253,305,445 249,975,385 258,843,910 263,133,599 263,948,012 264,392,709 264,591,139 264,399,979 263,531,570 261,607,730 258,201,798 1,483,898,597 +Cash flow from operating activities ($) 0 260,214,941 263,618,080 267,852,786 271,875,671 275,848,653 279,829,393 283,846,115 287,916,011 292,007,899 295,889,126 297,763,321 292,560,315 297,250,364 303,640,542 306,738,547 309,613,225 312,480,909 315,412,780 318,443,327 1,553,587,624 +Cash flow from investing activities ($) -2,463,995,249 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,463,995,249 -19,995,906 -21,115,677 -22,298,155 -23,546,852 -24,865,475 -26,257,942 -27,728,387 -29,281,176 -30,920,922 -32,652,494 -34,481,034 -36,411,972 -38,451,042 -40,604,300 -42,878,141 -45,279,317 -47,814,959 -50,492,596 -53,320,182 -56,306,112 +Total pre-tax cash flow ($) 0 240,219,034 242,502,403 245,554,631 248,328,819 250,983,178 253,571,451 256,117,729 258,634,835 261,086,977 263,236,632 263,282,288 256,148,343 258,799,322 263,036,242 263,860,406 264,333,908 264,665,950 264,920,184 265,123,145 1,497,281,512 Pre-tax Returns: -Issuance of equity ($) 1,757,489,160 -Total pre-tax cash flow ($) 0 240,323,506 242,606,909 245,658,236 248,409,851 250,916,479 253,006,248 254,372,893 254,620,999 253,305,445 249,975,385 258,843,910 263,133,599 263,948,012 264,392,709 264,591,139 264,399,979 263,531,570 261,607,730 258,201,798 1,483,898,597 -Total pre-tax returns ($) -1,757,489,160 240,323,506 242,606,909 245,658,236 248,409,851 250,916,479 253,006,248 254,372,893 254,620,999 253,305,445 249,975,385 258,843,910 263,133,599 263,948,012 264,392,709 264,591,139 264,399,979 263,531,570 261,607,730 258,201,798 1,483,898,597 +Issuance of equity ($) 1,759,292,608 +Total pre-tax cash flow ($) 0 240,219,034 242,502,403 245,554,631 248,328,819 250,983,178 253,571,451 256,117,729 258,634,835 261,086,977 263,236,632 263,282,288 256,148,343 258,799,322 263,036,242 263,860,406 264,333,908 264,665,950 264,920,184 265,123,145 1,497,281,512 +Total pre-tax returns ($) -1,759,292,608 240,219,034 242,502,403 245,554,631 248,328,819 250,983,178 253,571,451 256,117,729 258,634,835 261,086,977 263,236,632 263,282,288 256,148,343 258,799,322 263,036,242 263,860,406 264,333,908 264,665,950 264,920,184 265,123,145 1,497,281,512 After-tax Returns: -Total pre-tax returns ($) -1,757,489,160 240,323,506 242,606,909 245,658,236 248,409,851 250,916,479 253,006,248 254,372,893 254,620,999 253,305,445 249,975,385 258,843,910 263,133,599 263,948,012 264,392,709 264,591,139 264,399,979 263,531,570 261,607,730 258,201,798 1,483,898,597 -Federal ITC total income ($) 0 738,440,824 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total pre-tax returns ($) -1,759,292,608 240,219,034 242,502,403 245,554,631 248,328,819 250,983,178 253,571,451 256,117,729 258,634,835 261,086,977 263,236,632 263,282,288 256,148,343 258,799,322 263,036,242 263,860,406 264,333,908 264,665,950 264,920,184 265,123,145 1,497,281,512 +Federal ITC total income ($) 0 739,198,575 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal PTC income ($) 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) ($) 0 -40,620,972 -31,069,982 -31,896,608 -32,677,618 -33,424,426 -34,104,228 -34,658,017 -35,009,421 -35,072,408 -34,759,876 -36,848,647 -38,063,149 -38,620,026 -39,126,975 -39,609,355 -40,040,490 -40,365,593 -40,512,274 -40,398,756 -280,359,896 +Federal tax benefit (liability) ($) 0 -40,594,090 -31,032,834 -31,859,873 -32,645,542 -33,421,465 -34,198,904 -34,983,370 -35,778,220 -36,577,366 -37,335,370 -37,701,400 -36,685,253 -37,601,219 -38,849,221 -39,454,262 -40,015,686 -40,575,745 -41,148,339 -41,740,205 -282,963,886 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) ($) 0 -14,559,488 -11,136,194 -11,432,476 -11,712,408 -11,980,081 -12,223,738 -12,422,228 -12,548,180 -12,570,755 -12,458,737 -13,207,400 -13,642,706 -13,842,303 -14,024,006 -14,196,901 -14,351,430 -14,467,954 -14,520,528 -14,479,841 -100,487,418 -Total after-tax returns ($) -1,757,489,160 923,583,869 200,400,732 202,329,153 204,019,825 205,511,972 206,678,282 207,292,647 207,063,398 205,662,282 202,756,772 208,787,863 211,427,745 211,485,683 211,241,728 210,784,883 210,008,059 208,698,023 206,574,928 203,323,201 1,103,051,284 +State tax benefit (liability) ($) 0 -14,549,853 -11,122,880 -11,419,309 -11,700,911 -11,979,020 -12,257,672 -12,538,842 -12,823,735 -13,110,167 -13,381,853 -13,513,047 -13,148,836 -13,477,140 -13,924,452 -14,141,312 -14,342,540 -14,543,278 -14,748,509 -14,960,647 -101,420,748 +Total after-tax returns ($) -1,759,292,608 924,273,667 200,346,689 202,275,450 203,982,366 205,582,692 207,114,876 208,595,517 210,032,879 211,399,443 212,519,409 212,067,841 206,314,254 207,720,963 210,262,569 210,264,832 209,975,682 209,546,927 209,023,336 208,422,293 1,112,896,878 -After-tax cumulative IRR (%) NaN -47.45 -30.94 -17.0 -7.24 -0.57 4.06 7.33 9.70 11.45 12.75 13.77 14.57 15.20 15.70 16.09 16.41 16.66 16.87 17.04 17.73 -After-tax cumulative NPV ($) -1,757,489,160 -917,657,503 -751,954,222 -599,827,268 -460,339,547 -332,573,153 -215,733,501 -109,173,255 -12,383,241 75,034,135 153,401,346 226,781,762 294,351,588 355,810,901 411,632,509 462,282,339 508,169,415 549,635,084 586,956,992 620,360,270 785,143,778 +After-tax cumulative IRR (%) NaN -47.46 -30.97 -17.03 -7.27 -0.60 4.04 7.33 9.73 11.51 12.85 13.88 14.65 15.26 15.75 16.14 16.46 16.71 16.92 17.09 17.78 +After-tax cumulative NPV ($) -1,759,292,608 -918,833,705 -753,175,111 -601,088,535 -461,626,425 -333,816,064 -216,729,596 -109,499,602 -11,321,529 78,534,445 160,674,998 235,208,193 301,143,807 361,509,064 417,071,925 467,596,791 513,476,793 555,111,128 592,875,391 627,116,380 793,370,710 AFTER-TAX LCOE AND PPA PRICE -Annual costs ($) -1,757,489,160 532,860,494 -192,606,046 -193,728,953 -194,789,896 -195,804,376 -196,727,835 -197,480,115 -197,957,470 -198,043,032 -197,618,482 -200,455,916 -202,105,723 -202,862,198 -203,550,850 -204,206,125 -204,791,789 -205,233,417 -205,432,671 -205,278,466 699,487,523 -PPA revenue ($) 0 390,723,375 393,006,778 396,058,106 398,809,720 401,316,348 403,406,117 404,772,762 405,020,868 403,705,314 400,375,254 409,243,779 413,533,468 414,347,881 414,792,579 414,991,008 414,799,848 413,931,439 412,007,599 408,601,667 403,563,760 -Electricity to grid (kWh) 0.0 4,112,877,636 4,136,913,453 4,144,167,684 4,148,218,433 4,149,688,225 4,146,855,646 4,136,665,938 4,115,229,306 4,078,243,398 4,021,446,909 4,092,437,792 4,135,334,680 4,143,478,814 4,147,925,785 4,149,910,079 4,147,998,477 4,139,314,391 4,120,075,993 4,086,016,670 4,035,637,603 +Annual costs ($) -1,759,292,608 533,556,551 -192,653,795 -193,777,263 -194,844,534 -195,898,566 -196,954,656 -198,020,293 -199,100,036 -200,185,614 -201,215,303 -201,712,528 -200,332,170 -201,576,440 -203,271,754 -204,093,655 -204,856,307 -205,617,104 -206,394,929 -207,198,933 697,114,910 +PPA revenue ($) 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 ($) 2,647,323,960 -Present value of annual energy nominal (kWh) 35,179,316,756 -LCOE Levelized cost of energy nominal (cents/kWh) 7.53 +Present value of annual costs ($) 2,652,241,637 +Present value of annual energy nominal (kWh) 35,311,986,370 +LCOE Levelized cost of energy nominal (cents/kWh) 7.51 -Present value of PPA revenue ($) 3,432,467,738 -Present value of annual energy nominal (kWh) 35,179,316,756 +Present value of PPA revenue ($) 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 ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 +EBITDA ($) 0 299,678,289 301,961,657 305,013,886 307,788,074 310,442,432 313,030,706 315,576,983 318,094,089 320,546,231 322,695,886 322,741,542 315,607,598 318,258,576 322,495,496 323,319,660 323,793,162 324,125,204 324,379,438 324,582,399 1,556,740,766 State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State taxable IBI income ($) 0 State taxable CBI income ($) 0 minus: -Debt interest payment ($) 0 39,422,894 38,304,271 37,123,005 35,875,589 34,558,317 33,167,278 31,698,340 30,147,142 28,509,077 26,779,281 24,952,616 23,023,657 20,986,677 18,835,626 16,564,116 14,165,401 11,632,359 8,957,466 6,132,779 3,149,910 -Total state tax depreciation ($) 0 52,306,225 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 +Debt interest payment ($) 0 39,463,348 38,343,577 37,161,099 35,912,403 34,593,779 33,201,312 31,730,867 30,178,078 28,538,332 26,806,760 24,978,221 23,047,283 21,008,212 18,854,954 16,581,113 14,179,937 11,644,296 8,966,658 6,139,072 3,153,142 +Total state tax depreciation ($) 0 52,359,899 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 equals: -State taxable income ($) 0 207,992,690 159,088,490 163,321,084 167,320,115 171,144,015 174,624,823 177,460,405 179,259,709 179,582,220 177,981,957 188,677,147 194,895,794 197,747,188 200,342,936 202,812,875 205,020,430 206,685,064 207,436,117 206,854,871 1,435,534,540 +State taxable income ($) 0 207,855,042 158,898,282 163,132,988 167,155,873 171,128,855 175,109,595 179,126,317 183,196,213 187,288,101 191,169,328 193,043,523 187,840,517 192,530,565 198,920,744 202,018,749 204,893,427 207,761,111 210,692,982 213,723,529 1,448,867,826 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) ($) 0 -14,559,488 -11,136,194 -11,432,476 -11,712,408 -11,980,081 -12,223,738 -12,422,228 -12,548,180 -12,570,755 -12,458,737 -13,207,400 -13,642,706 -13,842,303 -14,024,006 -14,196,901 -14,351,430 -14,467,954 -14,520,528 -14,479,841 -100,487,418 +State tax benefit (liability) ($) 0 -14,549,853 -11,122,880 -11,419,309 -11,700,911 -11,979,020 -12,257,672 -12,538,842 -12,823,735 -13,110,167 -13,381,853 -13,513,047 -13,148,836 -13,477,140 -13,924,452 -14,141,312 -14,342,540 -14,543,278 -14,748,509 -14,960,647 -101,420,748 PROJECT FEDERAL INCOME TAXES -EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 +EBITDA ($) 0 299,678,289 301,961,657 305,013,886 307,788,074 310,442,432 313,030,706 315,576,983 318,094,089 320,546,231 322,695,886 322,741,542 315,607,598 318,258,576 322,495,496 323,319,660 323,793,162 324,125,204 324,379,438 324,582,399 1,556,740,766 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 -14,559,488 -11,136,194 -11,432,476 -11,712,408 -11,980,081 -12,223,738 -12,422,228 -12,548,180 -12,570,755 -12,458,737 -13,207,400 -13,642,706 -13,842,303 -14,024,006 -14,196,901 -14,351,430 -14,467,954 -14,520,528 -14,479,841 -100,487,418 +State tax benefit (liability) ($) 0 -14,549,853 -11,122,880 -11,419,309 -11,700,911 -11,979,020 -12,257,672 -12,538,842 -12,823,735 -13,110,167 -13,381,853 -13,513,047 -13,148,836 -13,477,140 -13,924,452 -14,141,312 -14,342,540 -14,543,278 -14,748,509 -14,960,647 -101,420,748 State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal taxable IBI income ($) 0 Federal taxable CBI income ($) 0 Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 minus: -Debt interest payment ($) 0 39,422,894 38,304,271 37,123,005 35,875,589 34,558,317 33,167,278 31,698,340 30,147,142 28,509,077 26,779,281 24,952,616 23,023,657 20,986,677 18,835,626 16,564,116 14,165,401 11,632,359 8,957,466 6,132,779 3,149,910 -Total federal tax depreciation ($) 0 52,306,225 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 104,612,450 +Debt interest payment ($) 0 39,463,348 38,343,577 37,161,099 35,912,403 34,593,779 33,201,312 31,730,867 30,178,078 28,538,332 26,806,760 24,978,221 23,047,283 21,008,212 18,854,954 16,581,113 14,179,937 11,644,296 8,966,658 6,139,072 3,153,142 +Total federal tax depreciation ($) 0 52,359,899 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 104,719,798 equals: -Federal taxable income ($) 0 193,433,202 147,952,296 151,888,608 155,607,707 159,163,934 162,401,085 165,038,177 166,711,530 167,011,465 165,523,220 175,469,747 181,253,089 183,904,885 186,318,931 188,615,974 190,669,000 192,217,109 192,915,589 192,375,030 1,335,047,122 +Federal taxable income ($) 0 193,305,189 147,775,402 151,713,679 155,454,962 159,149,835 162,851,924 166,587,475 170,372,478 174,177,934 177,787,475 179,530,477 174,691,681 179,053,426 184,996,292 187,877,436 190,550,887 193,217,833 195,944,473 198,762,882 1,347,447,078 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) ($) 0 -40,620,972 -31,069,982 -31,896,608 -32,677,618 -33,424,426 -34,104,228 -34,658,017 -35,009,421 -35,072,408 -34,759,876 -36,848,647 -38,063,149 -38,620,026 -39,126,975 -39,609,355 -40,040,490 -40,365,593 -40,512,274 -40,398,756 -280,359,896 +Federal tax benefit (liability) ($) 0 -40,594,090 -31,032,834 -31,859,873 -32,645,542 -33,421,465 -34,198,904 -34,983,370 -35,778,220 -36,577,366 -37,335,370 -37,701,400 -36,685,253 -37,601,219 -38,849,221 -39,454,262 -40,015,686 -40,575,745 -41,148,339 -41,740,205 -282,963,886 CASH INCENTIVES Federal IBI income ($) 0 @@ -355,30 +355,30 @@ Federal PTC income ($) 0 0 0 State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC percent income ($) 0 738,440,824 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -Federal ITC total income ($) 0 738,440,824 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 739,198,575 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 739,198,575 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 DEBT REPAYMENT -Debt balance ($) 703,980,252 684,004,843 662,910,812 640,635,515 617,112,801 592,272,815 566,041,790 538,341,827 509,090,667 478,201,442 445,582,420 411,136,733 374,762,087 336,350,461 295,787,784 252,953,597 207,720,696 159,954,753 109,513,916 56,248,393 0 -Debt interest payment ($) 0 39,422,894 38,304,271 37,123,005 35,875,589 34,558,317 33,167,278 31,698,340 30,147,142 28,509,077 26,779,281 24,952,616 23,023,657 20,986,677 18,835,626 16,564,116 14,165,401 11,632,359 8,957,466 6,132,779 3,149,910 -Debt principal payment ($) 0 19,975,409 21,094,031 22,275,297 23,522,714 24,839,986 26,231,025 27,699,962 29,251,160 30,889,225 32,619,022 34,445,687 36,374,646 38,411,626 40,562,677 42,834,187 45,232,901 47,765,944 50,440,837 53,265,523 56,248,393 -Debt total payment ($) 0 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 +Debt balance ($) 704,702,641 684,706,735 663,591,058 641,292,903 617,746,051 592,880,576 566,622,634 538,894,247 509,613,071 478,692,148 446,039,654 411,558,621 375,146,649 336,695,607 296,091,307 253,213,166 207,933,849 160,118,890 109,626,294 56,306,112 0 +Debt interest payment ($) 0 39,463,348 38,343,577 37,161,099 35,912,403 34,593,779 33,201,312 31,730,867 30,178,078 28,538,332 26,806,760 24,978,221 23,047,283 21,008,212 18,854,954 16,581,113 14,179,937 11,644,296 8,966,658 6,139,072 3,153,142 +Debt principal payment ($) 0 19,995,906 21,115,677 22,298,155 23,546,852 24,865,475 26,257,942 27,728,387 29,281,176 30,920,922 32,652,494 34,481,034 36,411,972 38,451,042 40,604,300 42,878,141 45,279,317 47,814,959 50,492,596 53,320,182 56,306,112 +Debt total payment ($) 0 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 DSCR (DEBT FRACTION) -EBITDA ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 +EBITDA ($) 0 299,678,289 301,961,657 305,013,886 307,788,074 310,442,432 313,030,706 315,576,983 318,094,089 320,546,231 322,695,886 322,741,542 315,607,598 318,258,576 322,495,496 323,319,660 323,793,162 324,125,204 324,379,438 324,582,399 1,556,740,766 minus: Reserves major equipment 1 funding ($) 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 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 equals: -Cash available for debt service (CAFDS) ($) 0 299,721,809 302,005,212 305,056,539 307,808,154 310,314,782 312,404,551 313,771,196 314,019,302 312,703,747 309,373,688 318,242,213 322,531,902 323,346,315 323,791,012 323,989,441 323,798,281 322,929,873 321,006,033 317,600,101 1,543,296,900 -Debt total payment ($) 0 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 59,398,303 -DSCR (pre-tax) 0.0 5.05 5.08 5.14 5.18 5.22 5.26 5.28 5.29 5.26 5.21 5.36 5.43 5.44 5.45 5.45 5.45 5.44 5.40 5.35 25.98 +Cash available for debt service (CAFDS) ($) 0 299,678,289 301,961,657 305,013,886 307,788,074 310,442,432 313,030,706 315,576,983 318,094,089 320,546,231 322,695,886 322,741,542 315,607,598 318,258,576 322,495,496 323,319,660 323,793,162 324,125,204 324,379,438 324,582,399 1,556,740,766 +Debt total payment ($) 0 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 59,459,254 +DSCR (pre-tax) 0.0 5.04 5.08 5.13 5.18 5.22 5.26 5.31 5.35 5.39 5.43 5.43 5.31 5.35 5.42 5.44 5.45 5.45 5.46 5.46 26.18 RESERVES Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 064f2632..30601e66 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -34,7 +34,6 @@ Power Plant Type, 2, -- Supercritical ORC Plant Lifetime, 20 Reservoir Model, 1, -- Multiple Parallel Fractures -Reservoir Volume Option, 1, -- FRAC_NUM_SEP (Specify number of fractures and fracture separation) Reservoir Depth, 8500 feet, -- https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf @@ -46,11 +45,10 @@ Reservoir Thermal Conductivity, 3.05 Reservoir Porosity, 0.0118 Reservoir Impedance, 0.001 -Number of Fractures, 149 +Reservoir Volume Option, 2, -- RES_VOL_FRAC_SEP (Specify reservoir volume and fracture separation) +Reservoir Volume, 5801599999 m**3 Fracture Shape, 4 -Fracture Height, 1400 -Fracture Width, 1400 -Fracture Separation, 30 +Fracture Separation, 10 Number of Injection Wells, 54 Number of Production Wells, 54 From 67fb2f3768378add7333e7f36ac84c8daaee0f0c Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Wed, 28 May 2025 16:13:11 -0700 Subject: [PATCH 46/61] Switch example_SAM-single-owner-PPA to RES_VOL_FRAC_SEP (like Fervo_Project_Cape-4) --- .../examples/example_SAM-single-owner-PPA.out | 62 +++++++++---------- .../examples/example_SAM-single-owner-PPA.txt | 14 +++-- 2 files changed, 39 insertions(+), 37 deletions(-) diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index 2b0dee60..378a55a6 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -4,10 +4,10 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.11 - Simulation Date: 2025-05-27 - Simulation Time: 10:10 - Calculation Time: 1.053 sec + GEOPHIRES Version: 3.9.12 + Simulation Date: 2025-05-28 + Simulation Time: 16:11 + Calculation Time: 1.060 sec ***SUMMARY OF RESULTS*** @@ -63,13 +63,13 @@ Simulation Metadata Reservoir Model = Multiple Parallel Fractures Model Bottom-hole temperature: 202.40 degC Fracture model = Rectangular - Well separation: fracture height: 1400.00 meter - Fracture width: 1400.00 meter - Fracture area: 1960000.00 m**2 - Reservoir volume calculated with fracture separation and number of fractures as input - Number of fractures: 149.00 - Fracture separation: 30.00 meter - Reservoir volume: 8702400000 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: 2321.64 + 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 @@ -165,26 +165,26 @@ Simulation Metadata YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED (GWh/year) (GWh/year) (10^15 J) (%) - 1 459.4 2826.8 2673.23 0.38 - 2 462.0 2836.1 2663.02 0.76 - 3 462.8 2838.9 2652.80 1.14 - 4 463.3 2840.6 2642.58 1.52 - 5 463.7 2841.7 2632.35 1.90 - 6 463.9 2842.6 2622.11 2.28 - 7 464.1 2843.3 2611.88 2.67 - 8 464.3 2843.9 2601.64 3.05 - 9 464.4 2844.4 2591.40 3.43 - 10 464.5 2844.9 2581.16 3.81 - 11 464.7 2845.2 2570.91 4.19 - 12 464.8 2845.6 2560.67 4.57 - 13 464.8 2845.9 2550.43 4.96 - 14 464.9 2846.2 2540.18 5.34 - 15 465.0 2846.4 2529.93 5.72 - 16 465.1 2846.7 2519.68 6.10 - 17 465.1 2846.9 2509.43 6.48 - 18 465.2 2847.1 2499.19 6.87 - 19 465.2 2847.3 2488.94 7.25 - 20 465.3 2847.5 2478.68 7.63 + 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 * diff --git a/tests/examples/example_SAM-single-owner-PPA.txt b/tests/examples/example_SAM-single-owner-PPA.txt index 733a30ec..fc82f7bf 100644 --- a/tests/examples/example_SAM-single-owner-PPA.txt +++ b/tests/examples/example_SAM-single-owner-PPA.txt @@ -30,19 +30,21 @@ Property Tax Rate, 0 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, 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, 1400 -Fracture Width, 1400 -Fracture Separation, 30 + Number of Segments, 1 Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) Number of Injection Wells, 6 From 57783e18eb29a7c3a75b733d119372d5020c37eb Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 08:32:13 -0700 Subject: [PATCH 47/61] description, comment tweaks --- tests/examples/Fervo_Project_Cape-4.txt | 7 ++++--- 1 file changed, 4 insertions(+), 3 deletions(-) diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 30601e66..716b3f1a 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -1,11 +1,12 @@ -# Case Study: Fervo Cape Station: 500 MWe Production -# https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/ +# Case Study: Fervo Cape Station 500 MWe Production +# 500 MWe EGS Case Study Modeled on Fervo Cape Station after upsizing announcement: +# https://fervoenergy.com/fervo-energy-announces-31-mw-power-purchase-agreement-with-shell-energy/ # *** 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. Both PPAs 'firm for 10 years at less than $100/MWh' estimate given in a podcast. +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 From e59d4e5ea540a04034a18335f6ae7900688a1803 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 08:34:38 -0700 Subject: [PATCH 48/61] Incorporate Fervo_Project_Cape-4 into documentation --- docs/Fervo_Project_Cape-4.md | 6 ++++-- docs/GEOPHIRES-Examples.md | 10 ++++++++++ docs/SAM-Economic-Models.md | 13 +++++++++++++ docs/index.rst | 1 + docs/overview.rst | 7 ++----- 5 files changed, 30 insertions(+), 7 deletions(-) create mode 100644 docs/GEOPHIRES-Examples.md diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index e183a4e2..23ee3d2b 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -1,12 +1,14 @@ # 500 MWe EGS Case Study Modeled on Fervo Cape Station -This case study - example name: `Fervo_Project_Cape-4` - is modeled +This case study – example name: `Fervo_Project_Cape-4` – is modeled on Fervo Cape Station with its [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. The tables below highlight key input assumptions and comparison of results with reference values. +[Web interface link](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4) + ## Inputs | Parameter | Input Value(s) | Source | @@ -14,7 +16,7 @@ comparison of results with reference values. | 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 and Fervo_Project_Cape-3 | -| Reservoir size & geometry | Reservoir Volume = 5801599999 m**3, Fracture Separation = 10m | Extrapolation to create case study heat extraction profile. Actual number and size of fractures not known. | +| Reservoir size & geometry | Reservoir Volume = 5,801,599,999 m³; Fracture Separation = 10 m | Extrapolation to create case study heat extraction profile. 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 | | diff --git a/docs/GEOPHIRES-Examples.md b/docs/GEOPHIRES-Examples.md new file mode 100644 index 00000000..2327f7d8 --- /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. + +## 500 MWe EGS Case Study Modeled on Fervo Cape Station + +See the [500 MWe EGS Case Study Modeled on Fervo Cape Station documentation](Fervo_Project_Cape-4.html). diff --git a/docs/SAM-Economic-Models.md b/docs/SAM-Economic-Models.md index 18674d53..81d81af5 100644 --- a/docs/SAM-Economic-Models.md +++ b/docs/SAM-Economic-Models.md @@ -140,3 +140,16 @@ 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) + +### 500 MWe EGS Case Study Modeled on Fervo Cape Station + +[Web interface link](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=Fervo_Project_Cape-4) + +See [500 MWe EGS Case Study Modeled on Fervo Cape Station documentation](Fervo_Project_Cape-4.html). 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. From 480614e9592d3cd474fe5918e01462f3901f816b Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 08:42:47 -0700 Subject: [PATCH 49/61] Display fracture count rounded up to nearest whole number --- src/geophires_x/Outputs.py | 2 +- src/geophires_x/Reservoir.py | 2 +- src/geophires_x_schema_generator/geophires-result.json | 2 +- tests/examples/Fervo_Project_Cape-4.out | 8 ++++---- tests/examples/example_SAM-single-owner-PPA.out | 8 ++++---- 5 files changed, 11 insertions(+), 11 deletions(-) diff --git a/src/geophires_x/Outputs.py b/src/geophires_x/Outputs.py index 3b608d59..a4188588 100644 --- a/src/geophires_x/Outputs.py +++ b/src/geophires_x/Outputs.py @@ -380,7 +380,7 @@ 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') + f.write(f' {model.reserv.fracnumbcalc.display_name}: {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') 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_schema_generator/geophires-result.json b/src/geophires_x_schema_generator/geophires-result.json index 72a02cfc..9c5d9f3f 100644 --- a/src/geophires_x_schema_generator/geophires-result.json +++ b/src/geophires_x_schema_generator/geophires-result.json @@ -246,7 +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": { diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 7cf71973..66a11801 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -5,9 +5,9 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.12 - Simulation Date: 2025-05-28 - Simulation Time: 16:03 - Calculation Time: 1.059 sec + Simulation Date: 2025-05-29 + Simulation Time: 08:40 + Calculation Time: 1.045 sec ***SUMMARY OF RESULTS*** @@ -67,7 +67,7 @@ Simulation Metadata 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: 2321.64 + Number of fractures: 2322 Fracture separation: 10.00 meter Reservoir volume: 5801599999 m**3 Reservoir impedance: 0.0010 GPa.s/m**3 diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index 378a55a6..6d7160e4 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -5,9 +5,9 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.12 - Simulation Date: 2025-05-28 - Simulation Time: 16:11 - Calculation Time: 1.060 sec + Simulation Date: 2025-05-29 + Simulation Time: 08:41 + Calculation Time: 1.054 sec ***SUMMARY OF RESULTS*** @@ -67,7 +67,7 @@ Simulation Metadata 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: 2321.64 + Number of fractures: 2322 Fracture separation: 10.00 meter Reservoir volume: 5801599999 m**3 Reservoir impedance: 0.0010 GPa.s/m**3 From bea93afb092207ed6ab6a353aa4fd8e6d73ec4b4 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 08:55:25 -0700 Subject: [PATCH 50/61] Include CAPEX in SUMMARY OF RESULTS for SAM econ models. (Could possibly display capex for all econ models but decided to limit scope for now) --- src/geophires_x/Outputs.py | 6 +++++- tests/examples/Fervo_Project_Cape-4.out | 7 ++++--- tests/examples/example_SAM-single-owner-PPA-2.out | 11 ++++++----- tests/examples/example_SAM-single-owner-PPA.out | 7 ++++--- 4 files changed, 19 insertions(+), 12 deletions(-) diff --git a/src/geophires_x/Outputs.py b/src/geophires_x/Outputs.py index a4188588..05e605a2 100644 --- a/src/geophires_x/Outputs.py +++ b/src/geophires_x/Outputs.py @@ -221,6 +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) @@ -380,7 +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}: {math.ceil(model.reserv.fracnumbcalc.value)}\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') diff --git a/tests/examples/Fervo_Project_Cape-4.out b/tests/examples/Fervo_Project_Cape-4.out index 66a11801..0734bdef 100644 --- a/tests/examples/Fervo_Project_Cape-4.out +++ b/tests/examples/Fervo_Project_Cape-4.out @@ -6,14 +6,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.12 Simulation Date: 2025-05-29 - Simulation Time: 08:40 - Calculation Time: 1.045 sec + Simulation Time: 08:52 + Calculation Time: 1.046 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity Average Net Electricity Production: 525.19 MW Electricity breakeven price: 7.51 cents/kWh + Total CAPEX: 2464.00 MUSD Number of production wells: 54 Number of injection wells: 54 Flowrate per production well: 107.0 kg/sec @@ -67,7 +68,7 @@ Simulation Metadata 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 + Number of fractures: 2322 Fracture separation: 10.00 meter Reservoir volume: 5801599999 m**3 Reservoir impedance: 0.0010 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 index 7ab39d05..8df4c5af 100644 --- a/tests/examples/example_SAM-single-owner-PPA-2.out +++ b/tests/examples/example_SAM-single-owner-PPA-2.out @@ -4,16 +4,17 @@ Simulation Metadata ---------------------- - GEOPHIRES Version: 3.9.11 - Simulation Date: 2025-05-27 - Simulation Time: 10:11 - Calculation Time: 0.908 sec + 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 @@ -67,7 +68,7 @@ Simulation Metadata 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 + Number of fractures: 149 Fracture separation: 30.00 meter Reservoir volume: 88800000000 m**3 Reservoir impedance: 0.0010 GPa.s/m**3 diff --git a/tests/examples/example_SAM-single-owner-PPA.out b/tests/examples/example_SAM-single-owner-PPA.out index 6d7160e4..1bc2a0f8 100644 --- a/tests/examples/example_SAM-single-owner-PPA.out +++ b/tests/examples/example_SAM-single-owner-PPA.out @@ -6,14 +6,15 @@ Simulation Metadata ---------------------- GEOPHIRES Version: 3.9.12 Simulation Date: 2025-05-29 - Simulation Time: 08:41 - Calculation Time: 1.054 sec + Simulation Time: 08:55 + Calculation Time: 1.052 sec ***SUMMARY OF RESULTS*** End-Use Option: Electricity 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 @@ -67,7 +68,7 @@ Simulation Metadata 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 + Number of fractures: 2322 Fracture separation: 10.00 meter Reservoir volume: 5801599999 m**3 Reservoir impedance: 0.0010 GPa.s/m**3 From 94a5c5fce4f76afeec4cb95710fb2ee9ce4b2eb7 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 09:02:32 -0700 Subject: [PATCH 51/61] update example2 - calculated fracture output affected by change to display ceiling instead of decimal in 480614e9592d3cd474fe5918e01462f3901f816b --- tests/examples/example2.out | 10 +++++----- 1 file changed, 5 insertions(+), 5 deletions(-) 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 From 28079c4ae0b325609645a4e1b6c3502023e6fb0e Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 09:18:12 -0700 Subject: [PATCH 52/61] Parse reservoir volume calculation note in GeophiresXResult --- src/geophires_x_client/geophires_x_result.py | 41 ++++++++++++++++++- .../test_geophires_x_result.py | 9 ++++ 2 files changed, 49 insertions(+), 1 deletion(-) diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index 60028964..62fdfc4e 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( { @@ -173,7 +179,15 @@ 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', @@ -377,6 +391,10 @@ 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 @@ -596,6 +614,27 @@ 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'] 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..84ff6317 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 +15,12 @@ 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): + 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', + ) From a761205ae5bbcbdfc1d15e16e521b630b6bab346 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 09:21:37 -0700 Subject: [PATCH 53/61] update csv test affected by addition of Reservoir volume calculation note --- tests/geophires-result_example-3.csv | 1 + 1 file changed, 1 insertion(+) 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 From 7f2a5b4bb2b7e89ce297ea7948fb5a7ac40f268d Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 09:37:09 -0700 Subject: [PATCH 54/61] Parse Total CAPEX in result summary (introduced into case file in bea93afb092207ed6ab6a353aa4fd8e6d73ec4b4) --- src/geophires_x_client/geophires_x_result.py | 1 + 1 file changed, 1 insertion(+) diff --git a/src/geophires_x_client/geophires_x_result.py b/src/geophires_x_client/geophires_x_result.py index 62fdfc4e..7b34f3dc 100644 --- a/src/geophires_x_client/geophires_x_result.py +++ b/src/geophires_x_client/geophires_x_result.py @@ -42,6 +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)', From c5fb5f24db2b5e3d6116c043d3d37b98976de9ab Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 09:45:37 -0700 Subject: [PATCH 55/61] Unit test Total CAPEX in SAM-EM result summary --- .../test_geophires_x_result.py | 10 +++++++++- 1 file changed, 9 insertions(+), 1 deletion(-) 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 84ff6317..9edec5a3 100644 --- a/tests/geophires_x_client_tests/test_geophires_x_result.py +++ b/tests/geophires_x_client_tests/test_geophires_x_result.py @@ -16,7 +16,7 @@ def test_get_sam_cash_flow_row_name_unit_split(self) -> None: actual = GeophiresXResult._get_sam_cash_flow_row_name_unit_split(case[0]) self.assertListEqual(actual, case[1]) - def test_reservoir_volume_calculation_note(self): + 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']) @@ -24,3 +24,11 @@ def test_reservoir_volume_calculation_note(self): 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') From bec539fd1f352ff188e955b2056dff028266736d Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Thu, 29 May 2025 09:47:03 -0700 Subject: [PATCH 56/61] =?UTF-8?q?Bump=20version:=203.9.12=20=E2=86=92=203.?= =?UTF-8?q?9.13?= MIME-Version: 1.0 Content-Type: text/plain; charset=UTF-8 Content-Transfer-Encoding: 8bit --- .bumpversion.cfg | 2 +- .cookiecutterrc | 2 +- README.rst | 4 ++-- docs/conf.py | 2 +- setup.py | 2 +- src/geophires_x/__init__.py | 2 +- 6 files changed, 7 insertions(+), 7 deletions(-) diff --git a/.bumpversion.cfg b/.bumpversion.cfg index 4be4f176..26e249f7 100644 --- a/.bumpversion.cfg +++ b/.bumpversion.cfg @@ -1,5 +1,5 @@ [bumpversion] -current_version = 3.9.12 +current_version = 3.9.13 commit = True tag = True diff --git a/.cookiecutterrc b/.cookiecutterrc index e589a020..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: 3.9.12 + version: 3.9.13 version_manager: "bump2version" website: "https://github.com/NREL" year_from: "2023" diff --git a/README.rst b/README.rst index 7d858a86..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/v3.9.12.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/v3.9.12...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 diff --git a/docs/conf.py b/docs/conf.py index dd9d072c..174c6605 100644 --- a/docs/conf.py +++ b/docs/conf.py @@ -18,7 +18,7 @@ year = '2025' author = 'NREL' copyright = f'{year}, {author}' -version = release = '3.9.12' +version = release = '3.9.13' pygments_style = 'trac' templates_path = ['./templates'] diff --git a/setup.py b/setup.py index 4ad50796..eb1eaa79 100755 --- a/setup.py +++ b/setup.py @@ -13,7 +13,7 @@ def read(*names, **kwargs): setup( name='geophires-x', - version='3.9.12', + 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_x/__init__.py b/src/geophires_x/__init__.py index fdae339d..b1eb5f0e 100644 --- a/src/geophires_x/__init__.py +++ b/src/geophires_x/__init__.py @@ -1 +1 @@ -__version__ = '3.9.12' +__version__ = '3.9.13' From b32fcb38ea076f8d06c59c2d29d0f9aab7fab137 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 30 May 2025 09:51:40 -0700 Subject: [PATCH 57/61] Update drilling cost to Date: Fri, 30 May 2025 11:05:46 -0700 Subject: [PATCH 58/61] Approach & Methodology, additional inputs/results documentation --- docs/Fervo_Project_Cape-4.md | 51 ++++++++++++++++++------- docs/GEOPHIRES-Examples.md | 4 +- docs/SAM-Economic-Models.md | 4 +- tests/examples/Fervo_Project_Cape-4.txt | 2 +- 4 files changed, 42 insertions(+), 19 deletions(-) diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index 5a79b6bd..a096f560 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -1,34 +1,55 @@ -# 500 MWe EGS Case Study Modeled on Fervo Cape Station +# Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station -This case study – example name: `Fervo_Project_Cape-4` – is modeled -on Fervo Cape Station with -its [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. The tables below highlight key input -assumptions and -comparison of results with reference values. +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 and Fervo_Project_Cape-3 | -| Reservoir size & geometry | Reservoir Volume = 5,801,599,999 m³; Fracture Separation = 10 m | Extrapolation to create case study heat extraction profile. Actual number and size of fractures not known. | +| 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 | | +| 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 | -| 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) | +| 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 FOAK EGS projects | -| Investment Tax Credit Rate (ITC) | 30% | Same as 400 MWe case study | +| 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 @@ -39,5 +60,7 @@ comparison of results with reference values. | Minimum Net Electricity Generation | 504.82 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. | | 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 | 17.77% | 15–25% | Typical levered returns for energy projects | +| 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 index 2327f7d8..02ac8287 100644 --- a/docs/GEOPHIRES-Examples.md +++ b/docs/GEOPHIRES-Examples.md @@ -5,6 +5,6 @@ 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. -## 500 MWe EGS Case Study Modeled on Fervo Cape Station +## Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station -See the [500 MWe EGS Case Study Modeled on Fervo Cape Station documentation](Fervo_Project_Cape-4.html). +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 81d81af5..1a4bab0f 100644 --- a/docs/SAM-Economic-Models.md +++ b/docs/SAM-Economic-Models.md @@ -148,8 +148,8 @@ You can then manually enter the parameters from the logged mapping into the SAM [Web interface link](https://gtp.scientificwebservices.com/geophires/?geophires-example-id=example_SAM-single-owner-PPA) -### 500 MWe EGS Case Study Modeled on Fervo Cape Station +### 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 [500 MWe EGS Case Study Modeled on Fervo Cape Station documentation](Fervo_Project_Cape-4.html). +See [Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station](Fervo_Project_Cape-4.html). diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index 06e244e6..f2fd7a36 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -23,7 +23,7 @@ Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) -Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs than default correlation for FOAK EGS projects +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 From 9b20d374998eb1eb5fd36c5173f00dd82c5166d3 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 30 May 2025 11:22:07 -0700 Subject: [PATCH 59/61] Citation for /kW surface plant cost --- docs/Fervo_Project_Cape-4.md | 3 ++- tests/examples/Fervo_Project_Cape-4.txt | 2 +- tests/examples/example_SAM-single-owner-PPA-2.txt | 2 +- 3 files changed, 4 insertions(+), 3 deletions(-) diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index a096f560..c0280555 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -43,6 +43,7 @@ the [web interface](https://gtp.scientificwebservices.com/geophires/?geophires-e | 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. | @@ -56,7 +57,7 @@ See `tests/examples/Fervo_Project_Cape-4.txt` in source code for the full set of | Metric | Result Value | Reference Value | Reference Source | |-----------------------------------------------|----------------------------------------------------------|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | LCOE | $73/MWh | $80/MWh | https://www.nature.com/articles/s44359-024-00019-9 | -| Plant capital costs | $4209/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. | +| Project capital costs | $4209/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. | | Minimum Net Electricity Generation | 504.82 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. | | 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 | diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index f2fd7a36..a79d932e 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -22,7 +22,7 @@ Combined Income Tax Rate, .28 Investment Tax Credit Rate, 0.3 Property Tax Rate, 0 -Capital Cost for Power Plant for Electricity Generation, 1900, -- (peak production) +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) diff --git a/tests/examples/example_SAM-single-owner-PPA-2.txt b/tests/examples/example_SAM-single-owner-PPA-2.txt index 88d3bc2f..4b4a7e5c 100644 --- a/tests/examples/example_SAM-single-owner-PPA-2.txt +++ b/tests/examples/example_SAM-single-owner-PPA-2.txt @@ -27,7 +27,7 @@ Combined Income Tax Rate, .28 Investment Tax Credit Rate, .3 Property Tax Rate, 0 -Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW (peak production) +Surface Plant Capital Cost Adjustment Factor, 0.71, -- $1900/kW: 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 From a2cb51b455618a6b7156ed032aeb14c7d3be7b60 Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 30 May 2025 12:01:09 -0700 Subject: [PATCH 60/61] Max total electricity generation result note re: modularity --- docs/Fervo_Project_Cape-4.md | 22 ++++++++++++---------- 1 file changed, 12 insertions(+), 10 deletions(-) diff --git a/docs/Fervo_Project_Cape-4.md b/docs/Fervo_Project_Cape-4.md index c0280555..1236a5af 100644 --- a/docs/Fervo_Project_Cape-4.md +++ b/docs/Fervo_Project_Cape-4.md @@ -41,7 +41,7 @@ the [web interface](https://gtp.scientificwebservices.com/geophires/?geophires-e | 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. | +| 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)) | @@ -54,14 +54,16 @@ See `tests/examples/Fervo_Project_Cape-4.txt` in source code for the full set of ## Results -| Metric | Result Value | Reference Value | Reference Source | -|-----------------------------------------------|----------------------------------------------------------|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| -| LCOE | $73/MWh | $80/MWh | https://www.nature.com/articles/s44359-024-00019-9 | -| Project capital costs | $4209/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. | -| Minimum Net Electricity Generation | 504.82 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. | -| 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 | +| 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. From 15df63146c4808f99d4766cfa90e0dfe61d1e1da Mon Sep 17 00:00:00 2001 From: softwareengineerprogrammer <4056124+softwareengineerprogrammer@users.noreply.github.com> Date: Fri, 30 May 2025 12:13:57 -0700 Subject: [PATCH 61/61] Link to Fervo_Project_Cape-4 documentation in description (TODO to update to NREL link once merged into main repo) --- tests/examples/Fervo_Project_Cape-4.txt | 2 ++ 1 file changed, 2 insertions(+) diff --git a/tests/examples/Fervo_Project_Cape-4.txt b/tests/examples/Fervo_Project_Cape-4.txt index a79d932e..79d6ba55 100644 --- a/tests/examples/Fervo_Project_Cape-4.txt +++ b/tests/examples/Fervo_Project_Cape-4.txt @@ -1,6 +1,8 @@ # 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 *** # *************************************