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NREL CREST Geothermal Version1.4
NREL CREST Geothermal Version1.4
Version 1.4 removes CREST's password protection. The authors strongly recommend that you save a copy of the model in its original
Update Notice: form. Once altered, modeling results cannot be warranted by NREL or SEA. For model customization support, please contact
Sustainable Energy Advantage, LLC.
Introduction:
The CREST model is a cost-of-energy analysis tool intended to assist policy makers evaluating the appropriate payment rate for a cost-based renewable energy
incentive policy. The model aims to determine the cost-of-energy, or minimum revenue per unit of production needed for a sample (modeled) renewable
energy project to meet its investors' assumed minimum required after-tax rate of return. This model was developed in conjunction with a report entitled
Renewable Energy Cost Modeling: A Toolkit for Establishing Cost-Based Incentives in the United States, developed under contract to the National Renewable
Energy Laboratory. For more information about the factors, issues and policy decisions involved in establishing cost-based rates and incentives, please refer to
the report.
The report, user manual and CREST models are free and available for download at:
http://financere.nrel.gov/finance/content/crest-model
User Manual: The CREST model comes with a User Manual which describes its design, features, inputs and outputs. The manual is intended to provide an easy to follow
road map to users who might not typically work with financial analyses, to ensure successful utilization of this Cost of Energy tool. The User Manual gives a
"guided tour" of the model architecture, provides an explanation of how to operate the model, compare multiple analyses, and understand the results. The
User Manual is available to download at:
http://financere.nrel.gov/finance/content/crest-model
The remainder of this Introduction worksheet provides an abridged version of the User Manual.
Model Architecture: The CREST model consists of six worksheets: (1) Introduction: An overview of the CREST model, (2) Inputs: The interface for nearly all user-defined
assumptions, (3) Summary Results: A framework for storing the output (results) and associated key inputs of multiple model runs, (4) Annual Cash Flows &
Returns: Provides a summary of the modeled project's annual cash flows, (5) Cash Flow: The formula calculations, or "guts", of the model; derives all project
cash and tax benefits, and (6) Complex Inputs: This worksheet is only used if the user elects to include a detailed breakdown of project costs; this choice is
selected by the user on the Inputs tab. Users should expect to work primarily with the "Inputs" and the "Summary Results" worksheets, although the other
tabs and summaries are also expected to be useful during the policy-making process.
Examples:
Entering Inputs: Model
Conventions Blue Bold Text denotes user-defined inputs. The user is responsible for modifying these cells to be consistent with the project being evaluated. Input Format
Black Text is strictly reserved for cells that are calculated automatically . These cells should not be modified. Calculated Value
Format
In the "Check" column, green cells are used to indicate that the user has entered an acceptable value in a required field.
Conversely, red cells appearing in the "Check" column indicate that a required cell is blank or contains an invalid argument which requires the user's attention.
Yellow boxes are used to highlight input choices the model user must make via a dropdown menu.
Drop-Down Menu
The "Notes" column, populated with boxes showing a "?", contains a combination of definitions, explanations and ranges of typical values for most inputs. To
read a note, the users need only move the cursor onto the applicable cell. The user is strongly encouraged to review all of these comments in order to ?
understand key features of the CREST model.
Once a user has finished entering the characteristics of the project under review on the "Inputs" tab, the model will automatically calculate both the "Year
One" and equivalent "Levelized Cost of Energy" -- as defined and discussed in the User Manual. MS Excel's "Calculation Options" MUST be set to "Automatic"
in order for these results to be generated automatically. If "Calculation Options" are not set to "Automatic," then the user will need to press "F9" after any
input is changed, in order to calculate accurate results. Even when the Calculations Options are set to Automatic, there are circumstances in which F9 will
need to be pressed one or more times in order to complete the calculation. This is described in more detail in the note towards the top of the Summary
Results worksheet.
Results appear on the "Summary Results" worksheet. In an effort to allow the user to perform a side-by-side review of multiple cases, the "Summary Results"
tab has columns for multiple results. The user is encouraged to copy and paste results from column D into columns F-O as multiple scenarios are run. This is
accomplished by using the "copy" and then "paste special -- values" features in Excel.
Understanding the Results: The output of this model is the all-in payment required to cover all expenses and meet the project investors' after-tax return requirements over the specified
number of years. This payment can be used to inform the feed-in tariff rate-setting process. The payment can either be expressed as a Year One value of
which all, or a designated portion, escalates each year during the tariff's duration at a defined rate, or as a "nominal levelized" value (where zero annual
escalation is assumed). The model output is always expressed in cents/kWh. It is important to note that this calculated tariff rate is net of other assumed
incentives, such as federal tax credits and state grants.
Pe
Check
Project Size and Performance
Generator Gross Nameplate Capacity
### Net Capacity Factor, Yr 1
Production, Yr 1
Select Production Degradation Level of Detail
### Annual Plant Production Degradation
Permanent Financing
### % Debt (% of hard costs) (mortgage-style amort.)
Debt Term
### Interest Rate on Term Debt
### Lender's Fee (% of total borrowing)
Required Minimum Annual DSCR
Actual Minimum DSCR, occurs in
Minimum DSCR Check Cell (If "Fail," read note ==>)
Required Average DSCR
Actual Average DSCR
Average DSCR Check Cell (If "Fail," read note ==>)
% Equity (% hard costs) (soft costs also equity funded)
### Target After-Tax Equity IRR
Weighted Average Cost of Capital (WACC)
Other Closing Costs
Unit Definitions
(kW) kilowatt a standard measure of electrical capacity, equal to 1000 Watts.
(kWh) kilowatt hour a standard measure of electrical output. A 1 kW generator operating at ra
(DC) direct current the unidirectional flow of electric charge
(AC) alternating current the multidirectional flow of electric charge
($/kW-yr) an annual expense (or revenue) based on generator capacity
($) All CREST model values are in nominal dollars
(/kWh) cents per kilowatt hour
(%) an input with units expressed as a percentage
(years or year) an input applicable to a specified duration or project year
($/yr) inputs measured in dollars and applied annually
(months) designates the number of months to which an input applies
Pass/Fail denotes whether the two debt service coverage ratio tests have passed or failed.
Performance, Cost, Operating, Tax & Financing Inputs
Notes Check
Units Input Value
MW 15 ? ###
% 85.5% ?
kWh 112,347,000 ?
Annual ?
% 0.5% ?
?
ratio 0.95 ? ###
MW 15.8 ? ###
Annual ?
% 3.0% ?
?
years 25 ?
?
$/kW $175 ?
% 50% ?
# #
1## ?
$/Well $4,000,000### ?
$ $750,000### ?
$/kW 583
% 100% ?
$ $8,750,000 ?
$ $17,500,000 ?
months 6 ?
$ $2,571,274 ?
% 1.6% ?
45% $64,531,122 ?
55% $79,810,657 ? ###
0% $0 ?
$ $144,341,779 ? ###
000 Watts.
W generator operating at rated capacity for one hour will produce 1 kWh of electricity.
Technology Options
Cost-Based Tariff Rate Structure Units
Payment Duration for Cost-Based Tariff years
% of Year-One Tariff Rate Escalated %
Cost-Based Tariff Escalation Rate %
Tax Units
Is owner a taxable entity?
Federal Income Tax Rate %
Federal Tax Benefits used as generated or carried forward?
State Income Tax Rate %
State Tax Benefits used as generated or carried forward?
Effective Income Tax Rate %
Depreciation Allocation
Expiration ?
Year One ? 1
4.00 ? 1
2.0% ? 1
? 0
Input Value
Intermediate ?
Input Value
2.0% ?
10 ?
2.0% ?
$2.00 ?
1.00 ?
$2.00 ?
2.00 ?
0.4% ?
$516,249 ?
$50,000 ?
$75,000 ?
-10.0% ?
$5,000 ?
3.0% ?
$625,211 ?
Input Value
10 ?
1 ?
$0 ?
5% ?
20 ?
2 ?
$0 ?
8% ?
Input Value
Salvage ?
$0 ?
Input Value
Cost-Based ### ? 0
ITC ?
30% ?
100%
$28,296,272 ?
Cash ?
2.30 ?
100.0%
10 ?
2.0% ?
$0 ?
Yes ?
Input Value
Neither ?
10% ### ?
100%
5 ?
$0 ?
Cash ### ?
$0 ?
No ### ?
1.50 ? 1
100.0%
10 ?
2.0% ?
$0 ?
$0 ?
Yes ?
?
?
Input Value
Yes ?
35.0% ?
As Generated ?
8.5% ?
As Generated ?
40.53% ?
see table ==> ?
1
Yr 1 Expensing
18.0% ?
25.0% ?
33.0% ?
0.0% ?
0.0% ?
0.0% ?
?
?
?
Summary Results
Press F9 each time inputs are changed to ensure completion of the COE calculation.
When "#N/A" appears, press "F9" in the upper row on your keyboard to complete the
calculation. It may be necessary to press F9 more than once. See note for details.
Outputs Summary units Current Model Run
Yes
Does modeled project meet minimum DSCR requirements?
Yes
Does modeled project meet average DSCR requirements?
Did you confirm that all minimum required inputs have green check cells?
Inputs Summary
Notes: User-Defined
Results of multiple scenarios may be compared here by using the "copy" and "paste special - values"
column D to columns F through O
$80,000,000
$60,000,000
sh Flow ($)
$40,000,000
$20,000,000
$100,000,000
$80,000,000
$60,000,000
$20,000,000
$0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
($20,000,000)
($40,000,000)
($60,000,000)
($80,000,000)
($100,000,000)
Project Year
Pre-Tax Cash Federal Tax State Tax Federal Tax State Tax After Tax Cash
Flow Income Income Benefit/ (Loss) Benefit/ (Loss) Flow
$ $ $ $ $ $
($79,810,657)
$9,151,150 ($21,566,319) ($21,566,319) $35,202,885 $1,833,137 $46,187,172
$8,987,230 ($15,511,778) ($15,511,778) $4,967,647 $1,318,501 $15,273,378
$8,822,815 ($4,868,676) ($4,868,676) $1,559,193 $413,837 $10,795,846
$8,657,885 $1,006,594 $1,006,594 ($322,362) ($85,560) $8,249,963
$8,492,423 $1,037,351 $1,037,351 ($332,212) ($88,175) $8,072,036
$8,326,408 $5,819,353 $5,819,353 ($1,863,648) ($494,645) $5,968,115
$8,159,822 $10,686,356 $10,686,356 ($3,422,305) ($908,340) $3,829,176
$7,992,643 $10,794,416 $10,794,416 ($3,456,912) ($917,525) $3,618,206
$7,824,853 $10,920,633 $10,920,633 ($3,497,333) ($928,254) $3,399,267
$7,656,432 $11,066,572 $11,066,572 ($3,544,070) ($940,659) $3,171,703
$7,487,357 $11,233,277 $11,233,277 ($3,597,457) ($954,829) $2,935,072
$7,192,726 $11,306,489 $11,306,489 ($3,620,903) ($961,052) $2,610,771
$6,649,525 $11,173,299 $11,173,299 ($3,578,249) ($949,730) $2,121,546
$6,122,645 $11,082,138 $11,082,138 ($3,549,055) ($941,982) $1,631,608
$5,611,570 $11,034,024 $11,034,024 ($3,533,646) ($937,892) $1,140,032
$15,715,218 $11,029,885 $11,029,885 ($3,532,321) ($937,540) $11,245,357
$11,663,349 $10,576,097 $10,576,097 ($3,386,995) ($898,968) $7,377,385
$11,196,759 $10,136,756 $10,136,756 ($3,246,296) ($861,624) $7,088,838
$10,744,067 $9,710,496 $9,710,496 ($3,109,786) ($825,392) $6,808,889
$11,812,259 $10,693,331 $10,693,331 ($3,424,539) ($908,933) $7,478,787
$216,718 $64,158 $64,158 ($20,547) ($5,453) $190,718
$185,359 $92,680 $92,680 ($29,681) ($7,878) $147,801
$153,758 $76,879 $76,879 ($24,621) ($6,535) $122,603
$121,907 $60,954 $60,954 ($19,520) ($5,181) $97,206
$2,640,500 $34,613 $34,613 ($11,085) ($2,942) $2,626,473
$60,000,000
$50,000,000
$40,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
( $)
20 21 22 23 24 25 26 27 28 29 30 $30,000,000
$20,000,000
$10,000,000
$0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30
Project Year
Graph Data
Cumulative After Tax Debt
Revenue + Tax Benefit/
Cash Flow IRR Service
(Loss)
$ % Coverage
($79,810,657)
($33,623,484) -42.13% 2.29 $57,974,213
($18,350,106) -18.61% 2.27 $27,120,136
($7,554,261) -6.30% 2.25 $22,703,339
$695,703 0.49% 2.22 $20,219,223
$8,767,739 5.31% 2.20 $20,104,112
$14,735,854 7.96% 2.18 $18,064,072
$18,565,030 9.31% 2.15 $15,990,097
$22,183,236 10.34% 2.13 $15,845,191
$25,582,503 11.14% 2.10 $15,693,432
$28,754,206 11.76% 2.08 $15,534,184
$31,689,278 12.23% 2.06 $15,367,022
$34,300,049 12.58% 2.02 $15,075,830
$36,421,595 12.82% 1.94 $14,543,007
$38,053,203 12.98% 1.86 $14,010,755
$39,193,235 13.08% 1.79 $13,478,134
$50,438,593 13.83% N/A $12,915,915
$57,815,978 14.22% N/A $12,551,983
$64,904,816 14.52% N/A $12,226,121
$71,713,705 14.75% N/A $11,910,077
$79,192,492 14.96% N/A $13,090,265
$79,383,210 14.97% N/A $5,417,779
$79,531,011 14.97% N/A $5,348,953
$79,653,614 14.97% N/A $5,298,695
$79,750,819 14.97% N/A $5,249,088
$82,377,293 15.01% N/A $5,183,727
$82,377,293
$82,377,293
$82,377,293
$82,377,293
$82,377,293
160,000,000
Resource Potential & Production
ts / (Loss) v. (kWh/yr)
bligations 140,000,000
120,000,000
100,000,000
Wh/yr
80,000,000
Expenses + Cash Obligations
140,000,000
120,000,000
100,000,000
kWh/yr
80,000,000
Expenses + Cash Obligations
Revenue + Tax Benefit/(Loss) 60,000,000 Initial Drilling (no upgrades)
With First Upgrade
40,000,000
With Second Upgrade
Power Plant Production Capacity
20,000,000
Annual Production
0
22 24 26 28 30 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1
Year
Graph Data
$11,787,040
$11,846,758
$11,907,493
$11,969,260
$12,032,076
$12,095,957
$12,160,921
$12,226,985
$12,294,165
$12,362,481
$12,431,950
$12,465,059
$12,421,461
$12,379,146
$12,338,102
$1,670,558
$5,174,597
$5,137,283
$5,101,188
$5,611,479
$5,227,061
$5,201,152
$5,176,092
$5,151,883
$2,557,253
00
Resource Potential & Production Profile
(kWh/yr)
00
00
00
00
00
00
00
00
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Year
Project/Contract Year
Project Expenses
Supporting Calculations
Debt Service:
Debt Sizing (Defined Capital Structure Method)
Installed Cost (excluding cost of financing)
Defined Debt-to-Total-Capital
Size of Debt
Loan Repayment
Structured Debt Service Payment
Interest
Principal
Loan Amortization
Beginning Balance
Drawdowns
Principal Repayments
Ending Balance
Depletion:
Depletion -- Cost Method $11,735,540
Depletion -- Percentage (Statutory) Method
Depletion -- Active Case (subject to change over time per user-defined inputs)
Federal Carry-Forward
Operating Loss Carry-Forward, Beginning Balance
Additional Operating Loss Carried-Forward
Utilization of Operating Loss Carry-Forward
Operating Loss Carry-Forward, Ending Balance
State Carry-Forward
Operating Loss Carry-Forward, Beginning Balance
Additional Operating Loss Carried-Forward
Utilization of Operating Loss Carry-Forward
Operating Loss Carry-Forward, Ending Balance
Carry-Forward Scenario:
Federal Income Taxes Saved / (Paid), before ITC/PTC
Tax Benefit Carry-Forward, Beginning Balance
Additional Tax Benefit Carry-Forward
Utilization of Tax Benefit Carry-Forward
Tax Benefit Carry-Forward, Ending Balance
Carry-Forward Scenario:
State Income Taxes Saved / (Paid), before ITC/PTC
Reserve Accounts:
Beginning Balance
Debt Service Reserve
O&M/Working Capital Reserve
Major Equipment Replacement Reserves
Decommissioning Reserve
Ending Balance
Interest on Reserves
Annual Contributions to/(Liquidations of) Reserves
Degradation:
Resource Potential
Resource Potential Degradation
Initial Drilling (no upgrades)
With First Upgrade
With Second Upgrade
Plant Capacity
Production Degradation
Plant Capacity Factor by year (%)
Power Plant Production Capacity
Annual Production
COE Data Tables
Calculation of COE when tax benefits are "Carried Forward"
COD
units 0 1 2
1.00 0.995
kWh 112,347,000 111,785,265
1.00 1.000
1.00 1.020
1.00 1.020
1.00 1.0200
$ ($30,000) ($30,600)
$ ($1,123,470) ($1,140,210)
$ ($30,000) ($30,600)
$ ($2,246,940) ($2,280,419)
$ ($516,249) ($526,574)
$ ($50,000) ($51,000)
$ ($5,000) ($5,100)
$ ($75,000) ($75,000)
$ ($625,211) ($622,085)
$ ($4,701,870) ($4,761,588)
($4,701,870) ($4,761,588)
/kWh (4.19) (4.26)
$ $16,236,320 $16,072,400
Avg. DSCR Min DSCR
2.10 1.79 2.29 2.27
($4,517,179) ($4,337,419)
$11,719,142 $11,734,981
($2,567,992) ($2,747,751)
$0 $0
$0 $0
$9,151,150 $8,987,230
($79,810,657) $0 $0
$9,151,150 $8,987,230
($79,810,657) $9,151,150 $8,987,230
NA NA
($33,285,461) ($27,246,759)
($21,566,319) ($15,511,778)
$6,906,614 $4,967,647
$1,833,137 $1,318,501
$28,296,272 $0
$0 $0
($79,810,657) $46,187,172 $15,273,378
-42.1% -18.6%
8.92% Yr 1 COE
15.01% (cents/kWh)
$15,024 18.55
129,062,243
50%
64,531,122
- ($7,085,170) ($7,085,170)
- ($4,517,179) ($4,337,419)
- ($2,567,992) ($2,747,751)
- 64,531,122 61,963,130
64,531,122 - -
- ($2,567,992) ($2,747,751)
64,531,122 61,963,130 59,215,379
check
$82,865,847 $16,573,169 $26,517,071
$878,552 $43,928 $83,462
$3,536,082 $88,402 $176,804
$0 $0 $0
$15,067,081
$102,347,562 OK
$0 $0 $0
0 0
$0 $0
$0 $0 $0
0 0
$0 $0
$16,705,499 $26,777,338
$6,769,904 $10,851,516
$11,735,540 $469,422 $469,422
$0 $0
efined inputs) $469,422 $469,422
($10,548,449) ($7,521,178)
$16,110,540 $16,110,540 $0
($21,566,319) ($15,511,778)
$0 $21,566,319
$21,566,319 $15,511,778
$0 $0
$21,566,319 $37,078,097
$0 $0
$0 $21,566,319
$21,566,319 $15,511,778
$0 $0
$21,566,319 $37,078,097
$0 $0
$28,296,272 $0
$0 $0
$28,296,272 $0
N/A N/A
$0 $0
$0 $0
$0 $0
$0 $0 $0
$0 $0
$0 $0
$0 $0
N/A N/A
$0 $0
$0 $0
$0 $0
$0 $0 $0
$0 $6,113,859 $6,113,859
$3,542,585 $0 $0
$2,571,274 $0 $0
$0 $0 $0
$0 $0 $0
$6,113,859 $6,113,859 $6,113,859
$97,822 $97,822
$0 $0
kWh
0.0% 3.0%
138,315,789 134,166,316
138,315,789 134,166,316
138,315,789 134,166,316
0.0% 0.5%
86% 85%
112,347,000 111,785,265
112,347,000 111,785,265
160,000,000
Resource Potenti
(k
140,000,000
120,000,000
100,000,000
kWh/yr
80,000,000
60,000,000
Initial Drilling (no upgrades)
40,000,000
With Second Upgrade
0
1 2 3 4 5 6 7 8 9 10 11
NPV
$15,024
0
10
20
30
40
50
60
70
80
90
100
3 4 5 6 7
$0 $0 $0 $0 $0
$8,822,815 $8,657,885 $8,492,423 $8,326,408 $8,159,822
$8,822,815 $8,657,885 $8,492,423 $8,326,408 $8,159,822
NA -26.1% -17.2% -11.0% -6.6%
3 4 5 6 7
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
Annual Production
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
Year
NPV
$15,024
10.0
11.0
12.0
13.0
14.0
15.0
16.0
17.0
18.0
19.0
20.0
8 9 10 11 12
$0 $0 $0 $0 $0
$7,992,643 $7,824,853 $7,656,432 $7,487,357 $7,192,726
$7,992,643 $7,824,853 $7,656,432 $7,487,357 $7,192,726
-3.3% -0.9% 1.0% 2.4% 3.6%
8 9 10 11 12
$0 $0 $0 $0 $0
$51,835 $51,922 $51,835 $51,922 $51,835
$176,804 $176,804 $176,804 $176,804 $176,804
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$6,649,525 $6,122,645 $5,611,570 $15,715,218 $11,663,349
$6,649,525 $6,122,645 $5,611,570 $15,715,218 $11,663,349
4.5% 5.1% 5.7% 6.8% 7.5%
13 14 15 16 17
$0 $0 $0 $0 $0
$51,922 $51,835 $51,922 $25,917 $0
$176,804 $176,804 $176,804 $176,804 $176,804
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$11,196,759 $10,744,067 $11,812,259 $216,718 $185,359
$0 $0 $0 $0 $0
$11,196,759 $10,744,067 $11,812,259 $216,718 $185,359
$11,196,759 $10,744,067 $11,812,259 $216,718 $185,359
8.0% 8.5% 8.8% 8.9% 8.9%
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
- - - - -
$0 $0 $0 $0 $0
0 0 0 0 0
18 19 20 21 22
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$176,804 $176,804 $176,804 $88,402 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $2,571,274 $0 $0
$0 $0 $0 $0 $0
$153,758 $121,907 $2,640,500 $0 $0
$0 $0 $0 $0 $0
$153,758 $121,907 $2,640,500 $0 $0
$153,758 $121,907 $2,640,500 $0 $0
8.9% 8.9% 8.9% 8.9% 8.9%
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
- - - - -
$0 $0 $0 $0 $0
0 0 0 0 0
23 24 25 26 27
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
0 0 0 0 0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$469,422 $469,422 $469,422 $0 $0
$76,879 $60,954 $34,613 $0 $0
$76,879 $60,954 $34,613 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
8.9% 8.9% 8.9%
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
15.0% 15.0% 15.0%
$0 $0 $0
$0 $0 $0
$0 $0 $0
0 0 0
- - -
$0 $0 $0
0 0 0
28 29 30
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
0 0 0
$0 $0 $0
$0 $0 $0
0 0 0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
Taxable Entity? (turns on/off ITC and depreciation input cells) Yes
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
* Includes energy, capacity &
RECs
% Eligible for
Depreciation Classification
ITC
100% Depletable
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%
% Eligible for
Depreciation Classification
ITC
100% Depletable
100% Depletable
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100%
% Eligible for
Depreciation Classification
ITC
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 5-year MACRS
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100% 20-year SL
100%
% Eligible for
Depreciation Classification
ITC
0% Non-Depreciable
0% Non-Depreciable
0% Non-Depreciable
0% Non-Depreciable
0%
Depreciation, Depletion & Year-1 Expensing Allocation
$ Eligible for 5-year 15-year
Cost Category
ITC MACRS MACRS
$8,400,000 Exploration Costs Attributed to Project $8,400,000 $0
$21,000,000 Confirmation Drilling Costs $4,000,000 $0
$60,000,000 Production Well Field $0 $0
$75,000,000 Power Plant & Interconnection $75,000,000 $0
$0 Reserves, Lender Fees & Closing Costs $0 $0
$164,400,000 $87,400,000 $0
Bundled*
Market Value of Production
Project Year
Production Degradation
(/kWh)
5.00 1 0.0%
5.10 2 0.1%
5.20 3 0.1%
5.31 4 0.1%
5.41 5 0.1%
5.52 6 0.1%
5.63 7 0.1%
5.74 8 0.1%
5.86 9 0.1%
5.98 10 0.1%
6.09 11 0.1%
6.22 12 0.1%
6.34 13 0.1%
6.47 14 0.1%
6.60 15 0.1%
6.73 16 0.1%
6.86 17 0.1%
7.00 18 0.1%
7.14 19 0.1%
7.28 20 0.1%
7.43 21 0.1%
7.58 22 0.1%
7.73 23 0.1%
7.88 24 0.1%
8.04 25 0.1%
8.20 26 0.1%
8.37 27 0.1%
8.53 28 0.1%
8.71 29 0.1%
8.88 30 0.1%
des energy, capacity &
Click Here to Return to Inputs Worksheet
20-year SL Non-Depreciable Depletable
$0 $0 $0
$0 $0 $17,000,000
$0 $0 $60,000,000
$0 $0 $0
$0 $21,422,165 $0
$0 $21,422,165 $77,000,000
Thermal Resource
Project Year
Degradation
1 0.0%
2 2.0%
3 2.0%
4 2.0%
5 2.0%
6 2.0%
7 2.0%
8 2.0%
9 2.0%
10 2.0%
11 2.0%
12 2.0%
13 2.0%
14 2.0%
15 2.0%
16 2.0%
17 2.0%
18 2.0%
19 2.0%
20 2.0%
21 2.0%
22 2.0%
23 2.0%
24 2.0%
25 2.0%
26 2.0%
27 2.0%
28 2.0%
29 2.0%
30 2.0%
Expensable
$0
$0
$0
$0
$0
$0