PG-ROI For PowerPlants v62q

Return on Investment Analysis
Generator Upgrade
with the options
Option A Expensive
Option B Cheap
Option Delta Delta
15/ May 2019
This analysis was performed by Spemann's Tool for Return on Investment Analysis (PG-ROI) Version 62-01
spemann consulting
Cashflow Engineering Ltd (UK), Distribution by Spemann Consulting GmbH (GER)
office@spemann.com
Copyright 1997-2006
No liabilitiy for correctness of input data and results.
Generator Upgrade
Currency EUR Powerplant Generator upgrade improves power output and reduces outage times. The expensive upgrade option can be
Start Date 01/ 01 2010
Period under Review [Years] 11
installed within 14 days with high power increase, the cheap option within 30 days, with less power increase
Discount Rate 10.0%
Date for Present Value 01/ 01 2009
Income Tax Rate 0.0%
Expensive Cheap Delta

Now New Plant Now New Plant
Power Value Value Min % Max % Distr. Value Value Min % Max % Distr.
Electrical Net Power MW 120 121.5 120 120.5 1
El. Full Load oper. Hours h/a 8000 8000 8000 8000 0
El. net Efficiency % 45.00% 45.56% 45.00% 45.19% 0.38%
Operating Costs Value Value Min % Max % Distr. Incrs. Value Value Min % Max % Distr. Incrs. Value
Personnel mill. EUR/a 0 0 0
Insurance mill. EUR/a 0
Fixed Maintenance mill. EUR/a 0
Other Costs A mill. EUR/a 0
Other Costs B mill. EUR/a 0
Variable Maintenance EUR/MWh 0
Fuel EUR/GJ 6 6 6 6 0
Consumables EUR/MWh 0
Operating Revenues Value Value Min % Max % Distr. Incrs. Value Value Min % Max % Distr. Incrs. Value
Fixed Revenues Electricity mill. EUR/a 0
Other Revenues D mill. EUR/a 0
Other Revenues E mill. EUR/a 0
Other Revenues F mill. EUR/a 0
Variable Rev. Electr. EUR/MWh 50 50 50 50 0
Investment Min % Max % Distr. Min % Max % Distr.
Investment Volume mill. EUR 2.107 1.000 1.107
Lifetime Investment Schedule Investment Schedule
Hand over (End of Commiss.) Date 01/ 01 2009 0.000 01/ 01 2009 0.000
Months bef. Comm.
Months bef. Comm.

Lifetime from Commiss. Years 10 0.000 10 0.000
Tax Depreciation Time Years 5 0.000 5 0.000
Financing Internal Rate of Return 0.000 0.000
Debt Share 1 --- 0.00% 0.000 0.000
Debt interest Rate --- 0.00% 0.000 0.000
Start of Debt Service Date -3 30.0% 0.632 -3 30.0% 0.300
Debt Service Years 0.000 0.000
Debt Share 2 --- 1 70.0% 1.475 1 70.0% 0.700
Months after Comm.
Months after Comm.

Debt interest Rate --- 0.000 0.000
Start of Debt Service Date 30/ 12 1899 0.000 30/ 12 1899 0.000
Debt Service Years 0.000 0.000
0.000 0.000
Calc. Equity Costs 0.000 0.000
Equity Share --- 100% 0.000 100% 0.000
interest Rate --- 10.00% 0.000 10.00% 0.000
Equity Service Years 15 Total 0 100.0% 2.107 15 Total 0 100.0% 1.000
Generator Upgrade
Other Costs and Revenues
Expensive Cheap
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Costs B
Other Costs B
Other Costs B
Other Costs B
Other Costs A
Other Costs A
Other Costs A
Other Costs A
D
D
E
E
F
F
mill. EUR mill. EUR
2008 2008
2009 2009
2010 2010
2011 2011
2012 2012
2013 2013
2014 2014
2015 2015
2016 2016
2017 2017
2018 2018
2019 2019
2020 2020
2021 2021
2022 2022
2023 2023
2024 2024
2025 2025
2026 2026
2027 2027
2028 2028
2029 2029
2030 2030
2031 2031
2032 2032
2033 2033
2034 2034
2035 2035
2036 2036
2037 2037
2038 2038
2039 2039
2040 2040
2041 2041
2042 2042
2043 2043
2044 2044
2045 2045
2046 2046
2047 2047
2048 2048
2049 2049
2050 2050
2051 2051
2052 2052
2053 2053
2054 2054
2055 2055
2056 2056
2057 2057
Generator Upgrade
Other Costs and Revenues 2010-2014
Expensive Cheap
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Revenues
Other Costs B
Other Costs B
Other Costs B
Other Costs B
Other Costs A
Other Costs A
Other Costs A
Other Costs A
D
D
E
E
F
F
mill. EUR mill. EUR
2008-01 2008-01
2008-02 2008-02
2008-03 2008-03
2008-04 2008-04
2008-05 2008-05
2008-06 2008-06
2008-07 2008-07
2008-08 2008-08
2008-09 2008-09
2008-10 2008-10
2008-11 2008-11
2008-12 2008-12
2009-01 2009-01
2009-02 2009-02
2009-03 2009-03
2009-04 2009-04
2009-05 2009-05
2009-06 2009-06
2009-07 2009-07
2009-08 2009-08
2009-09 2009-09
2009-10 2009-10
2009-11 2009-11
2009-12 2009-12
2010-01 2010-01
2010-02 2010-02
2010-03 2010-03
2010-04 2010-04
2010-05 2010-05
2010-06 2010-06
2010-07 2010-07
2010-08 2010-08
2010-09 2010-09
2010-10 2010-10
2010-11 2010-11
2010-12 2010-12
2011-01 2011-01
2011-02 2011-02
2011-03 2011-03
2011-04 2011-04
2011-05 2011-05
2011-06 2011-06
2011-07 2011-07
2011-08 2011-08
2011-09 2011-09
2011-10 2011-10
2011-11 2011-11
2011-12 2011-12
2012-01 2012-01
2012-02 2012-02
2012-03 2012-03
2012-04 2012-04
2012-05 2012-05
2012-06 2012-06
2012-07 2012-07
2012-08 2012-08
2012-09 2012-09
2012-10 2012-10
2012-11 2012-11
2012-12 2012-12
Generator Upgrade
Power, Operating Hours and Efficiency
Expensive Cheap
Electric Net Power Degradation Electric Net Power Degradation Electric Net Power Degradation Electric Net Power Degradation
El. Net Efficiency Factor El. Net Efficiency Factor El. Net Efficiency Factor El. Net Efficiency Factor
_______________________ _________ Equ. op- _______________________ _________ Equ. op- _______________________ _________ Equ. op- _______________________ _________ Equ. op-
Operating Hours % hrs Operating Hours % hrs Operating Hours % hrs Operating Hours % hrs
MW 120 120 121.5 121.5 MW 120 120 120.5 120.5
Eta 45.00% MW Eta 45.56% MW Eta Eta 45.00% MW Eta 45.19% MW Eta
2008 7,689 0 0 0 7,689 0 0 0 0 0 2008 7,533 0 0 0 7,533 0 0 0 0 0
2009 0 0 0 0 0 8,000 0 0 0 8,000 2009 0 0 0 0 0 8,000 0 0 0 8,000
2010 0 0 0 0 0 8,000 0 0 0 8,000 2010 0 0 0 0 0 8,000 0 0 0 8,000
2011 0 0 0 0 0 8,000 0 0 0 8,000 2011 0 0 0 0 0 8,000 0 0 0 8,000
2012 0 0 0 0 0 8,000 0 0 0 8,000 2012 0 0 0 0 0 8,000 0 0 0 8,000
2013 0 8,000 8,000 2013 0 8,000 8,000
2014 0 8,000 8,000 2014 0 8,000 8,000
2015 0 8,000 8,000 2015 0 8,000 8,000
2016 0 8,000 8,000 2016 0 8,000 8,000
2017 0 8,000 8,000 2017 0 8,000 8,000
2018 0 8,000 8,000 2018 0 8,000 8,000
2019 0 8,000 8,000 2019 0 8,000 8,000
2020 0 8,000 8,000 2020 0 8,000 8,000
2021 0 8,000 8,000 2021 0 8,000 8,000
2022 0 8,000 8,000 2022 0 8,000 8,000
2023 0 8,000 8,000 2023 0 8,000 8,000
2024 0 8,000 8,000 2024 0 8,000 8,000
2025 0 8,000 8,000 2025 0 8,000 8,000
2026 0 8,000 8,000 2026 0 8,000 8,000
2027 0 8,000 8,000 2027 0 8,000 8,000
2028 0 8,000 8,000 2028 0 8,000 8,000
2029 0 8,000 8,000 2029 0 8,000 8,000
2030 0 8,000 8,000 2030 0 8,000 8,000
2031 0 8,000 8,000 2031 0 8,000 8,000
2032 0 8,000 8,000 2032 0 8,000 8,000
2033 0 8,000 8,000 2033 0 8,000 8,000
2034 0 8,000 8,000 2034 0 8,000 8,000
2035 0 8,000 8,000 2035 0 8,000 8,000
2036 0 0 2036 0 0
2037 0 0 2037 0 0
2038 0 0 2038 0 0
2039 0 0 2039 0 0
2040 0 0 2040 0 0
2041 0 0 2041 0 0
2042 0 0 2042 0 0
2043 0 0 2043 0 0
2044 0 0 2044 0 0
2045 0 0 2045 0 0
2046 0 0 2046 0 0
2047 0 0 2047 0 0
2048 0 0 2048 0 0
2049 0 0 2049 0 0
2050 0 0 2050 0 0
2051 0 0 2051 0 0
2052 0 0 2052 0 0
2053 0 0 2053 0 0
2054 0 0 2054 0 0
2055 0 0 2055 0 0
2056 0 0 2056 0 0
2057 0 0 2057 0 0
Generator Upgrade
Power, Operating Hours and Efficiency
Expensive Cheap
Electric Net Power Degradation Electric Net Power Degradation Electric Net Power Degradation Electric Net Power Degradation
El. Net Efficiency Factor El. Net Efficiency Factor El. Net Efficiency Factor El. Net Efficiency Factor
_______________________ _________ Equ. op- _______________________ _________ Equ. op- _______________________ _________ Equ. op- _______________________ _________ Equ. op-
Operating Hours % hrs Operating Hours % hrs Operating Hours % hrs Operating Hours % hrs
MW 120 0 0 0 120 121.5 0 0 0 121.5 MW 120 0 0 0 120 120.5 0 0 0 120.5
Eta 45.00% 0.00% 0.00% 0.00% MW Eta 45.56% 0.00% 0.00% 0.00% MW Eta Eta 45.00% 0.00% 0.00% 0.00% MW Eta 45.19% 0.00% 0.00% 0.00% MW Eta
2008-01 667 667 0 2008-01 667 667 0
2008-02 667 667 0 2008-02 667 667 0
2008-03 667 667 0 2008-03 667 667 0
2008-04 667 667 0 2008-04 667 667 0
2008-05 667 667 0 2008-05 667 667 0
2008-06 667 667 0 2008-06 667 667 0
2008-07 667 667 0 2008-07 667 667 0
2008-08 667 667 0 2008-08 667 667 0
2008-09 667 667 0 2008-09 667 667 0
2008-10 667 667 0 2008-10 667 667 0
2008-11 667 667 0 2008-11 667 667 0
2008-12 356 356 0 2008-12 200 200 0
2009-01 0 667 667 2009-01 0 667 667
2009-02 0 667 667 2009-02 0 667 667
2009-03 0 667 667 2009-03 0 667 667
2009-04 0 667 667 2009-04 0 667 667
2009-05 0 667 667 2009-05 0 667 667
2009-06 0 667 667 2009-06 0 667 667
2009-07 0 667 667 2009-07 0 667 667
2009-08 0 667 667 2009-08 0 667 667
2009-09 0 667 667 2009-09 0 667 667
2009-10 0 667 667 2009-10 0 667 667
2009-11 0 667 667 2009-11 0 667 667
2009-12 0 667 667 2009-12 0 667 667
2010-01 0 667 667 2010-01 0 667 667
2010-02 0 667 667 2010-02 0 667 667
2010-03 0 667 667 2010-03 0 667 667
2010-04 0 667 667 2010-04 0 667 667
2010-05 0 667 667 2010-05 0 667 667
2010-06 0 667 667 2010-06 0 667 667
2010-07 0 667 667 2010-07 0 667 667
2010-08 0 667 667 2010-08 0 667 667
2010-09 0 667 667 2010-09 0 667 667
2010-10 0 667 667 2010-10 0 667 667
2010-11 0 667 667 2010-11 0 667 667
2010-12 0 667 667 2010-12 0 667 667
2011-01 0 667 667 2011-01 0 667 667
2011-02 0 667 667 2011-02 0 667 667
2011-03 0 667 667 2011-03 0 667 667
2011-04 0 667 667 2011-04 0 667 667
2011-05 0 667 667 2011-05 0 667 667
2011-06 0 667 667 2011-06 0 667 667
2011-07 0 667 667 2011-07 0 667 667
2011-08 0 667 667 2011-08 0 667 667
2011-09 0 667 667 2011-09 0 667 667
2011-10 0 667 667 2011-10 0 667 667
2011-11 0 667 667 2011-11 0 667 667
2011-12 0 667 667 2011-12 0 667 667
2012-01 0 667 667 2012-01 0 667 667
2012-02 0 667 667 2012-02 0 667 667
2012-03 0 667 667 2012-03 0 667 667
2012-04 0 667 667 2012-04 0 667 667
2012-05 0 667 667 2012-05 0 667 667
2012-06 0 667 667 2012-06 0 667 667
2012-07 0 667 667 2012-07 0 667 667
2012-08 0 667 667 2012-08 0 667 667
2012-09 0 667 667 2012-09 0 667 667
2012-10 0 667 667 2012-10 0 667 667
2012-11 0 667 667 2012-11 0 667 667
2012-12 0 667 667 2012-12 0 667 667
Generator Upgrade
Investment per categories, credit line and depreciation schedule 2010-2014
Expensive Cheap
Plant (mechanical)
Plant (mechanical)
Plant (electr., I&C)
Plant (electr., I&C)

Plant (civil works)
Plant (civil works)

Other Invest B
Other Invest C
Other Invest D
Other Invest B
Other Invest C
Other Invest D
Other Invest A
Other Invest A
Access roads
Access roads
Buildings
Buildings
% Credit
% Credit
Credit 1
Credit 2
Credit 1
Credit 2
Land
Land
Category Category
mill. EUR mill. EUR 0
% Depreciation % Depreciation
Years deprec. Years deprec.
2008-01 0% 2008-01 0%
2008-02 0% 2008-02 0%
2008-03 0% 2008-03 0%
2008-04 0% 2008-04 0%
2008-05 0% 2008-05 0%
2008-06 0% 2008-06 0%
2008-07 0% 2008-07 0%
2008-08 0% 2008-08 0%
2008-09 0% 2008-09 0%
2008-10 0% 2008-10 0%
2008-11 0% 2008-11 0%
2008-12 0% 2008-12 0%
2009-01 0% 2009-01 0%
2009-02 0% 2009-02 0%
2009-03 0% 2009-03 0%
2009-04 0% 2009-04 0%
2009-05 0% 2009-05 0%
2009-06 0% 2009-06 0%
2009-07 0% 2009-07 0%
2009-08 0% 2009-08 0%
2009-09 0% 2009-09 0%
2009-10 0% 2009-10 0%
2009-11 0% 2009-11 0%
2009-12 0% 2009-12 0%
2010-01 0% 2010-01 0%
2010-02 0% 2010-02 0%
2010-03 0% 2010-03 0%
2010-04 0% 2010-04 0%
2010-05 0% 2010-05 0%
2010-06 0% 2010-06 0%
2010-07 0% 2010-07 0%
2010-08 0% 2010-08 0%
2010-09 0% 2010-09 0%
2010-10 0% 2010-10 0%
2010-11 0% 2010-11 0%
2010-12 0% 2010-12 0%
2011-01 0% 2011-01 0%
2011-02 0% 2011-02 0%
2011-03 0% 2011-03 0%
2011-04 0% 2011-04 0%
2011-05 0% 2011-05 0%
2011-06 0% 2011-06 0%
2011-07 0% 2011-07 0%
2011-08 0% 2011-08 0%
2011-09 0% 2011-09 0%
2011-10 0% 2011-10 0%
2011-11 0% 2011-11 0%
2011-12 0% 2011-12 0%
2012-01 0% 2012-01 0%
2012-02 0% 2012-02 0%
2012-03 0% 2012-03 0%
2012-04 0% 2012-04 0%
2012-05 0% 2012-05 0%
2012-06 0% 2012-06 0%
2012-07 0% 2012-07 0%
2012-08 0% 2012-08 0%
2012-09 0% 2012-09 0%
2012-10 0% 2012-10 0%
2012-11 0% 2012-11 0%
2012-12 0% 2012-12 0%
Generator Upgrade
Expensive
Investment Net Present Value (10%) at 1.1.2009 mill. EUR 16.020
Debt mill. EUR 0.000 Internal Rate of Return till 2020 %/a
Equity mill. EUR 2.107 Internal Rate of Return till 2020 %/a
Capital Requirement mill. EUR 2.107 Pay Off Time from 1.1.2009 (a)
mill. EUR Cash Flow and Net Present Value
60
40
20 Investment Volume
Fuel
Variable Rev. Electr.
0 Net Present Value
Cash Flow
Present Value of Cash Flow
-20
-40
-60
2018
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
20
-6
-4
-2
0
2
4
6
8
10
08
mill. EUR
-0
20 1
08
-0
20 3
08
-0
Expensive
20 5
08
-0
20 7
08
Investment Volume
-0
20 9
08
-1
Generator Upgrade
20 1
09
-0
Fuel
20 1
09
-0
20 3
09
-0
20 5
09
-0
20 7
09
-0
20 9
09
-
20 11
10

-0
20 1
10
-0
20 3
10
-0
20 5
10
-0
20 7
10
Cash Flow and Net Present Value
-0
20 9
10
Net Present Value
-1
20 1
11
-0
20 1
11
-0
20 3
11
-0
20 5
Cash Flow
11
-0
20 7
11
-0
20 9
11
-
20 11
12
-0
20 1
12
-0
20 3
12
-0
20 5
12
-0
20 7
12
-0
20 9
12
-1
1
Generator Upgrade
Cheap
Debt mill. EUR 0.000 Internal Rate of Return till 2020 %/a
Equity mill. EUR 1.000 Internal Rate of Return till 2020 %/a
Capital Requirement mill. EUR 1.000 Pay Off Time from 1.1.2009 (a)
60
40
20 Investment Volume
Fuel
0
Net Present Value
Cash Flow
-20
-40
-60
2008
2009
2010
2012
2013
2014
2015
2016
2017
2018
2011
20
10
-6
-4
-2
0
2
4
6
8
08
mill. EUR
-
20 01 Cheap
08
-
20 03
08
-
20 05
08
-
20 07
Investment Volume
08
-
20 09
08
Generator Upgrade
20 -11
09
-
Fuel
20 01
09
-
20 03
09
-
20 05
09
-
20 07
09
-
20 09
09
20 -11

10
-
20 01
10
-
20 03
10
-
20 05
10
-
20 07
10
-
20 09
10
Net Present Value
-
20 11
11
-
20 01
11
-
20 03
11
-
20 05
Cash Flow
11
-
20 07
11
-0
20 9
11
20 -11
12
-
20 01
12
-
20 03
12
-
20 05
12
-
20 07
12
-
20 09
12
-1
1
Generator Upgrade
Delta
Debt mill. EUR 0.000 Internal Rate of Return till 2020 %/a 44.4%
Equity mill. EUR 1.107 Internal Rate of Return till 2020 %/a 44.4%
Capital Requirement mill. EUR 1.107 Pay Off Time from 1.1.2009 (a) 3.0
1.5
1
Investment Volume
Fuel
0.5
Net Present Value
0 Cash Flow
-0.5
-1
-1.5
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
20
-1.5
-1
-0.5
0
0.5
1
1.5
08
mill. EUR
-0
20
1 Delta
08
-0
3
20
08
-0
5
20
08
-0
7
20
Investment Volume
08
-0
9
20
08
-1
1
Generator Upgrade
20
09
-0
1
Fuel
20
09
-0
3
20
09
-0
5
20
09
-0
7
20
09
-0
9
20
09
-1
1
20

10
-0
1
20
10
-0
3
20
10
-0
5
20
10
-0
7
20
10
-0
9
20
10
Net Present Value
-1
1
20
11
- 01
20
11
- 03
20
11
- 05
20
Cash Flow
11
- 07
20
11
- 09
20
11
- 11
20
12
-0
1
20
12
-0
3
20
12
-0
5
20
12
-0
7
20
12
-0
9
20
12
-1
1
Generator Upgrade
Expensive
Electricity Production Cost Levelized 2008 2009 2010 2011 2012
Capital Costs EUR/MWh
Fixed Operating Costs EUR/MWh
Variable Operating Costs EUR/MWh 47.487 48.000 47.407 47.407 47.407 47.407
Electricity Production Cost EUR/MWh 47.487 48.000 47.407 47.407 47.407 47.407
EUR/MWh Electricity Production Cost

48.1
48
47.9 Fuel
47.8
Operating Costs (Variab.)

47.7
47.6
48.000
Operating Costs (Fix)
47.5
47.487
47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
47.4
Electricity Production Cost
47.3
47.2
47.1
2008
2009
2010
2011
2012
2014
2015
2016
2017
2018
2013
Generator Upgrade
Expensive
48.1
48
47.9
47.8
47.7
47.6
47.5
47.4
47.3
47.2
47.1
1 3 5 7 9 1 1 3 5 7 9 1 1 3 5 7 9 1 1 3 5 7 9 1 1 3 5 7 9 1
8 -0 8-0 8-0 8-0 8-0 8-1 9-0 9-0 9-0 9-0 9-0 9-1 0-0 0-0 0-0 0-0 0-0 0-1 1-0 1-0 1-0 1-0 1-0 1-1 2-0 2-0 2-0 2-0 2-0 2-1
0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2 20 20 20 20 20 20
Fuel Electricity Production Cost Variable Rev. Electr.

Generator Upgrade
Cheap
Variable Operating Costs EUR/MWh 47.827 48.000 47.801 47.801 47.801 47.801
Electricity Production Cost EUR/MWh 47.827 48.000 47.801 47.801 47.801 47.801
48.05
48
Fuel
47.95

47.9
47.85 Operating Costs (Fix)

48.000
47.827 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
47.8
47.75

47.7
2011
2008
2009
2010
2012
2013
2014
2015
2016
2017
2018
Generator Upgrade
Cheap
48.05
48
47.95
47.9
47.85
47.8
47.75
47.7
01 03 05 07 09 11 01 03 05 07 09 11 01 03 05 07 09 11 01 03 05 07 09 11 01 03 05 07 09 11
08- 08- 08- 08- 08- 08- 09- 09- 09- 09- 09- 09- 10- 10- 10- 10- 10- 10- 11- 11- 11- 11- 11- 11- 12- 12- 12- 12- 12- 12-
0
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2 20 20 20 20 20 20
Fuel Electricity Production Cost Variable Rev. Electr.

Generator Upgrade
Delta
Variable Operating Costs EUR/MWh 12.793 48.000
Electricity Production Cost EUR/MWh 12.793 48.000
60
50 Fuel
48.000
40 Operating Costs (Variab.)
30
20
12.793
10
0
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
20
10
20
30
40
50
60
0
08
-
EUR/MWh
20 01
08 Delta
Fuel
-
20 03
08
-
20 05
08
-
20 07
08
-
20 09
08
20 -11
Generator Upgrade
09
-
20 01

09
-
20 03
09
-
20 05
09
-
20 07
09
-
20 09
09
20 -11

10
-
20 01
10
-
20 03
10
-
20 05
10
-
20 07
10
-
20 09
10
-
Variable Rev. Heat - Now

20 11
11
-
20 01
11
-
20 03
11
-
20 05
11
-
20 07
11
-
20 09
11
Variable Rev. Heat - Then
20 -11
12
-
20 01
12
-
20 03
12
-
20 05
12
-
20 07
Variable Rev. Heat
12
-
20 09
12
-1
1
Generator Upgrade
Expensive
Operating Result mill. EUR 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Operating Revenues Present value

Fixed Revenues Electricity - Now
Fixed Revenues Electricity - Then
Fixed Revenues Electricity
Fixed Revenues Heat - Now
Fixed Revenues Heat - Then
Fixed Revenues Heat
Other Revenues D - Now
Other Revenues D - Then
Other Revenues D
Other Revenues E - Now
Other Revenues E - Then
Other Revenues E
Other Revenues F - Now
Other Revenues F - Then
Other Revenues F
Operating Revenues (Fix)
Variable Rev. Electr. - Now 48.295 46.133
Variable Rev. Electr. - Then 312.077 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600
Variable Rev. Electr. 360.373 46.133 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600
Variable Rev. Heat
Operating Revenues (Variab.) 360.373 46.133 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600
Operating Revenues 360.373 46.133 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600 48.600
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance - Now
Fixed Maintenance - Then
Fixed Maintenance
Other Costs A - Now
Other Costs A - Then
Other Costs A
Other Costs B - Now
Other Costs B - Then
Other Costs B
Variable Maintenance - Now
Variable Maintenance - Then
Variable Maintenance
Fuel - Now 46.364 44.288
Fuel - Then 295.896 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Fuel 342.259 44.288 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Consumables - Now
Consumables - Then
Consumables
Operating Costs (Variab.) 342.259 44.288 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Operating Costs 342.259 44.288 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Operating Result
Operating Result 18.114 1.845 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520
Generator Upgrade
Cheap

Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Heat
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Fuel - Now 45.468 43.392
Fuel - Then 295.896 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Fuel 341.363 43.392 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Consumables - Now
Consumables - Then
Consumables
Operating Costs 341.363 43.392 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Operating Result
Generator Upgrade
Delta

Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Heat
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Fuel - Now 0.896 0.896
Fuel - Then
Fuel 0.896 0.896
Consumables - Now
Consumables - Then
Consumables
Operating Costs (Variab.) 0.896 0.896
Operating Costs 0.896 0.896
Operating Result
Generator Upgrade
Expensive
Operating Result mill. EUR 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11

Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr. - Now 48.295 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 2.133
Variable Rev. Electr. - Then 160.995 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Variable Rev. Electr. 209.290 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 2.133 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Variable Rev. Heat
Operating Revenues (Variab.) 209.290 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 2.133 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Operating Revenues 209.290 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 2.133 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Other Costs B
Fuel - Now 46.364 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 2.048
Fuel - Then 152.647 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Fuel 199.011 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 2.048 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Consumables - Now
Consumables - Then
Consumables
Operating Costs (Variab.) 199.011 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 2.048 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 199.011 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 2.048 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Result
Operating Result 10.280 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.085 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Generator Upgrade
Expensive
Operating Result 2009-12 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02 2011-03 2011-04 2011-05 2011-06 2011-07 2011-08 2011-09 2011-10 2011-11 2011-12
Operating Revenues
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr. - Now
Variable Rev. Electr. - Then 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Variable Rev. Electr. 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Variable Rev. Heat
Operating Revenues (Variab.) 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Operating Revenues 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Other Costs B
Fuel - Now
Fuel - Then 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Consumables - Now
Consumables - Then
Consumables
Operating Costs (Variab.) 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Result
Operating Result 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Generator Upgrade
Expensive
Operating Result 2012-01 2012-02 2012-03 2012-04 2012-05 2012-06 2012-07 2012-08 2012-09 2012-10 2012-11 2012-12
Operating Revenues
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr. - Then 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Variable Rev. Heat
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Other Costs B
Fuel - Now
Fuel - Then 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Consumables - Now
Consumables - Then
Consumables
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Result
Generator Upgrade
Cheap
Operating Result mill. EUR 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10

Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr. - Now 47.362 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 1.200
Variable Rev. Electr. - Then 159.670 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Variable Rev. Electr. 207.032 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 1.200 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Variable Rev. Heat
Operating Revenues (Variab.) 207.032 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 1.200 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Operating Revenues 207.032 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 1.200 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Fuel - Now 45.468 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 1.152
Fuel - Then 152.647 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Fuel 198.115 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 1.152 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Consumables - Now
Consumables - Then
Consumables
Operating Costs (Variab.) 198.115 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 1.152 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 198.115 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 1.152 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Result
Operating Result 8.917 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.048 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177
Generator Upgrade
Cheap
Operating Result 2010-11 2010-12 2011-01 2011-02 2011-03 2011-04 2011-05 2011-06 2011-07 2011-08 2011-09 2011-10 2011-11 2011-12 2012-01 2012-02 2012-03 2012-04 2012-05 2012-06 2012-07 2012-08 2012-09 2012-10 2012-11 2012-12
Operating Revenues
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr. - Then 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Variable Rev. Electr. 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Variable Rev. Heat
Operating Revenues (Variab.) 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Operating Revenues 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Fuel - Now
Fuel - Then 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Consumables - Now
Consumables - Then
Consumables
Operating Costs (Variab.) 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Result
Operating Result 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177
Generator Upgrade
Delta
Operating Result mill. EUR 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07 2010-08 2010-09 2010-10

Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr. - Then 1.325 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Variable Rev. Electr. 2.258 0.933 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Variable Rev. Heat
Operating Revenues (Variab.) 2.258 0.933 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Operating Revenues 2.258 0.933 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Fuel - Now 0.896 0.896
Fuel - Then
Fuel 0.896 0.896
Consumables - Now
Consumables - Then
Consumables
Operating Costs (Variab.) 0.896 0.896
Operating Costs 0.896 0.896
Operating Result
Operating Result 1.362 0.037 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Generator Upgrade
Delta
Operating Result 2010-11 2010-12 2011-01 2011-02 2011-03 2011-04 2011-05 2011-06 2011-07 2011-08 2011-09 2011-10 2011-11 2011-12 2012-01 2012-02 2012-03 2012-04 2012-05 2012-06 2012-07 2012-08 2012-09 2012-10 2012-11 2012-12
Operating Revenues
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr. - Then 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Variable Rev. Electr. 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Variable Rev. Heat
Operating Revenues (Variab.) 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Operating Revenues 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Operating Costs
Personnel - Now
Personnel - Then
Personnel
Insurance - Now
Insurance - Then
Insurance
Fixed Maintenance
Other Costs A - Now
Other Costs A
Other Costs B - Now
Fuel - Now
Fuel - Then
Fuel
Consumables - Now
Consumables - Then
Consumables
Operating Costs
Operating Result
Operating Result 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Generator Upgrade
Expensive
Return on Investment mill. EUR 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Investment Present value

Equity 2.094 0.632 1.475
Debt
interest during construction
Investment Volume 2.094 0.632 1.475
Debt Service
Debt Payback
Debt interest
Debt Service
Income Tax Rate and Profit

Depreciation -1.669 -0.421 -0.421 -0.421 -0.421 -0.421
Debt interest
Profit before Tax 16.444 1.845 2.099 2.099 2.099 2.099 2.099 2.520 2.520 2.520 2.520 2.520
Profit after Tax 16.444 1.845 2.099 2.099 2.099 2.099 2.099 2.520 2.520 2.520 2.520 2.520
Cash Flow
Fuel -342.259 -44.288 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080
Operating Costs (Variab.) -342.259 -44.288 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080
Operating Costs -342.259 -44.288 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080
Investment Volume -2.094 -0.632 -1.475
Cash Flow 16.020 1.213 1.045 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520
Cash Flow, accumulated 1.213 2.259 4.779 7.299 9.819 12.339 14.859 17.379 19.899 22.419 24.939
Internal Rate of Return
Present Value of Cash Flow 16.020 1.290 0.943 2.176 1.979 1.799 1.635 1.487 1.351 1.229 1.117 1.015
Net Present Value 1.290 2.232 4.409 6.387 8.186 9.821 11.308 12.659 13.888 15.005 16.020
Debt Service Cover Ratio

Operating Result 1.845 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520
Income Tax
Cash Flow for DSCR 1.845 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520 2.520
Debt Service
Generator Upgrade
Cheap
Return on Investment mill. EUR 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Equity 0.994 0.300 0.700
Debt
Debt Service
Debt Payback
Debt interest
Debt Service

Depreciation -0.792 -0.200 -0.200 -0.200 -0.200 -0.200
Debt interest
Profit before Tax 14.715 1.808 1.920 1.920 1.920 1.920 1.920 2.120 2.120 2.120 2.120 2.120
Profit after Tax 14.715 1.808 1.920 1.920 1.920 1.920 1.920 2.120 2.120 2.120 2.120 2.120
Cash Flow
Fuel -341.363 -43.392 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080
Operating Costs (Variab.) -341.363 -43.392 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080
Operating Costs -341.363 -43.392 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080 -46.080
Cash Flow 14.514 1.508 1.420 2.120 2.120 2.120 2.120 2.120 2.120 2.120 2.120 2.120
Cash Flow, accumulated 1.508 2.928 5.048 7.168 9.288 11.408 13.528 15.648 17.768 19.888 22.008
Present Value of Cash Flow 14.514 1.590 1.325 1.831 1.665 1.513 1.376 1.251 1.137 1.034 0.940 0.854
Net Present Value 1.590 2.915 4.746 6.410 7.924 9.299 10.550 11.687 12.720 13.660 14.514

Income Tax
Cash Flow for DSCR 1.808 2.120 2.120 2.120 2.120 2.120 2.120 2.120 2.120 2.120 2.120
Debt Service
Generator Upgrade
Delta
Return on Investment mill. EUR 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Equity 1.100 0.332 0.775
Debt
Debt Service
Debt Payback
Debt interest
Debt Service

Depreciation -0.877 -0.221 -0.221 -0.221 -0.221 -0.221
Debt interest
Profit before Tax 1.729 0.037 0.179 0.179 0.179 0.179 0.179 0.400 0.400 0.400 0.400
Profit after Tax 1.729 0.037 0.179 0.179 0.179 0.179 0.179 0.400 0.400 0.400 0.400
Cash Flow
Variable Rev. Electr. 3.502 0.933 0.400 0.400 0.400 0.400 0.400 0.400 0.400 0.400 0.400
Operating Revenues (Variab.) 3.502 0.933 0.400 0.400 0.400 0.400 0.400 0.400 0.400 0.400 0.400
Operating Revenues 3.502 0.933 0.400 0.400 0.400 0.400 0.400 0.400 0.400 0.400 0.400
Fuel -0.896 -0.896
Operating Costs (Variab.) -0.896 -0.896
Operating Costs -0.896 -0.896
Cash Flow 1.506 -0.295 -0.375 0.400 0.400 0.400 0.400 0.400 0.400 0.400 0.400
Cash Flow, accumulated -0.295 -0.669 -0.269 0.131 0.531 0.931 1.331 1.731 2.131 2.531
Internal Rate of Return 44.4% 8.3% 24.6% 33.2% 38.0% 40.9% 42.6% 43.7%
Present Value of Cash Flow 1.506 -0.300 -0.383 0.345 0.314 0.286 0.260 0.236 0.215 0.195 0.177
Net Present Value 3.0 a -0.300 -0.683 -0.337 -0.023 0.262 0.522 0.758 0.973 1.168 1.345
Generator Upgrade
Delta
Return on Investment 2018
Investment
Equity
Debt
Investment Volume
Debt Service
Debt Payback
Debt interest
Debt Service

Operating Result 0.400
Depreciation
Debt interest
Profit before Tax 0.400
Profit after Tax 0.400
Cash Flow
Variable Rev. Electr. 0.400
Operating Revenues (Variab.) 0.400
Operating Revenues 0.400
Fuel
Operating Costs
Investment Volume
Cash Flow 0.400
Cash Flow, accumulated 2.931
Internal Rate of Return 44.4%
Present Value of Cash Flow 0.161
Net Present Value 1.506
Generator Upgrade
Expensive
Return on Investment mill. EUR 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12 2010-01 2010-02 2010-03 2010-04 2010-05

Equity 2.094 0.632 1.475
Debt
Debt Service
Debt Payback
Debt interest
Debt Service

Operating Result 10.280 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.085 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Depreciation -1.396 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035
Debt interest
Profit before Tax 8.884 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.085 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175
Profit after Tax 8.884 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.085 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175
Cash Flow
Variable Rev. Electr. 209.290 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 2.133 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Operating Revenues (Variab.) 209.290 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 2.133 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Operating Revenues 209.290 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 2.133 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Fuel -199.011 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -2.048 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Operating Costs (Variab.) -199.011 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -2.048 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Operating Costs -199.011 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -2.048 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Cash Flow 8.186 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 -0.472 0.160 0.085 0.210 -1.265 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Cash Flow, accumulated 0.160 0.320 0.480 0.640 0.800 0.960 1.120 1.280 1.440 0.968 1.128 1.213 1.423 0.159 0.369 0.579 0.789 0.999 1.209 1.419 1.629 1.839 2.049 2.259 2.469 2.679 2.889 3.099 3.309
Present Value of Cash Flow 8.186 0.175 0.173 0.172 0.170 0.169 0.168 0.166 0.165 0.164 -0.480 0.161 0.085 0.208 -1.245 0.205 0.203 0.202 0.200 0.199 0.197 0.196 0.194 0.192 0.191 0.189 0.188 0.186 0.185 0.183
Net Present Value 0.175 0.348 0.520 0.690 0.859 1.027 1.194 1.359 1.523 1.043 1.204 1.290 1.498 0.253 0.458 0.662 0.863 1.064 1.262 1.459 1.655 1.849 2.041 2.232 2.422 2.610 2.796 2.981 3.164

Operating Result 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.085 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Income Tax
Cash Flow for DSCR 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.085 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Debt Service
Generator Upgrade
Expensive
Return on Investment 2010-06 2010-07 2010-08 2010-09 2010-10 2010-11 2010-12 2011-01 2011-02 2011-03 2011-04 2011-05 2011-06 2011-07 2011-08 2011-09 2011-10 2011-11 2011-12 2012-01 2012-02 2012-03 2012-04 2012-05 2012-06 2012-07 2012-08 2012-09 2012-10 2012-11 2012-12
Investment
Equity
Debt
Investment Volume
Debt Service
Debt Payback
Debt interest
Debt Service

Operating Result 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Depreciation -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035 -0.035
Debt interest
Profit before Tax 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175
Profit after Tax 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175 0.175
Cash Flow
Variable Rev. Electr. 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Operating Revenues (Variab.) 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Operating Revenues 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050 4.050
Fuel -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Operating Costs (Variab.) -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Operating Costs -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Investment Volume
Cash Flow 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Cash Flow, accumulated 3.519 3.729 3.939 4.149 4.359 4.569 4.779 4.989 5.199 5.409 5.619 5.829 6.039 6.249 6.459 6.669 6.879 7.089 7.299 7.509 7.719 7.929 8.139 8.349 8.559 8.769 8.979 9.189 9.399 9.609 9.819
Present Value of Cash Flow 0.182 0.181 0.179 0.178 0.176 0.175 0.174 0.172 0.171 0.169 0.168 0.167 0.165 0.164 0.163 0.162 0.160 0.159 0.158 0.157 0.155 0.154 0.153 0.152 0.150 0.149 0.148 0.147 0.146 0.145 0.143
Net Present Value 3.346 3.527 3.706 3.884 4.060 4.235 4.409 4.581 4.752 4.921 5.089 5.256 5.422 5.586 5.749 5.910 6.070 6.230 6.387 6.544 6.699 6.853 7.006 7.158 7.308 7.457 7.605 7.752 7.898 8.043 8.186

Income Tax
Cash Flow for DSCR 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210 0.210
Debt Service
Generator Upgrade
Cheap

Equity 0.994 0.300 0.700
Debt
Debt Service
Debt Payback
Debt interest
Debt Service

Operating Result 8.917 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.048 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177
Depreciation -0.663 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017
Debt interest
Profit before Tax 8.255 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.048 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160
Profit after Tax 8.255 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.048 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160
Cash Flow
Variable Rev. Electr. 207.032 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 1.200 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Operating Revenues (Variab.) 207.032 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 1.200 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Operating Revenues 207.032 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 4.000 1.200 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017 4.017
Fuel -198.115 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -1.152 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Operating Costs (Variab.) -198.115 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -1.152 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Operating Costs -198.115 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -1.152 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Cash Flow 7.924 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 -0.140 0.160 0.048 0.177 -0.523 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177
Cash Flow, accumulated 0.160 0.320 0.480 0.640 0.800 0.960 1.120 1.280 1.440 1.300 1.460 1.508 1.685 1.161 1.338 1.515 1.691 1.868 2.045 2.221 2.398 2.575 2.751 2.928 3.105 3.281 3.458 3.635 3.811
Present Value of Cash Flow 7.924 0.175 0.173 0.172 0.170 0.169 0.168 0.166 0.165 0.164 -0.142 0.161 0.048 0.175 -0.515 0.173 0.171 0.170 0.168 0.167 0.166 0.164 0.163 0.162 0.161 0.159 0.158 0.157 0.156 0.154
Net Present Value 0.175 0.348 0.520 0.690 0.859 1.027 1.194 1.359 1.523 1.380 1.542 1.590 1.765 1.250 1.422 1.594 1.763 1.932 2.099 2.265 2.429 2.592 2.754 2.915 3.074 3.232 3.389 3.545 3.699

Operating Result 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.048 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177
Income Tax
Cash Flow for DSCR 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.048 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177
Debt Service
Generator Upgrade
Cheap
Investment
Equity
Debt
Investment Volume
Debt Service
Debt Payback
Debt interest
Debt Service

Depreciation -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017 -0.017
Debt interest
Profit after Tax 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160 0.160
Cash Flow
Fuel -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Operating Costs (Variab.) -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Operating Costs -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840 -3.840
Investment Volume
Cash Flow 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177
Cash Flow, accumulated 3.988 4.165 4.341 4.518 4.695 4.871 5.048 5.225 5.401 5.578 5.755 5.931 6.108 6.285 6.461 6.638 6.815 6.991 7.168 7.345 7.521 7.698 7.875 8.051 8.228 8.405 8.581 8.758 8.935 9.111 9.288
Net Present Value 3.852 4.004 4.155 4.304 4.453 4.600 4.746 4.891 5.034 5.177 5.318 5.459 5.598 5.736 5.873 6.009 6.144 6.278 6.410 6.542 6.673 6.802 6.931 7.058 7.185 7.311 7.435 7.559 7.681 7.803 7.924

Income Tax
Cash Flow for DSCR 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177 0.177
Debt Service
Generator Upgrade
Delta

Equity 1.100 0.332 0.775
Debt
Debt Service
Debt Payback
Debt interest
Debt Service

Operating Result 1.362 0.037 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Depreciation -0.733 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018
Debt interest
Profit before Tax 0.629 0.037 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015
Profit after Tax 0.629 0.037 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015
Cash Flow
Variable Rev. Electr. 2.258 0.933 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Operating Revenues (Variab.) 2.258 0.933 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Operating Revenues 2.258 0.933 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Fuel -0.896 -0.896
Operating Costs (Variab.) -0.896 -0.896
Operating Costs -0.896 -0.896
Cash Flow 0.262 -0.332 0.037 0.033 -0.741 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Cash Flow, accumulated -0.332 -0.332 -0.295 -0.261 -1.003 -0.969 -0.936 -0.903 -0.869 -0.836 -0.803 -0.769 -0.736 -0.703 -0.669 -0.636 -0.603 -0.569 -0.536 -0.503
Internal Rate of Return 24.6%
Present Value of Cash Flow 0.262 -0.337 0.037 0.033 -0.730 0.033 0.032 0.032 0.032 0.032 0.031 0.031 0.031 0.031 0.030 0.030 0.030 0.030 0.029 0.029
Net Present Value 3.0 a -0.337 -0.337 -0.300 -0.267 -0.997 -0.964 -0.932 -0.900 -0.868 -0.836 -0.805 -0.774 -0.743 -0.713 -0.683 -0.652 -0.623 -0.593 -0.564 -0.535
Generator Upgrade
Delta
Investment
Equity
Debt
Investment Volume
Debt Service
Debt Payback
Debt interest
Debt Service

Depreciation -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018 -0.018
Debt interest
Profit after Tax 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015 0.015
Cash Flow
Fuel
Operating Costs
Investment Volume
Cash Flow 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033 0.033
Cash Flow, accumulated -0.469 -0.436 -0.403 -0.369 -0.336 -0.303 -0.269 -0.236 -0.203 -0.169 -0.136 -0.103 -0.069 -0.036 -0.003 0.031 0.064 0.097 0.131 0.164 0.197 0.231 0.264 0.297 0.331 0.364 0.397 0.431 0.464 0.497 0.531
Internal Rate of Return 2.1% 4.3% 6.4% 8.3% 10.1% 11.9% 13.5% 15.0% 16.5% 17.8% 19.1% 20.4% 21.5% 22.6% 23.6% 24.6%
Net Present Value -0.506 -0.477 -0.449 -0.420 -0.392 -0.365 -0.337 -0.310 -0.283 -0.256 -0.229 -0.203 -0.176 -0.150 -0.124 -0.099 -0.073 -0.048 -0.023 0.002 0.026 0.051 0.075 0.099 0.123 0.147 0.170 0.194 0.217 0.240 0.262
Generator Upgrade
Expensive
Electricity Production Cost 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Operating Costs
Operating Costs (Fix) mill. EUR
Fuel mill. EUR 342.259 44.288 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Operating Costs (Variab.) mill. EUR 342.259 44.288 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Operating Costs mill. EUR 342.259 44.288 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Electricity Production Cost mill. EUR 342.259 44.288 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Operating Costs Levelized

Operating Costs (Fix) EUR/MWh
Fuel EUR/MWh 47.487 48.000 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Operating Costs (Variab.) EUR/MWh 47.487 48.000 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Operating Costs EUR/MWh 47.487 48.000 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Electricity Production Cost Levelized
Electricity Production Cost EUR/MWh 47.487 48.000 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Electricity Production MWh 7,207,459 922,667 972,000 972,000 972,000 972,000 972,000 972,000 972,000 972,000 972,000 972,000
Generator Upgrade
Cheap
Operating Costs
Fuel mill. EUR 341.363 43.392 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Operating Costs (Variab.) mill. EUR 341.363 43.392 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Operating Costs mill. EUR 341.363 43.392 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080
Electricity Production Cost mill. EUR 341.363 43.392 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080 46.080

Fuel EUR/MWh 47.827 48.000 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Operating Costs (Variab.) EUR/MWh 47.827 48.000 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Operating Costs EUR/MWh 47.827 48.000 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Electricity Production Cost EUR/MWh 47.827 48.000 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Electricity Production MWh 7,137,422 904,000 964,000 964,000 964,000 964,000 964,000 964,000 964,000 964,000 964,000 964,000
Generator Upgrade
Delta
Operating Costs
Fuel mill. EUR 0.896 0.896
Operating Costs (Variab.) mill. EUR 0.896 0.896
Operating Costs mill. EUR 0.896 0.896
Electricity Production Cost mill. EUR 0.896 0.896

Fuel EUR/MWh 12.793 48.000
Operating Costs (Variab.) EUR/MWh 12.793 48.000
Operating Costs EUR/MWh 12.793 48.000
Electricity Production MWh 70,037 18,667 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000
Generator Upgrade
Expensive
Electricity Production Cost mill. EUR 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 2008-10 2008-11 2008-12 2009-01 2009-02
Operating Costs
Fuel mill. EUR 199.011 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 2.048 3.840 3.840
Operating Costs (Variab.) mill. EUR 199.011 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 2.048 3.840 3.840
Operating Costs mill. EUR 199.011 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 2.048 3.840 3.840
Electricity Production Cost mill. EUR 199.011 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 2.048 3.840 3.840

Fuel EUR/MWh 47.544 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 47.407 47.407
Operating Costs (Variab.) EUR/MWh 47.544 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 47.407 47.407
Operating Costs EUR/MWh 47.544 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 47.407 47.407
Electricity Production Cost EUR/MWh 47.544 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 47.407 47.407
Electricity Production MWh 4,185,807 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 42,667 81,000 81,000
Generator Upgrade
Expensive
Electricity Production Cost 2009-03 2009-04 2009-05 2009-06 2009-07 2009-08 2009-09 2009-10 2009-11 2009-12 2010-01 2010-02 2010-03 2010-04 2010-05 2010-06 2010-07
Operating Costs
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs (Variab.) 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Electricity Production Cost 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs
Fuel 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Operating Costs 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Electricity Production 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000
Generator Upgrade
Expensive
Operating Costs
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs
Fuel 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Operating Costs 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Generator Upgrade
Expensive
Electricity Production Cost 2012-01 2012-02 2012-03 2012-04 2012-05 2012-06 2012-07 2012-08 2012-09 2012-10 2012-11 2012-12
Operating Costs
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Electricity Production Cost 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs
Fuel 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Operating Costs 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407 47.407
Electricity Production 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000 81,000
Generator Upgrade
Cheap
Operating Costs
Fuel mill. EUR 198.115 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 1.152 3.840 3.840
Operating Costs (Variab.) mill. EUR 198.115 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 1.152 3.840 3.840
Operating Costs mill. EUR 198.115 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 1.152 3.840 3.840
Electricity Production Cost mill. EUR 198.115 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 1.152 3.840 3.840

Fuel EUR/MWh 47.846 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 47.801 47.801
Operating Costs (Variab.) EUR/MWh 47.846 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 47.801 47.801
Operating Costs EUR/MWh 47.846 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 47.801 47.801
Electricity Production Cost EUR/MWh 47.846 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 48.000 47.801 47.801
Electricity Production MWh 4,140,639 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 80,000 24,000 80,333 80,333
Generator Upgrade
Cheap
Operating Costs
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs
Fuel 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Operating Costs 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Generator Upgrade
Cheap
Operating Costs
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs
Fuel 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Operating Costs 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Generator Upgrade
Cheap
Operating Costs
Fuel 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840 3.840
Operating Costs
Fuel 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Operating Costs 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801 47.801
Electricity Production 80,333 80,333 80,333 80,333 80,333 80,333 80,333 80,333 80,333 80,333 80,333 80,333
Generator Upgrade
Delta
Operating Costs
Fuel mill. EUR 0.896 0.896
Operating Costs (Variab.) mill. EUR 0.896 0.896
Operating Costs mill. EUR 0.896 0.896
Electricity Production Cost mill. EUR 0.896 0.896

Fuel EUR/MWh 19.837 48.000
Operating Costs (Variab.) EUR/MWh 19.837 48.000
Operating Costs EUR/MWh 19.837 48.000
Electricity Production MWh 45,168 18,667 667 667

Generator Upgrade
Delta
Operating Costs
Fuel
Operating Costs
Operating Costs
Fuel
Operating Costs
Electricity Production 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667
Generator Upgrade
Delta
Operating Costs
Fuel
Operating Costs
Operating Costs
Fuel
Operating Costs
Electricity Production 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667
Generator Upgrade
Delta
Operating Costs
Fuel
Operating Costs
Operating Costs
Fuel
Operating Costs
Electricity Production 667 667 667 667 667 667 667 667 667 667 667 667
Generator Upgrade
Expensive
Sensitivity Analysis - El. Full Load oper. Hours
mill. EUR Net Present Value Internal Rate of Return
120.000 25.0%
100.000
20.0%
80.000 17.5%
64.832 15.0%
60.000
40.000 10.0%
20.000
5.0%
0.000
-20.000 0.0%
7400 7500 7600 7700 7800 7900 8000 8100 8200 7400 7500 7600 7700 7800 7900 8000 8100 8200
El. Full Load oper. Hours h/a El. Full Load oper. Hours h/a
Years Pay Off Time EUR/MWh Electricity Production Cost

25.00 40.0000
35.0000 34.69
20.00
30.0000
15.00 25.0000
20.0000
10.00 15.0000
9.2
10.0000
5.00
5.0000
0.00 0.0000
7400 7500 7600 7700 7800 7900 8000 8100 8200 7400 7500 7600 7700 7800 7900 8000 8100 8200
Generator Upgrade
Cheap
Sensitivity Analysis
80.000 20.0%
70.000 18.0%
16.0% 16.3%
60.000
14.0%
50.000 51.899
12.0%
40.000 10.0%
30.000 8.0%
6.0%
20.000
4.0%
10.000 2.0%
0.000 0.0%
7600 7700 7800 7900 8000 8100 8200 8300 8400 7600 7700 7800 7900 8000 8100 8200 8300 8400

25.00 40.0000
35.0000 34.99
20.00
30.0000
15.00 25.0000
20.0000
10.00 10.3
15.0000
10.0000
5.00
5.0000
0.00 0.0000
7600 7700 7800 7900 8000 8100 8200 8300 8400 7600 7700 7800 7900 8000 8100 8200 8300 8400
Generator Upgrade
Expensive Cheap
Sensitivity Analysis - El. Full Load oper. Hours
120.000 100.0%
90.0%
100.000
80.0%
80.000 70.0%
60.0%
60.000
50.0%
40.000 40.0%
20.000 30.0%
20.0%
0.000
10.0%
-20.000 0.0%
7200 7400 7600 7800 8000 8200 8400 7200 7400 7600 7800 8000 8200 8400
25.00 40.0000
35.0000
20.00
30.0000
15.00 25.0000
20.0000
10.00 15.0000
10.0000
5.00
5.0000
0.00 0.0000
7200 7400 7600 7800 8000 8200 8400 7200 7400 7600 7800 8000 8200 8400
Generator Upgrade
Delta
Sensitivity Analysis
60.000 120.0%
50.000
100.0%
40.000
30.000
80.0%
20.000
10.000 12.933
60.0%
0.000
-10.000 40.0% 38.2%
-20.000
20.0%
-30.000
-40.000 0.0%
-255 -250 -245 -240 -235 -230 -255 -250 -245 -240 -235 -230

20.00 70.0000
18.00
60.0000
16.00
14.00 50.0000
12.00 40.0000
10.00
30.0000 30.33
8.00
6.00 20.0000
4.00
2.4 10.0000
2.00
0.00 0.0000
-255 -250 -245 -240 -235 -230 -255 -250 -245 -240 -235 -230
Generator Upgrade
Expensive
Multiple Sensitivity Analysis
200 0.35
150 0.3
0.25
100
0.2
50
0.15
0
0.1
-50 0.05
-100 0
90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0%

25 38
37
20 36
35
15
34
33
10
32
5 31
30
0 29
90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Electrical Net Power El. Full Load oper. Hours El. net Efficiency Row 14 Row 15 Investment Volume Row 17 Row 18 Row 19
Row 20 Row 21 Row 22 Fuel Row 24 Row 25 Row 26 Row 27 Row 28
Row 29 Variable Rev. Electr. Row 31
Generator Upgrade
Cheap
200 0.3
150 0.25
100 0.2
50 0.15
0 0.1
-50 0.05
-100 0
90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0%

20 38
18 37
16 36
14 35
12
34
10
33
8
32
6
4 31
2 30
0 29
90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Generator Upgrade
Delta
25 0.6
0.5
20
0.4
15
0.3
10
0.2
5 0.1
0 0
90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0%

6 40
35
5
30
4
25
3 20
15
2
10
1
5
0 0
90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Generator Upgrade
Expensive Delta NPV mill. EUR Delta LEPC EUR/MWh

Titel Basis +1 unit +1 Perc. +1 unit +1 Perc.
Electrical Net Power MW 121.5 0.514 3.595 -0.01528 -0.10610
El. Full Load oper. Hours h/a 8000.0 0.045 3.634 -0.00134 -0.10622
El. net Efficiency % 45.56%
Investment Volume mill. EUR 2.1 -0.468 -1.871 0.01637 0.06547
Fuel EUR/GJ 6.0 -213.353 -6.324 6.72334 0.23532
Variable Rev. Electr. EUR/MWh 50.0 28.774 10.071
Cheap Delta NPV mill. EUR Delta LEPC EUR/MWh

Investment Volume mill. EUR 1.0 -0.468 -1.590 0.01748 0.05943
Fuel EUR/GJ 6.0 -220.086 -6.441 7.30247 0.25559
Delta Delta NPV mill. EUR Delta LEPC EUR/MWh

Investment Volume mill. EUR 2.1 -0.281 0.15434
Fuel EUR/GJ 6.0 6.733 0.117 -1.79936 -0.06298
Generator Upgrade
Expensive Net Present Value 16.02 mill. EUR Pay Off Time 0.0 Years
Titel Basis 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Electrical Net Power MW 121.5 28.881 36.071 43.261 50.451 57.641 61.237 64.832 68.427 72.022 79.212 86.402 93.592 100.782 13.20 12.08 11.17 10.39 9.74 9.44 9.17 8.92 8.68 8.24 7.86 7.51 7.21
El. Full Load oper. Hours h/a 8000.0 28.489 35.758 43.026 50.295 57.563 61.197 64.832 68.466 72.100 79.369 86.637 93.906 101.174 13.29 12.14 11.20 10.42 9.75 9.45 9.17 8.91 8.67 8.23 7.84 7.49 7.17
Investment Volume mill. EUR 2.1 83.540 79.798 76.057 72.315 68.573 66.702 64.832 62.961 61.090 57.348 53.607 49.865 46.123 7.60 7.88 8.18 8.49 8.82 8.99 9.17 9.35 9.54 9.94 10.36 10.81 11.28
Fuel EUR/GJ 6.0 128.068 115.421 102.774 90.126 77.479 71.155 64.832 58.508 52.184 39.537 26.890 13.792 -0.136 5.68 6.17 6.73 7.40 8.19 8.66 9.17 9.75 10.39 11.97 14.07 17.59
Variable Rev. Electr. EUR/MWh 50.0 -44.940 -20.473 2.854 24.546 44.690 54.761 64.832 74.902 84.973 105.115 125.257 145.398 165.540 19.37 14.37 11.18 10.07 9.17 8.42 7.79 6.77 5.98 5.35 4.85
Cheap Net Present Value 14.514 mill. EUR Pay Off Time 0.0 Years
Titel Basis 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Fuel EUR/GJ 6.0 116.306 103.424 90.543 77.662 64.780 58.340 51.899 45.458 39.018 26.136 13.255 -0.257 -14.632 5.98 6.55 7.23 8.05 9.05 9.65 10.32 11.08 11.94 14.10 17.54
Variable Rev. Electr. EUR/MWh 50.0 -50.676 -27.788 -5.958 14.226 33.062 42.481 51.899 61.317 70.735 89.572 108.409 127.245 146.082 17.33 12.75 11.41 10.32 9.41 8.65 7.45 6.54 5.83 5.25
Delta Net Present Value 1.506 mill. EUR Pay Off Time 3.0 Years
Titel Basis 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Fuel EUR/GJ 6.0 11.762 11.996 12.231 12.465 12.699 12.816 12.933 13.050 13.167 13.401 13.635 14.049 14.497 2.78 2.71 2.63 2.56 2.49 2.45 2.42 2.38 2.35 2.29 2.22 2.15 2.09
Variable Rev. Electr. EUR/MWh 50.0 5.736 7.315 8.812 10.321 11.627 12.280 12.933 13.585 14.238 15.543 16.848 18.153 19.458 4.55 3.88 3.36 2.92 2.65 2.53 2.42 2.31 2.22 2.04 1.90 1.84 1.77
Generator Upgrade
Expensive Internal Rate of Return 0.0% Electricity Production Cost 47.49 EUR/MWh
Titel Basis 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Electrical Net Power MW 121.5 13.55% 14.38% 15.19% 15.99% 16.78% 17.16% 17.55% 17.93% 18.30% 19.05% 19.79% 20.51% 21.23% 35.870 35.615 35.371 35.135 34.909 34.798 34.690 34.584 34.480 34.277 34.082 33.893 33.710
El. Full Load oper. Hours h/a 8000.0 13.49% 14.33% 15.16% 15.97% 16.76% 17.16% 17.55% 17.93% 18.32% 19.08% 19.83% 20.57% 21.30% 35.882 35.623 35.375 35.137 34.909 34.799 34.690 34.584 34.480 34.278 34.083 33.896 33.715
Investment Volume mill. EUR 2.1 20.34% 19.75% 19.17% 18.62% 18.08% 17.81% 17.55% 17.29% 17.03% 16.53% 16.04% 15.56% 15.09% 34.036 34.167 34.298 34.429 34.559 34.625 34.690 34.756 34.821 34.952 35.083 35.214 35.345
Fuel EUR/GJ 6.0 25.39% 23.77% 22.18% 20.61% 19.07% 18.30% 17.55% 16.79% 16.04% 14.56% 13.09% 11.58% 9.98% 32.337 32.808 33.279 33.749 34.220 34.455 34.690 34.926 35.161 35.632 36.102 36.573 37.044
Variable Rev. Electr. EUR/MWh 50.0 4.65% 7.57% 10.34% 12.89% 15.23% 16.39% 17.55% 18.70% 19.86% 22.18% 24.50% 26.84% 29.20% 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690 34.690
Cheap Internal Rate of Return 0.0% Electricity Production Cost 47.83 EUR/MWh
Titel Basis 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Fuel EUR/GJ 6.0 24.70% 22.96% 21.24% 19.57% 17.92% 17.11% 16.30% 15.50% 14.71% 13.14% 11.58% 9.97% 8.28% 32.431 32.942 33.453 33.964 34.475 34.731 34.986 35.242 35.498 36.009 36.520 37.031 37.542
Delta Internal Rate of Return 44.4% Electricity Production Cost 12.79 EUR/MWh
Titel Basis 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0% 90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
Fuel EUR/GJ 6.0 35.36% 35.93% 36.50% 37.07% 37.65% 37.94% 38.22% 38.51% 38.80% 39.38% 39.96% 41.00% 41.96% 30.964 30.838 30.712 30.587 30.461 30.398 30.335 30.272 30.209 30.083 29.957 29.831 29.705
Generator Upgrade
Expensive
Sensitivity Analysis - Fuel
mill. EUR Net Present Value X Y Internal Rate of Return X Y
EUR/GJ mill. EUR EUR/GJ %
12 12
10 10
3.2 128.07 3.2 25.4%

8 3.3 96.45 8 3.3 21.4%
3.5 71.16 3.5 18.3%
6 3.5 64.83 6 3.5 17.5%
3.5 58.51 3.5 16.8%
4 3.7 33.21 4 3.7 13.8%
3.9 -0.14 3.9 10.0%
2 4.4 -117.69 2 4.4
0 0
0 2 4 6 8 10 12 0 2 4 6 8 10 12
Fuel EUR/GJ Fuel EUR/GJ
Years Pay Off Time X Y EUR/MWh Electricity Production Cost X Y
EUR/GJ Years EUR/GJ EUR/MWh
12 12
10 10
3.2 5.68 3.2 32.34

8 8
3.3 7.05 3.3 33.51
3.5 8.66 3.5 34.46
6 3.5 9.17 6 3.5 34.69
3.5 9.75 3.5 34.93
4 3.7 12.93 4 3.7 35.87
3.9 3.9 37.04
2 4.4 2 4.4 40.57
0 0
0 2 4 6 8 10 12 0 2 4 6 8 10 12
Generator Upgrade
Cheap
mill. EUR Net Present Value X Y Internal Rate of Return X Y
EUR/GJ mill. EUR EUR/GJ %
12 12
10 10
3.2 116.31 3.2 24.7%

8 3.3 84.10 8 3.3 20.4%
3.5 58.34 3.5 17.1%
6 3.5 51.90 6 3.5 16.3%
3.5 45.46 3.5 15.5%
4 3.7 19.70 4 3.7 12.4%
3.9 -14.63 3.9 8.3%
2 4.4 -136.53 2 4.4
0 0
0 2 4 6 8 10 12 0 2 4 6 8 10 12
Years Pay Off Time X Y EUR/MWh Electricity Production Cost X Y
EUR/GJ Years EUR/GJ EUR/MWh
12 12
10 10
3.2 5.98 3.2 32.43

8 3.3 7.62 8 3.3 33.71
3.5 9.65 3.5 34.73
6 3.5 10.32 6 3.5 34.99
3.5 11.08 3.5 35.24
4 3.7 15.91 4 3.7 36.26
3.9 3.9 37.54
2 4.4 2 4.4 41.38
0 0
0 2 4 6 8 10 12 0 2 4 6 8 10 12
Generator Upgrade
Expensive Cheap
12 12
10 10
8 8
6 6
4 4
2 2
0 0
0 2 4 6 8 10 12 0 2 4 6 8 10 12
12 12
10 10
8 8
6 6
4 4
2 2
0 0
0 2 4 6 8 10 12 0 2 4 6 8 10 12
Generator Upgrade
Delta
mill. EUR Net Present Value X (A) X (B) Y Internal Rate of Return X (A) X (B) Y
EUR/GJ EUR/GJ mill. EUR EUR/GJ EUR/GJ %
20.00 60.0%
18.00
50.0%
16.00
14.00
3.15 3.15 11.76 3.15 3.15 35.4%
3.33 3.33 12.35 40.0% 3.33 3.33 36.8%
12.00
3.47 3.47 12.82 3.47 3.47 37.9%
10.00 3.50 3.50 12.93 30.0% 3.50 3.50 38.2%
8.00 3.54 3.54 13.05 3.54 3.54 38.5%
3.68 3.68 13.52 20.0% 3.68 3.68 39.7%
6.00
3.85 3.85 14.50 3.85 3.85 42.0%
4.00 4.38 4.38 18.84 4.38 4.38 50.9%
10.0%
2.00
0.00 0.0%
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00
Years Pay Off Time X (A) X (B) Y EUR/MWh Electricity Production Cost X (A) X (B) Y
EUR/GJ EUR/GJ Years EUR/GJ EUR/GJ EUR/MWh
3.00 35.00
30.00
2.50
3.15 3.15 2.78 25.00 3.15 3.15 30.96

2.00 3.33 3.33 2.59 3.33 3.33 30.65
3.47 3.47 2.45 20.00 3.47 3.47 30.40
1.50 3.50 3.50 2.42 3.50 3.50 30.33
3.54 3.54 2.38 15.00 3.54 3.54 30.27
1.00 3.68 3.68 2.25 3.68 3.68 30.02
10.00
3.85 3.85 2.09 3.85 3.85 29.70
0.50
4.38 4.38 1.67 4.38 4.38 28.76
5.00
0.00 0.00
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00
Evaluation Criteria
Generator Upgrade Results Sensitivities

Currency USD
Start Date 1.1/2007
Period under Review [Years] 16
Discount Rate 8.0% Expected IRR 20% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Date for Present Value 1.1/2007
Income Tax Rate 0.0%
Base Case Derivation Investment [mi EUR]

Power Value
Electrical Net Power MW 700 701 + 1 MW 0.788 600 650 700 800 1000
El. Full Load oper. Hours h/a 8000 91% NCF 8087.6 + 1% NF 6.042 8000
El. net Efficiency % 56.00% 6429 kJ/kWh 56.10% + 0,1% eta 2.154
Operating Costs Value Incrs.
Personnel mill. EUR/a 2.5 3.0%
Insurance mill. EUR/a 2
Fixed Maintenance mill. EUR/a 13 3.0%
Otros Costos A mill. EUR/a 1.008
Otros Costos B mill. EUR/a
Variable Maintenance EUR/MWh 0.1 3.0%
Fuel EUR/GJ 3.5 2.0% 3.5
Consumables EUR/MWh 0.25 2.0%
Operating Revenues Value Incrs.
Fixed Revenues Electricity mill. EUR/a
Otros Ingresos D mill. EUR/a
Otros Ingresos E mill. EUR/a
Otros Ingresos F mill. EUR/a
Variable Rev. Electr. EUR/MWh 35.00 1.0% 20 25 30 35.00 40 45 50
Investment No interest during construction
Investment Volume mill. EUR 400 1.12/2006 - 1 M 3.460
Lifetime Investment Schedule
Hand over (End of Commiss.) Date 1.1/2007
Months bef. Comm.
Lifetime from Commiss. Years 20 20

Tax Depreciation Time Years 15
Financing
Debt Share 1 --- 70.00% -16 10.0% 70.0%
Debt interest Rate
Annuity --- 8.00% -6 20.0% 8.0%
Start of Debt Service Date 1.1/2009 -2 20.0%
Debt Service Years 15 -1 10.0%
Debt Share 2 Annuity --- 1 10.0%
Months after Comm.
Debt interest Rate --- 13 30.0%

Start of Debt Service Date
Debt Service Years
Calc. Equity Costs

Equity Share --- 30%
interest Rate --- 10.00%
Equity Service Years 15 Total 0 100.0%
420748318.xls/Eval Cases 05/15/2019

Evaluation Criteria: Results
Variation Sensitivity +1 MW Power Sensitivity +0.1% Efficiency

Expected IRR 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Investment [mi EUR] 0.927 0.882 0.835 0.788 0.743 0.701 2.636 2.470 2.308 2.154 2.010 1.877
Income Tax Rate 15.0% 15.0%
Investment [mi EUR] 0.788 2.154
Electrical Net Power 600.00 650.00 700.00 800.00 1000.00
Investment [mi EUR] 1.846 2.000 2.154 2.446 3.057
El. Full Load oper. Hours 8,000 8,000
Fuel 3.5 3.5
Variable Rev. Electr. 20 25 30 35 40 45 50
Investment [mi EUR] -0.305 0.066 0.437 0.788 1.148 1.510 1.871
Lifetime from Commiss. 20 20
Debt Share 1 70.0% 70.0%
Debt interest Rate 8.0% 8.0%
Variation Sensitivity +1% NCF Sensitivity -1 Month lead time

Expected IRR 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Investment [mi EUR] 7.108 6.758 6.398 6.042 5.697 5.371 0.606 1.404 2.367 3.460 4.647 5.897
Income Tax Rate 15.0% 15.0%
Electrical Net Power 600.00 650.00 700.00 800.00 1000.00 600.00 650.00 700.00 800.00 1000.00
Investment [mi EUR] 5.178 5.610 6.042 6.895 8.619 3.460 3.460 3.460 3.846 3.846
El. Full Load oper. Hours 8,000
Investment [mi EUR] 3.460
Fuel 3.5 3.5
Variable Rev. Electr. 20 25 30 35 40 45 50 20 25 30 35 40 45 50
Investment [mi EUR] -2.336 0.507 3.350 6.042 8.802 11.572 14.341 3.351 3.351 3.351 3.460 3.846 3.846 3.846
Lifetime from Commiss. 20 20
Debt Share 1 70.0% 70.0%
Debt interest Rate 8.0% 8.0%
420748318.xls/Eval Table 05/15/2019

Sensitivity +1 MW Power:
Variable Revenues Electricity
2.000
Investment [mi EUR]
1.871
1.500 1.510
1.148
1.000
0.788
0.500
0.437
0.066
0.000
-0.305
-0.500
15 20 25 30 35 40 45 50 55
420748318.xls/Eval MW-Elec 05/15/2019

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Return on Investment Analysis

with the options

Option Delta Delta

15/ May 2019

Expensive Cheap Delta

Months bef. Comm.

Months after Comm.

Plant (electr., I&C)

Plant (civil works)

mill. EUR Cash Flow and Net Present Value

Variable Rev. Electr.

mill. EUR Cash Flow and Net Present Value

Variable Rev. Electr.

mill. EUR Cash Flow and Net Present Value

Variable Rev. Electr.

EUR/MWh Electricity Production Cost

Operating Costs (Variab.)

Fuel Electricity Production Cost Variable Rev. Electr.

EUR/MWh Electricity Production Cost

Operating Costs (Variab.)

47.85 Operating Costs (Fix)

Variable Rev. Electr.

Fuel Electricity Production Cost Variable Rev. Electr.

EUR/MWh Electricity Production Cost

40 Operating Costs (Variab.)

Electricity Production Cost

Variable Rev. Electr.

Variable Rev. Heat - Now

Operating Revenues Present value

Operating Revenues Present value

Operating Revenues Present value

Operating Costs 0.896 0.896

Operating Revenues Present value

Operating Revenues Present value

Operating Revenues Present value

Operating Costs 0.896 0.896

Investment Present value

Income Tax Rate and Profit

Debt Service Cover Ratio

Investment Present value

Income Tax Rate and Profit

Debt Service Cover Ratio

Investment Present value

Income Tax Rate and Profit

Income Tax Rate and Profit

Investment Present value

Income Tax Rate and Profit

Debt Service Cover Ratio

Income Tax Rate and Profit

Debt Service Cover Ratio

Investment Present value

Income Tax Rate and Profit

Debt Service Cover Ratio

Income Tax Rate and Profit

Debt Service Cover Ratio

Investment Present value

Income Tax Rate and Profit

Income Tax Rate and Profit

Operating Costs Levelized

Operating Costs Levelized

Operating Costs Levelized

Operating Costs Levelized

Operating Costs Levelized