Return on Investment Analysis

CCPP Power Plant in Base Load Mode

with the options

Option A

F-Class Turbine

Option B

E-Class Turbine

Option Delta

Advantage F over E-Class

14/ Aug 2015

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 1997-2005
No liabilitiy for correctness of input data and results.

CCPP Power Plant in Base Load Mode
Project Description: Natural Gas fired Power Plant. Turbine Configuration: F-Class 2x1; E-Class 3x1
Advantage of F-Class: higher power output, higher efficiency. Advantage of E-Class: lower investment
volume

F-Class Turbine
Power
MW
h/a
%

Operating Costs
mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
EUR/MWh
EUR/GJ
EUR/MWh

Operating Revenues
Fixed Revenues Electricity
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr.

Min %
95.0%
93.0%
99.0%

Max %
102.0%
101.0%
100.5%

Distr.

Value
2.5
2
13

Min %
90.0%
90.0%
70.0%

Max %
110.0%
110.0%
130.0%

Distr.

0.1
3.5
0.25

90.0%

110.0%

Value

Min %

Max %

mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
EUR/MWh

35

mill. EUR

400

Investment
Investment Volume

Min %
95.0%

Lifetime
Hand over (End of Commiss.)
Lifetime from Commiss.
Tax Depreciation Time

Financing
Debt Share 1
Debt interest Rate
Start of Debt Service
Debt Service
Debt Share 2
Debt interest Rate
Start of Debt Service
Debt Service

01/ 01 2007
20
15

Internal Rate of Return
----Date
Years
----Date
Years

70.00%
8.00%
01/ 01 2009
15

30/ 12 1899

Calc. Equity Costs
Equity Share
interest Rate
Equity Service

Max %
105.0%

Min %
96.0%
92.0%
99.0%

Max %
103.0%
103.0%
100.5%

Distr.
F
F

Value
2.5
1.5
8

Min %
90.0%
90.0%
70.0%

Max %
110.0%
110.0%
130.0%

Distr.
F
F

90.0%

110.0%

2.0%

0.1
3.5
0.25

Incrs.

Value

Min %

Max %

1.0%

35

Incrs.
3.0%
3.0%

3.0%

Distr.

Distr.
340

----Years

30%
10.00%
15 Total

10.0%
20.0%
20.0%
10.0%
10.0%
30.0%

100.0%

60
-250
4.00%
Incrs.
3.0%
3.0%

3.0%
2.0%
Distr.

Incrs.

1.0%
Min %
95.0%

Max %
105.0%

0.000
40.000
80.000
80.000
40.000
40.000
120.000
0.000
0.000
0.000
0.000
0.000
0.000
400.000

01/ 01 2007
20
15
70.00%
8.00%
01/ 01 2009
15

30/ 12 1899

30%
10.00%
15 Total

Value
0
0
0
0
0
60.000

0.000
0.000
0.000
-16
-6
-2
-1
1
13

Value
0
0.5
5
0
0
0
0
0

Distr.

Investment Schedule
0.000
0.000
0.000

-16
-6
-2
-1
1
13

Delta

Value
640
8250
52.00%

Investment Schedule
Date
Years
Years

Months bef. Comm.

Personnel
Insurance
Fixed Maintenance
Other Costs A
Other Costs B
Variable Maintenance
Fuel
Consumables

Value
700
8000
56.00%

Months after Comm.

Electrical Net Power
El. Full Load oper. Hours
El. net Efficiency

E-Class Turbine

Months bef. Comm.

EUR
01/ 01 2005
22
10.0%
01/ 01 2005
35.0%

Months after Comm.

Currency
Start Date
Period under Review [Years]
Discount Rate
Date for Present Value
Income Tax Rate

10.0%
20.0%
20.0%
10.0%
10.0%
30.0%

100.0%

0.000
34.000
68.000
68.000
34.000
34.000
102.000
0.000
0.000
0.000
0.000
0.000
0.000
340.000

CCPP Power Plant in Base Load Mode
Other Costs and Revenues

mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054

Other Revenues
F

Other Revenues
E

Other Revenues
D

Other Costs A
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054

Other Costs B

E-Class Turbine
Other Revenues
F

Other Revenues
E

Other Revenues
D

Other Costs B

Other Costs A

F-Class Turbine

CCPP Power Plant in Base Load Mode
Other Costs and Revenues 2005-2009

mill. EUR
2005-01
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
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

Other Revenues
F

Other Revenues
E

Other Revenues
D

Other Costs A
mill. EUR
2005-01
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
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

Other Costs B

E-Class Turbine
Other Revenues
F

Other Revenues
E

Other Revenues
D

Other Costs B

Other Costs A

F-Class Turbine

40% 98.90% 97.250 8.80% 98.00% 97.50% 98.70% 98.00% 32. ophrs 640 MW Eta 99.250 8.80% 99. ophrs 700 MW 0 0 0 0 0 99.000 8.50% 98.000 8.30% 99.10% 98.90% 98.00% 32.80% 98.10% 98.250 8.90% 98.00% 37.00% 99.875 688 0 99.20% 97.20% 99.20% 98.50% 98.250 8.000 8.333 667 0 E-Class Turbine Degradation Factor _________ % Equ.80% 98.60% 99.000 8.90% 97.20% 98.90% 98.80% 98.250 688 0 0 0 7.000 8.90% 98.250 8.50% 98.70% 98.50% 98.50% 99.000 667 0 0 0 7.10% 99.000 8.250 8.60% 98.250 8.000 8.60% 98.70% 98.00% 32.40% 98.60% 97.250 8.10% 97.90% 98.00% 98.00% 97.250 8.70% 98.250 8.984 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! MW Eta 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 Degradation Factor _________ % 640 140 140 140 52.40% 98.70% 97.225 #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! .250 8.20% 97.250 8.00% 97.00% 98.10% 98.40% 98.250 8.000 0 0 8.30% 97.000 8.250 8.30% 98.250 8.250 8.000 8.50% 98.20% 98.000 8.30% 98.00% 98.80% 98.250 8.038 7.563 8.00% 98.50% 97.00% 98.70% Electric Net Power El.80% 98.10% Equ.50% 98.000 8.40% 98.20% 99.250 8.00% 37.90% 98.000 8.10% 97.50% 98.90% 98.963 8.30% 97.000 8.70% 99.00% 0 0 0 7.250 0 0 8.250 8. Net Efficiency _______________________ Operating Hours MW Eta 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 700 230 230 56.000 8.00% 0 0 0 7.10% 98.50% 97.30% 0 0 4.CCPP Power Plant in Base Load Mode Power. Net Efficiency _______________________ Operating Hours 0 0 5.90% 98.20% 98.30% 98.80% 98.000 8.333 8.50% 98.50% 98.50% 97.90% 99.90% 99.30% 97.80% Eta 99.000 8.250 8.20% 99.014 8.563 688 0 0 0 6.250 8.000 8.250 8.80% 99.10% 98.000 8.000 8.40% 99.000 8.90% 99.80% 97.000 8.80% 98. Operating Hours and Efficiency F-Class Turbine Electric Net Power El.70% 98.000 8.60% 97.30% 98.90% 97.000 8.250 8.771 7.40% 98.

Net Efficiency _______________________ Operating Hours Eta #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! MW Eta 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 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 Degradation Factor _________ % 640 140 140 140 52.00% 32.00% 0.00% 32.00% 37. ophrs 640 MW Eta #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! . ophrs 700 MW Electric Net Power El.00% 37. Net Efficiency _______________________ Operating Hours MW Eta 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 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 Degradation Factor _________ % 700 230 230 0 56.00% 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 688 Equ.00% 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 667 E-Class Turbine Equ.00% 32.CCPP Power Plant in Base Load Mode Power. Operating Hours and Efficiency F-Class Turbine Electric Net Power El.

credit line and depreciation schedule 2005-2009 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% % Credit Credit 2 Credit 1 Other Invest D Other Invest C Other Invest B Other Invest A Plant (electr. I&C) Plant (mechanical) Plant (civil works) Access roads Buildings Category mill. I&C) Plant (mechanical) Plant (civil works) Access roads Buildings Category mill. 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 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 Land % Credit Credit 2 Credit 1 Other Invest D E-Class Turbine Other Invest C Other Invest B Other Invest A Plant (electr. EUR % Depreciation Years deprec..CCPP Power Plant in Base Load Mode Investment per categories.. EUR % Depreciation Years deprec. 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 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 Land F-Class Turbine 0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 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 Cash Flow and Net Present Value mill. EUR 9.000 mill. Electr.5% %/a 17.000 Net Present Value (10%) at 1.000 300.1.2005 Internal Rate of Return till 2015 Internal Rate of Return till 2026 Pay Off Time from 1.2007 (a) %/a 64.000 mill.000 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 -400.CCPP Power Plant in Base Load Mode F-Class Turbine Investment Debt Equity Capital Requirement mill. EUR 400.1. EUR 120.5% mill.000 Fuel Fixed Maintenance Insurance -100.832 9.000 200.000 Income Tax Debt Service Income f rom Credit 100.000 Personnel Variable Rev. EUR 280.000 . Net Present Value -200.000 Cash Flow Present Value of Cash Flow -300. EUR 400.000 Investment Volume Variable Maintenance Consumables 0.

Net Present Value Cash Flow Present Value of Cash Flow . Electr.000 Income Tax Debt Service Income from Credit Investment Volume Variable Maintenance Consumables Fuel Fixed Maintenance Insurance Personnel Variable Rev.000 100.000 -50.CCPP Power Plant in Base Load Mode F-Class Turbine Cash Flow and Net Present Value mill.000 0.000 -100. EUR 150.000 50.000 -150.

Electr. EUR 10. EUR 102.2005 Internal Rate of Return till 2015 Internal Rate of Return till 2026 Pay Off Time from 1.000 Fuel Fixed Maintenance Insurance Personnel -100.000 200. EUR 300.3% mill.000 Income Tax Debt Service 100.000 mill.3 Cash Flow and Net Present Value mill. Net Present Value Cash Flow Present Value of Cash Flow -200.000 Net Present Value (10%) at 1. EUR 238.000 Income f rom Credit Investment Volume Variable Maintenance Consumables 0.CCPP Power Plant in Base Load Mode E-Class Turbine Investment Debt Equity Capital Requirement mill. EUR 340.000 .899 7.3% %/a 16.000 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 -300.1.000 mill.1.2007 (a) %/a 51.000 Variable Rev.

000 -100.000 -50.CCPP Power Plant in Base Load Mode E-Class Turbine Cash Flow and Net Present Value mill.000 -150.000 50. Electr. Net Present Value Cash Flow Present Value of Cash Flow .000 Income Tax Debt Service Income from Credit Investment Volume Variable Maintenance Consumables Fuel Fixed Maintenance Insurance Personnel Variable Rev.000 0. EUR 100.

7% %/a 38.000 .2005 Internal Rate of Return till 2015 Internal Rate of Return till 2026 Pay Off Time from 1.000 Net Present Value (10%) at 1.000 mill.1. EUR 30.CCPP Power Plant in Base Load Mode Advantage F over E-Class Investment Debt Equity Capital Requirement mill.4 Cash Flow and Net Present Value mill.000 Income Tax Debt Service Income f rom Credit Investment Volume 0. Net Present Value -20.000 Fixed Maintenance Insurance Variable Rev.000 20.000 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 -40.933 36.000 10.000 Cash Flow Present Value of Cash Flow -30.2007 (a) %/a 12.1. EUR 2. EUR 42.000 mill.000 Variable Maintenance Consumables Fuel -10. EUR 60. EUR 18.2% mill. Electr.

000 -5.000 -15.000 5. EUR 20.000 -20.CCPP Power Plant in Base Load Mode Advantage F over E-Class Cash Flow and Net Present Value mill.000 10.000 -25.000 Income Tax Debt Service Income from Credit Investment Volume Variable Maintenance Consumables Fixed Maintenance Insurance Variable Rev.000 15. Electr.000 0. Net Present Value Cash Flow Present Value of Cash Flow Fuel .000 -10.

8 34.000 Operating Costs (Variab.2 36.000 Consumables 37.6 27.007 2009 8.756 Electricity Production Cost EUR/MWh 45.181 23.7 40.401 3.000 Fixed Maintenance Insurance 20.472 22.8 35.9 36.0 25.000 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Capital Costs 0.0 36.4 36.7 Fuel 28.2 35.526 27. .420 39.000 Personnel Debt 15.962 34.000 Equity 10.000 39.5 36.230 34.7 36.000 Electricity Production Cost Variable Rev.6 35.650 3.) Operating Costs (Fix) 5.690 EUR/MWh EUR/MWh EUR/MWh EUR/MWh 2005 2006 2007 2008 5.0 Variable Maintenance 30.4 35.883 34.2 36.5 35.000 29.000 28.547 4.481 23. Electr.8 35.0 34.0 35.CCPP Power Plant in Base Load Mode F-Class Turbine Electricity Production Cost Capital Costs Fixed Operating Costs Variable Operating Costs Electricity Production Cost Levelized 6.

Variable Maintenance Fixed Maintenance Insurance Personnel Debt Equity .000 45.000 5.000 25.000 Consumables Fuel Electricity Production Cost Variable Rev.000 30.000 10.000 40.000 35.000 15. Electr.CCPP Power Plant in Base Load Mode F-Class Turbine Electricity Production Cost EUR/MWh 50.000 0.000 20.

2 0.614 34.4 35.1 10.3 30.000 Personnel 20.000 35.1 36.530 25.CCPP Power Plant in Base Load Mode E-Class Turbine Electricity Production Cost Capital Costs Fixed Operating Costs Variable Operating Costs Electricity Production Cost Levelized 5.2 Operating Costs (Fix) 5.1 0.1 0.3 36.741 43.000 Capital Costs Electricity Production Cost Variable Rev.2 28.7 50.000 0.1 0.1 0.) 0.000 45.710 Electricity Production Cost EUR/MWh 43.1 0.7 35.574 2.1 0.2 0.1 0.0 34.522 24.2 0.0 Variable Maintenance Fixed Maintenance Insurance 25.2 0.6 35. .000 36.054 25.000 29.2 0.2 0.0 35.0 36.1 0.1 0.988 2009 7.8 35.6 36.6 36.2 Consumables 40.7 35.0 35.986 EUR/MWh EUR/MWh EUR/MWh EUR/MWh 2005 2006 2007 2008 3.000 Fuel 29.1 Operating Costs (Variab.2 0.458 27.000 0.000 Debt 15. Electr.989 34.1 0.943 3.1 0.4 35.0 29.4 36.721 2.000 Equity 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 0.979 39.

000 20.000 10.CCPP Power Plant in Base Load Mode E-Class Turbine Electricity Production Cost EUR/MWh 60.000 50.000 Consumables Fuel Electricity Production Cost Variable Rev. Variable Maintenance Fixed Maintenance Insurance Personnel Debt Equity .000 0. Electr.000 40.000 30.

149 -5.000 24.2 0.78641.1 Variable Maintenance 0.810 2.850 Electricity Production Cost EUR/MWh 60.769 -5.335 EUR/MWh EUR/MWh EUR/MWh EUR/MWh 2005 2006 2007 2008 16.55623.56935.CCPP Power Plant in Base Load Mode Advantage F over E-Class Electricity Production Cost Capital Costs Fixed Operating Costs Variable Operating Costs Electricity Production Cost Levelized 15.000 Consumables 42.160 -8.178 40.565 -13.052 19.585 0.905 37.000 2.526 .310 10.2 0.1 0.) 0.335 Fuel 0.48435.1 0. 2009 22.1 0.2 0.153 36.1 0. Electr.869 30.000 Operating Costs (Fix) Capital Costs -10.193 22.1 0.675 35.60836.1 50.286 39.1 0.379 Fixed Maintenance Insurance 0.755 Operating Costs (Variab.1 40.52635.755 19.000 Variable Rev.1 0.000 0.38240.1 0.20639.000 Electricity Production Cost 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 -20.03538.434 20.2 0.657 35.2 0.2 30.55138.1 30.2 0.2 0.850 Equity 10.000 0.000 Debt 10.1 20.

000 0.000 40.000 -20.000 -40.000 20.000 Consumables Fuel Variable Maintenance Electricity Production Cost Variable Rev. Variable Rev. Electr.CCPP Power Plant in Base Load Mode Advantage F over E-Class Electricity Production Cost EUR/MWh 60. Heat Fixed Maintenance Insurance Debt Equity .000 -60.

645 125.910 139.374 120.664 934. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1.443 127.732 2.075 2.205 2.905 211.635 0.977 207.659 1.000 17.004 11.653 127.) Operating Costs Operating Result Operating Result .918 49.741 125.237 1.258 1.768 Present value Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Other Costs B Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.000 15.622 127.716 21.969 0.939 14.117 918.515 128.224 148.468 3.620 1.754 58.594 125.360 2.943 1. Heat Operating Revenues (Variab.790 125.619 1.000 16.490 393.630 126.914 196.591 147.985 2.508 0.471 163.662 125.695 149.898 2.000 14. Variable Rev.556 205.000 15.258 1.958 204.491.867 22.169 203.790 213.091 150.712 60.831 0.407 209.800 20.365 1.328 61.790 125.977 207.769 148.407 209.958 204.389 18.814 2.126 5.914 196.169 203.097.167 2.722 125.169 203.407 209.958 204.000 15.784 18.702 125.063 0.680 125.881 -13.) Operating Revenues mill.905 211.962 3.146 19.493 1.097 0.652 2.CCPP Power Plant in Base Load Mode F-Class Turbine Operating Result Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.905 211.632 2.632 21.587 127.445 0.792 2.000 1.977 207.706 124.833 146.981 19. Electr.578 150.937 0.535 127.523 3.561 127.790 125.917 121.943 22.988 3.556 205.444 0.000 13.224 0.071 2.790 213.699 62.491.251 56.258 23.914 196.367 56.492 1.481 2.681 127.556 205.000 14.787 57.790 213.918 147.491.000 16.262 2.

459 227.396 157.588 70.132 2.852 127.) Operating Revenues Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Other Costs B Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.964 128.225 232.184 23.225 232.020 124.742 127.888 26.479 4.582 24.885 127.895 2.963 124.000 22.) 3.861 4.039 128.784 63.427 156.916 65.099 0.682 225.762 0.256 2.461 2.236 1. Variable Rev.907 124.236 1.000 19.370 77.661 219.605 152.000 24.835 1.001 127.456 0.388 0.945 29.692 223.290 234.364 1.166 76.225 232.481 230. Electr.664 3. Heat Operating Revenues (Variab.720 221.818 127.671 2.012 2.981 1.535 3.459 227.980 1.077 127.692 223.720 221.783 124.808 28.958 25.359 69.682 225.000 68.829 75.254 4.838 72.954 216.661 219.000 20.995 0.682 225.833 125.108 1.762 125.619 0.692 Operating Result Operating Result .374 236.124 158.506 24.476 214.000 22.781 2.515 2.882 124.132 4.796 4.290 234.720 221.038 151.290 234.936 125.981 2.954 216.661 219.980 2.487 4.000 18.004 158.481 230.109 1.179 0.921 127.564 2.858 125.981 1.651 2.852 2.621 155.000 23.000 19.000 20.720 153.954 216.000 21.333 154.945 26.991 124.091 3.692 223.476 Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.995 3.949 Operating Costs 151.054 73.008 29.056 67.445 0.374 236.010 30.748 27.711 127.384 2.476 214.374 236.810 125.784 127.148 0.000 17.481 230.873 0.459 227.094 154.CCPP Power Plant in Base Load Mode F-Class Turbine Operating Result 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 214.

Electr.475 15.991 52.307 1.974 0.252 14.133 50.475 14.165 1.331 50.985 1.594 127.500 9.004 2.274 2.CCPP Power Plant in Base Load Mode E-Class Turbine Operating Result Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.590 144.403 184.087 55.560 128.677 127.500 9.573 144.200 0.568 13.) Operating Costs Operating Result Operating Result .429 129.022 113.622 127.167 1.134 3.162 1.024 49.038 0.098 -25.361 130.397.792 933.500 8.360 1.338 Present value Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.390 15.962 13.444 129.918 336.945 192.404 49.652 1.604 2.677 200.397.939 11.564 197.022 113.487 2.677 200.814 1.938 1.) Operating Revenues mill.732 1.500 10. Variable Rev.646 1.636 10.029 76.423 194.500 8.826 126.672 0.110 198.579 129.677 200.611 0.541 143.523 129.500 10.262 1.638 127.945 192.464 41.839 3.110 198.500 9.352 12.551 129.423 194.256 1.479 193.924 949.403 184.290 143.065 0.160 14.292 1.414 0.801 0.256 23.060. Heat Operating Revenues (Variab.033 1.639 0.147 143.304 192.397.500 10.256 1.489 129.479 193.552 3.479 193.276 144.607 127.304 192.032 1.835 54.110 198.751 111.279 143.696 127.075 1.564 197.424 1.466 129.423 194.564 197.304 192. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 1.742 2.022 113.228 12.318 0.337 125.500 9.659 127.867 143.403 184.898 1.438 3.924 138.572 4.945 192.

962 209.278 Operating Costs 145.403 221.384 1.500 14. Variable Rev.378 1.804 126.928 126.092 16.838 4.950 215. Electr.500 11.677 219.772 1.349 0.743 217.950 215.403 221.329 149.862 149.126 145.594 71.191 62.CCPP Power Plant in Base Load Mode E-Class Turbine Operating Result 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 201.962 209.605 129.376 0.417 20.006 16.500 14.132 1.403 221.673 129.500 11.500 12.671 1.508 1.074 3.734 126.223 4.464 4.743 217.771 1.113 207.461 1.849 126.945 129.369 201.113 207.406 3.) 3.011 148.640 203.612 211.275 212.369 201.033 0.369 Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.955 126.640 203.677 219.677 219.640 1.476 146.464 0.962 209.693 64.169 147.612 211.449 4.275 212.555 59.500 11.859 0.619 4.058 Operating Result Operating Result .382 0.771 147.034 0.940 66.920 0.950 215.826 126.881 68.809 150.508 1.769 1.031 1.798 129.901 1.348 69.028 4.736 129.384 146.470 0.500 13.500 12.782 126.310 18.) Operating Revenues Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.840 129.500 14.767 129.232 18.908 129.031 206.101 3.855 0.275 212.781 1.760 127.464 17.156 19.715 126.705 129.895 1.564 1.256 1.912 0.500 12.875 129.640 1.582 148.012 1.903 126.632 129.729 61.743 217.513 57.113 207.651 1.311 56. Heat Operating Revenues (Variab.515 1.612 211.500 13.031 206.748 3.388 17.877 126.345 21.444 63.882 16.031 206.640 203.640 1.487 19.

655 12.077 12.847 7.795 0.612 7.795 13.003 94.628 0.523 7.587 6.500 5.224 11.500 6.676 47.091 -1.511 11.672 0.670 0.) Operating Revenues mill.077 12.839 5.964 0.769 12.546 7.302 5.034 -2.554 0.970 0.037 -4. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 94.500 5.003 3.098 -1.095 -1.099 -1.500 5.343 7.796 0.305 0.500 5.224 11.102 -1.043 -1.500 5.224 11.703 0.377 4.740 -14.128 0.783 11.003 94.721 7.968 0.621 4.456 7.149 0.532 7.511 11.296 0.668 0. Heat Operating Revenues (Variab.655 12.113 13.877 0.842 12.769 12.091 -4.500 6.675 6.113 13.087 -1.649 0.965 3. Electr.511 11.524 0.324 -15.312 4.555 12.083 -2.493 7.430 Present value Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.673 0.045 -1.555 12.572 57.536 6.500 6.113 13.555 12.045 -1.) Operating Costs Operating Result Operating Result .621 7.334 0.220 0.077 12.804 0.CCPP Power Plant in Base Load Mode Advantage F over E-Class Operating Result Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.934 5.568 5. Variable Rev.036 -1.655 12.102 -1.038 -1.632 0.985 0.834 0.842 12.816 6.795 13.805 0.470 0.795 13.769 12.122 5.464 0.647 36.042 -1.842 12.501 5.040 -1.500 6.938 0.720 51.024 0.528 6.

107 0.607 13.012 0.500 7.507 8.063 -1.314 13.500 7.630 13.047 -1.500 8.613 14.531 14.528 0.314 13.613 14.512 0.501 7.113 -1.500 7.500 7.065 -1.129 0.314 13.061 -1.563 0.290 0.482 14.CCPP Power Plant in Base Load Mode Advantage F over E-Class Operating Result 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 13.129 6.925 7.107 13. Variable Rev.144 7.184 14.630 13.776 6. Electr.110 -1.050 -1.730 14.) Operating Revenues Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.971 15.607 13.055 -1.343 0.526 0.063 0.268 0.510 7.531 0.768 0.500 8.661 0.473 7.336 6.500 9.402 7.659 0.500 8.059 -1.123 -1.416 7.659 0.365 8.031 0.818 6.531 14.052 -1.500 6.634 Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.301 7.790 0.328 5.667 0.531 14.500 7.630 13.472 9.613 14.479 9.133 -1.024 0.482 14.145 7.264 0.054 -1.110 -1.663 0.335 9.124 -1.607 13.116 -1.126 -1.271 7.049 -1.949 6. Heat Operating Revenues (Variab.500 9.196 8.348 9.528 0.665 0.115 6.843 0.524 0.485 8.501 8.659 0.069 14.629 0.058 -1.533 7.168 7.184 14.) Operating Costs Operating Result Operating Result .107 13.039 7.730 14.795 8.184 14.482 14.069 14.421 0.562 6.500 8.106 -1.971 15.764 0.730 14.801 0.921 0.119 -1.130 -1.069 14.535 0.971 15.912 6.

731 269. Heat Operating Revenues (Variab.) Operating Revenues mill.858 370.241 Operating Result Operating Result 60.858 370. Electr. EUR 2005-01 Present value 370.768 2.858 4.858 Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Other Costs B Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.617 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 .463 40.625 Operating Costs 310.126 265. Variable Rev.CCPP Power Plant in Base Load Mode F-Class Turbine Operating Result Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.296 30.616 1.) 5.

675 1.149 0.059 16.167 1.221 0.443 0.949 10.949 10.143 -1.167 1.253 12.949 10.443 0.033 10.578 0.949 10.033 10.828 5.828 16.500 0.537 0.167 1.443 0.167 1.149 0.093 12.149 0.080 10.949 10.221 0.149 0.537 0.040 5.556 1.949 10.578 0.949 10.537 0.184 1.080 10.124 10.443 0.828 16.228 0.443 0.184 0.537 0.828 16.167 1.828 16.124 10.136 12.500 0.949 10.093 12.093 12.675 1.828 16.081 10. Heat Operating Revenues (Variab.078 4.221 0.167 1.167 1.034 10.675 1.143 -1.828 16.828 16.080 10.815 12.221 0.556 1.051 10.537 0.828 Personnel Insurance Fixed Maintenance Other Costs A Other Costs B Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.143 -1.575 4.828 16.167 1.949 10.443 0.167 1.828 16.556 1.149 0.949 10.149 0.949 10.537 0.949 10.149 0.093 12.949 10.051 10.949 10.124 10.500 0.221 0.080 10.033 10.443 0.184 0.675 Operating Costs 6.124 10.828 16.949 10.253 -1.828 16.949 10.221 0.093 12.051 10.949 11.221 0.537 0.949 10.537 0.500 0.051 10.167 1.949 10.143 -1.828 16.167 1.949 11.537 0.184 0.949 10.221 0.253 12.167 1.221 0.253 12.167 1.) 0.443 0.149 0.093 12.475 10.080 10.828 16.228 0.537 0.556 1.221 0.949 10.228 0.124 10.080 10.500 0.575 4.033 10.949 11.443 0.080 10.228 0.828 16.143 -1.080 10.575 4.143 -1.949 10.051 10.167 1.093 12.033 10.537 0.228 0.167 1.475 10.828 5.033 10. Electr.443 0.093 12.167 1.556 1.033 10.828 16.124 10.228 0.222 0.167 1.578 0.059 16.093 12.143 -1.051 10.149 0.949 10.443 0.) 5.556 1.578 0.184 0.143 -1.033 10.278 1.949 10.575 Operating Revenues Operating Costs Operating Result Operating Result .949 10.143 -1.675 1.143 -1.949 10.184 0.675 1.500 0.CCPP Power Plant in Base Load Mode F-Class Turbine Operating Result 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.016 5.575 4.184 0.500 0.575 4.184 0.253 12.033 10.221 0.578 0.949 10.443 0.051 10.093 12.340 -1.949 10.093 12.675 1.537 0.828 16.575 4.149 0.149 0.949 10.949 10.167 1.556 1. Variable Rev.556 1.228 0.556 1.080 10.033 10.167 1.949 10.149 0.167 1.033 10.828 16.059 16.475 10.578 0.556 1.578 0.080 10.143 -1.080 10.558 1.556 1.253 12.228 0.828 16.578 0.124 10.221 0.253 12.

500 0.575 4.997 16.299 12.051 10.299 12.997 16.997 16.997 16.697 4.828 16.997 16.697 4.299 12.124 10.053 10.675 1.124 10.997 16.184 0.620 0.) 0.679 1.997 16.167 1.500 0.184 0.167 1.697 4. Electr.997 16.126 10.299 12.167 1.697 4.126 10.828 16.997 16.234 0.299 12.679 1.997 16.053 10.828 16.997 16.124 10.126 10.697 4.500 0.620 0.697 4.679 1.500 0.575 4.997 16.620 0.500 0.697 Operating Result Operating Result .167 1.126 10.578 0.997 16.828 16.234 0.679 Operating Costs 12.997 16.167 1.219 0.828 16.219 1.997 16.997 16.500 0.500 0.620 0.500 0. Heat Operating Revenues (Variab.578 0.053 10.219 0.126 10.620 0.234 0.500 0.) Operating Revenues 16.620 0.828 16.299 12.253 12.219 0.299 12.234 0.184 0.051 10.053 10.167 1.167 1.053 10.219 0.053 10.126 10.578 0.167 1.234 0.234 0.828 16.228 0.053 10.500 0.620 0.167 1.228 0.CCPP Power Plant in Base Load Mode F-Class Turbine Operating Result 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 Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.234 0.126 10.620 0.620 0.997 16.828 16.253 12.828 16.697 4.697 4.997 16.500 0.997 16.828 16.997 16.219 0.124 10.997 16.053 10.675 1.828 16. Variable Rev.219 0.679 1.167 1.053 10.997 16.219 0.219 0.575 4.675 1.299 12.219 0.620 0.051 10.575 4.299 12.234 0.234 0.299 4.053 10.167 1.997 16.997 16.053 10.997 16.997 16.167 1.679 1.997 16.228 0.126 10.167 1.697 4.234 0.219 0.997 16.299 12.126 10.053 10.679 1.675 1.234 0.997 16.697 4.500 0.997 16.500 0.679 1.228 0.679 1.253 12.167 1.299 12.126 10.167 1.253 12.500 0.997 16.167 1.184 0.997 16.051 10.997 16.697 4.997 16.234 0.620 0.578 0.620 0.679 1.219 0.997 16.126 10.997 Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Other Costs B Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.828 16.500 0.126 10.679 1.679 1.500 0.

031 11.826 1.309 Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.125 0.221 0.221 0.222 18.858 3.325 3.053 0.049 272.707 0.529 12.707 0.CCPP Power Plant in Base Load Mode E-Class Turbine Operating Result Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.873 10.053 0.109 4.075 11.283 1.075 11.020 7.031 11.703 12.436 6.031 11.436 6.707 0. Heat Operating Revenues (Variab.221 0.309 10.125 0.031 11.309 10.707 0.436 6.529 12.325 3.053 0.475 Operating Costs 304.475 1.053 0.309 10.125 0.309 10.707 27.075 11.221 0.) 5.309 10.075 11.873 10.790 0.221 0.442 -1.309 10.219 -2.309 10.825 1.031 11.010 3.219 -2.475 1.691 2.831 -2.125 0.309 10.309 345.309 10.543 276.125 0.050 7.219 Operating Result Operating Result .309 345. Electr.221 0.125 0.370 0.219 -2.650 1.221 0.075 11.) Operating Revenues mill.370 0.580 0.707 0.529 12.707 0.529 41.219 -2.746 0.325 3. Variable Rev.370 0.475 1.025 3.309 10.125 0. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 Present value 345.053 0.309 10.217 -1.873 10.053 0.370 0.309 10.529 12.475 1.370 0.053 0.878 8.

529 12.662 0.025 16.234 0.125 0.025 16.) Operating Revenues 10.219 -2.662 0.959 3.940 11.228 0. Variable Rev.959 3.907 11.475 1. Heat Operating Revenues (Variab.707 0.125 0.125 0.228 0.110 0.085 4.728 0.119 10.728 0.867 15.830 1.728 0.125 0.907 11.830 1.750 0.867 15.662 0.830 1.234 0.867 15.085 4.221 0.219 -2.125 0.221 0.025 16.085 4.117 10.826 1.234 0.025 16.081 0.830 1.309 10.075 11.826 1.826 1.228 0.830 1.025 16.117 10.867 15. Electr.475 1.662 0.412 15.707 0.309 10.826 1.867 15.075 11.085 4.234 0.830 1.867 15.830 1.110 0.478 1.959 3.940 -2.907 11.085 4.867 15.867 15.412 15.025 16.110 0.662 0.081 0.826 1.309 10.234 0.662 0.959 3.048 10.125 0.025 16.048 10.125 0.050 10.867 15.959 4.085 4.728 0.940 11.075 11.125 0.728 0.867 15.125 0.110 0.728 0.309 10.048 10.050 10.867 15.867 15.750 0.907 11.228 0.370 0.081 0.) 0.867 15.662 0.031 11.110 0.219 -2.750 0.728 0.025 16.125 0.940 11.234 0.959 3.117 10.050 10.117 10.125 0.125 0.830 1.867 15.959 3.662 0.119 10.221 0.867 15.110 0.867 15.907 11.119 10.125 0.228 0.025 16.234 0.221 0.025 10.081 0.125 0.907 11.117 10.219 -2.370 0.309 10.529 12.728 0.050 10.940 11.050 10.707 0.025 10.529 12.025 16.750 0.119 10.309 10.475 1.117 10.031 11.110 0.559 11.662 0.662 0.940 11.309 10.867 15.907 11.025 16.959 3.050 10.662 0.228 0.662 0.031 11.867 15.048 10.110 0.234 0.085 4.309 10.867 15.867 15.830 Operating Costs 12.475 1.662 0.025 16.662 0.085 4.CCPP Power Plant in Base Load Mode E-Class Turbine Operating Result 2007-08 2007-09 2007-10 2007-11 2007-12 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 Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.085 4.025 16.110 0.867 15.053 0.125 0.907 11.750 1.025 16.025 16.117 10.309 10.110 0.826 1.750 0.228 0.031 11.309 10.728 0.219 -2.125 0.119 10.234 0.370 0.867 15.728 0.025 16.050 10.125 0.309 10.119 10.050 10.907 11.228 0.025 16.125 0.025 16.662 0.053 0.867 15.119 10.125 0.309 10.081 0.110 0.025 16.412 15.234 0.025 16.830 1.959 3.750 0.867 15.309 10.728 0.075 11.309 10.662 0.053 0.081 0.085 4.750 0.110 0.119 10.867 16.826 1.025 16.048 10.025 16.940 11.077 11.117 10.125 0.050 10.025 16.750 0.228 0.048 10.075 11.117 10.125 0.048 10.750 0.228 0.826 1.025 16.529 12.081 0.053 0.025 16.867 15.025 16.830 1.830 1.750 0.125 0.234 0.309 10.867 15.826 1.032 11.662 0.940 11.867 15.025 16.728 0.048 10.228 0.907 11.119 10.025 16.234 0.370 0.867 15.940 11.050 10.053 0.085 Operating Result Operating Result .826 1.475 1.025 16.125 0.117 10.662 0.025 16.221 0.050 10.081 0.370 0.662 0.662 0.048 10.867 16.907 11.867 16.048 10.119 10.081 0.125 0.125 0.031 11.119 10.085 4.228 0.707 0.125 0.707 0.940 11.940 11.125 0.125 0.025 16.662 0.959 3.117 10.081 0.750 0.119 10.081 0.370 0.662 0.025 16.125 0.081 0.867 15.529 12.959 3.050 10.025 16.940 11.025 Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.662 0.826 1.146 3.048 10.867 15.

005 -0.042 0.442 0.002 -0.074 11.038 4.484 0.076 0.640 0. Variable Rev.864 0.CCPP Power Plant in Base Load Mode Advantage F over E-Class Operating Result Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.640 0.442 0.920 6.926 0.926 0.002 -0.401 0.389 -0.640 0. Electr.006 1.005 -0.077 -6.920 0.640 0.005 -0.658 0.076 1.484 0.) Operating Costs 1.533 2.076 1.076 1.920 0.442 0.926 0.920 0.926 0.484 0.076 0.015 1.640 25.442 12.640 0.002 -0.042 0.042 0.436 -0.640 0.005 -0.687 1.790 0.640 25.432 0.640 0.042 0.640 0.533 2.442 0.012 2.436 -0.936 3.926 0.042 0.002 -0.436 -0.484 0.436 19.076 Operating Result Operating Result .436 -0.038 4.716 0.640 0.484 0.923 0.640 0. Heat Operating Revenues (Variab.905 0.533 2.076 1.030 2.) Operating Revenues mill.453 0.042 0.920 0.042 0.076 0.188 -6.484 0.442 0.640 0.132 1.002 -0.005 -0.640 0.038 4. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 2007-07 Present value 25.484 0.102 0.442 0.640 Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.

497 0.971 0.962 0.455 0.152 0.359 0.616 0.971 0.345 0.436 -0.616 0.511 0.005 -0.042 0.962 0.640 0.162 0.511 0.971 0.152 0.469 0.646 0.971 0.042 0.436 -0.971 0.042 0.920 0.162 0.005 -0.962 0.007 -0.007 -0.162 0.042 0.151 0.511 0.162 0.640 0.962 0.971 0.616 0.511 0.002 -0.497 0.007 -0.497 0.359 0.971 0.CCPP Power Plant in Base Load Mode Advantage F over E-Class Operating Result 2007-08 2007-09 2007-10 2007-11 2007-12 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 Operating Revenues Fixed Revenues Electricity Fixed Revenues Heat Other Revenues D Other Revenues E Other Revenues F Operating Revenues (Fix) Variable Rev.962 0.002 -0.162 0.042 0.484 0.007 -0.042 0.042 0.612 0.962 0.) Operating Revenues 0.152 0.469 0.484 0.003 -0.511 0.511 0.345 0.962 0.003 -0.003 -0.971 0.042 0.962 0.002 -0.042 0.152 0.640 0.920 0.640 0.359 0.162 0.162 0.511 0.152 0.042 0.007 -0.962 0.469 0.162 0.962 0.005 -0.162 0.962 0.042 0.003 -0.042 0.436 -0.152 0.076 1.962 0.971 0.971 0.007 -0.511 0.962 0.162 0.511 0.926 0.003 -0.152 0.007 -0.962 0.971 0.162 0.152 0.640 0.007 -0.442 0.042 0.926 0.926 0.359 0.423 0.151 0.971 Operating Costs Personnel Insurance Fixed Maintenance Other Costs A Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.640 0.442 0.345 0.042 0.007 -0.469 0.151 0.345 0.005 -0.612 0.359 0.151 0.005 -0.005 -0.455 0.003 -0.497 0.971 0.971 0. Variable Rev.612 0.962 0.469 0.436 -0.469 0.152 0.640 0.042 0.616 0.442 0.076 1.042 0.616 0.442 0.962 0.971 0.926 0.971 0.076 1.002 -0.612 0.497 0.007 -0.162 0.002 -0.007 -0.469 0.345 0.971 0.616 0.469 0.162 0.920 0.511 0.455 0.962 0.007 -0.042 0.151 0.962 0.345 0.455 0.042 0.359 0.646 0.007 -0.359 0.007 -0.962 0.151 0.616 0.359 1.151 0.345 0.640 0.920 0.971 0.971 0.612 0.359 0.469 0.359 0.497 0.616 0.003 -0.007 -0.469 0.151 0.612 0.920 0.003 -0.612 0.007 -0.003 -0.003 -0.152 0.003 -0.162 0.007 -0.926 0.076 1. Heat Operating Revenues (Variab.640 0.359 0.162 0.162 0.042 0.640 0.971 0.497 0.345 0.003 -0.162 0.455 0.042 0.007 -0.971 0.162 0.612 0.962 0.616 0.497 0.042 0.007 -0.455 0.962 0.640 0.511 0.076 1.003 -0.962 0.003 -0.971 0.962 0.042 0.003 -0.920 0.640 0.497 0.042 0.162 0.926 0.962 0.497 0.511 0.612 0.971 0.345 0.612 0.971 0.640 0.455 0.042 0.455 0.151 0.455 0.002 -0.971 0.640 0.971 0.162 0.042 0.962 0.962 0.971 0.646 0.042 0.962 0.497 0.151 Operating Costs -0.442 0.616 0.003 -0.007 -0.497 0.345 0.359 0.962 0.152 0.003 -0.962 0.007 -0.962 0.484 0.640 0.455 0.042 0.484 0.003 -0.455 0.616 0.971 0.971 0.971 0. Electr.151 0.612 0.962 0.971 0.151 0.003 -0.612 Operating Result Operating Result .484 0.971 0.003 -0.962 0.069 0.162 0.971 0.345 0.469 0.003 -0.436 -0.003 -0.042 0.971 0.042 0.962 0.007 -0.) 0.469 0.971 0.007 -0.455 0.003 -0.162 0.971 0.162 0.

667 -19.895 -7.173 65.099 13.571 -8.802 -59.954 214.451 -41.461 -2.571 31.879 -2.000 -16.117 -918.718 31.958 -152.571 -4.541 15.716 -148.712 -4.491.918 4.504 8.184 31.418 113.468 -21.662 -125.000 -25.914 -2.000 140.258 -3.000 -17.680 -125.297 7.000 -15.768 -7.206 17.627 23.943 -149.653 -127.137 20.413 31.667 -17.652 -2.419 18.937 -0.179 16.922 9.434 9.067 67.258 213.582 -151.000 -14.71 1.571 67. Operating Revenues (Variab.367 -2.762 -0.492 -1.465 -4.571 62.916 -26.571 31.80 Cash Flow.000 120.041 58.762 -125.564 -2.312 21.906 -171.667 -40.498 82.833 -40.988 -21.918 -120.000 36.632 -19.955 53.622 -127.73 1.720 -9.059 22. Electr.884 65.443 -127.642 54.981 -146.172 89.711 -127.713 -31.407 207.832 -11.989 31.800 -147.956 171.999 31.169 -2.236 -13.224 -0.258 8.632 -148.5% 8.071 -19.541 16.000 200.377 -10.571 -7.77 1.000 -12.721 -82.109 -1.556 -2.696 1.681 -127.097.178 -82.428 -5.030 17.060 40.955 -31.146 -147.483 20.981 -1.917 -121.69 1.585 13.000 -12.790 1.419 16.515 62.901 135.667 -16.664 -934.722 -125.314 20.742 -127.7% 7.702 -125.041 -31.328 -5.364 -1.713 31.958 203.587 -127.591 204.060 56.442 -2.741 -125.661 216.958 203.687 -3.393 13.867 -150.000 196.732 -2.990 18.720 219.000 203.172 -50.515 -31.056 -9.556 204.173 55.571 63.282 56.917 22.743 31.897 19.0% 9.397 31.842 -71.478 12.456 -0.508 -0.620 -1.172 -61.000 60.76 1.585 22.713 60.547 125.916 -8.491.768 -26.296 24.067 55.571 56.000 Debt Service Cover Ratio Operating Result Income Tax Cash Flow for DSCR Debt Service Debt Service Cover Ratio -13.000 -1.571 57.400 31.561 -127.839 19.543 12.258 11.224 207.237 -1.673 13.000 Investment Volume 327.535 -24.75 1.407 -3.056 -26.571 31.571 31.240 23.810 -125.790 211.547 -13.977 205.173 -31.727 21.523 -20.571 31.525 5.954 -3.000 -15.985 -2.115 17.400 -59.714 25.769 205.360 -2.914 125.009 228.483 25.571 61.313 55.831 -0.206 20.506 -151.000 28.152 16.814 -2.619 -1.) Operating Revenues Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.614 41.075 -2.576 -30.877 11.635 -0.004 -11.407 207.490 214.000 -14.77 1.897 23.390 57.571 60.939 -14.367 -26.087 12.790 211.167 -2.901 10.328 -53.246 7.790 -3.70 1.097 -0.885 21.661 216.906 -9.174 12.667 -21.630 -126.571 31.5% 10.918 -97.000 -17.365 -1.571 -9.605 219.543 11.571 65. accumulated Internal Rate of Return -40.667 -10.881 -175.706 -124.103 228.255 -40.491.921 13.251 -26.787 -3.784 -1.000 28.699 -6.352 -8.667 -12.977 205.69 1.535 -127.000 40.995 -23.389 -139.642 -31.126 -5.582 15.671 -2.571 -10.364 15.000 -19.699 -26.3% 8.192 -93.028 19.493 -1.918 -26.578 211.129 5.417 -80.374 -120.282 Cash Flow Variable Rev.515 -128.000 -18.754 -26.192 56.790 -23.205 -18.580 14.124 24.000 140.936 3.548 -20.063 -0.545 -4.792 -18.826 -50.787 -26.661 -3.8% 6.571 -5.091 -24.571 31.328 -26.050 12.954 214.000 Debt Service Debt Payback Debt interest Debt Service Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax Profit after Tax 393.784 -127.169 196.571 31.642 61.695 209.2 a -11.667 -13.169 196.905 -3.876 10.571 -4.898 -2.556 204.580 13.906 12.969 -0.444 -0.686 31.918 .091 213.262 -2.905 209.000 84.5% 64.914 125.594 -125.752 10.943 -1.584 -9.038 216.390 53.571 58.667 -18.614 -6.471 -22.515 9.394 -10.713 53.CCPP Power Plant in Base Load Mode F-Class Turbine Return on Investment Investment mill.905 209.720 219.000 12.918 49.251 -9.009 40.750 11.487 6.955 76.000 -10.000 -15.571 1.640 -20.282 Present value Equity Debt interest during construction 98.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax Cash Flow 64.000 -60.862 17.434 12.910 -327.142 -27.956 29.832 Present Value of Cash Flow Net Present Value -200.571 -6. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 88.313 -31.914 14.000 -26.488 23.445 -0.481 -163.783 -124.958 -2.667 49.148 138.571 31.455 31.000 -13.095 1.313 63.571 56.977 -2.000 -16.502 -66.614 10.258 213.041 53.067 -31.000 28.645 -125.000 28.120 -5.571 -3.099 -0.667 -15.000 84.712 -26.790 1.659 -150.754 -4.000 -72.515 55.390 -31.571 -2.720 -3.962 -22.060 -31.667 -20.

384 -2.81 1.000 -22.949 -158.010 17.525 68.396 232.571 70.818 -127.148 -0.263 9.921 -127.590 17.051 23.166 76.629 189.985 -1.603 28.588 -12.729 -27.054 -23.076 14.476 236.256 -2.895 -2.544 47.290 232.335 57.102 16.945 -157.308 76.500 1.3% 2.370 77.832 68.784 -31.000 -23.290 -4.651 -2.963 -124.000 -21.571 75.007 25.476 236.225 -4.374 234.459 225.571 -25.2% 7.1% 3.936 49.6% 6.077 -127.605 32.359 -26.768 215.179 -0.640 50.020 -124.667 -9.338 58.070 44.571 -13.001 -127.200 31.985 -31.499 -31.763 40.945 -154.308 48.094 225.000 -20.692 221.525 30.046 3.445 -0.571 -11.044 7.640 77.603 38.069 31.3% 5.713 16.692 221.000 -19.882 -124.682 223.335 -31.664 -25.526 25.888 -153.307 24.729 77.781 -2.487 -27.481 227.236 -1.339 31.499 72.640 347.370 -26.53 Investment Equity Debt interest during construction Investment Volume Debt Service Income Tax Rate and Profit Cash Flow Variable Rev.282 72.52 1.667 -7.395 -12.184 -30.078 48.211 16.374 -4.829 -25.481 227.571 31.008 -156.861 -26.829 75.481 -4.885 -127.866 43.981 -2.858 49.571 31.858 297. Operating Revenues (Variab.808 -155.225 230.192 25.290 232.692 -3.108 -1.576 50.039 -128.192 Profit after Tax 21.682 -3.348 64.370 -26.236 -1.82 1.980 -2.529 -23.796 -29.838 -26.307 32.225 230.830 15.936 -125.500 221.945 25.692 -27.835 -1.388 -31.483 26.833 -125.392 -26.995 -0.867 249.385 -11.588 -26.479 -29.749 51.000 -22.571 -12.132 -28.166 -26.388 57.692 -3.883 16.8% 5.571 -23.499 57.526 35.435 37.5% 6.000 -20.748 -154.392 48.254 -26.316 25. Electr.621 227.692 -27.476 -4.392 75.852 -127.682 223.571 72.333 223.459 -4.CCPP Power Plant in Base Load Mode F-Class Turbine Return on Investment 2019 2020 2021 2022 2023 2024 2025 2026 Debt Payback Debt interest 22.156 48.388 -0.980 -1.388 70.873 -0.012 -2.991 -124.329 16.192 50.571 31.852 -2.619 -0.282 Debt Service 31.010 -158.308 -26.335 69.359 -11.427 230.498 232.571 Operating Result Depreciation Debt interest Profit before Tax Income Tax 68.667 -5.569 -13.) Operating Revenues Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.571 69.968 5.132 -2.500 398.985 48.81 1.459 225.8% 7.907 -124.964 -128.515 -2.981 -1.374 234.729 49.004 236.289 1.369 15.571 31.454 164.858 76.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax Cash Flow Cash Flow.054 73.858 -125.124 234.438 31.000 -24.548 -25.025 31.571 73.166 -26. accumulated Internal Rate of Return Present Value of Cash Flow Net Present Value Debt Service Cover Ratio Operating Result Income Tax Cash Flow for DSCR Debt Service Debt Service Cover Ratio .838 -13.

466 8.767 5.022 11.321 -35.772 -1.315 10.334 26.746 -6.031 -1.813 22.640 -3.646 -1.659 4.667 -12.042 7.814 -1.835 57.640 -1.274 -13.304 192.497 49.256 200.667 -10.667 -9.489 -129.639 1.79 1.406 -16.200 -10.182 114.224 10.729 -22.338 -6.926 15.500 -11.380 Net Present Value 10.918 11.924 -949.228 -138.033 -1.835 26.254 -26.672 -0.800 30.715 -79.879 13.423 193.022 1.667 -17.770 -16.667 -18.682 -26.732 -1.497 -26.835 59.464 41.835 56.712 57.279 192.017 26.313 145.258 -5.000 23.898 -1.750 -9.742 19.487 -12.530 Present Value of Cash Flow 16.001 19.938 -1.835 26.974 26.500 -10.570 10.6% 8.427 26.835 -2.404 -22.500 -9.134 -14.224 16.200 23.004 -13.397.956 17.006 -145.500 -11.901 46.911 48.800 51.734 -126.648 -67.839 -14.799 46.074 -16.793 11.677 198.920 -0.112 47.765 18.042 15.622 -127.029 -76.715 -126.464 -6.911 56.73 1.611 24.974 -0.397.86 Debt Service Cover Ratio Operating Result Income Tax Cash Flow for DSCR Debt Service Debt Service Cover Ratio -25.400 192.500 -9.835 50.500 -10.022 -23.126 203.781 3.404 -7.113 206.360 -1.568 -143.524 -18.479 192.712 48.696 -127.667 -15.835 1.835 -8.262 -1.254 46. Electr.024 -2.962 -143.031 203.555 -22.288 -74.864 2.386 46.466 116.030 19.3% 7.387 194.098 -148.) Operating Revenues Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.799 50.000 119.712 Present value Equity Debt interest during construction 83.567 21.496 -52.667 -14.517 11.000 34.110 197.835 -5.570 -145.607 -127.499 -36.652 -1.958 34.671 -1.070 8.467 17.000 170.112 -26.9% 6.573 197.200 -51.497 59.423 -2.000 10.1% 6.288 -2.157 4.231 20.313 27.414 -0.470 -0.636 -10.677 198.779 -45.945 -2.958 194.738 -7.760 -127.397.429 -129.277 -8.72 1.500 -8.162 -1.835 -6.318 -0.296 -3.835 26. Operating Revenues (Variab.835 52.835 -3.579 -129.835 14.252 -143.667 -48.494 26.056 8.000 -61.464 -146.290 194.799 -26.729 -9.590 200.145 9.424 -1.131 10.855 -3.835 -22.479 -2.066 12.500 -11.458 9.361 -130.659 -127.835 49.835 26.835 50.638 -127.147 193.939 -11.340 47.038 -0.910 12.479 192.307 -144.304 -2.835 -9.500 -9.780 18.564 -1.945 184.605 26.034 -7.386 52.338 -22.667 -13.CCPP Power Plant in Base Load Mode E-Class Turbine Return on Investment Investment mill.500 19.800 -170.466 -129.925 14.802 26.024 -22.500 -8.835 55.006 -10.867 -34.113 -3.444 -129.133 -3.611 10.3% 7.078 26.667 41.125 22.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax Cash Flow 51.200 -0.000 119.256 200.664 -96.368 9.167 -1.022 1.252 1.83 1.464 .160 -143.087 -22.131 -55.092 -145.037 1.966 -28.924 -277.390 -144.368 10.500 -9.611 11.139 25.835 26.531 -4.304 192.835 49.677 -3.594 -127.242 -55.609 -48.712 -26.910 12.403 113.322 15.337 -125.032 -1.564 -3.673 -129.340 -26.113 206.74 1.600 71.730 -55.80 1.792 -933.793 12.899 Cash Flow.122 113.592 47.611 -0.123 26.82 1.835 -7.899 -9.835 26.690 -55.910 9.331 -22.560 -128.522 9.690 26.031 203.572 -4.131 18.224 70.434 49.966 69.500 -10.159 21.475 -143.640 201.513 -7.464 -22.800 184.476 206.058 26.918 201.991 -22.77 1.667 -16.292 -1.604 -111.985 -1.901 61.070 9.667 -11.328 -25.386 -26.031 -3.254 50.438 -15.826 -126.605 -129.518 7.461 -1.640 201.677 -127.742 -12.352 10.991 -4.463 -80.835 54.133 -22.751 -15.926 19.087 -6.223 91.947 10.712 Cash Flow Variable Rev. accumulated Internal Rate of Return -34.901 -26.060.956 13.165 -1.3 a -9.000 Debt Service Debt Payback Debt interest Debt Service Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax Profit after Tax 336.541 -102.728 12.065 -0.096 -2.034 -0.513 -22.340 54.428 21.348 23.403 113.523 -129.813 16.110 197.835 -6.276 198.564 194.555 -8.564 194.970 49.639 -0.901 -70.0% 9.384 -7.835 26.835 26.423 193.911 -26.200 -35.112 55.496 -42.3% 51.200 23.110 -3.400 Investment Volume 277.712 50.835 26.834 -94.256 -3.075 -1.632 -129.475 -144.122 -25.403 -2.000 -10.551 -129.611 17.72 1.801 -0.835 -5.000 102.945 184.552 -14.352 -1.000 23.000 71.748 -16.970 -26.387 6.352 12.835 -4.910 15.331 -3. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 75.970 33.835 -3.

809 221.922 44.835 -10.835 26.CCPP Power Plant in Base Load Mode E-Class Turbine Return on Investment 2019 2020 2021 2022 2023 2024 2025 2026 Debt Payback Debt interest 18.835 26.500 -14.693 -26.358 -24.962 -3.027 -23.715 62.771 -1.680 -1.840 -129.369 221.508 -1.771 32.001 26.680 -26.397 22.835 63.899 61.911 20.275 211. accumulated Internal Rate of Return Present Value of Cash Flow Net Present Value Debt Service Cover Ratio Operating Result Income Tax Cash Flow for DSCR Debt Service Debt Service Cover Ratio .908 -129.912 -0.862 217.9% 6.895 -1.61 1.3% 4.870 Profit after Tax 19.762 36.275 211.791 -23.027 68.515 -1.764 44.444 -22.762 23.500 -13.191 -10.232 -147.018 219.426 69.426 264.619 -19.882 -21.236 46.464 -0.444 -11.088 14.835 -11.769 -1.3% 5.612 209.89 1.969 51.928 -126.870 23.943 -21.348 -23.376 -0.369 221.259 26.477 26.697 23.223 -18.736 -129.166 186.500 -13.849 -126.358 71.743 -4.686 26.940 66.667 -7.058 -24.033 -0.397 33.256 -1.826 -126.9% 2.169 211.693 64.572 40.188 207.278 -150.683 50.950 212.870 46.962 207.388 -146.875 -129.594 71.500 -14.962 207.263 42.835 Operating Result Depreciation Debt interest Profit before Tax Income Tax 61.680 43.903 -126.6% 3.680 39.058 -24.132 45.368 46.) Operating Revenues Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.950 -4.667 -6.171 23.945 -129.028 -19.715 50.264 -12.500 -12.058 -2.924 7.835 66.417 -149.089 Debt Service 26.7% 5.500 -12.263 16.683 63.922 -24.641 138.771 209.683 -26.089 65.594 -24.88 1.438 6.132 -1.500 -14.097 24.835 62.798 -129.761 26.854 26.403 219.997 14.926 162.693 -12.236 309.705 44.275 -4.508 -1.746 1. Operating Revenues (Variab.012 -1.677 217.782 -126.027 43.487 -148.705 -129.835 68.358 45.243 21.5% 6.781 -1.378 -1.236 71.073 4.859 -0.743 215.369 -4.612 209.382 -0.835 26.424 202.640 -1.348 -23.500 -12.922 69.743 215.877 -126. Electr.188 355.90 1.950 212.345 -149.881 68.101 -17.380 -11.63 Investment Equity Debt interest during construction Investment Volume Debt Service Income Tax Rate and Profit Cash Flow Variable Rev.901 -1.594 -24.835 64.839 2.940 -21.804 -126.156 -148.0% 5.835 -12.388 16.442 14.687 17.403 -4.901 15.955 -126.835 26.916 13.930 16.556 13.464 -17.191 -22.838 -18.311 -26.011 215.693 51.384 -1.855 -0.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax Cash Flow Cash Flow.911 30.426 45.449 -20.677 217.996 61.835 -23.403 219.348 69.329 219.996 25.612 -3.715 -26.349 -0.613 -10.651 -1.899 21.310 -147.188 1.683 29.835 -21.677 -4.582 212.640 -1.693 -22.767 -129.667 -4.881 -23.909 15.581 45.

4 a -1.085 1.003 13.501 13.500 -6.000 -2.783 -26.546 2.200 11.137 -4.220 -0.000 4.500 -5.130 7.314 -0.795 12.607 0.736 -0.721 -4.511 -0.655 11.305 -5.077 -0.934 -0.736 -0.524 29.224 -0.546 3.304 2.054 -4.736 4.400 12.970 -6.600 Investment Volume 49.000 4.9% 0.702 -0.536 -4.089 -4.647 -5.421 -0.546 -4.455 2.127 7.003 -0.6% 1.000 18.493 -4.065 1.673 -0.857 2.087 1.435 19.933 -1.463 2.402 7.200 5.402 -4.934 12.747 0.038 1.736 -0.042 6.658 10.839 -0.7% 1.463 1.857 94.710 4.787 0.555 12.736 -0.804 2.000 12.655 11.470 -0.7% 0.461 Cash Flow Variable Rev.795 -0.000 Debt Service Debt Payback Debt interest 13.795 12.102 1.736 -0.464 -5.673 2.273 2.651 2.000 6.703 -0.720 -7.054 Profit after Tax 14.523 -5.644 8.556 2.710 -4.804 -0.524 -7.430 -4.834 -0. Electr.045 1.254 0.912 -1.200 .391 -0.095 1.689 -0.000 21.736 7.600 11.568 -36.003 13.805 -0.628 -6.965 2.000 -2.358 0.964 -0.528 -5.965 -6.500 -6.418 32.758 0.045 1.553 2.854 0.113 -0.500 -5.336 1.456 -4.258 -1.402 7. EUR 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Present value Equity Debt interest during construction 14.296 34.735 2.302 7.800 4.189 0.676 -7.921 -7.736 4.500 -5.CCPP Power Plant in Base Load Mode Advantage F over E-Class Return on Investment Investment mill.745 5.702 Cash Flow.224 11.336 -25.198 2.736 4.736 4.000 1.091 4.938 -0.842 -0.327 3.675 -4.100 0.862 -0.000 7.547 3.224 11.612 -4.277 -12.671 3.154 -0.816 -4.500 -5.800 -9.302 -4.554 -0.655 -0.800 9.425 12.084 2.500 -5.649 -0.343 -4.085 Debt Service 25.500 -6.149 -0.441 2.800 4.676 -47.736 -0.189 1.663 -0.102 1.1% 0.083 2.000 -2.149 -6.435 1.334 -6.091 1.632 -0.621 -4.769 94.931 1.448 0.000 7.149 -0.042 1.275 12.302 13.847 -4.077 12.795 -0.000 -10.171 38.089 7.631 0.949 2.560 0.2% 12.631 2.740 14.769 -3.281 1.8% 1.128 -0.842 12.461 Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax 57.040 1.000 -2.746 -1.736 -0.425 11.4% 1.510 -5.292 17.113 13.137 7.800 -1.000 21.037 4.000 30.327 7.071 -4.967 8.769 94.098 1.000 -2.113 13.200 9.555 -0.043 1.715 34. Operating Revenues (Variab.842 12.877 -51.099 1.077 12.) Operating Revenues Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.296 -0.736 4.933 Present Value of Cash Flow Net Present Value -30.621 12.747 0.036 1.051 34.000 -3.402 -4.000 -1.670 -0.668 -0.324 15.054 1.241 7.985 -49.065 0.051 6.327 -4.122 12.314 13.034 2.997 36.968 -0.206 20.500 -6.024 -0.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax Cash Flow 12.787 2.840 37.000 -2.646 7.572 13.803 2.104 2.0% 1.582 7.241 -4.511 12.584 5.736 -0.587 -3.318 -0.931 0.511 12.314 13.456 13.2% 0.657 24.847 -1.796 -6.089 35.281 2.532 -5.047 1.736 4.848 16.000 -3. accumulated Internal Rate of Return -6.474 15.672 -0.555 12.377 -18.743 2.736 4.500 -6.312 12.676 -9.402 -4.106 1.

069 -0.107 15. Electr.630 -0.795 14.5% 0.152 1.607 13.529 4.386 -2.804 4.152 29.328 -8.736 -0.562 14.971 14.332 1.563 -8.528 -0.736 4.024 -8.000 -1.107 -0.305 -0.392 4.736 -0.807 -4.365 Cash Flow 2.063 1.622 38.479 -7.482 14.607 13.659 -0.801 -0.015 -0.264 -8.736 -0.312 Variable Rev.531 -0.736 4.908 10.848 1.312 42.535 -0.607 -0. accumulated Internal Rate of Return .310 1.039 14.843 -0.CCPP Power Plant in Base Load Mode Advantage F over E-Class Return on Investment 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Debt Payback Debt interest 2.026 38.500 -7.372 4.069 14.2% 0.772 -0.281 4.058 1.620 7.500 -8.404 38.643 3.126 1.473 -4.500 -7.145 -4.000 -1.840 4.812 26.736 -0.184 14.335 -8.665 -0.184 14.124 1.133 1.818 6. Operating Revenues (Variab.080 11.736 Operating Result Depreciation Debt interest Profit before Tax Income Tax 7.340 1.) Operating Revenues Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.094 11.1% -0.703 27.144 -4.500 -9.207 0.873 1.485 -7.613 14.630 13.184 -0.520 Present Value of Cash Flow 37.129 3.9% 0.361 10.807 7.659 -0.1% 0.012 -0.764 -0.629 -0.730 13.665 37.387 38.863 1.129 2.290 -0.768 -9.526 -0.736 -2.776 -2.501 -6.196 22.371 -2.059 1.757 12.528 -0.524 -0.949 6.058 1.367 9.055 1.971 14.130 1.586 -2.1% 0.404 4.2% 0.736 4.092 1.482 -0.507 -6.818 -2.052 1.365 6.472 -7.705 7.432 4.386 6.107 15.0% 0.529 6.322 1.501 -4.570 7.482 14.366 -2.620 -4.613 -0.533 14.688 38.129 -7.145 1.119 1.613 14.8% 0.074 29.110 1.192 Debt Service 4.063 -0.531 14.603 29.500 -8.365 -6.031 -9.348 -7.634 -0.971 -0.059 1.396 3.895 0.736 -0.322 Profit after Tax 1.371 6.541 37.208 4.498 4.432 33.396 1.332 38.661 -0.543 0.116 1.512 -9.450 0.271 -4.630 13.554 Net Present Value 9.061 1.065 1.336 13.379 12.000 -1.629 -0.659 -0.634 -2.500 -9.050 1.000 -1.607 1.524 -0.192 6.110 1.054 1.570 7.730 -0.570 -4.736 4.069 14.667 -0.049 1.705 -4.873 3.416 14.736 4.115 6.1% 0.168 -4.000 -0.129 13.925 14.500 -7.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax 13.570 -4.736 4.730 13.500 -8.531 14.628 -0.014 38.123 1.343 -7.500 -6.966 24.933 Investment Equity Debt interest during construction Investment Volume Debt Service Income Tax Rate and Profit Cash Flow Cash Flow.531 -0.196 15.749 11.069 11.840 2.776 6.113 1.454 38.268 -0.304 -0.756 -2.301 -9.305 -4.643 1.790 -8.736 -2.500 -7.500 -8.

172 -20.000 -12.000 12.949 10.000 -36.000 40.366 -3.949 10.810 -31.993 -9.798 Debt Service 20.858 -4.000 -12.278 -6.556 -12.356 5.366 -3.033 -10.222 -0.340 -73.949 -0.222 -1.366 -3.949 10.484 -1.949 10.143 -1.810 -31.486 Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax 60.149 -1.000 -36.033 -10.949 -0.143 -1.949 10.687 13.906 12.143 -2.009 228.009 40.949 10.731 -269.000 -12.158 -1.000 -80.949 -0.949 10.222 -1.000 -12.221 -0.221 -0.149 -1.000 Investment Volume 327.433 -75.172 -11.443 -0.617 -57.221 -0.143 -86.537 -0.000 -36.167 -1.172 -11.000 80.222 -1.813 -3.000 -24.915 -0.CCPP Power Plant in Base Load Mode F-Class Turbine Return on Investment Investment mill.556 -12.810 -80.143 -1.819 -73.058 Cash Flow Variable Rev.016 -5.691 -0.103 228.093 10.000 -11.093 10.143 -91.949 -0.901 -51.768 -2.221 -0.366 370.356 -1.080 -10.167 -1.167 -1.000 -12.366 -3.917 -1.080 -10.257 -77.241 -327.222 -3.537 -0.556 -12.2 a -11.443 -0.906 -20.143 -2.000 -31.172 -11.000 -60.949 10.000 -12.340 -1.562 -3.143 -2.537 -0.815 10.000 56.143 -1. Electr.000 40.562 -3.000 28.126 -265.000 -12.556 -12.366 -3.537 -0.040 -5.000 -12.798 -10.366 -3.625 -310.099 -10.167 -1.172 -11.858 370.443 -0.149 -1.443 -0.167 -1.080 -10.366 Profit after Tax -18.349 -76.366 -3.149 -1.221 -0.093 -40.908 -0.143 -1.949 -0.443 -0.914 -1.000 56.222 -1.340 -2.537 -0.000 80.143 -87.556 -12.000 24.457 -8.222 -1.143 -2.000 -12.172 -24.000 -12.000 28.923 -0.810 -19.475 5.511 -74.000 -12.275 -13.149 -1.143 -88.340 -1.000 24.949 10.143 -1.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax Cash Flow -66.537 -0.328 -11.033 -10.000 -40.000 56.638 -31.167 -1.221 -0.486 -8. Operating Revenues (Variab.172 -11.616 -1.296 -30.) Operating Revenues Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.366 -3.000 Debt Service Debt Payback Debt interest 6.093 10.172 -11.172 -11.000 Internal Rate of Return Present Value of Cash Flow Net Present Value -66.143 -1.000 28.000 56.000 -36.475 5.803 -61.000 12.000 28.172 9.000 28.858 370.033 -10.949 10.080 -10.000 -12.627 -1.143 -2.143 -1.000 -72.143 -1. accumulated -40.771 -1.143 -89.080 -10. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 Present value Equity Debt interest during construction 98.149 -1.463 -40.858 -5.093 -1.000 10.328 Cash Flow.000 28.143 Debt Service Cover Ratio Operating Result Income Tax Cash Flow for DSCR Debt Service Debt Service Cover Ratio .721 -62.340 -13.475 -0.033 -10.172 -11.

631 -0.255 -2.997 -0.253 16.220 -107.124 -78.366 -3.167 -1.488 -1.867 1.771 1.033 -10.752 4.828 16.328 -1.530 1.253 16.631 -0.530 1.219 -1.620 -0.949 10.578 -0.824 2.143 -1.997 16.222 -1.620 -0.053 -10.997 16.824 3.949 10.675 -12.251 -2.239 -2.136 16.228 -0.033 -10.997 16.866 -0.824 -2.143 -1.824 2.446 2.222 -1.631 -1.222 -1.500 -0.081 -10.093 10.575 -0.143 -96.458 2.620 -0.219 -1.184 -1.578 -0.053 -10.222 4.167 -1.997 16.143 -2.438 0.949 10.353 -0.575 -2.093 11.828 16.997 -0.949 -0.828 -0.456 2.828 -0.828 16.462 2.175 1.828 -0.167 -1.675 -12.219 -1.053 -10.752 -116.752 0.080 -10.299 16.500 -0.228 -0.124 -10.224 -72.780 0.143 -1.222 4.620 -0.996 -32.149 -1.366 -3.828 16.885 Cash Flow Cash Flow.184 -1.441 0.697 -0.697 -2.997 16.824 2.631 4.70 1.697 -0.556 -12.631 2.697 -0.679 -12.135 1.222 4.769 0.679 -12.620 -0.575 -2.228 -0.575 -2.219 -1.167 -1.575 -2.645 2.143 -93.234 -0.143 -1.997 16.238 4.631 4.440 2.442 2.752 -119.452 2.631 -0.143 -1.344 -1.485 3.824 3.221 -0.245 4.248 -131.353 -0.752 4.752 4.459 0.126 -10.997 16.997 16.500 -0.575 -0.000 84.583 2.222 4.530 1.558 -12.052 -78.829 -90.814 -75.443 -0.69 1.230 3.824 2.149 -1.873 -0.813 -75.679 -12.752 -112.824 -0.824 -0.078 -1.631 -0.817 -79.167 -1.578 -0.300 2.578 -0.228 -0.688 2.828 16.631 -0.828 16.444 2.228 -0.802 0.697 -0.221 -0.695 -0.819 -80.167 -1.741 3.847 2.053 -10.675 -12.679 -12.353 -0.299 16.249 -2.219 -1.299 16.473 0.620 -0.631 4.675 -12.415 1.051 -10.537 -0.243 -2.575 -0.828 16.443 -0.448 0.684 -0.752 -127.353 -0.631 2.674 -0.080 -10.143 -1.319 1.222 -1.208 1.997 -0.126 -10.353 -0.631 -0.752 4.184 -1.000 16.051 -10.053 -10.184 -1.134 1.775 -1.575 -2.051 -10.167 -1.679 -12.631 4.234 -0.067 1.578 -0.222 4.840 1.697 -0.828 16.694 1.366 -3.578 -0.997 16.631 2. accumulated Internal Rate of Return Present Value of Cash Flow Net Present Value -0.997 -0.679 -12.796 0.824 -0.631 2.752 4.824 -0.234 -0.879 1.500 -0.824 3.410 -73.631 Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax -1.234 -0.219 -1.053 -10.241 -2.222 4.701 -0.69 1.221 -0.578 -0.592 1.353 -0.443 -0.222 4.741 Debt Service 2.949 10.124 -10.126 -10.366 -3.299 16.143 -2.253 16.219 -1.053 -10.530 1.184 -1.187 -93.828 16.000 84.053 -10.952 1.997 16.823 -84.234 -0.556 -12.262 -78.997 16.033 -10.997 16.828 -0.500 -0.222 -1.236 -2.578 -0.949 10.500 -0.631 2.824 -0.578 -0.624 2.053 -10.500 -0.124 -10.219 -1.184 -1.828 16.451 -66.69 1.078 -2.697 -0.824 3.222 4.051 -10.828 -0.824 2.697 -0.997 16.824 3.824 -0.537 -0.939 -79.824 2.500 -0.828 16.530 1.033 -10.537 -0.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax 10.607 -74.253 -120.752 -123.949 10.604 2.675 -12.229 1.500 -0.143 -1.997 16.184 -1.949 10.734 3.997 16.184 -1.463 0.244 3.620 -0.575 -0.69 1.949 10.228 -0.314 -101.239 4.353 -0.455 0.124 -10.253 16.631 2.249 4.253 4.067 -104.197 1.679 -0.631 4.575 -0.222 -1.243 4.578 -0.697 -2.631 -0.666 2.033 -10.796 0.143 -2.690 -0.500 -0.448 2.124 -10.697 -2.366 -3.126 -10.752 4.167 -1.537 -0.791 0.631 2.059 -0.530 0.366 -3.697 -2.675 -12.752 4.167 -1.824 -0.824 -0.257 Cash Flow -1.734 -0.828 -0.353 -0.825 -86.167 -1.884 -69.884 1.831 -91.251 -85.506 1.575 -2.240 1.828 16.824 4.896 1.824 2.222 -1.243 4.500 -0.575 -0.997 -0.741 0.752 4.575 -0.500 -0.584 -98.890 1.253 4.827 -88.752 -97.578 -0.851 1.775 0.727 1.452 0.530 1.445 0.053 -10.167 -1.829 1.729 -68.556 -12.828 16.257 4.824 3.126 -10.222 -1.167 -1.949 10.521 -90.828 -0.824 -0.478 3.093 10.556 -12.747 0.126 -10.828 16.143 -1.257 Profit after Tax -3.167 -1.500 -0.862 1.631 -0.69 1.417 -83.059 11.675 -12.443 -0.) Operating Revenues Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.093 10.997 16.051 -10.234 -0.218 1.758 0.051 -10.051 -10.828 16.697 -2.949 -0.697 -2.249 4.828 16.679 -12.124 -10.631 -0.059 11.997 -0.500 -0.989 3.752 4.997 -0.143 -95.241 4.149 -1.697 -0.143 -1.221 -0.366 -3.530 1.728 -0.562 1.000 Investment Volume 120.575 -0.143 -2.222 -3.997 -0.219 -1.492 3.631 4.065 -80.997 16.124 -10.758 0.222 -1.CCPP Power Plant in Base Load Mode F-Class Turbine Return on Investment 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 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 Investment Equity Debt interest during construction 36.675 -12.679 -12.620 -0.747 0.785 0.450 2.500 -0.648 -83.697 -2.353 -0.824 3.575 -2.051 -10.997 16.143 -92.124 -10.69 1.167 -1.69 1.500 -0.167 -1.675 -12.500 -0.949 -0.093 10.997 -0.824 2.167 -1.717 -0.126 -10.032 -76.034 -10.69 1.201 -1.167 -1.239 4.366 -3.752 2.253 16.222 -1.997 16.143 -97.824 -0.454 2.631 2.219 -1.697 -2.997 -0.997 16.143 -2.824 3.240 1.228 -0.241 4.228 -0.918 -1.222 -1.184 -1.154 1.824 3.500 -0.809 -71.775 0.299 16.828 -0.255 4.143 -1.299 16.222 -1.078 -98.894 -0.631 4.080 -10.219 -1.126 -10.556 -12.236 4.236 4.126 -10.875 -96.124 -10.675 -12.949 10.228 -0.234 -0.821 -82.631 4.300 1.949 -0.126 -10.048 -70.167 -1.222 -1.824 3.828 16.126 -10.080 -10.251 4.149 -1.949 -0.124 -10.053 -10.353 -0.731 2.679 -12.824 3.752 -104.723 -0.791 0.780 0.631 -0.033 -10.299 16.000 Debt Service Debt Payback Debt interest 0.620 -0.234 -0.828 16.769 0.502 -79.143 -1.126 -10.982 3.366 -3.828 16.222 -1.234 -0.802 0.080 -10.631 1.167 -1.763 0.143 -1.712 -0.697 -2.184 -1.835 1.575 -2.222 4.997 -0.222 -1.253 16.585 -67.221 -0.245 -2.997 16.887 -0.575 -0.234 -0.299 16.460 2.575 -0.530 1.253 16.500 -0.697 -0.620 -0.558 -82.697 -2.167 -1.238 4.530 1.222 -1.051 -10.828 -0.222 -1.184 -1.149 -1.575 -2.697 -2.222 -1.299 -0.620 -0.500 -0.828 16.500 -0.752 0.443 -0.353 -0.470 0.537 -0.237 3.080 -10.165 1.234 -0.828 16.631 2.631 4.631 -0.997 16.692 -81.575 -2.167 -1.477 Variable Rev.578 -0.093 10.167 -1.053 -10.443 -0.228 -0.221 -0.631 2.679 -12.859 -0.785 0.500 -0.856 1.186 1.247 4.253 16.631 2.697 -0.752 4.366 -3.997 -0.253 16. Electr.873 1.299 16.167 -1.143 -2.366 -3.631 -0.500 -0.69 1.222 4.675 -12.184 -1.222 4.167 -1.949 10.819 -80.247 -2.824 2.763 0.253 -2.880 -0.997 16.078 4.949 10.709 2.245 4.752 -93.167 -1.167 -1.219 -1.679 -12.143 -94.149 -1.697 -0.697 -2.828 16.255 4.247 4.144 1.828 -0.876 -88.631 4.706 -0.366 -3.051 -10.824 2.752 -108.251 4.679 -12.253 16.845 1.752 4.228 -0.124 -10.631 4.949 -0.466 0.752 -101.051 -10.997 16.575 -0.70 1.803 -23. Operating Revenues (Variab.556 -12.228 -0.697 -0.530 1.828 -0.167 -1.167 -1.238 -2.167 -1.234 -0.815 -77.69 Debt Service Cover Ratio Operating Result Income Tax Cash Flow for DSCR Debt Service Debt Service Cover Ratio .620 -0.537 -0.167 -1.575 -2.443 -0.811 -73.299 16.299 16.

219 -2.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax Cash Flow -67.309 10.200 -10.039 -68.645 -63.219 -76.200 -10.707 -1.039 -27.219 -2.889 -2.800 20.790 -0.200 -10.309 -0.496 -9.219 -81.496 -9.221 -0.3 a -9.031 -11.873 -0.387 194.436 3.331 -3.219 -1.873 6.400 47.442 -1.050 -7.125 -0.) Operating Revenues Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.111 -2.219 -83.219 -1.196 -7.549 Cash Flow Variable Rev.707 -1.075 -11.CCPP Power Plant in Base Load Mode E-Class Turbine Return on Investment Investment mill.707 -1.221 -0.219 -2.998 -68.222 -18.200 -10.200 -10.400 47.200 -61.200 -10.496 -20.958 194.509 -1.053 -0.825 -4. Operating Revenues (Variab.791 -1.309 10.182 -9.529 10.219 Debt Service Cover Ratio Operating Result Income Tax Cash Flow for DSCR Debt Service Debt Service Cover Ratio .703 -34.719 -4.543 -276.413 Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax 41.826 -1.000 23.746 -27.650 -8.413 -7.475 -12.309 10.200 -9.600 -34.221 -0.325 -5.763 -1.570 10.431 -65.283 -304.000 47.075 -11.600 20.370 -0.547 3.729 -19.000 23.200 -10.000 47.131 -9.749 -44.496 -9.031 -11.496 -9.108 345.031 -11.463 -53.000 Debt Service Debt Payback Debt interest 5.219 -1.309 10.053 -0.889 -3.053 -0.684 11.219 -1.570 -17.430 -1.729 Debt Service 17.892 -2.222 -66.108 Profit after Tax -26.475 -12.219 -1.529 10.707 -1.529 10.200 Internal Rate of Return Present Value of Cash Flow Net Present Value -67.889 -2.200 -10.707 -1.800 Investment Volume 277. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 Present value Equity Debt interest during construction 83.309 10.108 -4.873 6.200 23.496 -9.331 -3.010 -3.309 -0.108 -4.031 -11.475 -12.200 23.309 10.889 -2.831 -1.039 -27.000 34.600 -30.831 -2.053 -0.108 -4.786 -1.075 -11.600 10.958 34.442 -62.039 -16.878 6.777 -1.309 10.800 10.108 -4.543 -27.684 -11.200 23.744 -3.691 -2.053 -0.125 -0.547 -1.642 -12.221 -0.020 -7.600 -10.325 345.858 -3.436 -0.000 -10.600 -27.000 23.031 -74.529 -1.125 -0.025 -3.325 345.075 -11.496 -9.053 -0. accumulated -34.109 -277.475 -12.800 10.370 -0.000 68.221 -0.370 -0.309 -0.131 Cash Flow.217 -48.219 -2.125 -0.600 -30.889 -1.000 34.125 -0.496 -17.219 -2.309 -0.800 -20.761 -70.436 3.309 10.200 -10.707 -1.400 -30.219 -2.108 -4.994 -8.831 -2.496 -9.400 -51.200 -68.370 -0.800 -10.442 -1.049 -272.125 -0.580 -0.000 68. Electr.221 -0.442 -1.219 -79.108 -4.330 -2.889 -2.600 -30.672 -2.496 -9.719 -4.033 -52.496 10.

889 -1.845 2.125 -0.867 15.309 10.940 16.219 -2.799 1.048 -10.725 2.265 3.235 3.889 -1.085 -1.235 -119.125 -0.672 3.219 -2.095 1.889 -2.) Operating Revenues Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.673 -77.085 -0.959 -0.242 4.959 -1.228 -0.125 -0.219 -2.081 -0.725 3.025 -0.CCPP Power Plant in Base Load Mode E-Class Turbine Return on Investment 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 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 Investment Equity Debt interest during construction 30.992 -72.438 0.235 3.236 -2.035 1.494 0.864 -2.645 -2. Electr.725 3.889 -1.531 0.234 -0.228 -0.725 3.070 -0.826 -11.299 2.081 -0.889 3.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax 10.025 16.246 4.688 -0.725 4.830 -11.108 -4.236 3.048 -10.667 -1.441 0.665 -0.750 -1.750 -1.889 -1.959 -0.830 -11.889 3.959 -1.725 -2.075 -11.057 1.117 -10.826 -11.235 3.662 -0.725 -0.867 15.011 -27.081 -0.72 1.959 -1.725 3.959 -1.714 1.728 -1.235 3.725 3.889 -1.125 -0.025 16.125 -0.529 10.070 -0.551 -100.542 1.031 -11.081 -0.959 -0.889 3.750 -1.085 -0.125 -0.735 -1.025 -0.707 -1.826 -11.346 1.728 -1.236 2.72 1.084 -81.826 -11.025 -0.247 3.867 15.529 10.085 -1.662 -0.236 2.959 -1.119 -10.750 -1.725 2.340 1.050 -10.219 -2.251 Cash Flow -2.125 -0.867 -0.251 3.110 -0.221 -0.426 -2.219 -87.851 2.499 0.025 16.826 -11.940 16.228 -0.513 0.370 -0.228 -0.959 -1.867 15.840 2. Operating Revenues (Variab.108 -4.907 15.867 15.228 -0.228 -0.234 -0.907 15.889 -2.119 -10.048 -10.959 -1.940 16.662 -0.488 -93.236 -0.987 -2.346 1.070 -0.234 -0.907 16.242 3.207 -2.456 0.346 1.841 2.119 -10.236 2.108 -4.236 -0.940 16.662 -0.518 0.117 -10.662 -0.048 -10.959 -1.835 2.728 -1.734 3.370 -0.085 -0.263 2.110 -0.725 -0.504 0.247 -2.959 -0.826 -11.110 -0.702 -0.235 4.463 0.025 -0.241 3.077 -11.867 -0.228 -0.110 -0.050 -10.607 -82.251 Profit after Tax -4.249 -2.228 -0.867 15.031 -11.494 0.110 -0.228 -0.053 -0.235 3.131 -2.146 -1.662 -0.020 1.907 15.475 -12.184 -71.239 3.728 -1.117 -10.867 -0.830 -11.219 -2.662 -0.376 3.085 -1.662 -0.125 -0.221 -0.085 -1.698 -0.025 16.070 -0.238 3.309 10.235 -97.662 -0.125 -0.219 -85.959 -1.317 2.907 15.392 -75.236 2.725 3.125 -0.598 -74.029 1.553 -77.222 -72.600 -20.081 -0.681 -1.186 1.889 -1.830 -11.907 15.662 -0.965 1.940 16.447 0.889 3.070 -0.444 0.830 -11.725 -0.219 -1.085 -0.872 -88.315 -102.236 4.236 2.145 1.889 3.146 -99.747 1.050 -10.000 71.889 -2.125 -0.662 -0.674 -0.235 -116.221 -0.125 -0.889 3.522 0.025 16.826 -11.346 1.110 -0.125 -0.412 10.236 2.110 -0.085 -0.117 -10.236 4.907 15.529 10.889 -1.125 -68.662 -0.605 -81.824 -95.889 3.141 3.081 -0.400 Investment Volume 102.72 1.235 3.662 -0.085 -1.234 -0.725 3.435 0.110 -0.309 10.075 -11.513 0.125 -0.309 -0.048 -10.239 4.889 -2.219 -2.025 -0.867 15.940 16.025 -0.235 3.450 0.025 16.71 Debt Service Cover Ratio Operating Result Income Tax Cash Flow for DSCR Debt Service Debt Service Cover Ratio .085 1.592 -86.219 -96.370 -0.117 -10.117 -10.889 -2.025 -0.070 -0.725 -0.475 -12.125 -0.830 -11.178 -97.125 -0.235 -106.518 0.867 15.830 -11.117 -10.728 -1.889 -4.219 -92.119 -10.959 -0.124 -67.025 16.236 -0.236 -0.233 -2.125 -0.108 -4.309 -0.889 -1.940 16.025 16.940 1.725 2.032 -11.070 -0.662 -0.707 -1.728 1.108 -4.048 -10.085 -1.234 -0.108 -4.219 -2.125 -0.125 -0.373 2.025 16.72 1.119 -10.670 -0.236 2.867 -0.236 -0.025 -0.959 -1.889 3.715 -82.031 -11.357 1.728 -1.236 4.108 -4.826 -11.236 1.025 16.081 -0.707 -0.234 -0.234 -0.72 1.070 -0.236 4.867 15.108 -4.119 -10.236 -0.119 -10.219 -94.228 -0.081 -0.235 3.72 1.608 -84.236 2.050 -10.108 -4.836 2.235 -100.125 -0.309 10.025 16.085 -0.050 -10.867 -0.233 3.234 -2.053 -0.662 -0.309 10.412 -0.705 1.728 -1.72 1.529 10.367 -79.460 0.508 0.025 16.025 -0.236 4.475 -12.050 -10.125 -0. accumulated Internal Rate of Return Present Value of Cash Flow Net Present Value -1.219 -1.219 -1.600 71.613 -89.219 -1.070 -0.370 -0.889 3.236 4.438 3.826 -11.249 4.72 1.725 2.125 -0.110 -0.269 -73.725 -0.412 10.025 16.959 -1.725 2.119 -10.940 16.235 3.959 -0.693 -0.750 -1.889 3.959 -0.867 15.125 -0.125 -0.025 16.244 -73.081 -0.329 -84.219 -2.867 15.245 2.72 1.246 3.244 -2.867 15.235 -123.117 -10.742 Cash Flow Cash Flow.119 -10.209 1.025 16.227 2.725 -0.108 -4.708 -1.907 15.756 1.219 -2.72 1.117 -10.830 -11.085 -0.053 -0.085 -1.050 -10.725 -0.907 3.236 -0.940 16.001 0.125 -0.085 -0.889 -1.110 -0.846 2.721 -1.110 -0.125 -0.221 -0.575 1.889 -1.717 -0.499 3.365 -126.867 -0.889 -1.146 -2.235 -113.076 1.025 16.219 -2.219 -1.219 -2.075 -11.309 10.662 -0.085 -1.110 -0.236 -0.733 1.025 -0.750 -1.662 -0.468 -76.843 2.234 -0.085 -1.867 15.522 0.309 -0.031 -11.830 -11.853 2.478 -12.236 -0.940 16.728 -1.725 3.527 0.346 1.075 -11.346 1.466 Variable Rev.725 2.728 -1.035 2.414 1.108 -4.053 -0.234 3.238 -2.725 -0.236 4.030 1.723 1.889 -2.025 16.085 -0.683 -0.031 -11.234 -0.235 3.867 -0.725 3.246 -2.050 -10.233 4.146 3.959 -0.155 -70.050 -10.228 -0.219 -1.346 1.432 0.075 -11.309 -0.959 -0.244 4.485 0.750 -1.648 -78.326 -74.221 -0.529 10.236 2.236 2.527 0.085 -1.085 -1.050 -10.969 3.249 3.119 -10.529 10.867 -0.662 -0.048 -80.050 -10.236 4.400 15.081 -0.081 -0.485 0.085 -0.309 10.236 -0.489 0.867 15.235 -110.354 2.125 -0.053 -0.234 -0.241 -2.707 -1.719 1.236 4.707 -1.867 -0.907 15.728 -1.236 2.889 3.679 -0.236 2.867 15.662 -0.662 -0.752 1.830 -11.712 -0.531 0.750 1.867 -0.242 -2.025 16.228 -0.475 -12.309 -0.234 -0.725 -0.244 3.615 -90.959 -0.048 -10.171 -90.048 -10.025 16.219 -2.309 10.504 0.662 -0.959 -0.838 2.867 15.707 -1.750 -1.849 2.725 2.848 2.750 -1.281 2.768 -2.025 16.600 -76.611 -87.070 -0.725 2.728 -1.72 1.000 Debt Service Debt Payback Debt interest 0.309 10.066 1.117 -10.236 -0.219 -90.867 15.616 -92.125 -0.750 -1.025 -0.236 -0.489 0.236 4.867 15.236 4.830 -11.125 -0.709 1.247 4.725 2.867 15.221 -0.236 Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax -2.907 -102.336 2.236 4.826 -11.889 -1.826 -11.239 -2.010 1.075 -11.725 3.135 -69.346 1.050 -10.475 -12.742 1.728 -1.119 -10.346 0.453 0.662 -0.309 -0.234 4.858 -79.559 15.309 10.370 -0.867 15.025 16.309 10.867 -0.038 1.234 -0.025 16.725 2.025 -0.499 0.603 -79.047 1.081 -0.750 -1.867 15.346 1.085 -0.830 -11.725 -0.070 -0.203 3.940 -0.346 1.241 4.965 -75.602 -77.238 4.940 16.048 -10.119 -10.694 -1.085 -0.750 -1.117 -10.108 -4.025 16.370 -0.025 16.508 0.048 -10.475 -12.662 -0.235 -103.480 Debt Service 2.725 3.907 15.053 -0.309 10.867 15.235 -94.085 -1.048 -10.610 -85.707 -1.125 -0.480 0.370 -0.737 1.031 -11.

070 8.436 0.800 -1.640 0.640 0.102 -10.188 6.076 -0.113 -11.073 Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax 19.038 2.533 25.042 -0.436 0.800 -1.772 -3.800 -1.042 -0.333 1.742 0.920 0.336 1.076 -0.800 4.999 -1.854 0.533 25.861 0.CCPP Power Plant in Base Load Mode Advantage F over E-Class Return on Investment Investment mill.432 -0.000 -1.442 -0.640 -0.200 -3.676 -1.200 3.600 -9.076 -9.905 0.790 -0.012 -2.442 -0.905 -3.258 -9.076 4.772 -4.600 8.070 Debt Service 3.930 -0.742 0.400 -1.442 -0.0% 0.076 -0.4 a -1.811 1.676 -12.038 -0.400 -4.848 -7.051 34.800 16.333 0.800 -1.484 -0.591 -2.742 Profit after Tax 7.687 -0.076 -7.772 -12.676 -3.715 34.) Operating Revenues Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.074 -11.232 0.698 -1.200 -1.484 -0.002 0.676 2.400 -5.488 0.389 -6.809 2.640 0.676 -1.336 -3.005 0.496 -6.640 0.508 Cash Flow Variable Rev. Electr.442 -0.800 -1.809 0.640 -0.676 -1.030 -2.042 -0.051 6.005 0.042 -0.400 -5.015 -1.649 .742 25.000 Debt Service Debt Payback Debt interest 1. Operating Revenues (Variab.000 8.351 -7.042 -0.333 1.770 -9.800 -10.800 -2.600 -5.000 6.073 -0.920 0.640 -0.920 0.005 0.076 -0.800 -1.676 -1.401 -8.000 6.096 -4.800 -1.333 1.076 4.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax Cash Flow 0.800 4.442 -0.800 -1.003 2.484 -0.436 0.083 -0.676 -1.400 -6.926 -0.102 -0.042 -0.739 -0.864 -0.800 -1.736 1.800 -1.200 0.868 0.803 Cash Flow.640 0.716 -12.038 2.936 4.212 -8.333 1.002 0.920 0.080 -9.640 0.676 -1.200 1.658 -6.000 12. accumulated Internal Rate of Return Present Value of Cash Flow Net Present Value -6.232 0.584 1.453 -1.923 -0.175 -10.742 0.077 6.926 -0.333 -0.742 0.076 -8.400 3.000 4.006 -1.076 -0.005 0.484 -0.400 -5.002 0.484 -0.000 4. EUR 2005-01 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 2007-06 Present value Equity Debt interest during construction 14.800 4.676 -1.533 -1.484 -0.200 Investment Volume 49.926 -0.442 -0.354 0.640 0.640 0.676 -1.742 0.742 0.660 1.000 8.926 -0.640 -0.076 -10.000 12.000 4.002 0.600 8.354 0.400 1.436 0.803 -1.772 -4.132 -49.

834 0.857 -3.269 0.042 -0.540 0.395 0.616 -0.042 -0.469 -0.469 -0.406 0.099 0.005 -0. Operating Revenues (Variab.373 0.184 0.283 -0.395 -0.971 0.565 -0.003 0.003 0.395 Income Tax Rate and Profit Operating Result Depreciation Debt interest Profit before Tax Income Tax 1.395 0.162 -0.099 0.616 -0.003 -0.362 0.003 0.469 -0.211 2.003 0.971 0.003 0.359 0.006 0.962 0.926 -0.006 0.395 -0.162 -0.284 -1.612 -0.162 -0.442 -0.069 -0.162 -0.005 0.742 0.007 0.152 -0.436 0.CCPP Power Plant in Base Load Mode Advantage F over E-Class Return on Investment 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 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 Investment Equity Debt interest during construction 5.434 0.359 0.076 -1.283 -0.) Operating Costs Investment Volume Income from Credit Debt Service Income Tax 0.442 -0.971 0.436 0.003 0.007 0.511 -0.214 0.6% 0.742 0.359 0.971 0.162 -0.265 0.742 0.151 -0.133 0.042 -0.1% 0.006 0.640 -0.184 0.212 2.922 -1.497 -0.962 0.076 -0.042 -0.010 0.971 -0.268 0.099 -0.345 0.099 -0.395 0.126 0.004 0.616 -0.003 -0.797 -5.962 -0.395 -0.159 0.395 0.003 0.304 0.962 0.206 1.007 0.834 0.333 -0.442 -0.162 -0.962 0.003 -0.134 15.151 -0.003 0.497 -0.971 0.005 0.162 -0.359 0.640 0.735 0.248 0.099 -0.962 -0.212 2.099 -0.005 -0.616 -0.017 -0.042 -0.333 1.214 1.184 0.612 -0.920 0.136 13.042 -0.269 0.517 -1.007 0.042 -0.616 -0.076 -0.007 0.962 -0.962 -0.433 1.151 -0.455 -0.003 0.640 0.841 0.006 0.1% 0.469 -0.009 0.076 -6.469 -0.640 0.612 -0.013 -0.162 -0.971 0.395 -0.007 0.497 -0.042 -0.511 -0.214 0.002 0.128 0.007 0.000 12.137 -3.042 -0.395 -0.962 0.162 -0.962 -0.214 0.517 -2.345 0.359 0.042 -0.162 -0.042 -0.742 0.270 0.646 0.395 0.127 0.317 0.423 0.184 0.640 0.616 -0.146 -3.042 -0.124 0.742 0.497 -0.003 0.042 -0.962 0.007 0.042 -0.011 -0.962 -0.395 -0.971 0.133 0.076 -5.8% 0.270 0.333 -0.152 -0.616 -0.213 1.262 0.395 -0.731 0.267 0.395 -0.455 -0.962 0.373 0.640 0.076 -0.971 0.497 -0.511 -0.828 0.821 0.003 0.971 -0.162 -0.365 0.130 1.007 0.099 -0.184 0.135 14.005 0.469 -0.184 0.008 -0.672 0.261 0.455 -0.962 0.436 0.132 16.455 -0.264 0.333 0.612 -0.333 0.2% 0.484 -0.011 Variable Rev.007 0.162 -0.152 -0.612 -0.517 -0.006 Profit after Tax 0.359 0.076 -0.004 0.742 0.099 0.359 0.184 0.002 0.455 -0.099 -0.042 -0.042 -0.269 0.517 -3.099 0.511 -0.640 -0.137 12.151 -0.069 0.333 0.003 0.002 0.003 0.152 -0.962 0.005 0.131 0.012 -0.267 0.014 -0.370 0.333 -0.130 0.162 -0.351 0.333 -0.971 0.184 0.099 -0.455 -0.162 -0.141 8.920 0.511 -0.353 3.128 0.162 -0.151 -0.345 0.263 0.266 0.333 -0.011 0.971 0.926 -0.162 -0.213 1.455 -0.971 0.387 -3.004 -0.333 0.962 0.971 0.099 0.283 -0.129 0.946 0.455 -0.516 -4.442 -0.008 0.076 -2.002 0.333 0.742 0.395 -0.760 -3.0% 0.333 -0.868 0.517 -4.616 -0.003 0.359 0.007 0.005 0.005 0.042 -0.962 0.469 -0.905 .356 2.962 0.798 0.586 0.151 -0.497 -0.511 -0.6% 0.359 0.042 -0.184 0.395 0.926 -0.141 -0.333 0.162 -0.283 -0.145 5.042 -0.640 -0.325 -2.395 0.962 0.042 -0.042 -0.616 -0.345 0.962 0.004 -0.261 Debt Service 0.211 2.395 0.333 0.016 -0.616 -0.920 0.162 -0.702 -0.962 -0.973 -4.011 0.006 Cash Flow 1.359 0.007 0.971 0.333 0.283 -0.162 -0.076 -4.436 0.099 0.646 0.517 -2.962 -0.2% 0.469 -0.640 0.765 0.140 10.282 0.962 0.283 -0.395 -0.003 0.003 0.005 0.007 0.007 0.004 -0.497 -0.971 0.005 0.612 -0.962 0.640 0.099 -0.511 -0.333 -0.015 -0.333 1.395 0.042 -0.283 -0.003 0.007 0.0% 0.005 -0.042 -0.010 0.002 0.042 -0.152 -0.152 -0.962 0.971 -0.436 0.345 0.099 0.281 1.099 0.333 1.042 -0.345 0.920 0.800 0.002 0. Electr.971 -0.345 -18.359 0.732 0.003 0.920 0.265 0.422 -0.151 -0.345 0.266 0.359 -0.735 0.007 0.212 2.262 0.612 -0.003 0.640 0.007 0.) Operating Revenues Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.376 0.484 -0.646 -0.006 -0.646 0. accumulated Internal Rate of Return Present Value of Cash Flow Net Present Value 0.004 0.162 -0.184 0.484 -0.271 0.517 0.132 0.455 -0.971 -0.517 -3.345 0.962 -0.395 0.511 -0.497 -0.455 -0.640 0.003 0.152 -0.268 0.042 -0.442 -0.151 -0.003 0.1% 0.511 -0.042 -0.962 0.333 0.962 -0.517 -0.926 -0.0% 0.469 -0.971 -0.962 0.497 -0.962 0.971 -0.283 -0.962 -0.152 -0.333 -0.511 -0.640 0.007 0.742 0.2% 0.007 0.283 -0.971 0.640 -0.357 1.007 0.616 -0.962 0.436 0.345 0.971 0.213 1.926 -0.151 -0.971 -0.971 0.015 -4.162 -0.640 -0.455 -0.742 0.971 0.008 0.007 0.640 0.333 0.640 -0.125 0.042 -0.612 -0.283 -0.808 0.920 0.612 -0.283 -0.143 7.002 0.010 -0.379 0.962 0.497 -0.003 0.971 -0.1% 0.469 -0.333 -0.926 -0.333 0.151 -0.007 0.003 0.281 -0.971 0.005 0.926 -0.265 0.484 -0.152 -0.152 -0.333 1.518 0.135 0.264 0.640 0.269 0.497 -0.497 -0.455 -0.007 0.002 0.005 0.612 -0.971 0.223 0.395 0.971 0.265 0.042 -0.803 Cash Flow Cash Flow.151 -0.099 0.184 0.971 -0.333 -0.151 -0.854 -0.612 -0.006 -0.076 -0.709 -0.395 -0.099 -0.054 1.152 -0.611 0.042 -0.971 0.099 0.131 -4.139 11.815 0.3% 0.563 -1.883 -4.742 0.517 -1.600 Investment Volume 18.971 0.003 0.009 -0.333 0.333 -0.144 6.484 -0.742 0.003 0.484 -0.400 12.099 -0.469 -0.007 0.263 0.971 0.214 0.649 -2.510 -1.600 0.920 0.099 -0.511 -0.333 1.469 -0.971 -0.005 0.345 0.076 -3.971 -0.016 -2.017 -0.003 0.162 -0.333 1.076 -0.808 -4.162 -0.359 0.395 -0.742 0.612 -0.000 Debt Service Debt Payback Debt interest 0.099 0.511 -0.333 -0.368 0.442 -0.012 -0.009 0.207 -0.

995 23.783 124.984 36.736 0.650 0.727 0.659 150.126 5.362 2.000 19.521 0.794 5.706 124.269 195.147 22.414 35.200 5.622 127.361 2.045 15.529 2.561 127.667 5.681 0.630 35.000 5.198 27. EUR mill.943 1.000 16.045 15.833 2.893 3.898 2.529 EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh Levelized 0.038 3.571 47.493.130 22.649 0.906 0.271 22. EUR Present value 84.230 0.712 8.311 23.700 8.918 194.535 24.532 0.747 8.611 3.800 3.000 17.544.353.139 0.619 1.474 31.037 26.800 5.572 0.723 8.011 171.720 mill.011.045 15.237 1.045 15.591 0.265 23.571 47.969 0.000 13.502 35.605 3.360 2.017 0.134 22.474 31.127 0.401 2.706 8.902 0.323 23.590 0.632 148.594 125.486 2.502 0.091 24. EUR mill.600 5.007 0.361 3.546 2.445 0.493 1.526.695 8.638 8.361 2.681 127.045 15.538.769 2.181 0.287 23.113 22.762 0.723 8.629 0.143 22.535 198.943 149.671 2.547 2.000 .614 0.587 127.600.982 26.939 14.735 8.054 0. EUR mill.481 163.000 17.083 198.474 31.571 47.516.800 147.784 127.101 27.205 18.784 1.690 39.160 36.363 3.411 mill.867 150.573 0.004 11.444 0.504.677 8.299 23.800 5.632 19.512 2.609 0.681 0.680 125.962 28.224 3.119 22.817 5.045 15.506 151.293 23.883 26.750 0.811 35.045 15.461 4.526 27.571 47.000 18.063 0.364 1.216 Electricity Production MWh Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.508 0.177 27.364 3.681 0.111 27.282 23.000 14.833 146.123 22.260 34.741 125.532.282 0.556 0.143 0.636 0.792 18.468 21.456 0.400 5. EUR 23.571 47.000 1.117 918.474 31.000 15.481 0.066 4.116 22. EUR mill.363 3.560.652 2.460 2.630 126.704 0.000 15.374 4.918 2.007 34.420 39.320 139.109 23.752 0.590 0.791 5.722 125.092 26.377 3.222 35.635 0.811 5.075 2.143 27.523 20.440.000 15.981 1.623 197.099 0.727 0.571 47.474 31.582 151.000 14.262 2.000 5.371 3.356 0.800 5.762 125.814 195.474 31.131 23.985 2.937 0.071 19.) Operating Costs Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.988 21. EUR mill.756 35.831 0.490 3. EUR mill.299 23.400 255.474 31.740 196. EUR mill. EUR mill.368 2.474 31.357 2.210 27.138 22.374 120.472 0.711 127.695 3.797 5.571 47.910 2.911 5.CCPP Power Plant in Base Load Mode F-Class Turbine Electricity Production Cost 2005 Capital Costs 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 15.091 3.269 4.613 3.653 127.437 0.136 197.007 0.732 2.783 5.224 0.387 0.571 47.564 2.151 0.261 0.973 3.106 34.360 2.810 125.276 22.045 mill.033 35.489 0.814 2.443 127.805 5.763 5.127 22.742 127.317 23.) Operating Costs Electricity Production Cost 39.571 47.702 125.805 5.564 2.045 15.710 3.664 934.535 127.154 4.958 152.000 5.636 194.167 2.662 125.591 2.045 15.597 0.474 31.000 16.471 22.650 199.538 0.527.500 0.650 27.666 0.917 121.363 3.167 4.109 1.146 147.191 4.962 22.000 5. EUR mill.765 EUR/MWh EUR/MWh EUR/MWh Levelized 2.097 0. EUR mill.620 1.365 1.515 128.645 125.716 148.800 5.571 47.981 146. EUR 1.811 0.389 139.394 6.097.474 31.687 Electricity Production Cost EUR/MWh Levelized 34.502 0.578 3.461 2.305 23.516.503 2.699 0.492 1.494 2.567 3.

750 0.709 36.894 36.411 5.753 0.791 0.895 2.146 0.025 5.750 0.774 0.811 5.750 0.753 8.108 1.162 0.000 19.CCPP Power Plant in Base Load Mode F-Class Turbine Electricity Production Cost 2019 2020 2021 2022 2023 2024 2025 2026 15.045 15.004 158.936 125.474 31.621 4.852 2.784 200.488.600 5.735 8.364 23.488.181 22.679 4.000 20.600 5.325 28.008 156.571 47.818 127.400 .338 28.) Operating Costs Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.343 23.472 203.440 0.493.727 0.357 23.000 23.278 28.) Operating Costs Electricity Production Cost Electricity Production Cost Electricity Production 5.915 5.004 4.730 0.515 2.773 0.160 22.784 2.808 5.487 27.750 0.833 125.179 0.747 8.466 0.333 3.499.200 5.571 47.797 4.861 26.000 20.243 27.571 47.474 31.858 125.826 0.020 124.165 22.170 22.330 23.995 28.364 36.892 0.148 0.618 0.820 5.132 28.741 8.823 0.963 36.993 0.371 23.479 29.363 3.791 28.921 127.000 5.184 30.396 4.312 0.365 4.601 28.750 0.729 8.077 127.474 31.124 158.493.156 22.256 2.000 24.773 0.664 25.808 155.748 154.045 3.949 158.873 0.964 128.289 28.564 2.800 5.000 21.963 124.852 127.773 0.814 5.568 4.149 5.186 22.482.236 1.364 3.796 29.835 1.045 15.624 0.981 2.945 154.378 201.139 201.000 22.151 22.817 5.474 31.546 2.651 2.504.441 157.666 202.012 2.798 0.571 47.254 28.882 124.321 0.981 1.364 4.000 22.254 26.094 4.991 124.290 28.000 5.888 153.427 4.039 128.175 22.963 Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.510.001 127.033 0.572 2.474 31.538 2.336 23.400 5.555 0.010 158.708 0.388 0.045 15.379 23.278 5.208 27.384 2.601 0.907 124.364 4.363 3.980 2.980 1.995 0.364 4.619 0.848 0.539 36.236 1.445 0.945 157.132 2.045 15.350 23.686 0.124 4.781 2.364 3.571 47.885 127.

943 2.698 35.360 1.104 0.145 3.835 39.097 3.772 1.705 2.083 0.205 35.542 5.835 0.533 0.594 127.514 5.721 27.525 0.527 5.264 184.020 28.153 26.038 0.174.000 5.960 5.424 1.593 0.480 5.728 EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh Levelized 0.649 0.639 0.720 2.278 183.190.181 7.156 3.033 1.014 0.673 129.155 7.031 1.289 1.552 14.134 24.293 24.710 0.228 138.646 1.500 11.153 26.974 0.268 183.835 39. EUR mill.113 24.835 2.265 25.200 0.406 16.) Operating Costs Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.734 126.607 127. EUR 23. EUR mill.390 144.018 Electricity Production MWh Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.529 5.681 2.123 24.059 28.988 13.184.835 39.780 0.604 111.529.307 144.160 7.430 35.288 1.978 0.153 26.299 25.290 2.640 1.523 129.672 0.500 8.CCPP Power Plant in Base Load Mode E-Class Turbine Electricity Production Cost 2005 Capital Costs 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 13.500 9.461 1.259 0.835 39.988 13.906 185.153 26.590 3.988 mill.353 0.240 5.465 186.375 0.500 9.043 0.000 35.712 2.252 143.999 28.867 143.466 129.522 0.642 2.287 24.426 0.895 27.671 1.772 2. EUR mill.744 2.130 24.564 1.672 3. EUR mill.476 3.988 13.690 0.500 8.289 2.153 26.547 5.290 3.715 126.162 1. EUR mill.835 39.458 27.153 26.659 127.835 39.271 24.318 0.632 129.006 145.848 36.284 1.134 14.099 mill.276 24.270 3.792 933.638 127.751 15.628 0.337 125.011 2.760 127.988 13.004 13.126 3.705 2. EUR mill.292 1.898 2.500 0.835 39.550 0.988 13.260 39.082 7.065 0.403 35.491 5.609 0.551 129.924 949.299 24.119 24.280.472 2.311 24.475 143.165 1.250 5.470 0.487 12.199 0.988 5.105 0.136 0.929 0.148.500 10.537 5. EUR 1.655 0.) Operating Costs Electricity Production Cost 36.092 145.696 127.029 76.414 0.554 0.938 1.939 11.560 128.744 27.153 26.500 10.579 129.949 2.023 138.287 1.835 39.732 1.562 184.000 5.985 1.898 1.288 1.563 35.160 143.500 0.489 129.920 0.034 0.988 13.054 0.163.827 27.622 127.131 25.357 0.840 5.276 3.278.074 16.814 1.262 1.550 0.282 24.689 2.153 26.279 2.541 183.302 2.530 0.534 5.964 27.476 0.109 25.741 0.988 13.147 24.500 11.867 2.924 2.429 129.290 2.179.475 144.677 127.500 9.305 24.710 35.167 1.438 15.573 3.670 0.541 2.032 1.127 24.741 43.290 2.500 9. EUR mill.352 1.696 0.910 27.846 0.231 0.500 10.116 24.988 0.060.274 13.704 2.232.986 43.464 146.988 34.147 2.555 5.080 5.835 39.979 0.292 1.614 27.138 24.988 13.115 185.600 0.826 126.605 129.611 0.800 5.206.106 39. EUR Present value 71.918 3.988 13.143 24.692 0.524 0.213 7.129 7.574 2.930 27. EUR mill.409 145.323 25.742 12.559 0.136 183.361 130.372 EUR/MWh EUR/MWh EUR/MWh Levelized 1.579 184.128.176 7.153 26.197 7. EUR mill.721 0.200.748 16.076 3.858 0.317 25.500 11.170 7.291 2.075 1.613 0.027 36.270 0.176.652 1.750 5.216 3.290 Electricity Production Cost EUR/MWh Levelized 34.989 29.533 0.636 10.572 4.839 14.400 .539 5.186 7.801 0.384 mill.680 5.768 2. EUR mill.153 26.955 3.573 0.444 129.690 217.962 143.568 143.835 39.

809 4.384 1.552 5.487 148.160 24.330 25.379 25.343 25.928 126.311 2.570 187.160 0.371 25.157 187.852 0.202 7.550 5.768 2.575 0.670 0.440 5.804 126.643 3.310 147.186 24.835 39.988 3.101 17.376 0.291 2.288 36.809 150.732 0.223 7.912 0.835 39.028 19.988 13.555 5.988 13.130 36.500 14.000 5.560 5.988 13.594 36.760 0.851 149.835 39.232 147.357 25.988 13.364 25.752 2.181 24.736 2.336 25.007 29.137.288 Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.291 2.564 0.868 0.140 28.464 17.223 18.292 2.725 3.494 3.508 1.139 29.007 0.640 1.882 21.782 126.875 129.207 7.804 0.153 26.771 1.508 1.291 2.545 5.759 187.464 0.341 3.779 0.838 18.625 0.) Operating Costs Electricity Production Cost Electricity Production Cost Electricity Production 5.784 2.382 0.388 146.887 0.500 12.900 4.103 28.835 39.) Operating Costs Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.767 129.153.011 4.705 129.290 2.137.177 29.156 24.849 126.148.151 24.625 0.600 0.349 0.550 0.363 0.945 129.213 7.378 1.500 13.600 0.292 2.394 0.582 4.810 0.280 5.345 149.436 36.515 1.292 2.291 2.311 186.329 4.908 129.760 0.855 0.500 12.165 24.500 14.417 149.329 149.895 1.901 1.769 1.191 7.903 126.000 5.416 3.798 129.160 29.840 129.278 150.098 0.158.281 36.862 4.169 4.826 0.600 0.500 12.529 0.560 5.153 26.012 1.170 24.440 5.755 0.859 0.190 29.156 148.500 13.153 26.160 .619 19.148.175 24.462 0.906 0.826 126.736 129.877 126.651 1.120 5.067 28.256 1.812 3.033 0.CCPP Power Plant in Base Load Mode E-Class Turbine Electricity Production Cost 2019 2020 2021 2022 2023 2024 2025 2026 13.955 126.153 26.999 188.127 28.169.625 0.781 1.153 26.771 3.879 0.647 29.031 28.835 39.574 3.500 14.983 0.132.449 20.350 25.668 0.640 1.132 1.

276 -5.260 -13.377 11.317 -4.487 19.568 36.447 20.500 6.024 0.037 -4.129 7.130 -4.102 -1.546 14.036 -1.889 20.670 0.340 17.393 7.321 4.960 345.510 5.427 15.494 6.673 0.799 22.500 5.627 22.968 19.876 0.736 7.629 0.127 -4.500 6.421 0.138 -4.569 35.099 -1.481 19.335 2.663 0.000 328.461 17.655 19.602 25.500 5.501 0.305 -4.113 -6.310 10. EUR mill. EUR mill.766 0.186 13.481 18. EUR mill.434 EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh Levelized 1.606 17.045 -1.850 1.881 0.921 7.600 342.042 -1.050 -1.869 14.057 2.076 1.464 5.110 -1. EUR mill.980 21.311 -4.736 7.254 14.500 7.537 15.343 7.427 17.800 0.736 7.081 20.875 14.474 1.676 47.091 -1.504 0.938 0.675 4.710 38.334 6. EUR mill.982 6.970 6.038 -1.839 0.377 0. EUR mill.649 0.464 14.034 -2.143 -4.934 0.647 5.554 0.500 6.716 13. EUR mill.600 Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab. EUR 75.220 0.850 35.242 0.523 5.734 1.299 -4.500 5.898 16.769 0.337 0.557 12.411 18.565 0.863 20.057 2.176 0.500 5.947 0.043 -1.447 16. EUR mill.804 0.482.500 6.106 -14.466 0.058 0.795 0. EUR Present value 12.460 19.288 20.528 5.057 1.178 0.359 12.968 13.720 7.761 20.091 -4.CCPP Power Plant in Base Load Mode Advantage F over E-Class Electricity Production Cost 2005 Capital Costs Equity Debt Capital Costs 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2.736 7.083 -2.736 7.900 1.119 -4.965 1.755 1.667 0.703 0.464 21.920 342.102 14.600 6.321 4.703 20.338 1.027 20.299 21.736 7.621 0.160 0.149 6.619 6.153 39.560 336.843 0.585 36.358 15.587 3.321 4.035 38.305 5.659 0.816 4.554 19.321 4.110 -1.147 0.484 35.736 7.495 22.740 -14.965 0.705 1.047 -1.524 7.586 19.336 mill.500 6.057 2.776 13.500 7.102 -1.321 4.098 -1.795 13.883 6.057 2.106 -1.500 5.312 0.122 0.138 16.057 2.134 -5.014 20.869 14.052 7.324 -15.824 20.964 0.044 20.287 -4.424 21.965 3.321 4.536 4.123 -4.070 14.312 mill.629 12.569 1.297 0.470 0.074 0.668 19.991 12.321 4. EUR 3.736 7.109 -8.837 20.323 -4.808 13.057 2.320 337.810 2.628 6.206 Electricity Production MWh 2.419 6.049 -1.045 -1.480 17.282 -4.500 6.) Operating Costs Electricity Production Cost Electricity Production Cost Capital Costs EUR/MWh EUR/MWh EUR/MWh Levelized 5.903 6.417 311.657 37.985 0.077 10.) Operating Costs Electricity Production Cost .095 -1.116 -5.957 0.321 4.572 0.507 6.672 0.608 36.668 0.298 0.877 51.548 Electricity Production Cost EUR/MWh Levelized 30.321 4.834 0.368 11.877 0.874 0.736 7.129 0.057 2.523 17.912 0.128 0.149 0.551 38.959 0.526 35.298 -5.178 12.796 6.563 17.087 -1.532 5.057 2.658 Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.678 11.271 -5.296 0.755 10.131 -6. EUR mill.240 337.250 320.902 14.968 0.321 4.057 2.429 0.736 7.302 0.782 13.697 6.632 0.601 1.685 0.215 350.293 -4.805 0.494 0.600 341.320 340.265 -8.675 13.466 20.147 -4.040 -1.057 mill.

600 350.012 0.) Operating Costs Electricity Production Cost Electricity Production Cost Electricity Production .196 0.447 25.500 9.343 -4.357 0.528 0.677 6.193 341.556 23.498 23.619 13.528 0.845 21.400 1.001 1.379 1.786 41.501 6.560 350.716 13.778 1.816 0.801 13.801 0.473 14.941 20.428 26.039 0.736 7.590 7.426 25.531 0.626 0.290 0.607 26.365 6.024 8.240 345.369 26.126 -1.982 14.181 -4.057 2.330 -4.187 0.736 7.156 -4.321 4.920 345.416 0.186 -4.419 6.500 8.562 0.479 7.512 9.659 0.942 0.059 -1.500 8.123 -1.057 2.053 0.170 -4.465 22.665 0.057 0.808 23.178 22.526 0.055 -1.367 1.382 40.063 -1.509 20.161 23.336 -3.348 7.792 24.985 0.058 -1.296 20.175 -4.659 0.301 9.360 0.764 0.710 13.360 0.054 -1.736 7.790 8.275 21.379 -3.156 1.500 9.800 0.485 7.473 13.193 39.556 1.260 22.268 0.321 4.057 2.096 14.116 -1.444 22.379 24.560 345.563 8.321 4.661 0.133 -1.574 25.001 0.371 -3.335 8.879 0.031 9.228 1.321 4.280 346.760 27.795 0.264 8.677 20.500 7.CCPP Power Plant in Base Load Mode Advantage F over E-Class Electricity Production Cost 2019 2020 2021 2022 2023 2024 2025 2026 2.350 -3.061 -1.663 0.445 24.533 0.703 20.063 0.795 8.736 7.800 0.500 8.398 19.196 8.690 20.472 7.321 4.130 6.130 -1.119 -1.328 8.381 6.500 7.160 -4.426 23.286 42.473 6.113 -1.447 23.557 27.500 8.736 7.) Operating Costs Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.057 2.876 20.434 0.704 13.600 350.216 24.240 Capital Costs Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.905 40.524 0.925 0.621 13.151 -4.535 0.357 -4.768 9.124 -1.364 -4.065 -1.052 -1.803 0.165 -4.

570 0. EUR mill. EUR mill.971 EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh Levelized 0.266 26. EUR 5.977 1. EUR mill.354 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 .041 20.965 3.953 0.CCPP Power Plant in Base Load Mode F-Class Turbine Electricity Production Cost mill. EUR mill.126 265.) Operating Costs Electricity Production Cost 10.463 40. EUR mill.110 25.241 mill.625 310.275. EUR 2005-01 Capital Costs mill.240 30.164 Electricity Production MWh Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.768 EUR/MWh EUR/MWh EUR/MWh Levelized 0.768 2.731 269. EUR mill.) Operating Costs Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab. EUR Present value 10. EUR mill.486 30.865 0. EUR mill.616 1.858 4.296 30.418 2. EUR mill.527 mill.994 2. EUR mill. EUR 340.193 Electricity Production Cost EUR/MWh Levelized 33.

CCPP Power Plant in Base Load Mode
F-Class Turbine
Electricity Production Cost

2006-02

2006-03

2006-04

2006-05

2006-06

2006-07

2006-08

2006-09

2006-10

2006-11

2006-12

2007-01

2007-02

2007-03

2007-04

2007-05

Capital Costs
Equity
Debt
Capital Costs

Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs

0.221
0.167
1.149
1.537
0.016
5.222
0.040
5.278
6.815

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

6.815

12.093

12.093

12.093

12.093

1.441
1.087
7.495
10.024
0.106
34.054
0.260
34.420
44.444

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

44.444

39.432

39.432

39.432

39.432

153,333

306,667

306,667

306,667

306,667

Electricity Production Cost
Electricity Production Cost

Capital Costs
Equity
Debt
Capital Costs

Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs

Electricity Production Cost
Electricity Production Cost

Electricity Production

CCPP Power Plant in Base Load Mode
F-Class Turbine
Electricity Production Cost

2007-06

2007-07

2007-08

2007-09

2007-10

2007-11

2007-12

2008-01

2008-02

2008-03

2008-04

2008-05

2008-06

2008-07

2008-08

2008-09

Capital Costs
Equity
Debt
Capital Costs

Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093

0.228
0.167
1.184
1.578
0.034
10.443
0.081
10.558
12.136

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

12.093

12.093

12.093

12.093

12.093

12.093

12.093

12.136

12.253

12.253

12.253

12.253

12.253

12.253

12.253

12.253

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432

0.742
0.543
3.860
5.146
0.109
34.054
0.265
34.429
39.575

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

39.432

39.432

39.432

39.432

39.432

39.432

39.432

39.575

26.256

26.256

26.256

26.256

26.256

26.256

26.256

26.256

306,667

306,667

306,667

306,667

306,667

306,667

306,667

306,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

Electricity Production Cost
Electricity Production Cost

Capital Costs
Equity
Debt
Capital Costs

Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs

Electricity Production Cost
Electricity Production Cost

Electricity Production

CCPP Power Plant in Base Load Mode
F-Class Turbine
Electricity Production Cost

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

Capital Costs
Equity
Debt
Capital Costs

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

1.290
2.631
3.920

Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299

12.253

12.253

12.253

16.220

16.220

16.220

16.220

16.220

16.220

16.220

16.220

16.220

16.220

16.220

16.220

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

2.763
5.638
8.401

Electricity Production Cost
Electricity Production Cost

Capital Costs
Equity
Debt
Capital Costs

Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356

26.256

26.256

26.256

34.756

34.756

34.756

34.756

34.756

34.756

34.756

34.756

34.756

34.756

34.756

34.756

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

466,667

Electricity Production Cost
Electricity Production Cost

Electricity Production

CCPP Power Plant in Base Load Mode
E-Class Turbine
Electricity Production Cost

mill. EUR 2005-01

Capital Costs
mill. EUR
mill. EUR
mill. EUR

Present value
8.535
17.413
25.948

mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR

5.858
3.222
18.746
27.826
1.049
272.691
2.543
276.283
304.109

mill. EUR

330.057

EUR/MWh
EUR/MWh
EUR/MWh

Levelized
0.892
1.820
2.712

EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh

Levelized
0.612
0.337
1.960
2.909
0.110
28.504
0.266
28.880
31.789

Electricity Production Cost

EUR/MWh

Levelized
34.501

Electricity Production

MWh

9,566,608

Equity
Debt
Capital Costs

Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs

Electricity Production Cost
Electricity Production Cost

Capital Costs
Equity
Debt
Capital Costs

Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs

Electricity Production Cost

2005-02

2005-03

2005-04

2005-05

2005-06

2005-07

2005-08

2005-09

2005-10

2005-11

2005-12

2006-01

050 7.106 39.221 0.260 39.389 Electricity Production Cost 50.125 0.825 4.529 0.106 39.433 2.075 11.389 Electricity Production 96.707 1.148 0.375 0.707 1.053 0.449 3.674 5.260 39.741 45.106 39.529 2.500 288.221 0.707 1.648 0.648 0.684 1.389 43.260 39.750 288.529 12.389 43.741 50.449 3.260 39.213 43.449 3.703 0.106 39.) Operating Costs Electricity Production Cost .707 1.878 0.529 4.299 7.075 11.031 11.750 Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.580 0.) Operating Costs 0.475 12.375 0.031 11.075 11.765 0.125 0.053 0.750 288.260 39.765 0.020 7.125 0.790 0.031 11.053 0.650 8.878 8.296 1.375 0.370 0.943 0.025 3.221 0.375 0.707 1.CCPP Power Plant in Base Load Mode E-Class Turbine Electricity Production Cost 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.741 43.648 0.741 43.389 0.053 0.703 12.433 2.221 0.375 0.765 0.475 12.053 0.433 2.370 0.529 12.370 0.125 0.213 0.529 0.472 0.684 45.106 39.741 43.475 12.010 3.125 0.221 0.348 10.389 0.250 192.649 3.

475 12.260 39.707 1.109 24.031 11.433 2.062 27.826 11.031 11.106 39.075 11.523 3.728 1.081 0.907 0.449 3.031 11.062 27.741 43.375 0.907 0.125 0.125 0.221 0.228 0.662 0.265 24.062 0.433 2.788 0.109 24.075 11.389 0.125 0.370 0.265 39.707 1.529 12.907 11.375 0.605 27.662 0.228 0.053 0.433 2.370 0.765 0.031 11.728 1.062 0.117 10.765 0.231 0.457 0.231 0.449 3.265 24.062 27.826 11.284 1.494 0.000 440.048 10.375 0.109 24.475 12.656 2.125 0.048 10.826 11.075 11.106 39.744 0.728 1.032 11.605 27.125 0.125 0.656 2.031 11.125 0.728 1.077 11.389 43.529 12.707 1.517 0.231 0.907 11.741 43.265 24.031 11.728 1.750 43.389 0.517 0.075 11.662 0.433 2.117 10.907 11.125 0.CCPP Power Plant in Base Load Mode E-Class Turbine Electricity Production Cost 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.826 11.475 12.605 27.826 11.517 0.228 0.559 0.231 0.370 0.000 440.106 39.662 0.053 0.265 24.053 0.081 0.529 0.907 0.728 1.) Operating Costs Electricity Production Cost Electricity Production Cost Electricity Production .449 3.529 12.125 0.389 0.648 0.656 2.109 24.260 39.228 0.081 0.475 12.529 0.062 0.370 0.529 0.907 0.750 288.284 1.228 0.075 11.728 1.221 0.109 24.765 0.826 11.109 39.648 0.529 0.907 11.048 10.000 440.125 0.081 0.517 0.741 43.656 2.000 440.125 0.662 0.517 0.109 24.075 11.457 0.656 2.707 1.457 0.000 440.081 0.389 43.741 43.117 10.375 0.826 11.605 27.265 24.750 440.648 0.605 27.284 1.106 39.389 0.741 43.750 288.475 12.457 0.231 0.221 0.517 0.741 43.907 0.117 10.648 0.000 Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.081 0.457 0.221 0.707 1.062 27.284 1.648 0.765 0.106 39.605 27.389 43.765 0.529 12.449 3.656 2.907 11.117 10.106 39.728 1.000 440.260 39.648 0.048 10.031 11.062 27.117 10.457 0.478 12.826 11.265 24.053 0.048 10.228 0.228 0.648 0.750 288.457 0.389 0.370 0.529 12.707 1.221 0.375 0.062 0.062 0.265 24.228 0.053 0.389 43.106 39.389 0.370 0.370 0.284 1.529 0.125 0.062 0.389 43.529 0.081 0.260 39.053 0.559 11.000 440.765 0.370 0.750 288.662 0.221 0.260 39.662 0.457 0.728 1.221 0.494 27.605 27.389 0.389 43.517 0.449 3.529 12.433 2.048 10.907 12.062 27.765 0.284 1.117 10.907 11.449 3.375 0.062 288.228 0.529 0.741 43.109 24.260 39.231 0.125 0.662 0.284 1.125 0.260 39.048 10.517 0.109 24.062 27.433 2.048 10.375 0.389 43.231 0.907 11.125 0.062 43.475 12.605 27.284 1.449 3.475 12.375 0.062 0.053 0.075 11.125 0.750 288.656 2.656 2.433 2.750 288.081 0.231 0.907 0.081 0.265 24.433 2.907 0.707 1.529 12.) Operating Costs 0.117 10.907 0.750 288.

332 1.234 0.000 440.662 0.830 11.062 27.662 0.050 10.113 24.048 10.272 15.830 11.234 0.614 27.332 1.062 27.830 11.125 0.705 2.236 3.113 24.662 0.231 0.614 27.119 10.614 27.110 0.119 10.284 1.710 34.271 24.574 2.284 1.271 24.907 11.705 2.231 0.125 0.231 0.574 2.096 2.271 24.284 1.113 24.119 10.750 1.574 2.271 24.119 10.710 34.117 10.491 5.236 3.096 2.119 10.234 0.082 7.110 0.662 0.228 0.710 440.750 1.940 0.574 2.940 0.830 11.234 0.125 0.231 0.830 11.614 27.236 3.272 15.050 10.517 0.705 2.662 0.522 0.000 440.656 2.050 10.000 Electricity Production Cost Electricity Production Cost Electricity Production .662 0.284 1.136 0.533 0.117 10.113 24.284 1.656 2.272 15.082 7.096 2.113 24.125 0.110 0.228 0.136 0.110 0.000 440.605 27.574 2.830 11.110 0.050 10.050 10.231 0.830 11.662 0.574 2.082 7.000 440.705 2.136 0.522 0.907 15.750 1.332 1.231 0.062 0.533 0.457 0.110 0.062 34.940 0.522 0.940 0.050 10.113 24.236 3.830 11.940 0.081 0.710 34.522 0.491 5.284 1.119 10.113 24.284 1.110 0.082 7.710 34.662 0.271 24.125 0.136 0.710 34.231 0.265 24.082 7.662 0.265 24.234 0.533 0.125 0.710 34.574 2.705 2.236 3.236 3.522 0.830 11.662 0.491 5.236 3.332 1.826 11.907 0.231 0.533 0.125 0.272 2.491 5.082 7.119 10.119 10.533 0.231 0.574 2.750 1.271 24.113 24.491 5.082 7.605 27.136 27.710 34.710 34.096 2.271 24.234 0.940 0.109 24.940 0.272 15.522 0.332 1.574 2.533 0.491 5.522 0.113 24.096 2.125 0.662 0.271 24.662 0.136 0.125 0.605 27.000 440.050 10.705 2.082 7.265 24.125 0.533 0.728 1.491 5.284 1.662 0.271 24.284 1.574 Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.940 0.136 0.110 0.728 1.284 1.272 15.119 10.231 0.522 0.096 2.125 0.082 7.522 0.332 1.113 24.271 24.907 11.000 440.614 27.125 0.614 27.136 0.533 0.705 2.272 15.050 10.332 Operating Costs Personnel Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.332 1.750 1.234 0.271 24.614 27.522 0.750 1.272 15.000 440.CCPP Power Plant in Base Load Mode E-Class Turbine Electricity Production Cost 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 Capital Costs Equity Debt Capital Costs 1.284 1.517 0.) Operating Costs 0.284 1.125 0.234 0.096 2.125 0.533 0.272 15.826 11.705 2.050 10.236 3.522 0.332 1.081 0.272 15.136 0.231 0.236 3.517 0.110 0.113 24.050 10.082 7.236 3.705 2.110 0.000 440.048 10.522 0.940 0.136 0.705 2.096 2.284 1.081 0.096 2.728 1.750 1.234 0.082 7.000 440.109 24.940 0.705 2.656 2.109 24.750 1.750 1.662 0.272 15.000 440.750 1.457 0.110 0.228 0.050 10.234 0.117 10.826 11.574 2.614 27.) Operating Costs 0.284 1.234 0.234 0.491 5.710 34.332 1.614 27.710 34.000 440.614 27.533 0.533 0.271 24.907 0.000 440.096 2.050 10.136 0.710 34.125 0.000 440.750 1.272 15.231 0.940 11.136 0.491 5.119 10.457 0.082 7.231 0.491 5.231 0.830 11.236 3.062 0.119 10.533 0.096 2.574 2.907 0.750 1.048 10.491 5.332 1.940 0.096 2.332 1.830 11.110 0.231 0.000 440.119 10.614 27.113 24.662 0.705 2.491 5.284 1.830 11.236 3.614 27.062 0.

579 mill. EUR mill. EUR mill.716 12.923 0.768 0.461 EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh EUR/MWh Levelized 1.077 -6. EUR mill. EUR mill. EUR 10.658 6.790 0.125 4.113 Electricity Production MWh Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab. EUR mill.746 2005-02 2005-03 2005-04 2005-05 2005-06 2005-07 2005-08 2005-09 2005-10 2005-11 2005-12 2006-01 .074 11.073 4. EUR Present value 1.653 Electricity Production Cost EUR/MWh Levelized 15. EUR mill.712 Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.265 -9. EUR mill.) Operating Costs Electricity Production Cost Electricity Production Cost Capital Costs EUR/MWh EUR/MWh EUR/MWh Levelized 2. EUR mill. EUR 1.CCPP Power Plant in Base Load Mode Advantage F over E-Class Electricity Production Cost mill.046 0. EUR mill.132 mill.506 3.109 -9.515 16.188 -6.394 8.531 18.336 6.) Operating Costs Electricity Production Cost 708. EUR 2005-01 Capital Costs Equity Debt Capital Costs mill.

106 25.237 0.685 -24.474 0.700 0.922 29.672 26.998 0.926 0.872 4.106 -51.389 -0.260 25.685 2.CCPP Power Plant in Base Load Mode Advantage F over E-Class Electricity Production Cost 2006-02 2006-03 2006-04 2006-05 2006-06 2006-07 2006-08 2006-09 2006-10 2006-11 2006-12 2007-01 2007-02 2007-03 2007-04 2007-05 Capital Costs Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.442 0.005 -0.442 0.082 0.700 0.936 3.436 0.432 0.042 0.442 0.336 -24.106 -51.744 8.920 -0.002 -0.672 26.336 Electricity Production 57.389 0.365 3.864 0.448 29.920 -0.) Operating Costs Electricity Production Cost .453 1.005 -0.042 0.442 0.922 0.436 -0.998 0.442 0.336 2.042 0.005 -0.334 -24.) Operating Costs 0.448 33.484 0.082 0.484 0.484 0.260 -51.917 17.012 2.672 26.336 Electricity Production Cost 33.326 24.334 -24.484 0.106 -51.002 -0.926 0.436 -0.936 0.917 Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.700 0.030 2.326 24.926 0.436 1.920 -0.336 -24.042 0.167 17.042 0.083 114.326 24.006 1.334 -24.106 25.260 -51.436 0.905 3.917 17.260 -51.015 1.730 7.002 -0.436 0.260 25.484 0.336 2.998 0.

007 -0.003 -0.007 -0.412 27.636 0.455 0.109 -6.326 24.436 0.636 0.074 18.917 17.074 18.920 -0.998 0.497 0.672 26.683 12.920 -0.336 2.336 -24.162 0.484 0.345 0.683 12.455 0.334 -24.058 0.106 -51.636 0.CCPP Power Plant in Base Load Mode Advantage F over E-Class Electricity Production Cost 2007-06 2007-07 2007-08 2007-09 2007-10 2007-11 2007-12 2008-01 2008-02 2008-03 2008-04 2008-05 2008-06 2008-07 2008-08 2008-09 Capital Costs Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.336 2.636 0.325 -23.265 -5.484 0.667 26.700 0.058 0.345 0.109 -6.442 0.953 -24.953 1.336 -24.998 0.005 -0.345 0.436 -0.497 0.058 0.265 -5.345 2.672 26.003 -0.953 12.042 0.700 0.636 0.345 0.326 24.917 17.003 -0.436 0.436 0.106 -51.667 26.042 0.455 0.007 -0.042 0.920 -0.436 0.497 0.109 -6.484 0.484 0.265 -5.334 -24.953 1.109 -6.998 0.672 26.953 1.953 1.345 0.152 0.672 26.672 26.917 26.074 18.345 -0.106 -51.563 17.700 0.260 -51.005 -0.074 18.336 2.497 0.455 0.953 12.326 25.920 -0.106 -51.003 -0.917 17.423 0.436 0.265 -5.345 0.334 -24.260 -51.563 17.436 0.336 -24.636 0.455 0.436 -0.738 0.042 0.953 12.265 -5.683 12.152 0.265 -5.042 0.002 -0.442 0.700 0.005 -0.326 24.336 -23.265 -51.007 -0.700 0.926 0.058 0.920 -0.998 0.497 0.345 0.926 0.497 0.683 12.007 -0.920 -0.326 24.672 26.005 -0.042 0.953 12.926 0.442 0.003 -0.336 -24.667 26.152 0.700 0.109 -6.926 0.042 0.002 -0.042 0.109 -51.334 -24.042 0.042 0.265 -5.260 -51.563 17.334 -24.005 -0.152 0.336 2.005 -0.953 1.455 0.667 26.667 26.106 -51.042 0.345 0.345 0.002 -0.260 -51.336 2.455 0.162 0.152 0.260 -51.442 0.005 -0.917 17.667 26.109 -6.953 12.326 24.152 0.953 12.563 17.442 0.152 0.003 -0.953 17.334 -24.003 -0.002 -0.058 0.998 0.007 -0.002 -0.442 0.423 0.074 18.007 -0.667 Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.667 26.563 17.998 0.455 0.042 0.436 0.007 -0.326 24.455 0.003 -0.436 -0.058 0.042 0.074 18.345 0.436 -0.497 0.563 17.002 -0.152 0.042 0.326 24.345 0.002 -0.260 -51.953 1.106 -51.700 0.953 1.926 0.162 0.042 0.162 0.260 -51.109 -6.917 17.109 -6.345 0.998 0.442 0.436 -0.058 0.636 0.005 -0.917 17.058 0.042 0.484 0.336 2.074 18.700 0.672 26.334 -24.917 17.587 1.162 0.484 0.265 -5.162 0.636 0.162 0.336 -24.926 0.926 0.920 -0.587 12.683 12.345 0.436 -0.345 0.336 2.336 -24.683 12.683 12.) Operating Costs Electricity Production Cost Electricity Production Cost Electricity Production .002 -0.) Operating Costs 0.926 0.436 -0.074 18.497 0.497 0.484 0.106 -51.563 17.683 12.920 -0.563 17.162 0.953 12.

586 19.526 35.007 -0.113 -6.058 0.149 0.799 22.953 12.052 7.271 -5.254 14.254 14.395 0.CCPP Power Plant in Base Load Mode Advantage F over E-Class Electricity Production Cost 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 Capital Costs Equity Debt Capital Costs 0.109 -6.563 17.799 22.563 17.109 -6.254 14.151 0.469 0.162 0.162 0.042 0.469 0.113 -6.474 1.667 26.162 0.003 -0.162 0.052 Electricity Production Cost Electricity Production Cost Capital Costs Equity Debt Capital Costs Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.359 0.563 17.151 0.474 1.162 0.675 13.455 0.042 0.469 0.058 0.193 0.162 0.193 0.526 35.152 0.254 14.359 0.588 0.149 0.359 0.271 -5.636 0.162 0.345 0.007 -0.563 17.497 0.799 22.395 0.563 17.042 0.588 0.113 -6.359 0.586 19.511 0.395 0.254 14.074 18.007 -0.162 0.511 0.042 0.007 -0.271 -5.074 18.149 0.058 0.149 0.151 0.151 0.052 7.469 0.052 7.526 35.058 0.007 -0.675 13.151 0.474 1.526 35.052 7.151 0.) Operating Costs 0.193 0.151 0.588 0.675 13.947 0.359 0.113 -6.511 0.953 1.474 1.469 0.007 -0.586 19.474 1.113 -6.497 0.526 35.007 -0.265 -5.469 0.359 0.586 19.563 17.007 -0.042 0.042 0.042 0.526 35.667 26.511 0.395 0.113 -6.193 0.042 0.359 0.667 Electricity Production Cost .667 26.003 -0.345 0.947 0.058 0.149 0.003 -0.511 0.058 0.947 0.667 26.193 0.058 0.151 0.271 -5.511 0.953 35.455 0.042 0.586 19.395 0.667 26.052 7.007 -0.799 22.162 0.074 18.254 14.474 1.947 0.003 -0.947 0.675 13.052 7.588 0.359 0.474 1.586 19.947 0.675 13.563 17.149 0.526 35.588 0.345 0.254 14.113 -6.003 -0.667 26.149 0.953 12.469 0.511 0.588 0.254 14.193 0.042 0.003 -0.395 0.469 0.469 0.636 0.586 19.151 0.149 0.271 -5.586 19.193 0.563 17.563 17.683 12.152 0.563 17.667 26.586 19.058 0.675 13.586 19.193 0.588 0.003 -0.588 0.042 0.193 0.271 -5.345 0.636 0.113 -6.667 26.058 0.052 7.052 7.162 0.162 0.359 0.667 26.675 13.162 0.254 14.193 0.947 0.799 22.526 35.511 0.193 0.003 -0.667 26.254 14.947 7.953 1.109 -6.003 -0.474 1.007 -0.007 -0.667 26.675 13.474 1.359 0.395 0.162 0.395 0.151 0.667 26.003 -0.149 0.052 7.563 17.271 -5.254 14.511 0.799 22.042 0.675 13.149 0.052 7.058 0.511 0.675 13.675 13.511 0.003 -0.) Operating Costs 1.345 0.588 0.271 -5.526 35.058 0.113 -6.588 0.799 22.947 0.474 Electricity Production Cost 12.469 0.563 17.042 0.162 0.003 -0.113 -6.563 17.265 -5.007 -0.151 0.675 13.563 17.359 0.042 0.395 0.683 12.058 0.526 Electricity Production 26.667 26.395 0.947 0.395 0.003 -0.271 -5.152 0.162 0.003 -0.469 0.586 19.588 Operating Costs Insurance Fixed Maintenance Operating Costs (Fix) Variable Maintenance Fuel Consumables Operating Costs (Variab.497 0.799 22.799 22.271 -5.193 0.511 0.151 0.058 0.271 -5.395 0.149 0.042 0.007 -0.947 0.271 -5.058 0.254 14.265 -5.113 -6.947 0.586 19.799 22.345 0.052 7.113 -6.474 1.359 0.003 -0.058 0.667 26.007 -0.588 0.474 1.799 22.007 -0.469 0.526 35.563 17.799 22.683 12.953 1.455 0.149 0.526 35.

Hours 8100 8200 h/a Pay Off Time Years 7400 7500 7600 7700 7800 7900 El.00 20.0% 0.000 17.0000 9. Full Load oper.000 20.00 5.0000 20.0% 80.000 10.0000 10.0000 5.000 -20.00 7400 7500 7600 7700 7800 7900 El.0% 7500 7600 7700 7800 7900 8000 El.2 10.0000 25. Hours Net Present Value mill.000 5.000 15.000 25. Full Load oper. Full Load oper.0% 20.00 15. EUR Internal Rate of Return 120.69 30.00 34.0% 100.5% 64.CCPP Power Plant in Base Load Mode F-Class Turbine Sensitivity Analysis . Full Load oper.000 7400 0.0% 40.0000 15. Full Load oper. Hours 8000 8100 h/a 8200 Electricity Production Cost EUR/MWh 40.00 35.El.0000 25.0000 0. Hours 8000 8100 h/a 8200 .0000 0.832 60. Hours 8000 8100 h/a 8200 7400 7500 7600 7700 7800 7900 El.

0% 7700 7800 7900 8000 8100 8200 El.0% 70.000 12. Full Load oper.000 10.0000 0.899 50.0000 5.0% 40. EUR Internal Rate of Return 80. Full Load oper.0% 6.00 34.000 0.0000 10.000 18.00 7600 7700 7800 7900 8000 8100 El.000 7600 16. Hours 8200 8300 h/a 8400 . Full Load oper.0000 20.0% 10.0% 51.0000 0.0000 25.3 10.2010627324 14. Hours 8200 8300 h/a 8400 7600 7700 7800 7900 8000 8100 El.0% 20.0% 60.0000 15.3% 16.0000 25. Hours 8300 8400 h/a Pay Off Time Years 7600 7700 7800 7900 8000 8100 El.0% R² = 0.000 2.00 15. Hours 8200 8300 h/a 8400 Electricity Production Cost EUR/MWh 40.0000 10.000 20.000 4.00 5. Full Load oper.00 20.CCPP Power Plant in Base Load Mode E-Class Turbine Sensitivity Analysis Net Present Value mill.00 35.99 30.0% 30.000 8.0% 0.

0000 25.000 -20.El.0000 25.0000 10.000 15.00 15.0000 0.000 40.0000 10.0000 5.000 20.CCPP Power Plant in Base Load Mode F-Class Turbine E-Class Turbine Sensitivity Analysis .0% 120. Hours 8000 8200 h/a 8400 .0000 15.00 7200 7400 7600 7800 El.0% 7400 7600 7800 El. Hours 8000 8200 h/a 8400 7200 7400 7600 7800 El.0% 80. Full Load oper.00 30.00 35.000 7200 0.0% 0.000 10. Hours Net Present Value mill.00 5.0% 20. Full Load oper.0% 60.0000 20. EUR Internal Rate of Return 25. Full Load oper. Full Load oper. Hours 8000 8200 h/a 8400 Pay Off Time Years 7200 EUR/MWh 7400 7600 7800 El.000 100. Hours 8000 8200 h/a 8400 Electricity Production Cost 40.00 20.000 5.0000 0. Full Load oper.

0000 12.00 2. Full Load oper.2% 20. Hours -235 h/a -230 -255 -250 -245 -240 El.000 0.000 120.00 40.000 -40.0000 16.000 38. Full Load oper.0000 4.0% 40. Full Load oper.00 30.0000 2.00 -255 -245 El.00 14. Full Load oper. Hours Electricity Production Cost EUR/MWh 20.000 80.000 30.0% 0.4 0.0000 18.000 40.33 20. Hours -230 h/a Pay Off Time Years -255 -240 -235 h/a -230 70.933 10.000 12.0% 50.0% 20.00 30.00 -250 -250 -245 -240 El.00 50.0% -10.000 60.00 60.CCPP Power Plant in Base Load Mode Advantage F over E-Class Sensitivity Analysis Net Present Value mill.0000 8. Hours -235 h/a -230 .000 -20.0000 0.0000 10.0% -30.00 6.0% -255 -250 -245 -240 -235 El.000 100. EUR Internal Rate of Return 60.00 10.

0% 106.35 150 0.0% 100.0% 104.0% 110.0% El.0% Electrical Net Power Row 17 Fuel Row 29 98.CCPP Power Plant in Base Load Mode F-Class Turbine Multiple Sensitivity Analysis Net Present Value mill.0% Row 14 Row 20 Row 26 98.0% 94.0% 110.0% 100.0% Electricity Production Cost EUR/MWh 25 96.0% 96.0% 108.0% 106.0% 94.0% Row 15 Row 21 Row 27 Investment Volume Row 22 Row 28 .0% 0.0% 108.0% 104. net Efficiency Row 19 Row 25 Row 31 92.0% 110.0% 96.0% 96.15 0 0.0% 102.0% 100.1 -50 -100 90.0% 92. EUR Internal Rate of Return 200 0.2 50 0.0% 98.0% 94. Hours Row 18 Row 24 Variable Rev.0% 108.0% 92.0% 108. Full Load oper.0% El.0% Pay Off Time Years 0 90.0% 104.0% 110. Electr.0% 106.0% 102.0% 104.0% 100.3 0.0% 106.0% 38 37 20 36 35 15 34 33 10 32 31 5 30 0 90.05 92.0% 102. 29 90.25 100 0.0% 102.0% 98.0% 94.

29 90.0% 110.0% 110. EUR Internal Rate of Return 200 0.0% 98.0% Electricity Production Cost EUR/MWh 20 34 10 33 8 32 6 4 31 2 30 0 90.0% 96.3 150 0.0% 94.0% El.0% 92.0% 38 18 37 16 36 14 35 12 96.0% 94.15 0 0.0% 100.0% 102.0% 108.25 100 0.2 50 0.0% 110.0% 106.0% Row 15 Row 21 Row 27 Investment Volume Row 22 Row 28 .0% El.0% 108.0% 100.0% 108.0% 102.0% Pay Off Time Years 0 90.0% 92.0% 100.0% 94. Electr.0% 104.0% 102.0% 110.0% Row 14 Row 20 Row 26 98.0% 106.0% 98.1 -50 0. Full Load oper.0% 104.0% 106.CCPP Power Plant in Base Load Mode E-Class Turbine Multiple Sensitivity Analysis Net Present Value mill.0% Electrical Net Power Row 17 Fuel Row 29 98.0% 100.0% 104.0% 96.0% 104.0% 102. Hours Row 18 Row 24 Variable Rev.0% 94.0% 106.05 -100 90.0% 92.0% 96. net Efficiency Row 19 Row 25 Row 31 92.0% 108.

0% 110.0% 92.0% 94.0% 106. Hours Row 18 Row 24 Variable Rev.0% 104. EUR Internal Rate of Return 0.0% 98.0% 102.0% 100.0% 104.0% 100.0% Row 14 Row 20 Row 26 96.4 15 0. 0 90.0% 100.0% 106.0% Electrical Net Power Row 17 Fuel Row 29 98.0% 100.0% 110.0% 40 35 5 30 4 25 3 20 15 2 10 1 0 90.0% 108.0% 96.0% 108.0% Row 15 Row 21 Row 27 Investment Volume Row 22 Row 28 .0% El.0% 102.0% 106.2 5 0 90.0% 110.0% 96.CCPP Power Plant in Base Load Mode Advantage F over E-Class Multiple Sensitivity Analysis Net Present Value mill.0% 102.3 10 0.5 20 0.0% 108.0% 104. Full Load oper.0% 94.0% 94.0% 5 92.0% 98.0% 94.1 92.6 25 0.0% 98. net Efficiency Row 19 Row 25 Row 31 92. Electr.0% El.0% 0.0% 108.0% 102.0% Pay Off Time Years 0 90.0% 110.0% 104.0% 106.0% Electricity Production Cost EUR/MWh 6 96.

30247 0.0 52.909 -1.00% 400.00% 400.01528 -0.762 +1 unit -0.CCPP Power Plant in Base Load Mode F-Class Turbine Titel Electrical Net Power El.10622 -0.035 +1 Perc.980 2.15434 -0.5 35. Full Load oper.514 0.468 -213. Electr. Hours El.615 0. 2. 3.595 3. +1 Perc. Delta NPV mill. -0.871 -6.06547 0.05943 0.071 0.0 8250.048 0. EUR EUR/GJ EUR/MWh Delta LEPC EUR/MWh +1 unit 0.0 56.00109 +1 Perc.590 -6. 0. -0.0 3.0 E-Class Turbine Titel Electrical Net Power El.72334 0.01459 -0.353 28.08908 -0.30628 -0.01637 6. Hours El.468 -220.0 3. net Efficiency Investment Volume Fuel Variable Rev.79936 0.0 3. EUR EUR/GJ EUR/MWh Basis 700.774 -1. net Efficiency Investment Volume Fuel Variable Rev.281 0.23532 Delta NPV mill.00477 +1 Perc.10610 -0.466 0. MW h/a % mill.0 8000.086 26. Electr.0 56.01748 7.03422 -0.00% 340.5 35.06298 . Hours El.653 -1.0 Delta LEPC EUR/MWh +1 unit 0.0 MW h/a % mill. EUR MW h/a % mill. Full Load oper.441 9.35845 6.634 +1 unit -0.0 8000.00134 +1 Perc. EUR Basis 700.011 +1 Perc. Electr.872 +1 unit -0.733 1.864 -0.25559 Delta NPV mill.418 0.324 10.09263 -0.117 0. -0. Full Load oper. EUR Basis 640. net Efficiency Investment Volume Fuel Variable Rev.045 Delta LEPC EUR/MWh +1 unit 0. EUR EUR/GJ EUR/MWh Advantage F over E-Class Titel Electrical Net Power El.5 35.

net Efficiency Investment Volume Fuel Variable Rev.08 3.0 mill.04 9.0% 22. 64.939 48.0% 102.940 -20.88 8.0% 100.027 51.701 23.0% 96.688 14.699 11.0% 108.667 40.51 2.619 Net Present Value Basis 700.55 9.923 34.0% 102.17 10.556 13.91 8. EUR EUR/GJ EUR/MWh Basis 700.123 52.881 36.75 10.719 39.0% 102. Electr.18 6.51 13. EUR 67.899 54.115 125. 83.695 14.0% 108.0% 106.816 12.982 17.155 54.973 105.54 12.95 8.690 66.0% 101.899 54.082 mill.73 2.933 12.0% 104.257 145.08 11.78 4.0% 104. EUR EUR/GJ EUR/MWh Pay Off Time 64.0% 99.94 10.899 61.88 6.0% 99.20 2.92 8.0% 101.933 12.32 10. Full Load oper.832 64.86 7.17 8.906 101.45 9.616 12.317 12.621 116.0% 92.238 11.090 57.16 2.45 11.506 19.42 2.635 16.627 9.54 6.0% 98.67 8.61 10. Hours El.481 90.875 80.33 9.17 9.167 14.933 13.572 108.79 2.05 9.0% 28.49 14.473 8.05 12.84 .23 7.0% 108.257 -14.0 3.245 146.832 62.458 Years 9.63 3.249 13.592 100.0% 106.018 70.494 12.643 63.08 9.466 72.55 10.51 11.17 8.72 11.98 8.68 7.736 15.0% 108.820 69.35 2.68 8.39 9. Full Load oper.24 3.126 24.049 18.883 14.0 8000.0% 6.798 76.153 10.401 15.0% 92.632 89.321 48.231 8.4 10.90 3.081 11.261 50.489 35.184 39.82 8.0% 101.309 45.97 6.899 14.409 127.75 9.177 35.86 2.703 12.14 11.197 64.071 43.315 50.0% 3.050 13.179 28.402 93.0% 100.0% 110.73 19.0% 108.54 10.56 2.37 8.479 44.07 5.0% 101.5 35.5 35.25 2.662 14.0 56.75 8.55 1.055 12. EUR EUR/GJ EUR/MWh Basis 640.933 13.0% 99.0% 102.05 17.49 7.702 71.0% 110.63 5.792 -0.42 2.865 46.42 2.90 10.79 2.739 11.59 8.24 2.0% 13.057 34.0 3.94 11.359 9.29 2.22 2.32 10.062 53.859 63.0% 100.32 2.774 -44.421 102.83 Years 90.53 3.174 10.136 84.09 2.170 12.78 4.0 8250.0% 110.42 10.65 11.0% 106.35 Years 90.0% 99.0% 102.057 128.801 64.66 2.0% 96.508 74.255 -0.10 4.33 2. EUR 13.0% 92.35 8.340 42.958 58.17 9.538 42.832 MW h/a % mill.79 9.0% 94.32 10.65 2.014 6.622 17.758 43.0% 98.244 10. Electr.079 64.213 12.100 79.851 19.136 13.543 -5.75 1.933 94. EUR 90.398 165. Net Present Value MW h/a % mill.0% 101.0% 102.369 86.04 2.0% 99.676 -27.19 11.40 14. Hours El.41 2.0% 14.543 7.56 13.39 12.126 14.440 90.16 1.00% 400.358 39.41 Pay Off Time 98.607 49.0% 9.0% 104.43 11.28 2.47 2.022 79.0% 98.00% 400.99 2.780 33.424 -50.94 1.32 10.0% 96.260 77.99 8.226 55.94 8.29 12.93 6.20 10.741 81.38 2.832 68.17 8.44 9.899 51.585 12.0% 98.59 8.978 45.832 68.49 Pay Off Time 90.780 75.82 2.84 7.026 50.32 10.49 2.31 11.018 39.0% 100.458 61.563 61.371 13.212 86.0 Advantage F over E-Class Titel Electrical Net Power El. net Efficiency Investment Volume Fuel Variable Rev.540 mill.408 12.899 51.162 15. Hours El.53 2.53 2.23 9.98 10.63 10.457 15.71 3.0% 94.42 2.0% 98.392 16.0 52.812 51.2 90.784 5.08 2.17 9.45 2.66 10.131 74.295 57.3 9.761 Net Present Value MW h/a % mill.933 12.848 10.996 7.92 2.387 69.411 46.997 26.537 26.0% 99.CCPP Power Plant in Base Load Mode Multiple Sensitivity Analysis F-Class Turbine Titel Electrical Net Power El.427 72.94 9.465 10.832 64.031 20.0% 94.60 10.0% 94.0% 101.0% 8.13 14.07 11.22 1.13 9.547 14.0 56.42 2.20 12.810 13.641 61.10 7.0% 92.0 3.879 57.890 13.42 9.0% 100.0% 104.60 2.788 61.0% 106.81 17.0% 106.57 2.0% 104.540 79.84 1.04 5.652 13.0% 96.0% 96.637 93.782 28.451 57.30 8. net Efficiency Investment Volume Fuel Variable Rev.31 2.00% 340.854 72.59 5.35 9.0% 96.65 11.735 45.0% 94.25 7.01 2. Full Load oper.20 12.36 2.961 58.919 51.315 90.771 57.0 8000.489 58.0% 104.60 5. Electr.097 28.0% 100.0% 108.18 8.88 1.902 51.37 8.78 9.28 13.0% 92.155 49.57 17.348 53.39 7.0% 11.36 14.0% 106.834 15.280 12.573 77.318 12.15 1.473 2.37 2.306 103.310 92.068 115.497 19.81 9.237 64.24 7.5 35.74 9.77 10.178 11.762 5.93 2.546 68.0 E-Class Turbine Titel Electrical Net Power El.

0 1. Full Load oper.0 2.0 7.17 56.04 8000. EUR EUR/GJ EUR/MWh Basis 110.5 2.67 56.0% 700.0 7. EUR EUR/GJ EUR/MWh Basis 110.F-Class Turbine Titel Electrical Net Power El.09 35.0 8. EUR EUR/GJ EUR/MWh Basis 110. Hours El. MW h/a % mill.21 8000. net Efficiency Investment Volume Fuel Variable Rev.0 3.5 35. Full Load oper.26 52.0 12.85 E-Class Turbine Titel Electrical Net Power El.0 5. net Efficiency Investment Volume Fuel Variable Rev.00% 340.5 35.25 Advantage F over E-Class Titel Electrical Net Power El.0% 640. Hours El.0% 700. Hours El.0 8.54 3. MW h/a % mill.42 3.15 8250. Electr. Electr.28 3. MW h/a % mill.77 .0 1.0 4. net Efficiency Investment Volume Fuel Variable Rev. Electr. Full Load oper.0 11.00% 400.00% 400.

986 35.573 37.91% 19.791 30.38% 38.0% 102. Hours El.986 30.261 31.584 34.79% 20. Full Load oper.0% 108.30% 4.62% 16.043 28.0% 92.209 30.0 8000.0% 28.23% 16.86% 15.690 EUR/MWh 90.749 34.0% 98.22% 39.15% 18.0% 94.40% 27.11% 25.09% 11.290 34.0% 99.75% 14.335 29.429 32.99 34.375 35.79% 16.214 35.0% 106.96% 38.994 32.082 33.24% 19.690 35.75% 19.810 34.78% 17.99% 14.70% 6.94% 15.70% 19.0 Advantage F over E-Class Titel Electrical Net Power El.0% 104.94% 23.0% 106.630 34.62% 30.19% 15.170 35.81% 13.495 34.55% 17.616 30.335 30.0% 102.09% 17.462 35.16% 16.690 34.22% 38.47% 34.335 30.0% 96.93% 18.0% 98.07% 18.794 35.90% 29.475 34.17% 31.39% Internal Rate of Return MW h/a % mill.55% 16.242 34.08% 17.0% 35.986 35.06% 39.100 29.24% 14.63% 15.808 33.13% 38.0% 106.632 34.398 30. net Efficiency Investment Volume Fuel Variable Rev.986 34.375 35.986 34.75% 27.715 34.986 34.55% 14.345 36.141 28.62% 18.30% 19.05% 39.66% 30.5 35.077 34.964 34.137 34.20% 16.0% 102.23% 53.927 34.690 34.569 31.0% 108.13% 45.53% 16.67% 14.44% 42.0% 100.57% 48.335 30.0% 102.13% 35.477 34. Electr.06% 30.97% 17.22% 48. Electr.0 E-Class Turbine Titel Electrical Net Power El.587 30.102 36.97% 16.882 35.0% 101. Full Load oper.0% 98.79% 33.72% 36.335 30.58% 9.625 34.838 30.0% 92.54% 12.952 30.279 33.798 34.897 34.0% 33.00% 41.135 34.33 35.335 30.12% 33.952 35.56% 15.357 33.83% 20.986 EUR/MWh 90.76% 16.690 Electricity Production Cost 34.909 34.0% 100.00% 400.831 29.083 33.986 Electricity Production Cost 34.65% 7.017 35.868 34.986 35.99% 16.30% 16. EUR EUR/GJ EUR/MWh Basis 640.026 30.168 34.14% 11.24% 50.51% 21.0% 108.62% 18.712 30.710 35.580 35.278 34.55% 17.031 37.0% 98.625 28.343 35.80% 39.57% 14.51% 38.0% 92.690 34.615 35.03% 16.0% 101.769 35.986 34.0% 102.626 34. EUR EUR/GJ EUR/MWh Basis 700.0% 94.0% 108.690 34.645 31.480 34.690 34.04% 14.0% 96.70% 22.0% 104.705 30.56% 20.335 31.0% 110.0 3.67% 25.335 30.69% 43.0% 92.690 34.277 34.00% 400.0% 99. EUR EUR/GJ EUR/MWh Basis 700.483 32.799 34.623 35.51% 37.335 29.986 34.653 27.83% 23.0% 101.0% 92.335 30.0% 96.0% 101.98% 17.99% 38.431 34.34% 19.0% 101.0% 94.66% 15.335 30.455 34. 20.0 8000.42% 14.36% 35.731 34.893 33.0 56.55% 18.69 EUR/MWh 90.3% 90.0% 104.22% 16. Hours El.073 30.38% 39.926 34.32% 19.0% 104.581 36.036 32.30% 16.0 56.700 30.320 34.46% 40.520 37.97% 41.50% 26.11% 3.909 34.92% 17.749 32.50% 14.690 34.009 34.27% 11.0% 104.335 30.56% 13.22% 39.74% 36.30% 17.85% 22.97% 40.75% 19.0% 100.05% 19.640 34.0% 99.27% 18.23% 35.29% 17.98% 16.0% 94.559 34.34% 18.717 30.73% 41.81% 25.89% 15.0% 102.03% 15.986 34.18% 24.70% 17.803 34.0% 96.0% 110.0% 110.17% 16.23% 13.081 34.964 30.026 27.76% 17.409 29.08% 19.756 34.453 33.220 34.335 30.896 33.0% 100.08% 15.0% 92.0% 106.046 34.723 32.690 34.942 28.480 34.01% 15.18% 20.690 34.0 8250.30% 16.335 30.93% 17.43% Electricity Production Cost 34.53% 24.56% 9.0% 96.30% 15.0% 99.71% 38.14% 35.574 28.371 35.50% 37.986 34. net Efficiency Investment Volume Fuel Variable Rev.105 35.0% 108.0% 12.646 30.0% 110. 17.335 .285 27.43% 18.96% 41.986 34.0% 110.5 35.28% 16.986 34.272 30.224 35.335 30.71% 13. Electr.97% 16.177 35.84% 29.93% 18.083 30.54% 14.986 34.33% 15.55% 17.64% 16.86% 41.86% 22.00% 340.69% 18.690 34.05% 32.0 38.690 34.77% 22.0 3.392 32.028 29.584 34.461 30.083 35.82% 32. Full Load oper.0% 99.5% 90.335 30.0% 110.0% 101.19% 17.561 35.57% 10.43% 45.35% 15.870 35.2% 90.976 29.542 34.61% 19.34% 36.0% 104.894 34.292 31.131 35.16% 17.CCPP Power Plant in Base Load Mode Multiple Sensitivity Analysis F-Class Turbine Titel Electrical Net Power El.34% 12.22% 37.843 31.044 34.0% 100.57% 17.878 29.0% 98.22% 39.04% 15.97% 13.27% 46.821 34.643 30.07% 37.511 34.337 34.690 34.83% 34.455 34.986 35.96% 21.0% 94.16% 17.0% 36.161 35.0% 108.30% 17. net Efficiency Investment Volume Fuel Variable Rev.0% 96. Internal Rate of Return MW h/a % mill.19% 36.24% 44.0 52.0% 106.07% 43.498 36.298 34.690 34. Hours El.0% 106.167 34.57% 21.17% 18.180 30.49% 14.38% 15.24% 47.986 34.97% 8.55% 18.58% 9.65% 37.361 35.0% 100.96% 44.942 33.727 29.0% 98.72% Internal Rate of Return MW h/a % mill.0% 99.0 3.5 35.690 34.0% 13.957 29.00% 50.93% 36.489 30.964 30.16% 15.0% 94.39% 23.

15 3.15 3. EUR X EUR/GJ 12 10 X 12 Y EUR/GJ % 3.38 8 6 4 2 128.33 3.34 33.51 33.07 96.4% 18.51 34.85 4.68 3.3% 17.38 32.54 3.45 71.33 3.50 3.93 8 6 4 2 0 0 2 Fuel Internal Rate of Return Y mill. EUR 3 4 5 6 7 8 9 10 EUR/GJ 2 11 Fuel 3 4 5 6 7 8 9 10 EUR/GJ 11 .50 3.46 34.68 3.68 7.47 3.5% 16.38 8 6 4 2 5.15 3.47 3.54 3.47 3.50 3.47 3.68 3.04 40.15 3.14 -117.54 3.68 3.66 9.69 0 8 6 4 2 0 2 3 4 5 6 7 8 9 Fuel 10 11 EUR/GJ Fuel Pay Off Time Years X EUR/GJ 12 Y Years 2 3 4 5 6 7 8 9 10 EUR/GJ 11 Electricity Production Cost EUR/MWh 12 X Y EUR/GJ EUR/MWh 3.87 37.38 25.83 58.05 8.Fuel Net Present Value mill.8% 10.85 4.21 -0.16 64.17 9.54 3.8% 13.69 34.CCPP Power Plant in Base Load Mode F-Class Turbine Sensitivity Analysis .85 4.57 10 10 3.4% 21.75 12.33 3.0% 10 3.50 3.33 3.85 4.93 35.

54 3.4% 8.85 4.47 3.15 3.50 3. EUR X EUR/GJ 12 mill.47 3.15 3.1% 16.63 -136.33 3.15 3.4% 17.62 9.08 15.91 3.50 3.65 10.53 0 12 Y % 8 3.10 58.43 33.33 3.71 34.33 3.68 3.54 41.26 37.54 3.47 3.15 3.85 4.46 19.24 36.CCPP Power Plant in Base Load Mode E-Class Turbine Sensitivity Analysis .38 6 4 2 116.33 3.31 84.38 . EUR 10 3.50 3.99 35.85 4.90 45.98 7.68 3.38 8 6 4 2 0 2 3 4 5 6 7 8 9 10 EUR/GJ 11 Fuel 2 3 4 5 6 7 8 9 10 EUR/GJ 11 32.54 3.85 4.38 24.3% 15.70 -14.3% 6 4 2 0 2 3 4 5 6 7 8 9 10 EUR/GJ 11 Pay Off Time Years Fuel X EUR/GJ 12 Y Years 10 2 3 4 5 6 7 8 9 10 EUR/GJ 11 Electricity Production Cost EUR/MWh X Y EUR/GJ EUR/MWh 12 10 3.38 8 6 4 2 0 Fuel X EUR/GJ 10 8 Fuel Internal Rate of Return Y 5.50 3.47 3.68 3.7% 20.54 3.5% 12.34 51.73 34.32 11.68 3.Fuel Net Present Value mill.

CCPP Power Plant in Base Load Mode Sensitivity Analysis .Fuel F-Class Turbine E-Class Turbine Net Present Value mill. EUR Internal Rate of Return 12 12 10 10 8 8 6 6 4 4 2 2 0 Fuel 0 2 3 4 5 6 7 8 9 10 EUR/GJ 11 Pay Off Time Years Fuel 3 12 10 10 8 8 6 6 4 4 2 2 0 4 5 6 7 8 9 10 11 10 11 EUR/GJ Electricity Production Cost EUR/MWh 12 Fuel 2 0 2 3 4 5 6 7 8 9 10 EUR/GJ 11 Fuel 2 3 4 5 6 7 8 9 EUR/GJ .

00 2.4% 36.00 0.33 3.00 EUR/GJ 4.00 30.00 20.2% 38. EUR Net Present Value X (A) X (B) EUR/GJ EUR/GJ 20.33 3.85 4.0% % 18.85 4.38 35.Fuel mill.68 3.50 3.68 3.50 3.00 3.33 3.00 1.38 11.50 3.0% 30.25 2.15 3.00 10.76 12.50 3.00 3.70 28.8% 37.85 4.50 4.38 2.47 3.00 0.50 3.50 4.50 3.54 3.33 3.50 1.00 EUR/GJ Pay Off Time Years 0.50 2.50 Electricity Production Cost X (A) X (B) Y EUR/GJ EUR/GJ EUR/MWh 35.15 3.54 3.54 3.67 3.52 14.00 EUR/GJ 4.0% 2.54 3.84 3.00 5.38 2.09 1.00 2.85 4.00 EUR/GJ 4.50 4.59 2.38 14.00 4.68 3.00 0.54 3.27 30.0% 3.02 29.33 3.33 3.50 Fuel X (A) X (B) EUR/GJ EUR/GJ 3.47 3.00 Internal Rate of Return Y mill.0% 20.05 13.50 3.0% 16.54 3.50 3.33 3.33 3.50 3.47 3.50 4.54 3.68 3.00 3.45 2.15 3.47 3.50 3.40 30.50 Fuel 2.00 15.68 3.15 3.85 4.38 40.50 3.42 2.15 3.00 8.00 Fuel 2.00 0.00 3.33 30.93 13.47 3.15 3.38 2.00 50.CCPP Power Plant in Base Load Mode Advantage F over E-Class Sensitivity Analysis .15 3.85 4.5% 39.50 18.85 4.00 3.9% 38.00 Fuel 2.00 6.47 3.9% 2.68 3.50 3.00 2.47 3.00 Y EUR/MWh Years 3.65 30.76 .50 3.7% 42.38 30.54 3.00 10.35 12.00 3.00 4.47 3.68 3.0% 50.00 12.50 3.00 2.68 3. EUR X (A) X (B) Y EUR/GJ EUR/GJ 60.0% 10.38 25.85 4.96 30.15 3.78 2.82 12.

0% 10. EUR/a mill.0% 20.0% 9. Electr.0% 70.1/2009 15 Calc.0% 2.00 1.1 3.424 25 400 Financing Debt Share 1 Annuity Debt interest Rate Start of Debt Service Debt Service Debt Share 2 Annuity Debt interest Rate Start of Debt Service Debt Service 701 + 1 MW 8087.0% 7.00% 1. Tax Depreciation Time Investment [mi EUR] 3.0% 100.1/2007 20 15 ----Date Years ----Date Years 70.5 40 15 20 25 5 1. EUR/a mill.00% 8.1/2002 35.0% 50.10% + 0.00 37.0% 15.00% 6429 kJ/kWh Value 2.0% 1.0% 10.0% 2.0% 0.0% Months after Comm.12/2006 . Hours El. Electrical Net Power El. 35.5 0. Comm.0% 30.0% 20. EUR/a EUR/MWh EUR/GJ EUR/MWh Operating Revenues Fixed Revenues Electricity Other Revenues D Other Revenues E Other Revenues F Variable Rev.0% 20.0% 30.0% 8.0% 50. EUR/a mill.0% 25. 3.) Lifetime from Commiss.5 35.0% Value Incrs. EUR 279463392.0% 08/14/2015 .1% eta No interest during construction Lifetime Hand over (End of Commiss. EUR/a mill.0% 90.0% MW h/a % Operating Costs mill.1 M 3. Personnel Insurance Fixed Maintenance Other Costs A Other Costs B Variable Maintenance Fuel Consumables 10.Evaluation Criteria CCPP Power Plant in Base Load Mode Currency Start Date Period under Review [Years] Discount Rate Date for Present Value Income Tax Rate EUR 1.0% 6.1/2001 22 10.00% 15 Total Months bef.0% mill.0% 0.477 Investment Schedule Date Years Years 1. EUR/a mill.0% 30.6 + 1% NF 56. EUR/a mill.5 3 3.019 8.0% 25.5 4 4.0% ----Years 30% 10.0% 5.5 30 32.5 2 13 Incrs.xls/Eval Cases 5000 500 6000 600 7000 700 8000 800 8000 2 2.0% 35.25 3. Full Load oper.034 1.0% 20.0% 10. EUR/a EUR/MWh Derivation Value 700 8000 91% NCF 56. EUR/a mill. net Efficiency Sensitivities Expected IRR 20% Base Case Power Results -16 -6 -2 -1 1 13 10. Equity Costs Equity Share interest Rate Equity Service 1.5 27. Investment Investment Volume mill.0% 33.

Full Load oper.xls/Eval Table 08/14/2015 .1% Efficiency Sensitivity +1% NCF Sensitivity -1 Month lead time Expected IRR Investment [mi EUR] Income Tax Rate Investment [mi EUR] Electrical Net Power Investment [mi EUR] El. Hours Investment [mi EUR] Fuel Investment [mi EUR] Variable Rev.Evaluation Criteria: Results Variation Sensitivity +1 MW Power Sensitivity +0. Hours Investment [mi EUR] Fuel Investment [mi EUR] Variable Rev. Investment [mi EUR] Debt Share 1 Investment [mi EUR] Debt interest Rate Investment [mi EUR] Variation Expected IRR Investment [mi EUR] Income Tax Rate Investment [mi EUR] Electrical Net Power Investment [mi EUR] El. Electr. Full Load oper. Investment [mi EUR] Lifetime from Commiss. Investment [mi EUR] Debt Share 1 Investment [mi EUR] Debt interest Rate Investment [mi EUR] 279463392. Investment [mi EUR] Lifetime from Commiss. Electr.

Sensitivity +0.1% Efficiency: Expected IRR EU R 12 10 Investment [mi EUR] 8 6 4 2 0 0 2 4 6 8 10 12 Expected IRR 279463392.xls/Eval ETA-IRR 08/14/2015 .