diff --git a/tests/examples/Fervo_Project_Cape-5.out b/tests/examples/Fervo_Project_Cape-5.out new file mode 100644 index 00000000..2ecf816f --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-5.out @@ -0,0 +1,452 @@ + ***************** + ***CASE REPORT*** + ***************** + +Simulation Metadata +---------------------- + GEOPHIRES Version: 3.10.23 + Simulation Date: 2025-12-20 + Simulation Time: 12:28 + Calculation Time: 1.750 sec + + ***SUMMARY OF RESULTS*** + + End-Use Option: Electricity + Average Net Electricity Production: 626.13 MW + Electricity breakeven price: 8.23 cents/kWh + Total CAPEX: 2849.35 MUSD + Number of production wells: 59 + Number of injection wells: 59 + Flowrate per production well: 120.0 kg/sec + Well depth: 2.6 kilometer + Geothermal gradient: 74 degC/km + + + ***ECONOMIC PARAMETERS*** + + Economic Model = SAM Single Owner PPA + Real Discount Rate: 12.00 % + Nominal Discount Rate: 14.58 % + WACC: 8.21 % + Project lifetime: 30 yr + Capacity factor: 90.0 % + Project NPV: 239.47 MUSD + After-tax IRR: 21.74 % + Project VIR=PI=PIR: 1.34 + Project MOIC: 4.31 + Project Payback Period: 6.19 yr + Estimated Jobs Created: 1464 + + ***ENGINEERING PARAMETERS*** + + Number of Production Wells: 59 + Number of Injection Wells: 59 + Well depth: 2.6 kilometer + Water loss rate: 15.0 % + Pump efficiency: 80.0 % + Injection temperature: 56.6 degC + Production Wellbore heat transmission calculated with Ramey's model + Average production well temperature drop: -0.2 degC + Flowrate per production well: 120.0 kg/sec + Injection well casing ID: 7.500 in + Production well casing ID: 8.535 in + Number of times redrilling: 6 + Power plant type: Supercritical ORC + + + ***RESOURCE CHARACTERISTICS*** + + Maximum reservoir temperature: 500.0 degC + Number of segments: 1 + Geothermal gradient: 74 degC/km + + + ***RESERVOIR PARAMETERS*** + + Reservoir Model = Multiple Parallel Fractures Model (Gringarten) + Bottom-hole temperature: 201.72 degC + Fracture model = Circular fracture with known diameter + Well separation: fracture diameter: 186.16 meter + Fracture area: 27218.40 m**2 + Reservoir volume calculated with fracture separation and number of fractures as input + Number of fractures: 11800 + Fracture separation: 7.32 meter + Reservoir volume: 2349211691 m**3 + Reservoir hydrostatic pressure: 24497.62 kPa + Plant outlet pressure: 6894.76 kPa + Production wellhead pressure: 2240.80 kPa + Productivity Index: 2.49 kg/sec/bar + Injectivity Index: 3.02 kg/sec/bar + Reservoir density: 2800.00 kg/m**3 + Reservoir thermal conductivity: 3.05 W/m/K + Reservoir heat capacity: 790.00 J/kg/K + + + ***RESERVOIR SIMULATION RESULTS*** + + Maximum Production Temperature: 199.8 degC + Average Production Temperature: 199.4 degC + Minimum Production Temperature: 196.1 degC + Initial Production Temperature: 198.7 degC + Average Reservoir Heat Extraction: 4229.69 MW + Production Wellbore Heat Transmission Model = Ramey Model + Average Production Well Temperature Drop: -0.2 degC + Average Injection Well Pump Pressure Drop: -378.9 kPa + Average Production Well Pump Pressure Drop: 6106.3 kPa + + + ***CAPITAL COSTS (M$)*** + + Drilling and completion costs: 467.75 MUSD + Drilling and completion costs per well: 3.96 MUSD + Stimulation costs: 284.97 MUSD + Surface power plant costs: 1691.68 MUSD + Field gathering system costs: 50.17 MUSD + Total surface equipment costs: 1741.86 MUSD + Exploration costs: 30.00 MUSD + Overnight Capital Cost: 2524.58 MUSD + Interest during construction: 63.92 MUSD + Inflation costs during construction: 260.86 MUSD + Total CAPEX: 2849.35 MUSD + + + ***OPERATING AND MAINTENANCE COSTS (M$/yr)*** + + Wellfield maintenance costs: 6.15 MUSD/yr + Power plant maintenance costs: 28.30 MUSD/yr + Water costs: 27.88 MUSD/yr + Redrilling costs: 150.54 MUSD/yr + Total operating and maintenance costs: 212.88 MUSD/yr + + + ***SURFACE EQUIPMENT SIMULATION RESULTS*** + + Initial geofluid availability: 0.19 MW/(kg/s) + Maximum Total Electricity Generation: 691.27 MW + Average Total Electricity Generation: 687.54 MW + Minimum Total Electricity Generation: 659.70 MW + Initial Total Electricity Generation: 681.96 MW + Maximum Net Electricity Generation: 629.95 MW + Average Net Electricity Generation: 626.13 MW + Minimum Net Electricity Generation: 597.54 MW + Initial Net Electricity Generation: 620.46 MW + Average Annual Total Electricity Generation: 5420.74 GWh + Average Annual Net Electricity Generation: 4936.61 GWh + Initial pumping power/net installed power: 9.91 % + Average Pumping Power: 61.41 MW + Heat to Power Conversion Efficiency: 14.80 % + + ************************************************************ + * HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * + ************************************************************ + YEAR THERMAL GEOFLUID PUMP NET FIRST LAW + DRAWDOWN TEMPERATURE POWER POWER EFFICIENCY + (degC) (MW) (MW) (%) + 1 1.0000 198.72 61.4992 620.4602 14.7370 + 2 1.0043 199.56 61.4595 627.6975 14.8204 + 3 1.0051 199.72 61.4521 629.0424 14.8358 + 4 1.0055 199.80 61.4485 629.7300 14.8437 + 5 1.0046 199.63 61.4890 628.2307 14.8261 + 6 1.0000 198.72 61.4397 620.5197 14.7384 + 7 1.0043 199.56 61.4182 627.7388 14.8214 + 8 1.0051 199.72 61.3787 629.1158 14.8375 + 9 1.0055 199.80 61.3430 629.8355 14.8461 + 10 1.0046 199.63 61.3681 628.3516 14.8289 + 11 1.0000 198.72 61.3189 620.6405 14.7413 + 12 1.0043 199.56 61.3180 627.8391 14.8237 + 13 1.0051 199.72 61.3181 629.1765 14.8390 + 14 1.0055 199.80 61.3186 629.8600 14.8467 + 15 1.0046 199.63 61.3622 628.3575 14.8291 + 16 1.0000 198.72 61.3188 620.6406 14.7413 + 17 1.0043 199.56 61.3190 627.8380 14.8237 + 18 1.0051 199.72 61.3192 629.1753 14.8389 + 19 1.0055 199.80 61.3197 629.8589 14.8467 + 20 1.0046 199.63 61.3632 628.3565 14.8291 + 21 1.0000 198.72 61.3198 620.6396 14.7412 + 22 1.0043 199.56 61.3199 627.8371 14.8237 + 23 1.0051 199.72 61.3201 629.1744 14.8389 + 24 1.0055 199.80 61.3205 629.8581 14.8467 + 25 1.0046 199.63 61.3640 628.3557 14.8290 + 26 1.0000 198.72 61.3205 620.6389 14.7412 + 27 1.0043 199.56 61.3206 627.8364 14.8237 + 28 1.0051 199.72 61.3207 629.1738 14.8389 + 29 1.0055 199.80 61.3211 629.8574 14.8467 + 30 1.0046 199.63 61.3645 628.3551 14.8290 + + + ******************************************************************* + * ANNUAL HEATING, COOLING AND/OR ELECTRICITY PRODUCTION PROFILE * + ******************************************************************* + YEAR ELECTRICITY HEAT RESERVOIR PERCENTAGE OF + PROVIDED EXTRACTED HEAT CONTENT TOTAL HEAT MINED + (GWh/year) (GWh/year) (10^15 J) (%) + 1 4930.0 33326.6 634.13 15.91 + 2 4954.8 33412.6 513.84 31.86 + 3 4962.3 33438.7 393.47 47.82 + 4 4963.2 33441.9 273.07 63.79 + 5 4867.6 33114.7 153.86 79.60 + 6 4930.4 33326.6 33.89 95.51 + 7 4955.2 33412.6 -86.40 111.46 + 8 4963.1 33438.7 -206.78 127.42 + 9 4964.1 33441.9 -327.17 143.39 + 10 4868.6 33114.7 -446.38 159.19 + 11 4931.2 33326.6 -566.36 175.10 + 12 4955.9 33412.6 -686.64 191.05 + 13 4963.4 33438.7 -807.02 207.02 + 14 4964.2 33441.9 -927.41 222.98 + 15 4868.6 33114.7 -1046.63 238.79 + 16 4931.2 33326.6 -1166.60 254.70 + 17 4955.9 33412.6 -1286.89 270.65 + 18 4963.4 33438.7 -1407.27 286.61 + 19 4964.2 33441.9 -1527.66 302.58 + 20 4868.6 33114.7 -1646.87 318.39 + 21 4931.2 33326.6 -1766.85 334.30 + 22 4955.9 33412.6 -1887.13 350.25 + 23 4963.4 33438.7 -2007.51 366.21 + 24 4964.2 33441.9 -2127.90 382.18 + 25 4868.6 33114.7 -2247.11 397.98 + 26 4931.2 33326.6 -2367.09 413.89 + 27 4955.9 33412.6 -2487.38 429.84 + 28 4963.4 33438.7 -2607.75 445.81 + 29 4964.2 33441.9 -2728.15 461.77 + 30 4874.6 33135.6 -2847.43 477.59 + + *************************** + * SAM CASH FLOW PROFILE * + *************************** +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- + Year -4 Year -3 Year -2 Year -1 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 Year 21 Year 22 Year 23 Year 24 Year 25 Year 26 Year 27 Year 28 Year 29 Year 30 +CONSTRUCTION +Capital expenditure schedule [construction] (%) 1.40 2.70 13.70 27.40 54.80 +Overnight capital expenditure [construction] ($) -35,344,054 -68,163,532 -345,866,810 -691,733,620 -1,383,467,240 +plus: +Inflation cost [construction] ($) -812,913 -3,171,581 -24,417,909 -65,868,914 -166,587,545 +equals: +Nominal capital expenditure [construction] ($) -36,156,967 -71,335,113 -370,284,719 -757,602,534 -1,550,054,785 + +Issuance of equity [construction] ($) 14,462,787 28,534,045 148,113,887 303,041,014 620,021,914 +Issuance of debt [construction] ($) 21,694,180 42,801,068 222,170,831 454,561,521 930,032,871 +Debt balance [construction] ($) 21,694,180 65,710,122 291,560,720 762,449,641 1,735,179,692 +Debt interest payment [construction] ($) 0 1,214,874 3,679,767 16,327,400 42,697,180 + +Installed cost [construction] ($) -36,156,967 -72,549,987 -373,964,485 -773,929,935 -1,592,751,965 +After-tax net cash flow [construction] ($) -14,462,787 -28,534,045 -148,113,887 -303,041,014 -620,021,914 + +ENERGY +Electricity to grid (kWh) 0.0 4,932,088,492 4,956,873,295 4,964,409,798 4,965,258,571 4,869,655,941 4,932,418,181 4,957,315,306 4,965,123,852 4,966,162,947 4,870,611,239 4,933,305,509 4,957,956,395 4,965,449,940 4,966,271,427 4,870,629,445 4,933,300,188 4,957,947,299 4,965,440,874 4,966,263,000 4,870,621,763 4,933,292,971 4,957,940,483 4,965,434,401 4,966,256,864 4,870,616,016 4,933,287,492 4,957,935,296 4,965,429,470 4,966,252,159 4,876,619,392 +Electricity from grid (kWh) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 +Electricity to grid net (kWh) 0.0 4,932,088,492 4,956,873,295 4,964,409,798 4,965,258,571 4,869,655,941 4,932,418,181 4,957,315,306 4,965,123,852 4,966,162,947 4,870,611,239 4,933,305,509 4,957,956,395 4,965,449,940 4,966,271,427 4,870,629,445 4,933,300,188 4,957,947,299 4,965,440,874 4,966,263,000 4,870,621,763 4,933,292,971 4,957,940,483 4,965,434,401 4,966,256,864 4,870,616,016 4,933,287,492 4,957,935,296 4,965,429,470 4,966,252,159 4,876,619,392 + +REVENUE +PPA price (cents/kWh) 0.0 9.50 9.50 9.56 9.61 9.67 9.73 9.79 9.84 9.90 9.96 10.01 10.07 10.13 10.18 10.24 10.30 10.36 10.41 10.47 10.53 10.58 10.64 10.70 10.75 10.81 10.87 10.93 10.98 11.04 11.10 +PPA revenue ($) 0 468,548,407 470,902,963 474,448,644 477,359,959 470,944,426 479,825,641 485,073,303 488,667,489 491,600,470 484,918,055 493,971,881 499,266,209 502,851,115 505,765,082 498,801,162 508,031,253 513,395,443 517,001,704 519,918,073 512,681,647 522,090,395 527,524,867 531,152,518 534,071,263 526,562,297 536,149,685 541,654,431 545,303,464 548,224,576 541,109,688 +Curtailment payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Capacity payment revenue ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Salvage value ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,424,676,669 +Total revenue ($) 0 468,548,407 470,902,963 474,448,644 477,359,959 470,944,426 479,825,641 485,073,303 488,667,489 491,600,470 484,918,055 493,971,881 499,266,209 502,851,115 505,765,082 498,801,162 508,031,253 513,395,443 517,001,704 519,918,073 512,681,647 522,090,395 527,524,867 531,152,518 534,071,263 526,562,297 536,149,685 541,654,431 545,303,464 548,224,576 1,965,786,357 + +Property tax net assessed value ($) 0 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 2,849,353,339 + +OPERATING EXPENSES +O&M fixed expense ($) 0 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 +O&M production-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +O&M capacity-based expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Fuel expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Electricity purchase ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Property tax expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Insurance expense ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total operating expenses ($) 0 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 212,881,742 + +EBITDA ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 + +OPERATING ACTIVITIES +EBITDA ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +plus PBI if not available for debt service: +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Debt interest payment ($) 0 97,170,063 95,851,749 94,459,610 92,989,512 91,437,087 89,797,727 88,066,563 86,238,454 84,307,970 82,269,379 80,116,628 77,843,322 75,442,711 72,907,666 70,230,658 67,403,738 64,418,511 61,266,110 57,937,176 54,421,821 50,709,606 46,789,507 42,649,882 38,278,438 33,662,194 28,787,440 23,639,700 18,203,686 12,463,255 6,401,361 +Cash flow from operating activities ($) 0 158,496,602 162,169,471 167,107,292 171,488,705 166,625,596 177,146,171 184,124,997 189,547,293 194,410,758 189,766,933 200,973,510 208,541,145 214,526,662 219,975,674 215,688,761 227,745,773 236,095,190 242,853,851 249,099,155 245,378,084 258,499,047 267,853,619 275,620,894 282,911,082 280,018,361 294,480,502 305,132,989 314,218,036 322,879,578 1,746,503,254 + +INVESTING ACTIVITIES +Total installed cost ($) -2,849,353,339 +Debt closing costs ($) 0 +Debt up-front fee ($) 0 +minus: +Total IBI income ($) 0 +Total CBI income ($) 0 +equals: +Purchase of property ($) -2,849,353,339 +plus: +Reserve (increase)/decrease debt service ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease working capital ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease receivables ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve (increase)/decrease major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 1 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 2 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserve capital spending major equipment 3 ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash flow from investing activities ($) -2,849,353,339 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +FINANCING ACTIVITIES +Issuance of equity ($) 1,114,173,647 +Size of debt ($) 1,735,179,692 +minus: +Debt principal payment ($) 0 23,541,311 24,859,625 26,251,764 27,721,862 29,274,287 30,913,647 32,644,811 34,472,920 36,403,404 38,441,994 40,594,746 42,868,052 45,268,663 47,803,708 50,480,715 53,307,636 56,292,863 59,445,263 62,774,198 66,289,553 70,001,768 73,921,867 78,061,492 82,432,935 87,049,180 91,923,934 97,071,674 102,507,688 108,248,118 114,310,013 +equals: +Cash flow from financing activities ($) 2,849,353,339 -23,541,311 -24,859,625 -26,251,764 -27,721,862 -29,274,287 -30,913,647 -32,644,811 -34,472,920 -36,403,404 -38,441,994 -40,594,746 -42,868,052 -45,268,663 -47,803,708 -50,480,715 -53,307,636 -56,292,863 -59,445,263 -62,774,198 -66,289,553 -70,001,768 -73,921,867 -78,061,492 -82,432,935 -87,049,180 -91,923,934 -97,071,674 -102,507,688 -108,248,118 -114,310,013 + +PROJECT RETURNS +Pre-tax Cash Flow: +Cash flow from operating activities ($) 0 158,496,602 162,169,471 167,107,292 171,488,705 166,625,596 177,146,171 184,124,997 189,547,293 194,410,758 189,766,933 200,973,510 208,541,145 214,526,662 219,975,674 215,688,761 227,745,773 236,095,190 242,853,851 249,099,155 245,378,084 258,499,047 267,853,619 275,620,894 282,911,082 280,018,361 294,480,502 305,132,989 314,218,036 322,879,578 1,746,503,254 +Cash flow from investing activities ($) -2,849,353,339 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Cash flow from financing activities ($) 2,849,353,339 -23,541,311 -24,859,625 -26,251,764 -27,721,862 -29,274,287 -30,913,647 -32,644,811 -34,472,920 -36,403,404 -38,441,994 -40,594,746 -42,868,052 -45,268,663 -47,803,708 -50,480,715 -53,307,636 -56,292,863 -59,445,263 -62,774,198 -66,289,553 -70,001,768 -73,921,867 -78,061,492 -82,432,935 -87,049,180 -91,923,934 -97,071,674 -102,507,688 -108,248,118 -114,310,013 +Total pre-tax cash flow ($) 0 134,955,290 137,309,847 140,855,528 143,766,843 137,351,310 146,232,524 151,480,186 155,074,373 158,007,354 151,324,939 160,378,764 165,673,093 169,257,999 172,171,966 165,208,045 174,438,137 179,802,327 183,408,588 186,324,957 179,088,531 188,497,279 193,931,751 197,559,402 200,478,147 192,969,181 202,556,568 208,061,315 211,710,348 214,631,460 1,632,193,241 + +Pre-tax Returns: +Issuance of equity ($) 1,114,173,647 +Total pre-tax cash flow ($) 0 134,955,290 137,309,847 140,855,528 143,766,843 137,351,310 146,232,524 151,480,186 155,074,373 158,007,354 151,324,939 160,378,764 165,673,093 169,257,999 172,171,966 165,208,045 174,438,137 179,802,327 183,408,588 186,324,957 179,088,531 188,497,279 193,931,751 197,559,402 200,478,147 192,969,181 202,556,568 208,061,315 211,710,348 214,631,460 1,632,193,241 +Total pre-tax returns ($) -1,114,173,647 134,955,290 137,309,847 140,855,528 143,766,843 137,351,310 146,232,524 151,480,186 155,074,373 158,007,354 151,324,939 160,378,764 165,673,093 169,257,999 172,171,966 165,208,045 174,438,137 179,802,327 183,408,588 186,324,957 179,088,531 188,497,279 193,931,751 197,559,402 200,478,147 192,969,181 202,556,568 208,061,315 211,710,348 214,631,460 1,632,193,241 + +After-tax Returns: +Total pre-tax returns ($) -1,114,173,647 134,955,290 137,309,847 140,855,528 143,766,843 137,351,310 146,232,524 151,480,186 155,074,373 158,007,354 151,324,939 160,378,764 165,673,093 169,257,999 172,171,966 165,208,045 174,438,137 179,802,327 183,408,588 186,324,957 179,088,531 188,497,279 193,931,751 197,559,402 200,478,147 192,969,181 202,556,568 208,061,315 211,710,348 214,631,460 1,632,193,241 +Federal ITC total income ($) 0 854,806,002 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal tax benefit (liability) ($) 0 -19,129,214 -8,021,353 -8,985,709 -9,841,399 -8,891,634 -10,946,302 -12,309,267 -13,368,241 -14,318,076 -13,411,137 -15,599,782 -17,077,740 -18,246,712 -19,310,904 -18,473,670 -20,828,404 -22,459,046 -23,779,012 -24,998,720 -24,271,995 -38,659,691 -52,311,812 -53,828,761 -55,252,534 -54,687,586 -57,512,042 -59,592,473 -61,366,782 -63,058,382 -341,092,085 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -6,856,349 -2,875,037 -3,220,684 -3,527,383 -3,186,966 -3,923,406 -4,411,924 -4,791,484 -5,131,927 -4,806,859 -5,591,320 -6,121,054 -6,540,040 -6,921,471 -6,621,387 -7,465,378 -8,049,837 -8,522,943 -8,960,115 -8,699,640 -13,856,520 -18,749,753 -19,293,463 -19,803,776 -19,601,285 -20,613,635 -21,359,309 -21,995,263 -22,601,570 -122,255,228 +Total after-tax returns ($) -1,114,173,647 963,775,729 126,413,457 128,649,135 130,398,061 125,272,710 131,362,816 134,758,996 136,914,648 138,557,351 133,106,943 139,187,663 142,474,298 144,471,247 145,939,591 140,112,988 146,144,355 149,293,444 151,106,632 152,366,122 146,116,896 135,981,067 122,870,186 124,437,179 125,421,837 118,680,310 124,430,891 127,109,533 128,348,303 128,971,508 1,168,845,928 + +After-tax net cash flow ($) -14,462,787 -28,534,045 -148,113,887 -303,041,014 -620,021,914 963,775,729 126,413,457 128,649,135 130,398,061 125,272,710 131,362,816 134,758,996 136,914,648 138,557,351 133,106,943 139,187,663 142,474,298 144,471,247 145,939,591 140,112,988 146,144,355 149,293,444 151,106,632 152,366,122 146,116,896 135,981,067 122,870,186 124,437,179 125,421,837 118,680,310 124,430,891 127,109,533 128,348,303 128,971,508 1,168,845,928 +After-tax cumulative IRR (%) NaN NaN NaN NaN NaN -8.50 -1.22 4.61 8.94 11.95 14.24 15.96 17.25 18.23 18.94 19.52 19.97 20.33 20.61 20.82 21.00 21.15 21.26 21.36 21.43 21.49 21.53 21.56 21.59 21.61 21.63 21.64 21.66 21.67 21.74 +After-tax cumulative NPV ($) -14,462,787 -39,366,820 -152,192,632 -353,667,296 -713,443,483 -225,344,724 -169,467,944 -119,837,144 -75,931,345 -39,117,298 -5,424,593 24,742,089 51,492,228 75,119,416 94,929,646 113,009,541 129,161,977 143,457,145 156,060,533 166,621,384 176,235,490 184,807,328 192,379,546 199,043,536 204,621,204 209,151,609 212,724,432 215,882,499 218,660,618 220,954,984 223,054,496 224,926,362 226,576,017 228,022,799 239,466,670 + +AFTER-TAX LCOE AND PPA PRICE +Annual costs ($) -1,114,173,647 495,227,323 -344,489,506 -345,799,509 -346,961,898 -345,671,716 -348,462,824 -350,314,307 -351,752,842 -353,043,119 -351,811,112 -354,784,217 -356,791,911 -358,379,868 -359,825,491 -358,688,173 -361,886,898 -364,101,999 -365,895,072 -367,551,951 -366,564,751 -386,109,328 -404,654,681 -406,715,339 -408,649,426 -407,881,987 -411,718,793 -414,544,898 -416,955,161 -419,253,068 627,736,240 +PPA revenue ($) 0 468,548,407 470,902,963 474,448,644 477,359,959 470,944,426 479,825,641 485,073,303 488,667,489 491,600,470 484,918,055 493,971,881 499,266,209 502,851,115 505,765,082 498,801,162 508,031,253 513,395,443 517,001,704 519,918,073 512,681,647 522,090,395 527,524,867 531,152,518 534,071,263 526,562,297 536,149,685 541,654,431 545,303,464 548,224,576 541,109,688 +Electricity to grid (kWh) 0.0 4,932,088,492 4,956,873,295 4,964,409,798 4,965,258,571 4,869,655,941 4,932,418,181 4,957,315,306 4,965,123,852 4,966,162,947 4,870,611,239 4,933,305,509 4,957,956,395 4,965,449,940 4,966,271,427 4,870,629,445 4,933,300,188 4,957,947,299 4,965,440,874 4,966,263,000 4,870,621,763 4,933,292,971 4,957,940,483 4,965,434,401 4,966,256,864 4,870,616,016 4,933,287,492 4,957,935,296 4,965,429,470 4,966,252,159 4,876,619,392 + +Present value of annual costs ($) 2,741,774,551 +Present value of annual energy nominal (kWh) 33,324,825,705 +LCOE Levelized cost of energy nominal (cents/kWh) 8.23 + +Present value of PPA revenue ($) 3,269,802,916 +Present value of annual energy nominal (kWh) 33,324,825,705 +LPPA Levelized PPA price nominal (cents/kWh) 9.81 + +PROJECT STATE INCOME TAXES +EBITDA ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +State taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State taxable IBI income ($) 0 +State taxable CBI income ($) 0 +minus: +Debt interest payment ($) 0 97,170,063 95,851,749 94,459,610 92,989,512 91,437,087 89,797,727 88,066,563 86,238,454 84,307,970 82,269,379 80,116,628 77,843,322 75,442,711 72,907,666 70,230,658 67,403,738 64,418,511 61,266,110 57,937,176 54,421,821 50,709,606 46,789,507 42,649,882 38,278,438 33,662,194 28,787,440 23,639,700 18,203,686 12,463,255 6,401,361 +Total state tax depreciation ($) 0 60,548,758 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 60,548,758 0 0 0 0 0 0 0 0 0 +equals: +State taxable income ($) 0 97,947,843 41,071,954 46,009,775 50,391,188 45,528,080 56,048,654 63,027,480 68,449,777 73,313,241 68,669,416 79,875,994 87,443,628 93,429,145 98,878,157 94,591,244 106,648,256 114,997,673 121,756,334 128,001,639 124,280,567 197,950,289 267,853,619 275,620,894 282,911,082 280,018,361 294,480,502 305,132,989 314,218,036 322,879,578 1,746,503,254 + +State income tax rate (frac) 0.0 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 +State tax benefit (liability) ($) 0 -6,856,349 -2,875,037 -3,220,684 -3,527,383 -3,186,966 -3,923,406 -4,411,924 -4,791,484 -5,131,927 -4,806,859 -5,591,320 -6,121,054 -6,540,040 -6,921,471 -6,621,387 -7,465,378 -8,049,837 -8,522,943 -8,960,115 -8,699,640 -13,856,520 -18,749,753 -19,293,463 -19,803,776 -19,601,285 -20,613,635 -21,359,309 -21,995,263 -22,601,570 -122,255,228 + +PROJECT FEDERAL INCOME TAXES +EBITDA ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State tax benefit (liability) ($) 0 -6,856,349 -2,875,037 -3,220,684 -3,527,383 -3,186,966 -3,923,406 -4,411,924 -4,791,484 -5,131,927 -4,806,859 -5,591,320 -6,121,054 -6,540,040 -6,921,471 -6,621,387 -7,465,378 -8,049,837 -8,522,943 -8,960,115 -8,699,640 -13,856,520 -18,749,753 -19,293,463 -19,803,776 -19,601,285 -20,613,635 -21,359,309 -21,995,263 -22,601,570 -122,255,228 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal taxable IBI income ($) 0 +Federal taxable CBI income ($) 0 +Federal taxable PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +minus: +Debt interest payment ($) 0 97,170,063 95,851,749 94,459,610 92,989,512 91,437,087 89,797,727 88,066,563 86,238,454 84,307,970 82,269,379 80,116,628 77,843,322 75,442,711 72,907,666 70,230,658 67,403,738 64,418,511 61,266,110 57,937,176 54,421,821 50,709,606 46,789,507 42,649,882 38,278,438 33,662,194 28,787,440 23,639,700 18,203,686 12,463,255 6,401,361 +Total federal tax depreciation ($) 0 60,548,758 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 121,097,517 60,548,758 0 0 0 0 0 0 0 0 0 +equals: +Federal taxable income ($) 0 91,091,494 38,196,918 42,789,091 46,863,805 42,341,114 52,125,248 58,615,557 63,658,292 68,181,314 63,862,557 74,284,674 81,322,574 86,889,105 91,956,686 87,969,857 99,182,878 106,947,836 113,233,391 119,041,524 115,580,927 184,093,769 249,103,865 256,327,431 263,107,307 260,417,076 273,866,867 283,773,680 292,222,774 300,278,008 1,624,248,026 + +Federal income tax rate (frac) 0.0 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 0.21 +Federal tax benefit (liability) ($) 0 -19,129,214 -8,021,353 -8,985,709 -9,841,399 -8,891,634 -10,946,302 -12,309,267 -13,368,241 -14,318,076 -13,411,137 -15,599,782 -17,077,740 -18,246,712 -19,310,904 -18,473,670 -20,828,404 -22,459,046 -23,779,012 -24,998,720 -24,271,995 -38,659,691 -52,311,812 -53,828,761 -55,252,534 -54,687,586 -57,512,042 -59,592,473 -61,366,782 -63,058,382 -341,092,085 + +CASH INCENTIVES +Federal IBI income ($) 0 +State IBI income ($) 0 +Utility IBI income ($) 0 +Other IBI income ($) 0 +Total IBI income ($) 0 + +Federal CBI income ($) 0 +State CBI income ($) 0 +Utility CBI income ($) 0 +Other CBI income ($) 0 +Total CBI income ($) 0 + +Federal PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Utility PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Other PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Total PBI income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +TAX CREDITS +Federal PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State PTC income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Federal ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC percent income ($) 0 854,806,002 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Federal ITC total income ($) 0 854,806,002 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +State ITC amount income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC percent income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +State ITC total income ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +DEBT REPAYMENT +Debt balance ($) 1,735,179,692 1,711,638,380 1,686,778,756 1,660,526,992 1,632,805,130 1,603,530,844 1,572,617,197 1,539,972,386 1,505,499,466 1,469,096,062 1,430,654,068 1,390,059,322 1,347,191,270 1,301,922,607 1,254,118,899 1,203,638,184 1,150,330,548 1,094,037,685 1,034,592,422 971,818,224 905,528,670 835,526,902 761,605,035 683,543,543 601,110,607 514,061,428 422,137,494 325,065,820 222,558,132 114,310,013 0 +Debt interest payment ($) 0 97,170,063 95,851,749 94,459,610 92,989,512 91,437,087 89,797,727 88,066,563 86,238,454 84,307,970 82,269,379 80,116,628 77,843,322 75,442,711 72,907,666 70,230,658 67,403,738 64,418,511 61,266,110 57,937,176 54,421,821 50,709,606 46,789,507 42,649,882 38,278,438 33,662,194 28,787,440 23,639,700 18,203,686 12,463,255 6,401,361 +Debt principal payment ($) 0 23,541,311 24,859,625 26,251,764 27,721,862 29,274,287 30,913,647 32,644,811 34,472,920 36,403,404 38,441,994 40,594,746 42,868,052 45,268,663 47,803,708 50,480,715 53,307,636 56,292,863 59,445,263 62,774,198 66,289,553 70,001,768 73,921,867 78,061,492 82,432,935 87,049,180 91,923,934 97,071,674 102,507,688 108,248,118 114,310,013 +Debt total payment ($) 0 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 + +DSCR (DEBT FRACTION) +EBITDA ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +minus: +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +equals: +Cash available for debt service (CAFDS) ($) 0 255,666,664 258,021,221 261,566,902 264,478,217 258,062,684 266,943,898 272,191,560 275,785,747 278,718,728 272,036,313 281,090,138 286,384,467 289,969,373 292,883,340 285,919,419 295,149,511 300,513,700 304,119,961 307,036,331 299,799,904 309,208,653 314,643,125 318,270,775 321,189,521 313,680,555 323,267,942 328,772,689 332,421,722 335,342,833 1,752,904,615 +Debt total payment ($) 0 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 120,711,374 +DSCR (pre-tax) 0.0 2.12 2.14 2.17 2.19 2.14 2.21 2.25 2.28 2.31 2.25 2.33 2.37 2.40 2.43 2.37 2.45 2.49 2.52 2.54 2.48 2.56 2.61 2.64 2.66 2.60 2.68 2.72 2.75 2.78 14.52 + +RESERVES +Reserves working capital funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves working capital balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves debt service funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves debt service balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves receivables funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves receivables balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 1 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 1 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 2 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 2 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves major equipment 3 funding ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 disbursement ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Reserves major equipment 3 balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 + +Reserves total reserves balance ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +Interest on reserves (%/year) 1.75 +Interest earned on reserves ($) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 +--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- diff --git a/tests/examples/Fervo_Project_Cape-5.txt b/tests/examples/Fervo_Project_Cape-5.txt new file mode 100644 index 00000000..0a926be2 --- /dev/null +++ b/tests/examples/Fervo_Project_Cape-5.txt @@ -0,0 +1,85 @@ +# Case Study: 500 MWe EGS Project Modeled on Fervo Cape Station: Multiple Construction Years + +# *** ECONOMIC/FINANCIAL PARAMETERS *** +# ************************************* +Economic Model, 5, -- SAM Single Owner PPA + +Starting Electricity Sale Price, 0.095, -- Upper end of ranges given in https://atb.nrel.gov/electricity/2024/geothermal +Electricity Escalation Rate Per Year, 0.00057, -- calibrated to reach 10 cents/kWh at project year 11 +Ending Electricity Sale Price, 0.15, -- Note that this value does not directly determine price at the end of the project life, but rather as a cap as the maximum price to which the starting price can escalate. +Electricity Escalation Start Year, 1 + +Discount Rate, 0.12 +Fraction of Investment in Bonds, .6, -- Based on fraction of CAPEX with $1 billion in sponsor equity per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ +Inflated Bond Interest Rate, .056 + +Inflation Rate, .023, -- US inflation as of April 2025 +Construction Years, 5, 2023-2028 +Construction CAPEX Schedule, 0.014,0.027,0.137,0.274,0.548 + +Combined Income Tax Rate, .28 +Investment Tax Credit Rate, 0.3 +Property Tax Rate, 0 + +Capital Cost for Power Plant for Electricity Generation, 1900, -- https://betterbuildingssolutioncenter.energy.gov/sites/default/files/attachments/Waste_Heat_to_Power_Fact_Sheet.pdf +Exploration Capital Cost, 30, -- Estimate significantly higher exploration costs than default correlation in consideration of potential risks associated with second/third/fourth-of-a-kind EGS projects + +Well Drilling Cost Correlation, 3, -- VERTICAL_LARGE (2025 NREL Geothermal Drilling Cost Curve Update) +Well Drilling and Completion Capital Cost Adjustment Factor, 0.8, -- Adjust correlation-calculated value of $4.72M/well to $3.96M/well per Tim Latimer on 2025-02-12 Volts podcast: less than $4M/well + +Reservoir Stimulation Capital Cost per Injection Well, 4 + +Field Gathering System Capital Cost Adjustment Factor, 0.54, -- Gathering costs represent 2% of facilities CAPEX per https://www.linkedin.com/pulse/fervo-energy-technology-day-2024-entering-geothermal-decade-matson-n4stc/ + +# *** SURFACE & SUBSURFACE TECHNICAL PARAMETERS *** +# ************************************************* +End-Use Option, 1, -- Electricity +Power Plant Type, 2, -- Supercritical ORC +Plant Lifetime, 30, -- Per https://fervoenergy.com/geothermal-mythbusting-water-use-and-impacts/ + +Reservoir Model, 1, -- Multiple Parallel Fractures +Reservoir Depth, 2.5908, -- 8500 feet per https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf + +Gradient 1, 74, -- temperature at 8500 ft: 200 degC (https://pangea.stanford.edu/ERE/db/GeoConf/papers/SGW/2024/Fercho.pdf); 228.89 degC @ 9824 ft (https://doi.org/10.31223/X5VH8C) +Number of Segments, 1 + +Reservoir Density, 2800, -- per https://doi.org/10.31223/X52X0B: phyllite + quartzite + diorite + granodiorite +Reservoir Heat Capacity, 790 +Reservoir Thermal Conductivity, 3.05 +Reservoir Porosity, 0.0118 +Injectivity Index, 3.015, -- [kg/s/bar] NREL ATB conservative scenario (https://atb.nrel.gov/electricity/2024/geothermal) +Productivity Index, 2.494, -- [kg/s/bar] NREL ATB conservative scenario (https://atb.nrel.gov/electricity/2024/geothermal) + +Reservoir Volume Option, 1, -- FRAC_NUM_SEP: Reservoir volume calculated with fracture separation and number of fractures as input +Number of Fractures per Stimulated Well, 200 +Fracture Separation, 7.315 +Fracture Shape, 2, -- CIRCULAR_DIAMETER +Fracture Height, 186.16 +Number of Doublets, 59 + +Production Flow Rate per Well, 120, -- Tested flow rate +Production Well Diameter, 8.535, -- Inner diameter for 9-5/8" casing size +Injection Well Diameter, 7.5 +Ramey Production Wellbore Model, 1 +Injection Temperature, 53.6, -- GEOPHIRES model-calculated reinjection temperature +Injection Wellbore Temperature Gain, 3 +Ambient Temperature, 10, -- degC +Surface Temperature, 10, -- degC + +Maximum Drawdown, 0.0153, -- Drawdown value that prevents minimum net electricity generation from going below 500 MWe +Water Loss Fraction, 0.15, -- Estimated to be between 10 and 20% + +Utilization Factor, .9 +Plant Outlet Pressure, 1000 psi, -- https://doi.org/10.31223/X5VH8C +Production Wellhead Pressure, 325 psi, -- https://doi.org/10.31223/X5VH8C +Circulation Pump Efficiency, 0.80 + +Well Geometry Configuration, 4, -- L +Number of Multilateral Sections, 0, -- This parameter is set to 0 because, for this case study, the cost of horizontal drilling (which would otherwise account for approximately 118 multilateral sections) is included within the 'vertical drilling cost.' This approach allows us to more directly convey the overall well drilling and completion cost, which is under $4 million. +Nonvertical Length per Multilateral Section, 4800 feet, -- Fervo presentation at Payne Institute, Dec 2, 2025 +Multilaterals Cased, True + +# *** SIMULATION PARAMETERS *** +# ***************************** +Maximum Temperature, 500 +Time steps per year, 12