Topic:"Financial Instruments" in M03632

Table 1. Summary of Key Information from Modeling ($2012) W in d 5 0 k W ≤ W in d >5 0 k W B iom C H P as s Hy dr o T i da l S ( ) Pr j t ize M W o ec 0. 0 5 1. 5 2. 1 1 0. 5 $ Ca i ta l Co t ( ) p s $ 3 2 1, 6 7 4 $ 3, 7 7 9, 5 5 3 $ 8, 0...

AI summary Table 1 summarizes key information from modeling in 2012, including project sizes, capital costs, and financial metrics for various energy technologies such as wind, biomass CHP, hydro, and tidal. The table highlights differences in capital costs, revenue, and rates for each technology, with specific notes on biomass CHP calculations and COMFIT rates.

03-01-2011 Nov a S ia C OM FIT Mo del cot Win d ≤ 50 kW Ca sh Flo w W ork she Top et: Syn e E aps xhi bit I h O Majo r Ma inte ce R Fun ded Thr tion nan ese rve oug pera s Beg innin g Ba lanc e Fun ding Rele of F und ase s End ing Bala nce...

AI summary The text presents a table with headings related to financial and maintenance information, including terms such as 'Major Maintenance Funded Through Reserves,' 'Beginning Balance,' 'Funding Release,' and 'Ending Balance.' It also includes terms like 'Major Maintenance Costs' and 'Occurrence' for different events. The table appears to be related to financial planning and budgeting for maintenance activities.

Large Wind (Over 50 kW) Assumptions Notes: General Inflation Factor (revenue and expenses) 1 92% From NSPI 2009 IRP Update Capital Costs (Uses of Funds) 1.0270 Trom Nor 1 2000 INT Opudio Development $500,000 Equipment & Installation $2,565...

AI summary The document outlines the assumptions and financial details for a large wind project over 50 kW, including capital costs, financing structure, debt terms, and tax depreciation allocation. It provides a breakdown of project costs, reserve account sizing, and the capital structure with a 50% debt and 50% equity split.

Total Nov a S ia C OM FIT Mod el cot Lar Win d C ge ash Flo w W ork she et: Top Syn aps e E xhi bit J Ope ratin g Ye ar 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Gen ion (MW h) erat 4,07 3 4,07 3 4,07 3 4,07 3 4,07 3 4,07 3 4,07...

AI summary The text presents a table with a model related to Nova Scotia Power and a wind generation capacity in megawatt-hours (MWh) over a 20-year period, with consistent generation of 4,073 MWh each year. The table also includes a partial income statement and a standard offer price per MWh, though no specific figures are provided for these sections.

Scenarios in $2012 Va lue fo r S On ly tea m- Gr s V alu e f CH P os or Ne t V alu e f CH P or Steam energy 117852.1344 Electric Energy 43115 Fuel Use 313045 Biomass CHP ( (condensinc ı turbine: : new boiler in steam-onl v scenario in vear...

AI summary The document presents a table with various financial and operational data related to energy scenarios in 2012, including steam energy, electric energy, fuel use, and biomass CHP. It includes assumptions such as general inflation factors, capital costs, reserves, financing details, and project cost calculations, all net of a steam-only scenario.

Synapse Exhibit L Assumptions: Notes: Ope ratin g Ye ar 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Deb t Loan Bal ance Inter est Prin cipa l Ann ual p ent aym 2,67 0,00 0 8.00 % (2,00 9,02 3) (2,67 0,00 0) 2,57 1,66 5 (213 ,600 )...

AI summary The table presents assumptions related to debt loan balances, interest, principal, and annual payments over a 20-year period, starting with a loan balance of $2,670,000 and an interest rate of 8%. It outlines the gradual decrease in loan balance and the distribution of payments between interest and principal over time.

Table 8 Financial Summary FINANCIAL SUMMARY Annual Electricity Exported 52.552 106 kWh Annual Steam Exported 95,309 106 BTU Annual Fuel Imported 89,672 Tonne (Green) Total Investment 36,818 k CDN Electricity Sale Price 0.213 $/kWh Fuel Pri...

AI summary The financial summary outlines key metrics such as electricity and steam exports, fuel imports, investment, and pricing. It suggests that a cogeneration option may be feasible if electricity can be sold at 0.213"]/kWh.

100.0% Total annual revenue - amount in A/R at end of year 50 8.3% 4 Capital Costs Non depreciable Depreciable 0 36,818,040 Total 36,818,040 Depreciation Rates - Straight line - years 30.0 Capital Additions Year -Depreciation on capital ad...

AI summary The text presents a detailed breakdown of financial and capital-related data, including total annual revenue, capital costs, depreciation rates, financing structures, debt terms, and corporate tax rates. It outlines the distribution of capital costs between debt and equity, interest rates on loans, and the timeline for debt repayment.

NOTE: Green Fields are the assumptions differences which we believe to bee more reasonable. TEMPLATE COMPARISON TO CBCL ST> FX BIOMASS REPORT CBCL MODEL CBEX MODEL EXHIBIT-B-5 Assumptions Annual Electricity Sold Annual Steam Sold Annual Fu...

AI summary The text presents a comparison between the CBCL model and the CBEX model, focusing on assumptions related to annual electricity and steam sold, fuel prices, investment, inflation rates, debt/equity ratios, and return on equity. Green fields are noted as assumptions that are considered more reasonable.

1. The text above is taken from an email of February 9, 2011 from Synapse to Jonathan Barry of Seaforth Energy which included a Word document attachment, the text of which appears exactly as above. Nova Scotia Utility & Review Board FIT Mo...

AI summary The document presents a financial model for a small wind project (50 kW and smaller) under the Nova Scotia Utility & Review Board FIT Model. It includes details on project costs, reserve account sizing, capital structure, revenue assumptions, and return metrics such as the 20-year equity IRR and debt service coverage ratio.

Nova Scotia Utility & Review Board FIT Model Op ting Ye era ar 0 1 2 3 4 5 6 7 8 9 10 11 12 An l pa ent nua ym ( 268 708 ) , ( 268 708 ) , ( 268 708 ) , ( 268 708 ) , ( 268 708 ) , ( 268 708 ) , ( 268 708 ) , ( 268 708 ) , ( 268 708 ) , (...

AI summary The document presents a table detailing financial figures for the Nova Scotia Utility & Review Board FIT Model across multiple years, including operating years, average EBITDA, and cash available for debt service. These figures provide insight into the financial performance and obligations related to the FIT Model.

- 4. If ESI performed a study to determine the capital cost and O&M costs for an 18,000 pph boiler than one could address all ofthe above issues. Nova Scotia COMFIT Model Biomass CHP (condensing turbi State/Provincial 1 State/Provincial 2...

AI summary The text discusses a study by ESI to determine the capital and O&M costs for an 18,000 pph boiler, which could address various issues. It includes a table with financial metrics from the Nova Scotia COMFIT model, comparing different scenarios for a biomass CHP system.

Biomass CHP (condensing turbine; new boiler in steam-only scenario in year 10) Assumptions Notes: , Less: Principal Less: Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Cash (16,608,105) 2,944,269 2,911,343 2,877,770 2,843,538 2,808,63...

AI summary The text presents a financial analysis of a biomass CHP project, including cash flow projections, pre-tax internal rate of return, taxable income, and tax benefits. It outlines assumptions and calculations related to principal, interest, equity investment, and depreciation over a multi-year period.

Nova Scotia COMFIT Model O tin Ye pe ra g ar Ca le nd Y ar ea r 0 20 10 1 20 11 2 20 12 3 20 13 4 20 14 Ne t B k V al oo ue Be B ala 0 15 ,77 7, 70 0 14 ,94 7, 29 5 14 ,1 16 ,8 90 gi ing nn nc e O rig ina l B k V al oo ue 16 ,60 8, 10 5 0...

AI summary The text presents a table related to the Nova Scotia COMFIT Model, showing net book value and other financial metrics over several years, including original book value, major maintenance, and depreciation. The data spans from 2010 to 2014.

Scenarios in $2012 r S On Va lue fo ly tea m- Sh e S d V alu tea are m Gr CH s V alu e f P os or CH Ne t V alu e f P or 2 8 G E N E R A T I N G S Y S T E M S $ 3, 4 2 6, 5 0 0 $ 2 8 5, 6 0 0 $ 3, 7 1 2, 1 0 0 $ 0 $ 0 $ 3, 7 1 2, 1 0 0 C O...

AI summary The document presents financial scenarios from 2012, including values related to generating systems, costs, and the shared cost of a boiler. The table outlines various financial figures associated with different aspects of the energy system, with a focus on the portion of the boiler cost allocated to electricity.

- 4i< R~gulatory Treatment Name IY'P-e Eligibility Statg 8K Power Project Loan Etlnd Loan Biomass, CHP AK A~R~f)~wab1e_~neIgy_~rj3J1J: R~cQrnrnendation ProQIi;)_ffi Grant Biomass, CHP AK AK Sustainable Natural Alternative Power Program Reb...

AI summary The text presents a table listing various programs, incentives, and regulatory treatments across different jurisdictions, including loans, grants, rebates, and tax exemptions aimed at promoting biomass and combined heat and power (CHP) technologies.

Large Wind 8-2-11 no tax Page 1 Nova Scotia COMFIT Model Large Wind (Over 50 kW) Assumptions General Inflation Factor (revenue and expenses) 1.92% Notes: From NSPI 2009 IRP Update Capital Costs (Uses of Funds) 1.5270 Trom Nor 1 2003 INT Op...

AI summary This document provides a detailed financial breakdown of the Nova Scotia COMFIT Model for Large Wind (Over 50 kW) projects, including assumptions, capital costs, financing structures, debt terms, and reserve account sizing. It outlines the total project cost, capital structure, and various financial components such as development, equipment, interconnection, and maintenance.

Page 2 Large Wind 8-2-11 no tax Nov a S ia C OM FIT Mo del cot Ca sh Flo w W ork she Bot et: tom Syn e C aps lian om p ce Lar Win ge d n o ta x h O Maj or M aint Res Fun ded Thr ena nce erve oug pera Beg innin g Ba lanc e Fun ding Rele of...

AI summary The document appears to be a financial table related to the COMFIT model, with columns indicating major maintenance resourcing, funding, and balance details. The table contains multiple rows of numerical data but lacks textual explanation or context.

Page 2 Large Wind 8-2-11 taxed Nov a S ia C OM FIT Mo del cot Ca sh Flo w W ork she Bot et: tom Syn e C aps lian om p ce Lar Win ge d, Tax abl e O wn er Deb t Loa n Ba lanc 1,88 9,80 0 e Inte 8.00 % (1,4 21,9 67) rest Prin cipa l (1,8 00)...

AI summary The document presents a table showing financial details related to a large wind project in Nova Scotia, including debt loan balances, interest rates, principal payments, and annual tax payments. The data spans multiple years and includes figures for cash flow, working capital, and other financial metrics.

Nova Scotia COMFIT Model Depreciation Worksheet: Bottom Synapse Compliance Large Wind, Taxable Owner Ope ratin Yea g r 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Beg innin g Ba lanc e 0 3,59 0,67 1 3,40 1,68 8 3,21 2,70 6 3,02 3,...

AI summary The document presents a depreciation worksheet for a wind energy project in Nova Scotia, showing the beginning balance and projected balances over 20 years. It is part of the COMFIT model used for financial and taxation purposes.

Page 2 Small Wind 8-2-11 no tax Sc CO No otia MF IT M ode l va Ca sh Flo w W ork she et: Bo tto m Sy nap Co se mp Sm lian ce all Wi nd Tax no Deb t Loa n B alan ce Inte 8.00 % rest Prin cipa l Ann ual t pay men 166 ,000 ( 81,3 89) ( ) 166...

AI summary The document contains a table with financial data related to debt loans, interest rates, principal amounts, and annual payments. The data appears to be part of a cash flow analysis for a small wind project with no tax considerations.

Page 2 Small Wind 8-2-11 taxed a S ia C Nov cot OM FIT Mo del Ca sh Flo w W ork she et: Bot tom Syn e C aps lian om p ce Sm Win all d T ble axa Ow ner Res Ac nts erve cou Res s Fu nde d As Pa rt of Ca pita l Co st erve Beg innin g Ba lanc...

AI summary The text presents a table related to financial and capital planning, including items such as capital costs, debt service, and reserves. It appears to be part of a financial analysis or planning document, likely associated with a utility or regulatory proceeding.

Nova Scotia COMFIT Model Depreciation Worksheet: Top Synapse Compliance Small Wind Taxable Owner Ope ratin Yea g r 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Expense Amount

AI summary The document presents a depreciation worksheet under the Nova Scotia COMFIT Model for a Small Wind Taxable Owner, focusing on financial and taxation aspects related to asset depreciation over a 20-year period.

Page 2 Biomass 8-2-11 85% availability no fuel Nova Scotia COMFIT Model Cash Flo w worksh eet: Botto om Synapse Complian ice 85% A vailability No Fuel Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Loan Balance 4....

AI summary The text presents a financial model related to a biomass project in Nova Scotia, showing details of debt loan balances, interest payments, principal repayments, and the debt service coverage ratio over a 20-year period. The model includes a 85% availability and no fuel scenario.

Biomass CHP Cost Scenarios Synapse Compliance 85% Availability No Fuel Capacity I act 013. Less : Pri ncip al (162 ,883 ) ( 178 ,357 ) ( 195 ,301 ) ( 213 ,855 ) ( 234 ,171 ) ( 256 ,417 ) ( 280 ,777 ) ( 307 ,450 ) ( 336 ,658 ) ( 368 ,641 )...

AI summary The document presents a table detailing financial figures related to the biomass CHP cost scenarios under Synapse Compliance with 85% availability and no fuel. It includes principal, interest, total cash, equity investment, total pre-tax equity return, and pre-tax internal rate of return.

Page 2 Biomass 8-2-11 90% availability no fuel Nova Scotia COMFIT Model Cash Flov w workshe et: Botton n Synaps e Complia ance 90% / Availabilit / no Fuel Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

AI summary The text presents a table from the Nova Scotia COMFIT Model, which outlines financial data related to a biomass project with 90% availability and no fuel costs. The table includes operating years from 0 to 20 and various financial metrics, though the specific details are not fully visible.

Scenarios in $2012 $ Sc ios in 2 0 1 2 en ar $ Inte ion ( ) t rco nne c $ 0 $ 1 9 9, 0 0 0 $ 1 9 9, 0 0 0 Co de ing n ns : 3 0 % $ Ma inte ( ) na nce re ser ve $ 6 5, 2 7 9 $ 8 6, 6 3 2 $ 2 1, 3 5 3 To l: ta 9 0 % $ Wo k ing ita l re ( ) r...

AI summary The table presents various financial scenarios from 2012, including items such as integration, maintenance reserve, working capital reserve, and debt service reserve, along with associated figures and percentages. It also includes calculations related to fuel costs and equity closing costs, as well as information on turbine capacity.

4/12/11 Exhibit K with corrected heat content of steam Nova Scotia COMFIT Model Biomass CHP (condensing turbine; new b Net Generator Capacity (MW) 2.05 1.55 MW at full extraction, 2.05 MW at full condensing Energy Production: Net Capacity...

AI summary The document presents a detailed analysis of the Nova Scotia COMFIT Model for a biomass CHP project, including net generator capacity, energy production, annual operating expenses, fuel costs, and financial metrics such as the 20-year equity IRR and debt service coverage ratio.

After-Tax Internal Rate of Return 13.03% Nova Scotia COMFIT Model C ash Flow workshee t: Bottom Syr apse U-2 Beginning Balance 0 1,064,394 1,064,394 1,064,394 1,064,394 1,064,394 1,064,394 1,064,394 1,064,394 1,064,394 1,064,394 1,064,394...

AI summary The document presents a financial model related to the After-Tax Internal Rate of Return of 13.03%, including details on reserves and cash flows from the Nova Scotia COMFIT Model. It outlines the breakdown of various reserve funds, such as the Up-Front Maintenance Reserve, Working Capital, and Debt Service Reserve, over multiple periods.

Table 1. The Impacts of the Changes Analyzed in U-2, U-6 and U-6(a) Change Analyzed Fixed Component ($/MWh) Variable Component ($/MWh) Full 2012 Rate ($/MWh) Working Capital Net of steam-only scenario Fuel Required per Year (mmBtu) 268 056...

AI summary Table 1 outlines the financial and operational impacts of various changes analyzed in U-2, U-6, and U-6(a). It includes fixed and variable components, fuel requirements, initial fuel prices, operating and maintenance costs, and other financial metrics related to a project. The table also highlights inflation-related escalations and assessed value details.

Scenarios in $2012 Val for Ste -On ly ue am Gro ss V alu e fo r C HP Net Va lue for CH P Reserves Annual Operating Expenses Up-Front Maintenance Net of steam-only scenario Annual Fuel Cost Working Capital Net of steam-only scenario Fuel Re...

AI summary The table presents financial scenarios from 2012, including reserves, operating expenses, fuel costs, and project costs. It details various components such as debt service reserves, working capital, and initial reserve account sizing, along with associated values and escalations.

Nova Scotia COMFIT Model Synapse U-6 Capital Structure Tota l Pre -Tax Eq uity Retu rn (6,8 70) 11,8 1,45 5,45 1 1,45 3,87 0 1,45 2,24 3 1,45 0,56 9 1,44 8,84 8 1,44 7,08 0 1,44 5,26 2 1,44 3,39 4 1,44 1,47 5 1,43 9,50 4 1,43 7,48 0 1,46 6...

AI summary The document presents a table from the Nova Scotia COMFIT Model, showing financial metrics such as total pre-tax equity return, pre-tax internal rate of return, EBITDA, and tax depreciation. The data appears to be related to financial analysis and capital structure.

4/12/11Synapse U-6 Parasitic Loads 14% Nova Scotia COMFIT Model Cash Flo w worksh eet: Botto m Synapse e U-6 Para sitic Load s at 14% Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

AI summary The text presents a table from the Nova Scotia COMFIT Model, showing parasitic loads at 14% across various operating years, with a focus on cash flow and worksheet details. It appears to be part of a financial or operational analysis related to energy systems.

Scenarios in $2012 fo r S On Va lue tea ly m- Gr e f CH s V alu P os or e f CH Ne t V alu P or a S ia C Nov cot OM FIT Mo del Cas h F low rks wo hee t: T op Syn e U aps iole r Ef -6 B fici enc y Ope ratin g Ye ar 0 1 2 3 4 5 6 7 8 9 10 11...

AI summary The text presents a table titled 'Scenarios in $2012' that outlines various financial and operational metrics for a Nova Scotia Power model, including generation in megawatt-hours and the COMFIT model. The table spans multiple years and includes columns related to cash flow, efficiency, and other financial indicators.

Beginning Balance 0 7,702,001 7,296,632 6,891,264 6,485,895 6,080,527 5,675,158 5,269,790 4,864,421 4,459,053 4,053,685 3,864,037 3,350,808 2,891,509 2,459,176 2,040,325 1,628,215 1,219,476 812,422 406,211 Original Book Value 8,107,369 000...

AI summary The text presents financial data and depreciation classifications for a biomass CHP (condensing turbine) project under the Nova Scotia COMFIT Model. It includes metrics such as equity IRR, debt service coverage ratio, tax rates, and depreciation classifications over various periods.

Nova Scotia COMFIT Model Large Wind (Over 50 kW) Synapse U-7 Nova Scotia Comfit Model Large wind (Over 50 kw) 1 Synapse U-7 Upfront Maintenance (months of Year 1 O&M) 6 Project hard costs less interconnection 2,565,000 Working Capital (mon...

AI summary The text presents financial and operational data for a large wind energy project in Nova Scotia, including upfront maintenance, working capital, debt service reserve, capital structure, revenue assumptions, and return metrics. It outlines key financial figures such as the levelized energy price, debt service coverage ratio, and equity returns.

After-Tax Internal Rate of Return 16.50% Nova Scotia COMFIT Model Cash Flow worksheet: Bottom Sy Synapse U-7 Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

AI summary The document presents a financial model with an after-tax internal rate of return of 16.50% and includes a cash flow worksheet from the Nova Scotia COMFIT Model. It outlines operating years from 0 to 20, indicating a long-term financial planning approach.

t Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Cost Co...

AI summary The text presents a table with a cost value of $140,758, described as half of year-one debt service. The context suggests a financial or regulatory analysis involving debt service calculations.

After-Tax Internal Rate of Return 25.00% Nov a S ia C OM FIT Mo del cot Cas h F low rks hee wo t: B otto m Syn e U -8 aps Ope ratin g Ye ar 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

AI summary The document presents an after-tax internal rate of return of 25.00% and includes a table from the COMFIT model, which is used for forecasting and impact tracking. The table outlines cash flows across multiple years, indicating a focus on financial modeling and long-term projections.

Biomass CHP (condensing turbine; new boiler in steam-only scenario in year 10) Assumptions Notes: , General Inflation Factor (revenue and expenses) 1 02% From NSPI 2009 IRP Update Capital Costs (Uses of Funds) 1.52% 1 1511 1401 1 2005 INF...

AI summary This document outlines the financial and capital assumptions for a biomass CHP project, including inflation rates, capital costs, and funding sources. It details project costs, reserves, and capital structure, with all financing coming from equity and no debt or grants involved.

Nova Scotia COMFIT Model O tin Ye pe ra g ar Ca le nd Y ar ea r 0 20 10 1 20 11 2 20 12 3 20 13 4 20 14 Ne t B k V al oo ue Be B ala 0 15 ,77 7, 70 0 14 ,94 7, 29 5 14 ,1 16 ,8 90 gi ing nn nc e O rig ina l B k V al oo ue 16 ,60 8, 10 5 0...

AI summary The text presents a table with financial data related to the Nova Scotia COMFIT Model, showing net book values and other financial metrics across multiple years from 2010 to 2014. The table includes details such as original book value, major maintenance, and depreciation.

Scenarios in $2012 r S On Va lue fo ly tea m- Sh e S d V alu tea are m Gr CH s V alu e f P os or CH Ne t V alu e f P or Co t mp on en Sc ari en o On ly Sc ari en o Sc ari en o Sc ari en o Pro jec t d elo t ev pm en $ 42 13 4 , $ 28 0, 28 0...

AI summary The text presents a table of financial scenarios from 2012, including projected development costs, equipment installation, maintenance reserves, and other related expenses, with various scenarios outlined for analysis.

Darren Hartlen P.Eng Direct: 902 421 7241 E-Mail: [email protected] Nova Scotia Utility & Review Board FIT Model Biomass CHP condensing turbine; Biomass CHP condensing turbine Total Project Cost 23,236,796 Net of steam-only scenario Land Lea...

AI summary The text presents financial and technical details of a biomass CHP condensing turbine project, including costs, capital structure, revenue assumptions, and return metrics. It outlines the project's total cost, funding sources, and financial performance indicators such as the debt service coverage ratio and equity IRR.

Page 5 of 6 NS_COMFIT_Biomass_45% Cost Allocation.xls Component Scenario Scenario Scenario Project development $0 $275,000 $275,000 Boiler installed cost ($) $20,298,000 $36,818,000 $16,520,000 Turbine installed cost ($) $0 $0 $0 Emission...

AI summary The document provides a detailed cost allocation breakdown for a biomass project under the Community Feed-in Tariff (COMFIT) program, including capital expenditures, operational and maintenance costs, and financial reserves. It outlines various scenarios with differing project configurations and associated costs.

Page 5 of 6 NS_COMFIT_Biomass_87% Cost Allocation.xls Value for Steam-Only Gross Value for CHP Net Value for CHP Component Scenario Scenario Scenario Project development $0 $275,000 $275,000 Boiler installed cost ($) $20,298,000 $36,818,00...

AI summary The document presents a cost allocation analysis for a biomass project, comparing steam-only and combined heat and power (CHP) scenarios. It details various costs such as installation, maintenance, debt and equity reserves, and fuel expenses, along with financial metrics like loan values and equity amounts for different project configurations.

4 Response U-13: 5 3 6 See workbook "Undertaking U-13.xlsx". This spreadsheet contains two examples, on separate 7 sheets. Both examples are based on a 1.5 MW turbine, as used in Synapse's computations, rather 8 than the 2 MW turbine Mr. L...

AI summary The response discusses the assumptions and calculations related to a 1.5 MW turbine used in Synapse's computations, as well as the impact of different capital costs and equity funding scenarios on the CEDIF's ability to raise funds for a project.

The Assumptions Worksheet Assumptions: General Inflation Factor (revenue and expenses) 2.50% % of Base Price Escalating @ Infl. 0% Uses of Funds Debt Reserve 109,500 Maint. Reserve 30,000 Working Capital 14,749 Total Working Capital & Reve...

AI summary The Assumptions Worksheet outlines key financial and operational assumptions for a project, including inflation factors, funding sources, tax rates, capital structure, and operating inputs. It provides details on project costs, revenue assumptions, and return metrics such as the internal rate of return and debt service coverage ratio.

Wind Pricing Model Instructions Solve model by inputting Base Year Price (Assumptions tab, cell H33) on Assumptions tab that yields the target IRR (Assumptions tab, cell H37). Evaluate debt service coverage ratios to ensure reasonable; red...

AI summary The text provides instructions on solving a wind pricing model by adjusting the base year price to achieve a target IRR, evaluating debt service coverage ratios, and aligning property tax values across specific rows in the Cash Flow tab to ensure consistency.

Wind Pricing Model Assumptions: Notes: Debt 43.00%

AI summary The document outlines an assumption related to debt in the Wind Pricing Model, specifying a debt percentage of 43.00%.

Large Wind 8-2-11 no tax Page 1 Nova Scotia COMFIT Model Large Wind (Over 50 kW) Project hard costs less interconnection 2,565,000 Assessed Value (%) 20.00% Assessed Value ($) 513,000 Assessed value will decline annually by the decline ass...

AI summary The document presents a COMFIT model for a large wind project in Nova Scotia, detailing financial assumptions including project costs, tax rates, revenue projections, and depreciation classifications. It outlines key metrics such as the 20-year equity IRR, debt service coverage ratio, and tax depreciation classifications.

Page 2 Large Wind 8-2-11 no tax Nov a S ia C OM FIT Mo del cot Ca sh Flo w W ork she Bot et: tom Syn e C aps lian om p ce Lar Win ge d n o ta x Ope ratin g Ye ar 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

AI summary The text presents a table titled 'Page 2 Large Wind 8-2-11 no tax' that includes various financial and operational metrics, such as the COMFIT model, cash flow, and a timeline spanning multiple years. The table appears to be part of a regulatory proceeding related to a large wind project in Nova Scotia.

Nova Scotia COMFIT Model Depreciation Worksheet: Bottom Synapse Compliance Large Wind, Taxable Owner Ope ratin Yea g r 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 State/Provincial Tax 2 0 Federal tax 0 Net Value of Grants 0 Debt T...

AI summary The document presents a depreciation worksheet for a large wind project in Nova Scotia, focusing on tax considerations, grant values, and debt terms including an amortization period of 10 years and an interest rate of 8.00%.

Page 2 Small Wind 8-2-11 no tax Sc CO No otia MF IT M ode l va Ca sh Flo w W ork she et: Bo tto m Sy nap Co se mp Sm lian ce all Wi nd Tax no Deb t Loa n B alan ce Inte 8.00 % rest Prin cipa l Ann ual t pay men 166 ,000 ( 81,3 89) ( ) 166...

AI summary The document presents a cash flow worksheet related to a debt loan balance with interest and principal details, including annual payments and various financial figures. The table includes data spanning multiple years and outlines financial obligations associated with a loan.

Page 2 Small Wind 8-2-11 taxed a S ia C Nov cot OM FIT Mo del Ca sh Flo w W ork she et: Bot tom Syn e C aps lian om p ce Sm Win all d T ble axa Ow ner Deb t Se rvice Co ge R atio vera EBIT DA Les s: M ajor Ma inte ce R Fun ding nan ese rve...

AI summary The text presents a table related to financial metrics, specifically focusing on debt service coverage ratio, EBITDA, and various cash flow and funding figures. The table includes multiple rows with numerical data, but no explicit discussion or argument is presented.

Nova Scotia COMFIT Model Depreciation Worksheet: Top Synapse Compliance Small Wind Taxable Owner Ope ratin Yea g r 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Total Project Cost Net of steam-only scenario

AI summary The document presents a depreciation worksheet for a small wind taxable owner under the Nova Scotia COMFIT Model. It includes a table with years and a total project cost, noting the net of a steam-only scenario. This appears to be related to financial modeling and tax compliance.

Page 2 Biomass 8-2-11 85% availability no fuel Nova Scotia COMFIT Model Cash Flo w worksh eet: Botto om Synapse Complian ice 85% A vailability No Fuel Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Debt Loan Balance 4....

AI summary The document presents a financial model related to a biomass project in Nova Scotia, including debt loan balances, interest payments, principal repayments, and the debt service coverage ratio over a 20-year period, with a 85% availability and no fuel considerations.

Biomass CHP Cost Scenarios Synapse Compliance 85% Availability No Fuel Capacity I act 013. Extraction 60% Condensing 25% Total 85% Calculation of fuel costs: extraction Condensing turbine size (kW): 1550 2050 Boiler efficiency (%) 70% 70%...

AI summary The text presents a detailed breakdown of fuel costs and capacity calculations for a biomass combined heat and power (CHP) project with 85% availability and no fuel. It includes turbine sizes, boiler efficiency, fuel use in mmBtu, and various cost components such as development, equipment, interconnection, and financing.

Page 2 Biomass 8-2-11 90% availability no fuel Nova Scotia COMFIT Model Cash Flov w workshe et: Botton n Synaps e Complia ance 90% / Availabilit / no Fuel Operating Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

AI summary This document presents a COMFIT Model table related to a biomass project in Nova Scotia with 90% availability and no fuel. It outlines cash flow projections over a 20-year period, likely for regulatory analysis purposes.

Scenarios in $2012 $ Sc ios in 2 0 1 2 en ar $ Inte ion ( ) t rco nne c $ 0 $ 1 9 9, 0 0 0 $ 1 9 9, 0 0 0 Co de ing n ns : 3 0 % $ Ma inte ( ) na nce re ser ve $ 6 5, 2 7 9 $ 8 6, 6 3 2 $ 2 1, 3 5 3 To l: ta 9 0 % $ Wo k ing ita l re ( ) r...

AI summary The document presents financial scenarios from 2012, including various reserves and costs related to maintenance, working capital, and debt service. It also includes calculations for fuel costs and equity closing costs, as well as capacity and generation figures.

based organization? 1 MR. BIEWALD: Well, I think we 2 3 4 subsidies and so on. That's indeed different from 5 Heritage Gas. 6 7 8 9 commercially viable, but is subject to all sorts of 10 11 12 that it's completely apples and apples. 13 MR....

AI summary The text is a transcript of a regulatory proceeding involving discussions about subsidies, financial returns, and lenders active in Nova Scotia's renewable energy markets. The discussion includes questions about First Nations' projects and research on the cost of debt.

- We looked at the financing analysis - and we plugged in 100 percent equity at 17.5 percent and - we got a rate of $194 per megawatt hour. - We plugged in the capital cost that - the alliance recommended and we got a rate of $183 per - me...

AI summary The discussion revolves around a financing analysis where different equity and capital cost scenarios are evaluated, resulting in varying rates per megawatt hour, with specific figures mentioned and questions asked about the capital cost recommendations.

into small wind were reliable. 1 NSUARB-BRD-E-R.10 Page 225 So in the model that I developed, it 10 at 8 percent? 11 Yeah. That's the MR. LIVINGSTON: 12 that's what you were using in your large model, I think. 13 Yeah. MR. KEITH: 14 Same t...

AI summary The discussion revolves around financial modeling for small wind projects, focusing on borrowing costs, reserve requirements, and equity contributions. The model presented by Mr. Livingston suggests a 12-month reserve period, compared to six months suggested by Mr. Keith, and includes additional financing costs.

we're actually not clear what government's ultimate plan Page 262 NSUARB-BRD-E-R.10 7 I guess my comment was, we presumed 8 that either those managing the SDIF or the facilitation, 9 technical assistance, and financial services the 10 gove...

AI summary The discussion centers on the uncertainty surrounding the government's plan regarding the SDIF and its role in financing the EON Electric project, highlighting risks and the need for clarity on capital costs and project funding mechanisms.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS MR. RICKERSON: A pull of capital. 1 NSUARB-BRD-E-R.10 Page 311 MR. CHRISTMAS: Okay. And a 22 percent adder on wind, on a large wind, which is in DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS...

AI summary The discussion centers on a 22% adder on wind projects, a quarter billion dollar loan guarantee program for Aboriginal projects, and a tariff set at $135 per megawatt (13.5 cents per kilowatt). The conversation also touches on the rationale behind government support for Aboriginal renewable energy programs and the feasibility of securing financing guarantees.

Page 334 NSUARB-BRD-E-R.10 1 NSUARB-BRD-E-R.10 Page 329 specifically include those costs in the model, I think 9 percent equity in your I refer specifically to your 10 large wind model in your I guess specifically to your 11 large wind mod...

AI summary The discussion revolves around equity percentages in a large wind project model, with references to a 1.5 benchmark for a cover service charge and the challenges of securing equity and bank financing for such projects.

- was the 1.5 percent as well? Page 388 NSUARB-BRD-E-R.10 17 hundred or $400,000 small wind project that's a huge cost 18 and a long time to wait. 19 So my concern is that the information 20 that you received was going to be contingent on...

AI summary The discussion revolves around concerns about capital costs and financing for small wind projects, with a focus on whether financial institutions would provide financing without met tower data. A rate of 8% was independently suggested by financiers and stakeholders as a reasonable and representative rate.

money into these projects. We need a few. 1 of the questions that went to you know, this particular 2 entity would be hesitant to get involved in it or this 3 other entity would need 17 percent return. It so what? 4 What we really need is...

AI summary The discussion revolves around the need for viable investors, project developers, and lenders to support renewable energy projects. There is a mention of financial models and allocation methods, with some stakeholders questioning the use of incremental costs and suggesting a 50/50 split instead.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS some cases you have to a million dollars on a system NSUARB-BRD-E-R.10 Page 615 impact study, you can identify these kinds of constraints 2 MR. BODINGTON: And in the case of 3 these small bio...

AI summary The discussion revolves around the financing of small biomass CHP projects, emphasizing the lack of feasibility for debt financing due to project size and risk. It also clarifies that Nova Scotia Power's 20-megawatt cap was related to lost revenue reviews, not distribution system capacity.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS pressure and steam loads and those kind of things. If the 1 NSUARB-BRD-E-R.10 Page 759 Board would like, we have someone in the room who can 12 as I I'm not an expert to answer those question...

AI summary The discussion revolves around how universities finance residential projects, with a focus on debt financing, fundraising, and the absence of strict return-on-earnings requirements. The conversation highlights that universities typically fund projects as they go, with government contributions and fundraising playing significant roles.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS lay of the land was that Antigonish District Heating 1 Limited owned and operated that facility and St. F.X. 18 utility and the university president, and the financial 19 people at the univer...

AI summary The discussion centers on the feasibility of a COMFIT (Combined Heat and Power) project at a university, with considerations about financial viability and bank financing. The university is exploring whether a COMFIT project can be structured differently from a commercial operator and whether bank financing is accessible for such a project.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS that got that changed into a feed-in tariff which removed 1 NSUARB-BRD-E-R.10 Page 779 the CEDIF restrictions. I just wondered if you or the 10 submitted those into our own model which we was...

AI summary The discussion revolves around the use of a CBCL model for rate derivation and the submission of evidence related to a biomass CHP plant. The original evidence included an EPC contract and capital and O&M costs, while financing assumptions were taken from Synapse's model.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS large reserve requirement, which even if you assume that 1 NSUARB-BRD-E-R.10 Page 831 the reserve requirement is financial reserves have to 2 be as large as he says they do, he assumes an amo...

AI summary The text discusses a reserve requirement and its financial implications, pointing out errors in assumptions regarding amortization and debt-related reserves. It also references project contracts and capital costs associated with a CEDIF and NSPI, highlighting discrepancies in financing assumptions.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS On page 15 in line 9 to 11, you 1 suggested that lower interest rates are available than 2 what a number of parties have brought forward and Synapse 3 has brought forward, and also the equity...

AI summary The discussion centers on the availability of lower interest rates for renewable energy projects, with arguments that investors who support such projects may be willing to accept lower returns compared to market rates. The speaker references CEDIFs raising equity at rates below 10 percent and suggests that community-supported projects may attract investment at lower returns due to their environmental and cultural benefits.

looked at other issues. I was trying to make a statement 1 they would be disappointed and that and I did not 2 interpret your exhibit as saying that this would be a good 3 way to finance it. 4 But I think that there were some 5 arithmetic...

AI summary The discussion highlights a disagreement over the financial assumptions in an analysis, specifically regarding the long-term return to CEDIF investors. The speaker points out arithmetic errors and differing expectations about equity returns over time, which could impact the CEDIF's profitability.

if that incentive a strong incentive as you've called 1 NSUARB-BRD-E-R.10 Page 967 it financing mechanism is having a hard time raising 16 MR. CHERNICK: I would have to 17 research that to give you specifics. I think I have I 18 think I've...

AI summary The discussion centers on the difficulty of financing mechanisms and the need for evidence to support claims made during an evidentiary-based hearing. The conversation highlights concerns about municipalities' ability to borrow under Nova Scotia law and their potential ownership of COMFIT projects.

DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS MR. COUTURE: Clearly there are other 1 NSUARB-BRD-E-R.10 Page 1091 small advantages but I suppose I would answer the question 19 commercial developer, that depends on the creditworthiness 20 of...

AI summary The discussion revolves around the feasibility of community projects benefiting from lower debt costs, depending on the creditworthiness of the developer and the availability of favorable financing structures. It also touches on return on equity expectations in mature markets, such as those in Europe, where lower returns are common due to increased competition.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS Now, as the market matures, the risk 1 NSUARB-BRD-E-R.10 Page 1099 of developing projects goes down because you get more 20 MS. RUBIN: Page 5. 21 MR. COUTURE: Yes. 22 MS. RUBIN: Now, in the s...

AI summary The discussion explores the challenges of accessing capital for renewable energy projects in Canada compared to the U.S., highlighting differences in financial incentives such as grants and low-interest loans. The conversation also references an exhibit related to funding resources for combined heat and power projects.

have to understand that. 1 Page 1246 NSUARB-BRD-E-R.10 These are prospectuses for what's 22 doing that bid price, what did you calculate in that DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS 1 number as being your cost of debt? What was th...

AI summary The text discusses the calculation of a bid price and the cost of debt, with Mr. Livingston estimating the cost of debt to be between 7.5% and 8%. He references previous Power Purchase Agreements (PPAs) and mentions that the bid price was based on internal financial models and industry knowledge, though no written record of the calculations was available.

- I guess is my question? - Do you think there should be a - difference or - MR. LIVINGSTON: I'm sure if you're - familiar with my example from my evidence, but I was - suggesting that in my example, that there's a very high - risk that th...

AI summary The speaker discusses the financial challenges of the CEDIF, noting that it relies on a 5% dividend from an investment in Black River Hydro to cover its annual costs. There is concern about the risk of CEDIF shareholders not receiving a return and the low tax payments made to the provincial government.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS when we got this from our accountants because, if we're 1 only bring in $3,750 a year, somehow on the books we were 2 making enough of a profit, even though it cost that much 3 money to run t...

AI summary The speaker discusses the financial challenges of the CEDIF, including potential taxation of dividends from wind projects and the limited return for investors. They also disagree with a previous example comparing CEDIF investments to building playgrounds, emphasizing the unsophisticated nature of many investors.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS you think about needing another 5 percent in your budget, 1 is that extra 5 percent in your budget, is that extra 5 7 the legal fees to setting up the CEDIF could be $10,000 to 8 $20,000. The...

AI summary The discussion highlights the financial and administrative challenges associated with setting up and managing the CEDIF, including legal fees, the need for certified professionals, and the higher costs of compliance with the Securities Commission. It also references an assumption about a potential 15 to 18 percent return on investment for CEDIFs.

- DICTUM DIGITAL INC. CERTIFIED COURT REPORTERS The projects have yet to be financed, 1 NSUARB-BRD-E-R.10 Page 1291 so, generally it involves some form of scenario of a group 1 going to local investors and getting money from them? 2 MR. RO...

AI summary The discussion revolves around the financing of projects through community investments, specifically under the Community Feed-In Tariff (COMFIT). No returns have been realized yet, and rates of return cannot be proposed until the COMFIT rates are set. Prior investments were company-based, making it difficult to forecast returns.

April 7, 2011 Questions from Mr. Doehler 1014 Questions from Mr. Deveau 1017 Questions from The Chair 1022 Further Cross-Examination by Mr. Outhouse 1029 Further Cross-Examination by Mr. Reynolds 1035 Further Cross-Examination by Mr. Towse...

AI summary The document outlines a series of questions and requests related to tariff calculations, parasitic power inclusion, biomass tariff reopener formulas, and data spreadsheets using the Synapse model. These are part of a regulatory proceeding on April 7, 2011.