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7/23/2019 CF Assignment Faux
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Cost of debt 10%
Tax Rate 33%
Debt Percentage 50%
Equity Percentage 50%
Calculation of cost of equity
Beta 0.5
Ris! free rate 5.1%
"ar!et Return 1#.#$%
"ar!et Ris! Preiu $.&5%
C'P" 11.#(%
Tota) Debt * 11+1&.50
Tota) Equity * 11+1&.50
Tota) ,a)ue of t-e Coany * #3+$#(.00
/'CC .(($%
2007 2006 2005 2004
Current 'ssets #5 #13$ #00 1$
Current iabi)ities 330 #510 1# #0&$
Tota) 'ssets #3$30 ##3& #0( 1((0$
Tota) Equity (&& 11 55 $$&
2et ncoe 3 $(5 5( $3
2et 4a)es $0# &3 #5 55&
Diidends6s-are #.( #.( #.( #.(
Earnings6s-are 3.# 3.1$ 3.53 3.3
R7E (.3% .(% 10.0% (.3%
Current Ratio $.&% 5.1% 113.#% #.0%
Payout Ratio 5.1% .3% (.0% #.%
2et Pro8t argin .$% .(% (.% 10.(%
7/23/2019 CF Assignment Faux
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2003
15#0
1$31
1$##0
5#1
$
5#53
#.(
3.#
13.#%
(3.#%
3.0%
13.1%
7/23/2019 CF Assignment Faux
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9ears #00
Reenues
Cost to bui)d )ant * 1+&30+000
7erating Cost
Cost of :ue)Decoisioning Cost
Carbon Eission Tax ;)o<=
Carbon Eission Tax ;-ig-=
27TE> it -as been assued t-at t-e cost of caita) reains t-e sae for t-e ro?ects and
Production &+1
Price6"/@ * 0
o< carbon eission rate * 10
@ig- carbon eission rate * #5
o< 1+&30+000Cas- :)o<s ;)o< carbon eission= ;1+&30+000=
@ig-
Cas- :)o<s ;@ig- carbon eission= ;1+&30+000=
2P, ;o< carbon eission= #+055+#5#
2P, ;-ig- carbon eission= #+(11+3
Expected Value of Both
Pay bac! eriod ;)o<=
Pay bac! eriod ;@ig-=
'erage Paybac! eriod
NOE ! " it has #een assu$ed that the cost of capital %e$ains the sa$e fo% the
NOE 2" the p%ices ha(e #een assu$ed to *%o+ 5, -o- to o.set the e.ects of i
9ears #00
Reenues
Cost to bui)d )ant * 3$+500
7erating Cost
Cost of :ue) ;@ig-=
Cost of :ue) ;"oderate=
Carbon Eission Tax ;)o<=
Carbon Eission Tax ;@ig-=
Decoisioning Cost
Production 3+0$$
Price6"/@ * 0
o< carbon eission rate * 10
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@ig- carbon eission rate * #5
Price6"/@ * 0
Cas- :)o<s ;-ig- fue) costs A o< carbon eission tax= * ;3$+500.00=
Cas- :)o<s ;-ig- fue) costs A -ig- carbon eission tax=
Cas- :)o<s ;oderate fue) costs A -ig- carbon eission tax=Cas- :)o<s ;oderate fue) costs A )o< carbon eission tax= ;3$+500=
2P, ;"oderate :ue) Costs <it- )o< carbon eission= 50(+&00
2P, ;"oderate :ue) Costs <it- -ig- carbon eission= ;13+#0=
2P, ;@ig- :ue) Costs <it- )o< carbon eission= ;(1+0(=
2P, ;@ig- :ue) Costs <it- -ig- carbon eission= ;1+53+$$=
Expected (alue
9ears #00
Reenues
Cost to bui)d )ant #0+000
7erating Cost
Cost of :ue)
Carbon Eission Tax ;@ig-=
Carbon Eission Tax ;o<=
Decoisioning Cost
Production 3+50&
Price6"/@ * 0
o< carbon eission rate * 10
@ig- carbon eission rate * #5
Cas- :)o<s ;-ig- carbon tax=
Cas- :)o<s ;)o< carbon tax=
2P, ;-ig- carbon tax= #+3&+&3#
2P, ;)o< carbon tax= #+(5+#&
Expected Value
Paybac! eriod ;-ig- carbon tax=
Paybac! eriod ;)o< carbon tax=
'erage Paybac! Period
9ears #00
Reenue
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Cost to bui)d )ant ;@ig-= #+(3#+500
Cost to bui)d )ant ;o<= #+3&$+000
7erating Cost
Cost of :ue)
Carbon Eission Tax ;@ig-=
Carbon Eission Tax ;o<=
Decoisioning Cost
Production $+0&&
Price6"/@ * 0
Eectie Caacity $(0
o< carbon eission rate * 10
@ig- carbon eission rate * #5
Cas- o< ; -ig- cost-ig- tax= ;#+(3#+500=
Cas- o< ; -ig- cost)o< tax=
Cas- o< ; )o< cost-ig- tax= ;#+3&$+000=Cas- o< ; )o< cost)o< tax=
2P, ; -ig- cost-ig- tax= *+05+55$.#1
2P, ; -ig- cost)o< tax= *+0+35.((
2P, ; )o< cost-ig- tax= *+11$+(0.(#
2P, ; )o< cost)o< tax= *+11+#.0
Expected Value
Paybac! eriod ; -ig- cost-ig- tax=
Paybac! Period ; -ig- cost)o< tax=
Paybac! eriod ; )o< cost-ig- tax=
Paybac! eriod ; )o< cost)o< tax=
'erage Paybac! Period
9ears #00
Reenues
Cost to bui)d )ant -ig- #+&50+000
Cost to bui)d )ant )o< 1+50+000
7erating Cost
Cost of :ue)
Carbon Eission Tax o<
Carbon Eission Tax @ig-
Decoisioning Cost
Production &+30
C7# Eission Rate 1(
Price6"/@ * 0
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o< carbon eission rate * 10
@ig- carbon eission rate * #5
Cas- :)o< ;Bui)d cost @ig-= -ig- carbon eission * ;#+&50+000=
Cas- :)o< ;Bui)d cost @ig-= )o< carbon eission
Cas- :)o< ;Bui)d cost )o<= -ig- carbon eission ;1+50+000=
Cas- :)o< ;Bui)d cost )o<= )o< carbon eission
2P, ;Bui)d cost @ig-= -ig- carbon eission * &+$(0+535
2P, ;Bui)d cost @ig-= )o< carbon eission * &+&0+$&
2P, ;Bui)d cost )o<= -ig- carbon eission * &+#+(55
2P, ;Bui)d cost )o<= )o< carbon eission * &++0$
Expected Value
Paybac! Period ;Bui)d cost @ig-= -ig- carbon eission
P'9B'CF PER7D ;Bui)d cost @ig-= )o< carbon eissionaybac! eriod ;Bui)d cost )o<= -ig- carbon eission
aybac! eriod ;Bui)d cost )o<= )o< carbon eission
'erage Paybac! eriod
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Coa)
Figures in Thousands
#00( #010 #011 #01# #013
t-e coany because of a )ac! of data aai)ab)e.
##+101
1+&+103
256204
.$
$.15
.51
p%o&ects and the co$pany #ecause of a lac' of data a(aila#le)
/ation and %ise in fuel costs) 1ele(ant fo% the enti%e sheet
7i)
Figures in Thousands
#00( #010 #011 #01# #013
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101+0
;5&+($#=
;1+#1$=
;&5+10$=
606404
2atura) asFigures in Thousands
#00( #010 #011 #01# #013
1+&#&+$5(
1+1(&+113
26!772
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&.0
&.5
2uc)ear
Figures in Thousands
#00( #010 #011 #01# #013
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*1+00+533.&(
*1+133+(0.1$
*#+5$#+0.#1
*1+0+&(&.(
7!0506
$.35
$.35
5.#&
5.##
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Coosite Rene<ab)es
Figures in Thousands
#00( #010 #011 #01# #013
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ecision NVs
* 1+1#5+#
* 5+50&
* 1+0#+0$&
* 1+1&$+3$
8 4733032
.5$
.55.$
5.$&
$.5(5
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#01& #015 #01$ #01 #01
* 35+&&0 * &0&+1# * &#&+(&
* 33+#&& * 3&+5& * 35+(5
* $0+30 * $#+&# * $&+$$(
* &+10 * 51+01 * 5&+135
* 1#0+&50 * 1#+$ * 135+33
1&1+(& #5+0& #(0+0((#&3+$&$ 1#+(0 13&+&(
#1&+0$& ##&+33 #35+($&
11+3$ 1(+(( 1+(&
#01& #015 #01$ #01 #01
* #&5+#0 * #5+5&& * #0+
* (+(3& * 10+331 * 10+&&
* 1($+3 * #10+$1$ * ##5+35(
* 1($+3 * #0&+11 * #1#+((
* #+(01 * #(+55 * 31+3&(
* $(+5# * 3+(3 * +33
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10+$0 +0## #+($(
;31+#&3= ;#+00= ;33+310=
;31+#&3= ;#1+103= ;#0+51= 10+$0 1#+(# 15+&#(
#01& #015 #01$ #01 #01
* #0+3#0 * #(&+33$ * 30(+053
11+003 11+&&3 11+(00
$+5&( (0+011 (3+$11
50+#0 53+$& 5$+((
#0+# #1+505 ##+($
13#+0& 13(+11( 1&$+55#
1$#+&0 11+3 10+&5
#01& #015 #01$ #01 #01
* &3+5#0 * 50+$($ * 533+01
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&(+(#3 51+(#0 53+((
3#+$3 33+(&3 35+301
151 1$0 10
$0.&& $& $
&00+0 +$# &&3+$13
&00+(( +$ &&3+15
&00+0 +$# &&3+$13&00+(( +$ &&3+15
#01& #015 #01$ #01 #01
* 350+&00 * 3$+(#0 * 3$+31$
$+01& 0+3$5 3+3
+35 +$53 +(5(
1+$$&.&0 1+$& 1+0
&+1$1.00 &+&11 &+$5
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#1+$ #5+&(# #((+((
#&+3$3 #+13 30#+$0&
#1+$ #5+&(# #((+((
#&+3$3 #+13 30#+$0&
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#01( #0#0 202! 2022 2023
* &&$+1(5 * &$+505 * &(1+(30 * 51$+5#$ * 5&#+353
* 3+3(5 * 3+(1 * &0+&& * &#+0$5 * &3+&
* $$+(33 * $(+#5 * 1+00 * &+#10 * $+0
* 5+33 * $0+#$ * $&+&$ * $+3&& * #+&&5
* 1&3+&5 * 15#+0$5 * 1$1+1( * 10+$1 * 11+11#
305+1$( 3#1+05 33+1# 355+&( 3&+1111&1+0#$ 1&+&& !54!! !6!047 !6242
#&+$ #$0+#3# #3+33$ #+135 301+$$$
1(+&0( #0+#3 2!54 2232 24067
#01( #0#0 202! 2022 2023
* #3+(&# * #(+13( * 313+0&$ * 3#+$(( * 3&5+13&
* 11+1& * 11+$#1 * 1#+0$ * 1#+5$( * 13+0#
* #&1+13& * #5+013 * #$+0& * #(5+&00 * 31$+0
* ##1+&15 * #30+## * #3(+&3 * #&(+0$# * #5(+0#&
* 33+#30 * 35+##& * 3+33 * 3(+5 * &1+(5#
* 3+05 * +0$0 * (3+3&3 * (+(&& * 10&+0
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;1+5($= ;$+1(= ;1#+&51= ;1+&= ;#5+($=
;&0+#$= ;&+(3&= ;5$+31= ;$5+$&5= ;5+#&=
;#0+5&= ;#0+1(#= ;1(+(= ;1(+30= ;1+1= 1+1#3 #1+0#3 #&+1&0 #+&(0 31+05
#01( #0#0 #0#1 #0## #0#3
* 3#&+505 * 3&0+31 * 35+$ * 35+$5$ * 3(&+&3
1#+3$ 1#+1 13+3$ 13+(## 1&+&(
(+35$ 101+#50 105+300 10(+51# 113+(#
$0+&0( $&+033 $+5 1+(& $+#$5
#&+1$& #5+$13 #+150 #+( 30+50$
15&+3$5 1$#+5$ 11+#0$ 10+#& 1(+03
1(0+$10 #00+(($ #11+(31 ##3+&&3 #35+5$#
#01( #0#0 #0#1 #0## #0#3
* 55(+35 * 5+## * $1+10 * $&+($3 * $0+3$1
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5$+15 5+&03 $0+3( $3+1$( $5+$($
3$+13 3+11 3(+0( &1+#( &#+(&(
10 1(1 #0# #1& ##
# $ 1 $ (1
&$$+$5 &(0+(&$ 51$+&5 5&3+#3 51+&(
&$$+(3 &(1+0$1 51$+5( 5&3+&11 51+$#$
&$$+$5 &(0+(&$ 51$+&5 5&3+#3 51+&(&$$+(3 &(1+0$1 51$+5( 5&3+&11 51+$#$
#+&0+1&
#+##3+#&
#01( #0#0 #0#1 #0## #0#3
* &05+$3# * +(13 * &&+#0( * &$(+50 * &(3+0&
+5 1+&5$ 5+5#( (+05 (&+#(5
+# +$0 +(53 (+311 (+$3
1+(# #+101 #+## #+3$1 #+503
&+(5$ 5+#53 5+5$ 5+(0# $+#5
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31&+## 330+5($ 3&+15( 3$&+551 3#+13
31+(5 333+& 350+500 3$+0(3 3$+5$
31&+## 330+5($ 3&+15( 3$&+551 3#+13
31+(5 333+& 350+500 3$+0(3 3$+5$
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2024 2025 2026 2027 202
* 5$(+&0 * 5(+(&& * $#+&1 * $5(+#33 * $(#+1(5
* &5+&( * &+31 * &(+#10 * 51+1 * 53+##5
* (+&(5 * #+# * 5+15 * +13 * (1+##3
* $+(# * 1+3(( * $+#3 * (1+&$0 * ($+(&
* 1(1+(( * #03+&( * #15+0 * ##+$50 * #&#+3$(
3(3+$3 &1&+&(1 &3$+35 &5(+&#$ &3+$&!7570 !3453 !!44 !07 2043!
31$+(1 333+0(# 350+0& 3$+($$ 3$+1
2524 26452 277767 2!26 30537
2024 2025 2026 2027 202
* 3$#+3(0 * 30+510 * 3((+535 * &1(+51# * &&0+&
* 13+5(5 * 1&+13( * 1&+05 * 15+#(3 * 15+(0&
* 33+#03 * 3$1+ * 3+#0( * &1&+313 * &&3+315
* #$(+35 * #0+1$1 * #(1+3$ * 303+0## * 315+1&3
* &&+&$( * &+13 * &(+($$ * 5#+($& * 5$+1&1
* 111+13 * 11+&& * 1#&+(1& * 13#+&0( * 1&0+35&
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;33+= ;&#+$&&= ;5#+3&&= ;$3+05= ;&+3=
;$+($= ;((+#11= ;11#+5= ;1#+#10= ;1&3+11=
;1+1$= ;1+&(5= ;1$+&$= ;15+(1(= ;15+00(= 3&+(&1 3(+03 &3+&( &+#3& 53+#((
#0#& #0#5 #0#$ #0# #0#
* &1&+1$0 * &3&+$ * &5$+$1# * &(+&&# * 503+&1&
15+05 15+$$0 1$+#$ 1$+(3 1+$15
11+&& 1#3+1$ 1#+113 133+#3 13+5$
0+&1 5+$(1 (0+33 ($+## 10#+05(
3#+33$ 3&+#$ 3$+333 3+513 &0+#&
1((+1& #10+331 ##1+3( #3#+(& #&5+1#
#&+31 #$1+&$ #5+( #(0+5& 30$+&0
#0#& #0#5 #0#$ #0# #0#
* 1&+3( * 50+0( * +$03 * #$+(3 * $+33#
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$+3#& 1+05 3+(( $+55 (+(#(
&&+$$ &$+&53 &+31# 50+#&& 5#+#5&
#&1 #55 #1 # 30&
($ 10# 10 115 1##
$01+1& $3#+333 $$5+1## $((+5( 35+&$
$01+#(# $3#+&$ $$5+#& $((+0 3$+0#
$01+1& $3#+333 $$5+1## $((+5( 35+&$$01+#(# $3#+&$ $$5+#& $((+0 3$+0#
#0#& #0#5 #0#$ #0# #0#
* 51+00 * 5&3+55 * 50+$5 * 5((+303 * $#(+#$
((+010 103+($1 10(+15( 11&+$1 1#0+3&
10+00 10+&3 10+(# 11+3# 11+1
#+$53 #+1# #+(1 3+1$0 3+3&(
$+$3# +030 +&5# +(( +33
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&01+( &##+1#1 &&3+#$# &$5+&5( &+$
&05+($ &#$+33( &&+33 &0+1(( &(3+(0
&01+( &##+1#1 &&3+#$# &$5+&5( &+$
&05+($ &#$+33( &&+33 &0+1(( &(3+(0
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202 2030 203! 2032
* #$+05 * $3+1&5 * 01+30# * &1+3$
* 55+35& * 5+5$ * 5(+1 * $#+#$$
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* 10#+$& * 10+(30 * 115+&$$ * 1##+3(&
* #5$+(11 * ##+3#$ * #+$$5 * 305+(5
50(+&&5 53$+5&& 5$5+1&3 5(5+3#52!7360 22660! 236!60 246042
&0$+$1 &#+$1& &&(+$$ &#+(31
320!24 33553! 35!626 36436
202 2030 203! 2032
* &$#+51# * &5+$3 * 50(+(#0 * 535+&15
* 1$+5&1 * 1+#0# * 1+(0 * 1+$0$
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* 3#+& * 3&0+5 * 35&+&(3 * 3$+$#
* 5(+510 * $3+01 * $$+$5 * 0+
* 1&+5 * 15+01 * 1$+1$& * 1+1(3
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;+$= ;10#+1(= ;11+(1$= ;135+1$3=
;1$0+$10= ;1(+$15= ;#00+3#&= ;###+&=
;1&+011= ;1#+(##= ;11+3= ;10+&50= 5+13 $&+&( 0+$1 +#$0
#0#( #030 #031 #03#
* 5#+55 * 555+01& * 5#+$5 * $11+(03
1+3#0 1(+053 1(+15 #0+$0
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10+13 11&+$& 1#1+55& 1#+&
&3+#3 &5+0 &+$## 51+53(
#5+(# #1+&13 #5+5#$ 300+3&&
3##+# 3&0+#1 35+&5( 3+$5#
#0#( #030 #031 #03#
* (11+&( * (5+33 * 1+005+#03 * 1+055+&$&
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3+1#$ $+&51 (+(0( (3+50$
5&+3&& 5$+51 5+ $1+130
3## 3&# 3$# 3&
1#( 13 1&5 15&
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&+150 1&+#31 5$+31 (00+$5
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#0#( #030 #031 #03#
* $$0+31 * $(3+$ * #+&5$ * $&+(
1#$+3$5 13#+$3 13(+31 1&$+#3
1#+#5# 1#+&# 13+#5# 13+#
3+550 3+$3 3+(( &+##
+5 (+&0 (+(# 10+50
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513+#3( 53+(35 5$5+(15 5(&+#&&
51+5$& 5&&+5( 51+( $00+5$
513+#3( 53+(35 5$5+(15 5(&+#&&
51+5$& 5&&+5( 51+( $00+5$
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2033 2034 2035 2036
* 3+&3$ * (#+$0 * (3+( * 1+0##+$
* $&+5$ * $+3& * 0+0&1 * #+&#
* 10+3&& * 11#+13$ * 11$+0$1 * 1#0+1#3
* 1#(+3 * 13+5## * 1&5+3 * 15&+5#0
* 3#&+3&& * 3&3+05 * 3$&+&33 * 3$+#((
$#+1# $$0+10 $($+30 33+&256253 2667 27760 203
&(+&&5 5#3+# 550+53& 5(+#$&
35! 404320 423453 443423
2033 2034 2035 2036
* 5$#+1$ * 5(0+#($ * $1(+10 * $50+01
* 1(+350 * #0+1#& * #0+(#( * #1+$$
* $#1+# * $$5+#($ * 11+$ * $1+$(
* 33+&1( * 3(+5$ * &1&+0$ * &31+#(5
* 5+130 * (+$3 * &+&1$ * (+&1
* 1+#5 * 1((+0(& * #11+0&0 * ##3+03
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;15&+0$$= ;1&+$3= ;1(+&0#= ;###+1&&=
;#&+&11= ;#&+0(5= ;303+0(= ;33&+$00=
;(+05= ;+555= ;5+(3$= ;&+1($= &+# (1+ ((+5( 10+#5(
#033 #03& #035 #03$
* $&#+&(( * $&+$#& * 0+355 * &3+#
#1+&3# ##+#( #3+11 #&+10
1$+5 15+33# 1#+3&5 1(+$3(
13$+5( 1&&+3 153+&$0 1$#+$$
5&+$31 5+(0( $1+3& $5+0$
315+(00 33#+##( 3&(+3$( 3$+35
3(+& &1(+0(3 &&1+&&5 &$&+(5
#033 #03& #035 #03$
* 1+10+#3 * 1+1$3+$&( * 1+##1+31 * 1+##+(#3
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(+#&$ 101+13$ 105+11 10(+3
$3+55 $$+11 $+$3 1+513
&0 &31 &5 &5
1$3 13 13 1(&
(&+00( ((5+($& 1+0&+&30 1+101+53
(&+#53 (($+### 1+0&+0& 1+101+#
(&+00( ((5+($& 1+0&+&30 1+101+53(&+#53 (($+### 1+0&+0& 1+101+#
#033 #03& #035 #03$
* 03+1#3 * &3+#( * 5+&&3 * (#(+1$
153+5( 1$1+# 1$(+3&1 1+0
1&+333 1&+(0 15+503 1$+1#3
&+&# &+51 5+03$ 5+33
11+#05 11+ 1#+5(0 13+3&5
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$#3+( $55+#1( $+010 ##+&3(
$30+11 $$#+3&5 $(5+5$3 30+&&$
$#3+( $55+#1( $+010 ##+&3(
$30+11 $$#+3&5 $(5+5$3 30+&&$
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2037 203 203 2040
* 1+03+#1 * 1+1#+51# * 1+13+ * 1+#&3+03
* 5+5$ * +$ * 1+(3 * 5+#15
* 1#&+3# * 1#+$ * 133+1# * 13+&3
* 1$3+(1 * 13+$1 * 1&+03$ * 1(5+0
* &0(+& * &3&+0&$ * &$0+0( * &+$(&
3+351 15+1#( 5(+#&& (05+30300470 3!234 324644 337252
$0(+5$0 $&1+511 $5+#0 10+53
46426! 46002 5060 532330
2037 203 203 2040
* $3+3&1 * 1+50 * 53+33 * (1+053
* ##+$3 * #3+5&# * #&+&& * #5+&$3
* 15+01 * #+0$ * (33+113 * ((+&31
* &&+5&$ * &$$+& * &5+1& * 50&+55&
* (&+50 * 100+5&1 * 10$+53 * 11#+($
* #3+1#5 * #51+35# * #$$+&33 * ##+&1(
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;#&(+1$3= ;#+$&3= ;310+= ;3&5+0(=
;3$+00= ;&05+(1#= ;&&$+1$3= ;&(+(=
;#+330= ;33#= 1+0# &+0011+30 1#$+(3 13+1 1&+0$
#03 #03 #03( #0&0
* 0+($1 * #0+00( * $1+010 * (0&+0$0
#5+0# #$+05 #+11 #+#03
1(+##5 #05+11& #13+31 ##1+51
1#+&# 1#+3 1(3+3( #05+3$&
$+(1 3+10( +&($ #+1&5
3$+#3 &0$+0& &#$+3& &&+$&3
&(+$(3 515+11 5&3+0 51+$1
#03 #03 #03( #0&0
* 1+3&+0$( * 1+&1&+&## * 1+&5+1&3 * 1+55(+&00
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113+$& 11+31& 1#3+0& 1#+($(
&+3& +3& 0+&&# 3+$$0
51& 5&& 5 $1#
#05 #1 #31 #&5
1+15+&1 1+#1+#15 1+#1+0 1+3&+15(
1+15+#$ 1+#1+5&1 1+#1+ 1+3&+5#
1+15+&1 1+#1+#15 1+#1+0 1+3&+15(1+15+#$ 1+#1+5&1 1+#1+ 1+3&+5#
#03 #03 #03( #0&0
* ($+#01 * 1+0#5+011 * 1+0$+#$# * 1+130+05
1$+$( 1($+033 #05+35 #1$+1#
1$+$ 1+&3( 1+13$ 1+$#
5+$5 5+(( $+35 $+3(
1&+1&$ 1&+((& 15+(& 1$+&
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5+5( ($+5&5 3$+3($ +#3(
$+0$ 05+5&1 &5+(33 +3&
5+5( ($+5&5 3$+3($ +#3(
$+0$ 05+5&1 &5+(33 +3&
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204! 2042 2043 2044
* 1+305+#3 * 1+30+&( * 1+&3(+0#3 * 1+510+(5
* +$#& * (#+1$( * (5+55 * ((+$(
* 1&#+$$ * 1&+$$1 * 15#+30 * 15+1(
* #0$+# * #1(+1( * #3#+3&1 * #&$+#1
* 51$+(5$ * 5&+(3 * 50+5# * $15+03
(55+030 1+00$+((# 1+0$1+ 1+11(+5#350207 363506 377!46 3!!23
&+#& +03 #(+53$ 3+51
556 5265 6047 637404
204! 2042 2043 2044
* 30+$05 * #+135 * (15+&# * ($1+5#(
* #$+&# * #+5&1 * #+$&3 * #(+(
* 1+0$+3#1 * 1+1&3+103 * 1+##3+1#0 * 1+30+3(
* 5#&+3$ * 5&5+#5 * 5$+55& * 5(0+#5$
* 11(+&$ * 1#$+(31 * 13&+5&$ * 1&#+$1(
* #((+3$& * 31+3#$ * 33$+3$$ * 35$+5&
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;33+(&3= ;+&3(= ;&0+5$= ;51(+$1=
;53+00= ;5+#(&= ;$&3+&&= ;03+5=
$+505 (+0& 11+## 1&+#515(+$&# 11+(3 1&+((( 1(+$5
#0&1 #0&# #0&3 #0&&
* (&(+#$3 * (($+#$ * 1+0&$+5$# * 1+0(+(1
#(+331 30+50& 31+#& 3#+((3
#30+#5 #3(+(5& #&(+55# #5(+53&
#1+$5 #30+& #&&+5(1 #5(+#$
+0& (#+#(( (+3 103+0
&1+5## &(5+5#1 5#0+$(5 5&+0($
$0#+133 $33+($( $$+&&( 0#+$5$
#0&1 #0&# #0&3 #0&&
* 1+$3+30 * 1+1(+#3( * 1+05+#01 * 1+(5+&$1
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133+0 13+&11 1&3+(& 1&(+0$
+00$ (0+& (&+10$ (+0
$&( $ #( #
#5( #5 #(1 30(
1+&1$+$# 1+&(+$53 1+5$$+&1 1+$&+11#
1+&1+01 1+&(0+0$$ 1+5$$+55 1+$&+5$
1+&1$+$# 1+&(+$53 1+5$$+&1 1+$&+11#1+&1+01 1+&(0+0$$ 1+5$$+55 1+$&+5$
#0&1 #0&# #0&3 #0&&
* 1+1$+5( * 1+#&5+(0 * 1+30+#03 * 1+33+$13
##$+(33 #3+#0 #50+1(& #$#+0&
1(+$1$ #0+&01 #1+#1 ##+0$$
+1&3 +5# +0#$ +50
1+5 1+(30 #0+0$$ #1+#0
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(##+11 ($+#( 1+01$+#$ 1+0$+5&
(3#+$ ((+$55 1+0#+$$ 1+00+33$
(##+11 ($+#( 1+01$+#$ 1+0$+5&
(3#+$ ((+$55 1+0#+$$ 1+00+33$
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2045 2046 2047 204
* 1+5$+5#3 * 1+$$5+&( * 1+&(+1&# * 1+3$+5((
* 103+$ * 10+#& * 11#+13 * 11$+$#3
* 1$3+15 * 1$(+&&5 * 15+35 * 11+51&* 1+500
* #$1+05 * #$+#1 * #(3+3#5 * 310+(#&
* $5#+$&5 * $(1+0& * 33+31# * +310
1+11+0(5 1+#&5+(& 1+31&+1&( 1+&5+140542 420056 4343 3772
(#0+03 ($(+03 1+0#0+#& 1+1&$+(&
66647 66777 723! 6652
2045 2046 2047 204
* 1+00(+$0$ * 1+0$0+0$ * 1+113+0(0 * 1+1$+&5
* 30+(0 * 3#+#1( * 33+50 * 3&+&
* 1+&00+350 * 1+&(+35 * 1+$03+#$1 * 1+15+&(0
* $13+$ * $3+ * $$3+(5 * $(0+51$
* 151+1$ * 1$0+#& * 1$(+$# * 10+053
* 3+(&1 * &00+$1 * &#&+$5& * &50+133
* 11+0#5
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;5#+(01= ;$30+55= ;$(3+5&1= ;#+$#=
;$+$5= ;3+(0$= ;(1&+#5= ;1+00+(03=
1+( #1+0& #&+& 1+00#13+53 ##(+1( #&5+$# #5#+30#
#0&5 #0&$ #0& #0&
* 1+153+35 * 1+#11+5# * 1+##+103 * 1+335+0
3&+313 35+$$ 3+113 3+5(
#$(+(1$ #0+1# #(1+(&1 303+$1
#&+#3 #(1+31# 30+(1 3#+31
10(+(#( 11$+5#5 1#3+51$ 130+(#
#1+$00
5&+& $03+1 $3&+#5( $&&+5&
3(+$ +$0& 1(+533 &0+($5
#0&5 #0&$ #0& #0&
* 1+((0+#3& * #+0(+&$ * #+1(&+#33 * #+303+(&&
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155+$(& 1$1+(## 1$+3( 15+13&
101+5 105+5 110+0(1 11&+&(5
1( $ (#0 (5
3# 3& 3$ 3(0
&3(+5
1+31+(3$ 1+#1+0(( 1+(1&+#& 1+53+&$5
1+3#+&# 1+#1+$#0 1+(15+35 1+5&+050
1+31+(3$ 1+#1+0(( 1+(1&+#& 1+53+&$51+3#+&# 1+#1+$#0 1+(15+35 1+5&+050
#0&5 #0&$ #0& #0&
* 1+&&#+#(& * 1+51&+&0( * 1+5(0+1#( * 1+$$(+$35
#5+3( #(+$31 30&+11# 31(+31
##+(& #3+$$ #&+#1 #5+1&
(+01 (+55( 10+133 10+&1
##+5&$ #3+(( #5+333 #$+53
5#+500
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1+1#0+($1 1+1+013 1+#35+$3 1+#&5+151
1+13&+&( 1+1(1+35# 1+#51+0$3 1+#$1+#$3
1+1#0+($1 1+1+013 1+#35+$3 1+#&5+151
1+13&+&( 1+1(1+35# 1+#51+0$3 1+#$1+#$3
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o< carbon eission tax rate ;0.&=
CO9:
@ig- carbon eission tax rate ;0.$=
@ig- :ue) Costs ;0.50=
O;:
"oderate :ue) Costs ;0.50=
o< carbon eission tax rate ;0.&=
@ig- carbon eission tax rate ;0.$=
@ig- construction cost ;0.&0=
N<C:E91
o< construction cost ;0.$0=
2'TGR''4
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@ig- construction cost ;0.&0=
RE2E/'BE
o< construction cost ;0.$0=
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Expected (alues
##+101
1+&+103
Expected (alues
o< carbon eission tax rate ;0.&= ;1+#1$=
@ig- carbon eission tax rate ;0.$= ;&5+10$=
o< carbon eission tax rate ;0.&= 101+0
@ig- carbon eission tax rate ;0.$= 5&+($#
Expected (alues
1+1(&+113
1+&#&+$5(
Expected (alues
o< carbon eission tax rate ;0.&= 1+133+(0
@ig- carbon eission tax rate ;0.$= 1+00+533
o< carbon eission tax rate ;0.&= 1+0+&(&
@ig- carbon eission tax rate ;0.$= #+5$#+0
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Expected (alues
o< carbon eission tax rate ;0.&= 5+50&
@ig- carbon eission tax rate ;0.$= 1+1#5+#
o< carbon eission tax rate ;0.&= 1+1&$+3$
@ig- carbon eission tax rate ;0.$= 1+0#+0$&
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-E O= :9N NV 8 9-B9C> E1;O -E91?
Coa) #+5$(+#03.1 .51
7i) ;$0$+&03.&= 0
2atura) as #+$1+#.&& &.5
2uc)ear +105+0(5.5 5.(
Rene<ab)es &+33+03#.# $.5(
7n t-e basis of 2P, t-e best otion t-at t-e coany -as is to setu a nuc)ear o<ereriod desite being )ess t-an t-at of natura) gas is sti)) signi8cant)y )o<er t-an t-e ot-erust be noted t-at t-e 2P, is a uc- better t-res--o)d t-an t-e sie Paybac! eriod
<ide)y used inestent tec-nique.
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)ant. ts aybac!t-ree otions. ')so itnd suc- is t-e ost