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Option A
F-Class Turbine
Option B
E-Class Turbine
Option Delta
This analysis was performed by Spemann's Tool for Return on Investment Analysis (PG-ROI) Version 62-01
spemann consulting
Cashflow Engineering Ltd (UK), Distribution by Spemann Consulting GmbH (GER)
office@spemann.com
Copyright 1997-2005
No liabilitiy for correctness of input data and results.
F-Class Turbine
Power
MW
h/a
%
Operating Costs
mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
EUR/MWh
EUR/GJ
EUR/MWh
Operating Revenues
Fixed Revenues Electricity
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr.
Min %
95.0%
93.0%
99.0%
Max %
102.0%
101.0%
100.5%
Distr.
Value
2.5
2
13
Min %
90.0%
90.0%
70.0%
Max %
110.0%
110.0%
130.0%
Distr.
0.1
3.5
0.25
90.0%
110.0%
Value
Min %
Max %
mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
EUR/MWh
35
mill. EUR
400
Investment
Investment Volume
Min %
95.0%
Lifetime
Hand over (End of Commiss.)
Lifetime from Commiss.
Tax Depreciation Time
Financing
Debt Share 1
Debt interest Rate
Start of Debt Service
Debt Service
Debt Share 2
Debt interest Rate
Start of Debt Service
Debt Service
01/ 01 2007
20
15
70.00%
8.00%
01/ 01 2009
15
30/ 12 1899
Max %
105.0%
Min %
96.0%
92.0%
99.0%
Max %
103.0%
103.0%
100.5%
Distr.
F
F
Value
2.5
1.5
8
Min %
90.0%
90.0%
70.0%
Max %
110.0%
110.0%
130.0%
Distr.
F
F
90.0%
110.0%
2.0%
0.1
3.5
0.25
Incrs.
Value
Min %
Max %
1.0%
35
Incrs.
3.0%
3.0%
3.0%
Distr.
Distr.
340
----Years
30%
10.00%
15 Total
10.0%
20.0%
20.0%
10.0%
10.0%
30.0%
100.0%
60
-250
4.00%
Incrs.
3.0%
3.0%
3.0%
2.0%
Distr.
Incrs.
1.0%
Min %
95.0%
Max %
105.0%
0.000
40.000
80.000
80.000
40.000
40.000
120.000
0.000
0.000
0.000
0.000
0.000
0.000
400.000
01/ 01 2007
20
15
70.00%
8.00%
01/ 01 2009
15
30/ 12 1899
30%
10.00%
15 Total
Value
0
0
0
0
0
60.000
0.000
0.000
0.000
-16
-6
-2
-1
1
13
Value
0
0.5
5
0
0
0
0
0
Distr.
Investment Schedule
0.000
0.000
0.000
-16
-6
-2
-1
1
13
Delta
Value
640
8250
52.00%
Investment Schedule
Date
Years
Years
Personnel
Insurance
Fixed Maintenance
Other Costs A
Other Costs B
Variable Maintenance
Fuel
Consumables
Value
700
8000
56.00%
E-Class Turbine
EUR
01/ 01 2005
22
10.0%
01/ 01 2005
35.0%
Currency
Start Date
Period under Review [Years]
Discount Rate
Date for Present Value
Income Tax Rate
10.0%
20.0%
20.0%
10.0%
10.0%
30.0%
100.0%
0.000
34.000
68.000
68.000
34.000
34.000
102.000
0.000
0.000
0.000
0.000
0.000
0.000
340.000
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
Other Revenues
F
Other Revenues
E
Other Revenues
D
Other Costs A
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
Other Costs B
E-Class Turbine
Other Revenues
F
Other Revenues
E
Other Revenues
D
Other Costs B
Other Costs A
F-Class Turbine
mill. EUR
2005-01
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Other Revenues
F
Other Revenues
E
Other Revenues
D
Other Costs A
mill. EUR
2005-01
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Other Costs B
E-Class Turbine
Other Revenues
F
Other Revenues
E
Other Revenues
D
Other Costs B
Other Costs A
F-Class Turbine
700
230
230
56.00%
37.00%
37.00%
0
0
0
7,333
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
8,000
0
0
8,000
667
0
0
0
7,333
667
0
E-Class Turbine
Degradation
Factor
_________
%
Equ. ophrs
700
MW
0
0
0
0
0 99.80%
99.30%
99.00%
98.70%
98.90%
98.80%
98.50%
98.30%
98.10%
98.50%
98.40%
98.30%
98.10%
98.00%
98.20%
98.10%
98.00%
97.90%
97.80%
98.20%
98.10%
98.00%
97.90%
97.80%
Eta
99.90%
99.60%
99.40%
99.20%
99.20%
99.20%
99.10%
99.00%
98.90%
99.00%
99.00%
98.90%
98.90%
98.80%
98.90%
98.90%
98.80%
98.80%
98.70%
98.90%
98.90%
98.80%
98.80%
98.70%
0
0
5,038
7,771
7,984
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MW
Eta
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
Degradation
Factor
_________
%
640
140
140
140
52.00%
32.00%
32.00%
32.00%
0
0
0
7,563
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
8,250
0
0
8,250
688
0
0
0
7,563
688
0
0
0
6,875
688
0 99.70%
99.10%
98.60%
98.20%
98.50%
98.30%
98.10%
97.80%
97.50%
98.00%
97.90%
97.70%
97.50%
97.30%
97.60%
97.50%
97.30%
97.20%
97.10%
97.60%
97.50%
97.30%
97.20%
97.10%
Equ. ophrs
640
MW
Eta
99.80%
99.50%
99.20%
98.90%
99.00%
98.90%
98.80%
98.70%
98.50%
98.70%
98.70%
98.60%
98.50%
98.40%
98.50%
98.50%
98.40%
98.40%
98.30%
98.50%
98.50%
98.40%
98.40%
98.30%
0
0
4,963
8,014
8,225
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Degradation
Factor
_________
%
700
230
230
56.00%
37.00%
37.00%
0.00%
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
667
E-Class Turbine
Equ. ophrs
700
MW
Eta
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MW
Eta
2005-01
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Degradation
Factor
_________
%
640
140
140
140
52.00%
32.00%
32.00%
32.00%
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
688
Equ. ophrs
640
MW
Eta
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0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
% Credit
Credit 2
Credit 1
Other Invest D
Other Invest C
Other Invest B
Other Invest A
Plant (mechanical)
Access roads
Buildings
Category
mill. EUR
% Depreciation
Years deprec.
2005-01
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Land
% Credit
Credit 2
Credit 1
Other Invest D
E-Class Turbine
Other Invest C
Other Invest B
Other Invest A
Plant (mechanical)
Access roads
Buildings
Category
mill. EUR
% Depreciation
Years deprec.
2005-01
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Land
F-Class Turbine
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
mill. EUR
120.000
mill. EUR
280.000
mill. EUR
400.000
%/a
64.832
9.5%
%/a
17.5%
mill. EUR
9.2
mill. EUR
400.000
300.000
200.000
Income Tax
Debt Service
Income f rom Credit
100.000
Investment Volume
Variable Maintenance
Consumables
0.000
Fuel
Fixed Maintenance
Insurance
-100.000
Personnel
Variable Rev. Electr.
Net Present Value
-200.000
Cash Flow
Present Value of Cash Flow
-300.000
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
-400.000
mill. EUR
150.000
100.000
50.000
0.000
-50.000
-100.000
-150.000
Income Tax
Debt Service
Investment Volume
Variable Maintenance
Consumables
Fuel
Fixed Maintenance
Insurance
Personnel
Cash Flow
mill. EUR
102.000
mill. EUR
238.000
mill. EUR
340.000
%/a
51.899
7.3%
%/a
16.3%
mill. EUR
10.3
mill. EUR
300.000
200.000
Income Tax
Debt Service
100.000
0.000
Fuel
Fixed Maintenance
Insurance
Personnel
-100.000
-200.000
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
-300.000
mill. EUR
100.000
50.000
0.000
-50.000
-100.000
-150.000
Income Tax
Debt Service
Investment Volume
Variable Maintenance
Consumables
Fuel
Fixed Maintenance
Insurance
Personnel
Cash Flow
mill. EUR
18.000
mill. EUR
42.000
mill. EUR
60.000
%/a
12.933
36.7%
%/a
38.2%
mill. EUR
2.4
mill. EUR
30.000
20.000
10.000
Income Tax
Debt Service
Income f rom Credit
Investment Volume
0.000
Variable Maintenance
Consumables
Fuel
-10.000
Fixed Maintenance
Insurance
Variable Rev. Electr.
Net Present Value
-20.000
Cash Flow
Present Value of Cash Flow
-30.000
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
-40.000
mill. EUR
20.000
15.000
10.000
5.000
0.000
-5.000
-10.000
-15.000
-20.000
-25.000
Income Tax
Debt Service
Investment Volume
Variable Maintenance
Consumables
Fixed Maintenance
Insurance
Cash Flow
Fuel
Levelized
6.547
4.181
23.962
34.690
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
2005
2006
2007
2008
5.230
34.420
39.650
3.481
23.526
27.007
2009
8.401
3.472
22.883
34.756
EUR/MWh
45.000
Consumables
37.0
36.9
36.7
36.5
36.4
36.2
36.2
36.0
35.8
35.6
35.5
35.4
35.2
35.0
34.8
34.7
Fuel
28.6
27.0
25.000
29.0
Variable Maintenance
30.000
28.8
35.000
39.7
40.000
Fixed Maintenance
Insurance
20.000
Personnel
Debt
15.000
Equity
10.000
5.000
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
Capital Costs
0.000
Electricity Production
Cost
Variable Rev. Electr.
EUR/MWh
50.000
45.000
40.000
35.000
30.000
25.000
20.000
15.000
10.000
5.000
0.000
Consumables
Fuel
Variable Maintenance
Fixed Maintenance
Insurance
Personnel
Debt
Equity
Levelized
5.943
3.054
25.989
34.986
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
2005
2006
2007
2008
3.979
39.741
43.721
2.530
25.458
27.988
2009
7.574
2.522
24.614
34.710
EUR/MWh
43.7
50.000
45.000
36.6
36.6
36.4
36.3
36.1
36.0
36.0
35.8
35.7
35.6
35.4
35.4
35.0
34.7
35.0
35.000
35.2
Consumables
40.000
Fuel
29.3
30.000
29.2
28.0
29.0
Variable Maintenance
Fixed Maintenance
Insurance
25.000
Personnel
20.000
Debt
15.000
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.2
0.2
0.1
0.2
5.000
0.1
10.000
Equity
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
0.000
Capital Costs
Electricity Production
Cost
Variable Rev. Electr.
EUR/MWh
60.000
50.000
40.000
30.000
20.000
10.000
0.000
Consumables
Fuel
Variable Maintenance
Fixed Maintenance
Insurance
Personnel
Debt
Equity
Levelized
15.434
20.769
-5.869
30.335
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
2005
2006
2007
2008
16.565
-13.810
2.755
19.160
-8.310
10.850
EUR/MWh
60.000
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
Variable Maintenance
0.1
20.000
24.193
22.55623.379
Fixed Maintenance
Insurance
0.1
0.2
30.000
0.2
0.1
0.1
30.335
Fuel
0.2
0.1
40.000
Consumables
42.178
40.38240.78641.286
39.20639.905
37.55138.03538.153
36.60836.657
35.52635.56935.48435.585
0.1
0.1
50.000
Debt
10.850
Equity
10.000
2.755
0.000
-10.000
Electricity Production
Cost
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
-20.000
2009
22.052
19.149
-5.675
35.526
EUR/MWh
60.000
40.000
20.000
0.000
-20.000
-40.000
-60.000
Consumables
Fuel
Variable Maintenance
Fixed Maintenance
Insurance
Debt
Equity
Operating Revenues
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1,491.790
125.914
196.169
203.958
204.556
205.977
207.407
209.905
211.790
213.258
1,491.790
125.914
196.169
203.958
204.556
205.977
207.407
209.905
211.790
213.258
1,491.790
125.914
196.169
203.958
204.556
205.977
207.407
209.905
211.790
213.258
23.939
14.706
124.481
2.652
2.000
13.792
2.732
2.000
14.205
2.814
2.000
14.632
2.898
2.000
15.071
2.985
2.000
15.523
3.075
2.000
15.988
3.167
2.000
16.468
3.262
2.000
16.962
3.360
2.000
17.471
163.126
5.117
918.004
11.664
934.784
18.444
0.374
120.097
0.917
121.389
18.937
0.594
125.943
1.443
127.981
19.445
0.630
126.000
1.515
128.146
19.969
0.645
125.620
1.535
127.800
20.508
0.662
125.493
1.561
127.716
21.063
0.680
125.365
1.587
127.632
21.635
0.702
125.619
1.622
127.943
22.224
0.722
125.492
1.653
127.867
22.831
0.741
125.237
1.681
127.659
1,097.910
139.833
146.918
147.591
147.769
148.224
148.695
149.578
150.091
150.490
393.881
-13.918
49.251
56.367
56.787
57.754
58.712
60.328
61.699
62.768
Present value
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Other Costs B
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Operating Result
Operating Result
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
214.954
216.661
219.720
221.692
223.682
225.459
227.481
230.225
232.290
234.374
236.476
214.954
216.661
219.720
221.692
223.682
225.459
227.481
230.225
232.290
234.374
236.476
214.954
216.661
219.720
221.692
223.682
225.459
227.481
230.225
232.290
234.374
236.476
Operating Revenues
Fixed Revenues Electricity
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Operating Revenues (Fix)
Variable Rev. Electr.
Variable Rev. Heat
Operating Revenues (Variab.)
Operating Revenues
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Other Costs B
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
3.461
2.000
17.995
3.564
2.000
18.535
3.671
2.000
19.091
3.781
2.000
19.664
3.895
2.000
20.254
4.012
2.000
20.861
4.132
2.000
21.487
4.256
2.000
22.132
4.384
2.000
22.796
4.515
2.000
23.479
4.651
2.000
24.184
23.456
0.762
125.109
1.711
127.582
24.099
0.783
124.981
1.742
127.506
24.762
0.810
125.364
1.784
127.958
25.445
0.833
125.236
1.818
127.888
26.148
0.858
125.236
1.852
127.945
26.873
0.882
124.981
1.885
127.748
27.619
0.907
124.980
1.921
127.808
28.388
0.936
125.108
1.964
128.008
29.179
0.963
124.981
2.001
127.945
29.995
0.991
124.980
2.039
128.010
30.835
1.020
124.852
2.077
127.949
Operating Costs
151.038
151.605
152.720
153.333
154.094
154.621
155.427
156.396
157.124
158.004
158.784
63.916
65.056
67.000
68.359
69.588
70.838
72.054
73.829
75.166
76.370
77.692
Operating Result
Operating Result
Operating Revenues
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1,397.022
113.403
184.945
192.304
192.479
193.423
194.564
197.110
198.677
200.256
1,397.022
113.403
184.945
192.304
192.479
193.423
194.564
197.110
198.677
200.256
1,397.022
113.403
184.945
192.304
192.479
193.423
194.564
197.110
198.677
200.256
23.939
11.029
76.604
2.652
1.500
8.487
2.732
1.500
8.742
2.814
1.500
9.004
2.898
1.500
9.274
2.985
1.500
9.552
3.075
1.500
9.839
3.167
1.500
10.134
3.262
1.500
10.438
3.360
1.500
10.751
111.572
4.792
933.636
10.924
949.352
12.639
0.337
125.065
0.826
126.228
12.974
0.560
128.646
1.361
130.568
13.318
0.594
127.938
1.429
129.962
13.672
0.607
127.424
1.444
129.475
14.038
0.622
127.165
1.466
129.252
14.414
0.638
127.033
1.489
129.160
14.801
0.659
127.292
1.523
129.475
15.200
0.677
127.162
1.551
129.390
15.611
0.696
127.032
1.579
129.307
1,060.924
138.867
143.541
143.279
143.147
143.290
143.573
144.276
144.590
144.918
336.098
-25.464
41.404
49.024
49.331
50.133
50.991
52.835
54.087
55.338
Present value
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Operating Result
Operating Result
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
201.640
203.031
206.113
207.962
209.612
211.275
212.950
215.743
217.677
219.403
221.369
201.640
203.031
206.113
207.962
209.612
211.275
212.950
215.743
217.677
219.403
221.369
201.640
203.031
206.113
207.962
209.612
211.275
212.950
215.743
217.677
219.403
221.369
Operating Revenues
Fixed Revenues Electricity
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Operating Revenues (Fix)
Variable Rev. Electr.
Variable Rev. Heat
Operating Revenues (Variab.)
Operating Revenues
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
3.461
1.500
11.074
3.564
1.500
11.406
3.671
1.500
11.748
3.781
1.500
12.101
3.895
1.500
12.464
4.012
1.500
12.838
4.132
1.500
13.223
4.256
1.500
13.619
4.384
1.500
14.028
4.515
1.500
14.449
4.651
1.500
14.882
16.034
0.715
126.772
1.605
129.092
16.470
0.734
126.640
1.632
129.006
16.920
0.760
127.031
1.673
129.464
17.382
0.782
126.901
1.705
129.388
17.859
0.804
126.771
1.736
129.310
18.349
0.826
126.640
1.767
129.232
18.855
0.849
126.508
1.798
129.156
19.376
0.877
126.769
1.840
129.487
19.912
0.903
126.640
1.875
129.417
20.464
0.928
126.508
1.908
129.345
21.033
0.955
126.378
1.945
129.278
Operating Costs
145.126
145.476
146.384
146.771
147.169
147.582
148.011
148.862
149.329
149.809
150.311
56.513
57.555
59.729
61.191
62.444
63.693
64.940
66.881
68.348
69.594
71.058
Operating Result
Operating Result
Operating Revenues
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
94.769
12.511
11.224
11.655
12.077
12.555
12.842
12.795
13.113
13.003
94.769
12.511
11.224
11.655
12.077
12.555
12.842
12.795
13.113
13.003
94.769
12.511
11.224
11.655
12.077
12.555
12.842
12.795
13.113
13.003
3.676
47.877
0.500
5.305
0.500
5.464
0.500
5.628
0.500
5.796
0.500
5.970
0.500
6.149
0.500
6.334
0.500
6.524
0.500
6.720
51.554
0.324
-15.632
0.740
-14.568
5.805
0.037
-4.968
0.091
-4.839
5.964
0.034
-2.703
0.083
-2.587
6.128
0.036
-1.938
0.087
-1.816
6.296
0.038
-1.804
0.091
-1.675
6.470
0.040
-1.672
0.095
-1.536
6.649
0.042
-1.668
0.098
-1.528
6.834
0.043
-1.673
0.099
-1.532
7.024
0.045
-1.670
0.102
-1.523
7.220
0.045
-1.795
0.102
-1.647
36.985
0.965
3.377
4.312
4.621
4.934
5.122
5.302
5.501
5.572
57.783
11.546
7.847
7.343
7.456
7.621
7.721
7.493
7.612
7.430
Present value
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Operating Result
Operating Result
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
13.314
13.630
13.607
13.730
14.069
14.184
14.531
14.482
14.613
14.971
15.107
13.314
13.630
13.607
13.730
14.069
14.184
14.531
14.482
14.613
14.971
15.107
13.314
13.630
13.607
13.730
14.069
14.184
14.531
14.482
14.613
14.971
15.107
0.500
6.921
0.500
7.129
0.500
7.343
0.500
7.563
0.500
7.790
0.500
8.024
0.500
8.264
0.500
8.512
0.500
8.768
0.500
9.031
0.500
9.301
7.421
0.047
-1.663
0.106
-1.510
7.629
0.049
-1.659
0.110
-1.500
7.843
0.050
-1.667
0.110
-1.507
8.063
0.052
-1.665
0.113
-1.501
8.290
0.054
-1.535
0.116
-1.365
8.524
0.055
-1.659
0.119
-1.485
8.764
0.058
-1.528
0.123
-1.348
9.012
0.059
-1.661
0.124
-1.479
9.268
0.061
-1.659
0.126
-1.472
9.531
0.063
-1.528
0.130
-1.335
9.801
0.065
-1.526
0.133
-1.328
5.912
6.129
6.336
6.562
6.925
7.039
7.416
7.533
7.795
8.196
8.473
7.402
7.501
7.271
7.168
7.144
7.145
7.115
6.949
6.818
6.776
6.634
Operating Revenues
Fixed Revenues Electricity
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Operating Revenues (Fix)
Variable Rev. Electr.
Variable Rev. Heat
Operating Revenues (Variab.)
Operating Revenues
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Operating Result
Operating Result
Operating Revenues
370.858
370.858
370.858
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Other Costs B
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
5.858
4.296
30.463
40.616
1.126
265.768
2.731
269.625
Operating Costs
310.241
Operating Result
Operating Result
60.617
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
Operating Revenues
Fixed Revenues Electricity
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Operating Revenues (Fix)
Variable Rev. Electr.
Variable Rev. Heat
Operating Revenues (Variab.)
5.475
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
11.059
16.828
16.828
16.828
16.828
16.828
16.828
16.828
5.475
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
11.059
16.828
16.828
16.828
16.828
16.828
16.828
16.828
5.475
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
10.949
11.059
16.828
16.828
16.828
16.828
16.828
16.828
16.828
Personnel
Insurance
Fixed Maintenance
Other Costs A
Other Costs B
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.221
0.167
1.149
0.228
0.167
1.184
0.228
0.167
1.184
0.228
0.167
1.184
0.228
0.167
1.184
0.228
0.167
1.184
0.228
0.167
1.184
0.228
0.167
1.184
0.228
0.167
1.184
1.537
0.016
5.222
0.040
5.278
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.537
0.033
10.443
0.080
10.556
1.578
0.034
10.443
0.081
10.558
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
Operating Costs
6.815
12.093
12.093
12.093
12.093
12.093
12.093
12.093
12.093
12.093
12.093
12.093
12.136
12.253
12.253
12.253
12.253
12.253
12.253
12.253
-1.340
-1.143
-1.143
-1.143
-1.143
-1.143
-1.143
-1.143
-1.143
-1.143
-1.143
-1.143
-1.078
4.575
4.575
4.575
4.575
4.575
4.575
4.575
Operating Revenues
Operating Costs
Operating Result
Operating Result
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Operating Revenues
Fixed Revenues Electricity
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Operating Revenues (Fix)
Variable Rev. Electr.
Variable Rev. Heat
Operating Revenues (Variab.)
Operating Revenues
16.828
16.828
16.828
16.828
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.828
16.828
16.828
16.828
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.828
16.828
16.828
16.828
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
16.997
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Other Costs B
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
0.228
0.167
1.184
0.228
0.167
1.184
0.228
0.167
1.184
0.228
0.167
1.184
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
0.234
0.167
1.219
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
1.578
0.051
10.500
0.124
10.675
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
1.620
0.053
10.500
0.126
10.679
Operating Costs
12.253
12.253
12.253
12.253
12.299
12.299
12.299
12.299
12.299
12.299
12.299
12.299
12.299
12.299
12.299
12.299
4.575
4.575
4.575
4.575
4.697
4.697
4.697
4.697
4.697
4.697
4.697
4.697
4.697
4.697
4.697
4.697
Operating Result
Operating Result
Operating Revenues
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
Present value
345.325
3.436
6.873
10.309
10.309
10.309
10.309
10.309
345.325
3.436
6.873
10.309
10.309
10.309
10.309
10.309
345.325
3.436
6.873
10.309
10.309
10.309
10.309
10.309
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
5.858
3.222
18.746
0.221
0.125
0.707
0.221
0.125
0.707
0.221
0.125
0.707
0.221
0.125
0.707
0.221
0.125
0.707
0.221
0.125
0.707
0.221
0.125
0.707
27.826
1.049
272.691
2.543
276.283
1.053
0.010
3.790
0.025
3.825
1.053
0.020
7.580
0.050
7.650
1.053
0.031
11.370
0.075
11.475
1.053
0.031
11.370
0.075
11.475
1.053
0.031
11.370
0.075
11.475
1.053
0.031
11.370
0.075
11.475
1.053
0.031
11.370
0.075
11.475
Operating Costs
304.109
4.878
8.703
12.529
12.529
12.529
12.529
12.529
41.217
-1.442
-1.831
-2.219
-2.219
-2.219
-2.219
-2.219
Operating Result
Operating Result
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Operating Revenues
Fixed Revenues Electricity
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Operating Revenues (Fix)
Variable Rev. Electr.
Variable Rev. Heat
Operating Revenues (Variab.)
Operating Revenues
10.309
10.309
10.309
10.309
10.309
10.412
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
10.309
10.309
10.309
10.309
10.309
10.412
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
10.309
10.309
10.309
10.309
10.309
10.412
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
15.867
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
16.025
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
0.221
0.125
0.707
0.221
0.125
0.707
0.221
0.125
0.707
0.221
0.125
0.707
0.221
0.125
0.707
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.228
0.125
0.728
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
0.234
0.125
0.750
1.053
0.031
11.370
0.075
11.475
1.053
0.031
11.370
0.075
11.475
1.053
0.031
11.370
0.075
11.475
1.053
0.031
11.370
0.075
11.475
1.053
0.031
11.370
0.075
11.475
1.081
0.032
11.370
0.077
11.478
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.081
0.048
10.662
0.117
10.826
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
1.110
0.050
10.662
0.119
10.830
Operating Costs
12.529
12.529
12.529
12.529
12.529
12.559
11.907
11.907
11.907
11.907
11.907
11.907
11.907
11.907
11.907
11.907
11.907
11.940
11.940
11.940
11.940
11.940
11.940
11.940
11.940
11.940
11.940
11.940
11.940
-2.219
-2.219
-2.219
-2.219
-2.219
-2.146
3.959
3.959
3.959
3.959
3.959
3.959
3.959
3.959
3.959
3.959
3.959
4.085
4.085
4.085
4.085
4.085
4.085
4.085
4.085
4.085
4.085
4.085
4.085
Operating Result
Operating Result
Operating Revenues
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
2007-07
Present value
25.533
2.038
4.076
0.640
0.640
0.640
0.640
0.640
25.533
2.038
4.076
0.640
0.640
0.640
0.640
0.640
25.533
2.038
4.076
0.640
0.640
0.640
0.640
0.640
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
1.074
11.716
0.042
0.442
0.042
0.442
0.042
0.442
0.042
0.442
0.042
0.442
0.042
0.442
0.042
0.442
12.790
0.077
-6.923
0.188
-6.658
0.484
0.006
1.432
0.015
1.453
0.484
0.012
2.864
0.030
2.905
0.484
0.002
-0.926
0.005
-0.920
0.484
0.002
-0.926
0.005
-0.920
0.484
0.002
-0.926
0.005
-0.920
0.484
0.002
-0.926
0.005
-0.920
0.484
0.002
-0.926
0.005
-0.920
6.132
1.936
3.389
-0.436
-0.436
-0.436
-0.436
-0.436
19.401
0.102
0.687
1.076
1.076
1.076
1.076
1.076
Operating Result
Operating Result
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Operating Revenues
Fixed Revenues Electricity
Fixed Revenues Heat
Other Revenues D
Other Revenues E
Other Revenues F
Operating Revenues (Fix)
Variable Rev. Electr.
Variable Rev. Heat
Operating Revenues (Variab.)
Operating Revenues
0.640
0.640
0.640
0.640
0.640
0.646
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.640
0.640
0.640
0.640
0.640
0.646
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.640
0.640
0.640
0.640
0.640
0.646
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.962
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
0.971
Operating Costs
Personnel
Insurance
Fixed Maintenance
Other Costs A
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
0.042
0.442
0.042
0.442
0.042
0.442
0.042
0.442
0.042
0.442
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.455
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.042
0.469
0.484
0.002
-0.926
0.005
-0.920
0.484
0.002
-0.926
0.005
-0.920
0.484
0.002
-0.926
0.005
-0.920
0.484
0.002
-0.926
0.005
-0.920
0.484
0.002
-0.926
0.005
-0.920
0.497
0.002
-0.926
0.005
-0.920
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.497
0.003
-0.162
0.007
-0.152
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
0.511
0.003
-0.162
0.007
-0.151
Operating Costs
-0.436
-0.436
-0.436
-0.436
-0.436
-0.423
0.345
0.345
0.345
0.345
0.345
0.345
0.345
0.345
0.345
0.345
0.345
0.359
0.359
0.359
0.359
0.359
0.359
0.359
0.359
0.359
0.359
0.359
0.359
1.076
1.076
1.076
1.076
1.076
1.069
0.616
0.616
0.616
0.616
0.616
0.616
0.616
0.616
0.616
0.616
0.616
0.612
0.612
0.612
0.612
0.612
0.612
0.612
0.612
0.612
0.612
0.612
0.612
Operating Result
Operating Result
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
88.498
82.901
10.312
21.258
11.137
20.434
12.028
19.543
12.990
18.580
14.030
17.541
15.152
16.419
16.364
15.206
17.673
13.897
19.087
12.483
20.614
10.956
171.400
31.571
31.571
31.571
31.571
31.571
31.571
31.571
31.571
31.571
31.571
56.787
-26.667
-20.434
9.687
-3.390
57.754
-26.667
-19.543
11.545
-4.041
58.712
-26.667
-18.580
13.465
-4.713
60.328
-26.667
-17.541
16.120
-5.642
61.699
-26.667
-16.419
18.614
-6.515
62.768
-26.667
-15.206
20.895
-7.313
63.916
-26.667
-13.897
23.352
-8.173
65.056
-26.667
-12.483
25.906
-9.067
67.000
-26.667
-10.956
29.377
-10.282
Present value
Equity
Debt
interest during construction
98.103
228.906
12.000
28.000
60.000
140.000
12.000
28.000
36.000
84.000
Investment Volume
327.009
40.000
200.000
40.000
120.000
Debt Service
Debt Payback
Debt interest
Debt Service
393.881
-175.178
-82.901
135.802
-59.547
-13.918
-26.667
49.251
-26.667
-40.585
22.584
-9.060
56.367
-26.667
-21.258
8.442
-2.955
76.255
-40.585
13.525
5.487
6.297
7.504
8.752
10.478
12.099
13.582
15.179
16.839
19.095
1,491.790
1,491.790
1,491.790
-23.939
-14.706
-124.481
-163.126
-5.117
-918.004
-11.664
-934.784
-1,097.910
-327.009
228.906
-171.400
-59.547
125.914
125.914
125.914
-2.652
-2.000
-13.792
-18.444
-0.374
-120.097
-0.917
-121.389
-139.833
-40.000
28.000
196.169
196.169
196.169
-2.732
-2.000
-14.205
-18.937
-0.594
-125.943
-1.443
-127.981
-146.918
-120.000
84.000
203.958
203.958
203.958
-2.814
-2.000
-14.632
-19.445
-0.630
-126.000
-1.515
-128.146
-147.591
204.556
204.556
204.556
-2.898
-2.000
-15.071
-19.969
-0.645
-125.620
-1.535
-127.800
-147.769
205.977
205.977
205.977
-2.985
-2.000
-15.523
-20.508
-0.662
-125.493
-1.561
-127.716
-148.224
207.407
207.407
207.407
-3.075
-2.000
-15.988
-21.063
-0.680
-125.365
-1.587
-127.632
-148.695
209.905
209.905
209.905
-3.167
-2.000
-16.468
-21.635
-0.702
-125.619
-1.622
-127.943
-149.578
211.790
211.790
211.790
-3.262
-2.000
-16.962
-22.224
-0.722
-125.492
-1.653
-127.867
-150.091
213.258
213.258
213.258
-3.360
-2.000
-17.471
-22.831
-0.741
-125.237
-1.681
-127.659
-150.490
214.954
214.954
214.954
-3.461
-2.000
-17.995
-23.456
-0.762
-125.109
-1.711
-127.582
-151.038
216.661
216.661
216.661
-3.564
-2.000
-18.535
-24.099
-0.783
-124.981
-1.742
-127.506
-151.605
219.720
219.720
219.720
-3.671
-2.000
-19.091
-24.762
-0.810
-125.364
-1.784
-127.958
-152.720
-9.060
-31.571
-2.955
-31.571
-3.390
-31.571
-4.041
-31.571
-4.713
-31.571
-5.642
-31.571
-6.515
-31.571
-7.313
-31.571
-8.173
-31.571
-9.067
-31.571
-10.282
Cash Flow
Variable Rev. Electr.
Operating Revenues (Variab.)
Operating Revenues
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Investment Volume
Income from Credit
Debt Service
Income Tax
Cash Flow
64.832
-200.000
140.000
-12.000
-12.000
-60.000
-72.000
-25.918
-97.918
4.192
-93.727
21.842
-71.885
21.826
-50.059
22.142
-27.917
22.428
-5.488
23.115
17.627
23.614
41.240
23.884
65.124
24.172
89.296
24.418
113.714
25.148
138.862
17.5%
64.832
-11.172
-50.548
-20.696
1.914
14.174
12.877
11.876
10.936
3.5%
10.246
7.0%
9.515
9.5%
8.750
11.3%
8.050
12.7%
7.393
13.8%
6.922
9.2 a
-11.172
-61.721
-82.417
-80.502
-66.328
-53.451
-41.576
-30.640
-20.394
-10.879
-2.129
5.921
13.314
20.236
-13.918
49.251
-9.060
40.192
56.367
-2.955
53.413
31.571
56.787
-3.390
53.397
31.571
57.754
-4.041
53.713
31.571
58.712
-4.713
53.999
31.571
60.328
-5.642
54.686
31.571
61.699
-6.515
55.184
31.571
62.768
-7.313
55.455
31.571
63.916
-8.173
55.743
31.571
65.056
-9.067
55.989
31.571
67.000
-10.282
56.718
31.571
1.69
1.69
1.70
1.71
1.73
1.75
1.76
1.77
1.77
1.80
-40.000
28.000
-13.918
2019
2020
2021
2022
2023
2024
2025
2026
Debt Payback
Debt interest
22.263
9.307
24.044
7.526
25.968
5.603
28.046
3.525
30.289
1.282
Debt Service
31.571
31.571
31.571
31.571
31.571
Operating Result
Depreciation
Debt interest
Profit before Tax
Income Tax
68.359
-26.667
-9.307
32.385
-11.335
69.588
-26.667
-7.526
35.395
-12.388
70.838
-26.667
-5.603
38.569
-13.499
72.054
73.829
75.166
76.370
77.692
-3.525
68.529
-23.985
-1.282
72.548
-25.392
75.166
-26.308
76.370
-26.729
77.692
-27.192
21.051
23.007
25.070
44.544
47.156
48.858
49.640
50.500
221.692
221.692
221.692
-3.781
-2.000
-19.664
-25.445
-0.833
-125.236
-1.818
-127.888
-153.333
223.682
223.682
223.682
-3.895
-2.000
-20.254
-26.148
-0.858
-125.236
-1.852
-127.945
-154.094
225.459
225.459
225.459
-4.012
-2.000
-20.861
-26.873
-0.882
-124.981
-1.885
-127.748
-154.621
227.481
227.481
227.481
-4.132
-2.000
-21.487
-27.619
-0.907
-124.980
-1.921
-127.808
-155.427
230.225
230.225
230.225
-4.256
-2.000
-22.132
-28.388
-0.936
-125.108
-1.964
-128.008
-156.396
232.290
232.290
232.290
-4.384
-2.000
-22.796
-29.179
-0.963
-124.981
-2.001
-127.945
-157.124
234.374
234.374
234.374
-4.515
-2.000
-23.479
-29.995
-0.991
-124.980
-2.039
-128.010
-158.004
236.476
236.476
236.476
-4.651
-2.000
-24.184
-30.835
-1.020
-124.852
-2.077
-127.949
-158.784
-31.571
-11.335
-31.571
-12.388
-31.571
-13.499
-31.571
-23.985
-31.571
-25.392
-26.308
-26.729
-27.192
25.454
164.316
25.629
189.945
25.768
215.713
16.498
232.211
16.867
249.078
48.858
297.936
49.640
347.576
50.500
398.076
14.6%
6.369
15.3%
5.830
15.8%
5.329
16.1%
3.102
16.3%
2.883
16.8%
7.590
17.2%
7.010
17.5%
6.483
26.605
32.435
37.763
40.866
43.749
51.338
58.348
64.832
68.359
-11.335
57.025
31.571
69.588
-12.388
57.200
31.571
70.838
-13.499
57.339
31.571
72.054
-23.985
48.069
31.571
73.829
-25.392
48.438
31.571
75.166
-26.308
48.858
76.370
-26.729
49.640
77.692
-27.192
50.500
1.81
1.81
1.82
1.52
1.53
Investment
Equity
Debt
interest during construction
Investment Volume
Debt Service
Cash Flow
Variable Rev. Electr.
Operating Revenues (Variab.)
Operating Revenues
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Investment Volume
Income from Credit
Debt Service
Income Tax
Cash Flow
Cash Flow, accumulated
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
75.224
70.466
8.765
18.070
9.467
17.368
10.224
16.611
11.042
15.793
11.925
14.910
12.879
13.956
13.910
12.926
15.022
11.813
16.224
10.611
17.522
9.313
145.690
26.835
26.835
26.835
26.835
26.835
26.835
26.835
26.835
26.835
26.835
49.331
-22.667
-17.368
9.296
-3.254
50.133
-22.667
-16.611
10.855
-3.799
50.991
-22.667
-15.793
12.531
-4.386
52.835
-22.667
-14.910
15.258
-5.340
54.087
-22.667
-13.956
17.464
-6.112
55.338
-22.667
-12.926
19.746
-6.911
56.513
-22.667
-11.813
22.034
-7.712
57.555
-22.667
-10.611
24.277
-8.497
59.729
-22.667
-9.313
27.750
-9.712
Present value
Equity
Debt
interest during construction
83.387
194.570
10.200
23.800
51.000
119.000
10.200
23.800
30.600
71.400
Investment Volume
277.958
34.000
170.000
34.000
102.000
Debt Service
Debt Payback
Debt interest
Debt Service
336.098
-148.901
-70.466
116.730
-55.122
-25.464
-22.667
41.404
-22.667
-48.131
18.738
-7.970
49.024
-22.667
-18.070
8.288
-2.901
61.609
-48.131
10.767
5.387
6.042
7.056
8.145
9.918
11.352
12.835
14.322
15.780
18.037
1,397.022
1,397.022
1,397.022
-23.939
-11.029
-76.604
-111.572
-4.792
-933.636
-10.924
-949.352
-1,060.924
-277.958
194.570
-145.690
-55.122
113.403
113.403
113.403
-2.652
-1.500
-8.487
-12.639
-0.337
-125.065
-0.826
-126.228
-138.867
-34.000
23.800
184.945
184.945
184.945
-2.732
-1.500
-8.742
-12.974
-0.560
-128.646
-1.361
-130.568
-143.541
-102.000
71.400
192.304
192.304
192.304
-2.814
-1.500
-9.004
-13.318
-0.594
-127.938
-1.429
-129.962
-143.279
192.479
192.479
192.479
-2.898
-1.500
-9.274
-13.672
-0.607
-127.424
-1.444
-129.475
-143.147
193.423
193.423
193.423
-2.985
-1.500
-9.552
-14.038
-0.622
-127.165
-1.466
-129.252
-143.290
194.564
194.564
194.564
-3.075
-1.500
-9.839
-14.414
-0.638
-127.033
-1.489
-129.160
-143.573
197.110
197.110
197.110
-3.167
-1.500
-10.134
-14.801
-0.659
-127.292
-1.523
-129.475
-144.276
198.677
198.677
198.677
-3.262
-1.500
-10.438
-15.200
-0.677
-127.162
-1.551
-129.390
-144.590
200.256
200.256
200.256
-3.360
-1.500
-10.751
-15.611
-0.696
-127.032
-1.579
-129.307
-144.918
201.640
201.640
201.640
-3.461
-1.500
-11.074
-16.034
-0.715
-126.772
-1.605
-129.092
-145.126
203.031
203.031
203.031
-3.564
-1.500
-11.406
-16.470
-0.734
-126.640
-1.632
-129.006
-145.476
206.113
206.113
206.113
-3.671
-1.500
-11.748
-16.920
-0.760
-127.031
-1.673
-129.464
-146.384
-7.970
-26.835
-2.901
-26.835
-3.254
-26.835
-3.799
-26.835
-4.386
-26.835
-5.340
-26.835
-6.112
-26.835
-6.911
-26.835
-7.712
-26.835
-8.497
-26.835
-9.712
Cash Flow
Variable Rev. Electr.
Operating Revenues (Variab.)
Operating Revenues
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Investment Volume
Income from Credit
Debt Service
Income Tax
Cash Flow
51.899
-34.000
23.800
-170.000
119.000
-10.200
-10.200
-51.000
-61.200
-35.664
-96.864
2.834
-94.030
19.288
-74.742
19.242
-55.500
19.499
-36.001
19.770
-16.231
20.659
4.428
21.139
25.567
21.592
47.159
21.966
69.125
22.223
91.348
23.182
114.530
16.3%
51.899
-9.496
-42.966
-28.252
1.066
12.517
11.352
10.458
9.639
1.0%
9.157
4.6%
8.518
7.3%
7.910
9.3%
7.315
10.9%
6.728
12.1%
6.380
10.3 a
-9.496
-52.463
-80.715
-79.648
-67.131
-55.779
-45.321
-35.682
-26.524
-18.006
-10.096
-2.781
3.947
10.328
-25.464
41.404
-7.970
33.434
49.024
-2.901
46.123
26.835
49.331
-3.254
46.078
26.835
50.133
-3.799
46.334
26.835
50.991
-4.386
46.605
26.835
52.835
-5.340
47.494
26.835
54.087
-6.112
47.974
26.835
55.338
-6.911
48.427
26.835
56.513
-7.712
48.802
26.835
57.555
-8.497
49.058
26.835
59.729
-9.712
50.017
26.835
1.72
1.72
1.73
1.74
1.77
1.79
1.80
1.82
1.83
1.86
-25.464
2019
2020
2021
2022
2023
2024
2025
2026
Debt Payback
Debt interest
18.924
7.911
20.438
6.397
22.073
4.762
23.839
2.996
25.746
1.089
Debt Service
26.835
26.835
26.835
26.835
26.835
Operating Result
Depreciation
Debt interest
Profit before Tax
Income Tax
61.191
-22.667
-7.911
30.613
-10.715
62.444
-22.667
-6.397
33.380
-11.683
63.693
-22.667
-4.762
36.264
-12.693
64.940
66.881
68.348
69.594
71.058
-2.996
61.943
-21.680
-1.089
65.791
-23.027
68.348
-23.922
69.594
-24.358
71.058
-24.870
19.899
21.697
23.572
40.263
42.764
44.426
45.236
46.188
207.962
207.962
207.962
-3.781
-1.500
-12.101
-17.382
-0.782
-126.901
-1.705
-129.388
-146.771
209.612
209.612
209.612
-3.895
-1.500
-12.464
-17.859
-0.804
-126.771
-1.736
-129.310
-147.169
211.275
211.275
211.275
-4.012
-1.500
-12.838
-18.349
-0.826
-126.640
-1.767
-129.232
-147.582
212.950
212.950
212.950
-4.132
-1.500
-13.223
-18.855
-0.849
-126.508
-1.798
-129.156
-148.011
215.743
215.743
215.743
-4.256
-1.500
-13.619
-19.376
-0.877
-126.769
-1.840
-129.487
-148.862
217.677
217.677
217.677
-4.384
-1.500
-14.028
-19.912
-0.903
-126.640
-1.875
-129.417
-149.329
219.403
219.403
219.403
-4.515
-1.500
-14.449
-20.464
-0.928
-126.508
-1.908
-129.345
-149.809
221.369
221.369
221.369
-4.651
-1.500
-14.882
-21.033
-0.955
-126.378
-1.945
-129.278
-150.311
-26.835
-10.715
-26.835
-11.683
-26.835
-12.693
-26.835
-21.680
-26.835
-23.027
-23.922
-24.358
-24.870
23.641
138.171
23.926
162.097
24.166
186.263
16.424
202.687
17.018
219.705
44.426
264.132
45.236
309.368
46.188
355.556
13.0%
5.916
13.7%
5.442
14.3%
4.997
14.6%
3.088
14.9%
2.909
15.5%
6.901
15.9%
6.388
16.3%
5.930
16.243
21.686
26.683
29.771
32.680
39.581
45.969
51.899
61.191
-10.715
50.477
26.835
62.444
-11.683
50.761
26.835
63.693
-12.693
51.001
26.835
64.940
-21.680
43.259
26.835
66.881
-23.027
43.854
26.835
68.348
-23.922
44.426
69.594
-24.358
45.236
71.058
-24.870
46.188
1.88
1.89
1.90
1.61
1.63
Investment
Equity
Debt
interest during construction
Investment Volume
Debt Service
Cash Flow
Variable Rev. Electr.
Operating Revenues (Variab.)
Operating Revenues
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Investment Volume
Income from Credit
Debt Service
Income Tax
Cash Flow
Cash Flow, accumulated
mill. EUR
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Present value
Equity
Debt
interest during construction
14.715
34.336
1.800
4.200
9.000
21.000
1.800
4.200
5.400
12.600
Investment Volume
49.051
6.000
30.000
6.000
18.000
Debt Service
Debt Payback
Debt interest
13.275
12.435
1.547
3.189
1.671
3.065
1.804
2.931
1.949
2.787
2.104
2.631
2.273
2.463
2.455
2.281
2.651
2.085
Debt Service
25.710
4.736
4.736
4.736
4.736
4.736
4.736
4.736
4.736
7.456
-4.000
-3.065
0.391
-0.137
7.621
-4.000
-2.931
0.689
-0.241
7.721
-4.000
-2.787
0.934
-0.327
7.493
-4.000
-2.631
0.862
-0.302
7.612
-4.000
-2.463
1.149
-0.402
7.430
-4.000
-2.281
1.149
-0.402
7.402
-4.000
-2.085
1.318
-0.461
57.783
-26.277
-12.435
19.071
-4.425
11.546
-4.000
7.847
-4.000
7.546
3.847
-1.089
7.343
-4.000
-3.189
0.154
-0.054
14.646
7.546
2.758
0.100
0.254
0.448
0.607
0.560
0.747
0.747
0.857
94.769
94.769
94.769
-3.676
-47.877
-51.554
-0.324
15.632
-0.740
14.568
-36.985
-49.051
34.336
-25.710
-4.425
12.511
12.511
12.511
-0.500
-5.305
-5.805
-0.037
4.968
-0.091
4.839
-0.965
-6.000
4.200
11.224
11.224
11.224
-0.500
-5.464
-5.964
-0.034
2.703
-0.083
2.587
-3.377
-18.000
12.600
11.655
11.655
11.655
-0.500
-5.628
-6.128
-0.036
1.938
-0.087
1.816
-4.312
12.077
12.077
12.077
-0.500
-5.796
-6.296
-0.038
1.804
-0.091
1.675
-4.621
12.555
12.555
12.555
-0.500
-5.970
-6.470
-0.040
1.672
-0.095
1.536
-4.934
12.842
12.842
12.842
-0.500
-6.149
-6.649
-0.042
1.668
-0.098
1.528
-5.122
12.795
12.795
12.795
-0.500
-6.334
-6.834
-0.043
1.673
-0.099
1.532
-5.302
13.113
13.113
13.113
-0.500
-6.524
-7.024
-0.045
1.670
-0.102
1.523
-5.501
13.003
13.003
13.003
-0.500
-6.720
-7.220
-0.045
1.795
-0.102
1.647
-5.572
13.314
13.314
13.314
-0.500
-6.921
-7.421
-0.047
1.663
-0.106
1.510
-5.912
-1.089
-4.736
-0.054
-4.736
-0.137
-4.736
-0.241
-4.736
-0.327
-4.736
-0.302
-4.736
-0.402
-4.736
-0.402
-4.736
-0.461
Cash Flow
Variable Rev. Electr.
Operating Revenues (Variab.)
Operating Revenues
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Investment Volume
Income from Credit
Debt Service
Income Tax
Cash Flow
12.933
-30.000
21.000
-1.800
-1.800
-9.000
-10.800
9.746
-1.054
1.358
0.304
2.553
2.857
2.584
5.441
2.644
8.084
2.658
10.743
2.456
13.198
2.474
15.673
2.292
17.965
2.206
20.171
38.2%
12.933
-1.676
-7.582
7.556
2.1%
0.848
16.0%
1.657
24.4%
1.524
29.6%
1.418
32.8%
1.296
34.7%
1.089
35.9%
0.997
36.7%
0.840
37.2%
0.735
2.4 a
-1.676
-9.258
-1.702
-0.854
0.803
2.327
3.745
5.042
6.130
7.127
7.967
8.702
-6.000
4.200
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Debt Payback
Debt interest
2.863
1.873
3.092
1.643
3.340
1.396
3.607
1.129
3.895
0.840
4.207
0.529
4.543
0.192
Debt Service
4.736
4.736
4.736
4.736
4.736
4.736
4.736
Operating Result
Depreciation
Debt interest
Profit before Tax
Income Tax
7.501
-4.000
-1.873
1.629
-0.570
7.271
-4.000
-1.643
1.628
-0.570
7.168
-4.000
-1.396
1.772
-0.620
7.144
-4.000
-1.129
2.015
-0.705
7.145
-4.000
-0.840
2.304
-0.807
7.115
6.949
6.818
6.776
6.634
-0.529
6.586
-2.305
-0.192
6.756
-2.365
6.818
-2.386
6.776
-2.371
6.634
-2.322
1.059
1.058
1.152
1.310
1.498
4.281
4.392
4.432
4.404
4.312
13.630
13.630
13.630
-0.500
-7.129
-7.629
-0.049
1.659
-0.110
1.500
-6.129
13.607
13.607
13.607
-0.500
-7.343
-7.843
-0.050
1.667
-0.110
1.507
-6.336
13.730
13.730
13.730
-0.500
-7.563
-8.063
-0.052
1.665
-0.113
1.501
-6.562
14.069
14.069
14.069
-0.500
-7.790
-8.290
-0.054
1.535
-0.116
1.365
-6.925
14.184
14.184
14.184
-0.500
-8.024
-8.524
-0.055
1.659
-0.119
1.485
-7.039
14.531
14.531
14.531
-0.500
-8.264
-8.764
-0.058
1.528
-0.123
1.348
-7.416
14.482
14.482
14.482
-0.500
-8.512
-9.012
-0.059
1.661
-0.124
1.479
-7.533
14.613
14.613
14.613
-0.500
-8.768
-9.268
-0.061
1.659
-0.126
1.472
-7.795
14.971
14.971
14.971
-0.500
-9.031
-9.531
-0.063
1.528
-0.130
1.335
-8.196
15.107
15.107
15.107
-0.500
-9.301
-9.801
-0.065
1.526
-0.133
1.328
-8.473
-4.736
-0.570
-4.736
-0.570
-4.736
-0.620
-4.736
-0.705
-4.736
-0.807
-4.736
-2.305
-4.736
-2.365
Cash Flow
2.196
22.366
-2.386
-2.371
-2.322
1.966
24.332
1.812
26.145
1.703
27.848
1.603
29.450
0.074
29.524
-0.152
29.372
4.432
33.804
4.404
38.208
4.312
42.520
37.5%
0.665
37.8%
0.541
37.9%
0.454
38.0%
0.387
38.1%
0.332
38.1%
0.014
38.1%
-0.026
38.1%
0.688
38.2%
0.622
38.2%
0.554
9.367
9.908
10.361
10.749
11.080
11.094
11.069
11.757
12.379
12.933
Investment
Equity
Debt
interest during construction
Investment Volume
Debt Service
Cash Flow
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
Present value
Equity
Debt
interest during construction
98.103
228.906
12.000
28.000
24.000
56.000
24.000
56.000
12.000
28.000
12.000
28.000
Investment Volume
327.009
40.000
80.000
80.000
40.000
40.000
Debt Service
Debt Payback
Debt interest
6.687
13.798
Debt Service
20.486
60.617
-57.275
-13.798
-10.457
-8.356
-1.340
-2.222
-1.143
-2.222
-1.143
-2.222
-1.143
-2.222
-1.143
-2.222
-1.143
-2.222
-3.562
-3.366
-3.366
-3.366
-3.366
-3.366
-18.813
-3.562
-3.366
-3.366
-3.366
-3.366
-3.366
370.858
370.858
370.858
-5.858
-4.296
-30.463
-40.616
-1.126
-265.768
-2.731
-269.625
-310.241
-327.009
228.906
-20.486
-8.356
5.475
5.475
5.475
-0.221
-0.167
-1.149
-1.537
-0.016
-5.222
-0.040
-5.278
-6.815
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
-40.000
28.000
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
-1.340
-73.340
-13.143
-86.484
-1.143
-87.627
-1.143
-88.771
-1.143
-89.914
-1.143
-91.058
Cash Flow
Variable Rev. Electr.
Operating Revenues (Variab.)
Operating Revenues
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Investment Volume
Income from Credit
Debt Service
Income Tax
Cash Flow
-66.328
-40.000
28.000
-12.000
-12.000
-80.000
56.000
-12.000
-12.000
-12.000
-12.000
-12.000
-12.000
-12.000
-12.000
-12.000
-11.172
-11.172
-11.172
-11.172
-11.172
-11.172
-11.172
-11.172
-11.172
-24.000
-36.000
-36.000
-36.000
-36.000
-31.810
-31.810
-31.810
-80.000
56.000
-40.000
28.000
-24.000
-60.000
-12.000
-72.000
-66.328
-11.172
9.2 a
-11.172
-20.638
-31.810
-19.993
-9.917
-1.099
-10.691
-0.923
-0.915
-0.908
-0.901
-51.803
-61.721
-62.819
-73.511
-74.433
-75.349
-76.257
-77.158
-1.340
-1.143
-1.143
-1.143
-1.143
-1.143
-1.340
-1.143
-1.143
-1.143
-1.143
-1.143
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Investment
Equity
Debt
interest during construction
36.000
84.000
Investment Volume
120.000
Debt Service
Debt Payback
Debt interest
0.829
1.802
0.835
1.796
0.840
1.791
0.845
1.785
0.851
1.780
0.856
1.775
0.862
1.769
0.867
1.763
0.873
1.758
0.879
1.752
0.884
1.747
0.890
1.741
Debt Service
2.631
2.631
2.631
2.631
2.631
2.631
2.631
2.631
2.631
2.631
2.631
2.631
-1.143
-2.222
-1.143
-2.222
-1.143
-2.222
-1.143
-2.222
-1.143
-2.222
-1.143
-2.222
-1.078
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
4.575
-2.222
-3.366
-3.366
-3.366
-3.366
-3.366
-3.366
-3.300
2.353
-0.824
2.353
-0.824
2.353
-0.824
2.353
-0.824
2.353
-0.824
2.353
-0.824
2.353
-0.824
2.353
-0.824
2.353
-0.824
2.353
-0.824
2.353
-0.824
4.697
-2.222
-1.802
0.674
-0.236
4.697
-2.222
-1.796
0.679
-0.238
4.697
-2.222
-1.791
0.684
-0.239
4.697
-2.222
-1.785
0.690
-0.241
4.697
-2.222
-1.780
0.695
-0.243
4.697
-2.222
-1.775
0.701
-0.245
4.697
-2.222
-1.769
0.706
-0.247
4.697
-2.222
-1.763
0.712
-0.249
4.697
-2.222
-1.758
0.717
-0.251
4.697
-2.222
-1.752
0.723
-0.253
4.697
-2.222
-1.747
0.728
-0.255
4.697
-2.222
-1.741
0.734
-0.257
-3.366
-3.366
-3.366
-3.366
-3.366
-3.366
-3.300
1.530
1.530
1.530
1.530
1.530
1.530
1.530
1.530
1.530
1.530
1.530
0.438
0.441
0.445
0.448
0.452
0.455
0.459
0.463
0.466
0.470
0.473
0.477
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
10.949
10.949
10.949
-0.221
-0.167
-1.149
-1.537
-0.033
-10.443
-0.080
-10.556
-12.093
11.059
11.059
11.059
-0.228
-0.167
-1.184
-1.578
-0.034
-10.443
-0.081
-10.558
-12.136
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
-120.000
84.000
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.828
16.828
16.828
-0.228
-0.167
-1.184
-1.578
-0.051
-10.500
-0.124
-10.675
-12.253
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
16.997
16.997
16.997
-0.234
-0.167
-1.219
-1.620
-0.053
-10.500
-0.126
-10.679
-12.299
-0.824
-0.824
-0.824
-0.824
-0.824
-0.824
-0.824
-0.824
-0.824
-0.824
-0.824
-2.631
-0.236
-2.631
-0.238
-2.631
-0.239
-2.631
-0.241
-2.631
-0.243
-2.631
-0.245
-2.631
-0.247
-2.631
-0.249
-2.631
-0.251
-2.631
-0.253
-2.631
-0.255
-2.631
-0.257
Cash Flow
-1.143
-92.201
-1.143
-93.344
-1.143
-94.488
-1.143
-95.631
-1.143
-96.775
-1.143
-97.918
-1.078
-98.996
-32.248
-131.244
3.752
-127.492
3.752
-123.741
3.752
-119.989
3.752
-116.237
3.752
-112.485
3.752
-108.734
3.752
-104.982
3.752
-101.230
3.752
-97.478
3.752
-93.727
1.831
-91.896
1.829
-90.067
1.827
-88.240
1.825
-86.415
1.823
-84.592
1.821
-82.771
1.819
-80.952
1.817
-79.135
1.815
-77.319
1.813
-75.506
1.811
-73.694
1.809
-71.885
Cash Flow
-0.894
-0.887
-0.880
-0.873
-0.866
-0.859
-0.803
-23.847
2.752
2.731
2.709
2.688
2.666
2.645
2.624
2.604
2.583
2.562
1.240
1.229
1.218
1.208
1.197
1.186
1.175
1.165
1.154
1.144
1.134
1.124
-78.052
-78.939
-79.819
-80.692
-81.558
-82.417
-83.220
-107.067
-104.314
-101.584
-98.875
-96.187
-93.521
-90.876
-88.251
-85.648
-83.065
-80.502
-79.262
-78.032
-76.814
-75.607
-74.410
-73.224
-72.048
-70.884
-69.729
-68.585
-67.451
-66.328
-1.143
-1.143
-1.143
-1.143
-1.143
-1.143
-1.078
-1.143
-1.143
-1.143
-1.143
-1.143
-1.143
-1.078
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.575
-0.824
3.752
4.697
-0.236
4.462
2.631
4.697
-0.238
4.460
2.631
4.697
-0.239
4.458
2.631
4.697
-0.241
4.456
2.631
4.697
-0.243
4.454
2.631
4.697
-0.245
4.452
2.631
4.697
-0.247
4.450
2.631
4.697
-0.249
4.448
2.631
4.697
-0.251
4.446
2.631
4.697
-0.253
4.444
2.631
4.697
-0.255
4.442
2.631
4.697
-0.257
4.440
2.631
1.70
1.70
1.69
1.69
1.69
1.69
1.69
1.69
1.69
1.69
1.69
1.69
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
Present value
Equity
Debt
interest during construction
83.387
194.570
10.200
23.800
20.400
47.600
20.400
47.600
10.200
23.800
10.200
23.800
Investment Volume
277.958
34.000
68.000
68.000
34.000
34.000
Debt Service
Debt Payback
Debt interest
5.684
11.729
Debt Service
17.413
41.217
-48.684
-11.729
-19.196
-7.547
-1.442
-1.889
-1.831
-1.889
-2.219
-1.889
-2.219
-1.889
-2.219
-1.889
-2.219
-1.889
-3.331
-3.719
-4.108
-4.108
-4.108
-4.108
-26.744
-3.331
-3.719
-4.108
-4.108
-4.108
-4.108
345.325
345.325
345.325
-5.858
-3.222
-18.746
-27.826
-1.049
-272.691
-2.543
-276.283
-304.109
-277.958
194.570
-17.413
-7.547
3.436
3.436
3.436
-0.221
-0.125
-0.707
-1.053
-0.010
-3.790
-0.025
-3.825
-4.878
6.873
6.873
6.873
-0.221
-0.125
-0.707
-1.053
-0.020
-7.580
-0.050
-7.650
-8.703
-34.000
23.800
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
-1.442
-62.642
-12.031
-74.672
-2.219
-76.892
-2.219
-79.111
-2.219
-81.330
-2.219
-83.549
Cash Flow
Variable Rev. Electr.
Operating Revenues (Variab.)
Operating Revenues
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Investment Volume
Income from Credit
Debt Service
Income Tax
Cash Flow
-67.131
-34.000
23.800
-10.200
-10.200
-68.000
47.600
-10.200
-10.200
-10.200
-10.200
-10.200
-10.200
-10.200
-10.200
-10.200
-9.496
-9.496
-9.496
-9.496
-9.496
-9.496
-9.496
-9.496
-9.496
-20.400
-30.600
-30.600
-30.600
-30.600
-27.039
-27.039
-27.039
-68.000
47.600
-34.000
23.800
-20.400
-51.000
-10.200
-61.200
-67.131
-9.496
10.3 a
-9.496
-17.543
-27.039
-16.994
-8.430
-1.182
-9.786
-1.791
-1.777
-1.763
-1.749
-44.033
-52.463
-53.645
-63.431
-65.222
-66.998
-68.761
-70.509
-1.442
-1.831
-2.219
-2.219
-2.219
-2.219
-1.442
-1.831
-2.219
-2.219
-2.219
-2.219
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Investment
Equity
Debt
interest during construction
30.600
71.400
Investment Volume
102.000
Debt Service
Debt Payback
Debt interest
0.705
1.531
0.709
1.527
0.714
1.522
0.719
1.518
0.723
1.513
0.728
1.508
0.733
1.504
0.737
1.499
0.742
1.494
0.747
1.489
0.752
1.485
0.756
1.480
Debt Service
2.236
2.236
2.236
2.236
2.236
2.236
2.236
2.236
2.236
2.236
2.236
2.236
-2.219
-1.889
-2.219
-1.889
-2.219
-1.889
-2.219
-1.889
-2.219
-1.889
-2.219
-1.889
-2.146
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
3.959
-1.889
-4.108
-4.108
-4.108
-4.108
-4.108
-4.108
-4.035
2.070
-0.725
2.070
-0.725
2.070
-0.725
2.070
-0.725
2.070
-0.725
2.070
-0.725
2.070
-0.725
2.070
-0.725
2.070
-0.725
2.070
-0.725
2.070
-0.725
4.085
-1.889
-1.531
0.665
-0.233
4.085
-1.889
-1.527
0.670
-0.234
4.085
-1.889
-1.522
0.674
-0.236
4.085
-1.889
-1.518
0.679
-0.238
4.085
-1.889
-1.513
0.683
-0.239
4.085
-1.889
-1.508
0.688
-0.241
4.085
-1.889
-1.504
0.693
-0.242
4.085
-1.889
-1.499
0.698
-0.244
4.085
-1.889
-1.494
0.702
-0.246
4.085
-1.889
-1.489
0.707
-0.247
4.085
-1.889
-1.485
0.712
-0.249
4.085
-1.889
-1.480
0.717
-0.251
-4.108
-4.108
-4.108
-4.108
-4.108
-4.108
-4.035
1.346
1.346
1.346
1.346
1.346
1.346
1.346
1.346
1.346
1.346
1.346
0.432
0.435
0.438
0.441
0.444
0.447
0.450
0.453
0.456
0.460
0.463
0.466
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.309
10.309
10.309
-0.221
-0.125
-0.707
-1.053
-0.031
-11.370
-0.075
-11.475
-12.529
10.412
10.412
10.412
-0.228
-0.125
-0.728
-1.081
-0.032
-11.370
-0.077
-11.478
-12.559
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
-102.000
71.400
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
15.867
15.867
15.867
-0.228
-0.125
-0.728
-1.081
-0.048
-10.662
-0.117
-10.826
-11.907
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
16.025
16.025
16.025
-0.234
-0.125
-0.750
-1.110
-0.050
-10.662
-0.119
-10.830
-11.940
-0.725
-0.725
-0.725
-0.725
-0.725
-0.725
-0.725
-0.725
-0.725
-0.725
-0.725
-2.236
-0.233
-2.236
-0.234
-2.236
-0.236
-2.236
-0.238
-2.236
-0.239
-2.236
-0.241
-2.236
-0.242
-2.236
-0.244
-2.236
-0.246
-2.236
-0.247
-2.236
-0.249
-2.236
-0.251
Cash Flow
-2.219
-85.768
-2.219
-87.987
-2.219
-90.207
-2.219
-92.426
-2.219
-94.645
-2.219
-96.864
-2.146
-99.011
-27.365
-126.376
3.235
-123.141
3.235
-119.907
3.235
-116.672
3.235
-113.438
3.235
-110.203
3.235
-106.969
3.235
-103.734
3.235
-100.499
3.235
-97.265
3.235
-94.030
1.616
-92.414
1.615
-90.799
1.613
-89.186
1.611
-87.575
1.610
-85.965
1.608
-84.357
1.607
-82.750
1.605
-81.145
1.603
-79.542
1.602
-77.940
1.600
-76.340
1.598
-74.742
Cash Flow
-1.735
-1.721
-1.708
-1.694
-1.681
-1.667
-1.600
-20.236
2.373
2.354
2.336
2.317
2.299
2.281
2.263
2.245
2.227
2.209
1.095
1.085
1.076
1.066
1.057
1.047
1.038
1.029
1.020
1.010
1.001
0.992
-72.244
-73.965
-75.673
-77.367
-79.048
-80.715
-82.315
-102.551
-100.178
-97.824
-95.488
-93.171
-90.872
-88.592
-86.329
-84.084
-81.858
-79.648
-78.553
-77.468
-76.392
-75.326
-74.269
-73.222
-72.184
-71.155
-70.135
-69.125
-68.124
-67.131
-2.219
-2.219
-2.219
-2.219
-2.219
-2.219
-2.146
-2.219
-2.219
-2.219
-2.219
-2.219
-2.219
-2.146
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
3.959
-0.725
3.235
4.085
-0.233
3.853
2.236
4.085
-0.234
3.851
2.236
4.085
-0.236
3.849
2.236
4.085
-0.238
3.848
2.236
4.085
-0.239
3.846
2.236
4.085
-0.241
3.845
2.236
4.085
-0.242
3.843
2.236
4.085
-0.244
3.841
2.236
4.085
-0.246
3.840
2.236
4.085
-0.247
3.838
2.236
4.085
-0.249
3.836
2.236
4.085
-0.251
3.835
2.236
1.72
1.72
1.72
1.72
1.72
1.72
1.72
1.72
1.72
1.72
1.72
1.71
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
2007-06
Present value
Equity
Debt
interest during construction
14.715
34.336
1.800
4.200
3.600
8.400
3.600
8.400
1.800
4.200
1.800
4.200
Investment Volume
49.051
6.000
12.000
12.000
6.000
6.000
Debt Service
Debt Payback
Debt interest
1.003
2.070
Debt Service
3.073
19.401
-8.591
-2.070
8.739
-0.809
0.102
-0.333
0.687
-0.333
1.076
-0.333
1.076
-0.333
1.076
-0.333
1.076
-0.333
-0.232
0.354
0.742
0.742
0.742
0.742
7.930
-0.232
0.354
0.742
0.742
0.742
0.742
25.533
25.533
25.533
-1.074
-11.716
-12.790
-0.077
6.923
-0.188
6.658
-6.132
-49.051
34.336
-3.073
-0.809
2.038
2.038
2.038
-0.042
-0.442
-0.484
-0.006
-1.432
-0.015
-1.453
-1.936
4.076
4.076
4.076
-0.042
-0.442
-0.484
-0.012
-2.864
-0.030
-2.905
-3.389
-6.000
4.200
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.102
-10.698
-1.113
-11.811
1.076
-10.736
1.076
-9.660
1.076
-8.584
1.076
-7.508
Cash Flow
Variable Rev. Electr.
Operating Revenues (Variab.)
Operating Revenues
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Investment Volume
Income from Credit
Debt Service
Income Tax
Cash Flow
0.803
-6.000
4.200
-1.800
-1.800
16.0%
0.803
-1.676
2.4 a
-1.676
-12.000
8.400
-1.800
-1.800
-1.800
-1.800
-1.800
-1.800
-1.800
-1.800
-1.800
-1.676
-1.676
-1.676
-1.676
-1.676
-1.676
-1.676
-1.676
-1.676
-3.600
-5.400
-5.400
-5.400
-5.400
-4.772
-4.772
-4.772
-3.096
-4.772
-12.000
8.400
-6.000
4.200
-3.600
-9.000
-1.800
-10.800
-2.999
-1.488
0.083
-0.905
0.868
0.861
0.854
0.848
-7.770
-9.258
-9.175
-10.080
-9.212
-8.351
-7.496
-6.649
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Investment
Equity
Debt
interest during construction
5.400
12.600
Investment Volume
18.000
Debt Service
Debt Payback
Debt interest
0.124
0.270
0.125
0.269
0.126
0.269
0.127
0.268
0.128
0.267
0.128
0.266
0.129
0.265
0.130
0.265
0.131
0.264
0.132
0.263
0.133
0.262
0.133
0.261
Debt Service
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
0.395
1.076
-0.333
1.076
-0.333
1.076
-0.333
1.076
-0.333
1.076
-0.333
1.076
-0.333
1.069
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.616
-0.333
0.742
0.742
0.742
0.742
0.742
0.742
0.735
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.283
-0.099
0.612
-0.333
-0.270
0.008
-0.003
0.612
-0.333
-0.269
0.009
-0.003
0.612
-0.333
-0.269
0.010
-0.003
0.612
-0.333
-0.268
0.011
-0.004
0.612
-0.333
-0.267
0.012
-0.004
0.612
-0.333
-0.266
0.012
-0.004
0.612
-0.333
-0.265
0.013
-0.005
0.612
-0.333
-0.265
0.014
-0.005
0.612
-0.333
-0.264
0.015
-0.005
0.612
-0.333
-0.263
0.016
-0.006
0.612
-0.333
-0.262
0.017
-0.006
0.612
-0.333
-0.261
0.017
-0.006
0.742
0.742
0.742
0.742
0.742
0.742
0.735
0.184
0.184
0.184
0.184
0.184
0.184
0.184
0.184
0.184
0.184
0.184
0.005
0.006
0.006
0.007
0.008
0.008
0.009
0.009
0.010
0.010
0.011
0.011
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.640
0.640
0.640
-0.042
-0.442
-0.484
-0.002
0.926
-0.005
0.920
0.436
0.646
0.646
0.646
-0.042
-0.455
-0.497
-0.002
0.926
-0.005
0.920
0.423
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
-18.000
12.600
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.962
0.962
0.962
-0.042
-0.455
-0.497
-0.003
0.162
-0.007
0.152
-0.345
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
0.971
0.971
0.971
-0.042
-0.469
-0.511
-0.003
0.162
-0.007
0.151
-0.359
-0.099
-0.099
-0.099
-0.099
-0.099
-0.099
-0.099
-0.099
-0.099
-0.099
-0.099
-0.395
-0.003
-0.395
-0.003
-0.395
-0.003
-0.395
-0.004
-0.395
-0.004
-0.395
-0.004
-0.395
-0.005
-0.395
-0.005
-0.395
-0.005
-0.395
-0.006
-0.395
-0.006
-0.395
-0.006
Cash Flow
1.076
-6.433
1.076
-5.357
1.076
-4.281
1.076
-3.206
1.076
-2.130
1.076
-1.054
1.069
0.015
-4.883
-4.868
0.517
-4.351
0.517
-3.834
0.517
-3.317
0.517
-2.800
0.517
-2.282
0.517
-1.765
0.517
-1.248
0.517
-0.731
0.517
-0.214
0.517
0.304
0.214
0.518
0.214
0.732
0.214
0.946
0.214
1.159
0.213
1.373
0.213
1.586
0.213
1.798
0.212
2.011
0.212
2.223
0.212
2.434
0.211
2.646
0.211
2.857
-3.611
0.379
0.376
0.373
0.370
0.368
0.365
0.362
0.359
0.356
2.1%
0.353
3.6%
0.145
5.0%
0.144
6.3%
0.143
7.6%
0.141
8.8%
0.140
10.0%
0.139
11.1%
0.137
12.2%
0.136
13.2%
0.135
14.2%
0.134
15.1%
0.132
16.0%
0.131
-4.516
-4.137
-3.760
-3.387
-3.016
-2.649
-2.284
-1.922
-1.563
-1.207
-0.854
-0.709
-0.565
-0.422
-0.281
-0.141
-0.002
0.135
0.271
0.406
0.540
0.672
0.803
Cash Flow
0.841
0.834
0.828
0.821
0.815
0.808
0.1%
0.797
-5.808
-4.973
-4.146
-3.325
-2.510
-1.702
-0.905
2005
Capital Costs
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
mill. EUR
mill. EUR
mill. EUR
Present value
84.011
171.400
255.411
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
23.939
14.706
124.481
163.126
5.117
918.004
11.664
934.784
1,097.910
2.652
2.000
13.792
18.444
0.374
120.097
0.917
121.389
139.833
2.732
2.000
14.205
18.937
0.594
125.943
1.443
127.981
146.918
2.814
2.000
14.632
19.445
0.630
126.000
1.515
128.146
147.591
2.898
2.000
15.071
19.969
0.645
125.620
1.535
127.800
147.769
2.985
2.000
15.523
20.508
0.662
125.493
1.561
127.716
148.224
3.075
2.000
15.988
21.063
0.680
125.365
1.587
127.632
148.695
3.167
2.000
16.468
21.635
0.702
125.619
1.622
127.943
149.578
3.262
2.000
16.962
22.224
0.722
125.492
1.653
127.867
150.091
3.360
2.000
17.471
22.831
0.741
125.237
1.681
127.659
150.490
3.461
2.000
17.995
23.456
0.762
125.109
1.711
127.582
151.038
3.564
2.000
18.535
24.099
0.783
124.981
1.742
127.506
151.605
3.671
2.000
19.091
24.762
0.810
125.364
1.784
127.958
152.720
mill. EUR
1,353.320
139.833
146.918
194.636
194.814
195.269
195.740
196.623
197.136
197.535
198.083
198.650
199.765
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
2.154
4.394
6.547
2.763
5.638
8.401
2.783
5.677
8.460
2.791
5.695
8.486
2.800
5.712
8.512
2.794
5.700
8.494
2.797
5.706
8.503
2.805
5.723
8.529
2.811
5.735
8.546
2.817
5.747
8.564
2.805
5.723
8.529
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
0.614
0.377
3.191
4.181
0.131
23.532
0.299
23.962
28.143
0.752
0.567
3.911
5.230
0.106
34.054
0.260
34.420
39.650
0.502
0.368
2.611
3.481
0.109
23.151
0.265
23.526
27.007
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.521
0.360
2.710
3.591
0.116
22.590
0.276
22.982
26.573
0.538
0.361
2.800
3.699
0.119
22.636
0.282
23.037
26.736
0.556
0.362
2.893
3.811
0.123
22.681
0.287
23.092
26.902
0.572
0.361
2.973
3.906
0.127
22.681
0.293
23.101
27.007
0.590
0.361
3.066
4.017
0.130
22.681
0.299
23.111
27.127
0.609
0.363
3.167
4.139
0.134
22.704
0.305
23.143
27.282
0.629
0.363
3.269
4.261
0.138
22.727
0.311
23.177
27.437
0.649
0.364
3.374
4.387
0.143
22.750
0.317
23.210
27.597
0.666
0.363
3.461
4.489
0.147
22.727
0.323
23.198
27.687
EUR/MWh
Levelized
34.690
39.650
27.007
34.756
35.033
35.222
35.414
35.502
35.630
35.811
35.984
36.160
36.216
Electricity Production
MWh
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
39,011,371
3,526,667 5,440,000 5,600,000 5,560,800 5,544,000 5,527,200 5,538,400 5,532,800 5,516,000 5,504,800 5,493,600 5,516,000
2019
2020
2021
2022
2023
2024
2025
2026
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
15.474
31.571
47.045
3.781
2.000
19.664
25.445
0.833
125.236
1.818
127.888
153.333
3.895
2.000
20.254
26.148
0.858
125.236
1.852
127.945
154.094
4.012
2.000
20.861
26.873
0.882
124.981
1.885
127.748
154.621
4.132
2.000
21.487
27.619
0.907
124.980
1.921
127.808
155.427
4.256
2.000
22.132
28.388
0.936
125.108
1.964
128.008
156.396
4.384
2.000
22.796
29.179
0.963
124.981
2.001
127.945
157.124
4.515
2.000
23.479
29.995
0.991
124.980
2.039
128.010
158.004
4.651
2.000
24.184
30.835
1.020
124.852
2.077
127.949
158.784
200.378
201.139
201.666
202.472
203.441
157.124
158.004
158.784
2.808
5.729
8.538
2.811
5.735
8.546
2.817
5.747
8.564
2.820
5.753
8.572
2.814
5.741
8.555
0.686
0.363
3.568
4.618
0.151
22.727
0.330
23.208
27.826
0.708
0.363
3.679
4.750
0.156
22.750
0.336
23.243
27.993
0.730
0.364
3.797
4.892
0.160
22.750
0.343
23.254
28.146
0.753
0.364
3.915
5.033
0.165
22.773
0.350
23.289
28.321
0.774
0.364
4.025
5.162
0.170
22.750
0.357
23.278
28.440
0.798
0.364
4.149
5.312
0.175
22.750
0.364
23.290
28.601
0.823
0.364
4.278
5.466
0.181
22.773
0.371
23.325
28.791
0.848
0.365
4.411
5.624
0.186
22.773
0.379
23.338
28.963
36.364
36.539
36.709
36.894
36.995
28.601
28.791
28.963
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Electricity Production
2005
Capital Costs
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
mill. EUR
mill. EUR
mill. EUR
Present value
71.409
145.690
217.099
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
23.939
11.029
76.604
111.572
4.792
933.636
10.924
949.352
1,060.924
2.652
1.500
8.487
12.639
0.337
125.065
0.826
126.228
138.867
2.732
1.500
8.742
12.974
0.560
128.646
1.361
130.568
143.541
2.814
1.500
9.004
13.318
0.594
127.938
1.429
129.962
143.279
2.898
1.500
9.274
13.672
0.607
127.424
1.444
129.475
143.147
2.985
1.500
9.552
14.038
0.622
127.165
1.466
129.252
143.290
3.075
1.500
9.839
14.414
0.638
127.033
1.489
129.160
143.573
3.167
1.500
10.134
14.801
0.659
127.292
1.523
129.475
144.276
3.262
1.500
10.438
15.200
0.677
127.162
1.551
129.390
144.590
3.360
1.500
10.751
15.611
0.696
127.032
1.579
129.307
144.918
3.461
1.500
11.074
16.034
0.715
126.772
1.605
129.092
145.126
3.564
1.500
11.406
16.470
0.734
126.640
1.632
129.006
145.476
3.671
1.500
11.748
16.920
0.760
127.031
1.673
129.464
146.384
mill. EUR
1,278.023
138.867
143.541
183.268
183.136
183.278
183.562
184.264
184.579
184.906
185.115
185.465
186.372
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
1.955
3.988
5.943
2.491
5.082
7.574
2.514
5.129
7.642
2.527
5.155
7.681
2.537
5.176
7.712
2.529
5.160
7.689
2.534
5.170
7.705
2.539
5.181
7.720
2.547
5.197
7.744
2.555
5.213
7.768
2.542
5.186
7.728
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
0.655
0.302
2.097
3.054
0.131
25.559
0.299
25.989
29.043
0.835
0.472
2.672
3.979
0.106
39.375
0.260
39.741
43.721
0.533
0.292
1.704
2.530
0.109
25.083
0.265
25.458
27.988
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.554
0.287
1.772
2.613
0.116
24.353
0.276
24.744
27.357
0.573
0.288
1.835
2.696
0.119
24.426
0.282
24.827
27.524
0.593
0.289
1.898
2.780
0.123
24.500
0.287
24.910
27.690
0.609
0.288
1.949
2.846
0.127
24.476
0.293
24.895
27.741
0.628
0.289
2.011
2.929
0.130
24.500
0.299
24.930
27.858
0.649
0.290
2.076
3.014
0.134
24.525
0.305
24.964
27.978
0.670
0.290
2.145
3.105
0.138
24.550
0.311
24.999
28.104
0.692
0.291
2.216
3.199
0.143
24.600
0.317
25.059
28.259
0.710
0.290
2.270
3.270
0.147
24.550
0.323
25.020
28.290
EUR/MWh
Levelized
34.986
43.721
27.988
34.710
35.000
35.205
35.403
35.430
35.563
35.698
35.848
36.027
36.018
Electricity Production
MWh
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
36,529,156
3,176,250 5,128,750 5,280,000 5,232,480 5,206,080 5,184,960 5,200,800 5,190,240 5,179,680 5,163,840 5,148,000 5,174,400
2019
2020
2021
2022
2023
2024
2025
2026
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
13.153
26.835
39.988
3.781
1.500
12.101
17.382
0.782
126.901
1.705
129.388
146.771
3.895
1.500
12.464
17.859
0.804
126.771
1.736
129.310
147.169
4.012
1.500
12.838
18.349
0.826
126.640
1.767
129.232
147.582
4.132
1.500
13.223
18.855
0.849
126.508
1.798
129.156
148.011
4.256
1.500
13.619
19.376
0.877
126.769
1.840
129.487
148.862
4.384
1.500
14.028
19.912
0.903
126.640
1.875
129.417
149.329
4.515
1.500
14.449
20.464
0.928
126.508
1.908
129.345
149.809
4.651
1.500
14.882
21.033
0.955
126.378
1.945
129.278
150.311
186.759
187.157
187.570
187.999
188.851
149.329
149.809
150.311
2.545
5.191
7.736
2.550
5.202
7.752
2.555
5.213
7.768
2.560
5.223
7.784
2.552
5.207
7.760
0.732
0.290
2.341
3.363
0.151
24.550
0.330
25.031
28.394
0.755
0.291
2.416
3.462
0.156
24.575
0.336
25.067
28.529
0.779
0.291
2.494
3.564
0.160
24.600
0.343
25.103
28.668
0.804
0.292
2.574
3.670
0.165
24.625
0.350
25.140
28.810
0.826
0.291
2.643
3.760
0.170
24.600
0.357
25.127
28.887
0.852
0.291
2.725
3.868
0.175
24.600
0.364
25.139
29.007
0.879
0.292
2.812
3.983
0.181
24.625
0.371
25.177
29.160
0.906
0.292
2.900
4.098
0.186
24.625
0.379
25.190
29.288
36.130
36.281
36.436
36.594
36.647
29.007
29.160
29.288
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Electricity Production
2005
Capital Costs
Equity
Debt
Capital Costs
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
mill. EUR
mill. EUR
mill. EUR
Present value
12.602
25.710
38.312
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
3.676
47.877
51.554
0.324
-15.632
0.740
-14.568
36.985
0.500
5.305
5.805
0.037
-4.968
0.091
-4.839
0.965
0.500
5.464
5.964
0.034
-2.703
0.083
-2.587
3.377
0.500
5.628
6.128
0.036
-1.938
0.087
-1.816
4.312
0.500
5.796
6.296
0.038
-1.804
0.091
-1.675
4.621
0.500
5.970
6.470
0.040
-1.672
0.095
-1.536
4.934
0.500
6.149
6.649
0.042
-1.668
0.098
-1.528
5.122
0.500
6.334
6.834
0.043
-1.673
0.099
-1.532
5.302
0.500
6.524
7.024
0.045
-1.670
0.102
-1.523
5.501
0.500
6.720
7.220
0.045
-1.795
0.102
-1.647
5.572
0.500
6.921
7.421
0.047
-1.663
0.106
-1.510
5.912
0.500
7.129
7.629
0.049
-1.659
0.110
-1.500
6.129
0.500
7.343
7.843
0.050
-1.667
0.110
-1.507
6.336
mill. EUR
75.297
0.965
3.377
11.368
11.678
11.991
12.178
12.359
12.557
12.629
12.968
13.186
13.393
7.254
14.799
22.052
7.070
14.424
21.494
6.869
14.014
20.883
6.782
13.837
20.619
6.875
14.027
20.903
6.776
13.824
20.600
6.902
14.081
20.982
6.808
13.889
20.697
6.716
13.703
20.419
6.795
13.863
20.658
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
5.077
10.358
15.434
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
1.481
19.288
20.769
0.131
-6.298
0.298
-5.869
14.900
1.427
15.138
16.565
0.106
-14.176
0.260
-13.810
2.755
1.606
17.554
19.160
0.109
-8.685
0.265
-8.310
10.850
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.523
17.655
19.178
0.116
-5.494
0.276
-5.102
14.076
1.480
17.668
19.147
0.119
-4.947
0.282
-4.546
14.601
1.461
17.968
19.429
0.123
-4.874
0.287
-4.464
14.965
1.481
18.761
20.242
0.127
-4.957
0.293
-4.537
15.705
1.460
19.044
20.504
0.130
-4.876
0.299
-4.447
16.057
1.487
19.980
21.466
0.134
-5.337
0.305
-4.898
16.569
1.466
20.299
21.766
0.138
-4.877
0.311
-4.427
17.338
1.447
20.627
22.074
0.143
-4.800
0.317
-4.340
17.734
1.464
21.495
22.959
0.147
-4.881
0.323
-4.411
18.548
EUR/MWh
Levelized
30.335
2.755
10.850
35.526
35.569
35.484
35.585
36.608
36.657
37.551
38.035
38.153
39.206
Electricity Production
MWh
2,482,215
350,417
311,250
320,000
328,320
337,920
342,240
337,600
342,560
336,320
340,960
345,600
341,600
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
2019
2020
2021
2022
2023
2024
2025
2026
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
2.321
4.736
7.057
0.500
7.563
8.063
0.052
-1.665
0.113
-1.501
6.562
0.500
7.790
8.290
0.054
-1.535
0.116
-1.365
6.925
0.500
8.024
8.524
0.055
-1.659
0.119
-1.485
7.039
0.500
8.264
8.764
0.058
-1.528
0.123
-1.348
7.416
0.500
8.512
9.012
0.059
-1.661
0.124
-1.479
7.533
0.500
8.768
9.268
0.061
-1.659
0.126
-1.472
7.795
0.500
9.031
9.531
0.063
-1.528
0.130
-1.335
8.196
0.500
9.301
9.801
0.065
-1.526
0.133
-1.328
8.473
13.619
13.982
14.096
14.473
14.590
7.795
8.196
8.473
6.801
13.876
20.677
6.704
13.677
20.381
6.716
13.703
20.419
6.621
13.509
20.130
6.710
13.690
20.400
1.465
22.161
23.626
0.151
-4.879
0.330
-4.398
19.228
1.444
22.498
23.942
0.156
-4.434
0.336
-3.941
20.001
1.447
23.216
24.663
0.160
-4.800
0.343
-4.296
20.367
1.426
23.574
25.001
0.165
-4.360
0.350
-3.845
21.156
1.445
24.607
26.053
0.170
-4.803
0.357
-4.275
21.778
1.447
25.369
26.816
0.175
-4.800
0.364
-4.260
22.556
1.426
25.760
27.187
0.181
-4.360
0.371
-3.808
23.379
1.428
26.557
27.985
0.186
-4.357
0.379
-3.792
24.193
39.905
40.382
40.786
41.286
42.178
22.556
23.379
24.193
341,280
346,240
345,600
350,560
345,920
345,600
350,560
350,240
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Electricity Production
Capital Costs
mill. EUR
mill. EUR
mill. EUR
Present value
10.041
20.486
30.527
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
5.858
4.296
30.463
40.616
1.126
265.768
2.731
269.625
310.241
mill. EUR
340.768
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
0.977
1.994
2.971
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
0.570
0.418
2.965
3.953
0.110
25.865
0.266
26.240
30.193
EUR/MWh
Levelized
33.164
Electricity Production
MWh
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
10,275,354
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.221
0.167
1.149
1.537
0.016
5.222
0.040
5.278
6.815
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
6.815
12.093
12.093
12.093
12.093
1.441
1.087
7.495
10.024
0.106
34.054
0.260
34.420
44.444
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
44.444
39.432
39.432
39.432
39.432
153,333
306,667
306,667
306,667
306,667
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Electricity Production
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.221
0.167
1.149
1.537
0.033
10.443
0.080
10.556
12.093
0.228
0.167
1.184
1.578
0.034
10.443
0.081
10.558
12.136
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
12.093
12.093
12.093
12.093
12.093
12.093
12.093
12.136
12.253
12.253
12.253
12.253
12.253
12.253
12.253
12.253
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.721
0.543
3.748
5.012
0.106
34.054
0.260
34.420
39.432
0.742
0.543
3.860
5.146
0.109
34.054
0.265
34.429
39.575
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
39.432
39.432
39.432
39.432
39.432
39.432
39.432
39.575
26.256
26.256
26.256
26.256
26.256
26.256
26.256
26.256
306,667
306,667
306,667
306,667
306,667
306,667
306,667
306,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Electricity Production
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Capital Costs
Equity
Debt
Capital Costs
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
1.290
2.631
3.920
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.228
0.167
1.184
1.578
0.051
10.500
0.124
10.675
12.253
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
0.234
0.167
1.219
1.620
0.053
10.500
0.126
10.679
12.299
12.253
12.253
12.253
16.220
16.220
16.220
16.220
16.220
16.220
16.220
16.220
16.220
16.220
16.220
16.220
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
2.763
5.638
8.401
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.488
0.357
2.537
3.382
0.109
22.500
0.265
22.875
26.256
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
0.502
0.357
2.613
3.472
0.113
22.500
0.271
22.883
26.356
26.256
26.256
26.256
34.756
34.756
34.756
34.756
34.756
34.756
34.756
34.756
34.756
34.756
34.756
34.756
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
466,667
Electricity Production
Capital Costs
mill. EUR
mill. EUR
mill. EUR
Present value
8.535
17.413
25.948
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
5.858
3.222
18.746
27.826
1.049
272.691
2.543
276.283
304.109
mill. EUR
330.057
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
0.892
1.820
2.712
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
0.612
0.337
1.960
2.909
0.110
28.504
0.266
28.880
31.789
EUR/MWh
Levelized
34.501
Electricity Production
MWh
9,566,608
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.221
0.125
0.707
1.053
0.010
3.790
0.025
3.825
4.878
0.221
0.125
0.707
1.053
0.020
7.580
0.050
7.650
8.703
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
4.878
8.703
12.529
12.529
12.529
2.296
1.299
7.348
10.943
0.106
39.375
0.260
39.741
50.684
1.148
0.649
3.674
5.472
0.106
39.375
0.260
39.741
45.213
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
50.684
45.213
43.389
43.389
43.389
Electricity Production
96,250
192,500
288,750
288,750
288,750
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.221
0.125
0.707
1.053
0.031
11.370
0.075
11.475
12.529
0.228
0.125
0.728
1.081
0.032
11.370
0.077
11.478
12.559
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
12.529
12.529
12.529
12.529
12.529
12.529
12.529
12.559
11.907
11.907
11.907
11.907
11.907
11.907
11.907
11.907
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.765
0.433
2.449
3.648
0.106
39.375
0.260
39.741
43.389
0.788
0.433
2.523
3.744
0.109
39.375
0.265
39.750
43.494
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
43.389
43.389
43.389
43.389
43.389
43.389
43.389
43.494
27.062
27.062
27.062
27.062
27.062
27.062
27.062
27.062
288,750
288,750
288,750
288,750
288,750
288,750
288,750
288,750
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Electricity Production
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Capital Costs
Equity
Debt
Capital Costs
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
1.096
2.236
3.332
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.228
0.125
0.728
1.081
0.048
10.662
0.117
10.826
11.907
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
0.234
0.125
0.750
1.110
0.050
10.662
0.119
10.830
11.940
11.907
11.907
11.907
15.272
15.272
15.272
15.272
15.272
15.272
15.272
15.272
15.272
15.272
15.272
15.272
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
2.491
5.082
7.574
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Personnel
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.517
0.284
1.656
2.457
0.109
24.231
0.265
24.605
27.062
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
0.533
0.284
1.705
2.522
0.113
24.231
0.271
24.614
27.136
27.062
27.062
27.062
34.710
34.710
34.710
34.710
34.710
34.710
34.710
34.710
34.710
34.710
34.710
34.710
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
440,000
Electricity Production
Capital Costs
Equity
Debt
Capital Costs
mill. EUR
mill. EUR
mill. EUR
Present value
1.506
3.073
4.579
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
mill. EUR
1.074
11.716
12.790
0.077
-6.923
0.188
-6.658
6.132
mill. EUR
10.712
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Capital Costs
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
2.125
4.336
6.461
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
EUR/MWh
Levelized
1.515
16.531
18.046
0.109
-9.768
0.265
-9.394
8.653
EUR/MWh
Levelized
15.113
Electricity Production
MWh
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
708,746
2005-02
2005-03
2005-04
2005-05
2005-06
2005-07
2005-08
2005-09
2005-10
2005-11
2005-12
2006-01
2006-02
2006-03
2006-04
2006-05
2006-06
2006-07
2006-08
2006-09
2006-10
2006-11
2006-12
2007-01
2007-02
2007-03
2007-04
2007-05
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.042
0.442
0.484
0.006
1.432
0.015
1.453
1.936
0.042
0.442
0.484
0.012
2.864
0.030
2.905
3.389
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
1.936
3.389
-0.436
-0.436
-0.436
0.730
7.744
8.474
0.106
25.082
0.260
25.448
33.922
0.365
3.872
4.237
0.106
25.082
0.260
25.448
29.685
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
33.922
29.685
-24.336
-24.336
-24.336
Electricity Production
57,083
114,167
17,917
17,917
17,917
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
2007-06
2007-07
2007-08
2007-09
2007-10
2007-11
2007-12
2008-01
2008-02
2008-03
2008-04
2008-05
2008-06
2008-07
2008-08
2008-09
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.442
0.484
0.002
-0.926
0.005
-0.920
-0.436
0.042
0.455
0.497
0.002
-0.926
0.005
-0.920
-0.423
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
-0.436
-0.436
-0.436
-0.436
-0.436
-0.436
-0.436
-0.423
0.345
0.345
0.345
0.345
0.345
0.345
0.345
0.345
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
24.672
26.998
0.106
-51.700
0.260
-51.334
-24.336
2.326
25.412
27.738
0.109
-51.700
0.265
-51.325
-23.587
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
-24.336
-24.336
-24.336
-24.336
-24.336
-24.336
-24.336
-23.587
12.953
12.953
12.953
12.953
12.953
12.953
12.953
12.953
17,917
17,917
17,917
17,917
17,917
17,917
17,917
17,917
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
Electricity Production
2008-10
2008-11
2008-12
2009-01
2009-02
2009-03
2009-04
2009-05
2009-06
2009-07
2009-08
2009-09
2009-10
2009-11
2009-12
Capital Costs
Equity
Debt
Capital Costs
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
0.193
0.395
0.588
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.455
0.497
0.003
-0.162
0.007
-0.152
0.345
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.042
0.469
0.511
0.003
-0.162
0.007
-0.151
0.359
0.345
0.345
0.345
0.947
0.947
0.947
0.947
0.947
0.947
0.947
0.947
0.947
0.947
0.947
0.947
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
7.254
14.799
22.052
Capital Costs
Equity
Debt
Capital Costs
Operating Costs
Insurance
Fixed Maintenance
Operating Costs (Fix)
Variable Maintenance
Fuel
Consumables
Operating Costs (Variab.)
Operating Costs
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.074
18.636
0.109
-6.058
0.265
-5.683
12.953
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
1.563
17.586
19.149
0.113
-6.058
0.271
-5.675
13.474
12.953
12.953
12.953
35.526
35.526
35.526
35.526
35.526
35.526
35.526
35.526
35.526
35.526
35.526
35.526
Electricity Production
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
26,667
mill. EUR
120.000
25.0%
100.000
20.0%
80.000
17.5%
64.832
60.000
15.0%
40.000
10.0%
20.000
5.0%
0.000
-20.000
7400
0.0%
7500
7600
7700
7800
7900
8000
8100
8200
h/a
Years
7400
7500
7600
7700
7800
7900
8000
8100
h/a
8200
EUR/MWh
40.0000
25.00
35.0000
20.00
34.69
30.0000
25.0000
15.00
20.0000
10.00
15.0000
9.2
10.0000
5.00
5.0000
0.0000
0.00
7400
7500
7600
7700
7800
7900
8000
8100
h/a
8200
7400
7500
7600
7700
7800
7900
8000
8100
h/a
8200
mill. EUR
80.000
20.0%
70.000
18.0%
R = 0.2010627324
14.0%
51.899
50.000
12.0%
40.000
10.0%
30.000
8.0%
6.0%
20.000
4.0%
10.000
2.0%
0.000
7600
16.3%
16.0%
60.000
0.0%
7700
7800
7900
8000
8100
8200
8300
8400
h/a
Years
7600
7700
7800
7900
8000
8100
8200
8300
h/a
8400
EUR/MWh
40.0000
25.00
35.0000
20.00
34.99
30.0000
25.0000
15.00
20.0000
10.3
10.00
15.0000
10.0000
5.00
5.0000
0.0000
0.00
7600
7700
7800
7900
8000
8100
8200
8300
h/a
8400
7600
7700
7800
7900
8000
8100
8200
8300
h/a
8400
E-Class Turbine
mill. EUR
120.000
100.000
20.0%
80.000
15.0%
60.000
40.000
10.0%
20.000
5.0%
0.000
-20.000
7200
0.0%
7400
7600
7800
8000
8200
h/a
8400
Years
7200
EUR/MWh
7400
7600
7800
8000
8200
h/a
8400
40.0000
25.00
35.0000
20.00
30.0000
25.0000
15.00
20.0000
10.00
15.0000
10.0000
5.00
5.0000
0.0000
0.00
7200
7400
7600
7800
8000
8200
h/a
8400
7200
7400
7600
7800
8000
8200
h/a
8400
mill. EUR
60.000
120.0%
50.000
100.0%
40.000
30.000
80.0%
20.000
12.933
10.000
60.0%
0.000
40.0%
-10.000
-20.000
38.2%
20.0%
-30.000
-40.000
0.0%
-255
-250
-245
-240
-235
-230
h/a
Years
-255
-240
-235
h/a
-230
70.0000
18.00
60.0000
16.00
14.00
50.0000
12.00
40.0000
10.00
30.0000
8.00
6.00
30.33
20.0000
4.00
10.0000
2.4
0.0000
0.00
-255
-245
EUR/MWh
20.00
2.00
-250
-250
-245
-240
-235
h/a
-230
-255
-250
-245
-240
-235
h/a
-230
mill. EUR
200
0.35
150
0.3
0.25
100
0.2
50
0.15
0
0.1
-50
-100
90.0%
0.05
92.0%
94.0%
96.0%
Years
0
90.0%
92.0%
94.0%
EUR/MWh
25
96.0%
38
37
20
36
35
15
34
33
10
32
31
30
0
90.0%
92.0%
94.0%
96.0%
29
90.0%
92.0%
94.0%
96.0%
Row 14
Row 20
Row 26
Row 15
Row 21
Row 27
Investment Volume
Row 22
Row 28
mill. EUR
200
0.3
150
0.25
100
0.2
50
0.15
0.1
-50
0.05
-100
90.0%
92.0%
94.0%
96.0%
Years
0
90.0%
94.0%
38
18
37
16
36
14
35
12
96.0%
EUR/MWh
20
34
10
33
32
6
4
31
30
0
90.0%
92.0%
92.0%
94.0%
96.0%
29
90.0%
92.0%
94.0%
96.0%
Row 14
Row 20
Row 26
Row 15
Row 21
Row 27
Investment Volume
Row 22
Row 28
mill. EUR
25
0.5
20
0.4
15
0.3
10
0.2
5
0
90.0%
0.1
92.0%
94.0%
96.0%
Years
0
90.0%
92.0%
94.0%
EUR/MWh
96.0%
40
35
30
4
25
20
15
10
1
0
90.0%
5
92.0%
94.0%
96.0%
0
90.0%
92.0%
94.0%
Row 14
Row 20
Row 26
96.0%
Row 15
Row 21
Row 27
Investment Volume
Row 22
Row 28
Basis
700.0
8000.0
56.00%
400.0
3.5
35.0
E-Class Turbine
Titel
Electrical Net Power
El. Full Load oper. Hours
El. net Efficiency
Investment Volume
Fuel
Variable Rev. Electr.
MW
h/a
%
mill. EUR
EUR/GJ
EUR/MWh
+1 Perc.
3.595
3.634
+1 unit
-0.01528
-0.00134
+1 Perc.
-0.10610
-0.10622
-0.468
-213.353
28.774
-1.871
-6.324
10.071
0.01637
6.72334
0.06547
0.23532
MW
h/a
%
mill. EUR
EUR/GJ
EUR/MWh
+1 unit
0.466
0.035
+1 Perc.
2.980
2.872
+1 unit
-0.01459
-0.00109
+1 Perc.
-0.09263
-0.08908
-0.468
-220.086
26.909
-1.590
-6.441
9.418
0.01748
7.30247
0.05943
0.25559
+1 unit
0.514
0.045
+1 unit
0.048
0.011
+1 Perc.
0.615
0.762
+1 unit
-0.03422
-0.00477
+1 Perc.
-0.30628
-0.35845
6.733
1.864
-0.281
0.117
0.653
-1.79936
0.15434
-0.06298
Basis
700.0
8000.0
56.00%
400.0
3.5
35.0
E-Class Turbine
Titel
Electrical Net Power
El. Full Load oper. Hours
El. net Efficiency
Investment Volume
Fuel
Variable Rev. Electr.
72.315
90.126
24.546
68.573
77.479
44.690
66.702
71.155
54.761
Basis
640.0
8250.0
52.00%
340.0
3.5
35.0
64.832
MW
h/a
%
mill. EUR
EUR/GJ
EUR/MWh
64.832
64.832
64.832
62.961
58.508
74.902
51.899
mill. EUR
67.801 64.621
116.306 103.424
-50.676 -27.788
61.440
90.543
-5.958
58.260
77.662
14.226
55.079
64.780
33.062
53.489
58.340
42.481
90.0%
6.784
5.310
92.0%
8.014
6.834
15.739
11.762
5.736
15.178
11.996
7.315
50.309
45.458
61.317
12.933
94.0% 96.0%
9.244 10.473
8.359
9.883
14.616
12.231
8.812
51.899
51.899
51.899
14.055
12.465
10.321
48.719
39.018
70.735
mill. EUR
13.213
12.816
12.280
12.933
12.933
12.933
12.652
13.050
13.585
12.371
13.167
14.238
11.810
13.401
15.543
7.60
5.68
7.88
6.17
8.18
6.73
19.37
8.49
7.40
14.37
8.82
8.19
11.18
8.99
8.66
10.07
11.249
13.635
16.848
10.688
14.049
18.153
10.126
14.497
19.458
Years
9.17
9.17
9.17
9.35
9.75
8.42
10.3
9.54
10.39
7.79
9.94
11.97
6.77
10.36
14.07
5.98
10.81
17.59
5.35
Years
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0%
14.56 13.39 12.43 11.63 10.94 10.61 10.32 10.04
9.78
9.30
8.88
8.49
14.28 13.20 12.31 11.55 10.90 10.60 10.32 10.05
9.81
9.35
8.95
8.59
8.63
5.98
8.93
6.55
9.25
7.23
9.59
8.05
17.33
9.94
9.05
12.75
10.13
9.65
11.41
9.2
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0%
13.20 12.08 11.17 10.39
9.74
9.44
9.17
8.92
8.68
8.24
7.86
7.51
13.29 12.14 11.20 10.42
9.75
9.45
9.17
8.91
8.67
8.23
7.84
7.49
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
22.097 28.057 34.018 39.978 45.939 48.919 51.899 54.879 57.859 63.820 69.780 75.741 81.701
23.179 28.923 34.667 40.411 46.155 49.027 51.899 54.771 57.643 63.387 69.131 74.875 80.619
mill. EUR
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
28.881 36.071 43.261 50.451 57.641 61.237 64.832 68.427 72.022 79.212 86.402 93.592 100.782
28.489 35.758 43.026 50.295 57.563 61.197 64.832 68.466 72.100 79.369 86.637 93.906 101.174
10.32
10.32
10.32
10.51
11.08
9.41
2.4
10.72
11.94
8.65
11.13
14.10
7.45
11.57
17.54
6.54
12.04
5.83
Years
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0%
3.24
3.01
2.82
2.66
2.53
2.47
2.42
2.37
2.32
2.24
2.16
2.10
4.78
4.08
3.53
3.09
2.73
2.57
2.42
2.28
2.16
1.94
1.84
1.75
1.79
2.78
4.55
1.86
2.71
3.88
1.93
2.63
3.36
2.08
2.56
2.92
2.25
2.49
2.65
2.33
2.45
2.53
2.42
2.42
2.42
2.51
2.38
2.31
2.60
2.35
2.22
2.79
2.29
2.04
2.99
2.22
1.90
3.20
2.15
1.84
F-Class Turbine
Titel
Electrical Net Power
El. Full Load oper. Hours
El. net Efficiency
Investment Volume
Fuel
Variable Rev. Electr.
MW
h/a
%
mill. EUR
EUR/GJ
EUR/MWh
Basis 110.0%
700.0
7.21
8000.0
7.17
56.00%
400.0 11.28
3.5
35.0
4.85
E-Class Turbine
Titel
Electrical Net Power
El. Full Load oper. Hours
El. net Efficiency
Investment Volume
Fuel
Variable Rev. Electr.
MW
h/a
%
mill. EUR
EUR/GJ
EUR/MWh
Basis 110.0%
640.0
8.15
8250.0
8.26
52.00%
340.0 12.54
3.5
35.0
5.25
MW
h/a
%
mill. EUR
EUR/GJ
EUR/MWh
Basis 110.0%
700.0
2.04
8000.0
1.67
56.00%
400.0
3.42
3.5
2.09
35.0
1.77
Basis
700.0
8000.0
56.00%
400.0
3.5
35.0
E-Class Turbine
Titel
Electrical Net Power
El. Full Load oper. Hours
El. net Efficiency
Investment Volume
Fuel
Variable Rev. Electr.
Basis
640.0
8250.0
52.00%
340.0
3.5
35.0
17.5%
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
13.55% 14.38% 15.19% 15.99% 16.78% 17.16% 17.55% 17.93% 18.30% 19.05% 19.79% 20.51% 21.23%
13.49% 14.33% 15.16% 15.97% 16.76% 17.16% 17.55% 17.93% 18.32% 19.08% 19.83% 20.57% 21.30%
17.55% 17.29% 17.03% 16.53% 16.04% 15.56% 15.09%
17.55% 16.79% 16.04% 14.56% 13.09% 11.58% 9.98%
17.55% 18.70% 19.86% 22.18% 24.50% 26.84% 29.20%
16.3%
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
12.81% 13.54% 14.24% 14.94% 15.63% 15.97% 16.30% 16.64% 16.97% 17.62% 18.27% 18.91% 19.54%
12.97% 13.67% 14.35% 15.01% 15.66% 15.98% 16.30% 16.62% 16.93% 17.55% 18.15% 18.75% 19.34%
18.69% 18.19% 17.70% 17.22% 16.76% 16.53%
24.70% 22.96% 21.24% 19.57% 17.92% 17.11%
3.70% 6.56% 9.27% 11.75% 14.03% 15.17%
EUR/MWh
Basis
700.0
8000.0
56.00%
400.0
3.5
35.0
38.2%
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
28.66% 30.82% 32.83% 34.72% 36.51% 37.38% 38.22% 39.05% 39.86% 41.44% 42.96% 44.43% 45.85%
22.67% 25.90% 29.05% 32.14% 35.19% 36.71% 38.22% 39.73% 41.24% 44.24% 47.24% 50.23% 53.22%
48.27% 46.07% 43.97% 41.97% 40.06% 39.13%
35.36% 35.93% 36.50% 37.07% 37.65% 37.94%
23.75% 27.06% 30.12% 33.23% 35.74% 36.99%
34.69
EUR/MWh
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
35.870 35.615 35.371 35.135 34.909 34.798 34.690 34.584 34.480 34.277 34.082 33.893 33.710
35.882 35.623 35.375 35.137 34.909 34.799 34.690 34.584 34.480 34.278 34.083 33.896 33.715
34.036
32.337
34.690
34.559 34.625
34.220 34.455
34.690 34.690
34.690 34.756
34.690 34.926
34.690 34.690
34.99
34.821 34.952
35.161 35.632
34.690 34.690
EUR/MWh
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
36.017 35.794 35.580 35.375 35.177 35.081 34.986 34.894 34.803 34.626 34.455 34.290 34.131
35.986 35.769 35.561 35.361 35.170 35.077 34.986 34.897 34.810 34.640 34.477 34.320 34.168
34.392
32.431
34.986
34.868 34.927
34.475 34.731
34.986 34.986
34.986 35.046
34.986 35.242
34.986 34.986
30.33
35.105 35.224
35.498 36.009
34.986 34.986
EUR/MWh
90.0% 92.0% 94.0% 96.0% 98.0% 99.0% 100.0% 101.0% 102.0% 104.0% 106.0% 108.0% 110.0%
33.723 32.994 32.292 31.616 30.964 30.646 30.335 30.028 29.727 29.141 28.574 28.026 27.495
34.357 33.483 32.645 31.843 31.073 30.700 30.335 29.976 29.625 28.942 28.285 27.653 27.043
28.791
30.964
30.335
30.026 30.180
30.461 30.398
30.335 30.335
30.335 30.489
30.335 30.272
30.335 30.335
30.643 30.952
30.209 30.083
30.335 30.335
mill. EUR
X
EUR/GJ
12
10
12
EUR/GJ
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
25.4%
21.4%
18.3%
17.5%
16.8%
13.8%
10.0%
10
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
8
6
4
2
128.07
96.45
71.16
64.83
58.51
33.21
-0.14
-117.69
8
6
4
2
0
Fuel
10
11
EUR/GJ
Fuel
Years
X
EUR/GJ
12
Y
Years
10
EUR/GJ
11
EUR/MWh
12
EUR/GJ
EUR/MWh
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
32.34
33.51
34.46
34.69
34.93
35.87
37.04
40.57
10
10
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
8
6
4
2
5.68
7.05
8.66
9.17
9.75
12.93
8
6
4
2
0
0
2
Fuel
Y
mill. EUR
10
EUR/GJ
11
Fuel
10
EUR/GJ
11
mill. EUR
X
EUR/GJ
12
mill. EUR
10
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
6
4
2
116.31
84.10
58.34
51.90
45.46
19.70
-14.63
-136.53
12
Y
%
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
24.7%
20.4%
17.1%
16.3%
15.5%
12.4%
8.3%
6
4
2
0
10
EUR/GJ
11
Years
Fuel
X
EUR/GJ
12
Y
Years
10
10
EUR/GJ
11
EUR/MWh
EUR/GJ EUR/MWh
12
10
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
8
6
4
2
0
Fuel
X
EUR/GJ
10
Fuel
5.98
7.62
9.65
10.32
11.08
15.91
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
8
6
4
2
0
10
EUR/GJ
11
Fuel
10
EUR/GJ
11
32.43
33.71
34.73
34.99
35.24
36.26
37.54
41.38
E-Class Turbine
mill. EUR
12
12
10
10
Fuel
0
2
10
EUR/GJ
11
Years
Fuel
12
10
10
10
11
10
11
EUR/GJ
EUR/MWh
12
Fuel
0
2
10
EUR/GJ
11
Fuel
EUR/GJ
X (A)
X (B)
EUR/GJ EUR/GJ
20.00
Y
mill. EUR
X (A)
X (B)
EUR/GJ EUR/GJ
60.0%
18.00
50.0%
16.00
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
14.00
12.00
10.00
8.00
6.00
4.00
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
11.76
12.35
12.82
12.93
13.05
13.52
14.50
18.84
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
40.0%
30.0%
20.0%
10.0%
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
35.4%
36.8%
37.9%
38.2%
38.5%
39.7%
42.0%
50.9%
2.00
0.00
Fuel
2.00
2.50
3.00
3.50
4.00
EUR/GJ
Years
0.0%
2.00
4.50
Fuel
X (A)
X (B)
EUR/GJ EUR/GJ
3.00
EUR/MWh
Years
3.00
3.50
4.00
EUR/GJ
4.50
X (A)
X (B)
35.00
30.00
2.50
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
2.00
1.50
1.00
0.50
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
2.78
2.59
2.45
2.42
2.38
2.25
2.09
1.67
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
25.00
20.00
15.00
10.00
5.00
0.00
0.00
Fuel
2.50
2.00
2.50
3.00
3.50
4.00
EUR/GJ
4.50
Fuel
2.00
2.50
3.00
3.50
4.00
EUR/GJ
4.50
3.15
3.33
3.47
3.50
3.54
3.68
3.85
4.38
30.96
30.65
30.40
30.33
30.27
30.02
29.70
28.76
Evaluation Criteria
EUR
1.1/2001
22
10.0%
1.1/2002
35.0%
MW
h/a
%
Operating Costs
mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
EUR/MWh
EUR/GJ
EUR/MWh
Operating Revenues
Fixed Revenues Electricity
Other Revenues D
Other Revenues E
Other Revenues F
Variable Rev. Electr.
Investment
Investment Volume
mill. EUR/a
mill. EUR/a
mill. EUR/a
mill. EUR/a
EUR/MWh
Derivation
Value
700
8000
91% NCF
56.00% 6429 kJ/kWh
Value
2.5
2
13
Incrs.
3.0%
0.1
3.5
0.25
3.0%
2.0%
2.0%
Value
Incrs.
35.00
1.0%
mill. EUR
279463392.xls/Eval Cases
5000
500
6000
600
7000
700
8000
800
8000
2.5
3.5
4.5
27.5
30
32.5
35.00
37.5
40
15
20
25
1.12/2006 - 1 M
3.477
Investment Schedule
Date
Years
Years
1.1/2007
20
15
----Date
Years
----Date
Years
70.00%
8.00%
1.1/2009
15
1.019
8.034
1.424
25
400
Financing
Debt Share 1
Annuity
Debt interest Rate
Start of Debt Service
Debt Service
Debt Share 2
Annuity
Debt interest Rate
Start of Debt Service
Debt Service
701 + 1 MW
8087.6 + 1% NF
56.10% + 0,1% eta
Lifetime
Hand over (End of Commiss.)
Lifetime from Commiss.
Tax Depreciation Time
3.0%
----Years
30%
10.00%
15 Total
Personnel
Insurance
Fixed Maintenance
Other Costs A
Other Costs B
Variable Maintenance
Fuel
Consumables
Sensitivities
Base Case
Power
Results
-16
-6
-2
-1
1
13
10.0%
20.0%
20.0%
10.0%
10.0%
30.0%
100.0%
08/14/2015
Sensitivity +1 MW Power
Expected IRR
Investment [mi EUR]
Income Tax Rate
Investment [mi EUR]
Electrical Net Power
Investment [mi EUR]
El. Full Load oper. Hours
Investment [mi EUR]
Fuel
Investment [mi EUR]
Variable Rev. Electr.
Investment [mi EUR]
Lifetime from Commiss.
Investment [mi EUR]
Debt Share 1
Investment [mi EUR]
Debt interest Rate
Investment [mi EUR]
Variation
Expected IRR
Investment [mi EUR]
Income Tax Rate
Investment [mi EUR]
Electrical Net Power
Investment [mi EUR]
El. Full Load oper. Hours
Investment [mi EUR]
Fuel
Investment [mi EUR]
Variable Rev. Electr.
Investment [mi EUR]
Lifetime from Commiss.
Investment [mi EUR]
Debt Share 1
Investment [mi EUR]
Debt interest Rate
Investment [mi EUR]
279463392.xls/Eval Table
08/14/2015
EU
R
12
10
0
0
10
12
Expected IRR
279463392.xls/Eval ETA-IRR
08/14/2015