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Steve Brewer, Project Manager November 10, 2009

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Wind Power 2009 State Legislative Issues Update LB561 C-BED Changes. Steve Brewer, Project Manager November 10, 2009. About Tenaska. Develops, constructs, owns, operates electric generating plants; 9,000 MWs in 15 projects Markets natural gas, electric power and biofuels

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Wind Power 2009

State Legislative Issues Update

LB561 C-BED Changes

Steve Brewer, Project Manager

November 10, 2009

about tenaska
About Tenaska
  • Develops, constructs, owns, operates electric generating plants; 9,000 MWs in 15 projects
    • Markets natural gas, electric power and biofuels
    • Manages private equity funds; more than $4 billion in assets
  • Headquarters located in Omaha with offices in Dallas, Denver and Calgary
  • 2008 revenues of $16 billion; #24 on Forbes list of privately-held businesses
  • 33% owner of 80 MW Elkhorn Ridge project near Bloomfield, Nebraska
  • Employee-owned; over 700 employees, approximately 260 in Nebraska
c bed background
C-BED Background
  • Nebraska power generation limited by private investment prohibition (100% public power)
  • Community-Based Energy Development (C-BED) law passed in 2007 to encourage private development of wind projects
  • Power purchased by public utilities under long-term contracts
  • Projects meeting the C-BED requirements receive sales tax exemptions on major equipment
  • Project benefits passed on to local communities through joint ownership with developers and land leases with landowners
  • Under the original C-BED law, qualified Nebraska residents were required to receive at least 33% of the gross payments received under the long-term contract
  • This requirement restricted the remaining payments to the developer to the payment of operating expenses and a return of and on investment only
  • The project would have to be funded with100% equity as the C-BED requirement did not allow for sufficient funds to leverage the project with debt
cbed amendment
CBED Amendment
  • Legislators perceived need for revision, worked with Tenaska, others to implement an amendment which would provide a more cost efficient financing structure by allowing projects to access the debt markets in a more practical and efficient manner
  • Allows for use of debt financing at the project level which will result in the lowest price of power
  • Preserves the initial intent of C-BED and ensures that 33% of the profits flow to the Nebraska residents
  • The amendment redefined the 33% requirement by subtracting the payments for debt service from the gross payments to determine the minimum amount required to be paid to the Nebraska residents
  • Amending the original law provides for greater access to capital by financing the projects rather than funding the costs with 100% equity
  • Result is an improved bill that should benefit all Nebraskans by attracting more investment capital for projects
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