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Comprehensive Overview of Revenue Account and Funds Flow in EPMI Financial Structures

This document provides an in-depth analysis of the revenue account structures and flow of funds associated with the EPMI Financial Buy (FB) and Sell (FS) transactions. It highlights the fixed and variable O&M accounts, debt service payment, and trustee depository account functionalities. Additionally, it examines the reimbursement agreements, swap transactions, and predictability of cash flows under varying financial conditions, including bankruptcy treatment of revenues. Key financial metrics and credits, along with expected results, are discussed to offer a comprehensive understanding of the project’s economic framework.

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Comprehensive Overview of Revenue Account and Funds Flow in EPMI Financial Structures

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  1. Project Revenue Account Flow of Funds Variable O&M Account EPMI Fin-Buy (“FB”) Buyside Swap Payment Acct. e- FB Fixed FB Fixed O&M Acct. Buyside Swap Revenue Acct. Debt Service Pmt. Acct. Fixed-FB EPMI Fin-Sell (“FS”) Sellside Swap Revenue Acct. e- FS Sellside Swap Pmt. Acct. Fixed-FS Monthly - Blue Arrows Annually - Green Arrows Trustee Depository Acct. - Red Circle - EPMI Contract e- FS - Index Financial Sell Fixed-FS - Fixed Fin. Sell e-FB - Index Fin. Buy Fixed FB - Fixed Fin. Buy Amts owed under either swaps or Reimbursement Agreement Debt Service Reserve Acct. Working Capital Reserve Acct. Equity

  2. Project Revenue Account Underlying Flow of Funds Variable O&M Account Fixed O&M Acct. Debt Service Pmt. Acct. Monthly - Blue Arrows Annually - Green Arrows Trustee Depository Acct. - Red Circle - EPMI Contract e- FS - Index Financial Sell Fixed-FS - Fixed Fin. Sell e-FB - Index Fin. Buy Fixed FB - Fixed Fin. Buy Amts owed under either swaps or Reimbursement Agreement Debt Service Reserve Acct. Working Capital Reserve Acct. Equity

  3. TECO/Mosbacher Delmarva ProjectBasic Credit Structure Revenues $ Demand = D/S O & M EPMI Fin - Buy $ formula e- D/S EPMI Fin - Sell Fin - Sell $ Demand $ formula e- Equity • $ Formula e-: Positive difference, if any, between the hourly PJM • index at the plant bus and a formula equal to: fuel*HR + VOM • Credit Contribution is from inserting contracts on either • side of D/S in the flow of funds • Expected result: BBB- / Baa3

  4. TECO/Mosbacher Delmarva ProjectBasic Contract Structure Trustee LLC e- • EPMI Financial Buy directly with trustee to make bankrupt remote • EPMI Financial Sell with LLC • Reimbursement Agreement covers monies owed to Enron under either agreement • Bankruptcy treatment of e- revenues from Financial Sell through LLC? Reimbursement Agreement $ Demand e- $ Demand e- EPMI Fin. Buy EPMI Fin Sell ENRON Baa2/BBB+ guarantee guarantee

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