ROV of Gas Fired Electricity Plant

EZ ROV Analysis
Oct 2002 to Oct 2003

EZ Mark
On/Offpeak Merchant Sales Revenue
1,578,680,659
O&M Costs
115,821,551
Total Gas Costs
1,510,709,935
Spark Spread
Value of On/Offpeak Optionality

Total Value $/MWh
Assumes 525 MW.
(47,850,828)
#NAME?
#NAME?
This assumes that EZ pays both O&M and Start Costs
Table 1
ROV Model Assumes Daily

Optimization
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-04
43.96 $
Dec-05
42.77 $
Dec-06
43.05 $
Dec-07
43.53 $
Dec-08
43.87 $
Dec-09
44.19 $
Dec-10
45.49
Spread Option Valuation

OnPeak Optionality
underlying price of asset 1 (BECO @ Plant)
underlying price of asset 2 (Bogota Power ask - O&M - Trans)

exercise price
expiry date
value (settlement) date
volatility of asset 1 (BECO Volatility)
volatility of asset 2 Bogota Power (forwards volatility)
rate - annual - Actual/365
option type
statistic
number of iterations
holding cost - asset 1
correlation coefficient (of spot prices)
#NAME?
Onpeak hours in year
MW
Option Value
OffPeak Optionality
underlying price of asset 1 (BECO price @ Plant)
underlying price of asset 2 (Bogota Power ask + start - O&M - trans)
exercise price
expiry date
option type
statistic
#NAME?
$
$
58.27
58.27
31-Dec-04
31-Dec-03
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-05
31-Dec-04
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
#NAME?
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
Dec-04
43.96 $
27.69 $
58.27
31-Dec-06
31-Dec-05
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
#NAME?
5840
488.78
#NAME?
Dec-05
42.77 $
27.69 $
31-Dec-04
31-Dec-03
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-05
31-Dec-04
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
Dec-06
43.05 $
27.69 $
31-Dec-06
31-Dec-05
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
58.27
58.27
31-Dec-09
31-Dec-08
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-10
31-Dec-09
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
#NAME?
#NAME?
#NAME?
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
Dec-07
43.53 $
27.69 $
Dec-08
43.87 $
27.69 $
Dec-09
44.19 $
27.69 $
Dec-10
45.49
27.69
31-Dec-07
31-Dec-06
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-08
1-Jan-08
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-09
31-Dec-08
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-10
31-Dec-09
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
#NAME?
#NAME?
#NAME?
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
#NAME?
2920
488.78
#NAME?
Grand Total
#NAME?
#NAME?
#NAME?
#NAME?
58.27
31-Dec-08
1-Jan-08
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
#NAME?
2920
488.78
31-Dec-07
31-Dec-06
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
Offpeak hours in year

MW
Option Value
Jennifer Considine
Commercial Analytics
#NAME?
58.27
ColumbiaRiverModel.xls
12/20/20123:54 AM
Table 1

Optimization
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Daily gas volume
113,400
Heat rate
OnPeak Optionality

exercise price
expiry date
option type
statistic
#NAME?
MW
Option Value
OffPeak Optionality
exercise price
expiry date
option type
statistic
#NAME?
$
$
Dec-11
49.41 $
58.27
Dec-12
52.22 $
58.27
Dec-13
53.26 $
58.27
Dec-14
52.01 $
58.27
Dec-15
49.83 $
58.27
9.000
Dec-16
46.55 $
58.27
Dec-17
46.27 $
58.27
Dec-18
46.70
58.27
31-Dec-11
31-Dec-10
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-12
1-Jan-12
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-13
31-Dec-12
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-14
31-Dec-13
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-15
31-Dec-14
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-16
1-Jan-16
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-17
31-Dec-16
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-18
31-Dec-17
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
#NAME?
5840
488.78
#NAME?
#NAME?
5840
488.78
#NAME?
Dec-11
49.41 $
27.69 $
Dec-12
52.22 $
27.69 $
Dec-13
53.26 $
27.69 $
Dec-14
52.01 $
27.69 $
Dec-15
49.83 $
27.69 $
Dec-16
46.55 $
27.69 $
Dec-17
46.27 $
27.69 $
Dec-18
46.70
27.69
31-Dec-11
31-Dec-10
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-12
1-Jan-12
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-13
31-Dec-12
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-14
31-Dec-13
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-15
31-Dec-14
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-16
1-Jan-16
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-17
31-Dec-16
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-18
31-Dec-17
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?

MW
Option Value
2920
488.78
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
#NAME?
2920
488.78
#NAME?
#NAME?
2920
488.78
#NAME?
Grand Total
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
Jennifer Considine
12/20/20123:54 AM
Table 1

Optimization
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Project Assumptions
Dth/d
Dth/MWh
OnPeak Optionality

exercise price
expiry date
option type
statistic
#NAME?
MW
Option Value
OffPeak Optionality
exercise price
expiry date
option type
statistic
#NAME?
$
$
Transmission to Bogota Powerstation

Dec-19
46.98 $
58.27
Dec-20
47.27 $
58.27
Dec-21
47.15 $
58.27
Dec-22
47.57 $
34.57
Dec-23
47.57
35.09
31-Dec-20
1-Jan-20
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-21
31-Dec-20
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-22
31-Dec-21
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749
31-Dec-23
31-Dec-22 Volatility Factor
1
#NAME?
#NAME?
Project Discount Rate
0.05
Calculation of Effective Heat Rate
2
Sell more gas because you will save Losses
1
Plant Generation =
50
Gas Usage =
0
Sales Into Janet Substation=
0
Gas Sales @ BECO (Usages less 1.9% fuel)
0.749
Effective Heat Rate
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
5840
488.78
#NAME?
Dec-19
46.98 $
27.69 $
Dec-20
47.27 $
27.69 $
Dec-21
47.15 $
27.69 $
Dec-22
47.57 $
26.59 $
9
0.54
15.00%
525
113,400
488.78
111,245
9.67
Total
116,800 Hours
488.78 MWh
#NAME?
Options Value
#NAME?
Dec-23
47.57
27.00
31-Dec-19
31-Dec-18
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-20
1-Jan-20
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-21
31-Dec-20
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-22
31-Dec-21
#NAME?
#NAME?
0.05
2
1
25
0
0
0.749
31-Dec-23
31-Dec-22
#NAME?
#NAME?
Volatility Factor
0.05
2
1
25
0
0
0.749
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
2920
488.78
#NAME?
Grand Total
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
$1.85
O&M Charge $
3.500
Start Charge $
Credit $
Total Value
#NAME?
31-Dec-19
31-Dec-18
#NAME?
#NAME?
0.05
2
1
50
0
0
0.749

MW
Option Value
Jennifer Considine
Heat Rate of EZ
Transportation costs to Plant from Sumas $
Total
58,400
488.78
#NAME?
#NAME?
#NAME?
#NAME?
Hours
MWh
Options Value
Total Options Value
12/20/20123:54 AM
Triangular Distribution
#NAME?
Triangular Distribution
#NAME?
Uniform
#NAME?
O&M Costs
Transmission Charge
Rate / MWhr generated
$ / MWhr generated
Percent
1.750
2.000
2.000
2.250
2.250
2.250
2.500
2.500
2.500
2.500
2.750
2.750
2.750
3.000
3.000
3.250
0.500
0.750
0.750
1.000
1.000
1.000
1.250
1.250
1.250
1.250
1.500
1.500
1.500
1.750
1.750
2.000
0.050
0.060
0.070
0.080
0.090
0.100
0.110
0.120
0.130
0.140
0.150
0.160
0.170
0.180
0.190
0.200
0.210
0.220
0.230
0.240
0.250
Real Options Valuation of EZ Gas Fired

Electricity Plant in Bogota Colombia
Jan-04
Jan 2004 to Dec 2023
Budget MW
Less: Losses
Less: Losses
2%
5%
Adjust for Unit Availability
100%
Merchant Sales Revenue

Forward OnPeak Price (Ask)
OnPeak hours
OnPeak Revenue (Adjust for Unit Avail)
Forward Off Peak Price (Bid)
Off Peak hours
OffPeak Revenue (Adjust for Unit Avail)
Less: Transmission Charge
Avg On/Off Price
Total hours
Total On/Offpeak Revenue less Trans Charge
MidMkt
16
$
MidMkt
8
24
1.850
15.00%
Gas Costs
Monthly (Annual) Volume (MMBtu)
Plant gate price
Total gas costs
113,400
100.00%
O&M Costs
Revenue Minus Costs

Total Reveue Minus Trans Charge Minus Gas Costs Minus O&M Costs
3.5
Must Take Option of Greater of Gas or Power (even if it means taking a loss)
On Peak $/MWh
Off Peak $/MWh
On Peak $
Off Peak $
Total Value
Intrinsic Value
Option Value
(450,000,000.00)
(450,000,000.00)
Internal Rate of Return: Option Value

Capital Expenditures
0
450,000,000.00
Internal Rate of Return: Intrinsic Value

Capital Expenditures
0
450,000,000.00
Dec-04
Dec-23
365
Dec-04
525
(10.50)
(25.73)
488.78
365
Dec-23
525
(10.50)
(25.73)
488.78
488.78
488.78
Total
NPV
525
(10.50)
(25.73)
488.78
16
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
116,800
#NAME?
#NAME?
#NAME?
#NAME?
5840
5840
2920
#NAME?
2920
58,400
#NAME?
8
(7,921,087.65)
#NAME?
#NAME?
(7,921,087.65) $
#NAME?
8760
(49,565,296)
#NAME?
175,200
#NAME?
8760
#NAME?
#NAME?
41,391,000
41,391,000
#NAME?
#NAME?
41,391,000
41,391,000
#NAME?
#NAME?
$
$
259,095,406
259,095,406
#NAME?
#NAME?
16,096,500
16,096,500
100,768,746
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
#NAME?
23.45%
#NAME?
#NAME?
17.32%
Real Options Valuation of EZ Gas Fired

Electricity Plant in Bogota Colombia
Dec-04
Dec-05
365
Dec-04
525
(10.50)
(25.73)
488.78
365
Dec-05
525
(10.50)
(25.73)
488.78
488.78
488.78
Jan 2004 to Dec 2023
Budget MW
Less: Losses
Less: Losses
2%
5%
100%
Merchant Sales Revenue

Forward OnPeak Price (Ask)
OnPeak hours
OnPeak Revenue (Adjust for Unit Avail)
Forward Off Peak Price (Bid)
Off Peak hours
OffPeak Revenue (Adjust for Unit Avail)
Less: Transmission Charge
Avg On/Off Price
Total hours
Total On/Offpeak Revenue less Trans Charge
MidMkt
16
63.62 $
5840
181,601,775 $
33.04 $
2920
47,149,970 $
8
(7,921,087.65)
33.04 $
2920
47,149,970 $
8
(7,921,087.65) $
11.88
58,400
339,070,177
51.58
8760
220,830,657 $
51.58 $
8760
220,830,657 $
18.44
175,200
1,578,680,659
$
$
41,391,000
41,391,000
4.885
202,186,757
41,391,000
41,391,000
4.752
196,702,449
$
$
$
$
297,826,846
297,826,846
5.072
1,510,709,935
16,096,500
115,821,551
8,031,708
(47,850,828)
525
(10.50)
(25.73)
488.78
16
63.62 $
5840
181,601,775 $
$
16
$
MidMkt
Total
NPV
22.71
116,800
1,296,606,267
$
8
24 $
1.850
15.00%
(56,995,785)
Gas Costs
Monthly (Annual) Volume (MMBtu)
Plant gate price
Total gas costs
113,400
100.00%
$
$
O&M Costs
Revenue Minus Costs

Total Reveue Minus Trans Charge Minus Gas Costs Minus O&M Costs
3.5
16,096,500
$
2,547,401
2 %=1, Ln=2
1 Trading Days 1=256,2=365,3= weekly
Price Date
Jan-04
Dec-04
Volatility
#NAME?
#NAME?
Distribution
#NAME?
#NAME?
Price ($/MWh)
33.0362
33.0362
PriceDate
Jan-04
Dec-04
1-Oct-01
11.36
11.36
2-Oct-01
7.10
7.10
3-Oct-01
8.73
8.73
4-Oct-01
6.62
6.62
5-Oct-01
6.13
6.13
9-Oct-01
5.91
5.91
10-Oct-01
8.26
8.26
11-Oct-01
10.10
10.10
12-Oct-01
9.37
9.37
15-Oct-01
14.96
14.96
16-Oct-01
23.19
23.19
17-Oct-01
22.22
22.22
18-Oct-01
23.85
23.85
19-Oct-01
13.54
13.54
22-Oct-01
12.26
12.26
23-Oct-01
12.13
12.13
24-Oct-01
14.14
14.14
25-Oct-01
11.27
11.27
26-Oct-01
11.86
11.86
29-Oct-01
17.52
17.52
30-Oct-01
17.52
17.52
31-Oct-01
18.35
18.35
1-Nov-01
16.54
16.54
2-Nov-01
18.06
18.06
5-Nov-01
21.64
21.64
6-Nov-01
18.66
18.66
7-Nov-01
22.81
22.81
8-Nov-01
25.45
25.45
9-Nov-01
22.78
22.78
12-Nov-01
23.64
23.64
13-Nov-01
18.07
18.07
14-Nov-01
22.23
22.23
15-Nov-01
24.91
24.91
16-Nov-01
36.69
36.69
19-Nov-01
26.25
26.25
20-Nov-01
26.02
26.02
21-Nov-01
28.22
28.22
26-Nov-01
25.47
25.47
27-Nov-01
24.09
24.09
28-Nov-01
22.96
22.96
29-Nov-01
30.99
30.99
30-Nov-01
28.50
28.50
3-Dec-01
20.71
20.71
4-Dec-01
26.76
26.76
5-Dec-01
28.76
28.76
Dec-05
#NAME?
#NAME?
33.0362
Dec-05
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-06
#NAME?
#NAME?
33.0362
Dec-06
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
6-Dec-01
7-Dec-01
10-Dec-01
11-Dec-01
20-Dec-01
21-Dec-01
28-Dec-01
31-Dec-01
2-Jan-02
3-Jan-02
4-Jan-02
7-Jan-02
8-Jan-02
9-Jan-02
10-Jan-02
11-Jan-02
14-Jan-02
15-Jan-02
16-Jan-02
17-Jan-02
18-Jan-02
22-Jan-02
23-Jan-02
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
Dec-07
#NAME?
#NAME?
33.0362
Dec-07
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-08
Dec-09
#NAME?
#NAME?
#NAME?
#NAME?
33.0362
33.0362
Dec-08
Dec-09
11.36
11.36
7.10
7.10
8.73
8.73
6.62
6.62
6.13
6.13
5.91
5.91
8.26
8.26
10.10
10.10
9.37
9.37
14.96
14.96
23.19
23.19
22.22
22.22
23.85
23.85
13.54
13.54
12.26
12.26
12.13
12.13
14.14
14.14
11.27
11.27
11.86
11.86
17.52
17.52
17.52
17.52
18.35
18.35
16.54
16.54
18.06
18.06
21.64
21.64
18.66
18.66
22.81
22.81
25.45
25.45
22.78
22.78
23.64
23.64
18.07
18.07
22.23
22.23
24.91
24.91
36.69
36.69
26.25
26.25
26.02
26.02
28.22
28.22
25.47
25.47
24.09
24.09
22.96
22.96
30.99
30.99
28.50
28.50
20.71
20.71
26.76
26.76
28.76
28.76
Dec-10
#NAME?
#NAME?
33.0362
Dec-10
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-11
#NAME?
#NAME?
33.0362
Dec-11
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-12
Dec-13
#NAME?
#NAME?
#NAME?
#NAME?
33.0362
33.0362
Dec-12
Dec-13
11.36
11.36
7.10
7.10
8.73
8.73
6.62
6.62
6.13
6.13
5.91
5.91
8.26
8.26
10.10
10.10
9.37
9.37
14.96
14.96
23.19
23.19
22.22
22.22
23.85
23.85
13.54
13.54
12.26
12.26
12.13
12.13
14.14
14.14
11.27
11.27
11.86
11.86
17.52
17.52
17.52
17.52
18.35
18.35
16.54
16.54
18.06
18.06
21.64
21.64
18.66
18.66
22.81
22.81
25.45
25.45
22.78
22.78
23.64
23.64
18.07
18.07
22.23
22.23
24.91
24.91
36.69
36.69
26.25
26.25
26.02
26.02
28.22
28.22
25.47
25.47
24.09
24.09
22.96
22.96
30.99
30.99
28.50
28.50
20.71
20.71
26.76
26.76
28.76
28.76
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
Dec-14
#NAME?
#NAME?
33.0362
Dec-14
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-15
#NAME?
#NAME?
33.0362
Dec-15
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-16
#NAME?
#NAME?
33.0362
Dec-16
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-17
#NAME?
#NAME?
33.0362
Dec-17
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-18
#NAME?
#NAME?
33.0362
Dec-18
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-19
#NAME?
#NAME?
33.0362
Dec-19
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-20
#NAME?
#NAME?
33.0362
Dec-20
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
Dec-21
#NAME?
#NAME?
33.0362
Dec-21
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
Dec-22
Dec-23
#NAME?
#NAME?
#NAME?
#NAME?
33.0362
33.0362
Dec-22
Dec-23
11.36
11.36
7.10
7.10
8.73
8.73
6.62
6.62
6.13
6.13
5.91
5.91
8.26
8.26
10.10
10.10
9.37
9.37
14.96
14.96
23.19
23.19
22.22
22.22
23.85
23.85
13.54
13.54
12.26
12.26
12.13
12.13
14.14
14.14
11.27
11.27
11.86
11.86
17.52
17.52
17.52
17.52
18.35
18.35
16.54
16.54
18.06
18.06
21.64
21.64
18.66
18.66
22.81
22.81
25.45
25.45
22.78
22.78
23.64
23.64
18.07
18.07
22.23
22.23
24.91
24.91
36.69
36.69
26.25
26.25
26.02
26.02
28.22
28.22
25.47
25.47
24.09
24.09
22.96
22.96
30.99
30.99
28.50
28.50
20.71
20.71
26.76
26.76
28.76
28.76
Dec-24
Dec-25
Dec-26
#NAME? #NAME? #NAME?
33.0362
33.0362
33.0362
Dec-24
Dec-25
Dec-26
11.36
11.36
11.36
7.10
7.10
7.10
8.73
8.73
8.73
6.62
6.62
6.62
6.13
6.13
6.13
5.91
5.91
5.91
8.26
8.26
8.26
10.10
10.10
10.10
9.37
9.37
9.37
14.96
14.96
14.96
23.19
23.19
23.19
22.22
22.22
22.22
23.85
23.85
23.85
13.54
13.54
13.54
12.26
12.26
12.26
12.13
12.13
12.13
14.14
14.14
14.14
11.27
11.27
11.27
11.86
11.86
11.86
17.52
17.52
17.52
17.52
17.52
17.52
18.35
18.35
18.35
16.54
16.54
16.54
18.06
18.06
18.06
21.64
21.64
21.64
18.66
18.66
18.66
22.81
22.81
22.81
25.45
25.45
25.45
22.78
22.78
22.78
23.64
23.64
23.64
18.07
18.07
18.07
22.23
22.23
22.23
24.91
24.91
24.91
36.69
36.69
36.69
26.25
26.25
26.25
26.02
26.02
26.02
28.22
28.22
28.22
25.47
25.47
25.47
24.09
24.09
24.09
22.96
22.96
22.96
30.99
30.99
30.99
28.50
28.50
28.50
20.71
20.71
20.71
26.76
26.76
26.76
28.76
28.76
28.76
Dec-27
#NAME?
#NAME?
33.0362
Dec-27
11.36
7.10
8.73
6.62
6.13
5.91
8.26
10.10
9.37
14.96
23.19
22.22
23.85
13.54
12.26
12.13
14.14
11.27
11.86
17.52
17.52
18.35
16.54
18.06
21.64
18.66
22.81
25.45
22.78
23.64
18.07
22.23
24.91
36.69
26.25
26.02
28.22
25.47
24.09
22.96
30.99
28.50
20.71
26.76
28.76
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
41.69
19.96
28.22
35.38
105.69
103.50
138.21
149.94
116.30
98.32
79.58
94.19
69.06
47.31
40.00
41.27
24.44
32.40
24.57
25.76
21.06
15.92
47.06
2 %=1, Ln=2
Price Date
Jan-04
Dec-04
Volatility
#NAME?
#NAME?
Distribution
#NAME?
#NAME?
Price ($/MWh)
63.6207
63.6207
PriceDate
Jan-04
Dec-04
1-Oct-01
18.26
18.26
2-Oct-01
15.31
15.31
3-Oct-01
14.58
14.58
4-Oct-01
13.93
13.93
5-Oct-01
13.52
13.52
9-Oct-01
10.60
10.60
10-Oct-01
14.81
14.81
11-Oct-01
17.95
17.95
12-Oct-01
16.00
16.00
15-Oct-01
24.00
24.00
16-Oct-01
30.71
30.71
17-Oct-01
30.01
30.01
18-Oct-01
35.57
35.57
19-Oct-01
22.64
22.64
22-Oct-01
19.90
19.90
23-Oct-01
22.31
22.31
24-Oct-01
26.14
26.14
25-Oct-01
20.87
20.87
26-Oct-01
23.82
23.82
29-Oct-01
33.60
33.60
30-Oct-01
26.17
26.17
31-Oct-01
29.34
29.34
1-Nov-01
24.81
24.81
2-Nov-01
26.50
26.50
5-Nov-01
34.38
34.38
6-Nov-01
24.98
24.98
7-Nov-01
34.56
34.56
8-Nov-01
38.12
38.12
9-Nov-01
43.69
43.69
12-Nov-01
66.10
66.10
13-Nov-01
41.87
41.87
14-Nov-01
48.54
48.54
15-Nov-01
48.78
48.78
16-Nov-01
58.19
58.19
19-Nov-01
43.90
43.90
20-Nov-01
40.38
40.38
21-Nov-01
38.08
38.08
26-Nov-01
32.10
32.10
27-Nov-01
35.66
35.66
28-Nov-01
42.20
42.20
29-Nov-01
82.65
82.65
30-Nov-01
88.15
88.15
3-Dec-01
44.18
44.18
4-Dec-01
124.42
124.42
5-Dec-01
72.70
72.70
Dec-05
#NAME?
#NAME?
63.6207
Dec-05
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-06
#NAME?
#NAME?
63.6207
Dec-06
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
6-Dec-01
7-Dec-01
10-Dec-01
11-Dec-01
20-Dec-01
21-Dec-01
28-Dec-01
31-Dec-01
2-Jan-02
3-Jan-02
4-Jan-02
7-Jan-02
8-Jan-02
9-Jan-02
10-Jan-02
11-Jan-02
14-Jan-02
15-Jan-02
16-Jan-02
17-Jan-02
18-Jan-02
22-Jan-02
23-Jan-02
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
Dec-07
#NAME?
#NAME?
63.6207
Dec-07
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-08
Dec-09
#NAME?
#NAME?
#NAME?
#NAME?
63.6207
63.6207
Dec-08
Dec-09
18.26
18.26
15.31
15.31
14.58
14.58
13.93
13.93
13.52
13.52
10.60
10.60
14.81
14.81
17.95
17.95
16.00
16.00
24.00
24.00
30.71
30.71
30.01
30.01
35.57
35.57
22.64
22.64
19.90
19.90
22.31
22.31
26.14
26.14
20.87
20.87
23.82
23.82
33.60
33.60
26.17
26.17
29.34
29.34
24.81
24.81
26.50
26.50
34.38
34.38
24.98
24.98
34.56
34.56
38.12
38.12
43.69
43.69
66.10
66.10
41.87
41.87
48.54
48.54
48.78
48.78
58.19
58.19
43.90
43.90
40.38
40.38
38.08
38.08
32.10
32.10
35.66
35.66
42.20
42.20
82.65
82.65
88.15
88.15
44.18
44.18
124.42
124.42
72.70
72.70
Dec-10
#NAME?
#NAME?
63.6207
Dec-10
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-11
#NAME?
#NAME?
63.6207
Dec-11
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-12
Dec-13
#NAME?
#NAME?
#NAME?
#NAME?
63.6207
63.6207
Dec-12
Dec-13
18.26
18.26
15.31
15.31
14.58
14.58
13.93
13.93
13.52
13.52
10.60
10.60
14.81
14.81
17.95
17.95
16.00
16.00
24.00
24.00
30.71
30.71
30.01
30.01
35.57
35.57
22.64
22.64
19.90
19.90
22.31
22.31
26.14
26.14
20.87
20.87
23.82
23.82
33.60
33.60
26.17
26.17
29.34
29.34
24.81
24.81
26.50
26.50
34.38
34.38
24.98
24.98
34.56
34.56
38.12
38.12
43.69
43.69
66.10
66.10
41.87
41.87
48.54
48.54
48.78
48.78
58.19
58.19
43.90
43.90
40.38
40.38
38.08
38.08
32.10
32.10
35.66
35.66
42.20
42.20
82.65
82.65
88.15
88.15
44.18
44.18
124.42
124.42
72.70
72.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
Dec-14
#NAME?
#NAME?
63.6207
Dec-14
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-15
#NAME?
#NAME?
63.6207
Dec-15
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-16
#NAME?
#NAME?
63.6207
Dec-16
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-17
#NAME?
#NAME?
63.6207
Dec-17
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-18
#NAME?
#NAME?
63.6207
Dec-18
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-19
#NAME?
#NAME?
63.6207
Dec-19
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-20
#NAME?
#NAME?
63.6207
Dec-20
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
Dec-21
#NAME?
#NAME?
63.6207
Dec-21
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
Dec-22
Dec-23
#NAME?
#NAME?
#NAME?
#NAME?
63.6207
63.6207
Dec-22
Dec-23
18.26
18.26
15.31
15.31
14.58
14.58
13.93
13.93
13.52
13.52
10.60
10.60
14.81
14.81
17.95
17.95
16.00
16.00
24.00
24.00
30.71
30.71
30.01
30.01
35.57
35.57
22.64
22.64
19.90
19.90
22.31
22.31
26.14
26.14
20.87
20.87
23.82
23.82
33.60
33.60
26.17
26.17
29.34
29.34
24.81
24.81
26.50
26.50
34.38
34.38
24.98
24.98
34.56
34.56
38.12
38.12
43.69
43.69
66.10
66.10
41.87
41.87
48.54
48.54
48.78
48.78
58.19
58.19
43.90
43.90
40.38
40.38
38.08
38.08
32.10
32.10
35.66
35.66
42.20
42.20
82.65
82.65
88.15
88.15
44.18
44.18
124.42
124.42
72.70
72.70
Dec-24
Dec-25
Dec-26
63.6207
63.6207
63.6207
Dec-24
Dec-25
Dec-26
18.26
18.26
18.26
15.31
15.31
15.31
14.58
14.58
14.58
13.93
13.93
13.93
13.52
13.52
13.52
10.60
10.60
10.60
14.81
14.81
14.81
17.95
17.95
17.95
16.00
16.00
16.00
24.00
24.00
24.00
30.71
30.71
30.71
30.01
30.01
30.01
35.57
35.57
35.57
22.64
22.64
22.64
19.90
19.90
19.90
22.31
22.31
22.31
26.14
26.14
26.14
20.87
20.87
20.87
23.82
23.82
23.82
33.60
33.60
33.60
26.17
26.17
26.17
29.34
29.34
29.34
24.81
24.81
24.81
26.50
26.50
26.50
34.38
34.38
34.38
24.98
24.98
24.98
34.56
34.56
34.56
38.12
38.12
38.12
43.69
43.69
43.69
66.10
66.10
66.10
41.87
41.87
41.87
48.54
48.54
48.54
48.78
48.78
48.78
58.19
58.19
58.19
43.90
43.90
43.90
40.38
40.38
40.38
38.08
38.08
38.08
32.10
32.10
32.10
35.66
35.66
35.66
42.20
42.20
42.20
82.65
82.65
82.65
88.15
88.15
88.15
44.18
44.18
44.18
124.42
124.42
124.42
72.70
72.70
72.70
Dec-27
#NAME?
#NAME?
63.6207
Dec-27
18.26
15.31
14.58
13.93
13.52
10.60
14.81
17.95
16.00
24.00
30.71
30.01
35.57
22.64
19.90
22.31
26.14
20.87
23.82
33.60
26.17
29.34
24.81
26.50
34.38
24.98
34.56
38.12
43.69
66.10
41.87
48.54
48.78
58.19
43.90
40.38
38.08
32.10
35.66
42.20
82.65
88.15
44.18
124.42
72.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
120.05
39.59
57.68
62.24
338.51
295.26
351.73
246.89
146.87
141.19
109.05
143.08
110.64
83.53
72.87
66.63
38.62
59.23
44.78
45.86
37.73
30.52
68.70
2 %=1, Ln=2
Price Date
Jan-04
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Volatility
#NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Distribution
#NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
Price $/MMBtu
3.2116
4.3448
4.2123
4.2433
4.2964
4.3349
4.3702
4.5148
PriceDate
Jan-04
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
1-Oct-01
3.4821
3.3603
3.4105
3.4862
3.5617
3.6194
3.6201
3.6584
2-Oct-01
3.5429
3.3827
3.4252
3.4976
3.5655
3.6214
3.6205
3.6585
3-Oct-01
3.5159
3.3691
3.4071
3.4751
3.5431
3.5964
3.5943
3.6325
4-Oct-01
3.6127
3.454
3.492
3.5599
3.6233
3.6762
3.6738
3.7117
5-Oct-01
3.4044
3.2725
3.3104
3.3779
3.4411
3.5488
3.4945
3.58
9-Oct-01
3.5511
3.3942
3.4322
3.4985
3.5589
3.6134
3.6111
3.6491
10-Oct-01
3.6398
3.4469
3.4834
3.5499
3.6106
3.6653
3.6602
3.6968
11-Oct-01
3.626
3.4439
3.4819
3.5482
3.6056
3.6599
3.653
3.6891
12-Oct-01
3.5218
3.3812
3.4192
3.5168
3.5624
3.593
3.5937
3.6242
15-Oct-01
3.4356
3.2951
3.3404
3.4108
3.4754
3.5399
3.5436
3.5858
16-Oct-01
3.705
3.5418
3.5754
3.6433
3.7083
3.7732
3.7696
3.8001
17-Oct-01
3.5446
3.4114
3.4571
3.5326
3.6052
3.6762
3.6769
3.7149
18-Oct-01
3.7058
3.5728
3.6265
3.7026
3.7711
3.8394
3.8401
3.8783
19-Oct-01
3.9643
3.8007
3.8437
3.9196
3.9836
4.0445
4.0454
4.0807
22-Oct-01
4.1204
3.9461
3.9846
4.0606
4.1217
4.1826
4.1836
4.222
23-Oct-01
3.9272
3.7605
3.807
3.8818
3.9419
4.0049
4.0053
4.0505
24-Oct-01
4.1578
3.9935
4.0384
4.1056
4.1655
4.2253
4.2254
4.2703
25-Oct-01
4.0398
3.9019
3.9469
4.0067
4.0592
4.1117
4.112
4.1571
26-Oct-01
4.0996
3.9472
3.9923
4.0524
4.1124
4.1649
4.1651
4.2012
29-Oct-01
4.31
4.1384
4.1835
4.236
4.2884
4.3409
4.341
4.3785
30-Oct-01
4.1412
3.9955
4.0482
4.1083
4.1684
4.2284
4.2286
4.2736
31-Oct-01
4.2945
4.1396
4.1898
4.2504
4.3112
4.372
4.3724
4.4181
1-Nov-01
4.3062
4.1627
4.2068
4.2615
4.3224
4.3833
4.3836
4.4294
2-Nov-01
4.2574
4.1038
4.1493
4.2038
4.2645
4.3252
4.3256
4.3789
5-Nov-01
3.8724
3.7557
3.8089
3.8772
3.9425
4.0063
4.0065
4.0596
6-Nov-01
3.825
3.7348
3.7879
3.856
3.9211
3.9848
3.9881
4.0488
7-Nov-01
3.8357
3.763
3.8162
3.8844
3.9497
4.0135
4.0211
4.0895
8-Nov-01
3.9764
3.893
3.946
4.0141
4.0747
4.1354
4.143
4.2036
9-Nov-01
3.9498
3.8974
3.9582
4.0265
4.0873
4.1481
4.1555
4.216
12-Nov-01
3.7144
3.6643
3.7251
3.7936
3.8545
3.9154
3.9352
4.0035
13-Nov-01
3.8184
3.7581
3.8185
3.8865
3.9469
4.0103
4.0253
4.0856
14-Nov-01
3.6535
3.631
3.6941
3.7693
3.837
3.9051
3.928
3.9888
15-Nov-01
3.4964
3.4733
3.5381
3.6134
3.6812
3.7491
3.7718
3.8321
16-Nov-01
3.6168
3.5792
3.6441
3.7119
3.7767
3.8414
3.8594
3.9199
19-Nov-01
3.8352
3.7557
3.8205
3.8837
3.944
4.0043
4.0225
4.0828
20-Nov-01
3.9203
3.8146
3.8784
3.939
3.9966
4.051
4.0691
4.1099
21-Nov-01
3.8425
3.7059
3.7637
3.8246
3.8809
3.931
3.934
3.9674
26-Nov-01
3.7781
3.6915
3.6883
3.7338
3.7747
3.8095
3.7988
3.9032
27-Nov-01
3.8138
3.7442
3.741
3.7981
3.8311
3.8581
3.8474
3.9516
28-Nov-01
3.5984
3.5113
3.5233
3.591
3.6285
3.666
3.6583
3.7782
29-Nov-01
3.371
3.371
3.3859
3.461
3.506
3.551
3.5481
3.6681
30-Nov-01
3.5342
3.5342
3.5342
3.6086
3.6382
3.6709
3.6559
3.7676
3-Dec-01
4-Dec-01
5-Dec-01
6-Dec-01
7-Dec-01
10-Dec-01
11-Dec-01
12-Dec-01
13-Dec-01
14-Dec-01
17-Dec-01
18-Dec-01
19-Dec-01
20-Dec-01
21-Dec-01
27-Dec-01
28-Dec-01
31-Dec-01
2-Jan-02
3-Jan-02
4-Jan-02
7-Jan-02
8-Jan-02
9-Jan-02
10-Jan-02
11-Jan-02
14-Jan-02
15-Jan-02
16-Jan-02
17-Jan-02
18-Jan-02
22-Jan-02
23-Jan-02
24-Jan-02
25-Jan-02
28-Jan-02
29-Jan-02
30-Jan-02
31-Jan-02
1-Feb-02
4-Feb-02
5-Feb-02
6-Feb-02
7-Feb-02
8-Feb-02
11-Feb-02
12-Feb-02
13-Feb-02
14-Feb-02
3.5108
3.5558
3.4168
3.4651
3.4901
3.7259
3.7701
3.6348
3.6919
3.7863
3.5855
3.431
3.2462
3.3221
3.5684
3.3101
3.4819
3.2314
3.0633
2.8547
2.8634
2.9083
2.9874
2.8945
2.8335
2.8396
2.8881
2.9349
3.053
2.94
2.9113
2.8199
2.7566
2.7531
2.7837
2.6047
2.7165
2.7606
2.8427
2.8165
2.7667
2.7658
2.8041
2.866
2.924
3.0323
3.0703
2.9687
2.9029
3.5437
3.4962
3.3659
3.4159
3.4709
3.6395
3.7061
3.5532
3.6099
3.6766
3.5007
3.4233
3.3058
3.2994
3.508
3.2644
3.3954
3.2086
3.0632
2.8165
2.8603
2.8855
2.9571
2.9158
2.8715
2.8957
2.9139
2.9579
3.0534
2.9359
2.9089
2.8051
2.7768
2.7854
2.8277
2.666
2.7593
2.7642
2.8237
2.8246
2.8156
2.7784
2.8534
2.9075
2.9497
3.0478
3.0998
2.9944
2.9047
3.5406
3.4888
3.3686
3.4232
3.4977
3.6621
3.7225
3.5725
3.6096
3.6807
3.493
3.4185
3.301
3.3438
3.5331
3.3107
3.4326
3.2278
3.0856
2.8462
2.8962
2.9216
2.9931
2.955
2.9168
2.9288
2.9456
2.9807
3.0734
2.9637
2.9445
2.8696
2.8501
2.8511
2.8876
2.7362
2.82
2.8144
2.8664
2.8672
2.8584
2.8394
2.9072
2.9686
3.0152
3.1191
3.1834
3.0976
3.014
3.6152
3.5632
3.4429
3.4974
3.5839
3.7486
3.8028
3.6525
3.685
3.7543
3.5743
3.5031
3.3902
3.4299
3.609
3.3992
3.5148
3.2799
3.1304
2.8986
2.9547
2.9788
3.0504
3.0151
2.9848
2.9784
2.9907
3.0183
3.1189
3.0096
2.9905
2.9201
2.9065
2.9091
2.9458
2.8047
2.8883
2.8826
2.9239
2.9202
2.9117
2.9003
2.9685
3.0569
3.0988
3.1844
3.2488
3.1736
3.1006
3.6553
3.6033
3.4799
3.5373
3.6313
3.7931
3.847
3.6966
3.7216
3.7878
3.6228
3.5535
3.4391
3.4784
3.6532
3.4558
3.5681
3.3499
3.2053
2.9814
3.0479
3.0736
3.1453
3.0978
3.0753
3.0687
3.0809
3.0858
3.1946
3.1013
3.0792
3.0193
3.0099
3.0095
3.0404
2.9034
2.9836
2.9733
3.0219
3.0108
3.0027
2.999
3.0632
3.1481
3.1856
3.2497
3.3218
3.2571
3.1932
3.697
3.6434
3.5172
3.5743
3.6758
3.8377
3.8913
3.7408
3.7494
3.8124
3.649
3.58
3.4657
3.5448
3.7094
3.5229
3.6365
3.4198
3.2802
3.0597
3.1273
3.126
3.1979
3.1502
3.1248
3.1135
3.1257
3.1231
3.2247
3.1408
3.1188
3.0619
3.06
3.0595
3.0906
2.9641
3.0442
3.0337
3.1
3.0862
3.0784
3.078
3.1379
3.2211
3.2543
3.3209
3.3977
3.3435
3.2798
3.676
3.6164
3.4949
3.5443
3.6503
3.8076
3.8581
3.7211
3.7267
3.7852
3.6293
3.5647
3.4578
3.5365
3.7011
3.5218
3.6249
3.434
3.3004
3.0819
3.1493
3.148
3.223
3.1708
3.1393
3.128
3.1388
3.1123
3.2591
3.2032
3.1843
3.1258
3.1236
3.1231
3.1499
3.0232
3.097
3.0788
3.1299
3.1163
3.1087
3.1356
3.1972
3.2409
3.273
3.3393
3.4161
3.3695
3.3044
3.785
3.7251
3.5967
3.6412
3.7474
3.9048
3.9552
3.8205
3.8262
3.8707
3.7257
3.6643
3.5575
3.6284
3.7934
3.6343
3.7268
3.5433
3.407
3.2024
3.2651
3.2833
3.3507
3.3065
3.2708
3.256
3.2668
3.2431
3.3675
3.3112
3.2954
3.2629
3.2631
3.2627
3.2825
3.1597
3.2326
3.2084
3.1885
3.175
3.1723
3.216
3.2764
3.3031
3.334
3.4194
3.5024
3.477
3.4136
15-Feb-02
19-Feb-02
20-Feb-02
21-Feb-02
22-Feb-02
25-Feb-02
26-Feb-02
27-Feb-02
28-Feb-02
1-Mar-02
4-Mar-02
5-Mar-02
6-Mar-02
7-Mar-02
8-Mar-02
11-Mar-02
12-Mar-02
13-Mar-02
14-Mar-02
15-Mar-02
18-Mar-02
19-Mar-02
20-Mar-02
21-Mar-02
22-Mar-02
25-Mar-02
26-Mar-02
27-Mar-02
28-Mar-02
1-Apr-02
2-Apr-02
3-Apr-02
4-Apr-02
5-Apr-02
8-Apr-02
9-Apr-02
10-Apr-02
11-Apr-02
12-Apr-02
15-Apr-02
16-Apr-02
17-Apr-02
18-Apr-02
19-Apr-02
22-Apr-02
23-Apr-02
24-Apr-02
2.917
3.1923
3.1794
3.2367
3.2603
3.1222
3.2045
3.2354
3.2116
2.9566
3.2046
3.1961
3.2578
3.3029
3.1023
3.1686
3.1909
3.0942
3.1328
3.3232
3.2834
3.4371
3.7316
3.7909
4.108
4.1289
3.9335
4.0027
4.2199
4.5499
4.4596
4.2523
4.6707
4.5549
4.7111
4.6527
4.4379
4.3448
3.0584
3.2731
3.2675
3.3156
3.352
3.1728
3.2227
3.2405
3.1526
3.1591
3.3465
3.3172
3.4438
3.74
3.8267
4.1345
4.1328
3.9707
4.0198
4.2437
4.5812
4.4618
4.2044
4.6717
4.5089
4.6761
4.5567
4.433
4.3715
4.7188
4.8822
4.6741
4.4353
4.3657
4.4651
4.2949
4.2427
4.1051
4.0292
4.4416
4.2835
4.4739
4.4861
4.4501
4.4073
4.445
4.2123
3.145
3.3416
3.3404
3.3826
3.4102
3.2402
3.2767
3.2975
3.2034
3.202
3.3803
3.348
3.467
3.7707
3.8727
4.1806
4.1687
3.9946
4.0363
4.2451
4.5752
4.4707
4.2207
4.6963
4.5335
4.6809
4.5511
4.4196
4.3747
4.71
4.8817
4.7038
4.469
4.3643
4.4639
4.3029
4.2505
4.0939
4.0728
4.496
4.3232
4.5359
4.5426
4.5516
4.4841
4.5307
4.2433
3.2271
3.41
3.4088
3.4435
3.4638
3.2984
3.3306
3.3668
3.2769
3.2601
3.4321
3.3982
3.5126
3.8165
3.9232
4.2088
4.1973
4.0006
4.0332
4.2331
4.5617
4.4751
4.2521
4.6911
4.5311
4.6677
4.5755
4.4714
4.411
4.7346
4.876
4.6904
4.4525
4.3012
4.5041
4.3401
4.2693
4.1112
4.1001
4.513
4.3451
4.5534
4.56
4.566
4.5312
4.5781
4.2964
3.3061
3.4602
3.4621
3.4922
3.5128
3.355
3.3921
3.4359
3.3535
3.3287
3.493
3.4591
3.5732
3.8744
3.9888
4.2474
4.2407
4.052
4.0769
4.266
4.5873
4.5187
4.3359
4.7383
4.5751
4.7145
4.5999
4.5232
4.4655
4.7758
4.9185
4.7254
4.5117
4.4345
4.5369
4.3699
4.3139
4.142
4.141
4.5483
4.3852
4.5889
4.5896
4.5957
4.559
4.6106
4.3349
3.2974
3.4667
3.4701
3.4987
3.5208
3.3705
3.4154
3.4455
3.3693
3.3442
3.501
3.4686
3.5797
3.8767
3.9926
4.2558
4.2493
4.1019
4.1236
4.3125
4.6264
4.5503
4.3221
4.7404
4.5801
4.7361
4.6394
4.563
4.4974
4.8049
4.9126
4.7496
4.5434
4.4713
4.5772
4.4102
4.3693
4.1817
4.173
4.5699
4.4087
4.6063
4.5996
4.6058
4.5837
4.6413
4.3702
3.3915
3.5516
3.558
3.5881
3.6121
3.4696
3.5074
3.5666
3.4991
3.4882
3.6389
3.6065
3.7123
3.9915
4.1108
4.3648
4.3602
4.2016
4.2232
4.3921
4.7031
4.6015
4.3682
4.8174
4.6693
4.8166
4.7321
4.6301
4.581
4.8675
4.9901
4.8268
4.6432
4.5747
4.6736
4.5069
4.4703
4.282
4.2777
4.6657
4.5045
4.702
4.6921
4.698
4.7207
4.7802
4.5148
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
#NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME? #NAME?
4.9499
5.2624
5.3782
5.2392
4.9969
4.6319
4.6014
4.6484
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
4.0415
4.3573
4.5385
4.397
4.2272
3.9611
3.9817
4.0294
4.0472
4.3614
4.5412
4.4
4.2304
3.9726
3.9928
4.0399
4.0291
4.3436
4.5237
4.39
4.2264
3.9581
3.9781
4.0266
4.1006
4.4149
4.5948
4.4609
4.2971
4.0436
4.0636
4.1121
3.934
4.2473
4.4269
4.3087
4.1311
3.8714
3.8872
3.9327
4.0493
4.363
4.5426
4.4015
4.238
3.9924
4.0078
4.0531
4.0976
4.4118
4.5916
4.4501
4.2861
4.0474
4.0627
4.1078
4.0916
4.3971
4.5759
4.4344
4.2707
4.0385
4.0539
4.0994
4.0574
4.3936
4.5584
4.432
4.2833
4.0077
4.0605
4.1058
3.9982
4.3134
4.4966
4.3562
4.2084
3.9863
4.0018
4.0469
4.2021
4.5126
4.6965
4.5554
4.4069
4.1928
4.2082
4.2534
4.1114
4.4348
4.6222
4.4806
4.3315
4.1315
4.1469
4.1922
4.2734
4.5927
4.7707
4.636
4.4891
4.2881
4.3111
4.3567
4.4719
4.7911
4.9693
4.835
4.6781
4.4686
4.4843
4.5225
4.5911
4.9077
5.0861
4.9517
4.7947
4.5775
4.5783
4.6121
4.4313
4.7451
4.9321
4.8102
4.6688
4.4304
4.4307
4.4638
4.6292
4.9283
5.1153
4.9898
4.8478
4.6236
4.6222
4.6523
4.5094
4.7923
4.9797
4.8428
4.7014
4.4853
4.4858
4.5163
4.5534
4.8263
4.9915
4.854
4.712
4.5026
4.5029
4.5331
4.7449
5.0172
5.1818
5.04
4.8757
4.6517
4.652
4.6821
4.6596
4.952
5.1215
4.9794
4.8179
4.6084
4.6087
4.6614
4.8032
5.0978
5.2716
5.1209
4.955
4.7438
4.744
4.7969
4.816
5.1041
5.2862
5.1577
4.9989
4.7795
4.7798
4.8179
4.7648
5.0525
5.2268
5.1033
4.9495
4.7443
4.7447
4.783
4.4495
4.7447
4.9189
4.8055
4.6693
4.4878
4.4955
4.5334
4.4602
4.7628
4.9521
4.8391
4.711
4.545
4.5605
4.5986
4.4841
4.7801
4.9776
4.8639
4.7275
4.5608
4.5686
4.6067
4.6007
4.8961
5.108
4.9939
4.857
4.6973
4.7043
4.7417
4.6102
4.9136
5.1332
5.0183
4.8806
4.7354
4.742
4.7883
4.4167
4.7278
4.9551
4.8479
4.7102
4.5558
4.57
4.6161
4.486
4.788
4.984
4.8776
4.7409
4.574
4.5882
4.6403
4.3819
4.6843
4.8809
4.7752
4.6393
4.4729
4.4877
4.5401
4.2199
4.521
4.7166
4.611
4.4751
4.3167
4.3314
4.3837
4.3095
4.6088
4.7861
4.6811
4.5459
4.3878
4.403
4.448
4.4666
4.745
4.9104
4.7972
4.6388
4.4729
4.4801
4.5249
4.4883
4.7683
4.9348
4.826
4.6597
4.4934
4.4935
4.5346
4.3395
4.6203
4.7721
4.6626
4.4877
4.3053
4.2975
4.3383
4.2289
4.509
4.6603
4.5508
4.3762
4.1819
4.174
4.219
4.2689
4.5407
4.6914
4.5822
4.4139
4.2064
4.2058
4.2506
4.1233
4.393
4.5424
4.4336
4.2826
4.0686
4.0678
4.1121
4.0282
4.3132
4.4707
4.3656
4.223
3.9903
3.9901
4.0349
4.0882
4.3715
4.5279
4.4234
4.2666
4.0204
4.0276
4.0722
Dec-19
#NAME?
#NAME?
4.6804
Dec-19
4.0695
4.0796
4.0647
4.1502
3.9708
4.0985
4.1471
4.1394
4.1364
4.0863
4.2928
4.2317
4.3978
4.5608
4.6504
4.5014
4.6898
4.5543
4.5709
4.7199
4.7218
4.8498
4.8714
4.8229
4.5866
4.6519
4.66
4.7835
4.8392
4.6532
4.6922
4.5922
4.4359
4.5
4.5773
4.5832
4.3867
4.2626
4.3105
4.1713
4.0947
4.1316
4.0943
4.0572
3.9241
3.9737
4.0488
4.2115
4.2465
4.1398
4.1701
4.2033
4.0751
4.0516
3.9677
4.0233
4.1977
4.0263
4.1231
3.9538
3.8328
3.633
3.7031
3.7058
3.7731
3.6963
3.6725
3.634
3.6365
3.6271
3.723
3.6697
3.6693
3.6288
3.6465
3.6457
3.6524
3.5166
3.5873
3.5521
3.583
3.5672
3.5434
3.5422
3.5811
3.6256
3.6571
3.7325
3.8091
3.7868
3.7351
4.3737
4.3326
4.2006
4.242
4.3099
4.4732
4.5005
4.3967
4.4217
4.4398
4.3276
4.3047
4.221
4.2759
4.459
4.312
4.4056
4.2508
4.142
3.9724
4.0499
4.0527
4.12
4.039
4.0058
3.9436
3.9455
3.9237
4.0178
3.9668
3.9743
3.9489
3.9681
3.9676
3.9758
3.8431
3.9117
3.8761
3.8916
3.8673
3.8465
3.8502
3.8906
3.9338
3.9618
4.0358
4.1172
4.1057
4.0605
4.5156
4.4663
4.3396
4.3613
4.4291
4.5929
4.6199
4.514
4.5333
4.5506
4.4537
4.431
4.3474
4.4014
4.5851
4.4461
4.535
4.3995
4.2998
4.1524
4.2299
4.2333
4.2935
4.2122
4.1646
4.0853
4.0807
4.047
4.1414
4.0912
4.1037
4.0858
4.1119
4.1099
4.1175
3.9917
4.0593
4.0236
4.027
3.9987
3.983
3.9944
4.0279
4.0706
4.0982
4.1719
4.2532
4.2419
4.2
4.4183
4.3691
4.2424
4.2568
4.3244
4.4806
4.5076
4.4085
4.4274
4.4396
4.3493
4.3262
4.25
4.303
4.4862
4.3536
4.4274
4.3072
4.2082
4.0677
4.1529
4.1572
4.218
4.1434
4.0958
4.0211
4.0164
3.9836
4.0743
4.0261
4.0422
4.0245
4.0505
4.0484
4.0561
3.9307
3.9986
3.9598
3.9561
3.9235
3.9121
3.9262
3.9519
3.9874
4.0073
4.0803
4.1626
4.1516
4.1141
4.2686
4.2346
4.1078
4.1226
4.1898
4.3459
4.3728
4.2748
4.2933
4.3064
4.2151
4.1915
4.1227
4.1747
4.3647
4.2458
4.3196
4.1996
4.109
3.9828
4.0682
4.0735
4.1351
4.0595
3.9967
3.9192
3.9128
3.878
3.9527
3.9029
3.9349
3.9174
3.9405
3.9382
3.9336
3.821
3.8896
3.8418
3.8308
3.7985
3.7912
3.805
3.8301
3.8693
3.8786
3.9375
4.0193
4.0041
3.9664
4.0442
4.0182
3.8909
3.8914
3.9582
4.1214
4.1409
4.0445
4.055
4.0771
3.9917
3.9749
3.9058
3.9645
4.1534
4.0325
4.1064
3.9717
3.8814
3.7771
3.8551
3.8691
3.9225
3.8547
3.7839
3.7068
3.7155
3.6819
3.763
3.734
3.7743
3.7494
3.7691
3.7854
3.7654
3.6688
3.7309
3.668
3.6514
3.6269
3.6431
3.6686
3.6665
3.7035
3.7203
3.7751
3.8534
3.8308
3.7929
4.0439
4.0252
3.8907
3.8988
3.9727
4.1363
4.1556
4.0564
4.0563
4.0786
3.9927
3.9758
3.9068
3.9647
4.1446
4.0306
4.1042
3.9695
3.8805
3.7754
3.846
3.8612
3.923
3.8539
3.7834
3.7063
3.7145
3.6816
3.7627
3.7329
3.7739
3.7537
3.7836
3.7998
3.7908
3.6943
3.7567
3.6903
3.6661
3.6423
3.6587
3.6915
3.6926
3.7266
3.7432
3.7984
3.8764
3.8539
3.816
4.0885
4.0694
3.9352
3.9434
4.0169
4.1885
4.2076
4.1085
4.1083
4.1305
4.0442
4.0274
3.9585
4.0156
4.1957
4.0816
4.1548
4.0201
3.9325
3.8342
3.9049
3.9213
3.9917
3.9212
3.8511
3.7815
3.7889
3.7564
3.8382
3.8157
3.8498
3.8297
3.8589
3.8825
3.8741
3.7821
3.8444
3.7775
3.7411
3.7211
3.7349
3.7675
3.766
3.7997
3.8116
3.8671
3.9447
3.9224
3.8769
4.1479
4.1284
3.9947
4.0028
4.0835
4.2556
4.2746
4.1709
4.1707
4.1927
4.1059
4.0894
4.0205
4.0771
4.2575
4.1327
4.2056
4.0707
3.9845
3.8931
3.9639
3.9813
4.0528
3.9734
3.9037
3.8415
3.8481
3.8085
3.891
3.8755
3.9105
3.8903
3.9418
3.9575
3.9497
3.8425
3.9051
3.8376
3.7934
3.7742
3.7884
3.8284
3.8242
3.8577
3.8695
3.9221
3.998
3.9712
3.9258
3.757
3.9068
3.9152
3.9659
4.0021
3.8836
3.931
3.9596
3.9026
3.8886
4.0214
3.9919
4.0769
4.3373
4.4542
4.7112
4.7152
4.5286
4.5573
4.6869
4.9831
4.9266
4.7748
5.1497
5.0092
5.12
5.0547
4.9688
4.9388
5.2037
5.2947
5.1124
4.94
4.8717
4.9687
4.81
4.7757
4.6247
4.6497
5.065
4.9013
5.0907
5.0919
5.104
5.1419
5.1875
4.9499
4.0869
4.2364
4.252
4.306
4.3513
4.246
4.2983
4.345
4.306
4.2973
4.419
4.3955
4.4603
4.7023
4.8239
5.0726
5.0857
4.9012
4.9373
5.0347
5.3192
5.2608
5.1068
5.4826
5.35
5.4539
5.4082
5.3246
5.2821
5.5179
5.5698
5.3867
5.215
5.1694
5.2674
5.1214
5.0819
4.9372
4.9801
5.3924
5.2433
5.409
5.4025
5.3985
5.4366
5.4875
5.2624
4.231
4.3805
4.3959
4.4546
4.5035
4.4065
4.4595
4.5198
4.4889
4.4792
4.593
4.5695
4.6259
4.8552
4.9811
5.2235
5.2378
5.0541
5.0948
5.1837
5.464
5.4036
5.2436
5.6281
5.503
5.6022
5.5694
5.4922
5.436
5.6574
5.6782
5.5024
5.3313
5.2888
5.3919
5.2461
5.214
5.0657
5.1037
5.5043
5.3585
5.5178
5.5036
5.4992
5.5374
5.5888
5.3782
4.1452
4.2904
4.3104
4.3616
4.4101
4.3236
4.3761
4.438
4.4055
4.3993
4.5027
4.4732
4.5286
4.7544
4.8837
5.1112
5.1442
4.9598
5.0055
5.0797
5.3512
5.2965
5.14
5.5212
5.3957
5.4895
5.4564
5.3834
5.3289
5.5228
5.544
5.3805
5.2094
5.1671
5.2684
5.1225
5.0952
4.9471
4.9804
5.3632
5.2198
5.3707
5.3519
5.3479
5.386
5.4372
5.2392
3.9974
4.1402
4.1601
4.2144
4.2623
4.1799
4.2315
4.3012
4.2689
4.2634
4.3519
4.3209
4.364
4.5726
4.7019
4.9238
4.9498
4.7612
4.8023
4.8779
5.1314
5.0766
4.8712
5.2883
5.162
5.2516
5.2176
5.144
5.0958
5.2664
5.2779
5.1209
4.9646
4.9227
5.0279
4.8998
4.8733
4.7377
4.7709
5.1389
5.0042
5.1335
5.1116
5.1052
5.1357
5.1865
4.9969
3.8314
3.9641
3.9797
4.0278
4.0713
3.9768
4.0195
4.0896
4.0532
4.0562
4.1105
4.0796
4.1091
4.291
4.4236
4.6162
4.6406
4.4502
4.4852
4.5509
4.7743
4.7232
4.6473
4.9184
4.7872
4.8732
4.8301
4.7479
4.7137
4.8495
4.8659
4.7171
4.5872
4.5567
4.6805
4.5594
4.5188
4.4178
4.4397
4.7778
4.6368
4.7602
4.7306
4.7283
4.7662
4.8012
4.6319
3.8545
3.9876
4.0032
4.0513
4.095
4.0003
4.0429
4.1132
4.0763
4.0789
4.1258
4.0919
4.1173
4.2989
4.4318
4.6021
4.633
4.4428
4.4857
4.5299
4.7534
4.7099
4.7468
4.8989
4.7667
4.8522
4.8093
4.724
4.6849
4.798
4.8073
4.6705
4.5708
4.5482
4.66
4.5463
4.4983
4.3968
4.4035
4.7494
4.6316
4.7325
4.7028
4.7004
4.7309
4.7659
4.6014
3.923
4.0566
4.075
4.1278
4.1718
4.0771
4.1199
4.1935
4.1558
4.1622
4.2091
4.1632
4.1887
4.3701
4.5033
4.6738
4.6979
4.5083
4.5573
4.5843
4.808
4.757
4.771
4.9321
4.7926
4.887
4.8445
4.7593
4.7242
4.83
4.8322
4.707
4.6103
4.588
4.7
4.5985
4.5505
4.4482
4.4548
4.7888
4.6713
4.7646
4.7347
4.7321
4.7628
4.7979
4.6484
3.9719
4.1059
4.1273
4.1816
4.2335
4.1387
4.1815
4.2555
4.214
4.2257
4.2698
4.224
4.2496
4.4309
4.5643
4.735
4.7567
4.5679
4.6121
4.6344
4.8581
4.8073
4.7426
4.9834
4.8428
4.9371
4.895
4.8099
4.7772
4.8758
4.8754
4.7451
4.6497
4.6355
4.7478
4.6461
4.5982
4.5027
4.5167
4.8432
4.7261
4.8147
4.7741
4.7712
4.7945
4.8298
4.6804
Dec-20
#NAME?
#NAME?
4.7124
Dec-20
4.1037
4.1135
4.0983
4.1839
4.0044
4.132
4.1865
4.1798
4.1894
4.1301
4.3367
4.2758
4.4464
4.6094
4.6992
4.5494
4.7379
4.6027
4.6191
4.7681
4.7746
4.9028
4.9248
4.8763
4.6397
4.7051
4.7134
4.8269
4.9145
4.7055
4.7319
4.632
4.4762
4.5392
4.6252
4.6318
4.435
4.3106
4.3582
4.2187
4.1469
4.1835
Dec-21
#NAME?
#NAME?
4.6991
Dec-21
4.1122
4.122
4.1079
4.1937
4.0141
4.1417
4.1871
4.1819
4.1902
4.1368
4.3434
4.2825
4.4483
4.6069
4.6968
4.5496
4.7381
4.6106
4.6267
4.776
4.7825
4.9105
4.9359
4.892
4.6582
4.7159
4.7288
4.8416
4.9293
4.7201
4.7429
4.6429
4.4879
4.5491
4.637
4.6319
4.4349
4.3101
4.3577
4.2182
4.1466
4.1877
Dec-22
#NAME?
#NAME?
4.7459
Dec-22
4.1282
4.1381
4.1311
4.217
4.0371
4.1648
4.2072
4.204
4.2135
4.163
4.3622
4.3014
4.4712
4.6253
4.7153
4.5721
4.7608
4.6409
4.6568
4.8064
4.8205
4.9484
4.9789
4.9379
4.7084
4.7767
4.7898
4.9017
4.9974
4.7879
4.8051
4.7048
4.5507
4.6093
4.7001
4.6849
4.4878
4.3627
4.4101
4.2703
4.1987
4.244
Dec-23
#NAME?
#NAME?
5.0553
Dec-23
4.46
4.4536
4.467
4.5458
4.3867
4.5226
4.555
4.5492
4.5508
4.4924
4.6855
4.6107
4.7892
4.9353
5.0214
4.8753
5.0797
4.96
4.9686
5.133
5.1328
5.2626
5.3025
5.2609
5.0298
5.1066
5.1134
5.2239
5.3284
5.1215
5.0951
4.9942
4.8439
4.9112
4.9905
4.965
4.7686
4.6423
4.6966
4.5475
4.4681
4.5046
Dec-24
#NAME?
#NAME?
5.3199
Dec-24
4.7183
4.711
4.7237
4.8028
4.6453
4.782
4.8102
4.795
4.7912
4.7344
4.9209
4.847
5.0198
5.1431
5.2206
5.0949
5.2999
5.1877
5.1965
5.361
5.3613
5.4923
5.5336
5.4916
5.2604
5.3489
5.3566
5.4658
5.6019
5.3945
5.3728
5.271
5.113
5.1573
5.2237
5.1997
4.9794
4.8523
4.906
4.756
4.676
4.7113
Dec-25
#NAME?
#NAME?
5.4494
Dec-25
4.8081
4.801
4.8129
4.8924
4.728
4.8652
4.901
4.8888
4.8822
4.8247
5.0043
4.9306
5.1031
5.2035
5.2661
5.1546
5.36
5.2628
5.2714
5.4365
5.4368
5.5681
5.6102
5.5679
5.3442
5.4323
5.4404
5.5488
5.6858
5.4842
5.4603
5.3575
5.2015
5.2402
5.3066
5.2829
5.0628
4.935
4.9887
4.8536
4.7729
4.8078
4.1998
4.18
4.0467
4.0623
4.15
4.3228
4.3415
4.2422
4.242
4.2548
4.1676
4.1514
4.0825
4.1388
4.3194
4.1946
4.2672
4.1321
4.047
3.9552
4.026
4.0444
4.117
4.0363
3.9561
3.8939
3.8998
3.8529
3.9361
3.9277
3.9635
3.9434
3.9791
3.9945
4.0176
3.9029
3.9657
3.9128
3.8653
3.8575
3.8646
3.9044
3.8976
3.9263
3.9425
3.9939
4.0589
4.0277
3.9913
4.1993
4.1794
4.0464
4.062
4.1493
4.3226
4.3338
4.2347
4.2343
4.2474
4.1593
4.1432
4.0744
4.1307
4.3113
4.1861
4.2584
4.1233
4.0385
3.9543
4.0251
4.044
4.1177
4.0359
3.948
3.8934
3.8987
3.852
3.9205
3.9113
3.9478
3.943
3.9862
4.0164
4.0321
3.9178
3.9885
3.9353
3.8876
3.8714
3.8817
3.9211
3.91
3.937
3.9534
4.0051
4.0653
4.0282
3.9917
4.2361
4.2086
4.0759
4.0915
4.1784
4.3522
4.3634
4.2642
4.2638
4.2858
4.2104
4.2021
4.1259
4.1751
4.3559
4.2382
4.3103
4.1825
4.0978
4.0064
4.0833
4.1115
4.1863
4.1037
4.0155
3.9533
3.9579
3.9035
3.9729
3.9635
4.0007
4.0035
4.0463
4.0913
4.0846
3.9705
4.0414
3.973
3.9174
3.8927
3.8987
3.9379
3.927
3.9537
3.9704
4.0225
4.0824
4.0438
4.0073
4.4446
4.4089
4.2773
4.2924
4.3938
4.5538
4.5648
4.472
4.4793
4.5001
4.4246
4.4247
4.3711
4.4239
4.6058
4.4897
4.5612
4.4328
4.3411
4.2505
4.3303
4.3464
4.4302
4.3619
4.2663
4.2111
4.2109
4.1518
4.2311
4.2229
4.2687
4.2897
4.3235
4.3711
4.3581
4.2282
4.3059
4.237
4.173
4.1569
4.1689
4.2005
4.1917
4.2133
4.2301
4.2572
4.3172
4.2741
4.2393
4.6514
4.6092
4.4786
4.4932
4.5942
4.7554
4.7662
4.6722
4.6798
4.6996
4.6238
4.6322
4.5863
4.6374
4.8204
4.7132
4.7843
4.6553
4.5632
4.4786
4.5582
4.5737
4.6694
4.6008
4.4957
4.4401
4.4419
4.3741
4.4557
4.4487
4.4953
4.5161
4.5491
4.5962
4.584
4.454
4.543
4.474
4.409
4.3939
4.4224
4.4539
4.4571
4.4771
4.4943
4.5131
4.5731
4.5272
4.5001
4.7477
4.6979
4.5679
4.5821
4.6827
4.8447
4.8556
4.7609
4.7686
4.788
4.7114
4.7206
4.6748
4.7278
4.9112
4.8049
4.8759
4.7465
4.6523
4.57
4.6496
4.6588
4.7556
4.6874
4.5811
4.5254
4.5315
4.4547
4.5528
4.5544
4.6028
4.6236
4.6565
4.7029
4.6911
4.5612
4.6635
4.595
4.5442
4.5296
4.5589
4.5904
4.5959
4.6148
4.6328
4.6435
4.7036
4.6577
4.6368
4.0375
4.1719
4.1964
4.2507
4.3029
4.208
4.2508
4.3297
4.2875
4.2908
4.3306
4.2848
4.3105
4.4963
4.6298
4.7963
4.8064
4.6139
4.6561
4.6768
4.9006
4.8546
4.7894
5.0315
4.8898
4.984
4.9424
4.8574
4.824
4.9123
4.9125
4.7771
4.6845
4.6707
4.7832
4.6814
4.6383
4.5464
4.5603
4.8748
4.758
4.8467
4.8057
4.7951
4.8187
4.854
4.7124
4.0379
4.1728
4.1974
4.2547
4.3069
4.2117
4.2544
4.3336
4.291
4.2939
4.331
4.2837
4.3098
4.4896
4.623
4.7898
4.8001
4.605
4.6455
4.6663
4.8901
4.8338
4.6854
5.013
4.8704
4.963
4.9215
4.8363
4.8069
4.8877
4.8887
4.7574
4.6704
4.6572
4.7697
4.6678
4.6402
4.5383
4.5522
4.8608
4.7442
4.8332
4.7845
4.7812
4.805
4.8403
4.6991
4.0595
4.195
4.2195
4.2769
4.3306
4.2353
4.2855
4.3651
4.3235
4.3244
4.3617
4.3129
4.3391
4.525
4.6583
4.8285
4.8466
4.6522
4.6955
4.7176
4.9415
4.8854
4.8074
5.065
4.9248
5.0159
4.9765
4.8912
4.8612
4.9423
4.9287
4.7969
4.7095
4.6968
4.8096
4.6998
4.6725
4.5774
4.5835
4.8847
4.7878
4.8724
4.8188
4.8273
4.8439
4.8793
4.7459
4.2916
4.4389
4.4641
4.5245
4.583
4.5027
4.55
4.6337
4.5906
4.5751
4.6162
4.5811
4.6145
4.7928
4.9297
5.0931
5.1256
4.9352
4.9825
5.0054
5.2293
5.1734
5.1705
5.3454
5.2094
5.2942
5.2594
5.17
5.1511
5.2182
5.2198
5.0791
4.9918
4.9718
5.0703
4.9731
4.9637
4.8668
4.9028
5.2041
5.1068
5.1904
5.1213
5.1361
5.1532
5.1818
5.0553
4.557
4.6972
4.7222
4.7828
4.8512
4.7747
4.8215
4.9132
4.8685
4.8404
4.8815
4.8388
4.871
5.0344
5.1717
5.3352
5.3849
5.203
5.24
5.2637
5.4876
5.4319
5.4206
5.6036
5.4889
5.5651
5.5427
5.4535
5.4259
5.4941
5.496
5.354
5.2666
5.2546
5.3542
5.2571
5.2476
5.1489
5.1844
5.4858
5.3803
5.4634
5.3861
5.3923
5.41
5.4392
5.3199
4.7058
4.8466
4.8715
4.9171
4.9857
4.9249
4.98
5.0718
5.0293
4.9849
5.0261
4.9834
5.0296
5.1857
5.3231
5.4866
5.5441
5.3563
5.3991
5.4235
5.6397
5.5843
5.5801
5.7552
5.6492
5.7029
5.6814
5.592
5.5562
5.6326
5.635
5.4847
5.4046
5.393
5.493
5.3884
5.3791
5.2641
5.2992
5.6007
5.5023
5.5855
5.5078
5.5133
5.5315
5.561
5.4494
Dec-26
#NAME?
#NAME?
5.3082
Dec-26
4.6377
4.6318
4.637
4.7167
4.5571
4.6943
4.7225
4.7204
4.7189
4.6548
4.8338
4.7596
4.9303
5.0458
5.1354
5.0247
5.2302
5.1314
5.1395
5.3054
5.3053
5.4355
5.4775
5.4354
5.2114
5.2993
5.3071
5.4153
5.5527
5.357
5.3324
5.2286
5.075
5.1082
5.1802
5.1557
4.9352
4.8134
4.8677
4.7339
4.6525
4.6882
Dec-27
#NAME?
#NAME?
5.0618
Dec-27
4.4401
4.4357
4.4328
4.5051
4.3458
4.483
4.5036
4.5038
4.5107
4.4371
4.6154
4.5406
4.7094
4.8414
4.9263
4.8171
5.0226
4.9236
4.9312
5.098
5.0973
5.2259
5.2673
5.2256
5.0015
5.0892
5.0964
5.2046
5.3423
5.1525
5.1275
5.0228
4.8719
4.8994
4.9769
4.9514
4.7302
4.6162
4.6713
4.5394
4.457
4.494
4.62
4.571
4.4407
4.455
4.5553
4.7173
4.7285
4.6342
4.6416
4.6619
4.5839
4.5932
4.5473
4.6024
4.7853
4.674
4.7407
4.6116
4.5092
4.4295
4.509
4.5146
4.6116
4.5447
4.4363
4.3811
4.3879
4.3099
4.4153
4.4166
4.4709
4.4918
4.5258
4.5717
4.5591
4.4302
4.5331
4.4808
4.4298
4.4146
4.4527
4.4765
4.48
4.4927
4.5072
4.5108
4.5709
4.5251
4.507
4.4251
4.3772
4.2464
4.2608
4.3608
4.5225
4.5341
4.4406
4.4476
4.4692
4.3896
4.3988
4.3751
4.4326
4.6146
4.5103
4.5774
4.4636
4.3571
4.2802
4.3598
4.3597
4.4463
4.381
4.2704
4.2291
4.2368
4.1575
4.2626
4.2638
4.3176
4.3158
4.3513
4.3814
4.3722
4.2446
4.3375
4.2868
4.2281
4.2119
4.2493
4.2729
4.2665
4.3173
4.3271
4.3311
4.3762
4.3304
4.3135
4.5729
4.696
4.7211
4.7665
4.8357
4.7886
4.8431
4.9349
4.8931
4.8496
4.8835
4.8408
4.8796
5.0284
5.165
5.3138
5.3703
5.1788
5.222
5.2351
5.4512
5.396
5.4076
5.551
5.4515
5.5075
5.4854
5.3948
5.3518
5.4273
5.4265
5.2766
5.2076
5.2117
5.3186
5.2139
5.2434
5.1288
5.1484
5.435
5.3363
5.4132
5.3427
5.3559
5.3671
5.3961
5.3082
4.3795
4.5015
4.5343
4.5796
4.6506
4.6035
4.6527
4.7443
4.7037
4.6615
4.6956
4.6529
4.6919
4.8409
4.9691
5.1182
5.1736
4.9811
5.0269
5.0238
5.2396
5.1845
5.2122
5.3157
5.2265
5.2818
5.2511
5.1593
5.1093
5.1761
5.1766
5.0273
4.9848
4.9998
5.0953
4.9858
5.0085
4.9176
4.9294
5.201
5.1095
5.1805
5.1023
5.1159
5.12
5.1482
5.0618

ROV of Gas Fired Electricity Plant

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Copyright:

Verfügbare Formate

ROV of Gas Fired Electricity Plant

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Copyright:

Verfügbare Formate

EZ ROV Analysis

Oct 2002 to Oct 2003

Total Gas Costs

Value of On/Offpeak Optionality

Assumes 525 MW.

This assumes that EZ pays both O&M and Start Costs

ROV Model Assumes Daily

Spread Option Valuation

underlying price of asset 2 (Bogota Power ask - O&M - Trans)

Offpeak hours in year

ROV Model Assumes Daily

Spread Option Valuation

Daily gas volume

underlying price of asset 2 (Bogota Power ask - O&M - Trans)

Offpeak hours in year

ROV Model Assumes Daily

Spread Option Valuation

underlying price of asset 2 (Bogota Power ask - O&M - Trans)

Transmission to Bogota Powerstation

Offpeak hours in year

Project Discount Rate

Rate / MWhr generated

Real Options Valuation of EZ Gas Fired

Jan 2004 to Dec 2023

Adjust for Unit Availability

Merchant Sales Revenue

Revenue Minus Costs

Internal Rate of Return: Option Value

Internal Rate of Return: Intrinsic Value

Real Options Valuation of EZ Gas Fired

Jan 2004 to Dec 2023

Adjust for Unit Availability

Merchant Sales Revenue

Revenue Minus Costs

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