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Project Revenue Account

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

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Project Revenue Account

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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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