{"text_format":"1","workbook":"xlsx","n_sheets":3,"sheets":["Cover","Output Table","Levelized Cost Calculator"],"not_rendered":{"charts":0,"images":4,"macros":1,"external_links":0,"defined_names":262,"comments":0,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Cover","index":0,"n_rows":71,"n_cols":4,"rows_kept":71,"cut":false,"hidden":false,"merged":[]}
["RECOST - E3 Resource Cost Calculator - 2026 Q1 v1"]
[]
[]
[null,"Prepared by"]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"44 Montgomery Street, Suite 1500"]
[null,"San Francisco, CA 94104"]
[null,"(415) 391-5100"]
[]
[null,"2026-01-28"]
[]
[null,"Questions? Contact:",null,"gregory.gangelhoff@ethree.com ; sam.schreiber@ethree.com ; chris.herman@ethree.com ; ye.zheng@ethree.com"]
[]
[null,"Table of Contents"]
[]
[]
[null,"Sheet","Section","Description"]
[null,"Instructions","Cover","User instructions"]
[null,"Chart","Analysis","Creates summary charts by referencing results from \"Output Table\""]
[null,"Output Table","Analysis","Hard-coded results from the macro are pasted here"]
[null,"Levelized Cost Calculator","Analysis","Levelized cost calculation engine"]
[null,"Resource Characteristics","Analysis","Primary inputs tab for resource cost and performance data"]
[null,"CAPEX","Cost Inputs","User Input of Resource Capex values by Technology / Type / Class can be made on this tab"]
[null,"Interconnection","Cost Inputs","Interconnection cost assumptions by year"]
[null,"FO&M","Cost Inputs","Fixed O&M cost assumptions by year"]
[null,"VO&M","Cost Inputs","Variable O&M cost assumptions by year"]
[null,"Fuel","Cost Inputs","Fuel costs"]
[null,"Property Tax","Cost Inputs","Property tax estimates (if not already included in FO&M)"]
[null,"Warranty & Augmentation","Cost Inputs","These costs are included in NREL ATB for storage technologies; this field is intentionally unused."]
[null,"Periodic Replacement","Cost Inputs","These costs are included in NREL ATB for storage technologies; this field is intentionally unused."]
[null,"Financing Trajectories","Financing Inputs","Financing criteria (cost of debt, cost of equity, debt fraction)"]
[null,"Financing Terms","Financing Inputs","Additional financing assumptions by technology"]
[null,"Market Indicators","Financing Inputs","Data parameters used to construct financing criteria (cost of debt, cost of equity, debt fraction)"]
[null,"Tax Credits","Financing Inputs","Tax credit schedules under the One Big Beautiful Bill Act (OBBBA) and in Canada"]
[null,"45V 45Q PTC","Financing Inputs","Calculations that inform the PTC values for electrofuels and CCS technologies"]
[null,"Corporate Tax Rates","Financing Inputs","Corporate income tax rates by state"]
[null,"CFF","Financing Inputs","Construction Finance Factor (CFF): Mark-up applied to Capex and Interconnection costs to account for interest paid during construction"]
[null,"Capacity","Performance Inputs","System installed capacity by technology"]
[null,"Capacity Factor","Performance Inputs","Capacity factor assumptions by technology and year"]
[null,"Heat Rate","Performance Inputs","Thermal heat rates by year"]
[null,"Non-Thermal Ops","Performance Inputs","Renewable operating parameters (storage RTE and duration, solar ILR, one-way fuel conversion efficiencies for hydrogen and renewable natural gas)"]
[null,"Regional Capex Multipliers","Reference","Capex modifiers for select technologies due to variations in labor costs, by technology and state"]
[null,"Regional FO&M Multipliers","Reference","FO&M modifiers for select technologies due to variations in labor and land acquisition costs, by technology and state"]
[null,"Interconnection Multipliers","Reference","Interconnection cost multipliers by state/territory"]
[null,"FEOC & DomCon","Reference","Capex mark-ups for projects that elect to source components domestically (at premium) to avoid FEOC penalties"]
[null,"Tariffs","Reference","Tariff assumptions by technology and year, affecting resource CAPEX"]
[null,"Inflation","Reference","Historical inflation indices"]
[null,"Technology Lists","Reference","Lists of all technologies, types, and classes represented in Recost"]
[null,"Lists","Reference","Additional reference tables for dropdowns and named ranges"]
[null,"Documentation","Reference","Additional model documentation"]
[]
[null,"Cell Style Legend"]
[]
[null,"Cells in this Scenario Tool are color-coded to indicate intent:"]
[]
[null,"User Inputs"]
[null,"Dropdown User Inputs"]
[]
[null,"Calculations or Fixed Values"]
[null,"Calculations (different formula than neighboring cells)"]
[]
[null,"Table Headers"]
[null,"Table Sub-Headers"]
[null,"Table Index (Row Descriptions)"]

{"sheet":"Output Table","index":1,"n_rows":885,"n_cols":34,"rows_kept":885,"cut":false,"hidden":false,"merged":[]}
[]
[{"$f":"_xlfn.CONCAT(\"Year-by-Year Levelized Resource Costs, Real $\",#REF!)","v":{"$error":"#REF!"}}]
["All values hard-coded by macro"]
[]
[]
[null,null,"Residential PV","Distributed PV","Utility PV - ITC","Utility PV - PTC","Onshore Wind","Fixed Offshore Wind","Floating Offshore Wind","Geothermal","Near-Field EGS","Deep EGS","Nuclear SMR","Biomass","Hydro","Gas CT - Frame","Gas CT - Aero","Reciprocating Engine","Gas CCGT","CCGT Retrofit 90% CCS","CCGT CCS 95%","BTM Li-ion Battery (2-hr)","Li-ion Battery (4-hr)","Li-ion Battery (8-hr)","Hybrid Li-ion Battery (4-hr)","Pumped Hydro - New (10-hr)","Pumped Hydro - Existing (10-hr)","Generic LDES (12-hr)","Generic LDES (24-hr)","Generic LDES (100-hr)","Hydrogen Alkaline Electrolyzer","Hydrogen Storage Reservoir","Hydrogen Pipeline","Hydrogen CT - Frame"]
[null,"Technology"]
[null,"Type"]
[null,"Cost Class"]
[null,"Capacity Factor Class"]
[null,"Storage Duration (hr)"]
[null,"State/Province"]
[null,"US Tariff Scenario"]
[null,"ITC/PTC"]
[null,"Capital Cost Initial Value Source"]
[null,"Capital Cost Trajectory Source"]
[null,"Capital Cost Trajectory Scenario"]
[null,"O&M Cost Trajectory Scenario"]
[null,"Financing Structure"]
[null,"Financing Data Source"]
[null,"Financing Trajectory Scenario"]
[null,"Dynamic Debt Sizing"]
[null,"Sculpt Dynamic Debt Sizing"]
[null,"Tax Credit Scenario"]
[null,"FEOC and Domestic Content"]
[null,"Variable Cost Pass-Through"]
[null,"< Expand for Resource Settings >"]
[1,"Capacity Factor, %"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[2,"Nominal After-Tax WACC (%)"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[3,"CAPEX (incl. AFUDC, excl. IX), $/kW"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[4,"Levelized Capital Cost, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[5,"Levelized Interconnection Cost, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[6,"Levelized Property Tax, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[7,"Passthrough Fixed Cost, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[8,"Levelized Investment Tax Credit, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[9,"Fixed O&M, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[10,"Periodic Replacement & Augmentation, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[11,"Variable O&M, $/MWh"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[12,"Fuel Cost, $/MWh"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[13,"Levelized Production Tax Credit, $/MWh"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[14,"Levelized Fixed Cost, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[15,"Nominal NPV Fixed Cost, $/kW"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[16,"Nominal NPV Fixed Cost w/ PTC, $/kW"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[17,"Levelized Fixed Cost w/ PTC, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[18,"Levelized Cost of Electricity, $/MWh"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[19,"Nominal PPA, $/MWh"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[20,"Nominal Levelized Fixed Cost, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[21,"Nominal Levelized Fixed Cost w/PTC, $/kW-yr"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]
[22,"Nominal LCOE, $/MWh"]
[null,2023]
[null,2024]
[null,2025]
[null,2026]
[null,2027]
[null,2028]
[null,2029]
[null,2030]
[null,2031]
[null,2032]
[null,2033]
[null,2034]
[null,2035]
[null,2036]
[null,2037]
[null,2038]
[null,2039]
[null,2040]
[null,2041]
[null,2042]
[null,2043]
[null,2044]
[null,2045]
[null,2046]
[null,2047]
[null,2048]
[null,2049]
[null,2050]
[null,2051]
[null,2052]
[null,2053]
[null,2054]
[null,2055]
[null,2056]
[null,2057]
[null,2058]
[null,2059]
[null,2060]

{"sheet":"Levelized Cost Calculator","index":2,"n_rows":757,"n_cols":43,"rows_kept":757,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Levelized Cost Calculation"]
[]
[null,"Inputs (2025 $ unless stated otherwise)"]
[]
[null,"System Cost",null,null,"Tax Rate",null,null,null,null,"Periodic Replacement"]
[null,"System Size (MW)",null,null,"Income Tax - Federal",null,null,null,null,"Replacement Frequency"]
[null,"System Cost ($/kW)",null,null,"Income Tax - State",null,null,null,null,"Interest Rate for Periodic O&M"]
[null,"System Cost ($)",null,null,"Income Tax - Effective Tax Rate"]
[null,"System Cost (nominal $)",null,null,null,null,null,null,null,"Contract Year",null,"Repl. Cost"]
[null,"Initial Debt Service Reserve Funding (nominal $)",null,null,"Tax Credit Assumptions"]
[null,"Total System Cost (nominal $)",null,null,"Tax Credit Monetization Rate"]
[null,"Interconnection Cost ($/kW)",null,null,"Federal PTC ($/MWh)"]
[null,"Interconnection Cost (nominal $)",null,null,"Federal PTC (Years)"]
[null,null,null,null,"Federal ITC (%)"]
[null,"Performance Inputs",null,null,"Federal ITC - % Capital Cost Eligible"]
[null,"Capacity Factor (AC)"]
[null,"Annual Output for Year 1 (kWh)"]
[null,"Degradation Factor",null,null,"Depreciation"]
[null,"System Economic Life",null,null,"Tax Depreciation Basis Reduction (% of ITC)"]
[null,null,null,null,"Depreciation Schedule"]
[null,"Ongoing Costs",null,null,"Bonus Depreciation",null,null,null,null,"PPA Inputs"]
[null,"Fixed O&M Costs ($/kW-yr)",null,null,"Bonus Depreciation Amount",null,null,null,null,"PPA Term"]
[null,"Variable O&M Costs ($/MWh)",null,null,null,null,null,null,null,"Percent Cost Covered by PPA"]
[null,"Fuel Costs ($/MMbtu)",null,null,"Financing"]
[null,"Heat Rate (Btu/kWh)",null,null,"Equity Share"]
[null,"CO2 Allowance Price ($/ton)",null,null,"% Financed w/ debt",null,null,null,null,"PLEXOS Utility Financing"]
[null,"CO2 Emission Rate by Fuel (lb/MMBtu) ",null,null,"Cost of Debt (Nominal)",null,null,null,null,"Utility WACC (Nominal)"]
[null,"Property Tax (%)",null,null,"Cost of Equity (Nominal)",null,null,null,null,"Utility WACC (Real)"]
[null,"Insurance (%)",null,null,"Debt period in years"]
[null,"Warranty (%)",null,null,"WACC (Nominal)",null,null,null,null,"Passthrough Costs"]
[null,"Warranty Start Year",null,null,"Interest Rate on DSRF",null,null,null,null,"Passthrough Fixed Cost (2022$/kW-yr)"]
[null,"Augmentation (%)",null,null,"Inflation (2025)"]
[null,"One-Way Fuel Generation Efficiency",null,null,"Variable Cost Pass Through"]
[null,null,null,null,"Target DSCR"]
[null,null,null,null,"Equity Amount (nominal $)"]
[null,null,null,null,"Debt Amount (nominal $)"]
[null,null,null,null,"Cost of Equity (Real)"]
[null,null,null,null,"Dynamic Debt Sizing"]
[null,null,null,null,"Sculpted Debt Sizing"]
[null,{"$f":"\"Outputs\"","v":"Outputs"}]
[]
[null,"Only Relevant for Projects under IPP Structure"]
[null,{"$f":"\"Real Levelization of Costs for Equity Investor ($\"&dollarYear&\")\"","v":{"$error":"#REF!"}},null,"$/MWh","$/kW-yr",null,{"$f":"\"Nominal Levelization of Costs for Equity Investor ($\"&yearID&\")\"","v":{"$error":"#REF!"}},null,null,null,"$/MWh","$/kW-yr",null,"Nominal Present Value of Fixed Costs (PLEXOS)",null,null,"Including PTC","Excluding PTC"]
[null,"Capital",null,null,null,null,"Capital",null,null,null,null,null,null,{"$f":"\"IPP - Real Levelized Fixed Cost, \"&dollarYear&\" $\"","v":{"$error":"#REF!"}}]
[null,"Interconnection Cost",null,null,null,null,"Interconnection Cost",null,null,null,null,null,null,{"$f":"\"IPP - Present Value of Fixed Costs, \"&dollarYear&\" $\"","v":{"$error":"#REF!"}}]
[null,"Property Tax & Insurance",null,null,null,null,"Property Tax & Insurance",null,null,null,null,null,null,"IPP - Present Value of Fixed Costs, Nominal $"]
[null,"Fixed O&M",null,null,null,null,"Fixed O&M",null,null,null,null,null,null,"IPP - Nominal Levelized Fixed Cost"]
[null,"Warranty",null,null,null,null,"Warranty",null,null,null,null,null,null,"Utility - Present Value, Nominal $"]
[null,"Augmentation",null,null,null,null,"Augmentation"]
[null,"Periodic Replacement",null,null,null,null,"Periodic Replacement"]
[null,"ITC",null,null,null,null,"ITC"]
[null,"PTC",null,null,null,null,"PTC"]
[null,"Variable O&M",null,null,null,null,"Variable O&M"]
[null,"Fuel",null,null,null,null,"Fuel"]
[null,"Carbon",null,null,null,null,"Carbon"]
[null,"Passthrough Fixed Cost",null,null,null,null,"Passthrough Fixed Cost"]
[null,"Total",null,null,null,null,"Total"]
[null,null,null,null,null,null,{"$f":"\"Implied Nominal PPA Rate (\"&$L$23&\"Y Term)\"","v":"Implied Nominal PPA Rate (Y Term)"}]
[]
[]
[null,{"$f":"\"Valuation Results ($\"&dollarYear&\")\"","v":{"$error":"#REF!"}},null,"$","%"]
[null,"Equity NPV"]
[null,"Project NPV"]
[null,"Equity IRR"]
[null,"Project IRR"]
[]
[]
[]
[null,"Only Relevant for Projects under POU Structure"]
[null,{"$f":"\"Real Levelization of Costs for POU ($\"&dollarYear&\")\"","v":{"$error":"#REF!"}},null,"$/MWh","$/kW-yr",null,{"$f":"\"Nominal Levelization of Costs for POU ($\"&yearID&\")\"","v":{"$error":"#REF!"}},null,null,null,"$/MWh","$/kW-yr",null,"Nominal Present Value of Fixed Costs (PLEXOS)",null,null,"Including PTC","Excluding PTC"]
[null,"Capital",null,null,null,null,"Capital",null,null,null,null,null,null,{"$f":"\"POU - Real Levelized Fixed Cost, \"&dollarYear&\" $\"","v":{"$error":"#REF!"}}]
[null,"Interconnection Cost",null,null,null,null,"Interconnection Cost",null,null,null,null,null,null,{"$f":"\"POU - Present Value of Fixed Costs, \"&dollarYear&\" $\"","v":{"$error":"#REF!"}}]
[null,"Property Tax & Insurance",null,null,null,null,"Property Tax & Insurance",null,null,null,null,null,null,"POU - Present Value of Fixed Costs, Nominal $"]
[null,"Fixed O&M",null,null,null,null,"Fixed O&M",null,null,null,null,null,null,"POU - Nominal Levelized Fixed Cost"]
[null,"Warranty",null,null,null,null,"Warranty",null,null,null,null,null,null,"Utility - Present Value, Nominal $"]
[null,"Augmentation",null,null,null,null,"Augmentation"]
[null,"Periodic Replacement",null,null,null,null,"Periodic Replacement"]
[null,"ITC",null,null,null,null,"ITC"]
[null,"PTC",null,null,null,null,"PTC"]
[null,"Variable O&M",null,null,null,null,"Variable O&M"]
[null,"Fuel",null,null,null,null,"Fuel"]
[null,"Carbon",null,null,null,null,"Carbon"]
[null,"Passthrough Fixed Cost",null,null,null,null,"Passthrough Fixed Cost"]
[null,"Total",null,null,null,null,"Total"]
[null,null,null,null,null,null,{"$f":"\"Implied Nominal PPA Rate (\"&$L$23&\"Y Term)\"","v":"Implied Nominal PPA Rate (Y Term)"}]
[]
[]
[]
[]
[]
[]
[null,"Project Cash Flow for IPP Structure  (nominal $ unless stated otherwise)"]
[]
[null,"Project Year >",0,{"$f":"C95+1","v":1},{"$f":"D95+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,{"$f":"AO95+1","v":39},{"$f":"AP95+1","v":40}]
[null,"Curtailment"]
[]
[null,"Operating Inputs"]
[]
[null,"Energy Production (MWh)"]
[null,"Capacity (MW)"]
[null,"Flag: Operating Year (1=operating)"]
[]
[null,"Operating Revenue"]
[]
[null,"Cost of Generation for PPA Approach"]
[]
[null,"Flag: Variable Cost Pass-Through (1=pass-through)"]
[null,"PPA Escalation Index (COD Year = 1.00)"]
[]
[null,"Real-Levelized Fixed Costs ($/MWh), Adjusted for Inflation (nominal $)"]
[null,"Variable Costs (Pass-Through)"]
[null,"Real-Levelized All-In Costs ($/MWh), Adjusted for Inflation (nominal $)"]
[]
[null,"Cost of Generation ($/MWh)"]
[]
[null,"E3 Revenue Forecast"]
[]
[null,"If user has revenue forecast, insert here and set Flag in the next section to 0 in column D."]
[null,"E3 Revenue Forecast ($)"]
[]
[null,"Operating Revenue"]
[]
[null,"Flag: Use Levelized Costs to Estimate Revenue (1=yes)"]
[]
[null,"Operating Revenue "]
[null,"Total Revenue"]
[]
[null,"Operating Costs"]
[]
[null,"FO&M Escalation Index (Output Dollar Year = 1.00)"]
[null,"VO&M Escalation Index (Output Dollar Year = 1.00)"]
[null,"Fuel Escalation Index (Output Dollar Year = 1.00)"]
[null,"Carbon Price Escalation Index (Output Dollar Year = 1.00)"]
[]
[null,"Fixed O&M"]
[null,"Relicensing Cost"]
[null,{"$f":"_xlfn.CONCAT(\"FO&M, Real \",dollarYear,\" $/kW\")","v":{"$error":"#REF!"}}]
[null,"Fixed O&M, $/kW"]
[]
[null,"Warranty"]
[null,"Flag: Warranty Year"]
[null,{"$f":"_xlfn.CONCAT(\"Warranty Costs, Real \",dollarYear,\" $/kW\")","v":{"$error":"#REF!"}}]
[null,"Warranty Costs, $/kW"]
[]
[null,"Augmentation"]
[null,{"$f":"_xlfn.CONCAT(\"Augmentation Costs, Real \",dollarYear,\" $/kW\")","v":{"$error":"#REF!"}}]
[null,"Augmentation Costs, $/kW"]
[]
[null,"Variable O&M"]
[null,{"$f":"_xlfn.CONCAT(\"VO&M, Real \",dollarYear,\" $/kW\")","v":{"$error":"#REF!"}}]
[null,"Variable O&M, $/kW"]
[]
[null,"Fuel Costs"]
[null,"Fuel Cost ($/MMBtu)"]
[null,"Heat Rate (Btu/kWh)"]
[null,"Generation (MWh)"]
[null,"Fuel Costs Total ($)"]
[]
[null,"Carbon"]
[null,"CO2 Allowance Price ($/ton)"]
[null,"CO2 Intensity of Fuel (lb/MMBtu) "]
[null,"Heat Rate (Btu/kWh)"]
[null,"Generation (MWh)"]
[null,"Carbon Costs Total ($)"]
[]
[null,"Property Tax (NOTE: E3 Assumes 0% as Default)"]
[null,"Taxable Basis (%)"]
[null,"Property Tax Before Depreciation"]
[null,"Property Tax Total"]
[]
[null,"Insurance"]
[null,"Insurance Costs, Pre-Escalation"]
[null,"Insurance Total"]
[]
[null,"Operating Costs Summary"]
[]
[null,"Fixed O&M"]
[null,"Warranty"]
[null,"Augmentation"]
[null,"Variable O&M"]
[null,"Fuel Costs"]
[null,"CO2 Abatement Costs"]
[null,"Property Tax"]
[null,"Insurance"]
[null,"Periodic Replacement"]
[null,"Operating Costs"]
[]
[null,"Operating Profit"]
[]
[null,"Operating Revenue"]
[null,"Operating Costs"]
[null,"Operating Profit"]
[]
[null,"Financing Costs"]
[]
[null,"Flag: Debt Term"]
[]
[null,"Debt Schedule"]
[]
[null,"Beginning Balance"]
[null,"Principal Payments"]
[null,"Ending Balance"]
[]
[null,"Interest"]
[]
[null,"Total Debt Service - Active"]
[]
[null,"Static Debt Service"]
[]
[null,"Beginning Balance"]
[null,"Principal Payments"]
[null,"Ending Balance"]
[]
[null,"Total Debt Service"]
[null,"Interest"]
[null,null,"Interest Check:"]
[null,null,"Principal Check:"]
[]
[null,"Dynamic Debt Sizing"]
[]
[null,"EBITDA (-) Maintenance CapEx"]
[null,"Interest-Adjusted Cash Taxes"]
[null,"Cash Flow Available for Debt Service (CFADS)"]
[null,"Cash Flow Available for Debt Service (CFADS) - MACRO PASTE HERE"]
[null,"Check"]
[]
[null,"Target DSCR"]
[]
[null,"Maximum Debt Service"]
[null,"PV of CFADS Through Maturity"]
[null,"Initial Debt Balance Estimates"]
[]
[null,"Debt Schedule"]
[null,"Beginning Balance"]
[null,"Principal Payments"]
[null,"Ending Balance"]
[null,"Interest Payments"]
[]
[null,"Implied Leverage (% Total Capital)"]
[]
[null,"DSCR"]
[]
[null,"Effective Debt Service Coverage Ratio (DSCR)"]
[null,"Average of DSCRs"]
[]
[null,"Debt Service Fund"]
[]
[null,"Beginning Balance"]
[null,"Initial Funding / (Refund)"]
[null,"Withdrawal"]
[null,"Ending Balance"]
[]
[null,"Interest Rate"]
[null,"Earned Interest"]
[]
[null,"For Pro Forma"]
[]
[null,"Interest Expense"]
[null,"Loan Repayment Expense (Principal)"]
[null,"Debt Service Reserve (Funding) / Refund"]
[null,"Interest Earned on DSRF"]
[null,"Net Financing Costs"]
[]
[null,"Taxes"]
[]
[null,"Depreciation"]
[]
[null,"Depreciation Schedule for State Taxes:"]
[null,"Depreciation Schedule"]
[null,"Depreciation Basis"]
[null,"Depreciation Expense"]
[]
[null,"Depreciation Schedule for Federal Taxes:"]
[null,"Depreciation Schedule"]
[null,"Depreciation Basis"]
[null,"Depreciation Expense"]
[]
[null,"Federal Tax Credits"]
[]
[null,"PTC Escalation Index (Output Dollar Year = 1.00)"]
[]
[null,"Production Tax Credit (PTC):"]
[null,"Flag: PTC Eligible Year (1=eligible)"]
[null,"Applicable PTC Rate ($/MWh)"]
[null,"PTCs Generated ($)"]
[]
[null,"Investment Tax Credit (ITC):"]
[null,"Flag: Year 1"]
[null,"ITC Generated ($)"]
[]
[null,"State Taxes"]
[]
[null,"Taxable operating income"]
[null,"Interest"]
[null,"Depreciation Expense"]
[null,"Taxable Income"]
[null,"State Tax Benefit/(Liability)"]
[]
[null,"Federal Taxes"]
[]
[null,"Taxable Operating Income"]
[null,"Interest"]
[null,"Depreciation Expense"]
[null,"State Taxes Rebate/(Paid)"]
[null,"Taxable Income"]
[]
[null,"Tax Refund/(Paid)"]
[null,"Production Tax Credit"]
[null,"Investment Tax Credit"]
[null,"Federal Tax Benefit/(Liability)"]
[]
[null,"Total Tax Benefit/(Liability)"]
[]
[null,"After-Tax Free Cash Flow"]
[]
[null,"Note to E3 User: Cut or hide this section before sharing with client."]
[]
[null,"Operating Profit"]
[]
[null,"State Taxes"]
[null,"Taxable Income for State Taxes"]
[null,"State Tax Benefit / (Liability)"]
[]
[null,"Federal Taxes"]
[null,"Taxable Income for Federal Taxes"]
[null,"Federal Tax Benefit / (Liability) Before PTC + ITC"]
[null,"Production Tax Credit"]
[null,"Investment Tax Credit"]
[null,"Federal Tax Benefit/(Liability)"]
[]
[null,"Total Tax Benefit / (Liability)"]
[]
[null,"Net Operating Profit After Taxes"]
[]
[null,"Total Investment"]
[]
[null,"After-Tax Free Cash Flow"]
[null,"Project IRR"]
[null,"Check:"]
[]
[null,"After-Tax Equity Cash Flow"]
[]
[null,"Equity Investment"]
[null,"Operating Revenue"]
[null,"Operating Costs"]
[null,"Financing Costs"]
[null,"Total Tax Benefit / (Liability)"]
[null,"After-Tax Equity Cash Flow"]
[null,"Equity Cash Flow per kW"]
[null,"Equity IRR"]
[null,"Check:"]
[]
[null,"Levelized Cost Calculation (nominal $)"]
[]
[null,"Cost Item"]
[]
[null,"Flag: Debt Term"]
[]
[null,"Capital Costs"]
[]
[null,"Upfront Cost (Equity Share)"]
[null,"Financing Cost Share"]
[]
[null,"Debt Principal Payment"]
[]
[null,"Debt Interest Payment"]
[null,"Depreciation Expense"]
[null,"Tax Benefit of Interest and Depreciation"]
[]
[null,"Capital Costs"]
[]
[null,"Interconnection Cost"]
[]
[null,"Upfront Cost (Equity Share)"]
[null,"Financing Cost Share"]
[]
[null,"Debt Principal Payment"]
[]
[null,"Debt Interest Payment"]
[null,"Depreciation Expense"]
[null,"Tax Benefit of Interest and Depreciation"]
[]
[null,"Interconnection Cost"]
[]
[null,"Investment Tax Credit (ITC)"]
[]
[null,"System Cost"]
[]
[null,"ITC Before Tax Adjustment"]
[]
[null,"Depreciation Adjustments"]
[null,"Bonus Depreciation Input for Year 1"]
[null,"MACRS Depreciation Inputs"]
[null,"Active Depreciation Input for ITC"]
[]
[null,"ITC for LCOE"]
[]
[null,"Production Tax Credit (PTC)"]
[]
[null,"PTC Before Tax Adjustment"]
[null,"Adjustment for Bonus Depreciation"]
[null,"PTC for LCOE"]
[]
[null,"LCOE Summary"]
[]
[null,"Capital Costs"]
[null,"Interconnection Cost"]
[null,"Property Tax & Insurance"]
[null,"Fixed Operations & Maintenance"]
[null,"Warranty"]
[null,"Augmentation"]
[null,"Periodic Replacement"]
[null,"Investment Tax Credit"]
[null,"Production Tax Credit"]
[null,"Variable Operations & Maintenance"]
[null,"Fuel"]
[null,"Carbon Cost"]
[null,"Total"]
[]
[null,"Total Fixed Cost (Exclude PTC)"]
[null,"Total Fixed Cost (Include PTC)"]
[null,"Total Variable Cost (Pass-Through)"]
[]
[null,"Real Discount Rate (Cost of Equity)"]
[null,"NPV Energy"]
[null,"NPV Capacity"]
[null,{"$f":"\"Levelized All-In Costs (\"&yearID&\" $/MWh)\"","v":{"$error":"#REF!"}}]
[null,{"$f":"\"Levelized Fixed Costs (\"&yearID&\" $/MWh)\"","v":{"$error":"#REF!"}}]
[]
[null,"Supporting Schedules"]
[]
[null,"Check:  CFADS yields sufficient coverage"]
[null,"Sum of Debt Service"]
[null,"Target DSCR"]
[null,"Total CFADS required"]
[null,"CFADS over debt term"]
[null,"Net"]
[]
[null,"Periodic O&M"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,"Interest Rate"]
[null,"Beginning Balance"]
[null,"Interest Earned"]
[null,"Contributions"]
[null,"Expenses"]
[null,"Ending Balance"]
[]
[null,"Expense for Pro Forma"]
[]
[null,"Depreciation Schedules","Term"]
[null,{"$f":"\"MACRS - \"&C465","v":"MACRS - 0"},0]
[null,"MACRS - 3",3]
[null,"MACRS - 5",5]
[null,"MACRS - 7",7]
[null,"MACRS - 10",10]
[null,"MACRS - 15",15]
[null,"MACRS - 20",20]
[null,{"$f":"\"SL - \"&C472","v":"SL - 12"},12]
[null,"SL - 10",10]
[null,"SL - 25",25]
[null,"SL - 40",40]
[null,"SL - 140",140]
[null,"User Input"]
[null,null,"Active"]
[]
[]
[]
[]
[]
[]
[null,"Project Cash Flow for POU Structure  (nominal $ unless stated otherwise)"]
[]
[null,"Project Year >"]
[null,"Flag: Debt Term"]
[]
[null,"Capital Costs"]
[]
[null,"Capital Cost"]
[null,"Starting Rate Base"]
[null,"Accumulated Depreciation"]
[null,"Ending Balance Rate Base"]
[]
[null,"Debt Schedule"]
[]
[null,"Beginning Balance"]
[null,"Interest"]
[null,"Principal"]
[]
[null,"Equity"]
[]
[null,"LT Equity Share Target"]
[null,"Beginning Balance"]
[null,"Equity Return"]
[null,"Return of Invested Equity"]
[null,"Book Equity Return"]
[]
[null,"Taxes"]
[]
[null,"Equity Return"]
[null,"Tax on Equity Return"]
[null,"Tax Grossup - Equity"]
[]
[null,"Revenue Requirement"]
[]
[null,"Variable O&M"]
[null,"Fuel"]
[null,"Fixed O&M"]
[null,"Property Tax"]
[null,"Insurance"]
[null,"Warranty"]
[null,"Augmentation"]
[null,"Periodic Replacement"]
[null,"Carbon"]
[null,"Interest"]
[null,"Equity Return"]
[null,"Depreciation"]
[null,"Tax grossup - Depreciation"]
[]
[null,"Tax on Equity Return - before grossup"]
[null,"Tax Grossup - Equity"]
[null,"Total Revenue Requirement"]
[]
[null,"Accumulated Deferred Income Tax"]
[]
[null,"Book Depreciation"]
[null,"Depreciation Schedule"]
[null,"Depreciation"]
[null,"Tax Savings"]
[]
[null,"Check of Book Taxes"]
[]
[null,"Revenue"]
[null,"Expenses"]
[null,"Operating Profit"]
[null,"Interest"]
[null,"Book Depreciation"]
[null,"Income"]
[null,"Taxes"]
[null,"After-tax income "]
[]
[null,"Check of book equity return"]
[]
[null,"Earnings"]
[null,"Book Equity"]
[null,"ROE"]
[]
[null,"Rev Requirement by Functional Category"]
[]
[null,"Capital Costs"]
[null,"Interconnection Cost"]
[null,"Property Tax & Insurance"]
[null,"Fixed O&M"]
[null,"Warranty"]
[null,"Augmentation"]
[null,"Periodic Replacement"]
[null,"ITC"]
[null,"PTC"]
[null,"Variable O&M"]
[null,"Fuel"]
[null,"Carbon"]
[null,"Depreciation Tax Savings"]
[null,"Total Revenue Requirement"]
[]
[null,null,"check"]
[]
[null,"Nominal Discount Rate (WACC)"]
[null,"Real Discount Rate"]
[null,"NPV Energy"]
[null,"NPV Capacity"]
[null,"LCOE"]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
["x"]