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%O  =4] LA Comparative Analysis of Community Wind Power Development Options in OregonMM2 Project Background0Objectives: Describe  community wind ownership structures potentially of use in Oregon Present strengths and weaknesses of each structure Model amount of revenue required to make each structure viable, and compare to likely revenue Funder: Energy Trust of Oregon (Peter West) Project Team: Mark Bolinger, Ryan Wiser, Tom Wind, Dan Juhl, Bob Grace Timeline: Began April 2004, complete July 2004 0_0 _0_ ""$ "9 "'A Report Contents.Introduction Community Wind in Europe Community Wind in the United States Potential Barriers to Community Wind in the US (and Oregon) Development of a Standard Set of Assumptions for Comparative Financial Analysis Description and Modeling of Potential Ownership Structures Conclusions pZ?:What this report does NOT do& *000Estimate, represent, or model the costs of a specific wind project (instead, we try to be broadly representative of small project costs in Oregon) Analyze or consider the potential merits of community wind relative to other types of wind power development Delve into the socio-economic aspects of community wind Conclude that any particular ownership structure is  best (though we do narrow the field) Dictate the kind of program or incentives the Energy Trust might or should consider2 0Z-q8Take Away Points.Community wind has been popular in Europe and, with policy support, is beginning to gain popularity in the U.S. There appears to be significant potential for low-cost community wind in Oregon, given BETC and SELP (and possibly PURPA?) Given existing policies, barriers, and economics, some ownership models are more attractive than others in Oregon Projects directly serving customer load are not viable at present in most cases Projects whose output is sold to a local utility appear to be more viable; initially, best options may be multiple local owner and Minnesota-style flip structures Smaller community wind projects (~1.5 MW) may be more  competitive than larger community wind projects (>10.5 MW) Policy support may still be needed to narrow the financial gap, but the level of necessary support may be reasonably modest Key first step is revision to standard offer avoided cost tariff for PacifiCorp/PGE Second step may be modest financial support from the Energy Trust, combined with infrastructure development support and resolution of key legal/tax questions in order to develop replicable business models ]  s } ! 0Z# [r s}!*2Defining  Community Wind .<Locally Owned: One or more members of local community have a direct financial stake in the project, other than through land lease or tax revenue Utility-Scale Turbines: 600 kW threshold for new projects, lower for older projects On Either Side of Meter: Power consumed on site or sold to unrelated party (or both)R=pZ>>C!$Experience in Northern Europe (2000)%%(E"#Drivers of Community Wind in Europe$$(F# Lessons from European Experience!!(G$4US Experience  Minnesota (H%>US Experience  Rest of Country (M&"Lessons Learned from US Experience##(Ownership Structures ExaminedvConsumer Cooperative  Aggregate or  Group Net Metering On-Site (Customer Side of Meter) Multiple Local Owner Minnesota-Style Flip Wisconsin-Style Flip Town-Owned (Utility Side of Meter)8 KAJP($Barriers to Community Wind in the US%%(Consumer Cooperative0Examples: none (!) Strengths: Cooperative principles appealing Weaknesses: Unable to utilize PTC Requires either utility cooperation or customer choice; otherwise, difficult to document  patronage With customer choice, cooperative must effectively act as an energy service provider (difficult!) Relatively high organizational burden!Z !0Z!CZ!0ZDZ   !    F Aggregate or  Group Net Metering$$*Examples: limited versions for biogas in VT and CA Strengths: Potentially earns full residential retail rate Low minimum investment (< $1,000 per share) Weaknesses: Requires utility cooperation, or more likely, legislative or regulatory change Unable to utilize PTC May need to register project shares as  securities Relatively high organizational burden4!P !0P[CP!0PDU + [     On-Site (Customer Side of Meter) !0&Examples: Iowa schools (e.g., Spirit Lake) Strengths: Potential to offset retail (rather than earn wholesale) rates Weaknesses: Sites with both large enough load and good wind are rare Net metering capacity limits usually well below nameplate capacity of modern utility-scale wind turbines Large loads typically face demand (and standby) charges PTC (or REPI) not available for power consumed on site Electric bill savings are taxable income (to a taxable owner),!Z !0Z>CZ!0ZODZ # > "            p       Multiple Local Owner 0&Examples: Minwind I & II Strengths: Straightforward, no corporate equity involved, purely local Don t have to wait 10 years for serious cash Weaknesses: To maximize return, need investors with passive income to take advantage of PTC Project shares may need to be registered as  securities Relatively high organizational burden Must secure a power purchase agreement!Z !0ZiCZ!0ZDZ  i   Minnesota-Style Flip 0&1Examples: Dan Juhl projects Strengths: Innovative way to ensure capture of PTC and improve project economics Weaknesses: Local makes above-normal returns (sub-optimal) Local return may be heavily back-loaded (after year 10) Need to engage corporate equity partner Must secure a power purchase agreement!Z !0ZFCZ!0ZDZ  F   Wisconsin-Style Flip 0&3Examples: none (but see Wisconsin Business Plan) Strengths: Lower required power sales price than MN-style flip, because local return limited to hurdle rate Weaknesses: Securities registration, administrative burden, engaging corporate partner and power purchaser Does pre-sale arrangement satisfy the IRS?2! ! aC ! _D+?  a    "Town-Owned (Utility Side of Meter) # 0&Examples: Northfield, MN and Massachusetts (both planned) Strengths: No land lease or property tax expense, municipal debt(?) Weaknesses: May not be legal&  Private use issues may restrict ability to finance project using tax-exempt municipal debt Economics depend heavily on availability of REPI Relatively weak opportunities for local citizen participation Must secure a power purchase agreement;! ! 9C ! ?D 0 9   d2Key Barriers in OregonU*Cash Flow Modeling Approachk4Capital Costs (MN-Style Flip)l5First-Year Operating Costsm6 Other Key Assumptions: Base-Case!U!( 4Base-Case Results  1.5 MW"4Base-Case Results  1.5 MW/6Base-Case Results  10.5 MW06Base-Case Results  10.5 MWs:Additional Sensitivity Analysis\Because results hinge on numerous assumptions, we conducted additional sensitivity analysis, e.g.: BETC: 5-year and lump sum cash payment Benchmark price for on-site project: multiple scenarios representing net metering rules, project size, standby/demand charge assumptions 25% USDA grant: availability improves economics Debt interest rates: higher rates associated with commercial debt worsens economics  Transfer payments reduce attractiveness of MN-style flip: transfer payment improves economics 5-year property tax exemption: improves economics No PTC/BETC monetization for SELP: worsens economics No PTC renewal: worsens economics Local investor required IRR: higher IRR worsens economics PTC efficiency for multiple local owner model: lower efficiency worsens economics REPI capture for town-owned model: lower capture worsens economics For results, see complete report and, for partial results, backup slides to this presentation \c0Z0Z_0Zc!%e!?<$".$"!_# Conclusions 0&There appears to be significant potential for community wind in OR, given BETC and SELP (and possibly PURPA?), though some incremental incentive may still be required Some models are more attractive than others in Oregon: On-site projects are not competitive in Oregon, and true cooperative ownership is not desirable Group net metering is potentially most competitive, but faces significant regulatory and implementation hurdles Among remaining structures, competitiveness of multiple local owner and town-owned models depend heavily on ability to use PTC/REPI Open questions remain on legality of town-owned and Wisconsin-style flip, but if resolved, these may be attractive models In near term, best options appear to be multiple local owner (if can find sufficient local tax credit appetite and address securities regulation) and Minnesota-style flip (if cannot) Smaller community wind projects (~1.5 MW) may be more  competitive than larger community wind projects (>10.5 MW)< 0Z# 0Z#* 0Z# 72  W 0(Zo7Policy ConsiderationsOn-Site Projects: Adjustments to utility tariffs and net metering are necessary to make on-site projects competitive, though modeling shows that even aggressive policy changes still leave on-site projects only marginally attractive Aggregate Net Metering: Regulatory or legislative action is likely needed to implement aggregate net metering; no state has yet implemented this structure to the extent necessary to support community wind Multiple Local Owner, Flip, and Town-Owned Models: Need for revenue certainty highlights: (1) the importance of the current PURPA proceeding to lock-in power sales revenue (15 years may be necessary), and (2) a potential role for the Energy Trust, if avoided costs are insufficient to make community wind viableT 0Z2=Open Questions Energy Loan Program Will taxable loans from the Energy Loan Program trigger a PTC haircut? Can the $20 million cap on the Loan Program s ability to issue  private use (taxable) bonds be increased? BETC Does the BETC (both as a 5-year credit and pass-through payment) trigger the PTC s anti-double-dipping provisions? Should the BETC pass-through payment be treated as taxable income, or as a reduction in depreciable basis (and if so, for Oregon and/or Federal purposes)? USDA: Should Section 9006 USDA grants be treated as taxable income, or as a reduction in depreciable basis (and if so, for Oregon and/or Federal purposes)? Securities Regulation: What requirements must be met to avoid having to register securities in Oregon? Municipal Ownership: Are municipalities in Oregon permitted to own wind projects? If so, under what conditions may they use their bonding authority to issue tax-exempt municipal debt to finance a wind project? Wisconsin-Style Flip: Does the Wisconsin-style flip structure pass muster with the IRS?& 0_0" _ 0_0" _. 0_'      QC-4Base-Case Results  1.5 MW.6Base-Case Results  10.5 MW9TSensitivity Results  Multiple Local Owner +$$3=Sensitivity to After-Tax IRR (Multiple Local Owner Structure)>!5>Sensitivity to PTC Efficiency (Multiple Local Owner Structure)?!72Sensitivity to REPI Capture (Town-Owned Structure)3/( ! $ & ' ( +12468:>@BDIJKLNR T!f'n)p*t+u,v-w.Q  ` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> !(    6t!  `}  T Click to edit Master title style! !"$  0!  `  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     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Rp|  0(    0 P%   W*   0?  %  Y*   6@ P   W*   6t@    Y* H  0޽h ? 3380___PPT10.MRNp -% (     B0   "`  64  e5Ryan Wiser Oregon Wind Working Group August 11, 200466"`H  0޽h ? 33___PPT10i.R++D=' = @B +  PN(  x  c $C@     c $4Dp`  * @H  0޽h ? ̙33y___PPT10Y+D=' = @B +  ``(  ~  s *Ep      0F(`  *4`H  0޽h ? 33___PPT10u..fP<+D=' = @B +  p Z(   ~   s *G@      s *Gp`  *-m @H   0޽h ? ̙33y___PPT10Y+D=' = @B +$  $(  r  S J `   r  S TK@`  H  0޽h ? 3380___PPT10.(~EI  #(  ~  s *׊      0d׊p(   [  6׊  ' mNOT referring to: home-sized (10 kW) projects municipal utility projects standard commercial wind developmentV \0 *_# #\#H  0޽h ? 33___PPT10u..fP<+D=' = @B +#  5"-"4=!(  ~  s *Dي   ! F[ = 03 #"*  <ي ?| [ S292,000 @`  <ڊ ?c | O81% @`  Bdڊ ? c  Q7,333 @`  Bڊ ?  Q9,083 @`  <$ۊ ?  OTotal @`   Bۊ ?|& [  P~2,000 @`   Bۊ ?c & |  L1% @`   BD܊ ?& c  L~3 @`   B܊ ?&   M414 @`   <݊ ?&   RThe UK @`  Bd݊ ?|v [&  Q~15,000 @`  B݊ ?c v |&  M13% @`  B$ފ ?v c &  M~30 @`  Bފ ?v &  M240 @`  <ފ ?v &  RSweden @`  Bߊ ?|[v  R~175,000   @`  B ?c |v  M84% @`  Bd ?c v  P~1,900 @`  B ?v  O2,268 @`  <$ ?v  SDenmark @`  BN ?|[ R~100,000   @`  BDO ?c | M88% @`  BO ?c  P~5,400 @`  BP ? O6,161 @`  <dP ? SGermany @`  6$Q ?|F[ kNumber of Household Investors(  @`  6Q ?c F| `% Community- Owned(  @`  6R ?Fc  q#Community- Owned Wind Capacity (MW)$( $ @`   6dS ?F gTotal Wind Capacity (MW)(  @` ! 6S ?F T  @``B " 0o ?`B # 01 ?[`B $ 01 ?v [v `B % 01 ?& [& `B & 01 ? [ fB ' 6o ?[`B ( 0o ?F`B ) 01 ?F`B * 01 ?c Fc `B + 01 ?|F|fB , 6o ?[F[`B - 01 ?[`B . 0o ?fB / 6o ?FfB 0 6o ?`B 1 0o ?FFfB 2 6o ?FFfB 3 6o ?F[F`B 4 01 ?H  0޽h ? 33___PPT10i.f|D+D=' = @B +%:  <949Q#%8(  $~ $ s *T   8  `` #% ` ` #"6* 75KD\CKK $ <TPP ? `8  LMN @` $ BDU ? 8  T  @` $ BU ? 8  X  @` $ BV ? 8  T  @` $ BdV ? 8  P @`"` $ <$W ?  8  ^Ownership restrictions @`"` }$ <WPP ?8 ` LMA @` ~$ <WPP ? `  T  @` $ <DXPP ?N `  T  @` $ <XPP ? `N  T  @` $ <YPP ?`  V  @` $ <dYPP ?` T  @` $ <YPP ?S` LMN @` $ <$Z ?``S LUS @` $ BZ ?8  P @` $ B ?8  X  @` $ B ? 8  T  @` $ Bd ? 8  X  @` $ <$ ? 8  ]Permitting Challenges @` $ B ?   T  @` $ B ?N   T  @` $ BD ? N  T  @` $ B ?  P @` $ B ? T  @` $ Bd ?S V  @` $ < ?`S LUK @` $ B$ ?   P @` $ B ?   T  @` $ B ?  P @` $ < ?   bWind turbine mfg. industry @` $ B ?N   P @` $ Bd ? N   P @` $ B ? N  P @` $ < ? N  dStandardized interconnection @` $ B ? N  P @` $ BD ? N  T  @` $ B ?  N  T  @` $ <d ?   N  aFlow-through depreciation @` $ B ?  T  @` $ B$ ?   P @` $ B ?   P @` $ <D ?   sEnergy/CO2 tax refund,    @` $ B~ ? T  @` $ B ?  P @` $ Bt ?   P @` $ <4 ?   [Tax-free production @` $ B ?S P @` $ B ? S P @` $ BT ? S  ^* @` $ < ? S  T Feed-in laws   @` $ <t ?`S QGermany @` $ <Ԃ ? `S PSweden @` $ <4 ? ` S QDenmark @` $ < ? ` S R  @`lB $ <o ? ` `fB $ 6o ? S SfB $ 61 ? `fB $ 61 ? `fB $ 61 ?  ` fB $ 61 ? N `N fB $ 61 ?  ` fB $ 61 ? `fB $ 6o ? ` SfB $ 61 ? ` fB $ 61 ?`fB $ 6o ?```fB $ 61 ?`fB $ 61 ?  ` fB $ 61 ?`lB $ <o ? ```fB $ 6o ? S fB $ 61 ? S`SlB $ <o ? ` SfB $ 61 ? S B $ Z1 ? 8 `8 "fB $ 6o ?  8 lB $ <o ?   lB $ <o ? 8 H $ 0޽h ? 33___PPT10i.f|D+D=' = @B +  I,K(  ,~ , s *T    I, 0 `P -Conditions that favor community wind in Europe are unique, and difficult to replicate elsewhere Community wind ownership structures in Europe vary by country, and depend critically on local customs, conditions, and policy support programs Community wind thrives under revenue certainty that ensures profitability (e.g., Denmark, Sweden, Germany) A strong wind project construction and O&M infrastructure is critical to cost-effective community wind power development Taxation of carbon emissions and energy consumption provides policymakers with additional options when designing support policies for renewable energy Standardized interconnection procedures and strong grids common throughout Europe are not as common in the US$0" Z#!H , 0޽h ? 33___PPT10i.f|D+D=' = @B +  4`(  4~ 4 s *t    4 0ԅ `P BDevelopment driven by combination of purchase mandates/ownership restrictions (160 MW of d" 2MW projects), feed-in tariffs (Xcel, 3.3/kWh for 20 years), production incentives (1.5/kWh for 10 years, for 200 MW of d" 2 MW projects), capital grants (state and USDA 9006), strong wind resource, and proximity to commercial development At least 132 MW of  small projects on line, with at least another 68 MW in the pipeline 53 MW commercially financed 35 MW owned by local personal wealth 30 MW owned through a  flip structure 9 MW owned by municipal utilities 4 MW owned by LLCs of local investorsH " ( ~(!#{H 4 0޽h ? 33___PPT10i.f|D+D=' = @B +  <+(  <~ < s *   : < 0 `P  IA: Favorable net billing policy and utility tariff structures (as well as favorable loan program) result in 8 school districts hosting 10 on-site wind turbines totaling 3.6 MW WI: Wisconsin Community-Based Windpower Project Business Plan develops and models a variant of the Minnesota flip IL: Grants to a school, university, and REC should lead to 3 single-turbine projects MA: $4 million Community Wind Collaborative effort targeting municipal ownership0" _(####9#5##S## ##%##+ < ZT1? | MUSDA 9006 grants are expanding interest in community wind throughout the U.S.*N" N'"H < 0޽h ? 33___PPT10i.f|D+D=' = @B +7  NFD(  D~ D s *     D 0t `P Tax-based federal policy towards wind power is not immediately conducive to community ownership Specific state policies that differentially support community wind have been necessary to drive development in the US MN: mandates, ownership restrictions, feed-in tariff, production incentives, capital grants IA: favorable net billing and tariff structures, favorable loans Revenue certainty, as in Europe, has been essential Ownership structures that allow community wind projects to take advantage of both state and federal incentives exist Dissemination of information on these structures, along with an increasing number of operating projects, have reduced transaction and development costs in the Midwest " # " #P " #i!!!!K!#Z##?#P!H D 0޽h ? 33___PPT10i.f|D+D=' = @B +   !0(  0~ 0 s *4    0 s *0`P   0  `jJ?Pp#" ` 0  `jJ?`Pp#" ` 0 ZT1?0v x>Power  sold to local investors 2 c" 0 Z1? 0  g-Power sold to unrelated party (e.g., utility). Z.c"H 0 0޽h ? ̙33y___PPT10Y+D=' = @B +;   RJ T(  T~ T s *p   $  T0 # 0e0eA     ?A A1 8c8c     ?1 d0u0@Ty2 NP'p<'pA)BCD|E||p;9  c"$`H T 0޽h ? 33___PPT10i.f|D+D=' = @B +    (   ~  s *d@      <s   "8Dj_"`  0$ s  \Cooperative members finance and own the project, and benefit by purchasing its power output.]0_]8MI"`H  0޽h ? ̙33y___PPT10Y+D=' = @B +=  d\0P(  P~ P s *d@    P  <s   "8Dj_"`z P 0$ s p tLocal investors jointly own off-site, utility-scale turbine (likely via LLC). Local utility nets each investor s share of the turbine s output against each investor s power consumption.d0_ 8MI"`H P 0޽h ? ̙33y___PPT10Y+D=' = @B +  91@X(  X~ X s *@    X  <ds    "8Dj_"`O X 0 s p A large electricity customer installs a utility-scale wind turbine to supply on-site power and thereby displace power purchased from the utility.0_8MI"`H X 0޽h ? ̙33y___PPT10Y+D=' = @B +   P`(  `~ ` s *D@    `  <s   "8Dj_"` ` 0 s  aLocal investors jointly own off-site, utility-scale wind turbine(s), and sell power to a utility.b0_b8MI"`H ` 0޽h ? ̙33y___PPT10Y+D=' = @B +]  |`h(  h~ h s *@    h  <`s   "8Dj_"` h 0d s 0 ,Landowner with insufficient tax liability partners with tax-motivated corporate investor to own utility-scale wind turbine(s) and sell power to the utility. Initial interests in project LLC (99% corporate/1% local)  flip after 10 years.0_8MI"`H h 0޽h ? ̙33y___PPT10Y+D=' = @B +   pp(  p~ p s *D@    p  <s   "8Dj_"`! p 0 s  3Locals form LLC and provide debt (not equity) financing to tax-motivated corporate investor who owns 100% of utility-scale wind turbine(s) and sells power to the utility. Corporate investor pays interest on LLC loan, but ultimately retains loan principal as full payment for 100% of project after 10 years.L40_8MI"`H p 0޽h ? ̙33y___PPT10Y+D=' = @B +   ,$x(  x~ x s *D@    x  <`P  "8Dj_"`B x 0 p`Z lA municipality (but not a municipal utility) owns a utility-scale wind turbine and sells power to a utility.4m0_V8MI"`H x 0޽h ? ̙33y___PPT10Y+D=' = @B + ' [(  ~  s *     0 @P =Previously discussed barriers largely preclude on-site, aggregate net metering, and cooperative models today For the remaining models, the following may represent the largest hurdles: Inability to efficiently use PTC and REPI: This barrier (not specific to OR) especially impacts the multiple local owner and town-owned models Identifying potential revenue sources and securing a PPA: There is currently no viable standard offer in OR, which impacts the multiple local owner, flip, and town owned models (avoided cost rates for PGE and PacifiCorp are favorable, but are fixed only for 5 years for projects < 1 MW) Securities regulation: OR appears to have a stringent requirement to qualify for an exemption from securities regulation, which could make the multiple local owner and Wisconsin-style flip structures expensive Legal Concerns: Legal issues may plague town-owned and Wisconsin-style flip structures Rural Electric Coops and Wheeling Costs: Since wind projects may often be located in Rural Electric Coop territories, wheeling costs may be a barrier Poor economies of scale: Small wind projects in OR may experience a cost disadvantage relative to very large projects, though this may not be as significant as might be feared.0" _#$0" Z##*###T#9#####G#(#o###KH  0޽h ? 33___PPT10i.f|D+D=' = @B +#  - : 2 d (  d~ d s *@    d Z1?0   J$ " 2# ""  d 6d  &Evaluated economics of preceding models in Oregon with 1.5 MW and 10.5 MW hypothetical wind plants Capital and operating cost inputs were derived from 4 sources (Dan Juhl, Tom Wind, Wisconsin Business Plan, Sherman County), with other key assumptions developed by team and Energy Trust Cash flow model optimizes the project s debt/equity ratio to minimize the amount of revenue needed to make the project viable, subject to equity hurdle rates and lender constraints We compare this Revenue Requirement to a Benchmark Power Price provided by the Energy Trust as indicative of likely PPA prices $39.4/MWh for 1.5 MW projects connected to the distribution system, and $34.6/MWh for 10.5 MW projects connected to the transmission system For on-site projects, the Benchmark Power Price comes from the relevant Pacificorp tariff (including standby and demand charges). If Revenue Requirement exceeds Benchmark Power Price, then resulting Revenue Shortfall can potentially be overcome through TRC sales, USDA grants, or support from the Energy Trustd! ( " (! (! (6! (#####A####V## ####^#H d 0޽h ? 33___PPT10i.fy;_+D=' = @B +( ) ?7(  ~  s *$p     6 @ yGCosts will vary by ownership structure, as well as by debt/equity ratioHH* 0 3 0e0eA     ? 1 8c8c     ?1 d0u0@Ty2 NP'p<'pA)BCD|E||d0c  c"$`H  0޽h ? 33___PPT10i.fy;_+D=' = @B + + -%(  ~  s *d` `   .   0e0eA     1 8c8c     ?A)BCD|E||0  c"$`  Z`1?0   J$ " 2# "  6$a  ' .Except for Property Taxes (which decline by 8%/year over 10 years, and remain constant thereafter), all other first-year operating costs escalate at the rate of inflation (assumed to be 2%/year):  ###C   fa1? g  MData presented for MN-Style Flip: costs vary somewhat by ownership structure 6N" L'#"H  0޽h ? 33___PPT10i.fy;_+D=' = @B + , , $  (  ~  s *Db`     Zb1?0   J$ " 2# "   6c   All projects achieve a 33% net capacity factor The PTC and REPI are re-instated and used in full (except for the town-owned model, where 50% REPI utilization is assumed) No Section 9006 USDA grant is obtained Projects take BETC either as 5-year credit (35%) or pass-through payment (25.5%) (whichever is found to be more financially attractive); triggers PTC haircut The project obtains 10-year debt financing from Oregon s Energy Loan Program: interest rates are 4.5% or 5.5% for tax-exempt or taxable debt, respectively Tax-exempt debt triggers a PTC haircut, so only those projects that cannot otherwise utilize the PTC will take advantage of tax-exempt debt The Energy Loan Program allows monetization of the PTC and BETC towards meeting the minimum required average annual DSCR of 1.25 Taxable debt does not trigger the PTC s anti-double-dipping provisions Local investors require a 10% after-tax IRR, while corporate investors (if any) require a 15% after-tax IRR Marginal federal and state income tax rates are 35% and 6.6%, respectively, for corporate investors and 25% and 9%, respectively, for individual investors Rate of inflation is 2%/yr, as is rate of interest on debt service reserve fund Community wind projects in Oregon incur no sales tax expenser 0" _U0" _0" _ #U##:H  0޽h ? 33___PPT10i.fy;_+D=' = @B +5   \T8(  8~ 8 s *c `   . 8  0e0eA     1 8c8c     ?A)BCD|E||0XG c"$`H 8 0޽h ? ̙33y___PPT10Y+D=' = @B +5   \T(  ~  s *d `   .   0e0eA     1 8c8c     ?A)BCD|E||G c"$`H  0޽h ? ̙33y___PPT10Y+D=' = @B +5  \T(  ~  s *f `   .   0e0eA     1 8c8c     ?A)BCD|E||`G c"$`H  0޽h ? ̙33y___PPT10Y+D=' = @B +5  \T(  ~  s *$g `   .   0e0eA     1 8c8c     ?A)BCD|E||0A c"$`H  0޽h ? ̙33y___PPT10Y+D=' = @B +$ .  $(  r  S Dh `p   r  S h@  H  0޽h ? 3380___PPT10.7~`    0v(  ~  s *$j@      <j@`p  &x%Gb"`H  0޽h ? ̙33y___PPT10Y+D=' = @B + * @d(  ~  s *T@      <s    *Ai`"`  T1?0 `  J.Energy Trust Role: If financial support is warranted, the Energy Trust should focus on supporting replicable ownership structures that can lead to additional projects Direct efforts to build infrastructure may be warranted: - Resolve outstanding tax and legal questions (see next slide) - Encourage new entrants into the crane business (minimum business guarantee?) - Facilitate piggybacking on top of larger projects - Negotiate reasonable wheeling charges for projects sited in REC territory - Educate possible projects on USDA funding opportunities" :" @"  " ##O# #;##9#@#  # $$d4|#" `H  0޽h ? ̙33y___PPT10Y+D=' = @B +  Pz(  ~  s *4@      <p  *%`"`H  0޽h ? ̙33y___PPT10Y+D=' = @B +E ! \T`(  ~  s *`` @   .   0e0eA     1 8c8c     ?A)BCD|E|| c"$`H  0޽h ? 33___PPT10i.fy;_+D=' = @B +E  \Tp(  ~  s *`` @   .   0e0eA     1 8c8c     ?A)BCD|E||(^ c"$`H  0޽h ? 33___PPT10i.fy;_+D=' = @B +E  \T (  ~  s *`` @   .   0e0eA     1 8c8c     ?A)BCD|E||pIs c"$`H  0޽h ? 33___PPT10i.fy;_+D=' = @B +5  \T (  ~  s *    .   0e0eA     1 8c8c     ?A)BCD|E|| c"$`H  0޽h ? ̙33y___PPT10Y+D=' = @B +5  \T(  ~  s *    .   0e0eA     1 8c8c     ?A)BCD|E||; c"$`H  0޽h ? ̙33y___PPT10Y+D=' = @B +5  \T (  ~  s *    .   0e0eA     1 8c8c     ?A)BCD|E||( c"$`H  0޽h ? ̙33y___PPT10Y+D=' = @B + 0  ,(  ,d ,c $(K    ,S ~S+e+e  0)    3"0e`H , 0޽h ? 3380___PPT10.Ps 0 D((  D^ D S ((K    D c $S( )    H D 0޽h ? ̙3380___PPT10.Rݒl 0 H|(  H^ H S ((K   S H c $S( $)  S r<Power would have to be delivered to each cooperative member, or otherwise financially netted by the local utility against the consumers electric consumption, to document patronage. In the second case, the only real option for a coop in oregon with no retail choice for residential customers, model basically looks like aggregate net metering, which is described next. Non-taxable generally, so unable to use PTC.H H 0޽h ? ̙3380___PPT10.R`Gw  0 B:T(  Td T c $((K   S. T s *ԴS( )  S Similar to coop, but more likely to use LLC structure because of tax advantages in US. Attempt to benefit from offsetting full retail residential rates. Used in SwedenH T 0޽h ? ̙3380___PPT10.R`Gw$  0 \4(  \d \ c $((K   S \ s *S( @)  S  H \ 0޽h ? ̙3380___PPT10.R`Gw4  0 dD(  dd d c $((K   S d s *S( 9)  S .MN shares sold for 5k eachH d 0޽h ? ̙3380___PPT10.R`Gw$ 0 l4(  ld l c $((K   S l s *tS( )  S  H l 0޽h ? ̙3380___PPT10.R`Gwd 0 tt(  td t c $((K   S t s *4S( @)`/H@___PPT9"  S Hybrid between MN-flip and multiple owner. Differences from MN flip include: Multiple investors Provide funds in terms of loan in year one Higher local contribution in early years(NgNgH t 0޽h ? ̙3380___PPT10.R`Gw$ 0 |4(  |d | c $((K   S | s *S( $)  S  H | 0޽h ? ̙3380___PPT10.R`Gw$ 0 4(  d  c $((K     s *\( @)    H  0޽h ? ̙3380___PPT10.R`Gw 0 p((  ^  S ((K   S  c $4S( @)  S  H  0޽h ? ̙3380___PPT10.)S1  0 P((  ^  S ((K     c $Y( @)    H  0޽h ? ̙3380___PPT10.W䛟 0 `((  ^  S ((K     c $Y( @)    H  0޽h ? ̙3380___PPT10.W t$ 0 4(  d  c $((K   S  s *S( 0)  S  H  0޽h ? 3380___PPT10.E 0 <4p(  d  c $((K   (  s *Z( @)   ngiven higher benchmark prices, $10 million BETC limit, USDA grant limits of $500k, and securities regulations ,n n H  0޽h ? ̙3380___PPT10.W䛟$ 0 4(  d  c $((K     s *D[( @)    H  0޽h ? ̙3380___PPT10.W t$ 0 4(  d  c $((K     s *`( @)    H  0޽h ? ̙3380___PPT10.W ti 0 y(  d  c $((K     s *Da( @)   cOMultiple local owner matches Minnesota-style flip at around 65% PTC efficiency.H  0޽h ? ̙3380___PPT10.W t$ 0 4(  d  c $((K     s *b( @)    H  0޽h ? ̙3380___PPT10.W t 0 zr (  ^  S ((K   l  c $d_( @)   USDA grant worth $5.23/MWh (not worth nearly as much to 10.5 MW project, due to $500,000 cap). Rural Renewable Energy Development Zones worth $1.5/MWh. PTC/BETC monetization worth $2.68/MWh. PTC worth $13.65/MWh, BUT& $13.65/MWh should not be considered the full value of the PTC to community wind projects, since the PTC is not fully utilized in the base case (due to a haircut triggered by the BETC) and because the sensitivity case assumes a lower debt interest rate than in the base case (4.5% rather than 5.5%). Both of these factors dampen the impact of transitioning to a no-PTC environment. 6XjH  0޽h ? ̙3380___PPT10.vyps$ 0 4(  d  c $((K     s *D^( @)    H  0޽h ? ̙3380___PPT10.R`Gw$ 0 4(  d  c $((K   S  s *TS( )  S  H  0޽h ? ̙3380___PPT10.Rݒ$  0 4(  d  c $((K     s *S( 0)    H  0޽h ? 3380___PPT10.E$! 0  4(   d   c $((K   S   s *S( 0)  S  H   0޽h ? 3380___PPT10.7$" 0  (4(  (d ( c $((K   S ( s *S( 0)  S  H ( 0޽h ? 3380___PPT10.7$# 0 004(  0d 0 c $((K   S 0 s *TS( 0)  S  H 0 0޽h ? 3380___PPT10.7$$ 0 @84(  8d 8 c $((K   S 8 s *S( 0)  S  H 8 0޽h ? 3380___PPT10.7$% 0 P@4(  @d @ c $((K   S @ s *S( 0)  S  H @ 0޽h ? 3380___PPT10.7$& 0 `H4(  Hd H c $((K   S H s *S( 0)  S  H H 0޽h ? 3380___PPT10.7$( 0 X4(  Xd X c $((K   S X s *S( 0)  S  H X 0޽h ? 3380___PPT10.7 0 `((  `^ ` S ((K    ` c $_( @)    H ` 0޽h ? ̙33$2 0 4(  d  c $((K   S  s *ԺS( 0)  S  H  0޽h ? 3380___PPT10.74 0 F> (  d  c $((K   2  s *TS( @h)   Once BETC and Energy Loan Program fees, as well as debt service reserve fund, are added in, total project costs increase to about $1250/kW for the 1.5 MW project, and roughly $1,160/kW for the 10.5 MW project (~7% cheaper due to economies of scale). These costs are higher than experienced in MN, but perhaps lower than initial projects in OR. 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Њ<[ͩ|c>K /ML<8Laʑ,&!Ni7Zܔsi7 PV j{6/W "*Xż*%V1/Qs,3MnH4KʩS=fdgϴvg}yr2O~^+Gx4\PWj0TM, 'גIc)Hy1p3 X lzodS&f)Tb)JOrWx]eN;ֳt<=}v;WYr_gʽ% F^*'g_Z鱝xr*#Pr^`xmC[%㹰 l#F #jbOydy>no *y>CU^ߠJ^O|a?3am$l&nvKkC:ea!ڎCVt>s$}|Irҕm% ǡql{u0hCx~+o#(\&+9$h/x ^/x/%?ȍr  @~iup 7W`"˳'+/M5)9:t -PtʗM-LyO}y=i#`2= 44`&=<h6 PwRT Gbr dF>fj=-T]Z{bsP2RjwOh+'0 hp    (0Ownership StructuresPMark and Ursula BolingeriGeneric Allan Bates363Microsoft PowerPointger@)@pQ@m滀 GoM  -& &&#TNPP0D & TNPP &&TNPP    --- !---&/&wc ~@  ~ ~ ~0- &Gy& --- !--- Arial ~@ 5  ~ ~ ~0- 33.-2 e:A Comparative Analysis of00);)%%%%0)%%%%). 33.%2 aCommunity Wind Power0);<()%?()-)4%. 33.$2 Development Optionsr0%%%();%)4()(%. 33.2 UC in Oregon(4%()).--- !Xx--- 33Arial ~@  ~ ~ ~0- .2 y Ryan Wiser & . .-2 KOregon Wind Working Group &  %   . .2 {OAugust 11, 2004  .--"System !@ ~-&TNPP &՜.+,D՜.+,|    On-screen Showen-sU(&1 .Times New RomanArial Wingdings 2 WingdingsGenericMicrosoft Word DocumentMA Comparative Analysis of Community Wind Power Development Options in OregonProject BackgroundReport ContentsWhat this report does NOT doTake Away PointsDefining Community Wind%Experience in Northern Europe (2000)$Drivers of Community Wind in Europe!Lessons from European ExperienceUS Experience Minnesota US Experience Rest of Country#Lessons Learned from US ExperienceOwnership Structures Examined%Barriers to Community Wind in the USConsumer Cooperative$Aggregate or Group Net Metering!On-Site (Customer Side of Meter)Multiple Local OwnerMinnesota-Style FlipWisconsin-Style Flip#Town-Owned (Utility Side of Meter)Key Barriers in OregonCash Flow Modeling ApproachCapital Costs (MN-Style Flip)First-Year Operating Costs!Other Key Assumptions: Base-CaseBase-Case Results 1.5 MWBase-Case Results 1.5 MWBase-Case Results 10.5 MWBase-Case Results 10.5 MW Additional Sensitivity Analysis ConclusionsPolicy ConsiderationsOpen QuestionsBase-Case Results 1.5 MWBase-Case Results 10.5 MW+Sensitivity Results Multiple Local Owner>Sensitivity to After-Tax IRR (Multiple Local Owner Structure)?Sensitivity to PTC Efficiency (Multiple Local Owner Structure)3Sensitivity to REPI Capture (Town-Owned Structure)  Fonts UsedDesign TemplateEmbedded OLE Servers Slide Titles(l@%5U _PID_GUID_AdHocReviewCycleID_EmailSubject _AuthorEmail_AuthorEmailDisplayNameAN{6F39C781-9A55-48B0-BB12-32B8D1183029} #OWIGorEpeter@energytrust.orge Peter Westy#_k Allan Bates  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root EntrydO)Pictures>Current UserSummaryInformation(PowerPoint Document(kDocumentSummaryInformation8Root EntrydO)#ݔJ@Pictures>Current User+SummaryInformation(#_k Allan Bates