Watters Exhibit No. 12.xls

Ranking
Gadsby Peakers
Delivery Mode
Physical
Delivery Pattern
6 x 16 On-peak DA Call
7 x 24 On-peak Hourly Call
POD
Mona
NUB
PCEU
Option Type
Fixed Strike Option
Tolling Option NUB vs Malin Gas
Tolling Option PCEU vs Rockies Gas
Term Start
Term End
Heat Rate
Delivery Months
June - Sept

Total Energy Possible - MWh
Physical Firm
-
Net Benefit (PV $) @100 MW
Net Benefit (PV $)
RELATIVE RANKING
Capacity - MW
6 x 16 On-peak Firm
Premium Cost - $ (1 Year)
Premium Cost - $ (3 Year)
Premium Cost ($/MWh)
Premium Cost ($/KW-mo)
Average Strike Price ($/MWh)
Energy Called Flat (MWh)
Energy Called Flat (aMW)
Energy Called HLH (aMW)
Net Benefit Change @ 100 MW (PV $)
West Valley
Analysis Results of Physical Options for Utah (2/11/2002)
Sempra
Morgan Stanley
6 x 16 On-peak
Analysis Results of Physical Options for Utah (12/7/2001)
Notes:
SD Reduction (note 1)
Delta (Flat) (note 2)
Delta (HLH) (note 2)
(2) "Delta" refers to the percentage of time that the resource is expected to economically dispatch based upon the forward curves at the time.
(1) "SD Reduction" refers to the change in the portfolio's standard deviation for cost with and without the transaction.
?6?/?1?/?2002
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?6?/?1?/?2002
?6?/?1?/?2002
?6?/?1?/?2002
?9?/?30?/?2004
?9?/?30?/?2004
?9?/?30?/?2004
?9?/?30?/?2004
?9?/?30?/?2004
?9?/?30?/?2004
10200.00
10000.00
12500.00
6940631.22
6314391.16
263074.09
-810635.06
-1504075.54
-4182876.90
5783859.35
3157195.58
263074.09
-810635.06
-1504075.54
-4182876.90
-5333333.33
-14983000.00
-2500000.00
-2502400.00
-2740000.00
-9715936.00
-16000000.00
-44949000.00
-7500000.00
-7507200.00
-8220000.00
-29147808.00
15.18
25.59
15.27
46.00
16.73
59.34
3.72
6.24
6.25
18.83
6.85
24.29
25.74
25.70
30.16
46.00
55.00
59.34
120.00
200.00
100.00
100.00
100.00
100.00
1054080.00
1756800.00
491200.00
122800.00
491200.00
491200.00
632448.00
1124352.00
348752.00
122800.00
112976.00
491200.00
72.00
128.00
0.00
0.00
0.00
0.00
117.60
188.00
71.00
25.00
23.00
100.00
0.60
0.64
0.00
0.00
0.00
0.00
0.98
0.94
0.71
1.00
0.23
1.00
6594494.41
3967830.64
1073709.15
0.00
2678801.36
-433424.87
-561283.69
-373884.00
-257061.00
1.00
2.00
3.00
4.00

Page
All-in cost ($/MWh)
Net Benefit ($ million)