{"text_format":"1","workbook":"xlsx","n_sheets":29,"sheets":["Hydrogen Cases","Electrolyzer vs SMR","H2 vs Diesel Trucks","Summary of Truck Analysis","Solar LCOE","Electrolizer  LCOH","SMR LCOH","Storage LCOH","Dispenser LCOH","Refuse Truck LCOR","Compression & Storage Analysis","Compression","Dispenser","Electrolyzer Analysis","Electrolizer Source Data","Electrolyzer Database","SMR Costs","Economies of Scale","Specs & Adders","Storage","Dist Database","Diagram","Levelised Cost Nominal Only","Levelised Cost Real","LCOE Degradation","NREL Backup","Fuel Economy by Vehicle Type","Base Analysis","Levelised Cost Debt"],"not_rendered":{"charts":9,"images":15,"macros":1,"external_links":2,"defined_names":46,"comments":4,"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":"Hydrogen Cases","index":0,"n_rows":9,"n_cols":3,"rows_kept":9,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Hydrogen Cases"]
[null,null,"Hydrogen Refuse Trucks - All the way to end use"]
[null,null,"Production of Hydrogen from Low Cost Solar with Storage"]
[null,null,"Storage of Hydrogen versus Storage of Electricity with Batteries"]
[null,null,"Centralised Production of Hydrogen versus Production at Location"]
[null,null,"Production of Hydrogen in Electrolyser versus Natural Gas with Steam Methane Reformation"]
[null,null,"Use of Hydrogen for Electricity Storage"]

{"sheet":"Electrolyzer vs SMR","index":1,"n_rows":24,"n_cols":11,"rows_kept":24,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,null,null,null,null,null,"Load Factor","%",{"$f":"K4/100","v":0.97},null,{"$f":"'H2 vs Diesel Trucks'!F10*100","v":97}]
[]
[null,null,null,null,null,null,"Electricity Cost/MWH","USD/MWH",{"$f":"K6","v":35},null,35]
[]
[null,null,null,null,null,null,"Natural Gas/MMBTU"]
[]
[null,null,null,null,null,null,"Electrolyzer Size (MW)",null,{"$f":"K10/1000","v":1.2249324357698794},null,1224.9324357698795]
[]
[null,null,null,null,null,null,"Electrolyzer Selection"]
[]
[null,null,null,null,null,null,"SMR Size (MMBTU)"]
[]
[null,null,null,null,null,null,"Electrolyzer LCOH (USD/kg)",null,{"$f":"'Base Analysis'!G4","v":3.1323424385055709}]
[]
[null,null,null,null,null,null,"SMR LCOH (USD/kg)"]
[]
[null,null,null,null,null,null,"Electrolyzer Cost Multiplier",null,1]
[]
[]
[null,null,null,null,null,null,"Steam Methane Reforming"]
[null,null,null,null,null,null,"Proton Exchange Membrane (PEM) Electrolysis"]

{"sheet":"H2 vs Diesel Trucks","index":2,"n_rows":63,"n_cols":33,"rows_kept":63,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Demand",null,null,null,"Hydrogen","Diesel"]
[null,null,null,"Total Annual Distance","km/year",25000,{"$f":"F3","v":25000}]
[null,null,null,"Truck Efficiency","kg/km",{"$f":"R49","v":0.11}]
[null,null,null,"Truck Efficiency","L/km",null,1.05]
[null,null,null,"Total Hydrogen Produced per Truck","kg/year",{"$f":"F3*F4","v":2750}]
[null,null,null,"Total Diesel Required","Litres",null,{"$f":"G3*G5","v":26250}]
[]
[null,"Electrolyzer Capacity"]
[null,null,null,"Availability of Electrolyzer","%",0.97,null,null,"Storage Analysis"]
[null,null,null,"Operation when Available (Sun Hours)","%",1]
[null,null,null,"Hours per Year of Electrolyzer","Hours",{"$f":"F10*F11*8766","v":8503.02},null,null,"Required per Week",null,{"$f":"F24","v":3952.7720739219712}]
[null,null,null,"Electrolyzer at 100% LF - 1 Truck","kg-hour",{"$f":"F6/F12","v":0.32341450449369752},null,null,"Production per Day",null,{"$f":"F23","v":564.68172484599586}]
[null,null,null,"Electrolyzer Effeciency","kwh/kg",{"$f":"'Base Analysis'!G11","v":50.5},null,null,"Required in 5 Days vs 7 Days",null,{"$f":"K12/5","v":790.55441478439423}]
[null,null,null,"Required Hydrogen in kW - 1 Truck","kW ",{"$f":"F13*F14","v":16.332432476931725}]
[null,null,null,null,null,null,null,null,null,null,"Saturday","Sunday","Monday","Tuesday","Wednesday","Thursday","Friday"]
[null,null,null,"Number of Trucks","Number",75,null,null,"Operate Truck in Day",null,false,false,true,true,true,true,true]
[null,null,null,"Required Capacity of Electrolyzer","kW",{"$f":"F15*F17","v":1224.9324357698795},null,null,"Opening Balance",null,{"$f":"J22","v":0},564.68172484599586,1129.3634496919917,903.49075975359335,677.61806981519487,451.74537987679662,225.87268993839825]
[null,null,null,"Total Production of Electrolyzer","kg/year",{"$f":"F6*F17","v":206250},null,null,"Add: Production",null,{"$f":"$K$13","v":564.68172484599586},564.68172484599586,564.68172484599586,564.68172484599586,564.68172484599586,564.68172484599586,564.68172484599586]
[null,null,null,null,null,null,null,null,"Less: Dispensed in Day",null,{"$f":"K17*$K$14","v":0},0,790.55441478439423,790.55441478439423,790.55441478439423,790.55441478439423,790.55441478439423]
[null,"Required Storage Capacity",null,null,null,null,null,null,"Less: Losses from Storage",0.01]
[null,null,null,"Required Production per Year","kg",{"$f":"F19","v":206250},null,null,"Closing",null,{"$f":"K18+K19-K20","v":564.68172484599586},1129.3634496919917,903.49075975359335,677.61806981519487,451.74537987679662,225.87268993839825,0]
[null,null,null,"Daily Hydrogen Production from Elecrolyzer","kg",{"$f":"F22/365.25","v":564.68172484599586},null,null,"Storage if Dispense in Morning",null,{"$f":"K18+K20","v":0},{"$f":"L18+L20","v":564.68172484599586},1919.9178644763861,1694.0451745379876,1468.1724845995891,1242.2997946611908,1016.4271047227925]
[null,null,null,"Weekly Production from Electrolyzer","kg",{"$f":"F22/(365.25/7)","v":3952.7720739219712}]
[null,null,null,"Required Storage Capacity","kg",{"$f":"J25","v":1129.3634496919917},null,null,"Total Storage (Max)",{"$f":"MAX(K22:Q22)","v":1129.3634496919917}]
[]
[null,"Dispenser Capacity"]
[null,null,null,"Total Kg Required per Dispense","kg",{"$f":"K14","v":790.55441478439423}]
[null,null,null,"Target Time in Minutes for Dispensing","Minutes",30]
[null,null,null,"Total Flow Rate in kg/Minute","kg/Minute",{"$f":"F28/F29","v":26.351813826146476}]
[null,null,null,"Capacity of pump per Minute","kg/Minute",{"$f":"Dispenser!H7","v":2.9411764705882355}]
[null,null,null,"Number of Dispensers Required","Number",{"$f":"ROUNDUP(F30/F31,0)","v":9}]
[null,null,null,"Total Dispensed","kg",{"$f":"F28*52*5","v":205544.14784394248}]
[null,"Added Capital Cost of Trucks"]
[null,null,null,"Added Capital Cost/Truck","USD/Truck",{"$f":"P53","v":110000}]
[null,null,null,"Total Added Capital Cost","USD  ",{"$f":"F17*F35","v":8250000},null,null,null,null,null,null,null,null,null,"Capex","Opex Cost "]
[]
[]
[]
[null,null,null,"Diesel ","Truck Make","Description","Drive Type","Tare (kg) - unladen Weight ","GVM (kg) Gross Vehicle Mass","Payload (kg)","Body Make","Body Model","Type","Capacity m3","Utisation ","Capex","Yearly milage ","Fuel -Diesel @1.32 per liter 1liter per km","Insurance","Maintenance","MV Rego","Overheads","Emissions - tonnesof Co2e","Total","Typical fuel burn (Ltrs/100km)","Cost per Km per year ",null,"Revenue from truck ownership ","Number of lifts per day ","Revenue based on lifts per route ","Revenue per truck per yr  assumpting 200 days-",null,"Return truck investment "]
[null,null,null,null,"Dennis Egale ","Cab Chassis","6X4",13000,23000,10000,"Bucher","Gen V","Side Load",22,0.45,415000,22000,25567.33,5046.8500000000004,32912.65,1208,2820.55,{"$f":"2.68*R41/1000","v":68.520444400000002},67555.38,90,null,null,null,3000,2,{"$f":"+AC41*AD41","v":6000}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Cost/L",1.32]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Litre",{"$f":"R41/R42","v":19369.189393939396}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Litres/Mile",{"$f":"R43/Q41","v":0.880417699724518}]
[null,"Hydrogen  truck assumptions "]
[]
[null,null,null,"Hydrogen fuel cell truck","Truck Make","Description","Drive Type","Tare (kg) - unladen Weight ","GVM (kg) Gross Vehicle Mass","Payload (kg)","Body Make","Body Model","Type","Capacity m3","Utisation ","Capex - to be confirmed ","Yearly milage - 7 kg H2 per 100 km","Fuel - Hydrogen @.12 kg per km @$10 per kg","Insurance","Maintenance","MV Rego","Overheads","Emissions - Kg of Co2e @ $10","Total","Typical fuel burn (kg/100km)","Cost per Km per year ",null,null,null,"Revenue based on lifts per route ","Revenue per truck per yr  assumpting 200 days-",null,"Return truck investment "]
[null,null,null,null,"Dennis ","Cab Chassis","6X4",13000,23000,10000,"Bucher","Gen V","Side Load",null,null,"700K - 750K",22000,{"$f":"0.12*22000 *10","v":26400},5046.8500000000004,32912.65,1208,2820.55,{"$f":"+W41*10","v":685.20444399999997},{"$f":"+SUM( S48:V48)-W48","v":41302.845556},18]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.11]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"7/100","v":7.0000000000000007E-2}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,700000,{"$f":"7/1","v":7}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"+Q48/7","v":3142.8571428571427},{"$f":"+R41/Q52","v":8.1350595454545473},"target "]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"P56*1000","v":110000},{"$f":"1/Q51","v":0.14285714285714285}]
[]
[null,null,null,"insurance, Maintennce, MV, Overhead",{"$f":"S41+T41+U41+V41","v":41988.05}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,110]
[]
[null,null,null,"Note assumption "]
[]
[null,null,null," 7 yrs truck  life"]
[null,null,null,"Residual 10% of capital after 6 yrs "]
[null,null,null,"What would be the cost per KM "]
[null,null,null,"Revenue for coucil owned vehicles are cost saving) "]

{"sheet":"Summary of Truck Analysis","index":3,"n_rows":64,"n_cols":28,"rows_kept":64,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,null,"Target Equity IRR",null,{"$f":"AB2/1000","v":7.0000000000000007E-2},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,70]
[null,null,null,"Electricity Cost","USD/MWH",{"$f":"'Electrolyzer vs SMR'!I6","v":35},null,null,"Diesel Price (USD/L)",null,{"$f":"AB3/100","v":1.41},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,141]
[]
[]
[null,null,null,"Electrolyzer","USD/kg",{"$f":"'Electrolizer  LCOH'!J7","v":4.637898697902302}]
[null,null,null,"Compression and Storage","USD/kg",{"$f":"'Storage LCOH'!G7","v":1.3393830620288858}]
[null,null,null,"Dispenser","USD/kg",{"$f":"'Dispenser LCOH'!G71","v":0.54267196652464456}]
[null,null,null,"Total Cost of Hydrogen","USD/kg",{"$f":"F6+F7+F8","v":6.5199537264558325}]
[]
[null,null,null,"Hydrogen Truck w/o Added Truck Cost","USD/km",{"$f":"'Refuse Truck LCOR'!I7","v":4.2574720016334657}]
[null,null,null,"Hydrogen Truck w/ Added Truck Cost","USD/km",{"$f":"'Refuse Truck LCOR'!H7","v":4.7506841946203711}]
[null,null,null,"Cost of Conventional Refuse Truck","USD/km",{"$f":"'Refuse Truck LCOR'!G7","v":4.9502770917233239}]
[null,null,null,"Difference in Cost per km","USD/km",{"$f":"F12-F13","v":-0.1995928971029528}]
[null,null,null,"km Travelled","km",{"$f":"'H2 vs Diesel Trucks'!F3","v":25000}]
[null,null,null,"Total Cost Difference/Truck-year","USD ",{"$f":"F15*F14","v":-4989.8224275738203}]
[null,null,null,"Percent Difference in Cost","%",{"$f":"F14/F13","v":-4.0319540382227202E-2}]
[]
[null,null,"Total Production",null,"kg/year",{"$f":"'H2 vs Diesel Trucks'!F22","v":206250}]
[null,null,null,"Total MW Required","kW",{"$f":"'H2 vs Diesel Trucks'!F18","v":1224.9324357698795}]
[null,null,null,"Cost of Electrolyzer/kW","USD/kW",{"$f":"'Electrolyzer Analysis'!J53","v":1755.8139547071103}]
[null,null,null,"Electrolyzer Capital Expenditure","USD ",{"$f":"truck_size*F21","v":2150753.4642981254}]
[]
[null,null,"Storage Requirement",null,"kg",{"$f":"'H2 vs Diesel Trucks'!F25","v":1129.3634496919917}]
[null,null,null,"Cost/kg","USD/kg",{"$f":"'Compression & Storage Analysis'!G11","v":2630.4347826086955}]
[null,null,null,"Stoarge and Compression Cap Exp","USD ",{"$f":"F24*F25","v":2970716.9002767606}]
[]
[null,null,"Dispenser Requirement"]
[null,null,null,"Number of Dispensers","Number",{"$f":"'H2 vs Diesel Trucks'!F32","v":9}]
[null,null,null,"Cost/Dispenser","Cost/Unit",{"$f":"Dispenser!H9","v":125158.5}]
[null,null,null,"Total Dispenser Cap Exp","USD",{"$f":"F29*F30","v":1126426.5}]
[]
[null,null,"Truck Cost"]
[null,null,null,"Number of Trucks","Number",{"$f":"'H2 vs Diesel Trucks'!F17","v":75}]
[null,null,null,"Cost/Truck","USD/Truck",{"$f":"'H2 vs Diesel Trucks'!F35","v":110000}]
[null,null,null,"Total Cost","USD  ",{"$f":"F34*F35","v":8250000}]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,{"$f":"D22","v":"Electrolyzer Capital Expenditure"},null,{"$f":"F22","v":2150753.4642981254}]
[null,null,null,{"$f":"D26","v":"Stoarge and Compression Cap Exp"},null,{"$f":"F26","v":2970716.9002767606}]
[null,null,null,{"$f":"D31","v":"Total Dispenser Cap Exp"},null,{"$f":"F31","v":1126426.5}]
[null,null,null,"Truck Cost",null,{"$f":"F36","v":8250000}]

{"sheet":"Solar LCOE","index":4,"n_rows":200,"n_cols":106,"rows_kept":200,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,1]
[]
[null,null,null,null,null,null,1,2,3,4]
[]
["Drivers",null,null,null,null,null,"Base","No Tracking","Single Axis Tracking","Bi-Facial",null,null,null,null,null,null,null,null,{"$f":"INDEX(G5:R5,$F$1)","v":"Base"}]
[null,null,"Units",null,null,null,"USD/MWH","USD/MWH","Rand/MWH","Rand/MWH",null,null,null,null,null,null,null,null,{"$f":"INDEX(G6:R6,$F$1)","v":"USD/MWH"}]
[null,null,"Resulting Levelised Cost per Unit",null,null,null,{"$f":"G62","v":17.649737039652742},{"$f":"H62","v":20.247738288614592},{"$f":"I62","v":488.54301117982902},{"$f":"I7+H7","v":508.79074946844361}]
[]
[null,"Project Inputs"]
[null,null,null,"Size in MW per Hour","MW",null,1,{"$f":"G10","v":1},{"$f":"H10","v":1},{"$f":"I10","v":1},null,null,null,null,null,null,null,null,{"$f":"INDEX(G10:R10,$F$1)","v":1}]
[]
[null,null,null,"Cost/kW","USD/kW",null,500,605,{"$f":"H12*15","v":9075},{"$f":"I12","v":9075},null,null,null,null,null,null,null,null,{"$f":"INDEX(G12:R12,$F$1)","v":500}]
[null,null,null,"Total Up-Front Cost","USD ",null,{"$f":"G12*G10*1000","v":500000},{"$f":"H12*H10*1000","v":605000},{"$f":"I12*I10*1000","v":9075000},{"$f":"H13+I13","v":9680000},null,null,null,null,null,null,null,null,{"$f":"INDEX(G13:R13,$F$1)","v":500000}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G14:R14,$F$1)","v":0}]
[null,null,null,"Capacity Factor","%",null,0.23,{"$f":"G15","v":0.23},{"$f":"H15","v":0.23},{"$f":"I15","v":0.23},null,null,null,null,null,null,null,null,{"$f":"INDEX(G15:R15,$F$1)","v":0.23}]
[null,null,null,"Hours of Operation at Load Factor","Hours/Year",null,{"$f":"G15*8766","v":2016.18},{"$f":"H15*8766","v":2016.18},{"$f":"I15*8766","v":2016.18},{"$f":"J15*8766","v":2016.18},null,null,null,null,null,null,null,null,{"$f":"INDEX(G16:R16,$F$1)","v":2016.18}]
[null,null,null,"Annual Energy","MWh/Year",null,{"$f":"G10*G16","v":2016.18},{"$f":"H10*H16","v":2016.18},{"$f":"I10*I16","v":2016.18},{"$f":"J10*J16","v":2016.18},null,null,null,null,null,null,null,null,{"$f":"INDEX(G17:R17,$F$1)","v":2016.18}]
[null,null,null,"Hours/Yr","Hours",null,{"$f":"8766*G15","v":2016.18},{"$f":"8766*H15","v":2016.18},{"$f":"8766*I15","v":2016.18},{"$f":"8766*J15","v":2016.18},null,null,null,null,null,null,null,null,{"$f":"INDEX(G18:R18,$F$1)","v":2016.18}]
[]
[null,null,null,"O&M Cost","USD/kW-Year",null,10,{"$f":"G20","v":10},{"$f":"H20*15","v":150},{"$f":"I20","v":150},null,null,null,null,null,null,null,null,{"$f":"INDEX(G20:R20,$F$1)","v":10}]
[null,null,null,"Total O&M Cost per Year","USD/year",null,{"$f":"G20*G10*1000","v":10000},{"$f":"G21","v":10000},{"$f":"H21","v":10000},{"$f":"I21","v":10000},null,null,null,null,null,null,null,null,{"$f":"INDEX(G21:R21,$F$1)","v":10000}]
[]
[null,"Capital Charge Inputs"]
[null,null,null,"Plant Life","Years",null,25,{"$f":"G24","v":25},{"$f":"G24","v":25},{"$f":"H24","v":25},null,null,null,null,null,null,null,null,{"$f":"INDEX(G24:R24,$F$1)","v":25}]
[null,null,null,"Plant Life from Maximum Hours","Years",null,{"$f":"G24","v":25},{"$f":"H24","v":25},{"$f":"I24","v":25},{"$f":"I25","v":25},null,null,null,null,null,null,null,null,{"$f":"INDEX(G25:R25,$F$1)","v":25}]
[]
[null,null,null,"Income Tax Rate","% p.a.",null,0.25,{"$f":"G27","v":0.25},0.25,0.25,null,null,null,null,null,null,null,null,{"$f":"INDEX(G27:R27,$F$1)","v":0.25}]
[null,null,null,"Tax Life","Year",null,10,10,10,10,null,null,null,null,null,null,null,null,{"$f":"INDEX(G28:R28,$F$1)","v":10}]
[null,null,null,"Variable Delicing Factor (1-SL)","Factor",null,1,1,1,1,null,null,null,null,null,null,null,null,{"$f":"INDEX(G29:R29,$F$1)","v":1}]
[null,null,null,"Value of Depreciation Deduction","%",null,{"$f":"F183","v":0.21434753979361601},{"$f":"F188","v":0.21434753979361601},{"$f":"F193","v":0.1669980184884908},{"$f":"F198","v":0.1669980184884908},null,null,null,null,null,null,null,null,{"$f":"INDEX(G30:R30,$F$1)","v":0.21434753979361601}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G31:R31,$F$1)","v":0}]
[null,null,null,"Degradation","% p.a.",null,5.0000000000000001E-3,{"$f":"G32","v":5.0000000000000001E-3},5.0000000000000001E-3,5.0000000000000001E-3,null,null,null,null,null,null,null,null,{"$f":"INDEX(G32:R32,$F$1)","v":5.0000000000000001E-3}]
[null,null,null,"Inflation Rate","% p.a.",null,0.02,0.02,0.02,0.02,null,null,null,null,null,null,null,null,{"$f":"INDEX(G33:R33,$F$1)","v":0.02}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G34:R34,$F$1)","v":0}]
[null,null,null,"Debt Percent","%",null,0.8,{"$f":"G35","v":0.8},{"$f":"H35","v":0.8},{"$f":"I35","v":0.8},null,null,null,null,null,null,null,null,{"$f":"INDEX(G35:R35,$F$1)","v":0.8}]
[null,null,null,"Equity Percent","%",null,{"$f":"1-G35","v":0.19999999999999996},{"$f":"1-H35","v":0.19999999999999996},{"$f":"1-I35","v":0.19999999999999996},{"$f":"1-J35","v":0.19999999999999996},null,null,null,null,null,null,null,null,{"$f":"INDEX(G36:R36,$F$1)","v":0.19999999999999996}]
[null,null,null,"Pre-tax Interest Rate","%",null,2.5000000000000001E-2,{"$f":"G37","v":2.5000000000000001E-2},8.5000000000000006E-2,{"$f":"I37","v":8.5000000000000006E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G37:R37,$F$1)","v":2.5000000000000001E-2}]
[null,null,null,"Interest Rate","%",null,{"$f":"G37*(1-G27)","v":1.8750000000000003E-2},{"$f":"H37*(1-H27)","v":1.8750000000000003E-2},{"$f":"I37*(1-I27)","v":6.3750000000000001E-2},{"$f":"J37*(1-J27)","v":6.3750000000000001E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G38:R38,$F$1)","v":1.8750000000000003E-2}]
[null,null,null,"Minimum Target Equity IRR","%",null,{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},0.15,{"$f":"I39","v":0.15},null,null,null,null,null,null,null,null,{"$f":"INDEX(G39:R39,$F$1)","v":7.0000000000000007E-2}]
[null,null,null,"WACC","%",null,{"$f":"G38*G35+G39*G36","v":2.9000000000000001E-2},{"$f":"H38*H35+H39*H36","v":2.9000000000000001E-2},{"$f":"I38*I35+I39*I36","v":8.0999999999999989E-2},{"$f":"J38*J35+J39*J36","v":8.0999999999999989E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G40:R40,$F$1)","v":2.9000000000000001E-2}]
[]
[null,null,null,"Required Pre-tax Project IRR - Nominal","% p.a.",null,{"$f":"G40","v":2.9000000000000001E-2},{"$f":"H40","v":2.9000000000000001E-2},{"$f":"I40","v":8.0999999999999989E-2},{"$f":"J40","v":8.0999999999999989E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G42:R42,$F$1)","v":2.9000000000000001E-2}]
[null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+G42)/(1+G33)-1","v":8.8235294117646745E-3},{"$f":"(1+H42)/(1+H33)-1","v":8.8235294117646745E-3},{"$f":"(1+I42)/(1+I33)-1","v":5.9803921568627461E-2},{"$f":"(1+J42)/(1+J33)-1","v":5.9803921568627461E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G43:R43,$F$1)","v":8.8235294117646745E-3},null,null,{"$f":"_xlfn.FORMULATEXT(J43)","v":"=(1+J42)/(1+J33)-1"}]
[]
[null,null,null,"Nominal Adjusted IRR for Degradation","% p.a.",null,{"$f":"(1+G42)/(1-G32)-1","v":3.4170854271356799E-2},{"$f":"(1+H42)/(1-H32)-1","v":3.4170854271356799E-2},{"$f":"(1+I42)/(1-I32)-1","v":8.6432160804020164E-2},{"$f":"(1+J42)/(1-J32)-1","v":8.6432160804020164E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G45:R45,$F$1)","v":3.4170854271356799E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J45)","v":"=(1+J42)/(1-J32)-1"}]
[null,null,null,"Real Adjusted IRR for Degradation","% p.a.",null,{"$f":"(1+G43)/(1-G32)-1","v":1.3892994383683188E-2},{"$f":"(1+H43)/(1-H32)-1","v":1.3892994383683188E-2},{"$f":"(1+I43)/(1-I32)-1","v":6.5129569415705912E-2},{"$f":"(1+J43)/(1-J32)-1","v":6.5129569415705912E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G46:R46,$F$1)","v":1.3892994383683188E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J46)","v":"=(1+J43)/(1-J32)-1"}]
[]
[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G45,G25,-1)/(1-G27)","v":8.017241573695251E-2},{"$f":"PMT(H45,H25,-1)/(1-H27)","v":8.017241573695251E-2},{"$f":"PMT(I45,I25,-1)/(1-I27)","v":0.13183777735676547},{"$f":"PMT(J45,J25,-1)/(1-J27)","v":0.13183777735676547},null,null,null,null,null,null,null,null,{"$f":"INDEX(G48:R48,$F$1)","v":8.017241573695251E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J48)","v":"=PMT(J45,J25,-1)/(1-J27)"}]
[null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(G46,G25,-1)/(1-G27)","v":6.3496367953063695E-2},{"$f":"PMT(H46,H25,-1)/(1-H27)","v":6.3496367953063695E-2},{"$f":"PMT(I46,I25,-1)/(1-I27)","v":0.10943970991062406},{"$f":"PMT(J46,J25,-1)/(1-J27)","v":0.10943970991062406},null,null,null,null,null,null,null,null,{"$f":"INDEX(G49:R49,$F$1)","v":6.3496367953063695E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J49)","v":"=PMT(J46,J25,-1)/(1-J27)"}]
[]
[null,null,null,"Capexp Recovery - Nominal","USD/Kw-yr",null,{"$f":"G48*G12","v":40.086207868476258},{"$f":"H48*H12","v":48.50431152085627},{"$f":"I48*I12","v":1196.4278295126467},{"$f":"J48*J12","v":1196.4278295126467},null,null,null,null,null,null,null,null,{"$f":"INDEX(G51:R51,$F$1)","v":40.086207868476258}]
[null,null,null,"Capexp Recovery - After Tax Shield","USD/kgyr",null,{"$f":"G51*(1-G30)","v":31.49382783221288},{"$f":"H51*(1-H30)","v":38.107531676977587},{"$f":"I51*(1-I30)","v":996.62675271954879},{"$f":"J51*(1-J30)","v":996.62675271954879},null,null,null,null,null,null,null,null,{"$f":"INDEX(G52:R52,$F$1)","v":31.49382783221288}]
[null,null,null,"Capexp Recovery - Nominal","USD/MWH",null,{"$f":"G52/G16*1000","v":15.620543717432412},{"$f":"H52/H16*1000","v":18.900857898093218},{"$f":"I52/I16*1000","v":494.31437308154472},{"$f":"J52/J16*1000","v":494.31437308154472},null,null,null,null,null,null,null,null,{"$f":"INDEX(G53:R53,$F$1)","v":15.620543717432412}]
[null,null,null,"Capexp Recovery - Real","USD/kgyr",null,{"$f":"G49*G12*(1-G30)","v":24.943038848247145},{"$f":"H49*H12*(1-H30)","v":30.181077006379049},{"$f":"I49*I12*(1-I30)","v":827.30871904522087},{"$f":"J49*J12*(1-J30)","v":827.30871904522087},null,null,null,null,null,null,null,null,{"$f":"INDEX(G54:R54,$F$1)","v":24.943038848247145}]
[null,null,null,"Capexp Recovery - Real","USD/MWH",null,{"$f":"G54/G18*1000","v":12.371434518865946},{"$f":"H54/H18*1000","v":14.969435767827797},{"$f":"I54/I18*1000","v":410.33475138391458},{"$f":"J54/J18*1000","v":410.33475138391458},null,null,null,null,null,null,null,null,{"$f":"INDEX(G55:R55,$F$1)","v":12.371434518865946}]
[]
[null,null,null,"O&M Cost - Nominal","USD/kW-yr",null,{"$f":"G20*PV(G43,G25,-1)/PV(G45,G25,-1)","v":13.436917972810221},{"$f":"H20*PV(H43,H25,-1)/PV(H45,H25,-1)","v":13.436917972810221},{"$f":"I20*PV(I43,I25,-1)/PV(I45,I25,-1)","v":189.95330942205086},{"$f":"J20*PV(J43,J25,-1)/PV(J45,J25,-1)","v":189.95330942205086},null,null,null,null,null,null,null,null,{"$f":"INDEX(G57:R57,$F$1)","v":13.436917972810221}]
[null,null,null,"O&M Cost - Nominal","USD/MWH",null,{"$f":"G57*1000/G16","v":6.6645428348710034},{"$f":"H57*1000/H16","v":6.6645428348710034},{"$f":"I57*1000/I16","v":94.214459731795202},{"$f":"J57*1000/J16","v":94.214459731795202},null,null,null,null,null,null,null,null,{"$f":"INDEX(G58:R58,$F$1)","v":6.6645428348710034}]
[null,null,null,"O&M Cost - Real Degradation","USD/kW-yr",null,{"$f":"PV(G43,G25,-1)/PV(G46,G25,-1)*G20","v":10.642007976359924},{"$f":"PV(H43,H25,-1)/PV(H46,H25,-1)*H20","v":10.642007976359924},{"$f":"PV(I43,I25,-1)/PV(I46,I25,-1)*I20","v":157.68192923532681},{"$f":"PV(J43,J25,-1)/PV(J46,J25,-1)*J20","v":157.68192923532681},null,null,null,null,null,null,null,null,{"$f":"INDEX(G59:R59,$F$1)","v":10.642007976359924}]
[null,null,null,"O&M Cost - Real","USD/MWH",null,{"$f":"G59*1000/G16","v":5.2783025207867968},{"$f":"H59*1000/H16","v":5.2783025207867968},{"$f":"I59*1000/I16","v":78.208259795914444},{"$f":"J59*1000/J16","v":78.208259795914444},null,null,null,null,null,null,null,null,{"$f":"INDEX(G60:R60,$F$1)","v":5.2783025207867968}]
[]
[null,null,null,"LCOE - Real","USD/MWH",null,{"$f":"G55+G60","v":17.649737039652742},{"$f":"H55+H60","v":20.247738288614592},{"$f":"I55+I60","v":488.54301117982902},{"$f":"J55+J60","v":488.54301117982902},null,null,null,null,null,null,null,null,{"$f":"INDEX(G62:R62,$F$1)","v":17.649737039652742}]
[null,null,null,"LCOE - Nominal","USD/MWH",null,{"$f":"G53+G58","v":22.285086552303415},{"$f":"H53+H58","v":25.565400732964221},{"$f":"I53+I58","v":588.52883281333993},{"$f":"J53+J58","v":588.52883281333993},null,null,null,null,null,null,null,null,{"$f":"INDEX(G63:R63,$F$1)","v":22.285086552303415}]
[]
[null,"Proof w/ financial model",null,null,"Driver"]
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[null,null,"Flag",null,{"$f":"S25","v":25},null,{"$f":"G66<=$E$67","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS66<=$E$67","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
[null,null,null,"Price per MWH",{"$f":"S63","v":22.285086552303415},null,{"$f":"$E$69*G67","v":22.285086552303415},{"$f":"$E$69","v":22.285086552303415},22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,{"$f":"$E$69","v":22.285086552303415},22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415,22.285086552303415]
[null,null,null,"Production without Degradation",{"$f":"S16","v":2016.18},null,{"$f":"$E$70*G67","v":2016.18},2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$70*BS67","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",{"$f":"S32","v":5.0000000000000001E-3},1,{"$f":"F71*(1-$E$71)","v":0.995},0.99002500000000004,0.98507487500000002,0.98014950062500006,0.97524875312187509,0.97037250935626573,0.96552064680948435,0.96069304357543694,0.95588957835755972,0.95111013046577186,0.94635457981344295,0.94162280691437572,0.93691469287980389,0.9322301194154049,0.92756896881832784,0.92293112397423616,0.91831646835436498,0.91372488601259316,0.90915626158253016,0.90461048027461755,0.90008742787324447,0.89558699073387826,0.89110905578020883,0.88665351050130781,0.8822202429488013,0.87780914173405733,0.87342009602538706,0.86905299554526017,0.86470773056753381,0.86038419191469617,0.85608227095512268,0.85180185960034704,0.84754285030234533,0.84330513605083357,0.83908861037057936,0.83489316731872643,0.83071870148213278,0.82656510797472216,0.82243228243484856,0.81832012102267426,0.81422852041756089,0.81015737781547303,0.80610659092639569,0.80207605797176373,0.79806567768190495,0.79407534929349544,0.79010497254702794,0.78615444768429277,0.78222367544587135,0.778312557068642,0.7744209942832988,0.77054888931188226,0.76669614486532289,0.76286266414099624,0.75904835082029121,0.7552531090661897,0.75147684352085875,0.74771945930325445,0.74398086200673819,0.74026095769670452,0.73655965290822101,0.73287685464367991,0.72921247037046155,0.72556640801860928,{"$f":"BR71*(1-$E$71)","v":0.72193857597851618},0.71832888309862364,0.71473723868313055,0.71116355248971486,0.70760773472726624,0.7040696960536299,0.70054934757336174,0.69704660083549497,0.6935613678313175,0.6900935609921609,0.68664309318720007,0.68320987772126407,0.67979382833265778,0.67639485919099451,0.67301288489503952,0.66964782047056437,0.66629958136821155,0.66296808346137048,0.65965324304406359,0.65635497682884325,0.65307320194469898,0.64980783593497549,0.64655879675530059,0.64332600277152407,0.64010937275766644,0.63690882589387809,0.63372428176440865,0.63055566035558663,0.62740288205380867,0.62426586764353964,0.6211445383053219,0.61803881561379526,0.61494862153572627,0.61187387842804764,0.60881450903590739,0.60577043649072781]
[null,null,null,"Final Production with Degradation",null,null,{"$f":"G70*G71","v":2006.0991000000001},{"$f":"H70*H71","v":1996.0686045000002},1986.0882614775001,1976.1578201701127,1966.2770310692622,1956.445645913916,1946.6634176843463,1936.9301005959246,1927.2454500929448,1917.60922284248,1908.0211767282674,1898.4810708446262,1888.988665490403,1879.5437221629511,1870.1460035521363,1860.7952735343756,1851.4912971667036,1842.2338406808701,1833.0226714774658,1823.8575581200785,1814.7382703294782,1805.6645789778308,1796.6362560829414,1787.6530748025268,1778.7148094285142,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT70*BT71","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues ",null,null,{"$f":"G69*G72","v":44706.092075997985},{"$f":"H69*H72","v":44482.561615617997},44260.148807539903,44038.848063502206,43818.653823184701,43599.560554068776,43381.562751298436,43164.654937541942,42948.831662854223,42734.087504539952,42520.417067017246,42307.814981682168,42096.275906773757,41885.794527239887,41676.36555460369,41467.983726830666,41260.64380819651,41054.34058915553,40849.068886209752,40644.823541778707,40441.599424069813,40239.391426949463,40038.194469814713,39838.003497465645,39638.813479978315,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT69*BT72","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Less: Interest",false,null,{"$f":"G119*$E$78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS119*$E$78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[]
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[null,null,null,"Project After-tax Cash Flow",null,{"$f":"F86","v":-500000},{"$f":"G76-(G76-G77)*$E$80","v":38379.569056998487},38058.921211713496,37736.051605654924,37410.894847626652,37083.384343388527,36753.452271071583,36421.029556104229,36086.045845639463,35748.429482473337,35408.107478444283,22565.005487303042,22219.047777042535,21870.157201676848,21518.255172458375,21163.261628521792,20805.095006943404,20443.672212204197,20078.908585044599,19710.717870698823,19339.012186496366,18963.701988817942,18584.696039392995,18201.901370925549,17815.223252035037,17424.565151498256,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS76-(BS76-BS77)*$E$80","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax Project IRR",null,{"$f":"IFERROR(IRR(F88:DB88),0.1)","v":2.9000000000000137E-2}]
[]
[null,null,"Asset Balance"]
[null,null,null,"Straight Line Depreciation",{"$f":"S25","v":25},{"$f":"-F82","v":500000},{"$f":"$F$92/$E$92*G67","v":20000},20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$92/$E$92*BS67","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV of Future Project Cash Flow",null,{"$f":"NPV($F$89,G88:DB88)","v":499999.99999999959},476120.43094300106,451869.00222863484,427237.15168761031,402216.13423892437,376797.01778846473,350970.67903325864,324727.79916911904,298058.85949938395,270954.13694239286,243403.69943527799,227897.40123159802,212287.3780902719,196573.55485321296,180755.93277149778,164834.59319334946,148809.70138901324,132681.51051709044,116450.36573704147,100116.70847271685,83681.080831929299,67144.13018723733,50506.613923274228,33769.404356123632,16933.493830416184,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"NPV($F$89,BS88:FN88)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Economic Depreciation from NPV of After Tax Cash Flow",null,null,{"$f":"F93-G93","v":23879.569056998531},{"$f":"G93-H93","v":24251.428714366222},24631.850541024527,25021.017448685947,25419.116450459638,25826.338755206089,26242.879864139599,26668.939669735089,{"$f":"N93-O93","v":27104.722556991095},27550.437507114868,15506.298203679966,15610.023141326121,15713.823237058939,15817.622081715177,15921.339578148327,16024.891804336221,16128.190871922794,16231.14478004897,16333.657264324618,16435.627640787556,16536.95064469197,16637.516263963102,16737.209567150596,16835.910525707448,16933.493830416184,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS93-BT93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Income with Economic Depreciation",{"$f":"SUM(G97:DB97)","v":81967.154924912378},null,{"$f":"(G76-G94-G78)*(1-$E$104)+G104-G119","v":6999.9999999999573},6665.6860332022516,6326.166031200868,5981.3201236265431,5631.0258793450139,5275.1582490385163,4913.5895064657398,4546.1891883675826,4172.8240329914715,3793.3579171935148,3407.6517920939,3190.5636172424347,2972.0232932638214,2752.0297679449955,2530.5830588009912,2307.684304706936,2083.335819446198,1857.5411472392655,1630.305120318576,1401.6339186180517,1171.535131647026,940.01782262132679,707.09259492583249,472.77166098572559,237.06891362582255,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,{"$f":"(BS76-BS94-BS78)*(1-$E$104)+BS104-BS119","v":-6.9917405198793866E-12},-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12]
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[null,null,null,"Net Plant",null,{"$f":"F99-F100","v":500000},{"$f":"G99-G100","v":476120.43094300147},{"$f":"H99-H100","v":451869.00222863525},427237.15168761072,402216.13423892477,376797.01778846513,350970.67903325905,324727.79916911945,298058.85949938436,270954.13694239326,243403.69943527839,227897.40123159846,212287.37809027231,196573.55485321337,180755.93277149822,164834.59319334989,148809.70138901367,132681.51051709091,116450.36573704192,100116.70847271732,83681.08083192975,67144.130187237752,50506.613923274679,33769.404356124112,16933.493830416643,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,{"$f":"BT99-BT100","v":4.6566128730773926E-10},4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10,4.6566128730773926E-10]
[]
[null,null,"Capital Balance"]
[null,null,null,"Deferred Taxes",{"$f":"S27","v":0.25},null,{"$f":"(G77-G94)*$E$104","v":6530.1077357503673},6437.1428214084444,6342.0373647438682,6244.7456378285133,6145.2208873850905,6043.4153111984779,5939.2800339651003,5832.7650825662276,5723.8193607522262,5612.390623221283,-3876.5745509199915,-3902.5057853315302,-3928.4558092647349,-3954.4055204287943,-3980.3348945370817,-4006.2229510840552,-4032.0477179806985,-4057.7861950122424,-4083.4143160811545,-4108.9069101968889,-4134.2376611729924,-4159.3790659907754,-4184.302391787649,-4208.977631426862,-4233.3734576040461,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS77-BS94)*$E$104","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Accumulated Deferred Taxes"]
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[]
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[null,null,null,"Equity IRR Check",null,{"$f":"IRR(F121:DB121)","v":7.0000000000000284E-2},{"$f":"G83","v":11775.913811399674},{"$f":"H83","v":11515.971776075516},11252.536139405762,10985.523613363723,10714.849169436955,10440.426000079733,10162.165479293653,9879.9771223146054,9593.7685443896844,9303.4454186164839,6508.9114328299402,6312.5682455076258,6114.7879406756165,5915.5541842880448,5714.8509744306575,5512.6626655741784,5308.973993830783,5103.7701032490513,4897.0365731835045,4688.7594467755498,4478.9252605853908,4267.5210754139716,4054.534508355975,3839.9537661271988,3623.7676797090644,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,{"$f":"BT83","v":-6.9917405198793866E-12},-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12,-6.9917405198793866E-12]
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[]
[null,"Financial Model in Real Terms with Inflating Price"]
[null,null,null,"Index",null,1,{"$f":"F126*(1+$S$33)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR126*(1+$S$33)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"Initial Price",{"$f":"S62","v":17.649737039652742},null,{"$f":"$E$127*G67","v":17.649737039652742},17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,17.649737039652742,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$127*BS67","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflated Price",null,null,{"$f":"G127*G126","v":18.002731780445796},{"$f":"H127*H126","v":18.362786416054711},18.730042144375805,19.104642987263322,19.486735847008589,19.876470563948761,20.273999975227738,20.679479974732292,21.093069574226938,21.514930965711478,21.945229585025707,22.384134176726221,22.831816860260744,23.288453197465962,23.754222261415283,24.229306706643587,24.713892840776463,25.208170697591992,25.712334111543832,26.226580793774708,26.751112409650204,27.28613465784321,27.831857351000075,28.388494498020076,28.956264387980479,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT127*BT126","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",{"$f":"S18","v":2016.18},null,{"$f":"G72","v":2006.0991000000001},1996.0686045000002,1986.0882614775001,1976.1578201701127,1966.2770310692622,1956.445645913916,1946.6634176843463,1936.9301005959246,1927.2454500929448,1917.60922284248,1908.0211767282674,1898.4810708446262,1888.988665490403,1879.5437221629511,1870.1460035521363,1860.7952735343756,1851.4912971667036,1842.2338406808701,1833.0226714774658,1823.8575581200785,1814.7382703294782,1805.6645789778308,1796.6362560829414,1787.6530748025268,1778.7148094285142,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS72","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G128*G129","v":36115.264022293712},{"$f":"H128*H129","v":36653.381456225885},37199.51683992365,37753.789640838513,38316.321106487012,38887.234290973669,39466.654081909182,40054.707227729625,40651.522365422796,41257.230048667596,41871.962776392735,42495.855021760988,43129.043261585226,43771.666006182852,44423.863829674978,45085.779400737134,45757.557513808126,46439.345120763865,47131.291363063247,47833.547604372892,48546.26746367805,49269.606848886855,50003.723990935265,50748.779478400204,51504.936292628372,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT128*BT129","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"E75","v":10000},null,{"$f":"G75","v":10200},10404,10612.08,10824.321599999999,11040.808032000001,11261.62419264,11486.8566764928,11716.593810022658,11950.92568622311,12189.944199947573,12433.743083946525,12682.417945625455,12936.066304537962,13194.787630628723,13458.683383241299,13727.857050906125,14002.414191924248,14282.462475762733,14568.111725277988,14859.473959783549,15156.663438979222,15459.796707758805,15768.992641913981,16084.372494752262,16406.059944647306,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS75","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G130-G131","v":25915.264022293712},26249.381456225885,26587.436839923648,26929.468040838514,27275.513074487011,27625.610098333669,27979.797405416382,28338.113417706969,28700.596679199683,29067.285848720021,29438.219692446211,29813.437076135531,30192.976957047264,30576.87837555413,30965.180446433678,31357.922349831009,31755.143321883879,32156.882645001133,32563.179637785259,32974.073644589342,33389.604024698827,33809.810141128051,34234.731349021284,34664.406983647939,35098.876347981066,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS130-BS131","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Depreciation",{"$f":"G13","v":500000},null,{"$f":"$E$133*G200","v":50000},50000,50000,50000,50000,50000,50000,50000,50000,50000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$133*AM200","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$133*BS200","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Taxes",{"$f":"S27","v":0.25},null,{"$f":"(G132-G133)*$E$134","v":-6021.1839944265721},-5937.6546359435288,-5853.1407900190879,-5767.6329897903715,-5681.1217313782472,-5593.5974754165827,-5505.0506486459044,-5415.4716455732578,-5324.8508302000791,-5233.1785378199947,7359.5549231115529,7453.3592690338828,7548.2442392618159,7644.2195938885325,7741.2951116084196,7839.4805874577523,7938.7858304709698,8039.2206612502832,8140.7949094463147,8243.5184111473354,8347.4010061747067,8452.4525352820128,8558.6828372553209,8666.1017459119848,8774.7190869952665,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS132-BS133)*$E$134","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capex",null,{"$f":"G13","v":500000}]
[null,null,null,"Project Cash Flow",null,{"$f":"F132-F135","v":-500000},{"$f":"G132-G134","v":31936.448016720286},{"$f":"H132-H134","v":32187.036092169415},32440.577629942738,32697.101030628884,32956.634805865258,33219.207573750253,33484.848054062284,33753.585063280225,34025.447509399761,34300.464386540014,22078.66476933466,22360.077807101647,22644.732717785446,22932.658781665596,23223.88533482526,23518.441762373259,23816.357491412909,24117.661983750848,24422.384728338944,24730.555233442006,25042.20301852412,25357.357605846038,25676.048511765963,25998.305237735956,26324.157260985798,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT132-BT134","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax Project IRR",null,{"$f":"IRR(F136:DS136)","v":2.9000000000000137E-2},"Target",{"$f":"G40","v":2.9000000000000001E-2},{"$f":"ROUND(H137-F137,3)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV(Revenues)/NPV(Generation)"]
[]
[null,null,"Nominal",null,null,"Computed","Method 1","Test"]
[null,null,null,"NPV of Revenues",{"$f":"S42","v":2.9000000000000001E-2},{"$f":"NPV(E142,G130:EB130)","v":747235.32430309453}]
[null,null,null,"NPV of Generation",{"$f":"E142","v":2.9000000000000001E-2},{"$f":"NPV(E143,G72:DB72)","v":33530.734670889542}]
[null,null,null,"Nominal LCOE",null,{"$f":"F142/F143","v":22.285086552303419},{"$f":"S63","v":22.285086552303415},{"$f":"ROUND(F144-G144,0)=0","v":true}]
[]
[null,null,"Real"]
[null,null,null,"NPV of Revenues",{"$f":"E142","v":2.9000000000000001E-2},{"$f":"F142","v":747235.32430309453}]
[null,null,null,"NPV of Generation",{"$f":"$S$43","v":8.8235294117646745E-3},{"$f":"NPV(E148,G129:DB129)","v":42336.909758163514}]
[null,null,null,"Real LCOE",null,{"$f":"F142/F148","v":17.649737039652749},{"$f":"$E$127","v":17.649737039652742},{"$f":"ROUND(F149-G149,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"G13","v":500000}]
[null,null,null,"Gross-Up for Taxes",{"$f":"S27","v":0.25},{"$f":"F153/(1-E154)","v":666666.66666666663}]
[null,null,null,"Value of Tax Deduction",{"$f":"S30","v":0.21434753979361601},{"$f":"F154*E155*-1","v":-142898.35986241067}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"S57*1000","v":13436.917972810221},{"$f":"S25","v":25}]
[null,null,null,"NPV of O&M Expenses",{"$f":"S45","v":3.4170854271356799E-2},{"$f":"PV(E157,F156,-E156)","v":223467.01749883711}]
[null,null,null,"Total Cost",null,{"$f":"F154+F157+F155","v":747235.32430309302}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"E142","v":2.9000000000000001E-2},{"$f":"NPV(E160,G72:DB72)","v":33530.734670889542}]
[null,null,null,"Nominal LCOE",null,{"$f":"F158/F160","v":22.285086552303373},{"$f":"$E$69","v":22.285086552303415},{"$f":"ROUND(G161-F161,0)=0","v":true}]
[]
[null,null,null,"Total Cost",null,{"$f":"F158","v":747235.32430309302}]
[null,null,null,"NPV Generation - Real",{"$f":"S43","v":8.8235294117646745E-3},{"$f":"NPV(E164,G72:DB72)","v":42336.909758163514}]
[null,null,null,"Real LCOE",null,{"$f":"F163/F164","v":17.649737039652713},{"$f":"$E$127","v":17.649737039652742},{"$f":"ROUND(F165-G165,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G66","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BS66","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F165","v":17.649737039652713},{"$f":"G128","v":18.002731780445796},18.362786416054711,18.730042144375805,19.104642987263322,19.486735847008589,19.876470563948761,20.273999975227738,20.679479974732292,21.093069574226938,21.514930965711478,21.945229585025707,22.384134176726221,22.831816860260744,23.288453197465962,23.754222261415283,24.229306706643587,24.713892840776463,25.208170697591992,25.712334111543832,26.226580793774708,26.751112409650204,27.28613465784321,27.831857351000075,28.388494498020076,28.956264387980479,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",null,null,2006.0991000000001,1996.0686045000002,1986.0882614775001,1976.1578201701127,1966.2770310692622,1956.445645913916,1946.6634176843463,1936.9301005959246,1927.2454500929448,1917.60922284248,1908.0211767282674,1898.4810708446262,1888.988665490403,1879.5437221629511,1870.1460035521363,1860.7952735343756,1851.4912971667036,1842.2338406808701,1833.0226714774658,1823.8575581200785,1814.7382703294782,1805.6645789778308,1796.6362560829414,1787.6530748025268,1778.7148094285142,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G173:DB173*G169:DB169)","v":22.285086552303422},null,{"$f":"_xlfn.FORMULATEXT(E175)","v":"=SUMPRODUCT(G173:DB173*G169:DB169)"}]
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[null,null,null,"Year",{"$f":"J28","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
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[null,null,null,"Applied Tax Depreciation Rate",{"$f":"F1","v":1},null,{"$f":"CHOOSE($E$200,G181,G186,G191,G196)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]

{"sheet":"Electrolizer  LCOH","index":5,"n_rows":222,"n_cols":106,"rows_kept":222,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,null,null,1,2,3,4]
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["Drivers",null,null,null,null,null,"Combined","Stack Portion Incl O&M","Non-Stack Portion","Combined Stack and Non-Stack",null,null,null,null,null,null,null,null,{"$f":"INDEX(G5:R5,$F$1)","v":"Combined"}]
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[null,"Project Inputs"]
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[null,null,null,"Stack Percent",null,null,null,0.6,{"$f":"1-H12","v":0.4},{"$f":"I12+H12","v":1}]
[null,null,null,"Size in MW per Hour","MW",null,{"$f":"'Electrolyzer vs SMR'!$I$10","v":1.2249324357698794},{"$f":"G13","v":1.2249324357698794},1.2249324357698794,1.2249324357698794]
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[null,null,null,"Cost/kW","USD/kW",null,{"$f":"'Electrolyzer Analysis'!$F$46","v":1755.8139547071103},{"$f":"G17*H12","v":1053.4883728242662},{"$f":"G17*I12","v":702.32558188284418},{"$f":"H17+I17","v":1755.8139547071105}]
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[null,null,null,"kg at 100% Load Factor","kg/year",null,{"$f":"G15*8760","v":170323.93868800226},{"$f":"H15*8760","v":170323.93868800226},{"$f":"I15*8760","v":170323.93868800226},{"$f":"J15*8760","v":170323.93868800226}]
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[null,null,null,"Water Efficiency (Litres/kg)","L/kg",null,{"$f":"'NREL Backup'!$N$30","v":17.992799999999999},{"$f":"G33","v":17.992799999999999},null,{"$f":"H33","v":17.992799999999999}]
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[null,null,null,"Annual Water Cost","USD",null,{"$f":"G34*G35","v":2321.5270833333329},{"$f":"G37","v":2321.5270833333329}]
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[null,"Carrying Charge Inputs"]
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[null,null,null,"Stack Life","Hours",null,60000]
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[null,null,null,"Hours/Yr","Hours",null,{"$f":"8766*G22","v":8503.02},{"$f":"8766*H22","v":8503.02},{"$f":"8766*I22","v":8503.02},{"$f":"8766*J22","v":8503.02},null,null,null,null,null,null,null,null,{"$f":"INDEX(G46:R46,$F$1)","v":8503.02}]
[null,null,null,"Maximum Hours","Hours"]
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[null,null,null,"Inflation Rate","% p.a.",null,0.01,0.01,0.01,0.01,null,null,null,null,null,null,null,null,{"$f":"INDEX(G57:R57,$F$1)","v":0.01}]
[]
[null,null,null,"Debt Percent","%",null,0.7,0.75,0.75,0.75,null,null,null,null,null,null,null,null,{"$f":"INDEX(G59:R59,$F$1)","v":0.7}]
[null,null,null,"Equity Percent","%",null,{"$f":"1-G59","v":0.30000000000000004},{"$f":"1-H59","v":0.25},{"$f":"1-I59","v":0.25},{"$f":"1-J59","v":0.25},null,null,null,null,null,null,null,null,{"$f":"INDEX(G60:R60,$F$1)","v":0.30000000000000004}]
[null,null,null,"Pre-tax Interest Rate","%",null,2.5000000000000001E-2,{"$f":"G61","v":2.5000000000000001E-2},{"$f":"H61","v":2.5000000000000001E-2},{"$f":"I61","v":2.5000000000000001E-2}]
[null,null,null,"Interest Rate","%",null,{"$f":"G61*(1-G51)","v":2.0000000000000004E-2},{"$f":"H61*(1-H51)","v":2.0000000000000004E-2},{"$f":"I61*(1-I51)","v":1.7499999999999998E-2},{"$f":"J61*(1-J51)","v":1.2500000000000001E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G62:R62,$F$1)","v":2.0000000000000004E-2}]
[null,null,null,"Minimum Target Equity IRR","%",null,{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G63:R63,$F$1)","v":7.0000000000000007E-2}]
[null,null,null,"WACC","%",null,{"$f":"G62*G59+G63*G60","v":3.5000000000000003E-2},{"$f":"H62*H59+H63*H60","v":3.2500000000000001E-2},{"$f":"I62*I59+I63*I60","v":3.0624999999999999E-2},{"$f":"J62*J59+J63*J60","v":2.6875000000000003E-2}]
[]
[null,null,null,"Required Pre-tax Project IRR","% p.a.",null,{"$f":"G64","v":3.5000000000000003E-2},0.04,5.5E-2,5.5E-2,null,null,null,null,null,null,null,null,{"$f":"INDEX(G66:R66,$F$1)","v":3.5000000000000003E-2}]
[null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+G66)/(1+G57)-1","v":2.4752475247524774E-2},{"$f":"(1+H66)/(1+H57)-1","v":2.9702970297029729E-2},{"$f":"(1+I66)/(1+I57)-1","v":4.4554455445544594E-2},{"$f":"(1+J66)/(1+J57)-1","v":4.4554455445544594E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G67:R67,$F$1)","v":2.4752475247524774E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J67)","v":"=(1+J66)/(1+J57)-1"}]
[]
[null,null,null,"Nominal Adjusted for Degradation","% p.a.",null,{"$f":"(1+G66)/(1-G56)-1","v":4.020100502512558E-2},{"$f":"(1+H66)/(1-H56)-1","v":4.5226130653266416E-2},{"$f":"(1+I66)/(1-I56)-1","v":6.0301507537688481E-2},{"$f":"(1+J66)/(1-J56)-1","v":6.0301507537688481E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G69:R69,$F$1)","v":4.020100502512558E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J69)","v":"=(1+J66)/(1-J56)-1"}]
[null,null,null,"Real Adjusted for Degradation","% p.a.",null,{"$f":"(1+G67)/(1-G56)-1","v":2.990198517339171E-2},{"$f":"(1+H67)/(1-H56)-1","v":3.4877357082441884E-2},{"$f":"(1+I67)/(1-I56)-1","v":4.980347280959263E-2},{"$f":"(1+J67)/(1-J56)-1","v":4.980347280959263E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G70:R70,$F$1)","v":2.990198517339171E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J70)","v":"=(1+J67)/(1-J56)-1"}]
[]
[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G69,G49,-1)/(1-G51)","v":0.11258444863326875},{"$f":"PMT(H69,H49,-1)/(1-H51)","v":0.21230241090803967},{"$f":"PMT(I69,I49,-1)/(1-I51)","v":0.14737957135801061},{"$f":"PMT(J69,J49,-1)/(1-J51)","v":0.26820122659100643},null,null,null,null,null,null,null,null,{"$f":"INDEX(G72:R72,$F$1)","v":0.11258444863326875},null,null,{"$f":"_xlfn.FORMULATEXT(J72)","v":"=PMT(J69,J49,-1)/(1-J51)"}]
[null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(G70,G49,-1)/(1-G51)","v":0.10463400708911552},{"$f":"PMT(H70,H49,-1)/(1-H51)","v":0.20433706097710377},{"$f":"PMT(I70,I49,-1)/(1-I51)","v":0.13744907046838245},{"$f":"PMT(J70,J49,-1)/(1-J51)","v":0.25482330431278527},null,null,null,null,null,null,null,null,{"$f":"INDEX(G73:R73,$F$1)","v":0.10463400708911552},null,null,{"$f":"_xlfn.FORMULATEXT(J73)","v":"=PMT(J70,J49,-1)/(1-J51)"}]
[]
[null,null,null,"Value of Tax Deductions","%",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"F95","v":0.12261363607575225}]
[null,null,null,"Capexp Recovery - Nominal","USD/Kgyr",null,{"$f":"G72*G18","v":12453.672797577845},{"$f":"H72*H18","v":14090.461649093304},{"$f":"I72*I18","v":6521.0319223345141},{"$f":"J72*J18","v":29667.421748037326},null,null,null,null,null,null,null,null,{"$f":"INDEX(G76:R76,$F$1)","v":12453.672797577845}]
[null,null,null,"Capexp Recovery - After Tax Shield","USD/kgyr",null,{"$f":"G76*(1-G54)","v":10926.682693369139},{"$f":"H76*(1-H54)","v":11446.689242367744},{"$f":"I76*(1-I54)","v":5006.4261520435984},{"$f":"J76*(1-J54)","v":20803.995817269169}]
[null,null,null,"Capexp Recovery - Nominal","USD/kghr",null,{"$f":"G77/G23","v":1.2850355160130329},{"$f":"H77/H46","v":1.3461910288777097},{"$f":"I77/I46","v":0.5887821211808979},{"$f":"J77/J46","v":2.446659635902205},null,null,null,null,null,null,null,null,{"$f":"INDEX(G78:R78,$F$1)","v":1.2850355160130329}]
[null,null,null,"Capexp Recovery - Real","USD/kgyr",null,{"$f":"G73*G18*(1-G54)","v":10155.066781227333},{"$f":"H73*H18*(1-H54)","v":11017.222214762332},{"$f":"I73*I18*(1-I54)","v":4669.0909372738588},{"$f":"J73*J18*(1-J54)","v":19766.289007880561},null,null,null,null,null,null,null,null,{"$f":"INDEX(G79:R79,$F$1)","v":10155.066781227333}]
[null,null,null,"Capexp Recovery - Real","USD/kghr",null,{"$f":"G79/G46","v":1.1942894149640166},{"$f":"H79/H46","v":1.2956834412670242},{"$f":"I79/I46","v":0.5491097206961596},{"$f":"I80+H80","v":1.8447931619631839},null,null,null,null,null,null,null,null,{"$f":"INDEX(G80:R80,$F$1)","v":1.1942894149640166}]
[]
[null,null,null,"O&M Cost - Nominal","USD/kghr",null,{"$f":"PV(G67,G49,-1)/PV(G69,G49,-1)*G38","v":3.0604452513951017},{"$f":"PV(H67,H49,-1)/PV(H69,H49,-1)*H38","v":2.9019847714600875},{"$f":"PV(I67,I49,-1)/PV(I69,I49,-1)*I38","v":0},{"$f":"PV(J67,J49,-1)/PV(J69,J49,-1)*J38","v":2.9594433845730053},null,null,null,null,null,null,null,null,{"$f":"INDEX(G82:R82,$F$1)","v":3.0604452513951017}]
[null,null,null,"O&M Cost - Nominal","USD/kghr",null,{"$f":"G82","v":3.0604452513951017},{"$f":"H82","v":2.9019847714600875},{"$f":"I82","v":0},{"$f":"J82","v":2.9594433845730053},null,null,null,null,null,null,null,null,{"$f":"INDEX(G83:R83,$F$1)","v":3.0604452513951017}]
[null,null,null,"O&M Cost - Real Degradation","USD/kghr",null,{"$f":"PV(G67,G49,-1)/PV(G70,G49,-1)*G38","v":2.8443240076027578},{"$f":"PV(H67,H49,-1)/PV(H70,H49,-1)*H38","v":2.7931055359391181},{"$f":"PV(I67,I49,-1)/PV(I70,I49,-1)*I38","v":0},{"$f":"PV(J67,J49,-1)/PV(J70,J49,-1)*J38","v":2.8118258509440919},null,null,null,null,null,null,null,null,{"$f":"INDEX(G84:R84,$F$1)","v":2.8443240076027578}]
[null,null,null,"O&M Cost - Real","USD/kghr",null,{"$f":"G84","v":2.8443240076027578},{"$f":"H84","v":2.7931055359391181},{"$f":"I84","v":0},{"$f":"J84","v":2.8118258509440919},null,null,null,null,null,null,null,null,{"$f":"INDEX(G85:R85,$F$1)","v":2.8443240076027578}]
[]
[null,null,null,"LCOE - Real","USD/kg",null,{"$f":"G80+G85","v":4.0386134225667742},{"$f":"H80+H85","v":4.0887889772061428},{"$f":"I80+I85","v":0.5491097206961596},{"$f":"J80+J85","v":4.6566190129072762},null,null,null,null,null,null,null,null,{"$f":"INDEX(G87:R87,$F$1)","v":4.0386134225667742}]
[null,null,null,"LCOE - Nominal","USD/kg",null,{"$f":"G78+G83","v":4.3454807674081346},{"$f":"H78+H83","v":4.2481758003377976},{"$f":"I78+I83","v":0.5887821211808979},{"$f":"J78+J83","v":5.4061030204752107},null,null,null,null,null,null,null,null,{"$f":"INDEX(G88:R88,$F$1)","v":4.3454807674081346}]
[]
[null,"Depreciation Tax Shield"]
[]
[null,null,null,"Year",{"$f":"G52","v":30},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"G53","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$92,F92,G92,$E$93),0)","v":3.3333333333333333E-2},3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"S66","v":3.5000000000000003E-2},{"$f":"NPV(E94,G93:AT93)","v":0.61306818037876121}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"S51","v":0.2},{"$f":"F94*E95","v":0.12261363607575225}]
[]
[null,null,null,"Year",{"$f":"H52","v":4},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"H53","v":2},null,{"$f":"IFERROR(VDB(1,0,$E$97,F97,G97,$E$98),0)","v":0.5},0.25,0.125,0.125,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"S66","v":3.5000000000000003E-2},{"$f":"NPV(E99,G98:AT98)","v":0.9381425792020387}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"H51","v":0.2},{"$f":"F99*E100","v":0.18762851584040774}]
[]
[null,null,null,"Year",{"$f":"I52","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"I53","v":1.5},null,{"$f":"IFERROR(VDB(1,0,$E$102,F102,G102,$E$103),0)","v":0.15},0.1275,0.10837499999999999,9.2118749999999985E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"I66","v":5.5E-2},{"$f":"NPV(E104,G103:AT103)","v":0.77421579300631627}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"I51","v":0.3},{"$f":"F104*E105","v":0.23226473790189486}]
[]
[null,null,null,"Year",{"$f":"J52","v":20},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"J53","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$107,F107,G107,$E$108),0)","v":0.05},4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"J66","v":5.5E-2},{"$f":"NPV(E109,G108:AT108)","v":0.59751912424641518}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"J51","v":0.5},{"$f":"F109*E110","v":0.29875956212320759}]
[]
[null,null,null,"Applied Tax Depreciation Rate",{"$f":"F1","v":1},null,{"$f":"CHOOSE($E$112,G93,G98,G103,G108)","v":3.3333333333333333E-2},3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Proof w/ financial model",null,null,"Driver"]
[null,null,"Timeline",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Flag",null,{"$f":"S49","v":15},null,{"$f":"G115<=$E$116","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"AM115<=$E$116","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS115<=$E$116","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"CY115<=$E$116","v":false},{"$f":"CZ115<=$E$116","v":false},{"$f":"DA115<=$E$116","v":false},{"$f":"DB115<=$E$116","v":false}]
[null,null,"Nominal"]
[null,null,null,"Price per kg",{"$f":"S88","v":4.3454807674081346},null,{"$f":"$E$118*G116","v":4.3454807674081346},{"$f":"$E$118","v":4.3454807674081346},4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,{"$f":"$E$118","v":4.3454807674081346},4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,{"$f":"$E$118","v":4.3454807674081346},4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346,4.3454807674081346]
[null,null,null,"Production without Degradation",{"$f":"G25","v":165327.38095238095},null,{"$f":"$E$119*G116","v":165327.38095238095},165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,165327.38095238095,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$119*AM116","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$119*BS116","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",{"$f":"S56","v":5.0000000000000001E-3},1,{"$f":"F120*(1-$E$120)","v":0.995},0.99002500000000004,0.98507487500000002,0.98014950062500006,0.97524875312187509,0.97037250935626573,0.96552064680948435,0.96069304357543694,0.95588957835755972,0.95111013046577186,0.94635457981344295,0.94162280691437572,0.93691469287980389,0.9322301194154049,0.92756896881832784,0.92293112397423616,0.91831646835436498,0.91372488601259316,0.90915626158253016,0.90461048027461755,0.90008742787324447,0.89558699073387826,0.89110905578020883,0.88665351050130781,0.8822202429488013,0.87780914173405733,0.87342009602538706,0.86905299554526017,0.86470773056753381,0.86038419191469617,0.85608227095512268,0.85180185960034704,{"$f":"AL120*(1-$E$120)","v":0.84754285030234533},0.84330513605083357,0.83908861037057936,0.83489316731872643,0.83071870148213278,0.82656510797472216,0.82243228243484856,0.81832012102267426,0.81422852041756089,0.81015737781547303,0.80610659092639569,0.80207605797176373,0.79806567768190495,0.79407534929349544,0.79010497254702794,0.78615444768429277,0.78222367544587135,0.778312557068642,0.7744209942832988,0.77054888931188226,0.76669614486532289,0.76286266414099624,0.75904835082029121,0.7552531090661897,0.75147684352085875,0.74771945930325445,0.74398086200673819,0.74026095769670452,0.73655965290822101,0.73287685464367991,0.72921247037046155,0.72556640801860928,{"$f":"BR120*(1-$E$120)","v":0.72193857597851618},0.71832888309862364,0.71473723868313055,0.71116355248971486,0.70760773472726624,0.7040696960536299,0.70054934757336174,0.69704660083549497,0.6935613678313175,0.6900935609921609,0.68664309318720007,0.68320987772126407,0.67979382833265778,0.67639485919099451,0.67301288489503952,0.66964782047056437,0.66629958136821155,0.66296808346137048,0.65965324304406359,0.65635497682884325,0.65307320194469898,0.64980783593497549,0.64655879675530059,0.64332600277152407,0.64010937275766644,0.63690882589387809,0.63372428176440865,0.63055566035558663,0.62740288205380867,0.62426586764353964,0.6211445383053219,0.61803881561379526,0.61494862153572627,0.61187387842804764,0.60881450903590739,0.60577043649072781]
[null,null,null,"Final Production",null,null,{"$f":"G119*G120","v":164500.74404761905},{"$f":"H119*H120","v":163678.24032738095},162859.84912574405,162045.54988011534,161235.32213071475,160429.1455200612,159626.99979246088,158828.86479349856,158034.72046953108,157244.54686718341,156458.32413284748,155676.03251218324,154897.65234962234,154123.16408787423,153352.54826743485,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT119*BT120","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues (USD)",null,null,{"$f":"G118*G121","v":714834.81948325678},{"$f":"H118*H121","v":711260.64538584044},707704.34215891128,704165.82044811675,700644.99134587613,697141.7663891468,693656.05755720101,690187.77726941498,686736.83838306798,683303.15419115254,679886.63842019672,676487.20522809576,673104.76920195529,669739.24535594555,666390.54912916583,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT118*BT121","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",{"$f":"S57","v":0.01},1,{"$f":"F123*(1+$E$123)","v":1.01},1.0201,1.0303009999999999,1.04060401,1.0510100500999999,1.0615201506009999,1.0721353521070098,1.08285670562808,1.0936852726843609,1.1046221254112045,1.1156683466653166,1.1268250301319698,1.1380932804332895,1.1494742132376223,1.1609689553699987,1.1725786449236986,1.1843044313729356,1.196147475686665,1.2081089504435316,1.220190039947967,1.2323919403474468,1.2447158597509214,1.2571630183484306,1.269734648531915,1.282431995017234,1.2952563149674063,1.3082088781170804,1.3212909668982513,1.3345038765672339,1.3478489153329063,1.3613274044862353,1.3749406785310978,{"$f":"AL123*(1+$E$123)","v":1.3886900853164088},1.4025769861695729,1.4166027560312686,1.4307687835915812,1.4450764714274971,1.4595272361417722,1.4741225085031899,1.4888637335882218,1.5037523709241041,1.5187898946333451,1.5339777935796786,1.5493175715154754,1.5648107472306303,1.5804588547029366,1.5962634432499661,1.6122260776824657,1.6283483384592905,1.6446318218438833,1.6610781400623222,1.6776889214629456,1.694465810677575,1.7114104687843508,1.7285245734721943,1.7458098192069162,1.7632679173989854,1.7809005965729752,1.798709602538705,1.8166966985640922,1.8348636655497332,1.8532123022052305,1.8717444252272828,1.8904618694795556,{"$f":"BR123*(1+$E$123)","v":1.9093664881743513},1.9284601530560948,1.9477447545866557,1.9672222021325223,1.9868944241538475,2.006763368395386,2.0268310020793399,2.0470993121001331,2.0675703052211345,2.0882460082733458,2.1091284683560794,2.1302197530396403,2.1515219505700367,2.1730371700757369,2.1947675417764945,2.2167152171942592,2.2388823693662019,2.2612711930598639,2.2838839049904625,2.3067227440403673,2.3297899714807708,2.3530878711955787,2.3766187499075344,2.40038493740661,2.4243887867806762,2.4486326746484828,2.4731190013949678,2.4978501914089173,2.5228286933230066,2.5480569802562365,2.5735375500587989,2.5992729255593869,2.6252656548149806,2.6515183113631307,2.6780334944767619,2.7048138294215294]
[null,null,null,"O&M Cost per year",{"$f":"G39","v":452898.54065525834},null,{"$f":"$E$124*G123*G116","v":457427.52606181096},462001.80132242903,466621.81933565327,471288.03752900986,476000.91790429992,480760.92708334292,485568.53635417629,490424.22171771812,495328.46393489535,500281.74857424427,505284.56605998671,510337.41172058665,515440.7858377925,520595.19369617041,525801.1456331322,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$124*AM123*AM116","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$124*BS123*BS116","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$124*CY123*CY116","v":0},{"$f":"$E$124*CZ123*CZ116","v":0},{"$f":"$E$124*DA123*DA116","v":0},{"$f":"$E$124*DB123*DB116","v":0}]
[null,null,null,"EBITDA",null,null,{"$f":"G122-G124","v":257407.29342144582},{"$f":"H122-H124","v":249258.84406341141},241082.52282325801,232877.78291910689,224644.07344157621,216380.83930580388,208087.52120302472,199763.55555169686,191408.37444817263,183021.40561690828,174602.07236021,166149.79350750911,157663.98336416279,149144.05165977514,140589.40349603363,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT122-BT124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Tax Depreciation",{"$f":"G19","v":2150753.4642981254},null,{"$f":"$E$126*G112","v":71691.782143270844},71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,0,0,{"$f":"$E$126*AM112","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$126*BS112","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Interest",false,null,{"$f":"G166*$E$127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AM166*$E$127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS166*$E$127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxable Income",null,null,{"$f":"G125-G126-G127","v":185715.51127817499},{"$f":"H125-H126-H127","v":177567.06192014058},169390.74067998718,161186.00077583606,152952.29129830538,144689.05716253305,136395.73905975389,128071.77340842602,119716.59230490179,111329.62347363743,102910.29021693916,94458.011364238264,85972.201220891948,77452.269516504297,68897.621352762784,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,-71691.782143270844,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT125-BT126-BT127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxes",{"$f":"S51","v":0.2},null,{"$f":"G128*$E$129","v":37143.102255635},35513.412384028117,33878.148135997435,32237.200155167215,30590.458259661078,28937.811432506613,27279.147811950781,25614.354681685203,23943.318460980357,22265.924694727488,20582.058043387835,18891.602272847653,17194.44024417839,15490.45390330086,13779.524270552558,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,0,0,{"$f":"AM128*$E$129","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS128*$E$129","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CY128*$E$129","v":0},{"$f":"CZ128*$E$129","v":0},{"$f":"DA128*$E$129","v":0},{"$f":"DB128*$E$129","v":0}]
[null,null,null,"Less: Debt Service",null,null,{"$f":"G166+G164","v":131602.02244093714},{"$f":"H166+H164","v":128561.26290954949},125489.73117338595,122386.35617250862,119250.03317243395,116079.62260488971,112873.94886827879,109631.79908644967,106351.92182432146,103033.02575884428,99673.778303742234,96272.804186425026,92828.683975390813,89339.952556392629,85805.097555580578,8302.8717030903572,8392.7352226973417,8485.7439654906593,8582.0080142816987,8681.6413047802307,8784.7617604464904,8891.4914320609641,9001.9566421818654,9116.2881346570703,9234.6212293690132,9357.095982395711,9483.8573517782788,9615.0553690894976,9750.8453170063931,9891.3879131017875,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT166+BT164","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital Expenditure",null,{"$f":"-G19","v":-2150753.4642981254}]
[null,null,null,"Equity Cash Flow",null,{"$f":"-F156","v":-645226.0392894377},{"$f":"G125-G129-G130","v":88662.168724873685},{"$f":"H125-H129-H130","v":85184.168769833806},81714.643513874616,78254.22659143107,74803.582009481193,71363.405268407572,67934.424522795161,64517.401783561974,61113.134162870803,57722.455163336504,54346.236013079935,50985.387048236415,47640.859144593574,44313.64520008165,41004.781669900491,6035.4847255638124,5945.6212059568279,5852.6124631635103,5756.3484143724709,5656.7151238739389,5553.5946682076792,5446.8649965932054,5336.3997864723042,5222.0682939970993,5103.7351992851563,4981.2604462584586,4854.4990768758908,4723.301059564672,4587.5111116477765,4446.9685155523821,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT125-BT129-BT130","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR",null,{"$f":"IRR(F132:DB132)","v":7.0000000000000284E-2},"Target",{"$f":"G63","v":7.0000000000000007E-2},"Test",{"$f":"ROUND(H133-F133,3)=0","v":true}]
[null,null,null,"Project Cash Flow Pre-tax",null,{"$f":"F125+F131","v":-2150753.4642981254},{"$f":"G125+G131","v":257407.29342144582},249258.84406341141,241082.52282325801,232877.78291910689,224644.07344157621,216380.83930580388,208087.52120302472,199763.55555169686,191408.37444817263,183021.40561690828,174602.07236021,166149.79350750911,157663.98336416279,149144.05165977514,140589.40349603363,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS125+BS131","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Pre-tax IRR",null,{"$f":"IRR(134:134)","v":4.9832279777761723E-2}]
[null,null,null,"Project After-tax Cash Flow",null,{"$f":"F134","v":-2150753.4642981254},{"$f":"G125-(G125-G126)*$E$129","v":220264.19116581083},213745.4316793833,207204.37468726057,200640.58276393969,194053.61518191514,187443.02787329728,180808.37339107395,174149.20087001164,167465.05598719226,160755.48092218078,154020.01431682217,147258.19123466144,140469.54311998439,133653.59775647428,126809.87922548107,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,0,0,{"$f":"AM125-(AM125-AM126)*$E$129","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS125-(BS125-BS126)*$E$129","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax IRR",null,{"$f":"IFERROR(IRR(F136:DB136),0.1)","v":3.5000000000000142E-2}]
[]
[null,null,"Asset Balance"]
[null,null,null,"Straight Line Depreciation",{"$f":"S49","v":15},{"$f":"-F131","v":2150753.4642981254},{"$f":"$F$140/$E$140*G116","v":143383.56428654169},143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,143383.56428654169,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$140/$E$140*AM116","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$140/$E$140*BS116","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV of Future Project Cash Flow",null,{"$f":"NPV($F$137,G136:DB136)","v":2150753.4642981249},2005765.6443827488,1862222.0102567615,1720195.4059284881,1579761.6623720457,1440999.7053731524,1303991.6671879159,1168823.0021484187,1035582.6063536018,904362.94158878608,775260.16362221271,648374.255032168,523809.16272363265,401672.94029897556,282077.89545296552,165140.74256833817,156582.31212957588,147724.3366254569,138556.33197869375,129067.44716929387,119246.45139156502,109081.72076161564,98561.224559618029,87672.510990550509,76402.692446565619,64738.430253541257,52665.918883761035,40170.869616038515,27238.493623945695,13853.48447212963,0,0,{"$f":"NPV($F$137,AM136:EH136)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"NPV($F$137,BS136:FN136)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"NPV($F$137,CY136:GT136)","v":0},{"$f":"NPV($F$137,CZ136:GU136)","v":0},{"$f":"NPV($F$137,DA136:GV136)","v":0},{"$f":"NPV($F$137,DB136:GW136)","v":0},{"$f":"NPV($F$137,DC136:GX136)","v":0}]
[null,null,null,"Economic Depreciation",null,null,{"$f":"F141-G141","v":144987.81991537614},{"$f":"G141-H141","v":143543.6341259873},142026.60432827333,140433.74355644244,138761.95699889329,137008.03818523651,135168.66503949719,133240.3957948169,{"$f":"N141-O141","v":131219.66476481571},129102.77796657337,126885.90859004471,124565.09230853536,122136.22242465708,119595.04484601005,116937.15288462734,8558.4304387622979,8857.9755041189783,9168.0046467631473,9488.8848093998822,9820.995777728851,10164.730629949379,10520.496201997608,10888.71356906752,11269.818543984889,11664.262193024362,12072.511369780223,12495.049267722519,12932.375992092821,13385.009151816064,13853.48447212963,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS141-BT141","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Income with Straight Line Depreciation",{"$f":"SUM(G144:DB144)","v":673062.44230717607},null,{"$f":"G125-G140-G127-G129","v":76880.626879269141},{"$f":"H125-H140-H127-H129","v":70361.86739284161},63820.810400718889,57257.018477397985,50670.050895373446,44059.463586755577,37424.809104532251,30765.636583469968,24081.491700650586,17371.9166356391,10636.450030280481,3874.6269481197669,-2914.0211665572861,-9729.9665300674078,-16573.68506106062,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT125-BT140-BT127-BT129","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Income with Economic Depreciation",{"$f":"SUM(G145:DB145)","v":403837.46538430644},null,{"$f":"(G125-G142-G127)*(1-$E$151)+G151-G166","v":45165.822750260937},42121.078532037507,39106.662215392585,36124.103524498409,33174.994909813206,30260.993812836619,27383.825010945922,24545.283045116888,21747.234733426129,18991.621773364408,16280.463436066471,13615.859355675735,10999.992417196449,8435.1317462785701,5923.635804512197,3467.9555939351221,3288.2285547211141,3102.2110691346102,2909.6829715525605,2710.4163905551914,2504.1754792228639,2290.7161359939255,2069.7857157519816,1841.1227308015548,1604.4565413778707,1359.507035324352,1105.9842965589778,843.58826193678863,572.00836610284182,290.92317391470021,0,0,{"$f":"(AM125-AM142-AM127)*(1-$E$151)+AM151-AM166","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS125-BS142-BS127)*(1-$E$151)+BS151-BS166","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Gross Plant",null,{"$f":"F140","v":2150753.4642981254},{"$f":"F147","v":2150753.4642981254},{"$f":"G147","v":2150753.4642981254},2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,{"$f":"N147","v":2150753.4642981254},2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,{"$f":"BS147","v":2150753.4642981254},2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254,2150753.4642981254]
[null,null,null,"Less: Accumulated Depreciation",null,null,{"$f":"F148+G142","v":144987.81991537614},{"$f":"G148+H142","v":288531.45404136344},430558.05836963677,570991.80192607921,709753.7589249725,846761.79711020901,981930.4621497062,1115170.857944523,{"$f":"N148+O142","v":1246390.5227093387},1375493.3006759121,1502379.2092659567,1626944.3015744919,1749080.523999149,1868675.5688451589,1985612.7217297861,1994171.1521685484,2003029.1276726674,2012197.1323194306,2021686.0171288305,2031507.0129065593,2041671.7435365086,2052192.2397385063,2063080.9533075737,2074350.7718515585,2086015.0340445829,2098087.545414363,2110582.5946820853,2123514.9706741781,2136899.979825994,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,{"$f":"BS148+BT142","v":2150753.4642981235},2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235,2150753.4642981235]
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[null,null,null,"Deferred Taxes",{"$f":"S51","v":0.2},null,{"$f":"(G126-G142)*$E$151","v":-14659.20755442106},-14370.370396543292,-14066.964437000497,-13748.392282634319,-13414.034971124491,-13063.251208393134,-12695.37657924527,-12309.722730309211,-11905.576524308974,-11482.199164660506,-11038.825289354774,-10574.662033052904,-10088.888056277248,-9580.6525405478405,-9049.0741482713001,12626.67034090171,12566.761327830374,12504.75549930154,12440.579466774194,12374.1572731084,12305.410302664293,12234.257188254647,12160.613714840665,12084.392719857191,12005.503990049297,11923.854154698125,11839.346575109666,11751.881230235605,11661.354598290956,11567.659534228244,0,0,{"$f":"(AM126-AM142)*$E$151","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS126-BS142)*$E$151","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Accumulated Deferred Taxes",false]
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[null,null,null,"Price",null,null,{"$f":"G174*G173","v":4.078999556792442},{"$f":"H174*H173","v":4.1197895523603663},4.1609874478839695,4.2025973223628101,4.2446232955864378,4.2870695285423022,4.3299402238277249,4.3732396260660025,4.4169720223266626,4.4611417425499296,4.5057531599754288,4.5508106915751831,4.5963187984909348,4.6422819864758438,4.6887048063406027,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT174*BT173","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",{"$f":"S46","v":8503.02},null,{"$f":"G121","v":164500.74404761905},163678.24032738095,162859.84912574405,162045.54988011534,161235.32213071475,160429.1455200612,159626.99979246088,158828.86479349856,158034.72046953108,157244.54686718341,156458.32413284748,155676.03251218324,154897.65234962234,154123.16408787423,153352.54826743485,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS121","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G175*G176","v":670998.46206226503},{"$f":"H175*H176","v":674319.90444947325},677657.78797649802,681012.19402698195,684383.20438741532,687770.90124913317,691175.36721031624,694596.68527800729,698034.93887013348,701490.21181754069,704962.58836603747,708452.15317844937,711958.99133668269,715483.18834379921,719024.83012610103,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT175*BT176","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"E124","v":452898.54065525834},null,{"$f":"G124","v":457427.52606181096},462001.80132242903,466621.81933565327,471288.03752900986,476000.91790429992,480760.92708334292,485568.53635417629,490424.22171771812,495328.46393489535,500281.74857424427,505284.56605998671,510337.41172058665,515440.7858377925,520595.19369617041,525801.1456331322,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G177-G178","v":213570.93600045406},212318.10312704422,211035.96864084475,209724.15649797209,208382.2864831154,207009.97416579025,205606.83085613995,204172.46356028918,202706.47493523813,201208.46324329643,199678.02230605076,198114.74145786272,196518.20549889019,194887.9946476288,193223.68449296884,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS177-BS178","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Depreciation",{"$f":"G19","v":2150753.4642981254},null,{"$f":"$E$180*G112","v":71691.782143270844},71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,71691.782143270844,0,0,{"$f":"$E$180*AM112","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$180*BS112","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Taxes",{"$f":"S51","v":0.2},null,{"$f":"(G179-G180)*$E$181","v":28375.830771436649},28125.264196754681,27868.837299514784,27606.474870940252,27338.100867968915,27063.638404503887,26783.009742573824,26496.13628340367,26202.93855839346,25903.33622000512,25597.248032555985,25284.591862918376,24965.284671123871,24639.242500871595,24306.380469939599,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,-14338.35642865417,0,0,{"$f":"(AM179-AM180)*$E$181","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS179-BS180)*$E$181","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(CY179-CY180)*$E$181","v":0},{"$f":"(CZ179-CZ180)*$E$181","v":0},{"$f":"(DA179-DA180)*$E$181","v":0},{"$f":"(DB179-DB180)*$E$181","v":0}]
[null,null,null,"Capex",null,{"$f":"G19","v":2150753.4642981254}]
[null,null,null,"Project Cash Flow",null,{"$f":"F179-F182","v":-2150753.4642981254},{"$f":"G179-G181","v":185195.10522901741},{"$f":"H179-H181","v":184192.83893028955},183167.13134132995,182117.68162703182,181044.18561514647,179946.33576128638,178823.82111356611,177676.32727688551,176503.53637684468,175305.12702329131,174080.77427349478,172830.14959494435,171552.92082776633,170248.75214675721,168917.30402302922,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,14338.35642865417,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT179-BT181","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Project IRR",null,{"$f":"IRR(F183:DS183)","v":3.5000000000000586E-2}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV(Revenues)/NPV(Generation)"]
[]
[null,null,null,null,null,"Computed","Method 1","Test"]
[null,null,null,"NPV of Revenues",{"$f":"S66","v":3.5000000000000003E-2},{"$f":"NPV(E189,G177:EB177)","v":7976534.0925850943}]
[null,null,null,"NPV of Generation",{"$f":"E189","v":3.5000000000000003E-2},{"$f":"NPV(E190,G121:DB121)","v":1835593.0032898732}]
[null,null,null,"Nominal LCOE",null,{"$f":"F189/F190","v":4.3454807674081417},{"$f":"$E$118","v":4.3454807674081346},{"$f":"ROUND(F191-G191,0)=0","v":true}]
[]
[null,null,null,"Real Discount Rate"]
[null,null,null,"NPV of Revenues",{"$f":"E189","v":3.5000000000000003E-2},{"$f":"F189","v":7976534.0925850943}]
[null,null,null,"NPV of Generation",{"$f":"$S$67","v":2.4752475247524774E-2},{"$f":"NPV(E195,G176:DB176)","v":1975067.4942083308}]
[null,null,null,"Real LCOE",null,{"$f":"F189/F195","v":4.0386134225667769},{"$f":"$E$174","v":4.0386134225667742},{"$f":"ROUND(F196-G196,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"G19","v":2150753.4642981254}]
[null,null,null,"Gross-Up for Taxes",{"$f":"S51","v":0.2},{"$f":"F200/(1-E201)","v":2688441.8303726567}]
[null,null,null,"Value of Tax Deduction",{"$f":"S54","v":0.12261363607575225},{"$f":"F201*E202*-1","v":-329639.62820014218}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"G31","v":86030.13857192501},{"$f":"S49","v":15}]
[null,null,null,"NPV of O&M Expenses",{"$f":"S69","v":4.020100502512558E-2},{"$f":"PV(E204,F203,-E203)","v":955173.42333130143}]
[null,null,null,"Total Cost",null,{"$f":"F201+F204+F202","v":3313975.6255038162}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"E189","v":3.5000000000000003E-2},{"$f":"NPV(E207,G121:DB121)","v":1835593.0032898732}]
[null,null,null,"Nominal LCOE",null,{"$f":"F205/F207","v":1.8053978303274669},{"$f":"$E$118","v":4.3454807674081346},{"$f":"ROUND(G208-F208,0)=0","v":false}]
[]
[null,null,null,"Total Cost",null,{"$f":"F205","v":3313975.6255038162}]
[null,null,null,"NPV Generation - Real",{"$f":"S67","v":2.4752475247524774E-2},{"$f":"NPV(E211,G121:DB121)","v":1975067.4942083308}]
[null,null,null,"Real LCOE",null,{"$f":"F210/F211","v":1.6779050008274081},{"$f":"$E$174","v":4.0386134225667742},{"$f":"ROUND(F212-G212,0)=0","v":false}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G115","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BS115","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F212","v":1.6779050008274081},{"$f":"G175","v":4.078999556792442},4.1197895523603663,4.1609874478839695,4.2025973223628101,4.2446232955864378,4.2870695285423022,4.3299402238277249,4.3732396260660025,4.4169720223266626,4.4611417425499296,4.5057531599754288,4.5508106915751831,4.5963187984909348,4.6422819864758438,4.6887048063406027,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS175","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",null,null,164500.74404761905,163678.24032738095,162859.84912574405,162045.54988011534,161235.32213071475,160429.1455200612,159626.99979246088,158828.86479349856,158034.72046953108,157244.54686718341,156458.32413284748,155676.03251218324,154897.65234962234,154123.16408787423,153352.54826743485,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Discount Factor - Nominal",{"$f":"E207","v":3.5000000000000003E-2},null,{"$f":"1/(1+$E$218)^G215","v":0.96618357487922713},0.93351070036640305,0.90194270566802237,0.87144222769857238,0.84197316685852419,0.81350064430775282,0.78599096068381913,0.75941155621625056,0.73373097218961414,0.70891881370977217,0.68494571372924851,0.66178329828912896,0.63940415293635666,0.61778179027667302,0.59689061862480497,0.57670591171478747,0.55720377943457733,0.53836113955031628,0.52015569038677911,0.50256588443167061,0.48557090283253213,0.46915063075606966,0.45328563358074364,0.43795713389443841,0.42314698926998884,0.40883767079225974,0.39501224231136206,0.38165434039745127,0.36874815497338298,0.35627841060230236,0.34423034840802164,0.33258970860678427,{"$f":"1/(1+$E$218)^AM215","v":0.32134271362974326},0.3104760518161771,0.29997686165814214,0.28983271657791515,0.28003161022020789,0.27056194224174673,0.26141250458139786,0.25257246819458734,0.24403137023631633,0.2357791016776003,0.22780589534067661,0.22010231433881802,0.21265924090707056,0.20546786561069619,0.19851967691854708,0.19180645112903102,0.18532024263674499,0.17905337452825601,0.17299842949589955,0.16714824105884016,0.16149588508100501,0.15603467157585027,0.15075813678826111,0.14566003554421367,0.14073433385914366,0.13597520179627406,0.13137700656644835,0.12693430586130278,0.12264184141188678,0.11849453276510799,0.11448747127063574,0.11061591427114567,{"$f":"1/(1+$E$218)^BS215","v":0.10687527948902965},0.10326113960292721,9.9769217007659144E-2,9.6395378751361491E-2,9.3135631643827543E-2,8.9986117530268139E-2,8.6943108724896773E-2,8.400300359893409E-2,8.1162322317810731E-2,7.841770272252245E-2,7.5765896350263234E-2,7.3203764589626324E-2,7.0728274965822541E-2,6.8336497551519354E-2,6.6025601499052525E-2,6.3792851689905838E-2,6.1635605497493563E-2,5.9551309659414069E-2,5.7537497255472546E-2,5.5591784787896191E-2,5.3711869360286178E-2,5.1895525951967315E-2,5.014060478450949E-2,4.8445028777303868E-2,4.6806791089182481E-2,4.5223952743171487E-2,4.3694640331566649E-2,4.2217043798615121E-2,4.0789414298178867E-2,3.9410062123844319E-2,3.807735470902833E-2,3.6789714694713371E-2,3.5545618062525E-2,3.434359233094203E-2,3.3182214812504378E-2,3.2060110929955921E-2]
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[]
[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G220:DB220*G216:DB216)","v":4.3454807674081417},null,{"$f":"_xlfn.FORMULATEXT(E222)","v":"=SUMPRODUCT(G220:DB220*G216:DB216)"}]

{"sheet":"SMR LCOH","index":6,"n_rows":211,"n_cols":106,"rows_kept":211,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,1]
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[null,null,null,null,null,null,1,2,3,4]
[]
["Drivers",null,null,null,null,null,"SMR Base","No Tracking","Single Axis Tracking","Bi-Facial",null,null,null,null,null,null,null,null,{"$f":"INDEX(G5:R5,$F$1)","v":"SMR Base"}]
[null,null,"Units",null,null,null,"USD/MWH","USD/MWH","USD/MWH","USD/MWH",null,null,null,null,null,null,null,null,{"$f":"INDEX(G6:R6,$F$1)","v":"USD/MWH"}]
[null,null,"Resulting Levelised Cost per Unit",null,null,null,{"$f":"G73","v":2379.4140997416166},{"$f":"H73","v":2372.5116474375063},{"$f":"I73","v":35412.755122773313},{"$f":"I7+H7","v":37785.266770210816}]
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[null,"Project Inputs"]
[null,null,null,"Size in MW per Hour","MW",null,1,{"$f":"G10","v":1},{"$f":"H10","v":1},{"$f":"I10","v":1},null,null,null,null,null,null,null,null,{"$f":"INDEX(G10:R10,$F$1)","v":1}]
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[null,null,null,"Cost/kW","USD/kW",null,400,{"$f":"G12","v":400},{"$f":"H12*15","v":6000},{"$f":"I12","v":6000},null,null,null,null,null,null,null,null,{"$f":"INDEX(G12:R12,$F$1)","v":400}]
[null,null,null,"Total Up-Front Cost","USD ",null,{"$f":"G12*G10*1000","v":400000},{"$f":"H12*H10*1000","v":400000},{"$f":"I12*I10*1000","v":6000000},{"$f":"H13+I13","v":6400000},null,null,null,null,null,null,null,null,{"$f":"INDEX(G13:R13,$F$1)","v":400000}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G14:R14,$F$1)","v":0}]
[null,null,null,"Capacity Factor","%",null,{"$f":"'Electrolyzer vs SMR'!I4","v":0.97},{"$f":"G15","v":0.97},{"$f":"H15","v":0.97},{"$f":"I15","v":0.97},null,null,null,null,null,null,null,null,{"$f":"INDEX(G15:R15,$F$1)","v":0.97}]
[null,null,null,"Hours of Operation at Load Factor","Hours/Year",null,{"$f":"G15*8766","v":8503.02},{"$f":"H15*8766","v":8503.02},{"$f":"I15*8766","v":8503.02},{"$f":"J15*8766","v":8503.02},null,null,null,null,null,null,null,null,{"$f":"INDEX(G16:R16,$F$1)","v":8503.02}]
[null,null,null,"Hours/Yr","Hours",null,{"$f":"8766*G15","v":8503.02},{"$f":"8766*H15","v":8503.02},{"$f":"8766*I15","v":8503.02},{"$f":"8766*J15","v":8503.02},null,null,null,null,null,null,null,null,{"$f":"INDEX(G17:R17,$F$1)","v":8503.02}]
[null,null,null,"Converstion from kW to kG","kWh/kg",null,50,{"$f":"G18","v":50},{"$f":"H18","v":50},{"$f":"I18","v":50}]
[null,null,null,"Total kWh Produced/Year","kWh per Year",null,{"$f":"G16*G10*1000*G15","v":8247929.3999999994},{"$f":"H16*H10*1000*H15","v":8247929.3999999994},{"$f":"I16*I10*1000*I15","v":8247929.3999999994},{"$f":"J16*J10*1000*J15","v":8247929.3999999994}]
[null,null,null,"Total kg Produced/Year","kg per year",null,{"$f":"G19/G18","v":164958.58799999999},{"$f":"H19/H18","v":164958.58799999999},{"$f":"I19/I18","v":164958.58799999999},{"$f":"J19/J18","v":164958.58799999999}]
[]
[null,null,null,"SMR Effiency","MBTU/kg",null,1,{"$f":"G22","v":1},{"$f":"H22","v":1},{"$f":"I22","v":1}]
[null,null,null,"Annual Energy","MMBTU/year",null,{"$f":"G20*G22","v":164958.58799999999},{"$f":"H20*H22","v":164958.58799999999},164958.58799999999,164958.58799999999,null,null,null,null,null,null,null,null,{"$f":"INDEX(G23:R23,$F$1)","v":164958.58799999999}]
[null,null,null,"Fuel Cost per MMBTU","USD/MMBTU",null,3,{"$f":"G24","v":3},{"$f":"H24","v":3},{"$f":"I24","v":3}]
[null,null,null,"Total Fuel Cost","USD  ",null,{"$f":"G24*G23","v":494875.76399999997},{"$f":"H24*H23","v":494875.76399999997},{"$f":"I24*I23","v":494875.76399999997},{"$f":"J24*J23","v":494875.76399999997}]
[]
[null,null,null,"O&M Cost as Percent of Cap Exp","%",null,4.7E-2,{"$f":"G27","v":4.7E-2},{"$f":"H27","v":4.7E-2},{"$f":"I27","v":4.7E-2}]
[null,null,null,"O&M Cost","USD/year",null,{"$f":"G27*G13","v":18800},{"$f":"G28","v":18800},{"$f":"H28*15","v":282000},{"$f":"I28","v":282000},null,null,null,null,null,null,null,null,{"$f":"INDEX(G28:R28,$F$1)","v":18800}]
[null,null,null,"Total O&M Cost per Year","USD/year",null,{"$f":"G28+G25","v":513675.76399999997},{"$f":"G29","v":513675.76399999997},{"$f":"H29","v":513675.76399999997},{"$f":"I29","v":513675.76399999997},null,null,null,null,null,null,null,null,{"$f":"INDEX(G29:R29,$F$1)","v":513675.76399999997}]
[]
[null,null,null,"Cost per kg","USD/kg",null,{"$f":"G29/G20","v":3.1139679978347052},{"$f":"H29/H20","v":3.1139679978347052},{"$f":"I29/I20","v":3.1139679978347052},{"$f":"J29/J20","v":3.1139679978347052}]
[]
[null,"Capital Charge Inputs"]
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[null,null,null,"Plant Life from Maximum Hours","Years",null,{"$f":"G34","v":30},{"$f":"H34","v":30},{"$f":"I34","v":30},{"$f":"I35","v":30},null,null,null,null,null,null,null,null,{"$f":"INDEX(G35:R35,$F$1)","v":30}]
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[null,null,null,"Income Tax Rate","% p.a.",null,0.25,{"$f":"G37","v":0.25},0.25,0.25,null,null,null,null,null,null,null,null,{"$f":"INDEX(G37:R37,$F$1)","v":0.25}]
[null,null,null,"Tax Life","Year",null,10,10,10,10,null,null,null,null,null,null,null,null,{"$f":"INDEX(G38:R38,$F$1)","v":10}]
[null,null,null,"Variable Delicing Factor (1-SL)","Factor",null,1,1,1,1,null,null,null,null,null,null,null,null,{"$f":"INDEX(G39:R39,$F$1)","v":1}]
[null,null,null,"Value of Depreciation Deduction","%",null,{"$f":"F194","v":0.21156459944109407},{"$f":"F199","v":0.21156459944109407},{"$f":"F204","v":0.18844064571472421},{"$f":"F209","v":0.18844064571472421},null,null,null,null,null,null,null,null,{"$f":"INDEX(G40:R40,$F$1)","v":0.21156459944109407}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G41:R41,$F$1)","v":0}]
[null,null,null,"Degradation","% p.a.",null,5.0000000000000001E-3,{"$f":"G42","v":5.0000000000000001E-3},{"$f":"H42","v":5.0000000000000001E-3},0.01,null,null,null,null,null,null,null,null,{"$f":"INDEX(G42:R42,$F$1)","v":5.0000000000000001E-3}]
[null,null,null,"Inflation Rate","% p.a.",null,0.02,{"$f":"G43","v":0.02},{"$f":"H43","v":0.02},{"$f":"I43","v":0.02},null,null,null,null,null,null,null,null,{"$f":"INDEX(G43:R43,$F$1)","v":0.02}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G44:R44,$F$1)","v":0}]
[null,null,null,"Debt Percent","%",null,0.75,{"$f":"G45","v":0.75},{"$f":"H45","v":0.75},{"$f":"I45","v":0.75},null,null,null,null,null,null,null,null,{"$f":"INDEX(G45:R45,$F$1)","v":0.75}]
[null,null,null,"Equity Percent","%",null,{"$f":"1-G45","v":0.25},{"$f":"1-H45","v":0.25},{"$f":"1-I45","v":0.25},{"$f":"1-J45","v":0.25},null,null,null,null,null,null,null,null,{"$f":"INDEX(G46:R46,$F$1)","v":0.25}]
[null,null,null,"Pre-tax Interest Rate","%",null,2.5000000000000001E-2,{"$f":"G47","v":2.5000000000000001E-2},8.5000000000000006E-2,{"$f":"I47","v":8.5000000000000006E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G47:R47,$F$1)","v":2.5000000000000001E-2}]
[null,null,null,"Interest Rate","%",null,{"$f":"G47*(1-G37)","v":1.8750000000000003E-2},{"$f":"H47*(1-H37)","v":1.8750000000000003E-2},{"$f":"I47*(1-I37)","v":6.3750000000000001E-2},{"$f":"J47*(1-J37)","v":6.3750000000000001E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G48:R48,$F$1)","v":1.8750000000000003E-2}]
[null,null,null,"Minimum Target Equity IRR","%",null,{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G49:R49,$F$1)","v":7.0000000000000007E-2}]
[null,null,null,"WACC","%",null,{"$f":"G48*G45+G49*G46","v":3.1562500000000007E-2},{"$f":"H48*H45+H49*H46","v":3.1562500000000007E-2},{"$f":"I48*I45+I49*I46","v":6.5312499999999996E-2},{"$f":"J48*J45+J49*J46","v":6.5312499999999996E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G50:R50,$F$1)","v":3.1562500000000007E-2}]
[]
[null,null,null,"Required Pre-tax Project IRR - Nominal","% p.a.",null,{"$f":"G50","v":3.1562500000000007E-2},0.04,5.5E-2,5.5E-2,null,null,null,null,null,null,null,null,{"$f":"INDEX(G52:R52,$F$1)","v":3.1562500000000007E-2}]
[null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+G52)/(1+G43)-1","v":1.1335784313725394E-2},{"$f":"(1+H52)/(1+H43)-1","v":1.9607843137254832E-2},{"$f":"(1+I52)/(1+I43)-1","v":3.4313725490195957E-2},{"$f":"(1+J52)/(1+J43)-1","v":3.4313725490195957E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G53:R53,$F$1)","v":1.1335784313725394E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J53)","v":"=(1+J52)/(1+J43)-1"}]
[]
[null,null,null,"Nominal Adjusted IRR for Degradation","% p.a.",null,{"$f":"(1+G52)/(1-G42)-1","v":3.6746231155778908E-2},{"$f":"(1+H52)/(1-H42)-1","v":4.5226130653266416E-2},{"$f":"(1+I52)/(1-I42)-1","v":6.0301507537688481E-2},{"$f":"(1+J52)/(1-J42)-1","v":6.5656565656565524E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G55:R55,$F$1)","v":3.6746231155778908E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J55)","v":"=(1+J52)/(1-J42)-1"}]
[null,null,null,"Real Adjusted IRR for Degradation","% p.a.",null,{"$f":"(1+G53)/(1-G42)-1","v":1.6417873682136097E-2},{"$f":"(1+H53)/(1-H42)-1","v":2.4731500640457149E-2},{"$f":"(1+I53)/(1-I42)-1","v":3.9511281899694328E-2},{"$f":"(1+J53)/(1-J42)-1","v":4.4761338878985812E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G56:R56,$F$1)","v":1.6417873682136097E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J56)","v":"=(1+J53)/(1-J42)-1"}]
[]
[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G55,G35,-1)/(1-G37)","v":7.4089825415805319E-2},{"$f":"PMT(H55,H35,-1)/(1-H37)","v":8.2073296826360567E-2},{"$f":"PMT(I55,I35,-1)/(1-I37)","v":9.717792682979097E-2},{"$f":"PMT(J55,J35,-1)/(1-J37)","v":0.10279917675260315},null,null,null,null,null,null,null,null,{"$f":"INDEX(G58:R58,$F$1)","v":7.4089825415805319E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J58)","v":"=PMT(J55,J35,-1)/(1-J37)"}]
[null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(G56,G35,-1)/(1-G37)","v":5.6641212728811584E-2},{"$f":"PMT(H56,H35,-1)/(1-H37)","v":6.3475679314361017E-2},{"$f":"PMT(I56,I35,-1)/(1-I37)","v":7.6649910081364445E-2},{"$f":"PMT(J56,J35,-1)/(1-J37)","v":8.1625700795594044E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G59:R59,$F$1)","v":5.6641212728811584E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J59)","v":"=PMT(J56,J35,-1)/(1-J37)"}]
[]
[null,null,null,"Value of Tax Deductions","%"]
[null,null,null,"Capexp Recovery - Nominal","USD/Kw-yr",null,{"$f":"G58*G12","v":29.635930166322126},{"$f":"H58*H12","v":32.82931873054423},{"$f":"I58*I12","v":583.06756097874586},{"$f":"J58*J12","v":616.79506051561896},null,null,null,null,null,null,null,null,{"$f":"INDEX(G62:R62,$F$1)","v":29.635930166322126}]
[null,null,null,"Capexp Recovery - After Tax Shield","USD/kgyr",null,{"$f":"G62*(1-G40)","v":23.36601647161995},{"$f":"H62*(1-H40)","v":25.883797063392635},{"$f":"I62*(1-I40)","v":473.19393329260168},{"$f":"J62*(1-J40)","v":500.56580103840332},null,null,null,null,null,null,null,null,{"$f":"INDEX(G63:R63,$F$1)","v":23.36601647161995}]
[null,null,null,"Capexp Recovery - Nominal","USD/MWH",null,{"$f":"G63/G16*1000","v":2.74796677787656},{"$f":"H63/H16*1000","v":3.0440710551536552},{"$f":"I63/I16*1000","v":55.650102351000193},{"$f":"J63/J16*1000","v":58.869178367027629},null,null,null,null,null,null,null,null,{"$f":"INDEX(G64:R64,$F$1)","v":2.74796677787656}]
[null,null,null,"Capexp Recovery - Real","USD/kgyr",null,{"$f":"G59*G12*(1-G40)","v":17.863174898393105},{"$f":"H59*H12*(1-H40)","v":20.018589058386755},{"$f":"I59*I12*(1-I40)","v":373.23570918993948},{"$f":"J59*J12*(1-J40)","v":397.46460618453256},null,null,null,null,null,null,null,null,{"$f":"INDEX(G65:R65,$F$1)","v":17.863174898393105}]
[null,null,null,"Capexp Recovery - Real","USD/MWH",null,{"$f":"G65/G17*1000","v":2.1008035848902038},{"$f":"H65/H17*1000","v":2.3542916585385845},{"$f":"I65/I17*1000","v":43.894487980733842},{"$f":"J65/J17*1000","v":46.743934059255714},null,null,null,null,null,null,null,null,{"$f":"INDEX(G66:R66,$F$1)","v":2.1008035848902038}]
[]
[null,null,null,"O&M Cost - Nominal","USD/kW-yr",null,{"$f":"G28*PV(G53,G35,-1)/PV(G55,G35,-1)","v":26441.473175181396},{"$f":"H28*PV(H53,H35,-1)/PV(H55,H35,-1)","v":26058.229354374937},{"$f":"I28*PV(I53,I35,-1)/PV(I55,I35,-1)","v":381285.46543705597},{"$f":"J28*PV(J53,J35,-1)/PV(J55,J35,-1)","v":403340.89472102799},null,null,null,null,null,null,null,null,{"$f":"INDEX(G68:R68,$F$1)","v":26441.473175181396}]
[null,null,null,"O&M Cost - Nominal","USD/MWH",null,{"$f":"G68*1000/G16","v":3109.6567072853404},{"$f":"H68*1000/H16","v":3064.5852125921069},{"$f":"I68*1000/I16","v":44841.181772717922},{"$f":"J68*1000/J16","v":47435.01658481668},null,null,null,null,null,null,null,null,{"$f":"INDEX(G69:R69,$F$1)","v":3109.6567072853404}]
[null,null,null,"O&M Cost - Real Degradation","USD/kW-yr",null,{"$f":"PV(G53,G35,-1)/PV(G56,G35,-1)*G28","v":20214.342503486565},{"$f":"PV(H53,H35,-1)/PV(H56,H35,-1)*H28","v":20153.495399335683},{"$f":"PV(I53,I35,-1)/PV(I56,I35,-1)*I28","v":300742.12935485406},{"$f":"PV(J53,J35,-1)/PV(J56,J35,-1)*J28","v":320265.047164321},null,null,null,null,null,null,null,null,{"$f":"INDEX(G70:R70,$F$1)","v":20214.342503486565}]
[null,null,null,"O&M Cost - Real","USD/MWH",null,{"$f":"G70*1000/G16","v":2377.3132961567262},{"$f":"H70*1000/H16","v":2370.1573557789679},{"$f":"I70*1000/I16","v":35368.860634792582},{"$f":"J70*1000/J16","v":37664.858740108924},null,null,null,null,null,null,null,null,{"$f":"INDEX(G71:R71,$F$1)","v":2377.3132961567262}]
[]
[null,null,null,"LCOE - Real","USD/MWH",null,{"$f":"G66+G71","v":2379.4140997416166},{"$f":"H66+H71","v":2372.5116474375063},{"$f":"I66+I71","v":35412.755122773313},{"$f":"J66+J71","v":37711.602674168178},null,null,null,null,null,null,null,null,{"$f":"INDEX(G73:R73,$F$1)","v":2379.4140997416166}]
[null,null,null,"LCOE - Nominal","USD/MWH",null,{"$f":"G64+G69","v":3112.404674063217},{"$f":"H64+H69","v":3067.6292836472608},{"$f":"I64+I69","v":44896.831875068921},{"$f":"J64+J69","v":47493.885763183709},null,null,null,null,null,null,null,null,{"$f":"INDEX(G74:R74,$F$1)","v":3112.404674063217}]
[]
[null,"Proof w/ financial model",null,null,"Driver"]
[null,null,"Timeline",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Flag",null,{"$f":"S35","v":30},null,{"$f":"G77<=$E$78","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS77<=$E$78","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
[null,null,null,"Price per MWH",{"$f":"S74","v":3112.404674063217},null,{"$f":"$E$80*G78","v":3112.404674063217},{"$f":"$E$80","v":3112.404674063217},3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,{"$f":"$E$80","v":3112.404674063217},3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217,3112.404674063217]
[null,null,null,"Production without Degradation",{"$f":"S16","v":8503.02},null,{"$f":"$E$81*G78","v":8503.02},8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,8503.02,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$81*BS78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",{"$f":"S42","v":5.0000000000000001E-3},1,{"$f":"F82*(1-$E$82)","v":0.995},0.99002500000000004,0.98507487500000002,0.98014950062500006,0.97524875312187509,0.97037250935626573,0.96552064680948435,0.96069304357543694,0.95588957835755972,0.95111013046577186,0.94635457981344295,0.94162280691437572,0.93691469287980389,0.9322301194154049,0.92756896881832784,0.92293112397423616,0.91831646835436498,0.91372488601259316,0.90915626158253016,0.90461048027461755,0.90008742787324447,0.89558699073387826,0.89110905578020883,0.88665351050130781,0.8822202429488013,0.87780914173405733,0.87342009602538706,0.86905299554526017,0.86470773056753381,0.86038419191469617,0.85608227095512268,0.85180185960034704,0.84754285030234533,0.84330513605083357,0.83908861037057936,0.83489316731872643,0.83071870148213278,0.82656510797472216,0.82243228243484856,0.81832012102267426,0.81422852041756089,0.81015737781547303,0.80610659092639569,0.80207605797176373,0.79806567768190495,0.79407534929349544,0.79010497254702794,0.78615444768429277,0.78222367544587135,0.778312557068642,0.7744209942832988,0.77054888931188226,0.76669614486532289,0.76286266414099624,0.75904835082029121,0.7552531090661897,0.75147684352085875,0.74771945930325445,0.74398086200673819,0.74026095769670452,0.73655965290822101,0.73287685464367991,0.72921247037046155,0.72556640801860928,{"$f":"BR82*(1-$E$82)","v":0.72193857597851618},0.71832888309862364,0.71473723868313055,0.71116355248971486,0.70760773472726624,0.7040696960536299,0.70054934757336174,0.69704660083549497,0.6935613678313175,0.6900935609921609,0.68664309318720007,0.68320987772126407,0.67979382833265778,0.67639485919099451,0.67301288489503952,0.66964782047056437,0.66629958136821155,0.66296808346137048,0.65965324304406359,0.65635497682884325,0.65307320194469898,0.64980783593497549,0.64655879675530059,0.64332600277152407,0.64010937275766644,0.63690882589387809,0.63372428176440865,0.63055566035558663,0.62740288205380867,0.62426586764353964,0.6211445383053219,0.61803881561379526,0.61494862153572627,0.61187387842804764,0.60881450903590739,0.60577043649072781]
[null,null,null,"Final Production with Degradation",null,null,{"$f":"G81*G82","v":8460.5048999999999},{"$f":"H81*H82","v":8418.2023755000009},8376.1113636225,8334.2308068043876,8292.5596527703674,8251.0968545065152,8209.8413702339822,8168.7921633828119,8127.9482025658981,8087.3084615530679,8046.8719192453018,8006.6375596490752,7966.6043718508308,7926.7713499915762,7887.1374932416184,7847.7018057754103,7808.4632967465332,7769.4209802628002,7730.573875361486,7691.9210059846791,7653.4614009547558,7615.1940939499818,7577.1181234802316,7539.2325328628303,7501.536370198517,7464.0286883475246,7426.7085449057868,7389.5750021812582,7352.6271271703517,7315.8639915345002,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT81*BT82","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues ",null,null,{"$f":"G80*G83","v":26332514.995694749},{"$f":"H80*H83","v":26200852.420716278},26069848.158612695,25939498.917819634,25809801.42323054,25680752.416114386,25552348.654033814,25424586.910763644,25297463.976209823,25170976.656328775,25045121.773047127,24919896.164181892,24795296.683360986,24671320.19994418,24547963.598944459,24425223.780949734,24303097.662044987,24181582.173734762,24060674.262866087,23940370.891551759,23820669.037094001,23701565.691908527,23583057.863448985,23465142.574131738,23347816.861261085,23231077.776954778,23114922.388070006,22999347.776129656,22884351.037249006,22769929.282062761,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT80*BT83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",{"$f":"S43","v":0.02},1,{"$f":"F85*(1+$E$85)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR85*(1+$E$85)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"O&M Cost per year",{"$f":"S29","v":513675.76399999997},null,{"$f":"$E$86*G85*G78","v":523949.27927999996},534428.26486559992,545116.83016291191,556019.16676617018,567139.5501014936,578482.3411035235,590051.98792559397,601853.02768410591,613890.08823778806,626167.89000254381,638691.24780259468,651465.07275864657,664494.37421381939,677784.26169809594,691339.94693205785,705166.74587069906,719270.08078811306,733655.48240387533,748328.59205195284,763295.16389299196,778561.06717085186,794132.28851426893,810014.93428455421,826215.2329702453,842739.53762965021,859594.32838224317,876786.21494988818,894321.93924888596,912208.37803386361,930452.54559454101,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$86*BS85*BS78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G84-G86","v":25808565.71641475},{"$f":"H84-H86","v":25666424.155850679},25524731.328449782,25383479.751053464,25242661.873129047,25102270.075010862,24962296.666108221,24822733.883079536,24683573.887972035,24544808.76632623,24406430.525244534,24268431.091423247,24130802.309147168,23993535.938246083,23856623.6520124,23720057.035079036,23583827.581256874,23447926.691330887,23312345.670814134,23177075.727658767,23042107.96992315,22907433.40339426,22773042.929164432,22638927.341161493,22505077.323631436,22371483.448572535,22238136.173120119,22105025.83688077,21972142.659215141,21839476.736468222,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT84-BT86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Tax Depreciation",{"$f":"S13","v":400000},null,{"$f":"$E$88*G211","v":40000},40000,40000,40000,40000,40000,40000,40000,40000,40000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$88*AM211","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$88*BS211","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Interest",false,null,{"$f":"G130*$E$89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS130*$E$89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxable Income",null,null,{"$f":"G87-G88-G89","v":25768565.71641475},{"$f":"H87-H88-H89","v":25626424.155850679},25484731.328449782,25343479.751053464,25202661.873129047,25062270.075010862,24922296.666108221,24782733.883079536,24643573.887972035,24504808.76632623,24406430.525244534,24268431.091423247,24130802.309147168,23993535.938246083,23856623.6520124,23720057.035079036,23583827.581256874,23447926.691330887,23312345.670814134,23177075.727658767,23042107.96992315,22907433.40339426,22773042.929164432,22638927.341161493,22505077.323631436,22371483.448572535,22238136.173120119,22105025.83688077,21972142.659215141,21839476.736468222,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT87-BT88-BT89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxes",{"$f":"S37","v":0.25},null,{"$f":"G90*$E$91","v":6442141.4291036874},6406606.0389626697,6371182.8321124455,6335869.9377633659,6300665.4682822619,6265567.5187527156,6230574.1665270552,6195683.4707698841,6160893.4719930086,6126202.1915815575,6101607.6313111335,6067107.7728558118,6032700.577286792,5998383.9845615206,5964155.9130031001,5930014.258769759,5895956.8953142185,5861981.6728327218,5828086.4177035335,5794268.9319146918,5760526.9924807874,5726858.3508485649,5693260.732291108,5659731.8352903733,5626269.3309078589,5592870.8621431338,5559534.0432800297,5526256.4592201924,5493035.6648037853,5459869.1841170555,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS90*$E$91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Debt Service",null,null,{"$f":"G130+G128","v":7276.4872502931985},{"$f":"H130+H128","v":7240.3096655937406},7204.3167753644766,7168.5077322743437,7132.8816952257921,7097.4378523391388,7062.1765565301985,7027.1554348908003,6995.2617842483578,7109.1981763636377,6920.0173418188942,6885.6492630795601,6851.4576648932962,6817.4417576604064,6783.6007575851709,6749.9338866851131,6716.4403727973076,6683.1194495895188,6649.9703565709769,6616.9923391022703,6584.1846484072285,6551.5465415923827,6519.0772819698086,6486.7761543948181,6454.6432224336686,6422.7167396728819,6392.9216626301077,6460.4057001531883,11326.504274391355,253286.84737043711,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT130+BT128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital Expenditure",null,{"$f":"-G13","v":-400000}]
[null,null,null,"Equity Cash Flow",null,{"$f":"-F120","v":-100000},{"$f":"G87-G91-G92","v":19359147.800060768},{"$f":"H87-H91-H92","v":19252577.807222415},19146344.179561973,19040441.305557821,18934863.523151562,18829605.118405808,18724660.323024634,18620023.256874762,18515685.15419478,18411497.376568306,18297902.876591582,18194437.669304356,18091250.274195485,17988334.511926901,17885684.138251714,17783292.842422593,17681154.245569859,17579261.899048578,17477609.28275403,17376189.803404976,17274996.792793956,17174023.506004103,17073263.119591352,16972708.729716726,16872353.349501144,16772189.869689729,16672209.208177458,16572308.971960424,16467780.490136966,16126320.704980729,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT87-BT91-BT92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR",null,{"$f":"IRR(F94:DB94)","v":193.58597304310632},"Target",{"$f":"S49","v":7.0000000000000007E-2},"Test",{"$f":"ROUND(H95-F95,3)=0","v":false}]
[]
[null,null,null,"Project Cash Flow Pre-tax",null,{"$f":"F87+F93","v":-400000},{"$f":"G87+G93","v":25808565.71641475},25666424.155850679,25524731.328449782,25383479.751053464,25242661.873129047,25102270.075010862,24962296.666108221,24822733.883079536,24683573.887972035,24544808.76632623,24406430.525244534,24268431.091423247,24130802.309147168,23993535.938246083,23856623.6520124,23720057.035079036,23583827.581256874,23447926.691330887,23312345.670814134,23177075.727658767,23042107.96992315,22907433.40339426,22773042.929164432,22638927.341161493,22505077.323631436,22371483.448572535,22238136.173120119,22105025.83688077,21972142.659215141,21839476.736468222,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS87+BS93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Pre-tax IRR",null,{"$f":"IRR(97:97)","v":64.51590655602368}]
[null,null,null,"Project After-tax Cash Flow",null,{"$f":"F97","v":-400000},{"$f":"G87-(G87-G88)*$E$91","v":19366424.287311062},19259818.116888009,19153548.496337336,19047609.813290097,18941996.404846787,18836702.556258146,18731722.499581166,18627050.412309654,18522680.415979028,18418606.574744672,18304822.893933401,18201323.318567436,18098101.731860377,17995151.953684561,17892467.739009298,17790042.776309278,17687870.685942657,17585945.018498167,17484259.253110602,17382806.795744076,17281580.977442361,17180575.052545696,17079782.196873322,16979195.505871121,16878807.992723577,16778612.586429402,16678602.129840089,16578769.377660576,16479106.994411357,16379607.552351166,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS87-(BS87-BS88)*$E$91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax IRR",null,{"$f":"IFERROR(IRR(F99:DB99),0.1)","v":48.410555760776674}]
[]
[null,null,"Asset Balance"]
[null,null,null,"Straight Line Depreciation",{"$f":"S35","v":30},{"$f":"-F93","v":400000},{"$f":"$F$103/$E$103*G78","v":13333.333333333334},13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,13333.333333333334,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$103/$E$103*BS78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV of Future Project Cash Flow",null,{"$f":"NPV($F$100,G99:DB99)","v":400000},397798.01699960907,395602.98359756009,393414.78383952839,391233.30072682042,389058.41618848057,386890.0110222291,384727.96332018892,382572.07205258805,380418.28269124293,378072.19458988559,375934.35844935407,373802.26198617334,371675.77751188976,369554.7759966905,367439.12703651481,365328.69881953602,363223.35809200589,361122.97012344497,359027.39867116499,356936.5059441129,354850.15256602207,352768.19753784518,350690.49819905334,348616.91016775917,346547.28627015976,344481.42556816142,342416.55674739095,340222.99291953363,331500.16833758639,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"NPV($F$100,BS99:FN99)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Economic Depreciation from NPV of After Tax Cash Flow",null,null,{"$f":"F104-G104","v":2201.9830003909301},{"$f":"G104-H104","v":2195.0334020489827},2188.1997580316965,2181.4831127079669,2174.8845383398584,2168.4051662514685,2162.047702040174,2155.8912676008767,{"$f":"N104-O104","v":2153.789361345116},2346.088101357338,2137.8361405315227,2132.0964631807292,2126.4844742835849,2121.0015151992557,2115.6489601756912,2110.4282169787912,2105.3407275301288,2100.3879685609136,2095.5714522799826,2090.8927270520944,2086.3533780908328,2081.9550281768898,2077.6993387918337,2073.5880312941736,2069.6238975994056,2065.8607019983465,2064.868820770469,2193.5638278573169,8722.8245819472359,331500.16833758639,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS104-BT104","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Income with Straight Line Depreciation",{"$f":"SUM(G107:DB107)","v":535223592.11035454},null,{"$f":"G87-G103-G89-G91","v":19353090.95397773},{"$f":"H87-H103-H89-H91","v":19246484.783554677},19140215.163004003,19034276.479956765,18928663.071513452,18823369.222924814,18718389.166247834,18613717.078976318,18509347.082645692,18405273.241411339,18291489.560600068,18187989.985234104,18084768.398527045,17981818.620351229,17879134.40567597,17776709.442975946,17674537.352609321,17572611.685164832,17470925.919777267,17369473.462410744,17268247.644109029,17167241.719212361,17066448.863539994,16965862.172537789,16865474.659390245,16765279.25309607,16665268.796506757,16565436.044327244,16465773.661078025,16366274.219017833,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT87-BT103-BT89-BT91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Income with Economic Depreciation",{"$f":"SUM(G108:DB108)","v":535068118.13064563},null,{"$f":"(G87-G105-G89)*(1-$E$115)+G115-G130","v":19358597.304310672},19252029.048871905,19145797.129622463,19039895.934779644,18934319.802016973,18829063.017114244,18724119.811099123,18619484.284057863,18515146.70685444,18410910.854542967,18297368.41755645,18193904.645188563,18090718.653076913,17987804.261548102,17885155.226011671,17782765.235368349,17680627.910387978,17578736.802056435,17477085.389890961,17375667.080223214,17274475.204449434,17173503.017247062,17072743.694756657,16972190.332708903,16871835.943526741,16771673.404514229,16671692.990972266,16571760.581003459,16465599.783991477,16043445.662896333,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS87-BS105-BS89)*(1-$E$115)+BS115-BS130","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Gross Plant",null,{"$f":"F103","v":400000},{"$f":"F110","v":400000},{"$f":"G110","v":400000},400000,400000,400000,400000,400000,400000,{"$f":"N110","v":400000},400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,{"$f":"BS110","v":400000},400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000]
[null,null,null,"Less: Accumulated Depreciation",null,null,{"$f":"F111+G105","v":2201.9830003909301},{"$f":"G111+H105","v":4397.0164024399128},6585.2161604716093,8766.6992731795763,10941.583811519435,13109.988977770903,15272.036679811077,17427.927947411954,{"$f":"N111+O105","v":19581.71730875707},21927.805410114408,24065.641550645931,26197.73801382666,28324.222488110245,30445.2240033095,32560.872963485192,34671.301180463983,36776.641907994112,38877.029876555025,40972.601328835008,43063.494055887102,45149.847433977935,47231.802462154825,49309.501800946658,51383.089832240832,53452.713729840238,55518.574431838584,57583.443252609053,59777.00708046637,68499.831662413606,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,{"$f":"BS111+BT105","v":400000},400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000,400000]
[null,null,null,"Net Plant",null,{"$f":"F110-F111","v":400000},{"$f":"G110-G111","v":397798.01699960907},{"$f":"H110-H111","v":395602.98359756009},393414.78383952839,391233.30072682042,389058.41618848057,386890.0110222291,384727.96332018892,382572.07205258805,380418.28269124293,378072.19458988559,375934.35844935407,373802.26198617334,371675.77751188976,369554.7759966905,367439.12703651481,365328.69881953602,363223.35809200589,361122.97012344497,359027.39867116499,356936.5059441129,354850.15256602207,352768.19753784518,350690.49819905334,348616.91016775917,346547.28627015976,344481.42556816142,342416.55674739095,340222.99291953363,331500.16833758639,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT110-BT111","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Capital Balance"]
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[]
[null,null,"Debt Balance"]
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[null,null,null,"Interest Expense",{"$f":"S48","v":1.8750000000000003E-2},null,{"$f":"G127*$E$130","v":5625.0000000000009},5594.0346140570036,5563.1669568406896,5532.3953977433684,5501.7182914709128,5471.1339776505083,5440.640780000097,5410.2369841901573,5379.9197632395208,5349.6321003456051,5316.6402364202668,5286.5769156940423,5256.5943091805639,5226.6906212609501,5196.8640374534607,5167.1127239509906,5137.4348271497256,5107.8284731688336,5078.2917673609463,5048.8227938132577,5019.4196148390893,4990.0802704596863,4960.8027778759479,4931.585130924188,4902.4252992341144,4873.321213174122,4844.2700470522705,4815.232829260186,4784.3858379309422,4661.7211172473098,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS127*$E$130","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Equity Cash Flow Check (Equity Chg + Income)",null,{"$f":"-F120","v":-100000},{"$f":"F120-G120+G108","v":19359147.800060771},{"$f":"G120-H120+H108","v":19252577.807222418},19146344.179561973,19040441.305557821,18934863.523151558,18829605.118405808,18724660.323024634,18620023.256874762,{"$f":"N120-O120+O108","v":18515685.154194776},18411497.376568306,18297902.876591582,18194437.669304356,18091250.274195485,17988334.511926901,17885684.138251714,17783292.842422593,17681154.245569859,17579261.899048574,17477609.28275403,17376189.803404976,17274996.792793956,17174023.506004106,17073263.119591355,16972708.729716726,16872353.34950114,16772189.869689729,16672209.208177458,16572308.971960424,16467780.490136964,16126320.704980729,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS120-BT120+BT108","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR Check",null,{"$f":"IRR(F132:DB132)","v":193.58597304310632},{"$f":"G94","v":19359147.800060768},{"$f":"H94","v":19252577.807222415},19146344.179561973,19040441.305557821,18934863.523151562,18829605.118405808,18724660.323024634,18620023.256874762,18515685.15419478,18411497.376568306,18297902.876591582,18194437.669304356,18091250.274195485,17988334.511926901,17885684.138251714,17783292.842422593,17681154.245569859,17579261.899048578,17477609.28275403,17376189.803404976,17274996.792793956,17174023.506004103,17073263.119591352,16972708.729716726,16872353.349501144,16772189.869689729,16672209.208177458,16572308.971960424,16467780.490136966,16126320.704980729,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT94","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Check",null,{"$f":"ROUND(F133-H95,3)=0","v":false},{"$f":"G133-G132","v":0},{"$f":"H133-H132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT133-BT132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Financial Model in Real Terms with Inflating Price"]
[null,null,null,"Index",null,1,{"$f":"F137*(1+$S$43)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR137*(1+$S$43)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"Initial Price",{"$f":"S73","v":2379.4140997416166},null,{"$f":"$E$138*G78","v":2379.4140997416166},2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,2379.4140997416166,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$138*BS78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Price",null,null,{"$f":"G138*G137","v":2427.002381736449},{"$f":"H138*H137","v":2475.5424293711781},2525.0532779586015,2575.5543435177733,2627.0654303881292,2679.6067389958916,2733.1988737758093,2787.862851251326,2843.6201082763523,2900.4925104418794,2958.502360650717,3017.6724078637317,3078.0258560210059,3139.5863731414265,3202.378100604255,3266.4256626163401,3331.7541758686671,3398.3892593860405,3466.3570445737614,3535.6841854652366,3606.3978691745419,3678.5258265580328,3752.0963430891934,3827.1382699509772,3903.6810353499968,3981.7546560569967,4061.3897491781368,4142.6175441616997,4225.4698950449338,4309.9792929458326,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT138*BT137","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",{"$f":"S17","v":8503.02},null,{"$f":"G83","v":8460.5048999999999},8418.2023755000009,8376.1113636225,8334.2308068043876,8292.5596527703674,8251.0968545065152,8209.8413702339822,8168.7921633828119,8127.9482025658981,8087.3084615530679,8046.8719192453018,8006.6375596490752,7966.6043718508308,7926.7713499915762,7887.1374932416184,7847.7018057754103,7808.4632967465332,7769.4209802628002,7730.573875361486,7691.9210059846791,7653.4614009547558,7615.1940939499818,7577.1181234802316,7539.2325328628303,7501.536370198517,7464.0286883475246,7426.7085449057868,7389.5750021812582,7352.6271271703517,7315.8639915345002,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS83","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G139*G140","v":20533665.542992897},{"$f":"H139*H140","v":20839617.159583494},21150127.455261286,21465264.354344677,21785096.79322442,22109694.735443462,22439129.187001567,22773472.211887892,23112796.947845023,23457177.622367911,23806689.568941191,24161409.243518416,24521414.241246842,24886783.313441422,25257596.384811699,25633934.570945393,26015880.19605248,26403516.810973663,26796929.211457171,27196203.456707884,27601426.888212837,28012688.148847207,28430077.202265028,28853685.352578778,29283605.264332205,29719930.982770756,30162757.95441404,30612183.047934812,31068304.57534904,31531222.313521743,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT139*BT140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"E86","v":513675.76399999997},null,{"$f":"G86","v":523949.27927999996},534428.26486559992,545116.83016291191,556019.16676617018,567139.5501014936,578482.3411035235,590051.98792559397,601853.02768410591,613890.08823778806,626167.89000254381,638691.24780259468,651465.07275864657,664494.37421381939,677784.26169809594,691339.94693205785,705166.74587069906,719270.08078811306,733655.48240387533,748328.59205195284,763295.16389299196,778561.06717085186,794132.28851426893,810014.93428455421,826215.2329702453,842739.53762965021,859594.32838224317,876786.21494988818,894321.93924888596,912208.37803386361,930452.54559454101,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G141-G142","v":20009716.263712898},20305188.894717894,20605010.625098374,20909245.187578507,21217957.243122928,21531212.394339938,21849077.199075975,22171619.184203785,22498906.859607235,22831009.732365366,23167998.321138598,23509944.170759771,23856919.867033023,24208999.051743325,24566256.437879641,24928767.825074695,25296610.115264367,25669861.328569788,26048600.619405217,26432908.292814892,26822865.821041986,27218555.86033294,27620062.267980475,28027470.119608533,28440865.726702556,28860336.654388513,29285971.739464153,29717861.108685926,30156096.197315175,30600769.767927203,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS141-BS142","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Depreciation",{"$f":"G13","v":400000},null,{"$f":"$E$144*G211","v":40000},40000,40000,40000,40000,40000,40000,40000,40000,40000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$144*AM211","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$144*BS211","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Taxes",{"$f":"S37","v":0.25},null,{"$f":"(G143-G144)*$E$145","v":4992429.0659282245},5066297.2236794736,5141252.6562745934,5217311.2968946267,5294489.310780732,5372803.0985849844,5452269.2997689936,5532904.7960509462,5614726.7149018086,5697752.4330913415,5791999.5802846495,5877486.0426899428,5964229.9667582558,6052249.7629358312,6141564.1094699102,6232191.9562686738,6324152.5288160918,6417465.3321424471,6512150.1548513044,6608227.0732037229,6705716.4552604966,6804638.9650832349,6905015.5669951187,7006867.5299021332,7110216.431675639,7215084.1635971284,7321492.9348660382,7429465.2771714814,7539024.0493287938,7650192.4419818008,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS143-BS144)*$E$145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capex",null,{"$f":"G13","v":400000}]
[null,null,null,"Project Cash Flow",null,{"$f":"F143-F146","v":-400000},{"$f":"G143-G145","v":15017287.197784673},{"$f":"H143-H145","v":15238891.671038421},15463757.968823779,15691933.89068388,15923467.932342196,16158409.295754954,16396807.899306981,16638714.388152838,16884180.144705426,17133257.299274024,17375998.74085395,17632458.128069829,17892689.900274768,18156749.288807493,18424692.328409731,18696575.868806019,18972457.586448275,19252395.996427342,19536450.464553915,19824681.219611168,20117149.36578149,20413916.895249706,20715046.700985357,21020602.589706399,21330649.295026917,21645252.490791384,21964478.804598115,22288395.831514444,22617072.147986382,22950577.325945403,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT143-BT145","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Project IRR",null,{"$f":"IRR(F147:DS147)","v":37.557974604556186},"Target",{"$f":"G50","v":3.1562500000000007E-2},{"$f":"ROUND(H148-F148,3)=0","v":false}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV(Revenues)/NPV(Generation)"]
[]
[null,null,"Nominal",null,null,"Computed","Method 1","Test"]
[null,null,null,"NPV of Revenues",{"$f":"S52","v":3.1562500000000007E-2},{"$f":"NPV(E153,G141:EB141)","v":476265830.80069977}]
[null,null,null,"NPV of Generation",{"$f":"E153","v":3.1562500000000007E-2},{"$f":"NPV(E154,G83:DB83)","v":153021.82096357664}]
[null,null,null,"Nominal LCOE",null,{"$f":"F153/F154","v":3112.4046740632111},{"$f":"S74","v":3112.404674063217},{"$f":"ROUND(F155-G155,0)=0","v":true}]
[]
[null,null,"Real"]
[null,null,null,"NPV of Revenues",{"$f":"E153","v":3.1562500000000007E-2},{"$f":"F153","v":476265830.80069977}]
[null,null,null,"NPV of Generation",{"$f":"$S$53","v":1.1335784313725394E-2},{"$f":"NPV(E159,G140:DB140)","v":200160.96855625851}]
[null,null,null,"Real LCOE",null,{"$f":"F153/F159","v":2379.4140997416162},{"$f":"$E$138","v":2379.4140997416166},{"$f":"ROUND(F160-G160,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"G13","v":400000}]
[null,null,null,"Gross-Up for Taxes",{"$f":"S37","v":0.25},{"$f":"F164/(1-E165)","v":533333.33333333337}]
[null,null,null,"Value of Tax Deduction",{"$f":"S40","v":0.21156459944109407},{"$f":"F165*E166*-1","v":-112834.45303525018}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"S68*1000","v":26441473.175181396},{"$f":"S35","v":30}]
[null,null,null,"NPV of O&M Expenses",{"$f":"S55","v":3.6746231155778908E-2},{"$f":"PV(E168,F167,-E167)","v":475845331.92040169}]
[null,null,null,"Total Cost",null,{"$f":"F165+F168+F166","v":476265830.80069977}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"E153","v":3.1562500000000007E-2},{"$f":"NPV(E171,G83:DB83)","v":153021.82096357664}]
[null,null,null,"Nominal LCOE",null,{"$f":"F169/F171","v":3112.4046740632111},{"$f":"$E$80","v":3112.404674063217},{"$f":"ROUND(G172-F172,0)=0","v":true}]
[]
[null,null,null,"Total Cost",null,{"$f":"F169","v":476265830.80069977}]
[null,null,null,"NPV Generation - Real",{"$f":"S53","v":1.1335784313725394E-2},{"$f":"NPV(E175,G83:DB83)","v":200160.96855625851}]
[null,null,null,"Real LCOE",null,{"$f":"F174/F175","v":2379.4140997416162},{"$f":"$E$138","v":2379.4140997416166},{"$f":"ROUND(F176-G176,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G77","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BS77","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F176","v":2379.4140997416162},{"$f":"G139","v":2427.002381736449},2475.5424293711781,2525.0532779586015,2575.5543435177733,2627.0654303881292,2679.6067389958916,2733.1988737758093,2787.862851251326,2843.6201082763523,2900.4925104418794,2958.502360650717,3017.6724078637317,3078.0258560210059,3139.5863731414265,3202.378100604255,3266.4256626163401,3331.7541758686671,3398.3892593860405,3466.3570445737614,3535.6841854652366,3606.3978691745419,3678.5258265580328,3752.0963430891934,3827.1382699509772,3903.6810353499968,3981.7546560569967,4061.3897491781368,4142.6175441616997,4225.4698950449338,4309.9792929458326,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS139","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",null,null,8460.5048999999999,8418.2023755000009,8376.1113636225,8334.2308068043876,8292.5596527703674,8251.0968545065152,8209.8413702339822,8168.7921633828119,8127.9482025658981,8087.3084615530679,8046.8719192453018,8006.6375596490752,7966.6043718508308,7926.7713499915762,7887.1374932416184,7847.7018057754103,7808.4632967465332,7769.4209802628002,7730.573875361486,7691.9210059846791,7653.4614009547558,7615.1940939499818,7577.1181234802316,7539.2325328628303,7501.536370198517,7464.0286883475246,7426.7085449057868,7389.5750021812582,7352.6271271703517,7315.8639915345002,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G184:DB184*G180:DB180)","v":3112.4046740632116},null,{"$f":"_xlfn.FORMULATEXT(E186)","v":"=SUMPRODUCT(G184:DB184*G180:DB180)"}]
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[]
[null,"Depreciation Tax Shield"]
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[null,null,null,"Year",{"$f":"G38","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
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[null,null,null,"NPV",{"$f":"S52","v":3.1562500000000007E-2},{"$f":"NPV(E193,G192:AT192)","v":0.84625839776437628}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"S37","v":0.25},{"$f":"F193*E194","v":0.21156459944109407}]
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[null,null,null,"Year",{"$f":"H38","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"H39","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$196,F196,G196,$E$197),0)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"S52","v":3.1562500000000007E-2},{"$f":"NPV(E198,G197:AT197)","v":0.84625839776437628}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"H37","v":0.25},{"$f":"F198*E199","v":0.21156459944109407}]
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[null,null,null,"Year",{"$f":"I38","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"I39","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$201,F201,G201,$E$202),0)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"I52","v":5.5E-2},{"$f":"NPV(E203,G202:AT202)","v":0.75376258285889686}]
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[null,null,null,"Year",{"$f":"J38","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"J39","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$206,F206,G206,$E$207),0)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"J52","v":5.5E-2},{"$f":"NPV(E208,G207:AT207)","v":0.75376258285889686}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"J37","v":0.25},{"$f":"F208*E209","v":0.18844064571472421}]
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[null,null,null,"Applied Tax Depreciation Rate",{"$f":"F1","v":1},null,{"$f":"CHOOSE($E$211,G192,G197,G202,G207)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]

{"sheet":"Storage LCOH","index":7,"n_rows":206,"n_cols":106,"rows_kept":206,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,null,null,1,2,3,4]
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["Drivers",null,null,null,null,null,"Total","Compression","Storage",null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G5:R5,$F$1)","v":"Total"}]
[null,null,"Units",null,null,null,"kg","kg","kg","kg","MW","kg","kg","kg","kg","kg","kg",null,{"$f":"INDEX(G6:R6,$F$1)","v":"kg"}]
[null,null,"Resulting Levelised Cost per Unit",null,null,null,{"$f":"G69","v":1.3393830620288858},{"$f":"H69","v":1.0874653469977078},{"$f":"I69","v":0.36167255783355018},{"$f":"I7+H7","v":1.449137904831258}]
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[null,"Project Inputs"]
[null,null,null,"Technology Selected",{"$f":"'Electrolyzer Analysis'!$D$53","v":"PEM - NREL"},null,"Total","Compression","Storage","Combined"]
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[null,null,null,"Size of Storage in kg","kg ",null,{"$f":"'H2 vs Diesel Trucks'!F25","v":1129.3634496919917},{"$f":"G12","v":1129.3634496919917},{"$f":"H12","v":1129.3634496919917},{"$f":"I12","v":1129.3634496919917}]
[null,null,null,"Cost per kg","USD/kg",null,{"$f":"'Compression & Storage Analysis'!G11","v":2630.4347826086955},{"$f":"'Compression & Storage Analysis'!G13","v":1630.4347826086957},{"$f":"'Compression & Storage Analysis'!G12","v":999.99999999999977},{"$f":"H13+I13","v":2630.4347826086955}]
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[null,null,null,"Total Up-Front Cap Exp","USD ",null,{"$f":"G12*G13","v":2970716.9002767606},{"$f":"H12*H13","v":1841353.4505847692},{"$f":"I12*I13","v":1129363.4496919916},{"$f":"J12*J13","v":2970716.9002767606}]
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[null,null,null,"Total kg Compressed","kg/year",null,{"$f":"'H2 vs Diesel Trucks'!F22","v":206250},{"$f":"G17","v":206250},{"$f":"H17","v":206250},{"$f":"G17","v":206250}]
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[null,null,null,"Efficiency (kW/kg)","kWh/kg",null,{"$f":"'Compression & Storage Analysis'!G16","v":1.05},{"$f":"G19","v":1.05},{"$f":"H19","v":1.05},{"$f":"I19","v":1.05}]
[null,null,null,"Annual Energy","MWh/Year",null,{"$f":"G17*G19/1000","v":216.5625},{"$f":"H17*H19/1000","v":216.5625},0,{"$f":"G20","v":216.5625}]
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[null,null,null,"Fuel Cost","USD/Year",null,{"$f":"G20*G21","v":7579.6875},{"$f":"H20*H21","v":7579.6875},null,{"$f":"H23","v":7579.6875}]
[null,null,null,"OpEx %","%",null,{"$f":"'Compression & Storage Analysis'!G15","v":0.04},{"$f":"G24","v":0.04}]
[null,null,null,"O&M per Year","USD/Year",null,{"$f":"G15*G24+G23","v":126408.36351107042},{"$f":"G25","v":126408.36351107042},null,{"$f":"H25","v":126408.36351107042},null,null,null,null,null,null,null,null,{"$f":"INDEX(G25:K25,$F$1)","v":126408.36351107042}]
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[null,null,null,"Total O&M Cost","USD",null,{"$f":"G25","v":126408.36351107042},{"$f":"G27","v":126408.36351107042},null,{"$f":"H27","v":126408.36351107042}]
[null,null,null,"O&M Cost per Unit","USD/kg",null,{"$f":"G27/G17","v":0.61288903520518989},{"$f":"G28","v":0.61288903520518989},null,{"$f":"H28","v":0.61288903520518989}]
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[null,"Financing Parameters"]
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[null,null,null,"Income Tax Rate","% p.a.",null,0.2,0.2,0.3,0.5,null,null,null,null,null,null,null,null,{"$f":"INDEX(G33:J33,$F$1)","v":0.2}]
[null,null,null,"Tax Life","Year",null,10,{"$f":"G34","v":10},10,20,null,null,null,null,null,null,null,null,{"$f":"INDEX(G34:R34,$F$1)","v":10}]
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[null,null,null,"Degradation","% p.a.",null,0,0,0,0.01,null,null,null,null,null,null,null,null,{"$f":"INDEX(G38:R38,$F$1)","v":0}]
[null,null,null,"Inflation Rate","% p.a.",null,0.02,0.02,0.02,0.02,null,null,null,null,null,null,null,null,{"$f":"INDEX(G39:R39,$F$1)","v":0.02}]
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[null,null,null,"Debt Percent","%",null,0.75,{"$f":"G41","v":0.75},{"$f":"H41","v":0.75},{"$f":"I41","v":0.75},null,null,null,null,null,null,null,null,{"$f":"INDEX(G41:R41,$F$1)","v":0.75}]
[null,null,null,"Equity Percent","%",null,{"$f":"1-G41","v":0.25},{"$f":"1-H41","v":0.25},{"$f":"1-I41","v":0.25},{"$f":"1-J41","v":0.25},null,null,null,null,null,null,null,null,{"$f":"INDEX(G42:R42,$F$1)","v":0.25}]
[null,null,null,"Pre-tax Interest Rate","%",null,0.03,{"$f":"G43","v":0.03},{"$f":"H43","v":0.03},{"$f":"I43","v":0.03}]
[null,null,null,"After-tax Interest Rate","%",null,{"$f":"G43*(1-G33)","v":2.4E-2},{"$f":"H43*(1-H33)","v":2.4E-2},{"$f":"I43*(1-I33)","v":2.0999999999999998E-2},{"$f":"J43*(1-J33)","v":1.4999999999999999E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G44:R44,$F$1)","v":2.4E-2}]
[null,null,null,"Minimum Target Equity IRR","%",null,{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G45:R45,$F$1)","v":7.0000000000000007E-2}]
[null,null,null,"WACC","%",null,{"$f":"G44*G41+G45*G42","v":3.5500000000000004E-2},{"$f":"H44*H41+H45*H42","v":3.5500000000000004E-2},{"$f":"I44*I41+I45*I42","v":3.3250000000000002E-2},{"$f":"J44*J41+J45*J42","v":2.8750000000000001E-2}]
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[null,null,null,"Required Pre-tax Project IRR","% p.a.",null,{"$f":"G46","v":3.5500000000000004E-2},0.04,5.5E-2,5.5E-2,null,null,null,null,null,null,null,null,{"$f":"INDEX(G48:R48,$F$1)","v":3.5500000000000004E-2}]
[null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+G48)/(1+G39)-1","v":1.5196078431372717E-2},{"$f":"(1+H48)/(1+H39)-1","v":1.9607843137254832E-2},{"$f":"(1+I48)/(1+I39)-1","v":3.4313725490195957E-2},{"$f":"(1+J48)/(1+J39)-1","v":3.4313725490195957E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G49:R49,$F$1)","v":1.5196078431372717E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J49)","v":"=(1+J48)/(1+J39)-1"}]
[]
[null,null,null,"Nominal Adjusted for Degradation","% p.a.",null,{"$f":"(1+G48)/(1-G38)-1","v":3.5500000000000087E-2},{"$f":"(1+H48)/(1-H38)-1","v":4.0000000000000036E-2},{"$f":"(1+I48)/(1-I38)-1","v":5.4999999999999938E-2},{"$f":"(1+J48)/(1-J38)-1","v":6.5656565656565524E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G51:R51,$F$1)","v":3.5500000000000087E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J51)","v":"=(1+J48)/(1-J38)-1"}]
[null,null,null,"Real Adjusted for Degradation","% p.a.",null,{"$f":"(1+G49)/(1-G38)-1","v":1.5196078431372717E-2},{"$f":"(1+H49)/(1-H38)-1","v":1.9607843137254832E-2},{"$f":"(1+I49)/(1-I38)-1","v":3.4313725490195957E-2},{"$f":"(1+J49)/(1-J38)-1","v":4.4761338878985812E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G52:R52,$F$1)","v":1.5196078431372717E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J52)","v":"=(1+J49)/(1-J38)-1"}]
[]
[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G51,G31,-1)/(1-G33)","v":7.6254676060324572E-2},{"$f":"PMT(H51,H31,-1)/(1-H33)","v":8.0014953483068293E-2},{"$f":"PMT(I51,I31,-1)/(1-I33)","v":0.10649907563776921},{"$f":"PMT(J51,J31,-1)/(1-J33)","v":0.16496023054671663},null,null,null,null,null,null,null,null,{"$f":"INDEX(G54:R54,$F$1)","v":7.6254676060324572E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J54)","v":"=PMT(J51,J31,-1)/(1-J33)"}]
[null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(G52,G31,-1)/(1-G33)","v":6.0471919588703633E-2},{"$f":"PMT(H52,H31,-1)/(1-H33)","v":6.3731166950734081E-2},{"$f":"PMT(I52,I31,-1)/(1-I33)","v":8.6032847695240874E-2},{"$f":"PMT(J52,J31,-1)/(1-J33)","v":0.13454692253448478},null,null,null,null,null,null,null,null,{"$f":"INDEX(G55:R55,$F$1)","v":6.0471919588703633E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J55)","v":"=PMT(J52,J31,-1)/(1-J33)"}]
[]
[null,"Calculation of Nominal and Real LCOE"]
[null,null,null,"Capexp Recovery - Nominal","USD/yr",null,{"$f":"G54*G15","v":226531.05489753591},{"$f":"H54*H15","v":147335.81069442761},{"$f":"I54*I15","v":120276.16345127937},{"$f":"J54*J15","v":490050.14475868182},null,null,null,null,null,null,null,null,{"$f":"INDEX(G58:R58,$F$1)","v":226531.05489753591}]
[null,null,null,"Capexp Recovery - After Tax Shield","USD/yr",null,{"$f":"G58*(1-G36)","v":188946.44744987975},{"$f":"H58*(1-H36)","v":122890.7799217727},{"$f":"I58*(1-I36)","v":92340.251871422501},{"$f":"J58*(1-J36)","v":343642.97809216357}]
[null,null,null,"Capexp Recovery - Nominal","USD/kghr",null,{"$f":"G59/G17","v":0.9161039876357806},{"$f":"H59/H17","v":0.59583408446920094},{"$f":"I59/I17","v":0.44771031210386669},{"$f":"J59/J17","v":1.6661477725680658},null,null,null,null,null,null,null,null,{"$f":"INDEX(G60:R60,$F$1)","v":0.9161039876357806}]
[null,null,null,"Capexp Recovery - Real","USD/kgyr",null,{"$f":"G55*G15*(1-G36)","v":149839.39303238725},{"$f":"H55*H15*(1-H36)","v":97881.364307206837},{"$f":"I55*I15*(1-I36)","v":74594.965053169726},{"$f":"J55*J15*(1-J36)","v":280286.37568975717},null,null,null,null,null,null,null,null,{"$f":"INDEX(G61:R61,$F$1)","v":149839.39303238725}]
[null,null,null,"Capexp Recovery - Real","USD/kghr",null,{"$f":"G61/G17","v":0.72649402682369579},{"$f":"H61/H17","v":0.47457631179251802},{"$f":"I61/I17","v":0.36167255783355018},{"$f":"J61/J17","v":1.3589642457685196},null,null,null,null,null,null,null,null,{"$f":"INDEX(G62:R62,$F$1)","v":0.72649402682369579}]
[]
[null,null,null,"O&M Cost - Nominal","USD/kghr",null,{"$f":"G28*PV(G49,G31,-1)/PV(G51,G31,-1)","v":0.77284887197837626},{"$f":"H28*PV(H49,H31,-1)/PV(H51,H31,-1)","v":0.7694867360601646},{"$f":"I28*PV(I49,I31,-1)/PV(I51,I31,-1)","v":0},{"$f":"J28*PV(J49,J31,-1)/PV(J51,J31,-1)","v":0.83939962845971405},null,null,null,null,null,null,null,null,{"$f":"INDEX(G64:R64,$F$1)","v":0.77284887197837626}]
[null,null,null,"O&M Cost - Nominal","USD/kghr",null,{"$f":"G64","v":0.77284887197837626},{"$f":"H64","v":0.7694867360601646},{"$f":"I64","v":0},{"$f":"J64","v":0.83939962845971405},null,null,null,null,null,null,null,null,{"$f":"INDEX(G65:R65,$F$1)","v":0.77284887197837626}]
[null,null,null,"O&M Cost - Real Degradation","USD/kghr",null,{"$f":"PV(G49,G31,-1)/PV(G52,G31,-1)*G28","v":0.61288903520518989},{"$f":"PV(H49,H31,-1)/PV(H52,H31,-1)*H28","v":0.61288903520518989},{"$f":"PV(I49,I31,-1)/PV(I52,I31,-1)*I28","v":0},{"$f":"PV(J49,J31,-1)/PV(J52,J31,-1)*J28","v":0.68464160368556382},null,null,null,null,null,null,null,null,{"$f":"INDEX(G66:R66,$F$1)","v":0.61288903520518989}]
[null,null,null,"O&M Cost - Real","USD/kghr",null,{"$f":"G66","v":0.61288903520518989},{"$f":"H66","v":0.61288903520518989},{"$f":"I66","v":0},{"$f":"J66","v":0.68464160368556382},null,null,null,null,null,null,null,null,{"$f":"INDEX(G67:R67,$F$1)","v":0.61288903520518989}]
[]
[null,null,null,"LCOE - Real","USD/kg",null,{"$f":"G62+G67","v":1.3393830620288858},{"$f":"H62+H67","v":1.0874653469977078},{"$f":"I62+I67","v":0.36167255783355018},{"$f":"J62+J67","v":2.0436058494540834},null,null,null,null,null,null,null,null,{"$f":"INDEX(G69:R69,$F$1)","v":1.3393830620288858}]
[null,null,null,"LCOE - Nominal","USD/kg",null,{"$f":"G60+G65","v":1.6889528596141568},{"$f":"H60+H65","v":1.3653208205293654},{"$f":"I60+I65","v":0.44771031210386669},{"$f":"J60+J65","v":2.5055474010277798},null,null,null,null,null,null,null,null,{"$f":"INDEX(G70:R70,$F$1)","v":1.6889528596141568}]
[]
[null,"Proof w/ financial model",null,null,"Driver"]
[null,null,"Timeline",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Flag",null,{"$f":"G31","v":25},null,{"$f":"G73<=$E$74","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS73<=$E$74","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
[null,null,null,"Price per kg",{"$f":"S70","v":1.6889528596141568},null,{"$f":"$E$76*G74","v":1.6889528596141568},{"$f":"$E$76","v":1.6889528596141568},1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,{"$f":"$E$76","v":1.6889528596141568},1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568,1.6889528596141568]
[null,null,null,"Production without Degradation",{"$f":"G17","v":206250},null,{"$f":"$E$77*G74","v":206250},206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$77*BS74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",{"$f":"S38","v":0},1,{"$f":"F78*(1-$E$78)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BR78*(1-$E$78)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"Final Production",null,null,{"$f":"G77*G78","v":206250},{"$f":"H77*H78","v":206250},206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT77*BT78","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues (USD)",null,null,{"$f":"G76*G79","v":348346.52729541983},{"$f":"H76*H79","v":348346.52729541983},348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,348346.52729541983,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT76*BT79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",{"$f":"S39","v":0.02},1,{"$f":"F81*(1+$E$81)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR81*(1+$E$81)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"O&M Cost",{"$f":"G25","v":126408.36351107042},null,{"$f":"$E$82*G81*G74","v":128936.53078129183},131515.26139691766,134145.566624856,136828.47795735314,139565.0475165002,142356.34846683021,145203.4754361668,148107.54494489016,151069.69584378798,154091.08976066374,157172.91155587701,160316.36978699453,163522.69718273441,166793.15112638913,170129.01414891693,173531.59443189527,177002.22632053317,180542.27084694384,184153.11626388272,187836.17858916038,191592.9021609436,195424.76020416248,199333.25540824572,203319.92051641064,207386.31892673887,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$82*BS81*BS74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Less: Tax Depreciation",{"$f":"G15","v":2970716.9002767606},null,{"$f":"$E$84*G206","v":297071.69002767606},297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$84*AM206","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$84*BS206","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Deferred Taxes",{"$f":"S33","v":0.2},null,{"$f":"(G84-G101)*$E$110","v":33517.960954132861},33011.23646730827,32494.775199170879,31968.396532744729,31431.916739924345,30885.148937047925,30327.903040210345,29759.985720337183,29181.200358036254,28591.346998250068,-19541.248099702596,-19732.009090263164,-19919.483029649222,-20103.35204621698,-20283.282960253164,-20458.926660065681,-20629.917454315888,-20795.872399718457,-20956.39060319823,-21111.052497567332,-21259.419089745672,-21401.031180516609,-21535.40855477165,-21662.049141159652,-21780.428140018303,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS84-BS101)*$E$110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Accumulated Deferred Taxes",false]
[null,null,null,"Net Capital",null,{"$f":"F108-F111","v":2970716.9002767606},{"$f":"G108-G111","v":2841235.0150197488},{"$f":"H108-H111","v":2709219.5073286141},2574621.6932967925,2437391.98593284,2297479.8796047857,2154833.9342623493,2009401.7594357249,1861129.9980097348,1709964.30977224,1555849.3547358143,1458143.1142373013,1359483.0687859855,1259885.6536377394,1159368.8934066545,1057952.4786053887,955657.84530506027,852508.25803348096,748528.89603488892,643746.9430188979,538191.68053106125,431894.58508233307,324889.42917974992,217212.38640589174,108902.14070009347,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT108-BT111","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Debt Balance",{"$f":"S41","v":0.75},{"$f":"F112*$E$114","v":2228037.6752075702},2130926.2612648117,2031914.6304964605,1930966.2699725945,1828043.98944963,1723109.9097035893,1616125.450696762,1507051.3195767938,1395847.4985073011,1282473.23232918,1166887.0160518608,1093607.335677976,1019612.3015894891,944914.24022830452,869526.6700549908,793464.3589540415,716743.38397879526,639381.19352511072,561396.67202616669,482810.20726417343,403643.76039829594,323920.9388117498,243667.07188481244,162909.2898044188,81676.605525070103,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BR112*$E$114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity Balance",{"$f":"S42","v":0.25},{"$f":"F112*$E$115","v":742679.22506919014},710308.75375493721,677304.87683215353,643655.42332419811,609347.99648321001,574369.96990119643,538708.48356558732,502350.43985893123,465282.4995024337,427491.07744306,388962.33868395357,364535.77855932532,339870.76719649637,314971.41340943484,289842.22335166362,264488.11965134717,238914.46132626507,213127.06450837024,187132.22400872223,160936.73575472448,134547.92013276531,107973.64627058327,81222.357294937479,54303.096601472935,27225.535175023368,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BR112*$E$115","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Debt Percent",null,null,{"$f":"IF(G112,G114/G112)","v":0.75},{"$f":"IF(H112,H114/H112)","v":0.75},0.75,0.75,0.75,0.75,0.75000000000000011,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75000000000000011,0.75,0.75,0.75,0.75,0.75,0.75,0.75,0.75,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BT112,BT114/BT112)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Equity Percent",null,null,{"$f":"IF(G112,G115/G112)","v":0.25},{"$f":"IF(H112,H115/H112)","v":0.25},0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,0.25,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"IF(BT112,BT115/BT112)","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[]
[null,null,"Debt Balance"]
[null,null,null,"Debt Repayment",null,null,{"$f":"F114-G114","v":97111.41394275846},99011.630768351257,100948.36052386602,102922.28052296443,104934.07974604075,106984.45900682732,109074.13111996814,111203.82106949273,{"$f":"N114-O114","v":113374.26617812109},115586.21627731924,73279.680373884737,73995.034088486922,74698.061361184577,75387.570173313725,76062.3111009493,76720.974975246238,77362.19045368454,77984.521498944028,78586.464761993266,79166.446865877486,79722.821586546139,80253.866926937364,80757.782080393634,81232.684279348701,81676.605525070103,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BR114-BS114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Opening Balance",null,null,{"$f":"F124","v":2228037.6752075702},{"$f":"G124","v":2130926.2612648117},2031914.6304964605,1930966.2699725945,1828043.98944963,1723109.9097035893,1616125.450696762,1507051.3195767938,{"$f":"N124","v":1395847.4985073011},1282473.23232918,1166887.0160518608,1093607.335677976,1019612.3015894891,944914.24022830452,869526.6700549908,793464.3589540415,716743.38397879526,639381.19352511072,561396.67202616669,482810.20726417343,403643.76039829594,323920.9388117498,243667.07188481244,162909.2898044188,81676.605525070103,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS124","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Debt Repayment",null,null,{"$f":"G121","v":97111.41394275846},99011.630768351257,100948.36052386602,102922.28052296443,104934.07974604075,106984.45900682732,109074.13111996814,111203.82106949273,113374.26617812109,115586.21627731924,73279.680373884737,73995.034088486922,74698.061361184577,75387.570173313725,76062.3111009493,76720.974975246238,77362.19045368454,77984.521498944028,78586.464761993266,79166.446865877486,79722.821586546139,80253.866926937364,80757.782080393634,81232.684279348701,81676.605525070103,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS121","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,{"$f":"F114","v":2228037.6752075702},{"$f":"G122-G123","v":2130926.2612648117},{"$f":"H122-H123","v":2031914.6304964605},1930966.2699725945,1828043.98944963,1723109.9097035893,1616125.450696762,1507051.3195767938,1395847.4985073011,1282473.23232918,1166887.0160518608,1093607.335677976,1019612.3015894891,944914.24022830452,869526.6700549908,793464.3589540415,716743.38397879526,639381.19352511072,561396.67202616669,482810.20726417343,403643.76039829594,323920.9388117498,243667.07188481244,162909.2898044188,81676.605525070103,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT122-BT123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Interest Expense",{"$f":"S44","v":2.4E-2},null,{"$f":"G122*$E$125","v":53472.904204981685},51142.230270355481,48765.951131915055,46343.190479342265,43873.05574679112,41354.637832886146,38787.010816722286,36169.231669843051,33500.339964175226,30779.357575900322,28005.288385244658,26246.576056271424,24470.695238147739,22677.941765479311,20868.64008131978,19043.144614896995,17201.841215491087,15345.148644602657,13473.520128628001,11587.444974340162,9687.4502495591023,7774.1025314819954,5848.009725235499,3909.8229553060514,1960.2385326016824,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS122*$E$125","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Equity Cash Flow Check (Equity Chg + Income)",null,{"$f":"-F115","v":-742679.22506919014},{"$f":"F115-G115+G104","v":84358.017069097114},{"$f":"G115-H115+H104","v":82725.489685630455},81060.794886204967,79363.306473681994,77632.386335839052,75867.384228693438,74067.637556247093,72232.471146623284,{"$f":"N115-O115+O104","v":70361.197024544381},68453.114180120465,51653.923832504865,50182.515861981956,48690.30749081602,47177.188996431592,45643.059334933176,44087.826700676349,42511.409110733643,40913.735015233877,39294.743934608305,37654.387124789908,35992.628271475573,34309.444214586634,32604.825704110095,30878.778188552613,29131.322637274952,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS115-BT115+BT104","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR Check",null,{"$f":"IRR(F127:DB127)","v":7.0000000000000284E-2},{"$f":"G90","v":84358.017069097463},{"$f":"H90","v":82725.489685630222},81060.7948862052,79363.306473681849,77632.386335839052,75867.384228693438,74067.637556247209,72232.471146623167,70361.197024544381,68453.114180120523,51653.92383250485,50182.515861981883,48690.30749081602,47177.188996431534,45643.059334933234,44087.826700676407,42511.409110733686,40913.735015234124,39294.743934608414,37654.387124789908,35992.62827147574,34309.444214586518,32604.825704110146,30878.778188552606,29131.322637272984,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,{"$f":"G128-G127","v":3.4924596548080444E-10},{"$f":"H128-H127","v":-2.3283064365386963E-10},2.3283064365386963E-10,-1.4551915228366852E-10,0,0,1.1641532182693481E-10,-1.1641532182693481E-10,0,0,0,-7.2759576141834259E-11,0,-5.8207660913467407E-11,5.8207660913467407E-11,5.8207660913467407E-11,0,2.4738255888223648E-10,1.0913936421275139E-10,0,1.673470251262188E-10,-1.1641532182693481E-10,5.0931703299283981E-11,0,-1.9681465346366167E-9,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT128-BT127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Financial Model in Real Terms"]
[null,null,null,"Index",null,1,{"$f":"F132*(1+$S$39)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR132*(1+$S$39)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"Initial Price",{"$f":"S69","v":1.3393830620288858},null,{"$f":"$E$133*G74","v":1.3393830620288858},1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,1.3393830620288858,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$133*BS74","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Price",null,null,{"$f":"G133*G132","v":1.3661707232694635},{"$f":"H133*H132","v":1.3934941377348529},1.4213640204895497,1.4497913008993408,1.4787871269173276,1.5083628694556743,1.5385301268447877,1.5693007293816836,1.6006867439693173,1.6327004788487036,1.6653544884256777,1.6986615781941914,1.732634809758075,1.7672875059532367,1.8026332560723015,1.8386859211937476,1.8754596396176226,1.9129688324099752,1.9512282090581745,1.9902527732393382,2.0300578287041251,2.0706589852782078,2.1120721649837719,2.1543136082834473,2.1973998804491162,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT133*BT132","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",{"$f":"#REF!","v":{"$error":"#REF!"}},null,{"$f":"G79","v":206250},206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS79","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G134*G135","v":281772.71167432686},{"$f":"H134*H135","v":287408.16590781341},293156.32922596962,299019.45581048907,304999.84492669883,311099.84182523284,317321.83866173745,323668.27543497225,330141.64094367169,336744.47376254509,343479.363237796,350348.95050255198,357355.92951260298,364503.04810285504,371793.10906491219,379228.97124621045,386813.55067113467,394549.82168455736,402440.81811824848,410489.63448061352,418699.42717022583,427073.41571363038,435614.88402790297,444327.18170846102,453213.72534263023,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT134*BT135","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"E82","v":126408.36351107042},null,{"$f":"G82","v":128936.53078129183},131515.26139691766,134145.566624856,136828.47795735314,139565.0475165002,142356.34846683021,145203.4754361668,148107.54494489016,151069.69584378798,154091.08976066374,157172.91155587701,160316.36978699453,163522.69718273441,166793.15112638913,170129.01414891693,173531.59443189527,177002.22632053317,180542.27084694384,184153.11626388272,187836.17858916038,191592.9021609436,195424.76020416248,199333.25540824572,203319.92051641064,207386.31892673887,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS82","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G136-G137","v":152836.18089303502},155892.90451089575,159010.76260111362,162190.97785313593,165434.79741019863,168743.49335840263,172118.36322557065,175560.73049008209,179071.94509988371,182653.38400188135,186306.45168191899,190032.58071555744,193833.23232986857,197709.89697646591,201664.09491599526,205697.37681431518,209811.3243506015,214007.55083761353,218287.70185436576,222653.45589145314,227106.52500928222,231648.65550946791,236281.62861965725,241007.26119205038,245827.40641589137,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS136-BS137","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Depreciation",{"$f":"G15","v":2970716.9002767606},null,{"$f":"$E$139*G206","v":297071.69002767606},297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,297071.69002767606,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$139*AM206","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$139*BS206","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Taxes",{"$f":"S33","v":0.2},null,{"$f":"(G138-G139)*$E$140","v":-28847.101826928207},-28235.757103356063,-27612.18548531249,-26976.142434908026,-26327.378523495485,-25665.639333854688,-24990.665360421084,-24302.191907518794,-23599.948985558469,-22883.661205158944,37261.290336383798,38006.51614311149,38766.646465973718,39541.979395293187,40332.818983199053,41139.475362863042,41962.2648701203,42801.510167522705,43657.540370873154,44530.691178290632,45421.305001856446,46329.731101893587,47256.325723931455,48201.452238410078,49165.481283178276,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS138-BS139)*$E$140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capex",null,{"$f":"G15","v":2970716.9002767606}]
[null,null,null,"Project Cash Flow",null,{"$f":"F138-F141","v":-2970716.9002767606},{"$f":"G138-G140","v":181683.28271996323},{"$f":"H138-H140","v":184128.66161425182},186622.9480864261,189167.12028804395,191762.17593369412,194409.13269225732,197109.02858599173,199862.92239760089,202671.89408544218,205537.0452070403,149045.16134553519,152026.06457244596,155066.58586389484,158167.91758117272,161331.27593279621,164557.90145145214,167849.0594804812,171206.04067009082,174630.16148349261,178122.7647131625,181685.22000742579,185318.92440757432,189025.30289572579,192805.80895364031,196661.92513271311,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT138-BT140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"IRR",null,{"$f":"IRR(F142:DS142)","v":3.5500000000000309E-2}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV(Revenues)/NPV(Generation)"]
[]
[null,null,null,null,null,"Computed","Method 1","Test"]
[null,null,null,"NPV of Revenues",{"$f":"S48","v":3.5500000000000004E-2},{"$f":"NPV(E148,G136:EB136)","v":5710248.6249473663}]
[null,null,null,"NPV of Generation",{"$f":"E148","v":3.5500000000000004E-2},{"$f":"NPV(E149,G79:DB79)","v":3380940.2035364513}]
[null,null,null,"Nominal LCOE",null,{"$f":"F148/F149","v":1.688952859614159},{"$f":"$E$76","v":1.6889528596141568},{"$f":"ROUND(F150-G150,0)=0","v":true}]
[]
[null,null,null,"Real Discount Rate"]
[null,null,null,"NPV of Revenues",{"$f":"E148","v":3.5500000000000004E-2},{"$f":"F148","v":5710248.6249473663}]
[null,null,null,"NPV of Generation",{"$f":"$S$49","v":1.5196078431372717E-2},{"$f":"NPV(E154,G135:DB135)","v":4263342.4199776901}]
[null,null,null,"Real LCOE",null,{"$f":"F148/F154","v":1.3393830620288876},{"$f":"$E$133","v":1.3393830620288858},{"$f":"ROUND(F155-G155,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"G15","v":2970716.9002767606}]
[null,null,null,"Gross-Up for Taxes",{"$f":"S33","v":0.2},{"$f":"F159/(1-E160)","v":3713396.1253459505}]
[null,null,null,"Value of Tax Deduction",{"$f":"S36","v":0.16591370867299574},{"$f":"F160*E161*-1","v":-616103.32292807917}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"S64*G17","v":159400.07984554011},{"$f":"S31","v":25}]
[null,null,null,"NPV of O&M Expenses",{"$f":"S51","v":3.5500000000000087E-2},{"$f":"PV(E163,F162,-E162)","v":2612955.8225294896}]
[null,null,null,"Total Cost",null,{"$f":"F160+F163+F161","v":5710248.6249473607}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"E148","v":3.5500000000000004E-2},{"$f":"NPV(E166,G79:DB79)","v":3380940.2035364513}]
[null,null,null,"Nominal LCOE",null,{"$f":"F164/F166","v":1.6889528596141574},{"$f":"$E$76","v":1.6889528596141568},{"$f":"ROUND(G167-F167,0)=0","v":true}]
[]
[null,null,null,"Total Cost",null,{"$f":"F164","v":5710248.6249473607}]
[null,null,null,"NPV Generation - Real",{"$f":"S49","v":1.5196078431372717E-2},{"$f":"NPV(E170,G79:DB79)","v":4263342.4199776901}]
[null,null,null,"Real LCOE",null,{"$f":"F169/F170","v":1.3393830620288862},{"$f":"$E$133","v":1.3393830620288858},{"$f":"ROUND(F171-G171,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G73","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BS73","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F171","v":1.3393830620288862},{"$f":"G134","v":1.3661707232694635},1.3934941377348529,1.4213640204895497,1.4497913008993408,1.4787871269173276,1.5083628694556743,1.5385301268447877,1.5693007293816836,1.6006867439693173,1.6327004788487036,1.6653544884256777,1.6986615781941914,1.732634809758075,1.7672875059532367,1.8026332560723015,1.8386859211937476,1.8754596396176226,1.9129688324099752,1.9512282090581745,1.9902527732393382,2.0300578287041251,2.0706589852782078,2.1120721649837719,2.1543136082834473,2.1973998804491162,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS134","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Weighting Factor",null,null,{"$f":"G178/SUM(178:178)","v":5.8912352340183168E-2},5.6892662810413483E-2,5.4942214206097031E-2,5.3058632743695829E-2,5.1239626019986301E-2,4.9482980222101694E-2,4.7786557433222292E-2,4.6148293030634759E-2,4.4566193172993478E-2,4.3038332373726194E-2,4.1562851157630316E-2,4.0137953797808122E-2,3.8761906130186499E-2,3.7433033442961373E-2,3.6149718438398232E-2,3.4910399264508181E-2,3.3713567614203944E-2,3.2557766889622343E-2,3.1441590429379378E-2,3.0363679796600065E-2,2.9322723125639848E-2,2.831745352548513E-2,2.7346647537890022E-2,2.6409123648372793E-2,2.5503740848259571E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS178/SUM(178:178)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G179:DB179*G175:DB175)","v":1.6889528596141585},null,{"$f":"_xlfn.FORMULATEXT(E181)","v":"=SUMPRODUCT(G179:DB179*G175:DB175)"}]
[]
[]
[null,"Depreciation Tax Shield"]
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[null,null,null,"Year",{"$f":"G34","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"G35","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$186,F186,G186,$E$187),0)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Multiplied by Tax Rate",{"$f":"S33","v":0.2},{"$f":"F188*E189","v":0.16591370867299574}]
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[null,null,null,"Year",{"$f":"H34","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"H35","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$191,F191,G191,$E$192),0)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"S48","v":3.5500000000000004E-2},{"$f":"NPV(E193,G192:AT192)","v":0.82956854336497865}]
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[null,null,null,"Year",{"$f":"I34","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"I35","v":1.5},null,{"$f":"IFERROR(VDB(1,0,$E$196,F196,G196,$E$197),0)","v":0.15},0.1275,0.10837499999999999,9.2118749999999985E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"I48","v":5.5E-2},{"$f":"NPV(E198,G197:AT197)","v":0.77421579300631627}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"I33","v":0.3},{"$f":"F198*E199","v":0.23226473790189486}]
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[null,null,null,"Year",{"$f":"J34","v":20},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
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[null,null,null,"NPV",{"$f":"J48","v":5.5E-2},{"$f":"NPV(E203,G202:AT202)","v":0.59751912424641518}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"J33","v":0.5},{"$f":"F203*E204","v":0.29875956212320759}]
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[null,null,null,"Applied Tax Depreciation Rate",{"$f":"F1","v":1},null,{"$f":"CHOOSE($E$206,G187,G192,G197,G202)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]

{"sheet":"Dispenser LCOH","index":8,"n_rows":209,"n_cols":106,"rows_kept":209,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,null,null,1,2,3,4]
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["Drivers",null,null,null,null,null,"Total","Compression","Storage",null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G5:R5,$F$1)","v":"Total"}]
[null,null,"Units",null,null,null,"kg","kg","kg","kg","MW","kg","kg","kg","kg","kg","kg",null,{"$f":"INDEX(G6:R6,$F$1)","v":"kg"}]
[null,null,"Resulting Levelised Cost per Unit",null,null,null,{"$f":"G71","v":0.54267196652464456},{"$f":"H71","v":0.56457235411576401},{"$f":"I71","v":0.4188456364238809},{"$f":"J71","v":0.82730222378148377}]
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[null,"Project Inputs"]
[null,null,null,"Technology Selected",{"$f":"'Electrolyzer Analysis'!$D$53","v":"PEM - NREL"},null,"Total","Compression","Storage","Combined"]
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[null,null,null,"Size of Dispenser in Flow Rate","kg/minute",null,{"$f":"'H2 vs Diesel Trucks'!F30","v":26.351813826146476},{"$f":"G12","v":26.351813826146476},{"$f":"H12","v":26.351813826146476},{"$f":"I12","v":26.351813826146476}]
[null,null,null,"Size of Dispenser in kg","kg/year",null,{"$f":"'H2 vs Diesel Trucks'!F19","v":206250},{"$f":"G13","v":206250},{"$f":"H13","v":206250},206250]
[null,null,null,"Total Units Purchased","Units",null,{"$f":"'H2 vs Diesel Trucks'!F32","v":9},{"$f":"G14","v":9},{"$f":"H14","v":9},9]
[null,null,null,"Cost per Dispenser","USD/Unit",null,{"$f":"Dispenser!H9","v":125158.5},{"$f":"G15","v":125158.5},{"$f":"H15","v":125158.5},125158.5]
[null,null,null,"Total Up-Front Cost","USD ",null,{"$f":"G15*G14","v":1126426.5},{"$f":"H15*H14","v":1126426.5},1126426.5,1126426.5]
[null,null,null,"Cost per kg","USD/kg",null,{"$f":"G15*G14","v":1126426.5},{"$f":"H15*H14","v":1126426.5},{"$f":"I15*I14","v":1126426.5},{"$f":"J15*J14","v":1126426.5}]
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[null,null,null,"Total kg Dispensed","kg/year",null,{"$f":"G13","v":206250},{"$f":"H13","v":206250},206250,206250]
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[null,null,null,"Efficiency (kW/kg)","kWh/kg",null,0,{"$f":"G21","v":0},{"$f":"H21","v":0},{"$f":"I21","v":0}]
[null,null,null,"Annual Energy","MWh/Year",null,{"$f":"G19*G21/1000","v":0},{"$f":"H19*H21/1000","v":0},0,{"$f":"G22","v":0}]
[null,null,null,"Electricity Cost (USD/MWH)","USD/MWh",null,{"$f":"'Electrolyzer vs SMR'!$I$6","v":35},{"$f":"G23","v":35},null,{"$f":"H23","v":35}]
[null,null,null,"Electricity Cost (USD/kg)","USD/kg",null,{"$f":"G23*G21/1000","v":0},{"$f":"G24","v":0},null,{"$f":"H24","v":0}]
[null,null,null,"Fuel Cost","USD/Year",null,{"$f":"G22*G23","v":0},{"$f":"H22*H23","v":0},null,{"$f":"H25","v":0}]
[null,null,null,"OpEx %","%",null,{"$f":"'Compression & Storage Analysis'!G15","v":0.04},{"$f":"G26","v":0.04}]
[null,null,null,"O&M per Year","USD/Year",null,{"$f":"G16*G26","v":45057.06},{"$f":"G27","v":45057.06},null,{"$f":"H27","v":45057.06},null,null,null,null,null,null,null,null,{"$f":"INDEX(G27:K27,$F$1)","v":45057.06}]
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[null,null,null,"Total O&M Cost","USD",null,{"$f":"G27","v":45057.06},{"$f":"G29","v":45057.06},null,{"$f":"H29","v":45057.06}]
[null,null,null,"O&M Cost per Unit","USD/kg",null,{"$f":"G29/G19","v":0.21845847272727273},{"$f":"G30","v":0.21845847272727273},null,{"$f":"H30","v":0.21845847272727273}]
[]
[null,"Financing Parameters"]
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[null,null,null,"Income Tax Rate","% p.a.",null,0.2,0.2,0.3,0.5,null,null,null,null,null,null,null,null,{"$f":"INDEX(G35:J35,$F$1)","v":0.2}]
[null,null,null,"Tax Life","Year",null,10,{"$f":"G36","v":10},10,20,null,null,null,null,null,null,null,null,{"$f":"INDEX(G36:R36,$F$1)","v":10}]
[null,null,null,"Variable Delicing Factor (1-SL)","Factor",null,1,1,1.5,1,null,null,null,null,null,null,null,null,{"$f":"INDEX(G37:R37,$F$1)","v":1}]
[null,null,null,"Value of Depreciation Deduction","%",null,{"$f":"F192","v":0.16785145097507681},{"$f":"F197","v":0.16785145097507681},{"$f":"F202","v":0.23226473790189486},{"$f":"F207","v":0.29875956212320759},null,null,null,null,null,null,null,null,{"$f":"INDEX(G38:J38,$F$1)","v":0.16785145097507681}]
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[null,null,null,"Degradation","% p.a.",null,0,0,0,0.01,null,null,null,null,null,null,null,null,{"$f":"INDEX(G40:R40,$F$1)","v":0}]
[null,null,null,"Inflation Rate","% p.a.",null,0.02,0.02,0.02,0.02,null,null,null,null,null,null,null,null,{"$f":"INDEX(G41:R41,$F$1)","v":0.02}]
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[null,null,null,"Debt Percent","%",null,0.8,{"$f":"G43","v":0.8},{"$f":"H43","v":0.8},{"$f":"I43","v":0.8},null,null,null,null,null,null,null,null,{"$f":"INDEX(G43:R43,$F$1)","v":0.8}]
[null,null,null,"Equity Percent","%",null,{"$f":"1-G43","v":0.19999999999999996},{"$f":"1-H43","v":0.19999999999999996},{"$f":"1-I43","v":0.19999999999999996},{"$f":"1-J43","v":0.19999999999999996},null,null,null,null,null,null,null,null,{"$f":"INDEX(G44:R44,$F$1)","v":0.19999999999999996}]
[null,null,null,"Pre-tax Interest Rate","%",null,0.03,{"$f":"G45","v":0.03},{"$f":"H45","v":0.03},{"$f":"I45","v":0.03}]
[null,null,null,"After-tax Interest Rate","%",null,{"$f":"G45*(1-G35)","v":2.4E-2},{"$f":"H45*(1-H35)","v":2.4E-2},{"$f":"I45*(1-I35)","v":2.0999999999999998E-2},{"$f":"J45*(1-J35)","v":1.4999999999999999E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G46:R46,$F$1)","v":2.4E-2}]
[null,null,null,"Minimum Target Equity IRR","%",null,{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G47:R47,$F$1)","v":7.0000000000000007E-2}]
[null,null,null,"WACC","%",null,{"$f":"G46*G43+G47*G44","v":3.32E-2},{"$f":"H46*H43+H47*H44","v":3.32E-2},{"$f":"I46*I43+I47*I44","v":3.0799999999999998E-2},{"$f":"J46*J43+J47*J44","v":2.5999999999999999E-2}]
[]
[null,null,null,"Required Pre-tax Project IRR","% p.a.",null,{"$f":"G48","v":3.32E-2},0.04,5.5E-2,5.5E-2,null,null,null,null,null,null,null,null,{"$f":"INDEX(G50:R50,$F$1)","v":3.32E-2}]
[null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+G50)/(1+G41)-1","v":1.2941176470588012E-2},{"$f":"(1+H50)/(1+H41)-1","v":1.9607843137254832E-2},{"$f":"(1+I50)/(1+I41)-1","v":3.4313725490195957E-2},{"$f":"(1+J50)/(1+J41)-1","v":3.4313725490195957E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G51:R51,$F$1)","v":1.2941176470588012E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J51)","v":"=(1+J50)/(1+J41)-1"}]
[]
[null,null,null,"Nominal Adjusted for Degradation","% p.a.",null,{"$f":"(1+G50)/(1-G40)-1","v":3.3199999999999896E-2},{"$f":"(1+H50)/(1-H40)-1","v":4.0000000000000036E-2},{"$f":"(1+I50)/(1-I40)-1","v":5.4999999999999938E-2},{"$f":"(1+J50)/(1-J40)-1","v":6.5656565656565524E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G53:R53,$F$1)","v":3.3199999999999896E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J53)","v":"=(1+J50)/(1-J40)-1"}]
[null,null,null,"Real Adjusted for Degradation","% p.a.",null,{"$f":"(1+G51)/(1-G40)-1","v":1.2941176470588012E-2},{"$f":"(1+H51)/(1-H40)-1","v":1.9607843137254832E-2},{"$f":"(1+I51)/(1-I40)-1","v":3.4313725490195957E-2},{"$f":"(1+J51)/(1-J40)-1","v":4.4761338878985812E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G54:R54,$F$1)","v":1.2941176470588012E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J54)","v":"=(1+J51)/(1-J40)-1"}]
[]
[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G53,G33,-1)/(1-G35)","v":8.6524986263212048E-2},{"$f":"PMT(H53,H33,-1)/(1-H35)","v":9.1977187910786129E-2},{"$f":"PMT(I53,I33,-1)/(1-I35)","v":0.11954190004990446},{"$f":"PMT(J53,J33,-1)/(1-J35)","v":0.18246054318243443},null,null,null,null,null,null,null,null,{"$f":"INDEX(G56:R56,$F$1)","v":8.6524986263212048E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J56)","v":"=PMT(J53,J33,-1)/(1-J35)"}]
[null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(G54,G33,-1)/(1-G35)","v":7.1338064838948723E-2},{"$f":"PMT(H54,H33,-1)/(1-H35)","v":7.6156899649537507E-2},{"$f":"PMT(I54,I33,-1)/(1-I35)","v":9.9892666288384252E-2},{"$f":"PMT(J54,J33,-1)/(1-J35)","v":0.15343448907589652},null,null,null,null,null,null,null,null,{"$f":"INDEX(G57:R57,$F$1)","v":7.1338064838948723E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J57)","v":"=PMT(J54,J33,-1)/(1-J35)"}]
[]
[null,"Calculation of Nominal and Real LCOE"]
[null,null,null,"Capexp Recovery - Nominal","USD/yr",null,{"$f":"G56*G16","v":97464.037439018022},{"$f":"H56*H16","v":103605.54185818913},{"$f":"I56*I16","v":134655.1640765637},{"$f":"J56*J16","v":205528.39104508847},null,null,null,null,null,null,null,null,{"$f":"INDEX(G60:R60,$F$1)","v":97464.037439018022}]
[null,null,null,"Capexp Recovery - After Tax Shield","USD/yr",null,{"$f":"G60*(1-G38)","v":81104.557336989645},{"$f":"H60*(1-H38)","v":86215.20132823303},{"$f":"I60*(1-I38)","v":103379.51768518399},{"$f":"J60*(1-J38)","v":144124.81893257046}]
[null,null,null,"Capexp Recovery - Nominal","USD/kghr",null,{"$f":"G61/G19","v":0.39323421739146497},{"$f":"H61/H19","v":0.41801309734900866},{"$f":"I61/I19","v":0.50123402514028603},{"$f":"J61/J19","v":0.69878700088519008},null,null,null,null,null,null,null,null,{"$f":"INDEX(G62:R62,$F$1)","v":0.39323421739146497}]
[null,null,null,"Capexp Recovery - Real","USD/kgyr",null,{"$f":"G57*G16*(1-G38)","v":66869.033095707942},{"$f":"H57*H16*(1-H38)","v":71385.988036376322},{"$f":"I57*I16*(1-I38)","v":86386.912512425435},{"$f":"J57*J16*(1-J38)","v":121197.26035214361},null,null,null,null,null,null,null,null,{"$f":"INDEX(G63:R63,$F$1)","v":66869.033095707942}]
[null,null,null,"Capexp Recovery - Real","USD/kghr",null,{"$f":"G63/G19","v":0.32421349379737185},{"$f":"H63/H19","v":0.34611388138849125},{"$f":"I63/I19","v":0.4188456364238809},{"$f":"J63/J19","v":0.5876230804952417},null,null,null,null,null,null,null,null,{"$f":"INDEX(G64:R64,$F$1)","v":0.32421349379737185}]
[]
[null,null,null,"O&M Cost - Nominal","USD/kghr",null,{"$f":"G30*PV(G51,G33,-1)/PV(G53,G33,-1)","v":0.2649653644864437},{"$f":"H30*PV(H51,H33,-1)/PV(H53,H33,-1)","v":0.26383946942700559},{"$f":"I30*PV(I51,I33,-1)/PV(I53,I33,-1)","v":0},{"$f":"J30*PV(J51,J33,-1)/PV(J53,J33,-1)","v":0.28502057742621489},null,null,null,null,null,null,null,null,{"$f":"INDEX(G66:R66,$F$1)","v":0.2649653644864437}]
[null,null,null,"O&M Cost - Nominal","USD/kghr",null,{"$f":"G66","v":0.2649653644864437},{"$f":"H66","v":0.26383946942700559},{"$f":"I66","v":0},{"$f":"J66","v":0.28502057742621489},null,null,null,null,null,null,null,null,{"$f":"INDEX(G67:R67,$F$1)","v":0.2649653644864437}]
[null,null,null,"O&M Cost - Real Degradation","USD/kghr",null,{"$f":"PV(G51,G33,-1)/PV(G54,G33,-1)*G30","v":0.21845847272727273},{"$f":"PV(H51,H33,-1)/PV(H54,H33,-1)*H30","v":0.21845847272727273},{"$f":"PV(I51,I33,-1)/PV(I54,I33,-1)*I30","v":0},{"$f":"PV(J51,J33,-1)/PV(J54,J33,-1)*J30","v":0.23967914328624204},null,null,null,null,null,null,null,null,{"$f":"INDEX(G68:R68,$F$1)","v":0.21845847272727273}]
[null,null,null,"O&M Cost - Real","USD/kghr",null,{"$f":"G68","v":0.21845847272727273},{"$f":"H68","v":0.21845847272727273},{"$f":"I68","v":0},{"$f":"J68","v":0.23967914328624204},null,null,null,null,null,null,null,null,{"$f":"INDEX(G69:R69,$F$1)","v":0.21845847272727273}]
[]
[null,null,null,"LCOE - Real","USD/kg",null,{"$f":"G64+G69","v":0.54267196652464456},{"$f":"H64+H69","v":0.56457235411576401},{"$f":"I64+I69","v":0.4188456364238809},{"$f":"J64+J69","v":0.82730222378148377},null,null,null,null,null,null,null,null,{"$f":"INDEX(G71:R71,$F$1)","v":0.54267196652464456}]
[null,null,null,"LCOE - Nominal","USD/kg",null,{"$f":"G62+G67","v":0.65819958187790872},{"$f":"H62+H67","v":0.68185256677601425},{"$f":"I62+I67","v":0.50123402514028603},{"$f":"J62+J67","v":0.98380757831140497},null,null,null,null,null,null,null,null,{"$f":"INDEX(G72:R72,$F$1)","v":0.65819958187790872}]
[]
[]
[null,"Proof w/ financial model",null,null,"Driver"]
[null,null,"Timeline",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Flag",null,{"$f":"G33","v":20},null,{"$f":"G76<=$E$77","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS76<=$E$77","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
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[null,null,null,"Production without Degradation",{"$f":"G19","v":206250},null,{"$f":"$E$80*G77","v":206250},206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$80*BS77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",{"$f":"S40","v":0},1,{"$f":"F81*(1-$E$81)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BR81*(1-$E$81)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"Final Production",null,null,{"$f":"G80*G81","v":206250},{"$f":"H80*H81","v":206250},206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT80*BT81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues (USD)",null,null,{"$f":"G79*G82","v":135753.66376231867},{"$f":"H79*H82","v":135753.66376231867},135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,135753.66376231867,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT79*BT82","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",{"$f":"S41","v":0.02},1,{"$f":"F84*(1+$E$84)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR84*(1+$E$84)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"O&M Cost",{"$f":"G27","v":45057.06},null,{"$f":"$E$85*G84*G77","v":45958.201199999996},46877.365223999994,47814.912528479996,48771.210779049594,49746.634994630593,50741.567694523204,51756.399048413667,52791.527029381949,53847.357569969587,54924.304721368979,56022.790815796354,57143.246632112285,58286.111564754523,59451.833796049621,60640.870471970615,61853.687881410027,63090.761639038232,64352.576871819001,65639.628409255383,66952.420977440488,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$85*BS84*BS77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G83-G85","v":89795.462562318673},{"$f":"H83-H85","v":88876.298538318675},87938.751233838673,86982.452983269075,86007.028767688083,85012.096067795472,83997.264713904995,82962.13673293672,81906.30619234909,80829.359040949697,79730.872946522315,78610.417130206391,77467.552197564146,76301.829966269055,75112.793290348054,73899.975880908634,72662.902123280437,71401.086890499661,70114.035353063286,68801.242784878181,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT83-BT85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Tax Depreciation",{"$f":"G16","v":1126426.5},null,{"$f":"$E$87*G209","v":112642.65000000001},112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$87*AM209","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$87*BS209","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Interest",false,null,{"$f":"G128*$E$88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS128*$E$88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxable Income",null,null,{"$f":"G86-G87-G88","v":-22847.187437681336},{"$f":"H86-H87-H88","v":-23766.351461681334},-24703.898766161336,-25660.197016730934,-26635.621232311925,-27630.553932204537,-28645.385286095014,-29680.513267063288,-30736.343807650919,-31813.290959050311,79730.872946522315,78610.417130206391,77467.552197564146,76301.829966269055,75112.793290348054,73899.975880908634,72662.902123280437,71401.086890499661,70114.035353063286,68801.242784878181,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT86-BT87-BT88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Less: Debt Service",null,null,{"$f":"G128+G126","v":67201.420999883834},{"$f":"H128+H126","v":67032.437120762712},66860.196036756359,66684.63666986044,66505.696855504691,66323.313325304756,66137.421689613751,65947.956419883223,65754.850830829673,65558.037062402975,47334.622061572401,46964.373583115812,46584.701222064134,46195.349472853319,45796.055494480766,45386.54888991655,44966.551478648908,44535.777062146757,44093.931182012668,43640.710870593837,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT128+BT126","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital Expenditure",null,{"$f":"-G16","v":-1126426.5}]
[null,null,null,"Equity Cash Flow",null,{"$f":"-F118","v":-225285.29999999996},{"$f":"G86-G90-G91","v":27163.479049971109},{"$f":"H86-H90-H91","v":26597.13170989223},26019.334950314587,25429.855716754828,24828.456158645771,24214.893528931629,23588.920081510252,22950.282966466155,22298.7241230496,21633.980170356779,16450.076295645449,15923.960121049298,15389.340535987183,14846.114500161922,14294.179137797677,13733.431814810356,13163.770219975442,12585.092450252974,11997.297100437958,11400.283357308705,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT86-BT90-BT91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR",null,{"$f":"IRR(F93:DB93)","v":7.0000000000000728E-2},"Target",{"$f":"G47","v":7.0000000000000007E-2},"Test",{"$f":"ROUND(H94-F94,3)=0","v":true}]
[]
[null,null,null,"Project Cash Flow Pre-tax",null,{"$f":"F86+F92","v":-1126426.5},{"$f":"G86+G92","v":89795.462562318673},88876.298538318675,87938.751233838673,86982.452983269075,86007.028767688083,85012.096067795472,83997.264713904995,82962.13673293672,81906.30619234909,80829.359040949697,79730.872946522315,78610.417130206391,77467.552197564146,76301.829966269055,75112.793290348054,73899.975880908634,72662.902123280437,71401.086890499661,70114.035353063286,68801.242784878181,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS86+BS92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Pre-tax IRR",null,{"$f":"IRR(96:96)","v":3.7777261595475009E-2}]
[null,null,null,"Project After-tax Cash Flow",null,{"$f":"F96","v":-1126426.5},{"$f":"G86-(G86-G87)*$E$90","v":94364.900049854943},93629.568830654942,92879.530987070946,92114.492386615268,91334.153014150463,90538.206854236385,89726.341771124004,88898.239386349378,88053.574953879273,87192.017232759754,63784.698357217851,62888.33370416511,61974.041758051317,61041.463973015241,60090.234632278443,59119.980704726906,58130.32169862435,57120.869512399731,56091.228282450626,55040.994227902542,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS86-(BS86-BS87)*$E$90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax IRR",null,{"$f":"IFERROR(IRR(F98:DB98),0.1)","v":3.3200000000000118E-2}]
[]
[null,null,"Asset Balance"]
[null,null,null,"Straight Line Depreciation",{"$f":"G33","v":20},{"$f":"-F92","v":1126426.5},{"$f":"$F$102/$E$102*G77","v":56321.324999999997},56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,56321.324999999997,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$102/$E$102*BS77","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV of Future Project Cash Flow",null,{"$f":"NPV($F$99,G98:DB98)","v":1126426.5000000005},1069458.9597501457,1011335.4283831958,952032.23361844709,891525.2113879642,829789.69539189443,766800.50642466906,702531.94146684383,636957.76253719407,570051.1852995496,501784.867418735,454659.42665981909,406865.78592075995,358399.68825527799,309257.093932338,259434.19481861321,208927.42938186429,157733.49833871785,105849.3809711636,53272.352136955611,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"NPV($F$99,BS98:FN98)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Economic Depreciation",null,null,{"$f":"F103-G103","v":56967.540249854792},{"$f":"G103-H103","v":58123.531366949901},59303.194764748681,60507.022230482893,61735.515996069764,62989.188967225375,64268.564957825234,65574.178929649759,{"$f":"N103-O103","v":66906.577237644466},68266.317880814604,47125.440758915909,47793.640739059134,48466.097665481968,49142.594322939985,49822.899113724794,50506.765436748916,51193.93104314644,51884.117367554252,52577.028834207988,53272.352136955611,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS103-BT103","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Income with Straight Line Depreciation",{"$f":"SUM(G106:DB106)","v":377586.69231752754},null,{"$f":"G86-G102-G88-G90","v":38043.575049854946},{"$f":"H86-H102-H88-H90","v":37308.243830654945},36558.205987070942,35793.167386615263,35012.828014150473,34216.881854236381,33405.016771123999,32576.914386349381,31732.249953879276,30870.692232759764,7463.3733572178535,6567.008704165115,5652.7167580513196,4720.1389730152459,3768.9096322784462,2798.6557047269089,1808.9966986243526,799.54451239973059,-230.09671754936971,-1280.3307720974535,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT86-BT102-BT88-BT90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Income with Economic Depreciation",{"$f":"SUM(G107:DB107)","v":159223.30398931948},null,{"$f":"(G86-G104-G88)*(1-$E$113)+G113-G128","v":15769.971000000151},14972.42543650225,14158.695997364914,13328.451270658195,12481.352959431802,11617.055735486636,10735.207089945125,9835.4471805362246,8917.4086755206899,7980.7165941938129,7024.988143862236,6365.2319732374599,5696.1210028907653,5017.5956355739272,4329.5993150527647,3632.0787274606228,2924.9840113461223,2208.2689767421011,1481.8913335963048,745.81292991739122,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS86-BS104-BS88)*(1-$E$113)+BS113-BS128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Debt Balance",{"$f":"S43","v":0.8},{"$f":"F115*$E$117","v":901141.20000000007},855567.16780011624,809068.34270655632,761625.7868947573,713220.16911037103,663831.75631351524,613440.40513973485,562025.55317347473,509566.2100297549,456040.94823963934,401427.89393498772,363727.54132785503,325492.62873660773,286719.75060422218,247405.67514587019,207547.35585489031,167141.94350549113,126186.79867097401,84679.504776930626,42617.881709564295,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BR115*$E$117","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity Balance",{"$f":"S44","v":0.19999999999999996},{"$f":"F115*$E$118","v":225285.29999999996},213891.791950029,202267.08567663902,190406.4467236893,178305.0422775927,165957.93907837875,153360.10128493368,140506.38829336865,127391.5525074387,114010.23705990981,100356.9734837469,90931.885331963727,81373.157184151918,71679.93765105553,61851.418786467526,51886.838963722563,41785.485876372775,31546.699667743495,21169.876194232653,10654.47042739107,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BR115*$E$118","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Debt Balance"]
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[null,null,null,"Opening Balance",null,null,{"$f":"F127","v":901141.20000000007},{"$f":"G127","v":855567.16780011624},809068.34270655632,761625.7868947573,713220.16911037103,663831.75631351524,613440.40513973485,562025.55317347473,{"$f":"N127","v":509566.2100297549},456040.94823963934,401427.89393498772,363727.54132785503,325492.62873660773,286719.75060422218,247405.67514587019,207547.35585489031,167141.94350549113,126186.79867097401,84679.504776930626,42617.881709564295,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Closing Balance",null,{"$f":"F117","v":901141.20000000007},{"$f":"G125-G126","v":855567.16780011624},{"$f":"H125-H126","v":809068.34270655632},761625.7868947573,713220.16911037103,663831.75631351524,613440.40513973485,562025.55317347473,509566.2100297549,456040.94823963934,401427.89393498772,363727.54132785503,325492.62873660773,286719.75060422218,247405.67514587019,207547.35585489031,167141.94350549113,126186.79867097401,84679.504776930626,42617.881709564295,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT125-BT126","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Equity Cash Flow Check (Equity Chg + Income)",null,{"$f":"-F118","v":-225285.29999999996},{"$f":"F118-G118+G107","v":27163.479049971109},{"$f":"G118-H118+H107","v":26597.13170989223},26019.334950314638,25429.855716754792,24828.456158645749,24214.893528931705,23588.920081510154,22950.282966466184,{"$f":"N118-O118+O107","v":22298.724123049578},21633.980170356721,16450.076295645409,15923.960121049269,15389.340535987154,14846.114500161932,14294.179137797728,13733.43181481041,13163.770219975402,12585.092450252943,11997.297100437887,11400.283357308461,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS118-BT118+BT107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR Check",null,{"$f":"IRR(F130:DB130)","v":7.0000000000000728E-2},{"$f":"G93","v":27163.479049971109},{"$f":"H93","v":26597.13170989223},26019.334950314587,25429.855716754828,24828.456158645771,24214.893528931629,23588.920081510252,22950.282966466155,22298.7241230496,21633.980170356779,16450.076295645449,15923.960121049298,15389.340535987183,14846.114500161922,14294.179137797677,13733.431814810356,13163.770219975442,12585.092450252974,11997.297100437958,11400.283357308705,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT93","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,"Financial Model in Real Terms"]
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[null,null,null,"Generation",{"$f":"E80","v":206250},null,{"$f":"G82","v":206250},206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS82","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G137*G138","v":114164.61495762209},{"$f":"H137*H138","v":116447.90725677453},118776.86540191002,121152.40270994823,123575.4507641472,126046.95977943015,128567.89897501875,131139.25695451914,133762.04209360952,136437.28293548172,139166.02859419136,141949.34916607518,144788.33614939667,147684.1028723846,150637.78492983233,153650.54062842895,156723.55144099754,159858.02246981752,163055.18291921387,166316.28657759813,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT137*BT138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"E85","v":45057.06},null,{"$f":"G85","v":45958.201199999996},46877.365223999994,47814.912528479996,48771.210779049594,49746.634994630593,50741.567694523204,51756.399048413667,52791.527029381949,53847.357569969587,54924.304721368979,56022.790815796354,57143.246632112285,58286.111564754523,59451.833796049621,60640.870471970615,61853.687881410027,63090.761639038232,64352.576871819001,65639.628409255383,66952.420977440488,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G139-G140","v":68206.413757622096},69570.542032774538,70961.952873430026,72381.19193089864,73828.815769516601,75305.392084906955,76811.499926605087,78347.729925137188,79914.684523639939,81512.978214112751,83143.237778395007,84806.102533962898,86502.224584642143,88232.269076334982,89996.914457861712,91796.852747018915,93632.789801959312,95505.445597998507,97415.554509958485,99363.865600157646,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS139-BS140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Depreciation",{"$f":"G16","v":1126426.5},null,{"$f":"$E$142*G209","v":112642.65000000001},112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,112642.65000000001,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$142*AM209","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$142*BS209","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Taxes",{"$f":"S35","v":0.2},null,{"$f":"(G141-G142)*$E$143","v":-8887.2472484755835},-8614.4215934450949,-8336.139425313997,-8052.2916138202745,-7762.7668460966815,-7467.451583018611,-7166.2300146789848,-6858.9840149725642,-6545.5930952720146,-6225.9343571774516,16628.647555679003,16961.220506792579,17300.444916928431,17646.453815266996,17999.382891572342,18359.370549403782,18726.557960391863,19101.089119599703,19483.110901991698,19872.773120031532,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS141-BS142)*$E$143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capex",null,{"$f":"G16","v":1126426.5}]
[null,null,null,"Project Cash Flow",null,{"$f":"F141-F144","v":-1126426.5},{"$f":"G141-G143","v":77093.661006097682},{"$f":"H141-H143","v":78184.963626219629},79298.092298744028,80433.483544718911,81591.582615613283,82772.843667925568,83977.729941284066,85206.713940109752,86460.277618911947,87738.912571290202,66514.590222716011,67844.882027170315,69201.779667713708,70585.815261067983,71997.53156628937,73437.482197615129,74906.231841567453,76404.356478398811,77932.443607966794,79491.092480126114,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT141-BT143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"IRR",null,{"$f":"IRR(F145:DS145)","v":3.3199999999997898E-2}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV(Revenues)/NPV(Generation)"]
[]
[null,null,null,null,null,"Computed","Method 1","Test"]
[null,null,null,"NPV of Revenues",{"$f":"S50","v":3.32E-2},{"$f":"NPV(E151,G139:EB139)","v":1961191.6399118374}]
[null,null,null,"NPV of Generation",{"$f":"E151","v":3.32E-2},{"$f":"NPV(E152,G82:DB82)","v":2979630.6377411648}]
[null,null,null,"Nominal LCOE",null,{"$f":"F151/F152","v":0.6581995818779075},{"$f":"$E$79","v":0.65819958187790872},{"$f":"ROUND(F153-G153,0)=0","v":true}]
[]
[null,null,null,"Real Discount Rate"]
[null,null,null,"NPV of Revenues",{"$f":"E151","v":3.32E-2},{"$f":"F151","v":1961191.6399118374}]
[null,null,null,"NPV of Generation",{"$f":"$S$51","v":1.2941176470588012E-2},{"$f":"NPV(E157,G138:DB138)","v":3613954.2133926945}]
[null,null,null,"Real LCOE",null,{"$f":"F151/F157","v":0.54267196652464422},{"$f":"$E$136","v":0.54267196652464456},{"$f":"ROUND(F158-G158,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"G16","v":1126426.5}]
[null,null,null,"Gross-Up for Taxes",{"$f":"S35","v":0.2},{"$f":"F162/(1-E163)","v":1408033.125}]
[null,null,null,"Value of Tax Deduction",{"$f":"S38","v":0.16785145097507681},{"$f":"F163*E164*-1","v":-236340.40305222169}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"S66*G19","v":54649.10642532901},{"$f":"S33","v":20}]
[null,null,null,"NPV of O&M Expenses",{"$f":"S53","v":3.3199999999999896E-2},{"$f":"PV(E166,F165,-E165)","v":789498.9179640623}]
[null,null,null,"Total Cost",null,{"$f":"F163+F166+F164","v":1961191.6399118404}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"E151","v":3.32E-2},{"$f":"NPV(E169,G82:DB82)","v":2979630.6377411648}]
[null,null,null,"Nominal LCOE",null,{"$f":"F167/F169","v":0.6581995818779085},{"$f":"$E$79","v":0.65819958187790872},{"$f":"ROUND(G170-F170,0)=0","v":true}]
[]
[null,null,null,"Total Cost",null,{"$f":"F167","v":1961191.6399118404}]
[null,null,null,"NPV Generation - Real",{"$f":"S51","v":1.2941176470588012E-2},{"$f":"NPV(E173,G82:DB82)","v":3613954.2133926945}]
[null,null,null,"Real LCOE",null,{"$f":"F172/F173","v":0.54267196652464511},{"$f":"$E$136","v":0.54267196652464456},{"$f":"ROUND(F174-G174,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G76","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BS76","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F174","v":0.54267196652464511},{"$f":"G137","v":0.55352540585513743},0.56459591397224018,0.57588783225168494,0.58740558889671868,0.59915370067465312,0.6111367746881462,0.62335951018190905,0.63582670038554734,0.64854323439325823,0.66151409908112346,0.67474438106274592,0.68823926868400087,0.70200405405768085,0.71604413513883447,0.73036501784161123,0.74497231819844345,0.75987176456241234,0.77506919985366063,0.79057058385073387,0.80638199552774859,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS137","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",null,null,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,206250,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Discount Factor - Nominal",{"$f":"E169","v":3.32E-2},null,{"$f":"1/(1+$E$180)^G177","v":0.96786682152535819},0.93676618420959956,0.90666490922338339,0.87753088387861344,0.84933302736993188,0.82204125761704594,0.79562645917251851,0.77006045216078056,0.74531596221523488,0.72136659138137327,0.69818678995487171,0.67575182922461452,0.65403777509157435,0.63302146253539915,0.61268047090147049,0.59299309998206584,0.57393834686611089,0.55549588353282131,0.53764603516533238,0.52036975916118122,0.50364862481724859,0.48746479366748807,0.47180100045246631,0.4566405347004126,0.44196722290012835,0.42776541124673673,0.41401994894186683,0.40071617203045568,0.38783988775692579,0.37537735942404749,0.36331529173833482,0.35164081662634028,0.34034147950671734,0.32940522600340433,0.31882038908575722,0.30857567662190982,0.29866015933208467,0.28906325912900183,0.27977473783294798,0.27078468624946572,0.26208351359801174,0.25366193728030567,0.24551097297745419,0.23762192506528673,0.22998637733767585,0.22259618402794804,0.2154434611188038,0.20852057793147866,0.20182014898517098,0.1953350261180517,0.18905829086145157,0.18298324705908978,0.17710341372347058,0.17141251812182598,0.16590448908422958,0.16057345052674177,0.15541371518267688,0.1504197785353048,0.14558631294551377,0.14090816196817049,0.13638033485111356,0.13199800121091132,0.12775648587970512,0.12365126391763946,{"$f":"1/(1+$E$180)^BS177","v":0.11967795578555891},0.11583232267282127,0.11211026197524322,0.10850780291835387,0.10502110232128715,0.10164644049679361,9.8380217282998089E-2,9.5218948202669448E-2,9.2159260745905414E-2,8.919789077226617E-2,8.6331679028519362E-2,8.3557567778280439E-2,8.0872597539953989E-2,7.8273903929494765E-2,7.5758714604621358E-2,7.3324346307221594E-2,7.0968202000795191E-2,6.8687768099879212E-2,6.6480611788500996E-2,6.4344378424797705E-2,6.2276789029033795E-2,6.0275637852336229E-2,5.8338790023554243E-2,5.6464179271732716E-2,5.4649805721769959E-2,5.2893733760907828E-2,5.1194089973778389E-2,4.9549061143804099E-2,4.7956892318819298E-2,4.641588493884951E-2,4.4924395024051017E-2,4.3480831420877865E-2,4.2083654104604989E-2,4.0731372536396616E-2,3.9422544073167469E-2,3.8155772428539944E-2]
[null,null,null,"Discounted Generation",null,null,{"$f":"G179*G180","v":199622.53193960513},{"$f":"H179*H180","v":193208.02549322991},186999.63752732283,180990.74479996401,175174.93689504845,169546.00938351572,164097.95720433193,158824.96825816098,153721.41720689219,148781.85947240825,144001.02542819228,139373.81477757674,134895.29111263721,130560.67664792607,126365.34712342829,122304.82687130108,118374.78404113537,114571.02597864439,110889.4947528498,107326.26282699362,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT179*BT180","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Weighting Factor",null,null,{"$f":"G181/SUM(181:181)","v":6.6995730749680252E-2},6.484294497646173E-2,6.2759335052711709E-2,6.074267813851307E-2,5.8790822820860518E-2,5.6901686818486757E-2,5.5073254760440157E-2,5.3303576036043507E-2,5.1590762713940683E-2,4.9932987528010737E-2,4.8328481928001106E-2,4.6775534192800138E-2,4.5272487604336185E-2,4.3817738680155038E-2,4.2409735462790414E-2,4.1046975864102213E-2,3.9728006062816693E-2,3.845141895355856E-2,3.7215852645720637E-2,3.6019989010569728E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS181/SUM(181:181)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G182:DB182*G178:DB178)","v":0.65819958187790717},null,{"$f":"_xlfn.FORMULATEXT(E184)","v":"=SUMPRODUCT(G182:DB182*G178:DB178)"}]
[]
[]
[null,"Depreciation Tax Shield"]
[]
[null,null,null,"Year",{"$f":"G36","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"G37","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$189,F189,G189,$E$190),0)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"S50","v":3.32E-2},{"$f":"NPV(E191,G190:AT190)","v":0.83925725487538405}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"S35","v":0.2},{"$f":"F191*E192","v":0.16785145097507681}]
[]
[null,null,null,"Year",{"$f":"H36","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"H37","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$194,F194,G194,$E$195),0)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"S50","v":3.32E-2},{"$f":"NPV(E196,G195:AT195)","v":0.83925725487538405}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"H35","v":0.2},{"$f":"F196*E197","v":0.16785145097507681}]
[]
[null,null,null,"Year",{"$f":"I36","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"I37","v":1.5},null,{"$f":"IFERROR(VDB(1,0,$E$199,F199,G199,$E$200),0)","v":0.15},0.1275,0.10837499999999999,9.2118749999999985E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"I50","v":5.5E-2},{"$f":"NPV(E201,G200:AT200)","v":0.77421579300631627}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"I35","v":0.3},{"$f":"F201*E202","v":0.23226473790189486}]
[]
[null,null,null,"Year",{"$f":"J36","v":20},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"J37","v":1},null,{"$f":"IFERROR(VDB(1,0,$E$204,F204,G204,$E$205),0)","v":0.05},4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Multiplied by Tax Rate",{"$f":"J35","v":0.5},{"$f":"F206*E207","v":0.29875956212320759}]
[]
[null,null,null,"Applied Tax Depreciation Rate",{"$f":"F1","v":1},null,{"$f":"CHOOSE($E$209,G190,G195,G200,G205)","v":0.1},0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0.1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]

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[null,null,"Resulting Levelised Cost per Unit",null,null,null,{"$f":"G71","v":4.9502770917233239},{"$f":"H71","v":4.7506841946203711},{"$f":"I71","v":4.2574720016334657},{"$f":"J71","v":4.504078098126918}]
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[null,"Project Inputs"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G15:R15,$F$1)","v":0}]
[null,null,null,"Efficiency of Conventional","L/km",null,1]
[null,null,null,"Litres Required","Litre",null,{"$f":"G11*G16","v":25000}]
[null,null,null,"Cost of Diesel","USD/Litre",null,{"$f":"'Summary of Truck Analysis'!K3","v":1.41}]
[null,null,null,"Total Cost of Diesel/year","USD/Year",null,{"$f":"G18*G17","v":35250}]
[]
[null,null,null,"Hydrogen Efficiency","kg/km",null,null,{"$f":"'H2 vs Diesel Trucks'!F4","v":0.11},{"$f":"H21","v":0.11},{"$f":"I21","v":0.11}]
[null,null,null,"Total Hydrogen Used","kg",null,null,{"$f":"H21*H11","v":2750},{"$f":"I21*I11","v":2750},{"$f":"J21*J11","v":2750}]
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[null,null,null,"Total Hydrogen Cost/year","USD/year",null,null,{"$f":"H23*H22","v":17929.872747753539},{"$f":"I23*I22","v":17929.872747753539},17929.872747753539]
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[null,null,null,"Other Costs (Insurances, overhead etc.)","Hours/Year",null,{"$f":"'H2 vs Diesel Trucks'!E55","v":41988.05},{"$f":"G26","v":41988.05},{"$f":"H26","v":41988.05},41988.05,null,null,null,null,null,null,null,null,{"$f":"INDEX(G26:R26,$F$1)","v":41988.05}]
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[null,null,null,"Total O&M Cost per Year","USD/year",null,{"$f":"G26+G27","v":77238.05},{"$f":"H26+H27","v":59917.922747753546},{"$f":"I26+I27","v":59917.922747753546},59917.922747753546,null,null,null,null,null,null,null,null,{"$f":"INDEX(G29:R29,$F$1)","v":77238.05}]
[null,null,null,"Total O&M Cost per km","USD/km",null,{"$f":"G29/G11","v":3.0895220000000001},{"$f":"H29/H11","v":2.396716909910142},2.396716909910142,2.396716909910142]
[]
[null,"Capital Charge Inputs"]
[null,null,null,"Plant Life","Years",null,10,{"$f":"G33","v":10},{"$f":"G33","v":10},{"$f":"H33","v":10},null,null,null,null,null,null,null,null,{"$f":"INDEX(G33:R33,$F$1)","v":10}]
[null,null,null,"Plant Life from Maximum Hours","Years",null,{"$f":"G33","v":10},{"$f":"H33","v":10},{"$f":"I33","v":10},{"$f":"I34","v":10},null,null,null,null,null,null,null,null,{"$f":"INDEX(G34:R34,$F$1)","v":10}]
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[null,null,null,"Income Tax Rate","% p.a.",null,0.25,{"$f":"G36","v":0.25},0.25,0.25,null,null,null,null,null,null,null,null,{"$f":"INDEX(G36:R36,$F$1)","v":0.25}]
[null,null,null,"Tax Life","Year",null,5,5,5,5,null,null,null,null,null,null,null,null,{"$f":"INDEX(G37:R37,$F$1)","v":5}]
[null,null,null,"Variable Delicing Factor (1-SL)","Factor",null,2,2,2,2,null,null,null,null,null,null,null,null,{"$f":"INDEX(G38:R38,$F$1)","v":2}]
[null,null,null,"Value of Depreciation Deduction","%",null,{"$f":"F192","v":0.23049530708126309},{"$f":"F197","v":0.23049530708126309},{"$f":"F202","v":0.23049530708126309},{"$f":"F207","v":0.23049530708126309},null,null,null,null,null,null,null,null,{"$f":"INDEX(G39:R39,$F$1)","v":0.23049530708126309}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G40:R40,$F$1)","v":0}]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G43:R43,$F$1)","v":0}]
[null,null,null,"Debt Percent","%",null,0.7,{"$f":"G44","v":0.7},{"$f":"H44","v":0.7},{"$f":"I44","v":0.7},null,null,null,null,null,null,null,null,{"$f":"INDEX(G44:R44,$F$1)","v":0.7}]
[null,null,null,"Equity Percent","%",null,{"$f":"1-G44","v":0.30000000000000004},{"$f":"1-H44","v":0.30000000000000004},{"$f":"1-I44","v":0.30000000000000004},{"$f":"1-J44","v":0.30000000000000004},null,null,null,null,null,null,null,null,{"$f":"INDEX(G45:R45,$F$1)","v":0.30000000000000004}]
[null,null,null,"Pre-tax Interest Rate","%",null,0.03,{"$f":"G46","v":0.03},{"$f":"H46","v":0.03},{"$f":"I46","v":0.03},null,null,null,null,null,null,null,null,{"$f":"INDEX(G46:R46,$F$1)","v":0.03}]
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[null,null,null,"Minimum Target Equity IRR","%",null,{"$f":"'Summary of Truck Analysis'!$K$2","v":7.0000000000000007E-2},{"$f":"G48","v":7.0000000000000007E-2},{"$f":"H48","v":7.0000000000000007E-2},{"$f":"I48","v":7.0000000000000007E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G48:R48,$F$1)","v":7.0000000000000007E-2}]
[null,null,null,"WACC","%",null,{"$f":"G47*G44+G48*G45","v":3.6750000000000005E-2},{"$f":"H47*H44+H48*H45","v":3.6750000000000005E-2},{"$f":"I47*I44+I48*I45","v":3.6750000000000005E-2},{"$f":"J47*J44+J48*J45","v":3.6750000000000005E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G49:R49,$F$1)","v":3.6750000000000005E-2}]
[]
[null,null,null,"Required Pre-tax Project IRR - Nominal","% p.a.",null,{"$f":"G49","v":3.6750000000000005E-2},{"$f":"H49","v":3.6750000000000005E-2},{"$f":"I49","v":3.6750000000000005E-2},{"$f":"J49","v":3.6750000000000005E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G51:R51,$F$1)","v":3.6750000000000005E-2}]
[null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+G51)/(1+G42)-1","v":1.6421568627450922E-2},{"$f":"(1+H51)/(1+H42)-1","v":1.6421568627450922E-2},{"$f":"(1+I51)/(1+I42)-1","v":1.6421568627450922E-2},{"$f":"(1+J51)/(1+J42)-1","v":1.6421568627450922E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G52:R52,$F$1)","v":1.6421568627450922E-2},null,null,{"$f":"_xlfn.FORMULATEXT(J52)","v":"=(1+J51)/(1+J42)-1"}]
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[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G54,G34,-1)/(1-G36)","v":0.16173911565567148},{"$f":"PMT(H54,H34,-1)/(1-H36)","v":0.16173911565567148},{"$f":"PMT(I54,I34,-1)/(1-I36)","v":0.16173911565567148},{"$f":"PMT(J54,J34,-1)/(1-J36)","v":0.16173911565567148},null,null,null,null,null,null,null,null,{"$f":"INDEX(G57:R57,$F$1)","v":0.16173911565567148},null,null,{"$f":"_xlfn.FORMULATEXT(J57)","v":"=PMT(J54,J34,-1)/(1-J36)"}]
[null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(G55,G34,-1)/(1-G36)","v":0.14566991112052149},{"$f":"PMT(H55,H34,-1)/(1-H36)","v":0.14566991112052149},{"$f":"PMT(I55,I34,-1)/(1-I36)","v":0.14566991112052149},{"$f":"PMT(J55,J34,-1)/(1-J36)","v":0.14566991112052149},null,null,null,null,null,null,null,null,{"$f":"INDEX(G58:R58,$F$1)","v":0.14566991112052149},null,null,{"$f":"_xlfn.FORMULATEXT(J58)","v":"=PMT(J55,J34,-1)/(1-J36)"}]
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[null,null,null,"Capexp Recovery - Nominal","USD/km-yr",null,{"$f":"G57*G13","v":2.6848693198841467},{"$f":"H57*H13","v":3.396521428769101},{"$f":"I57*I13","v":2.6848693198841467},{"$f":"J57*J13","v":3.0406953743266238},null,null,null,null,null,null,null,null,{"$f":"INDEX(G60:R60,$F$1)","v":2.6848693198841467}]
[null,null,null,"Capexp Recovery - After Tax Shield","USD/km-yr",null,{"$f":"G60*(1-G39)","v":2.0660195415243883},{"$f":"H60*(1-H39)","v":2.6136391790368765},{"$f":"I60*(1-I39)","v":2.0660195415243883},{"$f":"J60*(1-J39)","v":2.3398293602806324},null,null,null,null,null,null,null,null,{"$f":"INDEX(G61:R61,$F$1)","v":2.0660195415243883}]
[null,null,null,"Capexp Recovery - Nominal","USD/km-yr",null,{"$f":"G61","v":2.0660195415243883},{"$f":"H61/H26*1000","v":6.2247215077548886E-2},{"$f":"I61/I26*1000","v":4.9204941442252931E-2},{"$f":"J61/J26*1000","v":5.5726078259900905E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(G62:R62,$F$1)","v":2.0660195415243883}]
[null,null,null,"Capexp Recovery - Real","USD/km-yr",null,{"$f":"G58*G13*(1-G39)","v":1.8607550917233238},{"$f":"H58*H13*(1-H39)","v":2.3539672847102286},{"$f":"I58*I13*(1-I39)","v":1.8607550917233238},{"$f":"J58*J13*(1-J39)","v":2.107361188216776},null,null,null,null,null,null,null,null,{"$f":"INDEX(G63:R63,$F$1)","v":1.8607550917233238}]
[null,null,null,"Capexp Recovery - Real","USD/km-yr",null,{"$f":"G63","v":1.8607550917233238},{"$f":"H63","v":2.3539672847102286},1.8607550917233238,2.107361188216776,null,null,null,null,null,null,null,null,{"$f":"INDEX(G64:R64,$F$1)","v":1.8607550917233238}]
[]
[null,null,null,"O&M Cost - Nominal","USD/km-yr",null,{"$f":"G30*PV(G52,G34,-1)/PV(G54,G34,-1)","v":3.4303347358076621},{"$f":"H30*PV(H52,H34,-1)/PV(H54,H34,-1)","v":2.6611046200552586},2.6611046200552586,2.6611046200552586,null,null,null,null,null,null,null,null,{"$f":"INDEX(G66:R66,$F$1)","v":3.4303347358076621}]
[null,null,null,"O&M Cost - Nominal","USD/km-yr",null,{"$f":"G66","v":3.4303347358076621},{"$f":"H66","v":2.6611046200552586},2.6611046200552586,2.6611046200552586,null,null,null,null,null,null,null,null,{"$f":"INDEX(G67:R67,$F$1)","v":3.4303347358076621}]
[null,null,null,"O&M Cost - Real Degradation","USD/km-yr",null,{"$f":"PV(G52,G34,-1)/PV(G55,G34,-1)*G30","v":3.0895220000000001},{"$f":"PV(H52,H34,-1)/PV(H55,H34,-1)*H30","v":2.396716909910142},2.396716909910142,2.396716909910142,null,null,null,null,null,null,null,null,{"$f":"INDEX(G68:R68,$F$1)","v":3.0895220000000001}]
[null,null,null,"O&M Cost - Real","USD/km-yr",null,{"$f":"G68","v":3.0895220000000001},{"$f":"H68","v":2.396716909910142},2.396716909910142,2.396716909910142,null,null,null,null,null,null,null,null,{"$f":"INDEX(G69:R69,$F$1)","v":3.0895220000000001}]
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[null,null,null,"LCOE - Real","USD/km-yr",null,{"$f":"G64+G69","v":4.9502770917233239},{"$f":"H64+H69","v":4.7506841946203711},{"$f":"I64+I69","v":4.2574720016334657},{"$f":"J64+J69","v":4.504078098126918},null,null,null,null,null,null,null,null,{"$f":"INDEX(G71:R71,$F$1)","v":4.9502770917233239}]
[null,null,null,"LCOE - Nominal","USD/km-yr",null,{"$f":"G62+G67","v":5.4963542773320508},{"$f":"H62+H67","v":2.7233518351328074},{"$f":"I62+I67","v":2.7103095614975117},{"$f":"J62+J67","v":2.7168306983151593},null,null,null,null,null,null,null,null,{"$f":"INDEX(G72:R72,$F$1)","v":5.4963542773320508}]
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[null,"Proof w/ financial model",null,null,"Driver"]
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[null,null,"Flag",null,{"$f":"S34","v":10},null,{"$f":"G75<=$E$76","v":true},true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BS75<=$E$76","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
[null,null,null,"Price per km",{"$f":"S72","v":5.4963542773320508},null,{"$f":"$E$78*G76","v":5.4963542773320508},{"$f":"$E$78","v":5.4963542773320508},5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,{"$f":"$E$78","v":5.4963542773320508},5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508,5.4963542773320508]
[null,null,null,"Production without Degradation",{"$f":"S11","v":25000},null,{"$f":"$E$79*G76","v":25000},25000,25000,25000,25000,25000,25000,25000,25000,25000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$79*BS76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",{"$f":"S41","v":0},1,{"$f":"F80*(1-$E$80)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BR80*(1-$E$80)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"Final Production with Degradation",null,null,{"$f":"G79*G80","v":25000},{"$f":"H79*H80","v":25000},25000,25000,25000,25000,25000,25000,25000,25000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT79*BT80","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues ",null,null,{"$f":"G78*G81","v":137408.85693330126},{"$f":"H78*H81","v":137408.85693330126},137408.85693330126,137408.85693330126,137408.85693330126,137408.85693330126,137408.85693330126,137408.85693330126,137408.85693330126,137408.85693330126,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT78*BT81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",{"$f":"S42","v":0.02},1,{"$f":"F83*(1+$E$83)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR83*(1+$E$83)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"O&M Cost per year (Total 1st Year)",{"$f":"S29","v":77238.05},null,{"$f":"$E$84*G83*G76","v":78782.811000000002},80358.467220000006,81965.636564400003,83604.949295687999,85277.048281601761,86982.589247233802,88722.241032178485,90496.685852822062,92306.619569878501,94152.751961276066,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$84*BS83*BS76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G82-G84","v":58626.045933301255},{"$f":"H82-H84","v":57050.389713301251},55443.220368901253,53803.907637613258,52131.808651699495,50426.267686067455,48686.615901122772,46912.171080479195,45102.237363422755,43256.10497202519,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT82-BT84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Tax Depreciation (Total Cost)",{"$f":"S12","v":415000},null,{"$f":"$E$86*G209","v":166000},99600,59759.999999999993,44820,44820,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$86*BS209","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Interest",false,null,{"$f":"G128*$E$87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS128*$E$87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxable Income",null,null,{"$f":"G85-G86-G87","v":-107373.95406669875},{"$f":"H85-H86-H87","v":-42549.610286698749},-4316.7796310987396,8983.907637613258,7311.8086516994954,50426.267686067455,48686.615901122772,46912.171080479195,45102.237363422755,43256.10497202519,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT85-BT86-BT87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxes",{"$f":"S36","v":0.25},null,{"$f":"G88*$E$89","v":-26843.488516674686},-10637.402571674687,-1079.1949077746849,2245.9769094033145,1827.9521629248738,12606.566921516864,12171.653975280693,11728.042770119799,11275.559340855689,10814.026243006298,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS88*$E$89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Debt Service",null,null,{"$f":"G128+G126","v":55689.049114983412},{"$f":"H128+H126","v":43942.256986871827},36675.288296840983,33657.737917215985,33204.770409099619,24893.850974979068,24299.722524171826,23686.043145765256,23052.140009029325,22397.316470022153,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT128+BT126","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital Expenditure",null,{"$f":"-S12","v":-415000}]
[null,null,null,"Equity Cash Flow",null,{"$f":"-F118","v":-124500.00000000001},{"$f":"G85-G89-G90","v":29780.485334992525},{"$f":"H85-H89-H90","v":23745.535298104107},19847.126979834953,17900.192810993962,17099.086079674998,12925.849789571526,12215.239401670253,11498.08516459414,10774.538013537742,10044.76225899674,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT85-BT89-BT90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR",null,{"$f":"IRR(F92:DB92)","v":6.999999999999762E-2},"Target",{"$f":"S48","v":7.0000000000000007E-2},"Test",{"$f":"ROUND(H93-F93,3)=0","v":true}]
[]
[null,null,null,"Project Cash Flow Pre-tax",null,{"$f":"F85+F91","v":-415000},{"$f":"G85+G91","v":58626.045933301255},57050.389713301251,55443.220368901253,53803.907637613258,52131.808651699495,50426.267686067455,48686.615901122772,46912.171080479195,45102.237363422755,43256.10497202519,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS85+BS91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Pre-tax IRR",null,{"$f":"IRR(95:95)","v":4.2183335624803586E-2}]
[null,null,null,"Project After-tax Cash Flow",null,{"$f":"F95","v":-415000},{"$f":"G85-(G85-G86)*$E$89","v":85469.534449975938},67687.792284975934,56522.415276675936,51557.930728209947,50303.856488774618,37819.700764550595,36514.961925842079,35184.128310359396,33826.678022567066,32442.078729018893,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS85-(BS85-BS86)*$E$89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax Project IRR",null,{"$f":"IFERROR(IRR(F97:DB97),0.1)","v":3.6749999999999394E-2}]
[]
[null,null,"Asset Balance"]
[null,null,null,"Straight Line Depreciation",{"$f":"S34","v":10},{"$f":"-F91","v":415000},{"$f":"$F$101/$E$101*G76","v":41500},41500,41500,41500,41500,41500,41500,41500,41500,41500,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$101/$E$101*BS76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV of Future Project Cash Flow",null,{"$f":"NPV($F$98,G97:DB97)","v":414999.99999999971},344781.71555002342,289764.65131151065,243891.08697053252,201296.15368848952,158389.93084776678,126391.06004187147,94520.969572568123,62810.48689400054,31292.094264787953,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"NPV($F$98,BS97:FN97)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Economic Depreciation from NPV of After Tax Cash Flow",null,null,{"$f":"F102-G102","v":70218.284449976287},{"$f":"G102-H102","v":55017.064238512772},45873.564340978133,42594.933282042999,42906.222840722738,31998.870805895305,31870.090469303352,31710.482678567583,{"$f":"N102-O102","v":31518.392629212587},31292.094264787953,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS102-BT102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"Income with Straight Line Depreciation",{"$f":"SUM(G105:DB105)","v":72329.076980950398},null,{"$f":"G85-G101-G87-G89","v":43969.534449975938},{"$f":"H85-H101-H87-H89","v":26187.792284975938},15022.415276675938,10057.930728209943,8803.8564887746215,-3680.299235449409,-4985.0380741579211,-6315.871689640604,-7673.3219774329336,-9057.9212709811072,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT85-BT101-BT87-BT89","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,"Capital Balance"]
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[null,null,"Debt Balance"]
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[null,null,null,"Equity Cash Flow Check (Equity Chg + Income)",null,{"$f":"-F118","v":-124500.00000000001},{"$f":"F118-G118+G106","v":29780.485334992543},{"$f":"G118-H118+H106","v":23745.535298104129},19847.126979834953,17900.192810993947,17099.086079674991,12925.849789571559,12215.23940167026,11498.085164594135,{"$f":"N118-O118+O106","v":10774.538013537742},10044.762258996991,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS118-BT118+BT106","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Equity IRR Check",null,{"$f":"IRR(F130:DB130)","v":6.9999999999997842E-2},{"$f":"G92","v":29780.485334992525},{"$f":"H92","v":23745.535298104107},19847.126979834953,17900.192810993962,17099.086079674998,12925.849789571526,12215.239401670253,11498.08516459414,10774.538013537742,10044.76225899674,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Check",null,{"$f":"ROUND(F131-H93,3)=0","v":true},{"$f":"G131-G130","v":0},{"$f":"H131-H130","v":0},0,0,0,-3.2741809263825417E-11,0,0,0,-2.5102053768932819E-10,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT131-BT130","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Financial Model in Real Terms with Inflating Price"]
[null,null,null,"Index",null,1,{"$f":"F135*(1+$S$42)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR135*(1+$S$42)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"Initial Price",{"$f":"S71","v":4.9502770917233239},null,{"$f":"$E$136*G76","v":4.9502770917233239},4.9502770917233239,4.9502770917233239,4.9502770917233239,4.9502770917233239,4.9502770917233239,4.9502770917233239,4.9502770917233239,4.9502770917233239,4.9502770917233239,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$136*BS76","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflated Price",null,null,{"$f":"G136*G135","v":5.0492826335577901},{"$f":"H136*H135","v":5.1502682862289459},5.253273651953525,5.3583391249925958,5.4655059074924477,5.5748160256422965,5.6863123461551428,5.8000385930782459,5.9160393649398104,6.034360152238607,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT136*BT135","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Production",{"$f":"S11","v":25000},null,{"$f":"G81","v":25000},25000,25000,25000,25000,25000,25000,25000,25000,25000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G137*G138","v":126232.06583894475},{"$f":"H137*H138","v":128756.70715572365},131331.84129883812,133958.47812481489,136637.6476873112,139370.40064105741,142157.80865387857,145000.96482695616,147900.98412349526,150859.00380596519,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT137*BT138","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"E84","v":77238.05},null,{"$f":"G84","v":78782.811000000002},80358.467220000006,81965.636564400003,83604.949295687999,85277.048281601761,86982.589247233802,88722.241032178485,90496.685852822062,92306.619569878501,94152.751961276066,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS84","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G139-G140","v":47449.254838944747},48398.239935723643,49366.204734438114,50353.528829126895,51360.599405709436,52387.811393823606,53435.567621700087,54504.278974134097,55594.364553616761,56706.251844689119,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS139-BS140","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Depreciation",{"$f":"S12","v":415000},null,{"$f":"$E$142*G209","v":166000},99600,59759.999999999993,44820,44820,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$142*BS209","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Taxes",{"$f":"S36","v":0.25},null,{"$f":"(G141-G142)*$E$143","v":-29637.686290263813},-12800.440016069089,-2598.4488163904698,1383.3822072817238,1635.149851427359,13096.952848455901,13358.891905425022,13626.069743533524,13898.59113840419,14176.56296117228,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BS141-BS142)*$E$143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capex (Total Cost)",null,{"$f":"S12","v":415000}]
[null,null,null,"Project Cash Flow",null,{"$f":"F141-F144","v":-415000},{"$f":"G141-G143","v":77086.941129208557},{"$f":"H141-H143","v":61198.679951792728},51964.653550828582,48970.146621845168,49725.44955428208,39290.858545367708,40076.675716275065,40878.209230600572,41695.77341521257,42529.688883516836,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT141-BT143","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax Project IRR",null,{"$f":"IRR(F145:DS145)","v":3.675000000000006E-2},"Target",{"$f":"G49","v":3.6750000000000005E-2},{"$f":"ROUND(H146-F146,3)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV(Revenues)/NPV(Generation)"]
[]
[null,null,"Nominal",null,null,"Computed","Method 1","Test"]
[null,null,null,"NPV of Revenues",{"$f":"S51","v":3.6750000000000005E-2},{"$f":"NPV(E151,G139:EB139)","v":1132761.289695957}]
[null,null,null,"NPV of Generation",{"$f":"E151","v":3.6750000000000005E-2},{"$f":"NPV(E152,G81:DB81)","v":206093.20879617703}]
[null,null,null,"Nominal LCOE",null,{"$f":"F151/F152","v":5.4963542773320597},{"$f":"S72","v":5.4963542773320508},{"$f":"ROUND(F153-G153,0)=0","v":true}]
[]
[null,null,"Real"]
[null,null,null,"NPV of Revenues",{"$f":"E151","v":3.6750000000000005E-2},{"$f":"F151","v":1132761.289695957}]
[null,null,null,"NPV of Generation",{"$f":"$S$52","v":1.6421568627450922E-2},{"$f":"NPV(E157,G138:DB138)","v":228827.85523054691}]
[null,null,null,"Real LCOE",null,{"$f":"F151/F157","v":4.9502770917233212},{"$f":"$E$136","v":4.9502770917233239},{"$f":"ROUND(F158-G158,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"S12","v":415000}]
[null,null,null,"Gross-Up for Taxes",{"$f":"S36","v":0.25},{"$f":"F162/(1-E163)","v":553333.33333333337}]
[null,null,null,"Value of Tax Deduction",{"$f":"S39","v":0.23049530708126309},{"$f":"F163*E164*-1","v":-127540.73658496559}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"S29","v":77238.05},{"$f":"S34","v":10}]
[null,null,null,"NPV of O&M Expenses",{"$f":"S54","v":3.675000000000006E-2},{"$f":"PV(E166,F165,-E165)","v":636729.50262638321}]
[null,null,null,"Total Cost",null,{"$f":"F163+F166+F164","v":1062522.0993747511}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"E151","v":3.6750000000000005E-2},{"$f":"NPV(E169,G81:DB81)","v":206093.20879617703}]
[null,null,null,"Nominal LCOE",null,{"$f":"F167/F169","v":5.1555415415243928},{"$f":"$E$78","v":5.4963542773320508},{"$f":"ROUND(G170-F170,0)=0","v":true}]
[]
[null,null,null,"Total Cost",null,{"$f":"F167","v":1062522.0993747511}]
[null,null,null,"NPV Generation - Real",{"$f":"S52","v":1.6421568627450922E-2},{"$f":"NPV(E173,G81:DB81)","v":228827.85523054691}]
[null,null,null,"Real LCOE",null,{"$f":"F172/F173","v":4.6433249933852982},{"$f":"$E$136","v":4.9502770917233239},{"$f":"ROUND(F174-G174,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G75","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BS75","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F174","v":4.6433249933852982},{"$f":"G137","v":5.0492826335577901},5.1502682862289459,5.253273651953525,5.3583391249925958,5.4655059074924477,5.5748160256422965,5.6863123461551428,5.8000385930782459,5.9160393649398104,6.034360152238607,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS137","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",null,null,25000,25000,25000,25000,25000,25000,25000,25000,25000,25000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Discount Factor - Nominal",{"$f":"E169","v":3.6750000000000005E-2},null,{"$f":"1/(1+$E$180)^G177","v":0.96455268869061972},0.93036188926030339,0.89738306174131011,0.86557324498800103,0.83489100071184086,0.80529635950020806,0.77675076874869342,0.74921704243905807,0.72265931269742756,0.69704298306961898,0.67233468345273106,0.64850222662428836,0.62551456631231084,0.60334175675168633,0.58195491367416086,0.56132617668112927,0.54142867295020913,0.52223648222831831,0.50372460306565547,0.48586892024659312,0.46864617337505959,0.45203392657348401,0.43601053925583211,0.42055513793665988,0.40564758903945969,0.39126847266887832,0.37739905731263884,0.36402127544021107,0.35111769996644421,0.33867152154950003,0.32666652669351337,0.31508707662745439,0.30391808693267847,0.29314500789262449,0.28275380553906382,0.27273094337020864,0.26306336471686387,0.2537384757336521,0.2447441289931537,0.23606860766159024,0.22770061023543792,0.21962923581908642,0.21184396992436597,0.20433467077344195,0.19709155608723603,0.19010519034216153,0.18336647247857391,0.17686662404492301,0.17059717776216349,0.16454996649352635,0.15871711260528223,0.15309101770463682,0.1476643527413907,0.14243004846046844,0.13738128619288009,0.13251148897311801,0.12781431297141838,0.12328363922972592,0.11891356569059647,0.11469839950865347,0.11063264963458254,0.10671101966200389,0.10292840092790342,9.9279865857635333E-2,{"$f":"1/(1+$E$180)^BS177","v":9.5760661545826201E-2},9.2366203564819088E-2,8.9092069992591352E-2,8.5933995652366854E-2,8.2887866556418485E-2,7.9949714546822717E-2,7.7115712126185398E-2,7.4382167471603963E-2,7.1745519625371554E-2,6.9202333856157733E-2,6.6749297184622844E-2,6.4383214067637168E-2,6.2101002235483163E-2,5.9899688676617463E-2,5.777640576476243E-2,5.5728387523281825E-2,5.3752966021974269E-2,5.1847567901590799E-2,5.0009711021548872E-2,4.8237001226475881E-2,4.6527129227370026E-2,4.4877867593315676E-2,4.3287067849834257E-2,4.1752657680090913E-2,4.0272638225310742E-2,3.8845081480888097E-2,3.7468127784796808E-2,3.6139983395029475E-2,3.4858918152910028E-2,3.362326322923561E-2,3.2431408950311658E-2,3.1281802701048141E-2,3.0172946902385471E-2,2.9103397060415207E-2,2.8071759884654164E-2,2.707669147302065E-2]
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[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G182:DB182*G178:DB178)","v":5.4963542773320579},null,{"$f":"_xlfn.FORMULATEXT(E184)","v":"=SUMPRODUCT(G182:DB182*G178:DB178)"}]
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[]
[null,"Depreciation Tax Shield"]
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[null,null,null,"Year",{"$f":"I37","v":5},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
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[null,null,null,"Year",{"$f":"J37","v":5},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"J38","v":2},null,{"$f":"IFERROR(VDB(1,0,$E$204,F204,G204,$E$205),0)","v":0.4},0.24,0.14399999999999999,0.108,0.108,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,"Applied Tax Depreciation Rate",{"$f":"F1","v":1},null,{"$f":"CHOOSE($E$209,G190,G195,G200,G205)","v":0.4},0.24,0.14399999999999999,0.108,0.108,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]

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[null,null,"kg of Storage Required",null,"kg",null,{"$f":"'H2 vs Diesel Trucks'!F25","v":1129.3634496919917},{"$f":"G2","v":1129.3634496919917},{"$f":"K55","v":345},{"$f":"L55","v":345}]
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[null,null,"Total Cap Exp per kg",null,"USD/kg",null,{"$f":"G9/G2","v":2630.4347826086955},{"$f":"H9/H2","v":3080.4347826086955},{"$f":"K60","v":2232.2284444444444},{"$f":"L60","v":1496.1103448275865}]
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[null,null,"O&M Cost Percent",null,"% of Cap Exp",null,{"$f":"G28","v":0.04},{"$f":"H28","v":0.04},{"$f":"H15","v":0.04},{"$f":"I15","v":0.04}]
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[null,null,"Storage Unit",null,"Unit",null,"Low Pressure","High Pressure"]
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[null,null,"Compressing Unit",null,null,null,"Low Pressure","High Pressure"]
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[]
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[null,null,"High P Storage",null,null,"Unit","Value"]
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[null,null,"Storage Adder",null,null,"Unit","Value","CapEx (USD/MWh)"]
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[null,null,null,"Depleted Gas Field",null,"USD/kgH2",1.9]
[null,null,null,"Rock Cavern",null,"USD/kgH2",0.71]
[null,null,null,"Pressurized Container",null,"USD/kgH2",0.19]
[null,null,null,"Liquefied",null,"USD/kgH2",4.57,5662]
[null,null,null,"Ammonia",null,"USD/kgH2",2.83,1120]
[null,null,null,"LOHC",null,"USD/kgH2",4.5]
[]
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[null,null,null,"Storage Capacity",null,"kg",null,345,345,345,345,345]
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[null,null,null,null,null,null,null,null,null,null,{"$f":"K58/K56","v":1579.8932886225268},{"$f":"L58/L56","v":855.11947478743537}]
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[]
[]
[]
[]
[null,null,"Gas Tube Trailer"]
[null,null,null,"Compression","bar",20,250,{"$f":"G19","v":150},{"$f":"G36","v":800},550]
[null,null,null,"Truck CapEx","Kusd/Unit",300,847,null,null,1300]
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[null,null,null,"CapEx of Tubes","USD/kg",1500,1070,{"$f":"G22","v":1000},{"$f":"G39","v":1450},1080]
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[]
[]
[null,null,"Liquid Trailer"]
[null,null,null,"Truck Cost","kUSD/Unit",1200]
[null,null,null,"Capacity","kg/Unit",4000]
[null,null,null,"CapEx","USD/kg",300]
[null,null,null,"OpEx","USD/kg/100km",0.1]

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[null,null,"Compressor 350 bar",null,null,"Unit","Value"]
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[]
[null,null,"Compressor 700 bar",null,null,"Unit","Value"]
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{"sheet":"Dispenser","index":12,"n_rows":14,"n_cols":13,"rows_kept":14,"cut":false,"hidden":false,"merged":[]}
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[null,null,null,null,null,null,null,1,2,3,4,5]
[null,null,null,null,null,null,null,"Base Case","Fast Dispenser","Original Estimate","NREL Study Case 1","NREL Study Case 2"]
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[null,null,"Dispenser"]
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[]
[null,null,"Other"]
[null,null,null,"Minutes/kg",null,null,null,null,null,null,null,null,20]
[null,null,null,"Flow Rate for 50 kg",null,"Minutes",null,17,11]
[null,null,null,"Flow Rate for 1 kG",null,"Minutes",null,0.34,0.22]

{"sheet":"Electrolyzer Analysis","index":13,"n_rows":61,"n_cols":21,"rows_kept":61,"cut":false,"hidden":false,"merged":[]}
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[null,null,"Size Selected",null,null,4,null,"Size",{"$f":"'Base Analysis'!G10","v":1.2249324357698794}]
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[null,null,"Alkaline from Vendor"]
[null,null,null,"Size in MW",0,{"$f":"'Electrolyzer Database'!H10:M10","v":1},5,10,20,100,500]
[null,null,null,"Capital Cost per kW",{"$f":"((F6/G6))*F6","v":3168.9814814814818},{"$f":"'Electrolyzer Database'!H20:M20","v":1850},1080,910,790,610,540]
[null,null,null,"Computed Cost per kW",null,{"$f":"interpolate_look_up(I2,5:5,6:6)","v":1794.8466681317132}]
[null,null,null,"O&M as %",null,{"$f":"'Electrolizer Source Data'!H26","v":1.4999999999999999E-2}]
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[]
[null,null,"Alkanine NREL"]
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[null,null,null,"Capital Cost per kW",{"$f":"((F13/G13))*F13","v":2047.2289156626505},{"$f":"'Electrolyzer Database'!T20:V20","v":1416},979.4,885,{"$f":"J6/I6*H13","v":683.35443037974687}]
[null,null,null,"Computed Cost per kW",null,{"$f":"interpolate_look_up(I2,E12:I12,E13:I13)","v":1386.9479253738496}]
[null,null,null,"O&M as % of Capital",null,{"$f":"'Electrolizer Source Data'!J26","v":0.04}]
[null,null,null,"Effiency kW/kg",null,{"$f":"'Electrolizer Source Data'!J12","v":58}]
[]
[null,null,"PEM - Vendor"]
[null,null,null,"Sice",0,1,5,10,20,100,500]
[null,null,null,"Cost/kW",{"$f":"((F20/G20))*F20","v":3611.940298507463},2200,1340,1120,970,760,670]
[null,null,null,"Computed Cost per kW",null,{"$f":"interpolate_look_up(I2,E19:K19,E20:K20)","v":2139.5118039403301}]
[null,null,null,"O&M as % of Capital",null,{"$f":"'Electrolizer Source Data'!J26","v":0.04}]
[null,null,null,"Effiency kW/kg",null,{"$f":"'Electrolizer Source Data'!I12","v":50.5}]
[]
[null,null,"PEM - NREL"]
[null,null,null,"Size",0,1,5,20,100]
[null,null,null,"Cost/kW",{"$f":"((F27/G27))*F27","v":2042.3076923076922},1770,1534,1416,{"$f":"J20/I20*H27","v":1109.4432989690722}]
[null,null,null,"Computed Cost per kW",null,{"$f":"interpolate_look_up(I2,E26:I26,E27:I27)","v":1755.8139547071103}]
[null,null,null,"O&M as % of Capital",null,{"$f":"'Electrolizer Source Data'!K26","v":0.04}]
[null,null,null,"Effiency kW/kg",null,{"$f":"'Electrolizer Source Data'!K12","v":63}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"MW",{"$f":"F19","v":1},{"$f":"G19","v":5},10,20,100,500]
[null,null,"Input ",null,null,null,null,null,null,null,null,null,null,"LN",{"$f":"LN(O31)","v":0},{"$f":"LN(P31)","v":1.6094379124341003},2.3025850929940459,2.9957322735539909,4.6051701859880918,6.2146080984221914]
[null,null,null,"Size",null,null,null,null,null,null,null,null,null,"Cost/kW",{"$f":"F20","v":2200},1340,1120,970,760,670]
[null,null,null,"Cost/kW"]
[null,null,null,"Computed Cost per kW",null,null,null,null,null,null,null,null,null,null,"Slope",{"$f":"SLOPE(O33:T33,O32:T32)","v":-228.40221178514133}]
[null,null,null,"O&M as % of Capital",null,null,null,null,null,null,null,null,null,null,"Intercept",{"$f":"INTERCEPT(O33:T33,O32:T32)","v":1851.5013125623595}]
[null,null,null,"Effiency kW/kg",null,null,null,null,null,null,null,null,null,null,"Input Slope",-229]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Intercept",2441.2692956517726]
[]
[null,"Final Selection"]
[null,null,{"$f":"CHOOSE($F$2,C4,C11,C18,C25)","v":"PEM - NREL"}]
[null,null,null,"Size",null,{"$f":"CHOOSE($F$2,F5,F12,F19,F26)","v":1},{"$f":"CHOOSE($F$2,G5,G12,G19,G26)","v":5},{"$f":"CHOOSE($F$2,H5,H12,H19,H26)","v":20},{"$f":"CHOOSE($F$2,I5,I12,I19,I26)","v":100},{"$f":"CHOOSE($F$2,J5,J12,J19,J26)","v":0},{"$f":"CHOOSE($F$2,K5,K12,K19,K26)","v":0}]
[null,null,null,"Cost/kW",null,{"$f":"CHOOSE($F$2,F6,F13,F20,F27)","v":1770},{"$f":"CHOOSE($F$2,G6,G13,G20,G27)","v":1534},{"$f":"CHOOSE($F$2,H6,H13,H20,H27)","v":1416},{"$f":"CHOOSE($F$2,I6,I13,I20,I27)","v":1109.4432989690722},{"$f":"CHOOSE($F$2,J6,J13,J20,J27)","v":0},{"$f":"CHOOSE($F$2,K6,K13,K20,K27)","v":0},null,null,"MW",1,5,10,20,100,500,0.5]
[null,null,null,"Computed Cost per kW",null,{"$f":"CHOOSE($F$2,F7,F14,F21,F28)","v":1755.8139547071103},null,null,null,null,null,null,null,"LN",{"$f":"LN(O43)","v":0},{"$f":"LN(P43)","v":1.6094379124341003},2.3025850929940459,2.9957322735539909,4.6051701859880918,6.2146080984221914,-0.69314718055994529]
[null,null,null,"O&M as % of Capital",null,{"$f":"CHOOSE($F$2,F8,F15,F22,F29)","v":0.04},null,null,null,null,null,null,null,"Cost/kW",null,null,null,null,null,null,2600]
[null,null,null,"Final Selected Cost/kW",null,{"$f":"CHOOSE(F2,F7,F14,F21,F28)","v":1755.8139547071103}]
[null,null,null,"Effiency",null,{"$f":"CHOOSE(F2,F9,F16,F23,F30,F37)","v":63},null,null,null,null,null,null,null,null,{"$f":"O43","v":1},{"$f":"P43","v":5},10,20,100,500,0.5]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Computed",{"$f":"O44*$P$37+$P$38","v":2441.2692956517726},{"$f":"P44*$P$37+$P$38","v":2072.7080137043636},{"$f":"Q44*$P$37+$P$38","v":1913.9773093561362},{"$f":"R44*$P$37+$P$38","v":1755.2466050079088},{"$f":"S44*$P$37+$P$38","v":1386.6853230604995},{"$f":"T44*$P$37+$P$38","v":1018.1240411130907},{"$f":"U44*$P$37+$P$38","v":2600}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Difference",null,null,null,null,null,null,{"$f":"U45-U48","v":0}]
[null,null,null,null,null,{"$f":"IF(F42,F42,NA())","v":1},{"$f":"IF(G42,G42,NA())","v":5},20,100,{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,null,"Cost/kW",null,{"$f":"IF(F43,F43,NA())","v":1770},1534,1416,1109.4432989690722,{"$error":"#N/A"},{"$error":"#N/A"}]
[]
[null,null,null,{"$f":"C41","v":"PEM - NREL"},null,"Size",{"$f":"I2","v":1.2249324357698794},null,"\nCost/kW",{"$f":"F46","v":1755.8139547071103}]
[]
[]
[]
[]
[null,null,null,{"$f":"C4","v":"Alkaline from Vendor"}]
[null,null,null,{"$f":"C11","v":"Alkanine NREL"}]
[null,null,null,{"$f":"C18","v":"PEM - Vendor"}]
[null,null,null,{"$f":"C25","v":"PEM - NREL"}]

{"sheet":"Electrolizer Source Data","index":14,"n_rows":186,"n_cols":18,"rows_kept":186,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Scenario No",null,1]
[]
[null,null,null,null,"Applied",null,"Applied","Vendor Alk","Vendor PEM","NREL Alk","NREL PEM","SOEC NREL","ALK AVG","PEM AVG","SOEC AVG","ALK MED","PEM MED","SOEC MED"]
[null,null,null,null,null,null,null,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020]
[]
[null,"Production and Efficiency"]
[null,null,"Production capacity","kg/h",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H7:AC7,F7)","v":20},20,20,17.241379310344829,15.873015873015873,27.777777777777779,{"$f":"AVERAGE(H7:H7,J7:J7)","v":18.620689655172413},{"$f":"AVERAGE(K7:K7,I7:I7)","v":17.936507936507937},{"$f":"AVERAGE(L7:L7)","v":27.777777777777779},{"$f":"MEDIAN(H7:H7,J7:J7)","v":18.620689655172413},{"$f":"MEDIAN(K7:K7,I7:I7)","v":17.936507936507937},{"$f":"MEDIAN(L7:L7)","v":27.777777777777779}]
[null,null,"Production capacity","kg/day",null,1,{"$f":"INDEX(H8:AC8,F8)","v":480},{"$f":"H7*24","v":480},{"$f":"I7*24","v":480},413.79310344827593,380.95238095238096,666.66666666666674,{"$f":"M7*24","v":446.89655172413791},430.47619047619048,666.66666666666674,446.89655172413791,430.47619047619048,666.66666666666674]
[null,null,"Water consumption","L/kg",null,1,{"$f":"INDEX(H9:AC9,F9)","v":10.5},10.5,10.5,15,15,10,{"$f":"AVERAGE(H9:H9,J9:J9)","v":12.75},{"$f":"AVERAGE(K9:K9,I9:I9)","v":12.75},{"$f":"AVERAGE(L9:L9)","v":10},{"$f":"MEDIAN(H9:H9,J9:J9)","v":12.75},{"$f":"MEDIAN(K9:K9,I9:I9)","v":12.75},{"$f":"MEDIAN(L9:L9)","v":10}]
[null,null,"Nominal power","MW",null,1,{"$f":"INDEX(H10:AC10,F10)","v":1},1,1,1,1,1,{"$f":"AVERAGE(J10:J10,H10:H10)","v":1},20,20,20,20,20]
[null,null,"Nominal Power","kWh",null,1,{"$f":"INDEX(H11:AC11,F11)","v":1000},{"$f":"H10*1000","v":1000},{"$f":"I10*1000","v":1000},1000,1000,1000,{"$f":"M10*1000","v":1000},20000,20000,20000,20000,20000]
[null,null,"Efficiency","kWh/kg",null,1,{"$f":"INDEX(H12:AC12,F12)","v":50.5},50.5,50.5,58,63,36,{"$f":"AVERAGE(J12:J12,H12:H12)","v":54.25},{"$f":"AVERAGE(K12:K12,I12:I12)","v":56.75},{"$f":"AVERAGE(L12:L12)","v":36},{"$f":"MEDIAN(H12:H12,J12:J12)","v":54.25},{"$f":"MEDIAN(K12:K12,I12:I12)","v":56.75},{"$f":"MEDIAN(L12:L12)","v":36}]
[null,null,"Efficiency","kg/kWh",null,1,{"$f":"INDEX(H13:AC13,F13)","v":1.9801980198019802E-2},{"$f":"1/H12","v":1.9801980198019802E-2},{"$f":"1/I12","v":1.9801980198019802E-2},1.7241379310344827E-2,1.5873015873015872E-2,2.7777777777777776E-2,{"$f":"1/M12","v":1.8433179723502304E-2},1.7621145374449341E-2,2.7777777777777776E-2,1.8433179723502304E-2,1.7621145374449341E-2,2.7777777777777776E-2]
[null,null,"Availability","%/year",null,1,{"$f":"INDEX(H14:AC14,F14)","v":0.97},0.97,0.97,0.98,0.98,0.98,0.97,0.97,0.97,0.97,0.97,0.97]
[]
[null,"Lifetime and Cap Exp"]
[null,null,"Lifetime - System","Years",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H17:AC17,F17)","v":20},20,20,20,20,20,{"$f":"AVERAGE(J17:J17,H17:H17)","v":20},{"$f":"AVERAGE(K17:K17,I17:I17)","v":20},{"$f":"AVERAGE(L17:L17)","v":20},{"$f":"MEDIAN(H17:H17,J17:J17)","v":20},{"$f":"MEDIAN(K17:K17,I17:I17)","v":20},{"$f":"MEDIAN(L17:L17)","v":20}]
[null,null,"Degradation - system","%/1000 h",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H18:AC18,F18)","v":1E-3},1E-3,1E-3,1.2999999999999999E-3,2.5000000000000001E-3,0.05,{"$f":"AVERAGE(J18:J18,H18:H18)","v":1.15E-3},{"$f":"AVERAGE(K18:K18,I18:I18)","v":1.75E-3},{"$f":"AVERAGE(L18:L18)","v":0.05},{"$f":"MEDIAN(H18:H18,J18:J18)","v":1.15E-3},{"$f":"MEDIAN(K18:K18,I18:I18)","v":1.75E-3},{"$f":"MEDIAN(L18:L18)","v":0.05}]
[]
[null,null,"CAPEX - total system equipment","USD/kW",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H20:AC20,F20)","v":1850},1850,2200,1416,1770,2950,{"$f":"AVERAGE(J20:J20,H20:H20)","v":1633},{"$f":"AVERAGE(K20:K20,I20:I20)","v":1985},{"$f":"AVERAGE(L20:L20)","v":2950},{"$f":"MEDIAN(H20:H20,J20:J20)","v":1633},{"$f":"MEDIAN(K20:K20,I20:I20)","v":1985},{"$f":"MEDIAN(L20:L20)","v":2950}]
[null,null,"CAPEX - total system equipment","USD",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H21:AC21,F21)","v":1850000},{"$f":"H20*H11","v":1850000},2200000,1416000,1770000,2950000,1633000,39700000,59000000,32660000,39700000,59000000]
[null,null,"CAPEX - total system equipment","USD/kg-hr",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H22:AC22,F22)","v":92500},{"$f":"H21/H7","v":92500},{"$f":"I21/I7","v":110000},82127.999999999985,111510,106200,87698.148148148146,2213362.8318584072,2124000,1753962.9629629632,2213362.8318584072,2124000]
[]
[null,"O&M Cost"]
[null,null,"OPEX - Electrolyser system","USD",null,{"$f":"scenario_number","v":1},null,{"$f":"H26*H21","v":27750},33000,56640,70800,118000,44907.5,1091750,2360000,898150,1091750,2360000]
[null,null,"O&M percent ","% of Capital",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H26:AC26,F26)","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,0.04,0.04,0.04,{"$f":"AVERAGE(J26:J26,H26:H26)","v":2.75E-2},{"$f":"AVERAGE(K26:K26,I26:I26)","v":2.75E-2},{"$f":"AVERAGE(L26:L26)","v":0.04},{"$f":"MEDIAN(H26:H26,J26:J26)","v":2.75E-2},{"$f":"MEDIAN(K26:K26,I26:I26)","v":2.75E-2},{"$f":"MEDIAN(L26:L26)","v":0.04}]
[]
[null,null,"Stack Lifetime","Hours",null,{"$f":"scenario_number","v":1},null,60000,70000,80000,40000,10000,{"$f":"AVERAGE(J28:J28,H28:H28)","v":70000},{"$f":"AVERAGE(K28:K28,I28:I28)","v":55000},{"$f":"AVERAGE(L28:L28)","v":10000},{"$f":"MEDIAN(H28:H28,J28:J28)","v":70000},{"$f":"MEDIAN(K28:K28,I28:I28)","v":55000},{"$f":"MEDIAN(L28:L28)","v":10000}]
[null,null,"Replacement Factor","Factor",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H29:AC29,F29)","v":0.45},0.45,0.5,0.5,0.5,0.5,0.5,{"$f":"AVERAGE(K29:K29,I29:I29)","v":0.5},{"$f":"AVERAGE(L29:L29)","v":0.5},{"$f":"MEDIAN(H29:H29,J29:J29)","v":0.47499999999999998},{"$f":"MEDIAN(K29:K29,I29:I29)","v":0.5},{"$f":"MEDIAN(L29:L29)","v":0.5}]
[null,null,"CAPEX - Stack replacement*","USD/kW",null,{"$f":"scenario_number","v":1},{"$f":"INDEX(H30:AC30,F30)","v":832500},{"$f":"H21*H29","v":832500},1100000,708000,885000,1475000,816500,19850000,29500000,15513500,19850000,29500000]
[null,null,null,null,null,{"$f":"scenario_number","v":1},null,{"$f":"H21-H30","v":1017500},{"$f":"I21-I30","v":1100000}]
[null,"Other"]
[null,null,"Minimum power","% Pnom",null,{"$f":"scenario_number","v":1},null,0.2,0.1,0.15,0.05,0.3,{"$f":"AVERAGE(J33:J33,H33:H33)","v":0.17499999999999999},7.5000000000000011E-2,{"$f":"AVERAGE(L33:L33)","v":0.3},{"$f":"MEDIAN(H33:H33,J33:J33)","v":0.17499999999999999},{"$f":"MEDIAN(K33:K33,I33:I33)","v":7.5000000000000011E-2},{"$f":"MEDIAN(L33:L33)","v":0.3}]
[null,null,"Peak power - for 30 min","% Pnom",null,{"$f":"scenario_number","v":1},null,1.1000000000000001,1.6,1,1.6,1.2,1.05,1.6,{"$f":"AVERAGE(L34:L34)","v":1.2},{"$f":"MEDIAN(H34:H34,J34:J34)","v":1.05},{"$f":"MEDIAN(K34:K34,I34:I34)","v":1.6},{"$f":"MEDIAN(L34:L34)","v":1.2}]
[null,null,"Pressure output","Bar",null,{"$f":"scenario_number","v":1},null,5,30,1,30,50,3,30,{"$f":"AVERAGE(L35:L35)","v":50},{"$f":"MEDIAN(H35:H35,J35:J35)","v":3},{"$f":"MEDIAN(K35:K35,I35:I35)","v":30},{"$f":"MEDIAN(L35:L35)","v":50}]
[]
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[]
[null,null,1,{"$f":"TRANSPOSE(H3:AC4)","v":"Vendor Alk"},2020,{"$f":"D152&\" \"&E152","v":"Vendor Alk 2020"}]
[null,null,2,"Vendor PEM",2020,"Vendor PEM 2020"]
[null,null,3,"NREL Alk",2020,"NREL Alk 2020"]
[null,null,4,"NREL PEM",2020,"NREL PEM 2020"]
[null,null,5,"SOEC NREL",2020,"SOEC NREL 2020"]
[null,null,6,"ALK AVG",2020,"ALK AVG 2020"]
[null,null,7,"PEM AVG",2020,"PEM AVG 2020"]
[null,null,8,"SOEC AVG",2020,"SOEC AVG 2020"]
[null,null,9,"ALK MED",2020,"ALK MED 2020"]
[null,null,10,"PEM MED",2020,"PEM MED 2020"]
[null,null,11,"SOEC MED",2020,"SOEC MED 2020"]
[null,null,12,0,0,"0 0"]
[null,null,13,0,0,"0 0"]
[null,null,14,0,0,"0 0"]
[null,null,15,0,0,"0 0"]
[null,null,16,0,0,"0 0"]
[null,null,17,0,0,"0 0"]
[null,null,18,0,0,"0 0"]
[null,null,19,0,0,"0 0"]
[null,null,20,0,0,"0 0"]
[null,null,21,0,0,"0 0"]
[null,null,22,0,0,"0 0"]
[null,null,23,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,24,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,25,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,26,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,27,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,28,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,29,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,30,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,31,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,32,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,33,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,34,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]
[null,null,35,{"$error":"#N/A"},{"$error":"#N/A"},{"$error":"#N/A"}]

{"sheet":"Electrolyzer Database","index":15,"n_rows":186,"n_cols":34,"rows_kept":186,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,"Scenario No",null,3]
[null,null,null,null,null,null,null,1,{"$f":"H2+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27]
[null,null,null,null,"Applied",null,"Applied","CL ALK 1 MW","CL ALK 5 MW","CL ALK 10 MW","CL ALK 20 MW","CL ALK 100 MW","CL ALK 500 MW","CL PEM 1 MW","CL PEM 5 MW","CL PEM 10 MW","CL PEM 20 MW","CL PEM 100 MW","CL PEM 500 MW","ALK 1 MW NREL","ALK 5 MW NREL","ALK 20 MW NREL","PEM 1 MW NREL","PEM 5 MW NREL","PEM 20 MW NREL","SOEC 1 MW NREL","SOEC 5 MW NREL","SOEC 20 MW NREL","ALK AVG","PEM AVG","SOEC AVG","ALK MED","PEM MED","SOEC MED"]
[null,null,null,null,null,null,null,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020,2020]
[]
[null,"Production and Efficiency"]
[null,null,"Production capacity","kg/h",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H7:AS7,F7)","v":20},20,20,20,20,20,20,20,20,20,20,20,20,17.241379310344829,96.15384615384616,392.15686274509807,15.873015873015873,81.967213114754102,344.82758620689657,27.777777777777779,142.85714285714286,588.23529411764707,{"$f":"AVERAGE(H7:M7,T7:V7)","v":69.505787578809901},{"$f":"AVERAGE(W7:Y7,N7:S7)","v":62.518646132740727},{"$f":"AVERAGE(Z7:AB7)","v":252.95673825085589},{"$f":"MEDIAN(H7:M7,T7:V7)","v":20},{"$f":"MEDIAN(W7:Y7,N7:S7)","v":20},{"$f":"MEDIAN(Z7:AB7)","v":142.85714285714286}]
[null,null,"Production capacity","kg/day",null,3,{"$f":"INDEX(H8:AS8,F8)","v":480},{"$f":"H7*24","v":480},480,480,480,480,480,480,480,480,480,480,480,413.79310344827593,2307.6923076923076,9411.7647058823532,380.95238095238096,1967.2131147540986,8275.8620689655181,666.66666666666674,3428.5714285714284,14117.64705882353,{"$f":"AC7*24","v":1668.1389018914376},1500.4475071857773,6070.9617180205414,480,480,3428.5714285714284]
[null,null,"Water consumption","L/kg",null,3,{"$f":"INDEX(H9:AS9,F9)","v":10.5},10.5,10.5,10.5,10.5,10.5,10.5,10.5,10.5,10.5,10.5,10.5,10.5,15,15,15,15,15,15,10,10,10,{"$f":"AVERAGE(H9:M9,T9:V9)","v":12},{"$f":"AVERAGE(W9:Y9,N9:S9)","v":12},{"$f":"AVERAGE(Z9:AB9)","v":10},{"$f":"MEDIAN(H9:M9,T9:V9)","v":10.5},{"$f":"MEDIAN(W9:Y9,N9:S9)","v":10.5},{"$f":"MEDIAN(Z9:AB9)","v":10}]
[null,null,"Nominal power","MW",null,3,{"$f":"INDEX(H10:AS10,F10)","v":10},1,5,10,20,100,500,1,5,10,20,100,500,1,5,20,1,5,20,1,5,20,{"$f":"AVERAGE(T10:V10,H10:M10)","v":73.555555555555557},20,20,20,20,20]
[null,null,"Nominal Power","kWh",null,3,{"$f":"INDEX(H11:AS11,F11)","v":10000},{"$f":"H10*1000","v":1000},5000,10000,20000,100000,500000,1000,5000,10000,20000,100000,500000,1000,5000,20000,1000,5000,20000,1000,5000,20000,{"$f":"AC10*1000","v":73555.555555555562},20000,20000,20000,20000,20000]
[null,null,"Efficiency","kWh/kg",null,3,{"$f":"INDEX(H12:AS12,F12)","v":50.5},50.5,50.5,50.5,50.5,50.5,50.5,50.5,50.5,50.5,50.5,50.5,50.5,58,52,51,63,61,58,36,35,34,{"$f":"AVERAGE(T12:V12,H12:M12)","v":51.555555555555557},{"$f":"AVERAGE(W12:Y12,N12:S12)","v":53.888888888888886},{"$f":"AVERAGE(Z12:AB12)","v":35},{"$f":"MEDIAN(H12:M12,T12:V12)","v":50.5},{"$f":"MEDIAN(W12:Y12,N12:S12)","v":50.5},{"$f":"MEDIAN(Z12:AB12)","v":35}]
[null,null,"Efficiency","kg/kWh",null,3,{"$f":"INDEX(H13:AS13,F13)","v":1.9801980198019802E-2},{"$f":"1/H12","v":1.9801980198019802E-2},1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.9801980198019802E-2,1.7241379310344827E-2,1.9230769230769232E-2,1.9607843137254902E-2,1.5873015873015872E-2,1.6393442622950821E-2,1.7241379310344827E-2,2.7777777777777776E-2,2.8571428571428571E-2,2.9411764705882353E-2,{"$f":"1/AC12","v":1.9396551724137932E-2},1.8556701030927835E-2,2.8571428571428571E-2,1.9801980198019802E-2,1.9801980198019802E-2,2.8571428571428571E-2]
[null,null,"Availability","%/year",null,3,{"$f":"INDEX(H14:AS14,F14)","v":0.97},0.97,0.97,0.97,0.97,0.97,0.97,0.97,0.97,0.97,0.97,0.97,0.97,0.98,0.98,0.98,0.98,0.98,0.98,0.98,0.98,0.98,0.97,0.97,0.97,0.97,0.97,0.97]
[]
[null,"Lifetime and Cap Exp"]
[null,null,"Lifetime - System","Years",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H17:AS17,F17)","v":20},20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,20,{"$f":"AVERAGE(T17:V17,H17:M17)","v":20},{"$f":"AVERAGE(W17:Y17,N17:S17)","v":20},{"$f":"AVERAGE(Z17:AB17)","v":20},{"$f":"MEDIAN(H17:M17,T17:V17)","v":20},{"$f":"MEDIAN(W17:Y17,N17:S17)","v":20},{"$f":"MEDIAN(Z17:AB17)","v":20}]
[null,null,"Degradation - system","%/1000 h",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H18:AS18,F18)","v":1E-3},1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1E-3,1.2999999999999999E-3,1.2999999999999999E-3,1.2999999999999999E-3,2.5000000000000001E-3,2.5000000000000001E-3,2.5000000000000001E-3,0.05,0.05,0.05,{"$f":"AVERAGE(T18:V18,H18:M18)","v":1.1000000000000003E-3},{"$f":"AVERAGE(W18:Y18,N18:S18)","v":1.5000000000000005E-3},{"$f":"AVERAGE(Z18:AB18)","v":5.000000000000001E-2},{"$f":"MEDIAN(H18:M18,T18:V18)","v":1E-3},{"$f":"MEDIAN(W18:Y18,N18:S18)","v":1E-3},{"$f":"MEDIAN(Z18:AB18)","v":0.05}]
[]
[null,null,"CAPEX - total system equipment","USD/kW",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H20:AS20,F20)","v":910},1850,1080,910,790,610,540,2200,1340,1120,970,760,670,1416,979.4,885,1770,1534,1416,2950,2360,2124,{"$f":"AVERAGE(T20:V20,H20:M20)","v":1006.7111111111111},{"$f":"AVERAGE(W20:Y20,N20:S20)","v":1308.8888888888889},{"$f":"AVERAGE(Z20:AB20)","v":2478},{"$f":"MEDIAN(H20:M20,T20:V20)","v":910},{"$f":"MEDIAN(W20:Y20,N20:S20)","v":1340},{"$f":"MEDIAN(Z20:AB20)","v":2360}]
[null,null,"CAPEX - total system equipment","USD",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H21:AS21,F21)","v":9100000},{"$f":"H20*H11","v":1850000},5400000,9100000,15800000,61000000,270000000,2200000,6700000,11200000,19400000,76000000,335000000,1416000,4897000,17700000,1770000,7670000,28320000,2950000,11800000,42480000,74049195.061728403,26177777.77777778,49560000,18200000,26800000,47200000]
[null,null,"CAPEX - total system equipment","USD/kg-hr",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H22:AS22,F22)","v":455000},{"$f":"H21/H7","v":92500},{"$f":"I21/I7","v":270000},455000,790000,3050000,13500000,110000,335000,560000,970000,3800000,16750000,82127.999999999985,50928.799999999996,45135,111510,93574,82128,106200,82600,72216,1065367.3261060009,418719.52444710088,195922.82989849278,910000,1340000,330400]
[]
[null,"O&M Cost"]
[null,null,"OPEX - Electrolyser system","USD/kW/Yr",null,{"$f":"scenario_number","v":3},null,{"$f":"H26*H21","v":27750},81000,136500,237000,915000,4050000,33000,100500,168000,291000,1140000,5025000,56640,146910,354000,70800,230100,566400,118000,354000,849600,1480983.9012345683,523555.55555555568,1486800.0000000002,273000,402000,1416000]
[null,null,"O&M percent ","% of Capital",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H26:AS26,F26)","v":1.4999999999999999E-2},1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,1.4999999999999999E-2,0.04,0.03,0.02,0.04,0.03,0.02,0.04,0.03,0.02,{"$f":"AVERAGE(T26:V26,H26:M26)","v":2.0000000000000004E-2},{"$f":"AVERAGE(W26:Y26,N26:S26)","v":2.0000000000000004E-2},{"$f":"AVERAGE(Z26:AB26)","v":3.0000000000000002E-2},{"$f":"MEDIAN(H26:M26,T26:V26)","v":1.4999999999999999E-2},{"$f":"MEDIAN(W26:Y26,N26:S26)","v":1.4999999999999999E-2},{"$f":"MEDIAN(Z26:AB26)","v":0.03}]
[]
[null,null,"Stack Lifetime","Hours",null,{"$f":"scenario_number","v":3},null,60000,60000,60000,60000,60000,60000,70000,70000,70000,70000,70000,70000,80000,80000,80000,40000,40000,40000,10000,10000,10000,{"$f":"AVERAGE(T28:V28,H28:M28)","v":66666.666666666672},{"$f":"AVERAGE(W28:Y28,N28:S28)","v":60000},{"$f":"AVERAGE(Z28:AB28)","v":10000},{"$f":"MEDIAN(H28:M28,T28:V28)","v":60000},{"$f":"MEDIAN(W28:Y28,N28:S28)","v":70000},{"$f":"MEDIAN(Z28:AB28)","v":10000}]
[null,null,"Replacement Factor","Factor",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H29:AS29,F29)","v":0.45},0.45,0.45,0.45,0.45,0.45,0.45,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,0.5,{"$f":"AVERAGE(W29:Y29,N29:S29)","v":0.5},{"$f":"AVERAGE(Z29:AB29)","v":0.5},{"$f":"MEDIAN(H29:M29,T29:V29)","v":0.45},{"$f":"MEDIAN(W29:Y29,N29:S29)","v":0.5},{"$f":"MEDIAN(Z29:AB29)","v":0.5}]
[null,null,"CAPEX - Stack replacement*","USD/kW",null,{"$f":"scenario_number","v":3},{"$f":"INDEX(H30:AS30,F30)","v":4095000},{"$f":"H21*H29","v":832500},2430000,4095000,7110000,27450000,121500000,1100000,3350000,5600000,9700000,38000000,167500000,708000,2448500,8850000,885000,3835000,14160000,1475000,5900000,21240000,37024597.530864201,13088888.88888889,24780000,8190000,13400000,23600000]
[null,null,null,null,null,{"$f":"scenario_number","v":3},null,{"$f":"H21-H30","v":1017500},2970000,5005000,8690000,33550000,148500000,1100000]
[null,"Other"]
[null,null,"Minimum power","% Pnom",null,{"$f":"scenario_number","v":3},null,0.2,0.2,0.2,0.2,0.2,0.2,0.1,0.1,0.1,0.1,0.1,0.1,0.15,0.15,0.15,0.05,0.05,0.05,0.3,0.3,0.3,{"$f":"AVERAGE(T33:V33,H33:M33)","v":0.18333333333333329},{"$f":"AVERAGE(W33:Y33,N33:S33)","v":8.3333333333333315E-2},{"$f":"AVERAGE(Z33:AB33)","v":0.3},{"$f":"MEDIAN(H33:M33,T33:V33)","v":0.2},{"$f":"MEDIAN(W33:Y33,N33:S33)","v":0.1},{"$f":"MEDIAN(Z33:AB33)","v":0.3}]
[null,null,"Peak power - for 30 min","% Pnom",null,{"$f":"scenario_number","v":3},null,1.1000000000000001,1.1000000000000001,1.1000000000000001,1.1000000000000001,1.1000000000000001,1.1000000000000001,1.6,1.6,1.6,1.6,1.6,1.6,1,1,1,1.6,1.6,1.6,1.2,1.2,1.2,{"$f":"AVERAGE(T34:V34,H34:M34)","v":1.0666666666666664},{"$f":"AVERAGE(W34:Y34,N34:S34)","v":1.5999999999999999},{"$f":"AVERAGE(Z34:AB34)","v":1.2},{"$f":"MEDIAN(H34:M34,T34:V34)","v":1.1000000000000001},{"$f":"MEDIAN(W34:Y34,N34:S34)","v":1.6},{"$f":"MEDIAN(Z34:AB34)","v":1.2}]
[null,null,"Pressure output","Bar",null,{"$f":"scenario_number","v":3},null,5,5,5,5,5,5,30,30,30,30,30,30,1,1,1,30,30,30,50,50,50,{"$f":"AVERAGE(T35:V35,H35:M35)","v":3.6666666666666665},{"$f":"AVERAGE(W35:Y35,N35:S35)","v":30},{"$f":"AVERAGE(Z35:AB35)","v":50},{"$f":"MEDIAN(H35:M35,T35:V35)","v":5},{"$f":"MEDIAN(W35:Y35,N35:S35)","v":30},{"$f":"MEDIAN(Z35:AB35)","v":50}]
[]
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[]
[null,null,1,{"$f":"TRANSPOSE(H3:AS4)","v":"CL ALK 1 MW"},2020,{"$f":"D152&\" \"&E152","v":"CL ALK 1 MW 2020"}]
[null,null,2,"CL ALK 5 MW",2020,"CL ALK 5 MW 2020"]
[null,null,3,"CL ALK 10 MW",2020,"CL ALK 10 MW 2020"]
[null,null,4,"CL ALK 20 MW",2020,"CL ALK 20 MW 2020"]
[null,null,5,"CL ALK 100 MW",2020,"CL ALK 100 MW 2020"]
[null,null,6,"CL ALK 500 MW",2020,"CL ALK 500 MW 2020"]
[null,null,7,"CL PEM 1 MW",2020,"CL PEM 1 MW 2020"]
[null,null,8,"CL PEM 5 MW",2020,"CL PEM 5 MW 2020"]
[null,null,9,"CL PEM 10 MW",2020,"CL PEM 10 MW 2020"]
[null,null,10,"CL PEM 20 MW",2020,"CL PEM 20 MW 2020"]
[null,null,11,"CL PEM 100 MW",2020,"CL PEM 100 MW 2020"]
[null,null,12,"CL PEM 500 MW",2020,"CL PEM 500 MW 2020"]
[null,null,13,"ALK 1 MW NREL",2020,"ALK 1 MW NREL 2020"]
[null,null,14,"ALK 5 MW NREL",2020,"ALK 5 MW NREL 2020"]
[null,null,15,"ALK 20 MW NREL",2020,"ALK 20 MW NREL 2020"]
[null,null,16,"PEM 1 MW NREL",2020,"PEM 1 MW NREL 2020"]
[null,null,17,"PEM 5 MW NREL",2020,"PEM 5 MW NREL 2020"]
[null,null,18,"PEM 20 MW NREL",2020,"PEM 20 MW NREL 2020"]
[null,null,19,"SOEC 1 MW NREL",2020,"SOEC 1 MW NREL 2020"]
[null,null,20,"SOEC 5 MW NREL",2020,"SOEC 5 MW NREL 2020"]
[null,null,21,"SOEC 20 MW NREL",2020,"SOEC 20 MW NREL 2020"]
[null,null,22,"ALK AVG",2020,"ALK AVG 2020"]
[null,null,23,"PEM AVG",2020,"PEM AVG 2020"]
[null,null,24,"SOEC AVG",2020,"SOEC AVG 2020"]
[null,null,25,"ALK MED",2020,"ALK MED 2020"]
[null,null,26,"PEM MED",2020,"PEM MED 2020"]
[null,null,27,"SOEC MED",2020,"SOEC MED 2020"]
[null,null,28,0,0,"0 0"]
[null,null,29,0,0,"0 0"]
[null,null,30,0,0,"0 0"]
[null,null,31,0,0,"0 0"]
[null,null,32,0,0,"0 0"]
[null,null,33,0,0,"0 0"]
[null,null,34,0,0,"0 0"]
[null,null,35,0,0,"0 0"]

{"sheet":"SMR Costs","index":16,"n_rows":15,"n_cols":2,"rows_kept":15,"cut":false,"hidden":false,"merged":[]}
[]
[]
[]
[null,"SMR Unit :"]
[null,"70 MUSD 380 TnH2/day  -> Consumption 0.156 MBTU/kgH2"]
[null,"4.7% OpEx"]
[]
[null,"SMR Costs:"]
[null,"400 USD/kW"]
[null,"With carbon Capture"]
[null,"600 USD/kW"]
[]
[null,"ATR Costs:"]
[null,"500 USD/kW"]
[null,"ATR + Carbon capture 800 USD/kW"]

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[null,"Alkaline Scaling Factor"]
[null,null,"Calculations"]
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[null,null,null,"EXP",{"$f":"EXP(E4)","v":1476.3803148554248}]
[null,null,null,{"$f":"\"Y=\"&E5&\"*X^\"&D4","v":"Y=1476.38031485542*X^-0.181341939058655"}]
[]
[null,null,"Equation Variables",null,null,"Unit"]
[null,null,null,"Slope",{"$f":"E5","v":1476.3803148554248}]
[null,null,null,"Intercept",{"$f":"D4","v":-0.18134193905865528},null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"MW"]
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[null,null,null,"Y",null,"USD/kW",null,null,null,null,{"$f":"interpolate_look_up(K11,_xlfn.ANCHORARRAY(E16),_xlfn.ANCHORARRAY(D16))","v":790},null,null,null,null,null,null,null,null,null,"ALK",{"$f":"E12","v":0},0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,null,null,{"$f":"interpolate_look_up(K11,_xlfn.ANCHORARRAY(E22),_xlfn.ANCHORARRAY(D22))","v":885},{"$f":"AVERAGE(K12:K13)","v":837.5},null,null,null,null,null,null,null,null,"PEM",{"$f":"E48","v":{"$error":"#DIV/0!"}},2176.6419402458832,1920.3270047720264,1694.1949601688407,1435.60477232635,1266.5521882604462,946.8535105472497,835.35483363041249,736.98591207247989]
[null,null,"Alkaline Dataframe"]
[null,null,null,"Y","X","Ln(Y)","Ln(X)",null,null,null,null,null,null,null,null,null,null,null,null,null,"Ref Size",{"$f":"'Base Analysis'!G10","v":1.2249324357698794},null,null,null,null,null,70]
[null,null,null,{"$f":"TRANSPOSE('Electrolyzer Database'!H20:M20)","v":1850},{"$f":"TRANSPOSE('Electrolyzer Database'!H10:M10)","v":1},{"$f":"LN(D16)","v":7.5229409180723703},{"$f":"LN(E16)","v":0},null,null,null,null,null,null,null,null,null,null,null,null,null,"Ref Cost",{"$f":"'Base Analysis'!G14","v":1755.8139547071103},null,null,null,null,null,{"$f":"interpolate_look_up(AB15,W11:AD11,W12:AD12)","v":0}]
[null,null,null,1080,5,6.9847163201182658,1.6094379124341003,null,null,null,null,null,null,null,null,null,null,null,null,null,"Size",{"$f":"'Base Analysis'!#REF!","v":{"$error":"#REF!"}}]
[null,null,null,910,10,6.8134445995108956,2.3025850929940459,null,null,null,null,null,null,null,null,null,null,null,null,null,"Ratio",{"$f":"X12/AA12","v":{"$error":"#DIV/0!"}}]
[null,null,null,790,20,6.6720329454610674,2.9957322735539909,null,null,null,null,null,null,null,null,null,null,null,null,null,"Final Cost",{"$f":"V16*V18","v":{"$error":"#DIV/0!"}}]
[null,null,null,610,100,6.4134589571673573,4.6051701859880918]
[null,null,null,540,500,6.2915691395583204,6.2146080984221914]
[null,null,null,{"$f":"TRANSPOSE('Electrolyzer Database'!T20:V20)","v":1416},{"$f":"TRANSPOSE('Electrolyzer Database'!T10:V10)","v":1},7.255591274253665,0]
[null,null,null,979.4,5,6.8869401392682166,1.6094379124341003]
[null,null,null,885,20,6.7855876450079293,2.9957322735539909]
[null,"PEM Scaling Factor"]
[null,null,"PEM Dataframe"]
[null,null,null,"Y","X","Ln(Y)","Ln(X)"]
[null,null,"Vendor",2200,1,{"$f":"LN(D28)","v":7.696212639346407},{"$f":"LN(E28)","v":0}]
[null,null,null,1340,5,7.200424892944957,1.6094379124341003]
[null,null,null,1120,10,7.0210839642891401,2.3025850929940459]
[null,null,null,970,20,6.8772960714974287,2.9957322735539909]
[null,null,null,760,100,6.633318433280377,4.6051701859880918]
[null,null,null,670,500,6.5072777123850116,6.2146080984221914]
[null,null,"NREL",1770,1,7.4787348255678747,0]
[null,null,null,1534,5,7.3356339819272014,1.6094379124341003]
[null,null,null,1416,20,7.255591274253665,2.9957322735539909]
[]
[null,null,"Calculations"]
[null,null,null,"SLOPE","INTERCEPT"]
[null,null,null,{"$f":"SLOPE(F28:F36,G28:G36)","v":-0.18075209967210834},{"$f":"INTERCEPT(F28:F36,G28:G36)","v":7.5602507655053071}]
[null,null,null,"EXP",{"$f":"EXP(E40)","v":1920.3270047720264}]
[null,null,null,{"$f":"\"Y=\"&E41&\"*X^\"&D40","v":"Y=1920.32700477203*X^-0.180752099672108"}]
[]
[null,null,"Equation Variables",null,null,"Units"]
[null,null,null,"Slope",{"$f":"D40","v":-0.18075209967210834}]
[null,null,null,"Intercept",{"$f":"E41","v":1920.3270047720264}]
[null,null,null,"X",{"$f":"E11","v":0},"MW"]
[null,null,null,"Y",{"$f":"E46*(E47)^E45","v":{"$error":"#DIV/0!"}},"USD/kW"]

{"sheet":"Specs & Adders","index":18,"n_rows":65,"n_cols":11,"rows_kept":65,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Comments"]
[]
[null,null,"Specs"]
[null,null,null,"Water to Hydrogen","L/Nm3H2",1.0569999999999999,null,null,null,"USD/Gal",2.9499999999999999E-3]
[null,null,null,"Volume to Mass Conversion","kg/Nm3",8.9880000000000002E-2,null,null,null,"L/Gal",3.78]
[null,null,null,null,null,null,null,null,null,"USD/L",{"$f":"K5/K6","v":7.8042328042328044E-4}]
[null,null,"Plant Size"]
[null,null,null,"Alkaline","m2/kW",0.13600000000000001]
[null,null,null,"PEM","m2/kW",7.3700000000000002E-2]
[]
[null,"Adders"]
[null,null,"Water Adders"]
[null,null,null,"Water Deionizing","USD/Nm3H2",11]
[null,null,null,"Water Desalination","USD/kgH2",1.25]
[]
[null,null,"Storage"]
[null,null,null,"Salt Cavern","USD/kgH2",0.23]
[null,null,null,"Depleted Gas Field","USD/kgH2",1.9]
[null,null,null,"Rock Cavern","USD/kgH2",0.71]
[null,null,null,"Pressurized Container","USD/kgH2",0.19]
[null,null,null,"Liquefied","USD/kgH2",4.57]
[null,null,null,"Ammonia","USD/kgH2",2.83]
[null,null,null,"LOHC","USD/kgH2",4.5]
[]
[null,null,"Distribution",null,null,"Local","Urban","Inter-City","Inter-Continental"]
[null,null,null,"CH2 Trucks","USD/kgH2",0.70499999999999996,1.2050000000000001,2.415,"na"]
[null,null,null,"Pipeline","USD/kgH2",5.5E-2,0.14000000000000001,1.02,"na"]
[null,null,null,"Ammonia Ships","USD/kgH2","na","na","na",4.5]
[]
[null,"Other CapEx"]
[null,null,"Gas Tube Trailer"]
[null,null,null,"Compression","bar",20,250,550]
[null,null,null,"Truck CapEx","Kusd/Unit",300,847,1300]
[null,null,null,"Capacity","kg/Unit",200,790,1200]
[null,null,null,"CapEx of Tubes","USD/kg",1500,1070,1080]
[null,null,null,"OpEx","USD/kg/100km",0.76,1.3,0.86]
[]
[null,null,"Liquid Trailer"]
[null,null,null,"Truck Cost","kUSD/Unit",1200]
[null,null,null,"Capacity","kg/Unit",4000]
[null,null,null,"CapEx","USD/kg",300]
[null,null,null,"OpEx","USD/kg/100km",0.1]
[]
[null,null,"Pipeline"]
[null,null,null,"Type","cm",30]
[null,null,null,"Flow","TPH",15]
[null,null,null,"Range","USD/km",519000,155800]
[null,null,null,"Weights","Labour",0.54]
[null,null,null,null,"Materials",0.18]
[null,null,null,null,"Rights of Way",0.08]
[null,null,null,null,"Other Costs",0.21]
[]
[null,null,"Liquefaction Unit"]
[null,null,null,"Capacity","TP",30,300]
[null,null,null,"CapEx","MMUSD",100,170]
[null,null,null,"Energy Consumption","kWh/USD",12,12]
[]
[null,null,"Compressing Unit"]
[null,null,null,"Pressure","bar",350,700]
[null,null,null,"CapEx","USD",225000,225000]
[null,null,null,"OpEx","% CapEx",0.04,0.04]
[null,null,null,"Energy Consumption","kWh/kg",1.05,1.36]
[null,null,null,"Loss","%",5.0000000000000001E-3,5.0000000000000001E-3]
[null,null,null,"Adder","USD/kg",0.09,0.16]

{"sheet":"Storage","index":19,"n_rows":41,"n_cols":9,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
[null,"Storage"]
[]
[]
[null,null,"Compressor 350 bar",null,null,"Unit","Value"]
[null,null,null,"CapEx",null,"USD",225000,{"$f":"G5*H21","v":1841353.450584769}]
[null,null,null,"OpEx",null,"% CapEx",0.04]
[null,null,null,"Loss",null,"%",5.0000000000000001E-3]
[null,null,null,"Electricity Consumption",null,"kWh/kg",1.05]
[null,null,null,"Adder",null,"USD/kg",0.09]
[]
[null,null,"Compressor 700 bar",null,null,"Unit","Value"]
[null,null,null,"CapEx",null,"USD",225000]
[null,null,null,"OpEx",null,"% CapEx",0.04]
[null,null,null,"Loss",null,"%",5.0000000000000001E-3]
[null,null,null,"Electricity Consumption",null,"kWh/kg",1.36]
[null,null,null,"Adder",null,"USD/kg",0.16]
[]
[null,null,"Low P Storage",null,null,"Unit","Value"]
[null,null,null,"Pressure",null,"bar",150]
[null,null,null,"Capacity",null,"kg",138,{"$f":"'H2 vs Diesel Trucks'!F25","v":1129.3634496919917},{"$f":"H20*G22","v":1129363.4496919918}]
[null,null,null,"Length",null,"ft",29,{"$f":"H20/G20","v":8.1837931137100846}]
[null,null,null,"CapEx",null,"USD/kg",1000]
[null,null,null,"Real CapEX",null,"USD",{"$f":"G22*G20","v":138000}]
[null,null,null,"Adder",null,"USD/kg",1]
[]
[null,null,"High P Storage",null,null,"Unit","Value"]
[null,null,null,"Pressure",null,"bar",800]
[null,null,null,"Capacity",null,"kg",138]
[null,null,null,"Length",null,"ft",29]
[null,null,null,"CapEx",null,"USD/kg",1450]
[null,null,null,"Real",null,"USD",{"$f":"G30*G28","v":200100}]
[null,null,null,"Adder",null,"USD/kg",1.2]
[]
[null,null,"Storage Adder",null,null,"Unit","Value","CapEx (USD/MWh)"]
[null,null,null,"Salt Caverns",null,"USD/kgH2",0.23,304.79000000000002]
[null,null,null,"Depleted Gas Field",null,"USD/kgH2",1.9]
[null,null,null,"Rock Cavern",null,"USD/kgH2",0.71]
[null,null,null,"Pressurized Container",null,"USD/kgH2",0.19]
[null,null,null,"Liquefied",null,"USD/kgH2",4.57,5662]
[null,null,null,"Ammonia",null,"USD/kgH2",2.83,1120]
[null,null,null,"LOHC",null,"USD/kgH2",4.5]

{"sheet":"Dist Database","index":20,"n_rows":98,"n_cols":8,"rows_kept":98,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,null,"Overview of Transportation Method"]
[null,null,"Technology","Volume of H2 per Truck","Transport CAPEX (USD), Tractor and Trailer","Energy Required (kWh per kg H2, Excl. Transport)","Boil Off (%)"]
[null,null,"LOHC","<1800 kg","180k","1.5 to 10",0]
[null,null,"Compressed H2 250 bar","<350 kg",">440k","1.5 to 2",0]
[null,null,"Compressed H2 500 bar","<1100 kg","1 M to 1.2 M","4 to 5",0]
[null,null,"Liquid H2 -250 C","<3300 kg","750k to 1.7 M",10,"1 to 3 per day"]
[null,null,"Pipeline","Size dependent","Initial Investment: 300k up to 1.2 M  per km (rural) 700k per km (Urban)","n/a",0]
[]
[null,null,"Transmission"]
[null,null,"Technology","Parameter","UNIT","Hydrogen","LOHC","Ammonia"]
[null,null,"Pipeline","Lifetime","years",40,"-",40]
[null,null,null,"Distance","km","Function of supply rout"]
[null,null,null,"Design Throughput","ktH2/yr",340,800,240]
[null,null,null,"Actual Throughput","ktH2/yr",260,620,180]
[null,null,null,"Pressure in","bar",100,"-","-"]
[null,null,null,"Internal Diameter","cm",35,"-","-"]
[null,null,null,"Gas Velocity","m/s",15,"-","-"]
[null,null,null,"CAPEX/km","MMUSD/km",1.21,2.3199999999999998,0.55000000000000004]
[null,null,null,"Utilization Rate","%",75,75,75]
[null,null,"Liquefaction","Installed Capacity","ktH2/yr",260,"-","-"]
[null,null,null,"Capacity CAPEX","MMUSD",1400,"-","-"]
[null,null,null,"Annual OPEX","% of CAPEX",4,"-","-"]
[null,null,null,"Electricity Use","kWh/kg H2",6.1,"-","-"]
[null,null,"Conversion","Installed Capacity","kt/year","-",4200]
[null,null,null,"Plant CAPEX","MMUSD","-",230]
[null,null,null,"Annual OPEX","% of CAPEX","-",4]
[null,null,null,"Electricity Use","kWh/kg H2","-",1.5]
[null,null,null,"Natural Gas use","kWh/kg H2","-",0.2]
[null,null,null,"Start up Toluene","kt","-",260]
[null,null,null,"Toluene cost","USD/tn","-",400]
[null,null,null,"Toluene Markup","kt/year","-",99]
[null,null,null,"Start up Toluene cost","MMUSD","-",104]
[null,null,"Export Terminal","Capacit/tank","t(liquid)",3190,51750,34100]
[null,null,null,"Number of Tanks",null,"Based on days of storage needed for a given ship load frequency"]
[null,null,null,"CAPEX/tank","MMUSD",290,42,68]
[null,null,null,"Annual OPEX","% of CAPEX",4,4,4]
[null,null,null,"Electricity Use","kWh/kg H2",0.61,0.01,5.0000000000000001E-3]
[null,null,null,"Boil Off Rate","%/day",0.1,"-","-"]
[null,null,null,"Flash Rate","%",0.1,"-","-"]
[null,null,"Seaborne Transport","Capacity/ship","t(liquid)",11000,110000,53000]
[null,null,null,"CAPEX/Ship","MMUSD",412,76,85]
[null,null,null,"Ship Speed","k/h",30,30,30]
[null,null,null,"Number of ships used",null,"Function of distance"]
[null,null,null,"Annual OPEX","%",4,4,4]
[null,null,null,"Fuel Use","MJ/km",0,3300,2500]
[null,null,null,"Boil Off Rate","%/day",0.2,"-","-"]
[null,null,null,"Flash Rate","%",1.3,"-","-"]
[null,null,"Import Terminal","Capacity/tank","t(liquid)",5680,61600,56700]
[null,null,null,"Number of tanks","#","Based on 20 days of storage capacity"]
[null,null,null,"CAPEX/tank","MMUSD",320,35,97]
[null,null,null,"Electricity Use","kWh/kg H2",0.2,0.01,0.02]
[null,null,null,"Boil Off Rate","%",0.1,"-","-"]
[null,null,"Reconversion","Capacity","kttol/year // ktnh3/year","-",4200,1500]
[null,null,null,"Capacity CAPEX","MMUS","-",670,460]
[null,null,null,"Annual OPEX","% of CAPEX","-",4,4]
[null,null,null,"Heat required","kWh/kg H2","-",13.6,9.6999999999999993]
[null,null,null,"Plant power","kWh/kg H2","-",0.4,"-"]
[null,null,null,"PSA","kWh/kg H2","-",1.1000000000000001,1.5]
[null,null,null,"H2 Recovery rate","%","-",90,99]
[null,null,null,"PSA recovery rate","%","-",98,85]
[]
[null,null,"Distribution"]
[null,null,"Technology","Parameter","Unit","HYDROGEN","LOHC","AMMONIA"]
[null,null,"Pipeline","Lifetime","Years",40,40,40]
[null,null,"Pipeline (High P)","Pressure in","bar",80,"-","-"]
[null,null,null,"Distance","km","End use dependent"]
[null,null,null,"Design of throughput","kt/year",38,"-","-"]
[null,null,null,"Actual throughput",null,36,"-","-"]
[null,null,null,"Pressure in","bar",80,"-","-"]
[null,null,null,"Internal Diameter","cm",13,"-","-"]
[null,null,null,"Gas Velocity","m/s",15,"-","-"]
[null,null,null,"CAPEX","MMUSD/km",0.5,0.1,0.25]
[null,null,"Pipeline Low P","Distance","km",3,3,3]
[null,null,null,"Design of throughput","tn/year",365,"-","-"]
[null,null,null,"Pressure in","bar",7]
[null,null,null,"Internal Diameter","cm",3]
[null,null,null,"Gas Velocity","m/s",15]
[null,null,null,"CAPEX/km","MMUSD/km",0.3]
[null,null,"Trucks","Depreciation Period","Years",12,12,12]
[null,null,null,"CAPEX","Kusd",185,185,185]
[null,null,null,"Annual OPEX","% of CAPEX",12,12,12]
[null,null,null,"Speed","km/h",50,50,50]
[null,null,null,"Driver Cost","USD/h",23,23,23]
[null,null,"Trailers","Depreciation Period","Years",12,12,20]
[null,null,null,"CAPEX","Kusd","L=1000 g=650",170,220]
[null,null,null,"Annual OPEX","% of CAPEX",2,2,2]
[null,null,null,"Net Capacity","kg H2","L=4300 G= 670",1800,2600]
[null,null,null,"Loading/Unloading time","hours","L=3 G=1.5",1.5,1.5]
[null,null,"Hydrogen Refueling Station","Station Lifetime","years",10,10,10]
[null,null,null,"Station Size","kg/day",1000,1000,1000]
[null,null,null,"CAPEX for size","MMUSD","L=2 G=2.2",3.5,2.2000000000000002]
[null,null,null,"OPEX as % of CAPEX","%",5,5,5]
[null,null,null,"Electricity Demand","kWh/kg","L=0.6 G = 1.6",4.4000000000000004,10.8]
[null,null,null,"Heat Demand","kWh/kg",0,13.6,0]
[null,null,null,"Boil off","% of total weight","L=3 G=0.5",0.5,1.5]
[null,null,null,"Utilization rate","%",50,50,50]

{"sheet":"Diagram","index":21,"n_rows":33,"n_cols":30,"rows_kept":33,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,null,null,null,null,null,"Hydrogen Capacity Needed (kg or MW)",null,null,null,null,null,null,null,null,null,null,null,null,"MODEL OUTPUT",null,null,null,"Also"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"IRR","LCOH",null,null,"Goal Seek Buttons"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"NPV"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Gate LCOH"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Viability","TRUE/FALSE"]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Storage"]
["Water",null,"Price",null,null,"Water Treatment",null,null,"Adder",null,null,null,null,null,null,null,null,"GAS"]
[null,"Tap Water",null,null,null,null,"Deionizing",null,null,null,null,null,null,null,null,null,null,null,"Depleted Oil Field",null,null,"Type"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rock Cavern",null,null,"Amount Stored"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Salt Cavern",null,null,"Days stored"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Compressed Tube Trailer"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"LIQUEFIED"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Tankers"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"OTHER"]
[null,null,null,null,null,null,null,null,null,null,"Electrolysis",null,"Type",null,null,null,null,null,"Ammonia"]
[null,null,null,null,null,null,null,null,null,null,"MW","Alkaline","Capacity",null,null,null,null,null,"LOHC",null,null,null,null,null,"Distribution"]
[null,null,null,null,null,null,null,null,null,null,"MW","PEM",null,null,null,null,null,"Direct Useage",null,null,null,null,null,null,null,"Gas",null,"Type"]
[null,null,null,null,null,null,null,null,null,null,"MW","SOEC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Pipeline","km"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Trailers"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Liquefied"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Tankers"]
["Power Source",null,"INPUT","LCOE",null,"Power Rectifier",null,null,"N/A",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Others"]
[null,"Wind","AC","Load Factor",null,null,"Inverter","AC/DC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Ammonia"]
[null,"Solar","DC",null,null,null,"Rectifier",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"LOHC"]
[null,"Nuclear","AC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Hydrides"]
[null,"Hydro","AC",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Ships"]
[null,"Hybrid scheme",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Oxygen",null,null,"Sell or Not"]
[null,"Grid",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Sold"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Released"]

{"sheet":"Levelised Cost Nominal Only","index":22,"n_rows":66,"n_cols":106,"rows_kept":66,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,1]
[]
[]
[]
[null,"Drivers",null,null,null,null,"Solar","Wind","Hydro","Example","Other",{"$f":"INDEX(G5:K5,$F$1)","v":"Solar"}]
[]
[null,null,null,"Capex/KW","USD/KW",null,700,1200,3000,800.55,null,{"$f":"INDEX(G7:K7,$F$1)","v":700},null,{"$f":"TRANSPOSE(G5:K5)","v":"Solar"}]
[null,null,null,"OPEX - Current Real","USD/KW/Yr",null,10,25,20,6,null,{"$f":"INDEX(G8:K8,$F$1)","v":10},null,"Wind"]
[null,null,null,"Load Factor","% p.a.",null,0.16,0.3,0.6,0.25,null,{"$f":"INDEX(G9:K9,$F$1)","v":0.16},null,"Hydro"]
[null,null,null,"Plant Life","Years",null,30,25,50,20,null,{"$f":"INDEX(G10:K10,$F$1)","v":30},null,"Example"]
[null,null,null,"Hours/Yr",null,null,{"$f":"8766*G9","v":1402.56},{"$f":"8766*H9","v":2629.7999999999997},{"$f":"8766*I9","v":5259.5999999999995},{"$f":"8766*J9","v":2191.5},null,{"$f":"INDEX(G11:K11,$F$1)","v":1402.56},null,"Other"]
[]
[null,null,null,"Required Pre-tax Project IRR","% p.a.",null,5.5E-2,5.5E-2,5.5E-2,5.5E-2,null,{"$f":"INDEX(G13:K13,$F$1)","v":5.5E-2}]
[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G13,G10,-1)","v":6.8805389679389567E-2},{"$f":"PMT(H13,H10,-1)","v":7.4549352946438496E-2},{"$f":"PMT(I13,I10,-1)","v":5.9061450123017625E-2},{"$f":"PMT(J13,J10,-1)","v":8.3679330034933191E-2},null,{"$f":"INDEX(G14:K14,$F$1)","v":6.8805389679389567E-2}]
[null,null,null,"Capexp Recovery - Nominal","USD/KWyr",null,{"$f":"G14*G7","v":48.163772775572696},{"$f":"H14*H7","v":89.459223535726196},{"$f":"I14*I7","v":177.18435036905288},{"$f":"J14*J7","v":66.989487659465766},null,{"$f":"INDEX(G15:K15,$F$1)","v":48.163772775572696}]
[null,null,null,"Capexp Recovery - Nominal","USD/MWhr",null,{"$f":"G15*1000/G11","v":34.339901876263902},{"$f":"H15*1000/H11","v":34.017500774099247},{"$f":"I15*1000/I11","v":33.687799522597324},{"$f":"J15*1000/J11","v":30.567870253007424},null,{"$f":"INDEX(G16:K16,$F$1)","v":34.339901876263902}]
[]
[null,null,null,"O&M Cost - Nominal","USD/kW-yr",null,{"$f":"G8","v":10},{"$f":"H8","v":25},{"$f":"I8","v":20},{"$f":"J8","v":6},null,{"$f":"INDEX(G18:K18,$F$1)","v":10}]
[null,null,null,"O&M Cost - Nominal","USD/MWhr",null,{"$f":"G18*1000/G11","v":7.1298197581565139},{"$f":"H18*1000/H11","v":9.5064263442086858},{"$f":"I18*1000/I11","v":3.8025705376834744},{"$f":"J18*1000/J11","v":2.7378507871321012},null,{"$f":"INDEX(G19:K19,$F$1)","v":7.1298197581565139}]
[]
[null,null,null,"LCOE - Nominal","USD/MWhr",null,{"$f":"G16+G19","v":41.469721634420416},{"$f":"H16+H19","v":43.523927118307931},{"$f":"I16+I19","v":37.490370060280796},{"$f":"J16+J19","v":33.305721040139524},null,{"$f":"INDEX(G21:K21,$F$1)","v":41.469721634420416}]
[]
[null,"Proof w/ financial model",null,null,"Driver"]
[null,null,"Timeline",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Flag",null,{"$f":"L10","v":30},null,{"$f":"G24<=$E$25","v":true},{"$f":"H24<=$E$25","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT24<=$E$25","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
[null,null,null,"Price per MWH (LCOE/MWH)",{"$f":"L21","v":41.469721634420416},null,{"$f":"$E$27*G25","v":41.469721634420416},{"$f":"$E$27","v":41.469721634420416},41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,{"$f":"$E$27","v":41.469721634420416},41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416,41.469721634420416]
[null,null,null,"Generation without Degradation",{"$f":"L11","v":1402.56},null,{"$f":"$E$28*G25","v":1402.56},{"$f":"$E$28*H25","v":1402.56},1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$28*BT25","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",null,1,{"$f":"F29*(1-$E$29)","v":1},{"$f":"G29*(1-$E$29)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BS29*(1-$E$29)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"Production",null,null,{"$f":"G28*G29","v":1402.56},{"$f":"H28*H29","v":1402.56},1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,1402.56,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT28*BT29","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues (USD)",null,null,{"$f":"G27*G30","v":58163.772775572696},{"$f":"H27*H30","v":58163.772775572696},58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,58163.772775572696,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT27*BT30","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",null,1,{"$f":"F32*(1+$E$32)","v":1},{"$f":"G32*(1+$E$32)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BS32*(1+$E$32)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"O&M Cost",{"$f":"L8*1000","v":10000},null,{"$f":"$E$33*G32*G25","v":10000},{"$f":"$E$33*H32*H25","v":10000},10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,10000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$33*BT32*BT25","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G31-G33","v":48163.772775572696},{"$f":"H31-H33","v":48163.772775572696},48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT31-BT33","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital Expenditure",null,{"$f":"-L7*1000","v":-700000}]
[null,null,null,"Project Cash Flow",null,{"$f":"F34+F35","v":-700000},{"$f":"G34+G35","v":48163.772775572696},48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,48163.772775572696,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS34+BS35","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Project IRR",null,{"$f":"IRR(F36:DB36)","v":5.4999999999999938E-2}]
[]
[]
[null,"Proof with LCOE Formula - LCOE = NPV(Revenues)/NPV(Generation)"]
[]
[null,null,null,"NPV of Revenues",{"$f":"$L$13","v":5.5E-2},{"$f":"NPV(E42,31:31)","v":845337.45171122078}]
[null,null,null,"NPV of Generation",{"$f":"E42","v":5.5E-2},{"$f":"NPV(E43,G30:DB30)","v":20384.449627208967}]
[null,null,null,"Nominal LCOE",null,{"$f":"F42/F43","v":41.469721634420409},{"$f":"F44=L21","v":true}]
[]
[]
[null,"Proof with LCOE Formula - LCOE = NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"L7*1000","v":700000}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"L18","v":10},{"$f":"L10","v":30}]
[null,null,null,"NPV of O&M Expenses",{"$f":"L13","v":5.5E-2},{"$f":"PV(E51,F50,-E50)*1000","v":145337.45171122061}]
[null,null,null,"Total Cost",null,{"$f":"F49+F51","v":845337.45171122067}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"L13","v":5.5E-2},{"$f":"NPV(E54,G30:DB30)","v":20384.449627208967}]
[null,null,null,"Nominal LCOE",null,{"$f":"F52/F54","v":41.469721634420402},{"$f":"F55=L21","v":true}]
[]
[]
[null,"Proof with LCOE Formula - LCOE = NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G24","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BS24","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
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[null,null,null,"Generation without Degradation",{"$f":"L11","v":2191.5},null,{"$f":"$E$37*G34","v":2191.5},{"$f":"$E$37*H34","v":2191.5},2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$37*BT34","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",null,1,{"$f":"F38*(1-$E$38)","v":1},{"$f":"G38*(1-$E$38)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BS38*(1-$E$38)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"Generation MWH",null,null,{"$f":"G37*G38","v":2191.5},{"$f":"H37*H38","v":2191.5},2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT37*BT38","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues (USD)",null,null,{"$f":"G36*G39","v":74509.89386981717},{"$f":"H36*H39","v":74509.89386981717},74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,74509.89386981717,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT36*BT39","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",{"$f":"L13","v":2.5000000000000001E-2},1,{"$f":"F41*(1+$E$41)","v":1.0249999999999999},{"$f":"G41*(1+$E$41)","v":1.0506249999999999},1.0768906249999999,1.1038128906249998,1.1314082128906247,1.1596934182128902,1.1886857536682123,1.2184028975099175,1.2488629699476652,1.2800845441963566,1.3120866578012655,1.3448888242462971,1.3785110448524545,1.4129738209737657,1.4482981664981096,1.4845056206605622,1.5216182611770761,1.5596587177065029,1.5986501856491653,1.6386164402903942,1.6795818512976539,1.721571397580095,1.7646106825195973,1.8087259495825871,1.8539440983221516,1.9002927007802053,1.9478000182997102,1.9964950187572028,2.0464073942261325,2.0975675790817858,2.1500067685588302,2.2037569377728006,2.2588508612171205,2.3153221327475482,2.3732051860662366,2.4325353157178924,2.4933486986108395,2.5556824160761105,2.6195744764780131,2.6850638383899632,2.7521904343497119,2.8209951952084547,2.8915200750886658,2.9638080769658823,3.0379032788900293,3.1138508608622799,3.1916971323838368,3.2714895606934324,3.353276799710768,3.437108719703537,3.523036437696125,3.6111123486385277,3.7013901573544907,3.7939249112883529,3.8887730340705615,3.9859923599223253,4.0856421689203835,4.1877832231433922,4.2924778037219768,4.3997897488150262,4.5097844925354016,4.6225291048487867,4.7380923324700062,4.8565446407817561,4.9779582568012994,{"$f":"BS41*(1+$E$41)","v":5.1024072132213316},5.2299673935518642,5.3607165783906607,5.4947344928504265,5.632102855171687,5.7729054265509783,5.9172280622147522,6.0651587637701203,6.2167877328643728,6.372207426185982,6.5315126118406308,6.6948004271366459,6.8621704378150614,7.0337246987604374,7.2095678162294474,7.3898070116351828,7.5745521869260619,7.7639159915992124,7.958013891389192,8.1569642386739218,8.3608883446407685,8.5699105532567863,8.784158317088206,9.0037622750154096,9.2288563318907944,9.4595777401880632,9.6960671836927634,9.9384688632850811,10.186930584867207,10.441603849488887,10.702643945726109,10.97021004436926,11.244465295478491,11.525576927865453,11.813716351062089]
[null,null,null,"O&M Cost",{"$f":"L8*1000","v":6000},null,{"$f":"$E$42*G41*G34","v":6149.9999999999991},{"$f":"$E$42*H41*H34","v":6303.7499999999991},6461.3437499999991,6622.8773437499985,6788.4492773437478,6958.1605092773407,7132.114522009274,7310.4173850595052,7493.1778196859914,7680.5072651781402,7872.5199468075934,8069.3329454777822,8271.0662691147263,8477.8429258425949,8689.7889989886571,8907.0337239633736,9129.7095670624567,9357.9523062390181,9591.9011138949918,9831.698641742365,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$42*BT41*BT34","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G40-G42","v":68359.89386981717},{"$f":"H40-H42","v":68206.14386981717},68048.55011981717,67887.016526067164,67721.444592473417,67551.733360539831,67377.779347807897,67199.476484757659,67016.716050131174,66829.386604639032,66637.373923009582,66440.560924339385,66238.82760070244,66032.05094397458,65820.104870828509,65602.860145853803,65380.184302754715,65151.941563578148,64917.992755922176,64678.195228074808,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT40-BT42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital Expenditure",null,{"$f":"-L7*1000","v":-800550}]
[null,null,null,"Project Cash Flow",null,{"$f":"F43+F44","v":-800550},{"$f":"G43+G44","v":68359.89386981717},68206.14386981717,68048.55011981717,67887.016526067164,67721.444592473417,67551.733360539831,67377.779347807897,67199.476484757659,67016.716050131174,66829.386604639032,66637.373923009582,66440.560924339385,66238.82760070244,66032.05094397458,65820.104870828509,65602.860145853803,65380.184302754715,65151.941563578148,64917.992755922176,64678.195228074808,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS43+BS44","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Project IRR",null,{"$f":"IRR(F45:DB45)","v":5.500000000000016E-2}]
[]
[null,null,"Financial Model in Real Terms"]
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[null,null,null,"Initial Price",{"$f":"L29","v":27.12579159617982},null,{"$f":"$E$50*G34","v":27.12579159617982},27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,27.12579159617982,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$50*BS34","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Price",null,null,{"$f":"G50*G49","v":27.803936386084313},{"$f":"H50*H49","v":28.499034795736421},29.211510665629831,29.941798432270573,30.690343393077335,31.457601977904265,32.244042027351867,33.05014307803566,33.87639665498655,34.723306571361206,35.591389235645238,36.48117396653636,37.393203315699772,38.328033398592261,39.28623423355706,40.268390089395986,41.275099841630883,42.306977337671647,43.364651771113436,44.448768065391263,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT50*BT49","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",{"$f":"L11","v":2191.5},null,{"$f":"G39","v":2191.5},{"$f":"H39","v":2191.5},2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT39","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G51*G52","v":60932.326590103774},{"$f":"H51*H52","v":62455.634754856364},64017.025623727772,65617.45126432096,67257.887545928985,68939.334734577191,70662.818102941616,72429.38855551515,74240.123269403019,76096.126351138082,77998.529509916538,79948.492747664437,81947.205066356051,83995.885193014939,86095.782322840299,88248.176880911298,90454.381302934082,92715.740835507415,95033.634356395094,97409.475215304949,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT51*BT52","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"L8*1000","v":6000},null,{"$f":"G42","v":6149.9999999999991},{"$f":"H42","v":6303.7499999999991},6461.3437499999991,6622.8773437499985,6788.4492773437478,6958.1605092773407,7132.114522009274,7310.4173850595052,7493.1778196859914,7680.5072651781402,7872.5199468075934,8069.3329454777822,8271.0662691147263,8477.8429258425949,8689.7889989886571,8907.0337239633736,9129.7095670624567,9357.9523062390181,9591.9011138949918,9831.698641742365,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G53-G54","v":54782.326590103774},{"$f":"H53-H54","v":56151.884754856364},57555.681873727772,58994.573920570961,60469.43826858524,61981.174225299852,63530.703580932342,65118.971170455647,66746.945449717023,68415.619085959945,70126.00956310895,71879.159802186652,73676.138797241321,75518.04226717235,77405.993323851639,79341.143156947917,81324.671735871627,83357.788529268393,85441.733242500108,87577.776573562587,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT53-BT54","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capex",null,{"$f":"L7*1000","v":800550}]
[null,null,null,"Project Cash Flow",null,{"$f":"F55-F56","v":-800550},{"$f":"G55-G56","v":54782.326590103774},56151.884754856364,57555.681873727772,58994.573920570961,60469.43826858524,61981.174225299852,63530.703580932342,65118.971170455647,66746.945449717023,68415.619085959945,70126.00956310895,71879.159802186652,73676.138797241321,75518.04226717235,77405.993323851639,79341.143156947917,81324.671735871627,83357.788529268393,85441.733242500108,87577.776573562587,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS55-BS56","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"IRR Proof",null,{"$f":"IRR(F57:DS57)","v":5.4999999999999938E-2},{"$f":"ROUND(F58-L14,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE = NPV(Revenues)/NPV(Generation)"]
[]
[null,null,null,"NPV of Revenues",{"$f":"$L$14","v":5.5E-2},{"$f":"NPV(E62,G53:EB53)","v":890421.73065572896}]
[null,null,null,"NPV of Generation",{"$f":"E62","v":5.5E-2},{"$f":"NPV(E63,G39:DB39)","v":26189.263215720377}]
[null,null,null,"Nominal LCOE",null,{"$f":"F62/F63","v":33.999495263434675},{"$f":"L30","v":33.99949526343471}]
[]
[null,null,null,"NPV of Revenues",{"$f":"E62","v":5.5E-2},{"$f":"F62","v":890421.73065572896}]
[null,null,null,"NPV of Generation",{"$f":"$L$15","v":2.9268292682926855E-2},{"$f":"NPV(E67,G52:DB52)","v":32825.649622005105}]
[null,null,null,"Real LCOE",null,{"$f":"F62/F67","v":27.125791596179809},{"$f":"L29","v":27.12579159617982}]
[]
[null,"Proof with LCOE Formula - LCOE = NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"L7*1000","v":800550}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"L26","v":7.5204062103513989},{"$f":"L10","v":20}]
[null,null,null,"NPV of O&M Expenses",{"$f":"L14","v":5.5E-2},{"$f":"PV(E74,F73,-E73)*1000","v":89871.730655729334}]
[null,null,null,"Total Cost",null,{"$f":"F72+F74","v":890421.7306557293}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"L14","v":5.5E-2},{"$f":"NPV(E77,G39:DB39)","v":26189.263215720377}]
[null,null,null,"Nominal LCOE",null,{"$f":"F75/F77","v":33.999495263434689}]
[]
[null,null,null,"Total Cost",null,{"$f":"F75","v":890421.7306557293}]
[null,null,null,"NPV Generation - Real",{"$f":"L15","v":2.9268292682926855E-2},{"$f":"NPV(E81,G39:DB39)","v":32825.649622005105}]
[null,null,null,"Real LCOE",null,{"$f":"F80/F81","v":27.12579159617982}]
[]
[null,"Proof with LCOE Formula - LCOE = NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G33","v":1},{"$f":"H33","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,{"$f":"BT33","v":66},67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F82","v":27.12579159617982},{"$f":"G51","v":27.803936386084313},{"$f":"H51","v":28.499034795736421},29.211510665629831,29.941798432270573,30.690343393077335,31.457601977904265,32.244042027351867,33.05014307803566,33.87639665498655,34.723306571361206,35.591389235645238,36.48117396653636,37.393203315699772,38.328033398592261,39.28623423355706,40.268390089395986,41.275099841630883,42.306977337671647,43.364651771113436,44.448768065391263,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT51","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",null,null,{"$f":"G52","v":2191.5},2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Discount Factor - Nominal",{"$f":"E77","v":5.5E-2},null,{"$f":"1/(1+$E$88)^G85","v":0.94786729857819907},{"$f":"1/(1+$E$88)^H85","v":0.89845241571393286},0.85161366418382267,0.80721674330220161,0.76513435384094941,0.72524583302459655,0.68743680855412004,0.6515988706674124,0.6176292612961255,0.58543057942760712,0.55491050182711577,0.5259815183195411,0.49856068087160293,0.47256936575507386,0.44793304810907481,0.4245810882550472,0.40244652915170354,0.38146590440919764,0.36157905631203574,0.34272896332894381,0.32486157661511261,0.30792566503802149,0.29187266828248482,0.2766565576137297,0.26223370389926987,0.24856275251115625,0.23560450474991115,0.22332180545015276,0.21167943644564247,0.20064401558828671,0.19018390103155139,0.18026910050384018,0.17087118531169684,0.16196320882625295,0.15351962921919712,0.14551623622672713,0.1379300817314949,0.1307394139635023,0.12392361513128179,0.1174631423045325,0.11133947137870381,0.10553504396085669,0.10003321702450872,9.4818215189107796E-2,8.9875085487305981E-2,8.5189654490337413E-2,8.0748487668566279E-2,7.6538850870678937E-2,7.2548673811070094E-2,6.8766515460729941E-2,6.5181531242398047E-2,6.1783441935922327E-2,5.8562504204665709E-2,5.5509482658450918E-2,5.2615623372939263E-2,4.9872628789515885E-2,4.727263392371174E-2,4.4808183813944774E-2,4.2472212145919223E-2,4.0258020991392633E-2,3.8159261603215769E-2,3.6169916211578924E-2,3.4284280769269128E-2,3.2496948596463626E-2,3.0802794878164577E-2,{"$f":"1/(1+$E$88)^BT85","v":2.9196961969824242E-2},2.7674845469027726E-2,2.623208101329642E-2,2.4864531766157744E-2,2.356827655559976E-2,2.2339598630900247E-2,2.117497500559265E-2,2.0071066356011993E-2,1.9024707446456863E-2,1.8032898053513619E-2,1.7092794363520018E-2,1.6201700818502387E-2,1.5357062387206055E-2,1.4556457239057873E-2,1.3797589800054856E-2,1.3078284170668111E-2,1.2396477886889206E-2,1.1750216006530053E-2,1.1137645503819954E-2,1.0557009956227445E-2,1.0006644508272461E-2,9.4849710978885896E-3,8.9904939316479519E-3,8.5217951958748359E-3,8.0775309913505549E-3,7.656427479953134E-3,7.2572772321830657E-3,6.8789357651024329E-3,6.5203182607605995E-3,6.1803964556972511E-3,5.8581956926040298E-3,5.5527921256910235E-3,5.2633100717450459E-3,4.9889194992844051E-3,4.72883364861081E-3]
[null,null,null,"Discounted Generation",null,null,{"$f":"G87*G88","v":2077.2511848341233},{"$f":"H87*H88","v":1968.9584690370839},1866.3113450588473,1769.0154929467749,1676.7919364424406,1589.3762430734034,1506.5177659463541,1427.9789250676342,1353.534526130459,1282.9711148156009,1216.0863647541241,1152.6884973972742,1092.5957321301178,1035.6357650522443,981.64527493103742,930.46945491093595,881.96156863595832,835.98252951275663,792.40050190782631,751.09052313538041,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT87*BT88","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Weighting Factor",null,null,{"$f":"G89/SUM(89:89)","v":7.9316900507045651E-2},{"$f":"H89/SUM(89:89)","v":7.5181896215209154E-2},7.1262460867496838E-2,6.7547356272508852E-2,6.4025930116122134E-2,6.0688085418125245E-2,5.7524251581161374E-2,5.452535694896813E-2,5.1682802795230451E-2,4.8988438668464883E-2,4.6434539022241594E-2,4.4013781063736115E-2,4.1719223757095844E-2,3.9544287921417863E-2,3.7482737366272861E-2,3.5528661010685178E-2,3.367645593429875E-2,3.1920811312131515E-2,3.0256693186854519E-2,2.8679330034933195E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT89/SUM(89:89)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G90:DB90*G86:DB86)","v":33.999495263434682}]

{"sheet":"LCOE Degradation","index":24,"n_rows":95,"n_cols":106,"rows_kept":95,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,4]
[]
[null,null,null,null,null,null,1,2,3,4]
[]
[null,"Drivers",null,null,null,null,"Solar","Wind","Hydro","Example","Other",{"$f":"INDEX(G5:K5,$F$1)","v":"Example"}]
[]
[null,null,null,"Capex/KW","USD/KW",null,700,1200,3000,800.55,null,{"$f":"INDEX(G7:K7,$F$1)","v":800.55},null,{"$f":"TRANSPOSE(G5:K5)","v":"Solar"}]
[null,null,null,"OPEX ","USD/KW/Yr",null,10,25,20,6,null,{"$f":"INDEX(G8:K8,$F$1)","v":6},null,"Wind"]
[null,null,null,"Capacity Factor","% p.a.",null,0.16,0.3,0.6,0.25,null,{"$f":"INDEX(G9:K9,$F$1)","v":0.25},null,"Hydro"]
[null,null,null,"Plant Life","Years",null,30,25,50,20,null,{"$f":"INDEX(G10:K10,$F$1)","v":20},null,"Example"]
[null,null,null,"Hours/Yr",null,null,{"$f":"8766*G9","v":1402.56},{"$f":"8766*H9","v":2629.7999999999997},{"$f":"8766*I9","v":5259.5999999999995},{"$f":"8766*J9","v":2191.5},null,{"$f":"INDEX(G11:K11,$F$1)","v":2191.5},null,"Other"]
[]
[null,null,null,"Degradation","% p.a.",null,5.0000000000000001E-3,0,0,0.01,null,{"$f":"INDEX(G13:K13,$F$1)","v":0.01}]
[null,null,null,"Inflation Rate","% p.a.",null,0.02,0.02,0.02,0.02,null,{"$f":"INDEX(G14:K14,$F$1)","v":0.02}]
[null,null,null,"Required Pre-tax Project IRR","% p.a.",null,5.5E-2,5.5E-2,5.5E-2,5.5E-2,null,{"$f":"INDEX(G15:K15,$F$1)","v":5.5E-2}]
[null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+G15)/(1+G14)-1","v":3.4313725490195957E-2},{"$f":"(1+H15)/(1+H14)-1","v":3.4313725490195957E-2},{"$f":"(1+I15)/(1+I14)-1","v":3.4313725490195957E-2},{"$f":"(1+J15)/(1+J14)-1","v":3.4313725490195957E-2},null,{"$f":"INDEX(G16:K16,$F$1)","v":3.4313725490195957E-2}]
[]
[null,null,null,"Nominal Adjusted for Degradation","% p.a.",null,{"$f":"(1+G15)/(1-G13)-1","v":6.0301507537688481E-2},{"$f":"(1+H15)/(1-H13)-1","v":5.4999999999999938E-2},{"$f":"(1+I15)/(1-I13)-1","v":5.4999999999999938E-2},{"$f":"(1+J15)/(1-J13)-1","v":6.5656565656565524E-2},null,{"$f":"INDEX(G18:K18,$F$1)","v":6.5656565656565524E-2}]
[null,null,null,"Real Adjusted for Degradation","% p.a.",null,{"$f":"(1+G16)/(1-G13)-1","v":3.9511281899694328E-2},{"$f":"(1+H16)/(1-H13)-1","v":3.4313725490195957E-2},{"$f":"(1+I16)/(1-I13)-1","v":3.4313725490195957E-2},{"$f":"(1+J16)/(1-J13)-1","v":4.4761338878985812E-2},null,{"$f":"INDEX(G19:K19,$F$1)","v":4.4761338878985812E-2}]
[]
[null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(G19,G10,-1)","v":5.748743256102333E-2},{"$f":"PMT(H19,H10,-1)","v":6.0222993386668609E-2},{"$f":"PMT(I19,I10,-1)","v":4.2107438936595173E-2},{"$f":"PMT(J19,J10,-1)","v":7.6717244537948259E-2},null,{"$f":"INDEX(G21:K21,$F$1)","v":7.6717244537948259E-2}]
[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G18,G10,-1)","v":7.2883445122343224E-2},{"$f":"PMT(H18,H10,-1)","v":7.4549352946438441E-2},{"$f":"PMT(I18,I10,-1)","v":5.9061450123017556E-2},{"$f":"PMT(J18,J10,-1)","v":9.1230271591217216E-2},null,{"$f":"INDEX(G22:K22,$F$1)","v":9.1230271591217216E-2}]
[null,null,null,"Capexp Recovery - Real","USD/KWyr",null,{"$f":"G21*G7","v":40.241202792716329},{"$f":"H21*H7","v":72.267592064002329},{"$f":"I21*I7","v":126.32231680978552},{"$f":"J21*J7","v":61.415990114854473},null,{"$f":"INDEX(G23:K23,$F$1)","v":61.415990114854473}]
[null,null,null,"Capexp Recovery - Real","USD/MWhr",null,{"$f":"G23*1000/G11","v":28.691252276349196},{"$f":"H23*1000/H11","v":27.480261641190332},{"$f":"I23*1000/I11","v":24.017476007640418},{"$f":"J23*1000/J11","v":28.024636146408611},null,{"$f":"INDEX(G24:K24,$F$1)","v":28.024636146408611}]
[null,null,null,"Capexp Recovery - Nominal","USD/KWyr",null,{"$f":"G22*G7","v":51.018411585640258},{"$f":"H22*H7","v":89.459223535726125},{"$f":"I22*I7","v":177.18435036905268},{"$f":"J22*J7","v":73.03439392234894},null,{"$f":"INDEX(G25:K25,$F$1)","v":73.03439392234894}]
[null,null,null,"Capexp Recovery - Nominal","USD/MWhr",null,{"$f":"G25*1000/G11","v":36.375207895305913},{"$f":"H25*1000/H11","v":34.017500774099219},{"$f":"I25*1000/I11","v":33.687799522597288},{"$f":"J25*1000/J11","v":33.326212148003165},null,{"$f":"INDEX(G26:K26,$F$1)","v":33.326212148003165}]
[]
[null,null,null,"O&M Cost - Real Degradation","USD/kW-yr",null,{"$f":"PV(G16,G10,-1)/PV(G19,G10,-1)*G8","v":10.664614516129575},{"$f":"PV(H16,H10,-1)/PV(H19,H10,-1)*H8","v":25},{"$f":"PV(I16,I10,-1)/PV(I19,I10,-1)*I8","v":20},{"$f":"PV(J16,J10,-1)/PV(J19,J10,-1)*J8","v":6.5828294126763822},null,{"$f":"INDEX(G28:K28,$F$1)","v":6.5828294126763822}]
[null,null,null,"O&M Cost - Real","USD/MWhr",null,{"$f":"G28*1000/G11","v":7.603677929022342},{"$f":"H28*1000/H11","v":9.5064263442086858},{"$f":"I28*1000/I11","v":3.8025705376834744},{"$f":"J28*1000/J11","v":3.0038007815087302},null,{"$f":"INDEX(G29:K29,$F$1)","v":3.0038007815087302}]
[null,null,null,"O&M Cost - Nominal","USD/kW-yr",null,{"$f":"PV(G16,G10,-1)/PV(G18,G10,-1)*G8","v":13.520761185711205},{"$f":"PV(H16,H10,-1)/PV(H18,H10,-1)*H8","v":30.947213329212079},{"$f":"PV(I16,I10,-1)/PV(I18,I10,-1)*I8","v":28.052739190313396},{"$f":"PV(J16,J10,-1)/PV(J18,J10,-1)*J8","v":7.8281397979570979},null,{"$f":"INDEX(G30:K30,$F$1)","v":7.8281397979570979}]
[null,null,null,"O&M Cost - Nominal","USD/MWhr",null,{"$f":"G30*1000/G11","v":9.6400590247199442},{"$f":"H30*1000/H11","v":11.767896162906716},{"$f":"I30*1000/I11","v":5.3336259773202146},{"$f":"J30*1000/J11","v":3.5720464512694945},null,{"$f":"INDEX(G31:K31,$F$1)","v":3.5720464512694945}]
[]
[null,null,null,"LCOE - Real","USD/MWhr",null,{"$f":"G24+G29","v":36.294930205371536},{"$f":"H24+H29","v":36.986687985399016},{"$f":"I24+I29","v":27.820046545323894},{"$f":"J24+J29","v":31.02843692791734},null,{"$f":"INDEX(G33:K33,$F$1)","v":31.02843692791734}]
[null,null,null,"LCOE - Nominal","USD/MWhr",null,{"$f":"G26+G31","v":46.015266920025859},{"$f":"H26+H31","v":45.785396937005935},{"$f":"I26+I31","v":39.021425499917505},{"$f":"J26+J31","v":36.898258599272658},null,{"$f":"INDEX(G34:K34,$F$1)","v":36.898258599272658}]
[]
[null,"Proof w/ financial model",null,null,"Driver"]
[null,null,"Timeline",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Flag",null,{"$f":"L10","v":20},null,{"$f":"G37<=$E$38","v":true},{"$f":"H37<=$E$38","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT37<=$E$38","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
[null,null,null,"Price per MWH",{"$f":"L34","v":36.898258599272658},null,{"$f":"$E$40*G38","v":36.898258599272658},{"$f":"$E$40","v":36.898258599272658},36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,{"$f":"$E$40","v":36.898258599272658},36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658,36.898258599272658]
[null,null,null,"Generation without Degradation",{"$f":"L11","v":2191.5},null,{"$f":"$E$41*G38","v":2191.5},{"$f":"$E$41*H38","v":2191.5},2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,2191.5,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$41*BT38","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",{"$f":"L13","v":0.01},1,{"$f":"F42*(1-$E$42)","v":0.99},{"$f":"G42*(1-$E$42)","v":0.98009999999999997},0.97029899999999991,0.96059600999999994,0.95099004989999991,0.94148014940099989,0.93206534790698992,0.92274469442791995,0.91351724748364072,0.9043820750088043,0.89533825425871627,0.88638487171612912,0.87752102299896784,0.86874581276897811,0.86005835464128833,0.85145777109487542,0.84294319338392665,0.83451376145008738,0.82616862383558654,0.81790693759723065,0.80972786822125831,0.80163058953904576,0.79361428364365527,0.78567814080721876,0.77782135939914654,0.77004314580515509,0.76234271434710354,0.75471928720363246,0.74717209433159615,0.73970037338828021,0.73230336965439735,0.72498033595785338,0.7177305325982748,0.71055322727229209,0.70344769499956916,0.69641321804957346,0.68944908586907772,0.68255459501038696,0.67572904906028308,0.66897175856968027,0.66228204098398347,0.65565922057414361,0.64910262836840216,0.64261160208471813,0.63618548606387093,0.62982363120323226,0.62352539489119996,0.61729014094228796,0.61111723953286512,0.60500606713753646,0.59895600646616109,0.59296644640149943,0.58703678193748443,0.58116641411810954,0.57535474997692848,0.56960120247715917,0.56390519045238763,0.55826613854786378,0.55268347716238508,0.54715664239076123,0.54168507596685356,0.53626822520718498,0.53090554295511316,0.52559648752556198,0.52034052265030639,{"$f":"BS42*(1-$E$42)","v":0.5151371174238033},0.50998574624956527,0.50488588878706964,0.49983702989919893,0.49483865960020695,0.4898902730042049,0.48499137027416284,0.48014145657142121,0.47534004200570701,0.47058664158564995,0.46588077516979343,0.46122196741809551,0.45660974774391455,0.45204365026647542,0.44752321376381066,0.44304798162617254,0.43861750180991083,0.4342313267918117,0.42988901352389358,0.42559012338865465,0.42133422215476812,0.41712087993322045,0.41294967113388825,0.40882017442254937,0.40473197267832389,0.40068465295154065,0.39667780642202527,0.39271102835780503,0.38878391807422696,0.38489607889348471,0.38104711810454983,0.37723664692350434,0.37346428045426927,0.36972963764972655,0.36603234127322926]
[null,null,null,"Generation MWH",null,null,{"$f":"G41*G42","v":2169.585},{"$f":"H41*H42","v":2147.88915},2126.4102584999996,2105.1461559149998,2084.0946943558497,2063.2537474122914,2042.6212099381685,2022.1949978387865,2001.9730478603985,1981.9533173817947,1962.1337842079768,1942.5124463658969,1923.087321902238,1903.8564486832156,1884.8178841963834,1865.9697053544194,1847.3100083008753,1828.8369082178665,1810.5485391356879,1792.4430537443309,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT41*BT42","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues (USD)",null,null,{"$f":"G40*G43","v":80053.908383102971},{"$f":"H40*H43","v":79253.369299271944},78460.835606279201,77676.227250216427,76899.464977714248,76130.470327937117,75369.165624657748,74615.473968411156,73869.31922872705,73130.626036439775,72399.319776075383,71675.32657831462,70958.573312531487,70248.987579406166,69546.497703612098,68851.03272657597,68162.522399310212,67480.897175317121,66806.088203563937,66138.027321528294,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT40*BT43","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",{"$f":"L14","v":0.02},1,{"$f":"F45*(1+$E$45)","v":1.02},{"$f":"G45*(1+$E$45)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,3.6225231081424152,{"$f":"BS45*(1+$E$45)","v":3.6949735703052635},3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"O&M Cost",{"$f":"L8*1000","v":6000},null,{"$f":"$E$46*G45*G38","v":6120},{"$f":"$E$46*H45*H38","v":6242.4},6367.2479999999996,6494.5929599999999,6624.4848191999999,6756.9745155840001,6892.1140058956798,7029.9562860135948,7170.5554117338661,7313.9665199685442,7460.2458503679145,7609.4507673752732,7761.6397827227775,7916.8725783772343,8075.2100299447793,8236.7142305436755,8401.4485151545487,8569.4774854576408,8740.8670351667934,8915.6843758701289,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$46*BT45*BT38","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G44-G46","v":73933.908383102971},{"$f":"H44-H46","v":73010.96929927195},72093.587606279209,71181.634290216432,70274.980158514241,69373.495812353111,68477.051618762067,67585.517682397563,66698.763816993189,65816.659516471234,64939.073925707467,64065.875810939346,63196.93352980871,62332.115001028935,61471.287673667321,60614.318496032298,59761.073884155659,58911.419689859482,58065.22116839714,57222.342945658165,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT44-BT46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital Expenditure",null,{"$f":"-L7*1000","v":-800550}]
[null,null,null,"Project Cash Flow",null,{"$f":"F47+F48","v":-800550},{"$f":"G47+G48","v":73933.908383102971},73010.96929927195,72093.587606279209,71181.634290216432,70274.980158514241,69373.495812353111,68477.051618762067,67585.517682397563,66698.763816993189,65816.659516471234,64939.073925707467,64065.875810939346,63196.93352980871,62332.115001028935,61471.287673667321,60614.318496032298,59761.073884155659,58911.419689859482,58065.22116839714,57222.342945658165,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS47+BS48","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Project IRR",null,{"$f":"IRR(F49:DB49)","v":5.4999999999999938E-2},"Input",{"$f":"L15","v":5.5E-2}]
[]
[null,null,"Financial Model in Real Terms"]
[null,null,null,"Index",null,1,{"$f":"F53*(1+$L$14)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BR53*(1+$L$14)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"Initial Price",{"$f":"L33","v":31.02843692791734},null,{"$f":"$E$54*G38","v":31.02843692791734},31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,31.02843692791734,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$54*BS38","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Price",null,null,{"$f":"G54*G53","v":31.649005666475688},{"$f":"H54*H53","v":32.281985779805204},32.927625495401301,33.586178005309328,34.257901565415516,34.943059596723828,35.641920788658304,36.354759204431474,37.081854388520107,37.823491476290506,38.579961305816319,39.351560531932641,40.138591742571293,40.941363577422727,41.760190848971178,42.595394665950607,43.447302559269616,44.316248610455013,45.202573582664115,46.106625054317398,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT54*BT53","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",{"$f":"L11","v":2191.5},null,{"$f":"G43","v":2169.585},{"$f":"H43","v":2147.88915},2126.4102584999996,2105.1461559149998,2084.0946943558497,2063.2537474122914,2042.6212099381685,2022.1949978387865,2001.9730478603985,1981.9533173817947,1962.1337842079768,1942.5124463658969,1923.087321902238,1903.8564486832156,1884.8178841963834,1865.9697053544194,1847.3100083008753,1828.8369082178665,1810.5485391356879,1792.4430537443309,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT43","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G55*G56","v":68665.207958900661},{"$f":"H55*H56","v":69338.126996897889},70017.640641467457,70703.81351975385,71396.710892247429,72096.398658991471,72802.943365849584,73516.412210834911,74236.87305050109,74964.394406396008,75699.045471578691,76440.896117200158,77190.016899148715,77946.47906476038,78710.354559595027,79481.716034279059,80260.636851414994,81047.191092558875,81841.453565265954,82643.499810205554,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT55*BT56","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"L8*1000","v":6000},null,{"$f":"G46","v":6120},{"$f":"H46","v":6242.4},6367.2479999999996,6494.5929599999999,6624.4848191999999,6756.9745155840001,6892.1140058956798,7029.9562860135948,7170.5554117338661,7313.9665199685442,7460.2458503679145,7609.4507673752732,7761.6397827227775,7916.8725783772343,8075.2100299447793,8236.7142305436755,8401.4485151545487,8569.4774854576408,8740.8670351667934,8915.6843758701289,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT46","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G57-G58","v":62545.207958900661},{"$f":"H57-H58","v":63095.726996897887},63650.392641467457,64209.220559753849,64772.22607304743,65339.424143407472,65910.829359953903,66486.455924821319,67066.317638767228,67650.427886427467,68238.799621210783,68831.445349824891,69428.377116425938,70029.606486383142,70635.14452965025,71245.001803735388,71859.188336260442,72477.713607101236,73100.586530099157,73727.815434335425,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT57-BT58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capex",null,{"$f":"L7*1000","v":800550}]
[null,null,null,"Project Cash Flow",null,{"$f":"F59-F60","v":-800550},{"$f":"G59-G60","v":62545.207958900661},63095.726996897887,63650.392641467457,64209.220559753849,64772.22607304743,65339.424143407472,65910.829359953903,66486.455924821319,67066.317638767228,67650.427886427467,68238.799621210783,68831.445349824891,69428.377116425938,70029.606486383142,70635.14452965025,71245.001803735388,71859.188336260442,72477.713607101236,73100.586530099157,73727.815434335425,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS59-BS60","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"IRR",null,{"$f":"IRR(F61:DS61)","v":5.4999999999999938E-2}]
[]
[null,"Proof with LCOE Formula - LCOE = NPV(Revenues)/NPV(Generation)"]
[]
[null,null,null,"NPV of Revenues",{"$f":"$L$15","v":5.5E-2},{"$f":"NPV(E66,G57:EB57)","v":886356.38489199267}]
[null,null,null,"NPV of Generation",{"$f":"E66","v":5.5E-2},{"$f":"NPV(E67,G43:DB43)","v":24021.631874775372}]
[null,null,null,"Nominal LCOE",null,{"$f":"F66/F67","v":36.898258599272665},{"$f":"L34","v":36.898258599272658}]
[]
[null,null,null,"NPV of Revenues",{"$f":"E66","v":5.5E-2},{"$f":"F66","v":886356.38489199267}]
[null,null,null,"NPV of Generation",{"$f":"$L$16","v":3.4313725490195957E-2},{"$f":"NPV(E71,G56:DB56)","v":28565.937335196802}]
[null,null,null,"Real LCOE",null,{"$f":"F66/F71","v":31.028436927917323},{"$f":"L33","v":31.02843692791734}]
[]
[null,"Proof with LCOE Formula - LCOE = NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"L7*1000","v":800550}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"L30","v":7.8281397979570979},{"$f":"L10","v":20}]
[null,null,null,"NPV of O&M Expenses",{"$f":"L18","v":6.5656565656565524E-2},{"$f":"PV(E78,F77,-E77)*1000","v":85806.384891993628}]
[null,null,null,"Total Cost",null,{"$f":"F76+F78","v":886356.3848919936}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"L15","v":5.5E-2},{"$f":"NPV(E81,G43:DB43)","v":24021.631874775372}]
[null,null,null,"Nominal LCOE",null,{"$f":"F79/F81","v":36.898258599272701}]
[]
[null,null,null,"Total Cost",null,{"$f":"F79","v":886356.3848919936}]
[null,null,null,"NPV Generation - Real",{"$f":"L16","v":3.4313725490195957E-2},{"$f":"NPV(E85,G43:DB43)","v":28565.937335196802}]
[null,null,null,"Real LCOE",null,{"$f":"F84/F85","v":31.028436927917358}]
[]
[null,"Proof with LCOE Formula - LCOE = NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G37","v":1},{"$f":"H37","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,{"$f":"BT37","v":66},67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F86","v":31.028436927917358},{"$f":"G55","v":31.649005666475688},{"$f":"H55","v":32.281985779805204},32.927625495401301,33.586178005309328,34.257901565415516,34.943059596723828,35.641920788658304,36.354759204431474,37.081854388520107,37.823491476290506,38.579961305816319,39.351560531932641,40.138591742571293,40.941363577422727,41.760190848971178,42.595394665950607,43.447302559269616,44.316248610455013,45.202573582664115,46.106625054317398,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT55","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",null,null,{"$f":"G56","v":2169.585},2147.88915,2126.4102584999996,2105.1461559149998,2084.0946943558497,2063.2537474122914,2042.6212099381685,2022.1949978387865,2001.9730478603985,1981.9533173817947,1962.1337842079768,1942.5124463658969,1923.087321902238,1903.8564486832156,1884.8178841963834,1865.9697053544194,1847.3100083008753,1828.8369082178665,1810.5485391356879,1792.4430537443309,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Discount Factor - Nominal",{"$f":"E81","v":5.5E-2},null,{"$f":"1/(1+$E$92)^G89","v":0.94786729857819907},{"$f":"1/(1+$E$92)^H89","v":0.89845241571393286},0.85161366418382267,0.80721674330220161,0.76513435384094941,0.72524583302459655,0.68743680855412004,0.6515988706674124,0.6176292612961255,0.58543057942760712,0.55491050182711577,0.5259815183195411,0.49856068087160293,0.47256936575507386,0.44793304810907481,0.4245810882550472,0.40244652915170354,0.38146590440919764,0.36157905631203574,0.34272896332894381,0.32486157661511261,0.30792566503802149,0.29187266828248482,0.2766565576137297,0.26223370389926987,0.24856275251115625,0.23560450474991115,0.22332180545015276,0.21167943644564247,0.20064401558828671,0.19018390103155139,0.18026910050384018,0.17087118531169684,0.16196320882625295,0.15351962921919712,0.14551623622672713,0.1379300817314949,0.1307394139635023,0.12392361513128179,0.1174631423045325,0.11133947137870381,0.10553504396085669,0.10003321702450872,9.4818215189107796E-2,8.9875085487305981E-2,8.5189654490337413E-2,8.0748487668566279E-2,7.6538850870678937E-2,7.2548673811070094E-2,6.8766515460729941E-2,6.5181531242398047E-2,6.1783441935922327E-2,5.8562504204665709E-2,5.5509482658450918E-2,5.2615623372939263E-2,4.9872628789515885E-2,4.727263392371174E-2,4.4808183813944774E-2,4.2472212145919223E-2,4.0258020991392633E-2,3.8159261603215769E-2,3.6169916211578924E-2,3.4284280769269128E-2,3.2496948596463626E-2,3.0802794878164577E-2,{"$f":"1/(1+$E$92)^BT89","v":2.9196961969824242E-2},2.7674845469027726E-2,2.623208101329642E-2,2.4864531766157744E-2,2.356827655559976E-2,2.2339598630900247E-2,2.117497500559265E-2,2.0071066356011993E-2,1.9024707446456863E-2,1.8032898053513619E-2,1.7092794363520018E-2,1.6201700818502387E-2,1.5357062387206055E-2,1.4556457239057873E-2,1.3797589800054856E-2,1.3078284170668111E-2,1.2396477886889206E-2,1.1750216006530053E-2,1.1137645503819954E-2,1.0557009956227445E-2,1.0006644508272461E-2,9.4849710978885896E-3,8.9904939316479519E-3,8.5217951958748359E-3,8.0775309913505549E-3,7.656427479953134E-3,7.2572772321830657E-3,6.8789357651024329E-3,6.5203182607605995E-3,6.1803964556972511E-3,5.8581956926040298E-3,5.5527921256910235E-3,5.2633100717450459E-3,4.9889194992844051E-3,4.72883364861081E-3]
[null,null,null,"Discounted Generation",null,null,{"$f":"G91*G92","v":2056.4786729857819},{"$f":"H91*H92","v":1929.7761955032458},1810.8800317992543,1699.3092241528548,1594.6124473093141,1496.3661827831479,1404.1730056448498,1317.6599768610438,1236.4771346847708,1160.2960789932922,1088.8086428467861,1021.7256458941406,958.77572458312727,899.70423444293453,844.27221999858318,792.25544815032913,743.44350110789196,697.63892521024923,654.6564321878169,614.32214963596084,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT91*BT92","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Weighting Factor",null,null,{"$f":"G93/SUM(93:93)","v":8.5609449170905322E-2},{"$f":"H93/SUM(93:93)","v":8.0334933345209747E-2},7.5385387688869807E-2,7.0740790343110052E-2,6.6382353023392376E-2,6.229244501721181E-2,5.8454521864492598E-2,5.4853058432083102E-2,5.1473486111623001E-2,4.8302133886736279E-2,4.5326173031155374E-2,4.2533565214069972E-2,3.9913013802776565E-2,3.7453918165638672E-2,3.514633079050454E-2,3.2980917045117998E-2,3.0948917416745807E-2,2.9042112078273313E-2,2.7252787637431834E-2,2.5573705934651671E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT93/SUM(93:93)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G94:DB94*G90:DB90)","v":36.898258599272651}]

{"sheet":"NREL Backup","index":25,"n_rows":30,"n_cols":17,"rows_kept":30,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"Forecourt Current","Forecourt Future","Central Current","Central Future"]
[]
[null,null,null,null,null,null,null,null,null,null,"Production Availablity",null,"%",0.97,0.97,0.97,0.97]
[null,null,null,null,null,null,null,null,null,null,"Plant Design",null,"kg/day",1500,1500,50000,50000]
[null,null,null,null,null,null,null,null,null,null,"Single Unit Size",null,"kg/day",500,750,500,750]
[null,null,null,null,null,null,null,null,null,null,"System Energy",null,"kW",3143,3144,113125,104583]
[]
[null,null,null,null,null,null,null,null,null,null,"Capacity",null,"kg/hour",{"$f":"N5/24","v":62.5},{"$f":"O5/24","v":62.5},{"$f":"P5/24","v":2083.3333333333335},{"$f":"Q5/24","v":2083.3333333333335}]
[null,null,null,null,null,null,null,null,null,null,"Efficiency",null,"kwh/kg",{"$f":"N7/N9","v":50.287999999999997},{"$f":"O7/O9","v":50.304000000000002},{"$f":"P7/P9","v":54.3},{"$f":"Q7/Q9","v":50.199839999999995}]
[]
[null,null,null,null,null,null,null,null,null,null,"Cost/kW",null,"USD/kW",940,450,900,400]
[null,null,null,null,null,null,null,null,null,null,"Total Cost",null,"USD",{"$f":"N12*N7","v":2954420},{"$f":"O12*O7","v":1414800},{"$f":"P12*P7","v":101812500},{"$f":"Q12*Q7","v":41833200}]
[]
[null,null,null,null,null,null,null,null,null,null,"Indirect 1",null,null,50000,50000,{"$f":"P13*0.08","v":8145000},{"$f":"Q13*0.08","v":3346656}]
[null,null,null,null,null,null,null,null,null,null,"Indirect 2",null,null,30000,30000,{"$f":"P13*0.15","v":15271875},{"$f":"Q13*0.15","v":6274980}]
[]
[null,null,null,null,null,null,null,null,null,null,"Total Cost",null,null,{"$f":"N13+N15+N16","v":3034420},{"$f":"O13+O15+O16","v":1494800},{"$f":"P13+P15+P16","v":125229375},{"$f":"Q13+Q15+Q16","v":51454836}]
[null,null,null,null,null,null,null,null,null,null,"Cost/kg",null,null,{"$f":"N18/N9","v":48550.720000000001},{"$f":"O18/O9","v":23916.799999999999},{"$f":"P18/P9","v":60110.1},{"$f":"Q18/Q9","v":24698.321279999996}]
[]
[null,null,null,null,null,null,null,null,null,null,"AUD",0.71,null,{"$f":"N19/$L$21","v":68381.295774647893},{"$f":"O19/$L$21","v":33685.633802816905},{"$f":"P19/$L$21","v":84662.112676056335},{"$f":"Q19/$L$21","v":34786.367999999995}]
[]
[null,null,null,null,null,null,null,null,null,null,"Maint %",null,null,3.2000000000000001E-2,2.8000000000000001E-2,0.03,0.03]
[]
[null,null,null,null,null,null,null,null,null,null,"Replacement Year",null,null,7,10,7,10]
[null,null,null,null,null,null,null,null,null,null,"Replacement Percent",null,null,0.15,0.12,0.15,0.12]
[]
[null,null,null,null,null,null,null,null,null,null,"Water Usage ","gal/kg",null,4.76,3.98,4.76,3.98]
[null,null,null,null,null,null,null,null,null,null,"Converstion","L/gal",null,3.78,3.78,3.78,3.78]
[null,null,null,null,null,null,null,null,null,null,"Efficiency","L/kg",null,{"$f":"N28*N29","v":17.992799999999999},{"$f":"O28*O29","v":15.0444},{"$f":"P28*P29","v":17.992799999999999},{"$f":"Q28*Q29","v":15.0444}]

{"sheet":"Fuel Economy by Vehicle Type","index":26,"n_rows":36,"n_cols":10,"rows_kept":36,"cut":false,"hidden":false,"merged":[]}
[]
[null,"Average Fuel Economy by Major Vehicle Category","Gasoline","Diesel",null,"Diesel",null,"Diesel","Diesel"]
[null,"Vehicle Type","Miles/Gallon","Miles/Gallon","Litre/Gallon","Miles/Litre","km/Mile","km/Litre","Litre/km","Source"]
[null,"Refuse Truck",{"$f":"D4*0.885","v":2.4779999999999998},2.8,3.7854100000000002,{"$f":"D4/E4","v":0.73968209520236905},0.62137100000000001,{"$f":"F4/G4","v":1.1904033101035758},{"$f":"1/H4","v":0.84005142753928586},"A"]
[null,"Transit Bus",3.2745000000000002,3.7,3.7854100000000002,{"$f":"D5/E5","v":0.97743705437455919},0.62137100000000001,{"$f":"F5/G5","v":1.5730329454940111},{"$f":"1/H5","v":0.63571459381351347},"B"]
[null,"Class 8 Truck",5.3100000000000005,6,3.7854100000000002,1.5850330611479337,0.62137100000000001,2.5508642359362339,0.39202399951833339,"C"]
[null,"School Bus",6.1950000000000003,7,3.7854100000000002,1.8492052380059227,0.62137100000000001,2.9760082752589399,0.33602057101571431,"D"]
[null,"Delivery Truck",6.5401499999999997,7.39,3.7854100000000002,1.9522323869805382,0.62137100000000001,3.1418144505947949,0.31828741503518271,"C"]
[null,"Paratransit Shuttle",7.08,8,3.7854100000000002,2.1133774148639115,0.62137100000000001,3.4011523145816454,0.29401799963875003,"B"]
[null,"Light Truck/Van",17.5,{"$f":"C10/0.885","v":19.774011299435028},3.7854100000000002,5.2237436101862222,0.62137100000000001,8.4068030374546314,0.11895128213956287,"C"]
[null,"Car",24.2,{"$f":"C11/0.885","v":27.344632768361581},3.7854100000000002,7.2236911638003756,0.62137100000000001,11.625407628937262,8.6018489150510344E-2,"C"]
[null,"Ridesourcing Vehicle",25.5,{"$f":"C12/0.885","v":28.8135593220339},3.7854100000000002,7.6117406891284958,0.62137100000000001,12.249912997433894,8.1633232840876466E-2,"E"]
[null,"Motorcycle",44,{"$f":"C13/0.885","v":49.717514124293785},3.7854100000000002,13.133983934182501,0.62137100000000001,21.137104779885931,4.7310169032780687E-2,"C"]
[]
[null,null,null,"M/g","g/L"]
[null,"Data Sources:"]
[null,"A:  Gordon, Deborah, Juliet Burdelski, and James S. Cannon.  Greening Garbage Trucks: New Technologies for Cleaner Air.  Inform, Inc. 2003.  ISBN #0-918780-80-2."]
[null,"B:  Calculated from statistics found in American Public Transit Association's Public Transportation Fact Book 2019. Accessed 02/11/2020 at: apta.com/wp-content/uploads/APTA_Fact-Book-2019_FINAL.pdf"]
[null,"C:  Federal Highway Administration. Highway Statistics 2018, Table VM-1.  Accessed 02/11/20 at fhwa.dot.gov/policyinformation/statistics/2018/pdf/vm1.pdf"]
[null,"D:  American School Bus Council.  National School Bus Fuel Data.  Accessed 11/21/18 at americanschoolbuscouncil.org/insights/environment/"]
[null,"E:  Wenzel, Tom, Clement Rames, Eleftheria Kontou, and Alejandro Henao. \"Travel and energy implications of ridesourcing service in Austin, Texas.\" Transportation Research Part D: Transport and Environment 70 (2019): 18-34."]
[]
[null,"Notes:"]
[null,"The metric used is gasoline gallon equivalents (GGEs), representing a quantity of fuel with the same amount of energy contained in a gallon of gasoline."]
[null,"Numbers in bold indicate that the measurements were taken using that fuel.  They are the source of the non-bold energy based conversions."]
[null,"Conversion between diesel and gasoline is 1 gallon gasoline = 0.885 gallons diesel (from the AFDC)"]
[null,"Light-duty vehicles are sales-weighted combination of cars, wagons, vans, sport utility vehicles, and pickups. Vehicles with short wheelbases (<121\") are generalized as cars and vehicles with long wheelbases are generalized as light trucks."]
[null,"Delivery trucks are single-unit trucks with 2 axles and 6 or more tires."]
[null,"Class 8 trucks are combined tractor/trailer trucks, also know as long-haul."]
[null,"Transit buses include both conventional diesel and hybrid-electric diesel."]
[]
[null,"Acronyms:"]
[null,"MPG: Miles per gallon"]
[]
[null,"Worksheet available at afdc.energy.gov/data"]
[null,"Last updated 02/11/2020"]

{"sheet":"Base Analysis","index":27,"n_rows":169,"n_cols":106,"rows_kept":169,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,{"$f":"'Electrolyzer Analysis'!F2","v":4}]
[]
[null,null,null,null,null,null,1,2,3,4]
[null,null,null,null,null,"LCOH - USD/kg",{"$f":"G72","v":3.1323424385055709}]
[null,"Drivers",null,null,null,null,"Combined","Stack Portion Incl O&M","Non-Stack Portion","Combined Stack and Non-Stack",null,null,null,null,null,null,null,null,{"$f":"INDEX(G5:K5,$F$1)","v":"Combined Stack and Non-Stack"}]
[]
[null,null,null,"Technology Selected",null,{"$f":"'Electrolyzer Analysis'!$D$53","v":"PEM - NREL"},"Total","Stack","Non-Stack","Wtd Combined"]
[]
[null,null,null,"Stack Percent",null,null,null,0.6,{"$f":"1-H9","v":0.4},{"$f":"1-I9","v":0.6}]
[null,null,null,"Size in MW per Hour",null,"MW",{"$f":"'Electrolyzer vs SMR'!$I$10","v":1.2249324357698794},{"$f":"G10","v":1.2249324357698794},1.2249324357698794,1.2249324357698794]
[null,null,null,"Efficiency (kW/kg)",null,"kWh/kg",{"$f":"'Electrolyzer Database'!G$12","v":50.5},50.5,50.5,50.5]
[null,null,null,"Capacity in kg/hour",null,"kg/hour",{"$f":"G10*1000/G11","v":24.256087837027316},24.256087837027316,24.256087837027316,24.256087837027316]
[]
[null,null,null,"Cost/kW",null,"USD/kW",{"$f":"'Electrolyzer Analysis'!$F$46","v":1755.8139547071103},{"$f":"G14*H9","v":1053.4883728242662},{"$f":"G14*I9","v":702.32558188284418},{"$f":"H14+I14","v":1755.8139547071105}]
[null,null,null,"Total Up-Front Cost",null,"USD ",{"$f":"G14*G10*1000","v":2150753.4642981254},{"$f":"H14*H10*1000","v":1290452.0785788752},{"$f":"I14*I10*1000","v":860301.38571925019},{"$f":"H15+I15","v":2150753.4642981254}]
[null,null,null,"kg at 100% Load Factor",null,"kg/year",{"$f":"G12*8760","v":212483.32945235929},{"$f":"H12*8760","v":212483.32945235929},{"$f":"I12*8760","v":212483.32945235929},{"$f":"J12*8760","v":212483.32945235929}]
[null,null,null,"Cost/kg",null,"USD/kg",{"$f":"G16/G12","v":8760},{"$f":"H16/H12","v":8760},{"$f":"I16/I12","v":8760},{"$f":"J16/J12","v":8760}]
[]
[null,null,null,"Load Factor",null,"%",{"$f":"'Electrolyzer vs SMR'!$I$4","v":0.97},{"$f":"G19","v":0.97},{"$f":"H19","v":0.97},{"$f":"I19","v":0.97}]
[null,null,null,"Hours of Operation at Load Factor",null,"Hours/Year",{"$f":"G19*8760","v":8497.1999999999989},{"$f":"H19*8760","v":8497.1999999999989},{"$f":"I19*8760","v":8497.1999999999989},{"$f":"J19*8760","v":8497.1999999999989}]
[null,null,null,"Annual Energy","MWh/Year",null,{"$f":"G10*G20","v":10408.495893223819},{"$f":"H10*H20","v":10408.495893223819},{"$f":"I10*I20","v":10408.495893223819},{"$f":"J10*J20","v":10408.495893223819}]
[null,null,null,"Hydrogen Produced","kg/Year",null,{"$f":"G10*1000/G11*G20","v":206108.82956878847},{"$f":"H10*1000/H11*H20","v":206108.82956878847},{"$f":"I10*1000/I11*I20","v":206108.82956878847},{"$f":"J10*1000/J11*J20","v":206108.82956878847}]
[]
[null,null,null,"Electricity Cost (USD/MWH)",null,"USD/MWh",{"$f":"'Electrolyzer vs SMR'!$I$6","v":35},{"$f":"G24","v":35},null,{"$f":"H24","v":35}]
[null,null,null,"Electricity Cost (USD/kg)",null,"USD/kg",{"$f":"G24/1000*G11","v":1.7675000000000001},{"$f":"H24/1000*H11","v":1.7675000000000001},null,{"$f":"H25","v":1.7675000000000001}]
[null,null,null,"Fuel Cost","USD/Year",null,{"$f":"G21*G24","v":364297.35626283364},{"$f":"H21*H24","v":364297.35626283364},null,{"$f":"H26","v":364297.35626283364}]
[null,null,null,"OpEx %",null,"%",{"$f":"'Electrolyzer Analysis'!$F$45","v":0.04},{"$f":"G27","v":0.04}]
[null,null,null,"O&M per Year","USD/Year",null,{"$f":"G38*G27","v":86030.13857192501},{"$f":"G28","v":86030.13857192501},null,{"$f":"H28","v":86030.13857192501},null,null,null,null,null,null,null,null,{"$f":"INDEX(G28:K28,$F$1)","v":86030.13857192501}]
[]
[null,null,null,"Water Efficiency (Litres/kg)",null,"L/kg",{"$f":"'NREL Backup'!$N$30","v":17.992799999999999},{"$f":"G30","v":17.992799999999999},null,{"$f":"H30","v":17.992799999999999}]
[null,null,null,"Annual Water","L/Year",null,{"$f":"G22*G30","v":3708474.9486652971},{"$f":"H22*H30","v":3708474.9486652971},null,{"$f":"H31","v":3708474.9486652971}]
[null,null,null,"Water Cost (USD/Litre)",null,"USD/L",{"$f":"'Specs & Adders'!$K$7","v":7.8042328042328044E-4},{"$f":"G32","v":7.8042328042328044E-4},null,{"$f":"H32","v":7.8042328042328044E-4}]
[null,null,null,"Water Cost (USD/kg)",null,"USD/kg",{"$f":"G30*G32","v":1.4041999999999999E-2},{"$f":"G33","v":1.4041999999999999E-2},null,{"$f":"H33","v":1.4041999999999999E-2}]
[null,null,null,"Annual Water Cost","USD",null,{"$f":"G31*G32","v":2894.1801848049276},{"$f":"G34","v":2894.1801848049276}]
[null,null,null,"Total O&M Cost","USD",null,{"$f":"G26+G28+G34","v":453221.67501956358},{"$f":"G35","v":453221.67501956358},null,{"$f":"H35","v":453221.67501956358}]
[]
[null,null,null,"Capex/KW","USD/KW",null,{"$f":"G14","v":1755.8139547071103},{"$f":"H14","v":1053.4883728242662},{"$f":"I14","v":702.32558188284418},null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G37:K37,$F$1)","v":0}]
[null,null,null,"Total Capital Expenditure","USD",null,{"$f":"G37*G10*1000","v":2150753.4642981254},{"$f":"H37*H10*1000","v":1290452.0785788752},{"$f":"I37*I10*1000","v":860301.38571925019}]
[]
[null,null,null,"Plant Life","Years",null,15,{"$f":"ROUND(G42,0)","v":7},{"$f":"G40","v":15},null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G40:K40,$F$1)","v":0}]
[null,null,null,"Stack Life","Hours",null,60000]
[null,null,null,"Stack Life","Years",null,{"$f":"G41/G20","v":7.0611495551475789}]
[]
[null,null,null,"Income Tax Rate","% p.a.",null,0,{"$f":"G44","v":0},0,0,null,null,null,null,null,null,null,null,{"$f":"INDEX(G44:J44,$F$1)","v":0},null,null,null,null,null,null,"return",100]
[null,null,null,"Tax Life","Year",null,5,5,5,5,null,null,null,null,null,null,null,null,{"$f":"INDEX(G45:K45,$F$1)","v":5},null,null,null,null,null,null,"Tax rate",0.5]
[null,null,null,"Variable Delicing Factor (1-SL)","Factor",null,2,{"$f":"G46","v":2},2,2,null,null,null,null,null,null,null,null,{"$f":"INDEX(G46:K46,$F$1)","v":2},null,null,null,null,null,null,"Revenue",{"$f":"AA44/(1-AA45)","v":200}]
[null,null,null,"Value of Depreciation Deduction","%",null,{"$f":"F81","v":0},0,0,0,null,null,null,null,null,null,null,null,{"$f":"INDEX(G47:J47,$F$1)","v":0}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Revenues",{"$f":"AA46","v":200}]
[null,null,null,"Degradation","% p.a.",null,0,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G49:K49,$F$1)","v":0},null,null,null,null,null,null,"Tax",{"$f":"AA48*AA45","v":100}]
[null,null,null,"Inflation Rate","% p.a.",null,0.02,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G50:K50,$F$1)","v":0},null,null,null,null,null,null,"Return",{"$f":"AA48-AA49","v":100}]
[null,null,null,"Project IRR Required","% p.a.",null,0.06,null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G51:K51,$F$1)","v":0}]
[null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+G51)/(1+G50)-1","v":3.9215686274509887E-2},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G52:K52,$F$1)","v":0},null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(J52)","v":{"$error":"#N/A"}}]
[]
[null,null,null,"Nominal Adjusted for Degradation","% p.a.",null,{"$f":"(1+G51)/(1-G49)-1","v":6.0000000000000053E-2},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G54:K54,$F$1)","v":0},null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(J54)","v":{"$error":"#N/A"}}]
[null,null,null,"Real Adjusted for Degradation","% p.a.",null,{"$f":"(1+G52)/(1-G49)-1","v":3.9215686274509887E-2},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G55:K55,$F$1)","v":0},null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(J55)","v":{"$error":"#N/A"}}]
[]
[null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(G54,G40,-1)/(1-G44)","v":0.10296276395531273},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G57:K57,$F$1)","v":0},null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(J57)","v":{"$error":"#N/A"}}]
[null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(G55,G40,-1)/(1-G44)","v":8.9448540701175194E-2},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G58:K58,$F$1)","v":0},null,null,null,null,null,null,{"$f":"_xlfn.FORMULATEXT(J58)","v":{"$error":"#N/A"}}]
[]
[null,null,null,"Value of Tax Deductions","%",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"F81","v":0}]
[null,null,null,"Capital Recovery Non-Stack","USD/Yr",null,{"$f":"G57*G38","v":221447.52127059901},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G61:K61,$F$1)","v":0}]
[null,null,null,"Capexp Recovery - After Tax Shield","USD/Yr",null,{"$f":"G61*(1-G47)","v":221447.52127059901}]
[null,null,null,"Capexp Recovery - Nominal","USD/kg",null,{"$f":"G62/G22","v":1.0744203522668168},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G63:K63,$F$1)","v":0}]
[null,null,null,"Capexp Recovery - Real","USD",null,{"$f":"G58*G38*(1-G47)","v":192381.75878946442},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G64:K64,$F$1)","v":0}]
[null,null,null,"Capexp Recovery - Real","USD/kg",null,{"$f":"G64/G22","v":0.93339891935710273},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G65:K65,$F$1)","v":0}]
[]
[null,null,null,"O&M Cost - Nominal","USD",null,{"$f":"G26+G34+G28","v":453221.67501956358},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G67:K67,$F$1)","v":0}]
[null,null,null,"O&M Cost - Nominal","USD/kg",null,{"$f":"G67/G22","v":2.1989435191484681},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G68:K68,$F$1)","v":0}]
[null,null,null,"O&M Cost - Real Degradation","USD",null,{"$f":"PV(G52,G40,-1)/PV(G54,G40,-1)*G67","v":521696.11688095069},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G69:K69,$F$1)","v":0}]
[null,null,null,"O&M Cost - Real","USD/kg",null,{"$f":"G69/G22","v":2.5311682084286229},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G70:K70,$F$1)","v":0}]
[]
[null,null,null,"LCOE - Real","USD/MWhr",null,{"$f":"G65+G68","v":3.1323424385055709},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G72:K72,$F$1)","v":0}]
[null,null,null,"LCOE - Nominal","USD/MWhr",null,{"$f":"G63+G70","v":3.6055885606954394},null,null,null,null,null,null,null,null,null,null,null,{"$f":"INDEX(G73:K73,$F$1)","v":0}]
[]
[null,"Depreciation Tax Shield"]
[]
[]
[null,null,null,"Year",{"$f":"G45","v":5},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate (Factor)",{"$f":"G46","v":2},null,{"$f":"IFERROR(VDB(1,0,$E$78,F78,G78,$E$79),0)","v":0.4},{"$f":"IFERROR(VDB(1,0,$E$78,G78,H78,$E$79),0)","v":0.24},{"$f":"IFERROR(VDB(1,0,$E$78,H78,I78,$E$79),0)","v":0.14399999999999999},0.108,0.108,0,0,{"$f":"IFERROR(VDB(1,0,$E$78,M78,N78,$E$79),0)","v":0},0,{"$f":"IFERROR(VDB(1,0,$E$78,O78,P78,$E$79),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"G51","v":0.06},{"$f":"NPV(E80,G79:AT79)","v":0.87811281122534701}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"G44","v":0},{"$f":"F80*E81","v":0}]
[]
[null,null,null,"Year",{"$f":"G45","v":5},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"E79","v":2},null,{"$f":"IFERROR(VDB(1,0,$E$83,F83,G83,$E$84),0)","v":0.4},{"$f":"IFERROR(VDB(1,0,$E$83,G83,H83,$E$84),0)","v":0.24},0.14399999999999999,0.108,0.108,0,0,{"$f":"IFERROR(VDB(1,0,$E$83,M83,N83,$E$84),0)","v":0},0,{"$f":"IFERROR(VDB(1,0,$E$83,O83,P83,$E$84),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"S51","v":0},{"$f":"NPV(E85,G84:AT84)","v":1}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"H44","v":0},{"$f":"F85*E86","v":0}]
[]
[null,null,null,"Year",{"$f":"E78","v":5},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"E79","v":2},null,{"$f":"IFERROR(VDB(1,0,$E$88,F88,G88,$E$89),0)","v":0.4},{"$f":"IFERROR(VDB(1,0,$E$88,G88,H88,$E$89),0)","v":0.24},0.14399999999999999,0.108,0.108,0,0,{"$f":"IFERROR(VDB(1,0,$E$88,M88,N88,$E$89),0)","v":0},0,{"$f":"IFERROR(VDB(1,0,$E$88,O88,P88,$E$89),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"I51","v":0},{"$f":"NPV(E90,G89:AT89)","v":1}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"I44","v":0},{"$f":"F90*E91","v":0}]
[]
[null,null,null,"Year",{"$f":"E88","v":5},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,"Depreciation Rate",{"$f":"E89","v":2},null,{"$f":"IFERROR(VDB(1,0,$E$93,F93,G93,$E$94),0)","v":0.4},{"$f":"IFERROR(VDB(1,0,$E$93,G93,H93,$E$94),0)","v":0.24},0.14399999999999999,0.108,0.108,0,0,{"$f":"IFERROR(VDB(1,0,$E$93,M93,N93,$E$94),0)","v":0},0,{"$f":"IFERROR(VDB(1,0,$E$93,O93,P93,$E$94),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"NPV",{"$f":"J51","v":0},{"$f":"NPV(E95,G94:AT94)","v":1}]
[null,null,null,"Multiplied by Tax Rate",{"$f":"J44","v":0},{"$f":"F95*E96","v":0}]
[]
[null,null,null,"Applied Tax Depreciation Rate",{"$f":"F1","v":4},null,{"$f":"CHOOSE($E$98,G79,G84,G89,G94)","v":0.4},{"$f":"CHOOSE($E$98,H79,H84,H89,H94)","v":0.24},0.14399999999999999,0.108,0.108,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Proof w/ financial model",null,null,"Driver"]
[null,null,"Timeline",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Flag",null,{"$f":"G40","v":15},null,{"$f":"G101<=$E$102","v":true},{"$f":"H101<=$E$102","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT101<=$E$102","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
[null,null,null,"Price per kg",{"$f":"G73","v":3.6055885606954394},null,{"$f":"$E$104*G102","v":3.6055885606954394},{"$f":"$E$104","v":3.6055885606954394},3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,{"$f":"$E$104","v":3.6055885606954394},3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394,3.6055885606954394]
[null,null,null,"Production without degradation",{"$f":"G22","v":206108.82956878847},null,{"$f":"$E$105*G102","v":206108.82956878847},{"$f":"$E$105*H102","v":206108.82956878847},206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$105*BT102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Degradation Index",{"$f":"S49","v":0},1,{"$f":"F106*(1-$E$106)","v":1},{"$f":"G106*(1-$E$106)","v":1},1,1,1,1,1,{"$f":"M106*(1-$E$106)","v":1},1,{"$f":"O106*(1-$E$106)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"BS106*(1-$E$106)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"Production after degradation",null,null,{"$f":"G105*G106","v":206108.82956878847},{"$f":"H105*H106","v":206108.82956878847},206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT105*BT106","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Nominal Revenues (USD)",null,null,{"$f":"G104*G107","v":743143.63815154962},{"$f":"H104*H107","v":743143.63815154962},743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,743143.63815154962,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT104*BT107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Inflation Index",{"$f":"S50","v":0},1,{"$f":"F109*(1+$G$50)","v":1.02},{"$f":"G109*(1+$G$50)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,3.6225231081424152,{"$f":"BS109*(1+$G$50)","v":3.6949735703052635},3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,"O&M Cost",{"$f":"G67","v":453221.67501956358},null,{"$f":"$E$110*G109*G102","v":462286.10851995484},{"$f":"$E$110*H109*H102","v":471531.83069035393},480962.46730416099,490581.71665024426,500393.35098324914,510401.21800291416,520609.24236297241,531021.42721023189,541641.85575443658,552474.69286952529,563524.18672691577,574794.67046145408,586290.5638706832,598016.37514809694,609976.70265105879,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$110*BT109*BT102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G108-G110","v":280857.52963159478},{"$f":"H108-H110","v":271611.80746119568},262181.17084738862,252561.92150130536,242750.28716830048,232742.42014863546,222534.39578857721,212122.21094131772,201501.78239711304,190668.94528202433,179619.45142463385,168348.96769009554,156853.07428086642,145127.26300345268,133166.93550049083,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT108-BT110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Tax Depreciation",{"$f":"G38","v":2150753.4642981254},null,{"$f":"$E$112*G98","v":860301.38571925019},{"$f":"$E$112*H98","v":516180.83143155009},309708.49885893002,232281.37414419753,232281.37414419753,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$112*BT98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxable Income",null,null,{"$f":"G111-G112","v":-579443.85608765541},{"$f":"H111-H112","v":-244569.02397035441},-47527.328011541395,20280.547357107833,10468.913024102949,232742.42014863546,222534.39578857721,212122.21094131772,201501.78239711304,190668.94528202433,179619.45142463385,168348.96769009554,156853.07428086642,145127.26300345268,133166.93550049083,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT111-BT112","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Taxes",{"$f":"G44","v":0},null,{"$f":"G113*$E$114","v":0},{"$f":"H113*$E$114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT113*$E$114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capital Expenditure",null,{"$f":"-G38","v":-2150753.4642981254}]
[null,null,null,"Project Cash Flow",null,{"$f":"F111+F115","v":-2150753.4642981254},{"$f":"G111-G114","v":280857.52963159478},{"$f":"H111-H114","v":271611.80746119568},262181.17084738862,252561.92150130536,242750.28716830048,232742.42014863546,222534.39578857721,212122.21094131772,201501.78239711304,190668.94528202433,179619.45142463385,168348.96769009554,156853.07428086642,145127.26300345268,133166.93550049083,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT111-BT114","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Project IRR",null,{"$f":"IRR(F116:DB116)","v":5.9999999999999831E-2},"Target",{"$f":"G51","v":0.06},"Test",{"$f":"ROUND(H117-F117,4)=0","v":true}]
[]
[null,null,"Financial Model in Real Terms"]
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[null,null,null,"Initial Price",{"$f":"G72","v":3.1323424385055709},null,{"$f":"$E$121*G102","v":3.1323424385055709},3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,3.1323424385055709,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$121*BS102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Price",null,null,{"$f":"G121*G120","v":3.1949892872756824},{"$f":"H121*H120","v":3.2588890730211961},3.3240668544816199,3.3905481915712521,3.4583591554026776,3.5275263385107309,3.5980768652809458,3.6700384025865649,3.7434391706382963,3.818307954051062,3.8946741131320834,3.9725675953947253,4.0520189473026189,4.1330593262486719,4.2157205127736459,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT121*BT120","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",{"$f":"G22","v":206108.82956878847},null,{"$f":"G107","v":206108.82956878847},{"$f":"H107","v":206108.82956878847},206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT107","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Revenues (USD)",null,null,{"$f":"G122*G123","v":658515.50248520856},{"$f":"H122*H123","v":671685.81253491272},685119.52878561092,698821.91936132312,712798.35774854966,727054.32490352064,741595.41140159115,756427.31962962297,771555.86602221546,786986.98334265978,802726.72300951299,818781.25746970321,835156.88261909713,851860.02027147915,868897.22067690885,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT122*BT123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Operating Cost",{"$f":"G35","v":453221.67501956358},null,{"$f":"G110","v":462286.10851995484},471531.83069035393,480962.46730416099,490581.71665024426,500393.35098324914,510401.21800291416,520609.24236297241,531021.42721023189,541641.85575443658,552474.69286952529,563524.18672691577,574794.67046145408,586290.5638706832,598016.37514809694,609976.70265105879,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS110","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"EBITDA",null,null,{"$f":"G124-G125","v":196229.39396525372},200153.98184455879,204157.06148144993,208240.20271107886,212405.00676530052,216653.10690060648,220986.16903861874,225405.89241939108,229914.01026777888,234512.29047313449,239202.53628259723,243986.58700824913,248866.31874841393,253843.64512338222,258920.51802585006,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS124-BS125","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Depreciation",{"$f":"G15","v":2150753.4642981254},null,{"$f":"$E$127*G98","v":860301.38571925019},{"$f":"$E$127*H98","v":516180.83143155009},309708.49885893002,232281.37414419753,232281.37414419753,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$E$127*BT98","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Less: Taxes",{"$f":"G44","v":0},null,{"$f":"(G126-G127)*$E$128","v":0},{"$f":"(H126-H127)*$E$128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BT126-BT127)*$E$128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Capex",null,{"$f":"G38","v":2150753.4642981254}]
[null,null,null,"Project Cash Flow",null,{"$f":"F126-F129","v":-2150753.4642981254},{"$f":"G126-G128","v":196229.39396525372},{"$f":"H126-H128","v":200153.98184455879},204157.06148144993,208240.20271107886,212405.00676530052,216653.10690060648,220986.16903861874,225405.89241939108,229914.01026777888,234512.29047313449,239202.53628259723,243986.58700824913,248866.31874841393,253843.64512338222,258920.51802585006,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT126-BT128","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"IRR",null,{"$f":"IRR(F130:DS130)","v":5.9999999999999831E-2},"Target",{"$f":"G51","v":0.06},"Test",{"$f":"ROUND(H131-F131,4)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV(Revenues)/NPV(Generation)"]
[]
[null,null,null,null,null,"Computed","Method 1","Test"]
[null,null,null,"NPV of Revenues",{"$f":"S51","v":0},{"$f":"NPV(E136,G124:EB124)","v":11387983.130261915}]
[null,null,null,"NPV of Generation",{"$f":"E136","v":0},{"$f":"NPV(E137,G107:DB107)","v":3091632.4435318266}]
[null,null,null,"Nominal LCOE",null,{"$f":"F136/F137","v":3.6834854525114515},{"$f":"$E$104","v":3.6055885606954394},{"$f":"ROUND(F138-G138,0)=0","v":true}]
[]
[null,null,null,"Real Discount Rate"]
[null,null,null,"NPV of Revenues",{"$f":"E136","v":0},{"$f":"F136","v":11387983.130261915}]
[null,null,null,"NPV of Generation",{"$f":"$S$52","v":0},{"$f":"NPV(E142,G123:DB123)","v":3091632.4435318266}]
[null,null,null,"Real LCOE",null,{"$f":"F136/F142","v":3.6834854525114515},{"$f":"$E$121","v":3.1323424385055709},{"$f":"ROUND(F143-G143,0)=0","v":false}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[]
[null,null,null,"Capital Expenditure at COD -1",null,{"$f":"S37*1000","v":0}]
[null,null,null,"Gross-Up for Taxes",{"$f":"S44","v":0},{"$f":"F147/(1-E148)","v":0}]
[null,null,null,"Value of Tax Deprecition Shield",{"$f":"S47","v":0},{"$f":"F148*E149*-1","v":0}]
[null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"S67","v":0},{"$f":"S40","v":0}]
[null,null,null,"NPV of O&M Expenses",{"$f":"S54","v":0},{"$f":"PV(E151,F150,-E150)*1000","v":0}]
[null,null,null,"Total Cost",null,{"$f":"F148+F151+F149","v":0}]
[]
[null,null,null,"NPV Generation - Nominal",{"$f":"E136","v":0},{"$f":"NPV(E154,G107:DB107)","v":3091632.4435318266}]
[null,null,null,"Nominal LCOE",null,{"$f":"F152/F154","v":0},{"$f":"$E$104","v":3.6055885606954394},{"$f":"ROUND(G155-F155,0)=0","v":false}]
[]
[null,null,null,"Total Cost",null,{"$f":"F152","v":0}]
[null,null,null,"NPV Generation - Real",{"$f":"S52","v":0},{"$f":"NPV(E158,G107:DB107)","v":3091632.4435318266}]
[null,null,null,"Real LCOE",null,{"$f":"F157/F158","v":0},{"$f":"$E$121","v":3.1323424385055709},{"$f":"ROUND(F159-G159,0)=0","v":false}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,{"$f":"G101","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BS101","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,"Inflated Price",null,{"$f":"F159","v":0},{"$f":"G122","v":3.1949892872756824},3.2588890730211961,3.3240668544816199,3.3905481915712521,3.4583591554026776,3.5275263385107309,3.5980768652809458,3.6700384025865649,3.7434391706382963,3.818307954051062,3.8946741131320834,3.9725675953947253,4.0520189473026189,4.1330593262486719,4.2157205127736459,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BS122","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Generation",null,null,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Discount Factor - Nominal",{"$f":"E154","v":0},null,{"$f":"1/(1+$E$165)^G162","v":1},{"$f":"1/(1+$E$165)^H162","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,{"$f":"1/(1+$E$165)^BT162","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,"Discounted Generation",null,null,{"$f":"G164*G165","v":206108.82956878847},{"$f":"H164*H165","v":206108.82956878847},206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,206108.82956878847,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT164*BT165","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Weighting Factor",null,null,{"$f":"G166/SUM(166:166)","v":6.666666666666668E-2},{"$f":"H166/SUM(166:166)","v":6.666666666666668E-2},6.666666666666668E-2,6.666666666666668E-2,6.666666666666668E-2,6.666666666666668E-2,6.666666666666668E-2,6.666666666666668E-2,6.666666666666668E-2,{"$f":"P166/SUM(166:166)","v":6.666666666666668E-2},6.666666666666668E-2,6.666666666666668E-2,6.666666666666668E-2,6.666666666666668E-2,6.666666666666668E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"AV166/SUM(166:166)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"CB166/SUM(166:166)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(G167:DB167*G163:DB163)","v":3.6834854525114529},null,{"$f":"_xlfn.FORMULATEXT(E169)","v":"=SUMPRODUCT(G167:DB167*G163:DB163)"}]

{"sheet":"Levelised Cost Debt","index":28,"n_rows":234,"n_cols":107,"rows_kept":234,"cut":false,"hidden":false,"merged":[]}
[null,null,null,null,null,null,1]
[]
[null,null,null,null,null,null,null,1,2,3,4]
[]
[null,"Drivers",null,null,null,null,null,"Solar","Wind","Hydro","Example","NGCC","SMR","Electorlyzer Non Stack","Electorlyzer Stack","Electorlyzer Total","Electorlyzer Storage","Electorlyzer","Other 4",{"$f":"INDEX(H5:S5,$G$1)","v":"Solar"}]
[null,null,null,"Units",null,null,null,"MW","MW","MW","MW","MW","kg","kg","kg","kg","kg","kg",null,{"$f":"INDEX(H6:S6,$G$1)","v":"MW"}]
[null,null,null,"Resulting Levelised Cost per Unit",null,null,null,{"$f":"H62","v":23.204598678294623},{"$f":"I62","v":18.113971891316972},{"$f":"J62","v":30.14408944862743},{"$f":"K62","v":42.307817026799448}]
[]
[null,null,null,"Project Inputs"]
[null,null,null,null,"Capexp/Unit","USD/kW",null,600,1200,3000,800.55,1000,null,null,null,null,null,null,null,{"$f":"INDEX(H10:S10,$G$1)","v":600}]
[null,null,null,null,"Load Factor","% p.a.",null,0.23,0.4,0.6,0.25,0.7,null,null,null,null,null,null,null,{"$f":"INDEX(H11:S11,$G$1)","v":0.23}]
[]
[null,null,null,null,"Fixed O&M","USD/unit/Yr",null,10,15,20,6,15,null,null,null,null,null,null,null,{"$f":"INDEX(H13:S13,$G$1)","v":10}]
[null,null,null,null,"Variable O&M","USD/MWH",null,null,null,null,null,3]
[]
[null,null,null,null,"Energy Input Cost","USD/MMBTU",null,null,null,null,null,4]
[null,null,null,null,"Efficiency Factor","MMBTU/MWH",null,null,null,null,null,6.5]
[null,null,null,null,"Energy Expense","USD/MWH",null,null,null,null,null,{"$f":"L16*L17","v":26}]
[]
[null,null,null,null,"Hours/Yr","Hours",null,{"$f":"8766*H11","v":2016.18},{"$f":"8766*I11","v":3506.4},{"$f":"8766*J11","v":5259.5999999999995},{"$f":"8766*K11","v":2191.5},{"$f":"L11*8766","v":6136.2},null,null,null,null,null,null,null,{"$f":"INDEX(H20:S20,$G$1)","v":2016.18}]
[null,null,null,null,"Maximum Hours","Hours"]
[null,null,null,null,"Fixed Plant Life Input","Years",null,30,35,50,0]
[null,null,null,null,"Computed Life"]
[null,null,null,null,"Plant Life from Maximum Hours","Years",null,30,35,50,20,20,null,null,null,null,null,null,null,{"$f":"INDEX(H24:S24,$G$1)","v":30}]
[]
[null,null,null,null,"Income Tax Rate","% p.a.",null,0.3,0.2,0.3,0.5,null,null,null,null,null,null,null,null,{"$f":"INDEX(H26:K26,$G$1)","v":0.3}]
[null,null,null,null,"Tax Life","Year",null,30,4,10,20,null,null,null,null,null,null,null,null,{"$f":"INDEX(H27:S27,$G$1)","v":30}]
[null,null,null,null,"Variable Delicing Factor (1-SL)","Factor",null,1,2,1.5,1,null,null,null,null,null,null,null,null,{"$f":"INDEX(H28:S28,$G$1)","v":1}]
[null,null,null,null,"Value of Depreciation Deduction","%",null,{"$f":"G70","v":0.17611369742559119},{"$f":"G75","v":0.18646937124201712},{"$f":"G80","v":0.23226473790189486},{"$f":"G85","v":0.29875956212320759},null,null,null,null,null,null,null,null,{"$f":"INDEX(H29:K29,$G$1)","v":0.17611369742559119}]
[]
[null,null,null,null,"Degradation","% p.a.",null,0.01,0,0,0.01,null,null,null,null,null,null,null,null,{"$f":"INDEX(H31:S31,$G$1)","v":0.01}]
[null,null,null,null,"Inflation Rate","% p.a.",null,0.02,0.02,0.02,0.02,null,null,null,null,null,null,null,null,{"$f":"INDEX(H32:S32,$G$1)","v":0.02}]
[]
[null,null,null,null,"Debt Percent","%",null,0.6,0.75,0.75,0.75,null,null,null,null,null,null,null,null,{"$f":"INDEX(H34:S34,$G$1)","v":0.6}]
[null,null,null,null,"Equity Percent","%",null,{"$f":"1-H34","v":0.4},{"$f":"1-I34","v":0.25},{"$f":"1-J34","v":0.25},{"$f":"1-K34","v":0.25},null,null,null,null,null,null,null,null,{"$f":"INDEX(H35:S35,$G$1)","v":0.4}]
[null,null,null,null,"Pre-tax Interest Rate","%",null,2.5000000000000001E-2,{"$f":"H36","v":2.5000000000000001E-2},{"$f":"I36","v":2.5000000000000001E-2},{"$f":"J36","v":2.5000000000000001E-2}]
[null,null,null,null,"Interest Rate","%",null,{"$f":"H36*(1-H26)","v":1.7499999999999998E-2},{"$f":"I36*(1-I26)","v":2.0000000000000004E-2},{"$f":"J36*(1-J26)","v":1.7499999999999998E-2},{"$f":"K36*(1-K26)","v":1.2500000000000001E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(H37:S37,$G$1)","v":1.7499999999999998E-2}]
[null,null,null,null,"Minimum Target Equity IRR","%",null,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,7.0000000000000007E-2,null,null,null,null,null,null,null,null,{"$f":"INDEX(H38:S38,$G$1)","v":7.0000000000000007E-2}]
[null,null,null,null,"WACC","%",null,{"$f":"H37*H34+H38*H35","v":3.8500000000000006E-2},{"$f":"I37*I34+I38*I35","v":3.2500000000000001E-2},{"$f":"J37*J34+J38*J35","v":3.0624999999999999E-2},{"$f":"K37*K34+K38*K35","v":2.6875000000000003E-2}]
[]
[null,null,null,null,"Required Pre-tax Project IRR","% p.a.",null,{"$f":"H39","v":3.8500000000000006E-2},0.04,5.5E-2,5.5E-2,null,null,null,null,null,null,null,null,{"$f":"INDEX(H41:S41,$G$1)","v":3.8500000000000006E-2}]
[null,null,null,null,"Required Real IRR","% p.a.",null,{"$f":"(1+H41)/(1+H32)-1","v":1.813725490196072E-2},{"$f":"(1+I41)/(1+I32)-1","v":1.9607843137254832E-2},{"$f":"(1+J41)/(1+J32)-1","v":3.4313725490195957E-2},{"$f":"(1+K41)/(1+K32)-1","v":3.4313725490195957E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(H42:S42,$G$1)","v":1.813725490196072E-2},null,null,{"$f":"_xlfn.FORMULATEXT(K42)","v":"=(1+K41)/(1+K32)-1"}]
[]
[null,null,null,null,"Nominal Adjusted for Degradation","% p.a.",null,{"$f":"(1+H41)/(1-H31)-1","v":4.8989898989898917E-2},{"$f":"(1+I41)/(1-I31)-1","v":4.0000000000000036E-2},{"$f":"(1+J41)/(1-J31)-1","v":5.4999999999999938E-2},{"$f":"(1+K41)/(1-K31)-1","v":6.5656565656565524E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(H44:S44,$G$1)","v":4.8989898989898917E-2},null,null,{"$f":"_xlfn.FORMULATEXT(K44)","v":"=(1+K41)/(1-K31)-1"}]
[null,null,null,null,"Real Adjusted for Degradation","% p.a.",null,{"$f":"(1+H42)/(1-H31)-1","v":2.8421469597940119E-2},{"$f":"(1+I42)/(1-I31)-1","v":1.9607843137254832E-2},{"$f":"(1+J42)/(1-J31)-1","v":3.4313725490195957E-2},{"$f":"(1+K42)/(1-K31)-1","v":4.4761338878985812E-2},null,null,null,null,null,null,null,null,{"$f":"INDEX(H45:S45,$G$1)","v":2.8421469597940119E-2},null,null,{"$f":"_xlfn.FORMULATEXT(K45)","v":"=(1+K42)/(1-K31)-1"}]
[]
[null,null,null,null,"Carrying charge rate - Nominal","% p.a.",null,{"$f":"PMT(H44,H24,-1)/(1-H26)","v":9.1863339392079149E-2},{"$f":"PMT(I44,I24,-1)/(1-I26)","v":6.6971652960325742E-2},{"$f":"PMT(J44,J24,-1)/(1-J26)","v":8.4373500175739372E-2},{"$f":"PMT(K44,K24,-1)/(1-K26)","v":0.18246054318243443},null,null,null,null,null,null,null,null,{"$f":"INDEX(H47:S47,$G$1)","v":9.1863339392079149E-2},null,null,{"$f":"_xlfn.FORMULATEXT(K47)","v":"=PMT(K44,K24,-1)/(1-K26)"}]
[null,null,null,null,"Carrying charge rate - Real","% p.a.",null,{"$f":"PMT(H45,H24,-1)/(1-H26)","v":7.140537097723279E-2},{"$f":"PMT(I45,I24,-1)/(1-I26)","v":4.9695763671677835E-2},{"$f":"PMT(J45,J24,-1)/(1-J26)","v":6.0153484195135963E-2},{"$f":"PMT(K45,K24,-1)/(1-K26)","v":0.15343448907589652},null,null,null,null,null,null,null,null,{"$f":"INDEX(H48:S48,$G$1)","v":7.140537097723279E-2},null,null,{"$f":"_xlfn.FORMULATEXT(K48)","v":"=PMT(K45,K24,-1)/(1-K26)"}]
[]
[null,null,null,null,"Value of Tax Deductions","%",null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"G70","v":0.17611369742559119}]
[null,null,null,null,"Capexp Recovery - Nominal","USD/KWyr",null,{"$f":"H47*H10","v":55.11800363524749},{"$f":"I47*I10","v":80.365983552390887},{"$f":"J47*J10","v":253.12050052721813},{"$f":"K47*K10","v":146.06878784469788},null,null,null,null,null,null,null,null,{"$f":"INDEX(H51:S51,$G$1)","v":55.11800363524749}]
[null,null,null,null,"Capexp Recovery - After Tax Shield","USD/KWyr",null,{"$f":"H51*(1-H29)","v":45.410968220326872},{"$f":"I51*(1-I29)","v":65.380189130130262},{"$f":"J51*(1-J29)","v":194.32953381466737},{"$f":"K51*(1-K29)","v":102.42934074834824}]
[null,null,null,null,"Capexp Recovery - Nominal","USD/MWhr",null,{"$f":"H52*1000/H20","v":22.523270848995068},{"$f":"I52*1000/I20","v":18.645958570080499},{"$f":"J52*1000/J20","v":36.947587994270933},{"$f":"K52*1000/K20","v":46.739375198881241},null,null,null,null,null,null,null,null,{"$f":"INDEX(H53:S53,$G$1)","v":22.523270848995068}]
[null,null,null,null,"Capexp Recovery - Real","USD/KWyr",null,{"$f":"H48*H10*(1-H29)","v":35.297944247031786},{"$f":"I48*I10*(1-I29)","v":48.514831039713833},{"$f":"J48*J10*(1-J29)","v":138.54585286400081},{"$f":"K48*K10*(1-K29)","v":86.134751601554612},null,null,null,null,null,null,null,null,{"$f":"INDEX(H54:S54,$G$1)","v":35.297944247031786}]
[null,null,null,null,"Capexp Recovery - Real","USD/MWhr",null,{"$f":"H54*1000/H20","v":17.507337761029167},{"$f":"I54*1000/I20","v":13.836080036423064},{"$f":"J54*1000/J20","v":26.341518910943954},{"$f":"K54*1000/K20","v":39.304016245290718},null,null,null,null,null,null,null,null,{"$f":"INDEX(H55:S55,$G$1)","v":17.507337761029167}]
[]
[null,null,null,null,"O&M Cost - Nominal","USD/kW-yr",null,{"$f":"PV(H42,H24,-1)/PV(H44,H24,-1)*H13","v":14.777697099826966},{"$f":"PV(I42,I24,-1)/PV(I44,I24,-1)*I13","v":20.214495566297199},{"$f":"PV(J42,J24,-1)/PV(J44,J24,-1)*J13","v":28.052739190313396},{"$f":"PV(K42,K24,-1)/PV(K44,K24,-1)*K13","v":7.8281397979570979},null,null,null,null,null,null,null,null,{"$f":"INDEX(H57:S57,$G$1)","v":14.777697099826966}]
[null,null,null,null,"O&M Cost - Nominal","USD/MWhr",null,{"$f":"H57*1000/H20","v":7.3295524704277222},{"$f":"I57*1000/I20","v":5.7650283955901207},{"$f":"J57*1000/J20","v":5.3336259773202146},{"$f":"K57*1000/K20","v":3.5720464512694945},null,null,null,null,null,null,null,null,{"$f":"INDEX(H58:S58,$G$1)","v":7.3295524704277222}]
[null,null,null,null,"O&M Cost - Real Degradation","USD/kW-yr",null,{"$f":"PV(H42,H24,-1)/PV(H45,H24,-1)*H13","v":11.486703516172266},{"$f":"PV(I42,I24,-1)/PV(I45,I24,-1)*I13","v":15},{"$f":"PV(J42,J24,-1)/PV(J45,J24,-1)*J13","v":20},{"$f":"PV(K42,K24,-1)/PV(K45,K24,-1)*K13","v":6.5828294126763822},null,null,null,null,null,null,null,null,{"$f":"INDEX(H59:S59,$G$1)","v":11.486703516172266}]
[null,null,null,null,"O&M Cost - Real","USD/MWhr",null,{"$f":"H59*1000/H20","v":5.6972609172654556},{"$f":"I59*1000/I20","v":4.277891854893908},{"$f":"J59*1000/J20","v":3.8025705376834744},{"$f":"K59*1000/K20","v":3.0038007815087302},null,null,null,null,null,null,null,null,{"$f":"INDEX(H60:S60,$G$1)","v":5.6972609172654556}]
[]
[null,null,null,null,"LCOE - Real","USD/MWhr",null,{"$f":"H55+H60","v":23.204598678294623},{"$f":"I55+I60","v":18.113971891316972},{"$f":"J55+J60","v":30.14408944862743},{"$f":"K55+K60","v":42.307817026799448},null,null,null,null,null,null,null,null,{"$f":"INDEX(H62:S62,$G$1)","v":23.204598678294623}]
[null,null,null,null,"LCOE - Nominal","USD/MWhr",null,{"$f":"H53+H58","v":29.852823319422789},{"$f":"I53+I58","v":24.41098696567062},{"$f":"J53+J58","v":42.28121397159115},{"$f":"K53+K58","v":50.311421650150734},null,null,null,null,null,null,null,null,{"$f":"INDEX(H63:S63,$G$1)","v":29.852823319422789}]
[]
[null,"Depreciation Tax Shield"]
[]
[null,null,null,null,"Year",{"$f":"H27","v":30},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
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[null,null,null,null,"NPV",{"$f":"T41","v":3.8500000000000006E-2},{"$f":"NPV(F69,H68:AU68)","v":0.58704565808530396}]
[null,null,null,null,"Multiplied by Tax Rate",{"$f":"T26","v":0.3},{"$f":"G69*F70","v":0.17611369742559119}]
[]
[null,null,null,null,"Year",{"$f":"I27","v":4},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,null,"Depreciation Rate",{"$f":"I28","v":2},null,{"$f":"IFERROR(VDB(1,0,$F$72,G72,H72,$F$73),0)","v":0.5},0.25,0.125,0.125,0,0,0,0,{"$f":"IFERROR(VDB(1,0,$F$72,O72,P72,$F$73),0)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"NPV",{"$f":"T41","v":3.8500000000000006E-2},{"$f":"NPV(F74,H73:AU73)","v":0.93234685621008551}]
[null,null,null,null,"Multiplied by Tax Rate",{"$f":"I26","v":0.2},{"$f":"G74*F75","v":0.18646937124201712}]
[]
[null,null,null,null,"Year",{"$f":"J27","v":10},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,null,"Depreciation Rate",{"$f":"J28","v":1.5},null,{"$f":"IFERROR(VDB(1,0,$F$77,G77,H77,$F$78),0)","v":0.15},0.1275,0.10837499999999999,9.2118749999999985E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,8.7001041666666654E-2,{"$f":"IFERROR(VDB(1,0,$F$77,O77,P77,$F$78),0)","v":8.7001041666666654E-2},8.7001041666666654E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"NPV",{"$f":"J41","v":5.5E-2},{"$f":"NPV(F79,H78:AU78)","v":0.77421579300631627}]
[null,null,null,null,"Multiplied by Tax Rate",{"$f":"J26","v":0.3},{"$f":"G79*F80","v":0.23226473790189486}]
[]
[null,null,null,null,"Year",{"$f":"K27","v":20},0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40]
[null,null,null,null,"Depreciation Rate",{"$f":"K28","v":1},null,{"$f":"IFERROR(VDB(1,0,$F$82,G82,H82,$F$83),0)","v":0.05},4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,{"$f":"IFERROR(VDB(1,0,$F$82,O82,P82,$F$83),0)","v":4.9999999999999996E-2},4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,4.9999999999999996E-2,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"NPV",{"$f":"K41","v":5.5E-2},{"$f":"NPV(F84,H83:AU83)","v":0.59751912424641518}]
[null,null,null,null,"Multiplied by Tax Rate",{"$f":"K26","v":0.5},{"$f":"G84*F85","v":0.29875956212320759}]
[]
[null,null,null,null,"Applied Tax Depreciation Rate",{"$f":"G1","v":1},null,{"$f":"CHOOSE($F$87,H68,H73,H78,H83)","v":3.3333333333333333E-2},3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,3.3333333333333333E-2,0,0,0,0,0,0,0,0,0,0]
[]
[null,"Proof w/ financial model",null,null,null,"Driver"]
[null,null,"Timeline",null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,"Flag",null,null,{"$f":"T24","v":30},null,{"$f":"H90<=$F$91","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,{"$f":"BT90<=$F$91","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,"Nominal"]
[null,null,null,null,"Price per MWH",{"$f":"T63","v":29.852823319422789},null,{"$f":"$F$93*H91","v":29.852823319422789},{"$f":"$F$93","v":29.852823319422789},29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,{"$f":"$F$93","v":29.852823319422789},29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789,29.852823319422789]
[null,null,null,null,"Generation without Degradation",{"$f":"T20","v":2016.18},null,{"$f":"$F$94*H91","v":2016.18},2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,2016.18,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$94*BT91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Degradation Index",{"$f":"T31","v":0.01},1,{"$f":"G95*(1-$F$95)","v":0.99},0.98009999999999997,0.97029899999999991,0.96059600999999994,0.95099004989999991,0.94148014940099989,0.93206534790698992,0.92274469442791995,{"$f":"O95*(1-$F$95)","v":0.91351724748364072},0.9043820750088043,0.89533825425871627,0.88638487171612912,0.87752102299896784,0.86874581276897811,0.86005835464128833,0.85145777109487542,0.84294319338392665,0.83451376145008738,0.82616862383558654,0.81790693759723065,0.80972786822125831,0.80163058953904576,0.79361428364365527,0.78567814080721876,0.77782135939914654,0.77004314580515509,0.76234271434710354,0.75471928720363246,0.74717209433159615,0.73970037338828021,0.73230336965439735,0.72498033595785338,0.7177305325982748,0.71055322727229209,0.70344769499956916,0.69641321804957346,0.68944908586907772,0.68255459501038696,0.67572904906028308,0.66897175856968027,0.66228204098398347,0.65565922057414361,0.64910262836840216,0.64261160208471813,0.63618548606387093,0.62982363120323226,0.62352539489119996,0.61729014094228796,0.61111723953286512,0.60500606713753646,0.59895600646616109,0.59296644640149943,0.58703678193748443,0.58116641411810954,0.57535474997692848,0.56960120247715917,0.56390519045238763,0.55826613854786378,0.55268347716238508,0.54715664239076123,0.54168507596685356,0.53626822520718498,0.53090554295511316,0.52559648752556198,{"$f":"BS95*(1-$F$95)","v":0.52034052265030639},0.5151371174238033,0.50998574624956527,0.50488588878706964,0.49983702989919893,0.49483865960020695,0.4898902730042049,0.48499137027416284,0.48014145657142121,0.47534004200570701,0.47058664158564995,0.46588077516979343,0.46122196741809551,0.45660974774391455,0.45204365026647542,0.44752321376381066,0.44304798162617254,0.43861750180991083,0.4342313267918117,0.42988901352389358,0.42559012338865465,0.42133422215476812,0.41712087993322045,0.41294967113388825,0.40882017442254937,0.40473197267832389,0.40068465295154065,0.39667780642202527,0.39271102835780503,0.38878391807422696,0.38489607889348471,0.38104711810454983,0.37723664692350434,0.37346428045426927,0.36972963764972655,0.36603234127322926]
[null,null,null,null,"Generation MWH",null,null,{"$f":"H94*H95","v":1996.0182},{"$f":"I94*I95","v":1976.0580179999999},1956.2974378199999,1936.7344634418,1917.367118807382,1898.193447619308,1879.2115131431151,1860.4193980116836,1841.8152040315667,1823.3970519912511,1805.1630814713387,1787.1114506566253,1769.240336150059,1751.5479327885582,1734.0324534606727,1716.6921289260661,1699.5252076368054,1682.5299555604372,1665.7046560048329,1649.0476094447845,1632.5571333503367,1616.2315620168333,1600.069246396665,1584.0685539326985,1568.2278683933714,1552.5455897094375,1537.0201338123434,1521.6499324742197,1506.4334331494777,1491.3690988179828,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU94*BU95","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Nominal Revenues (USD)",null,null,{"$f":"H93*H96","v":59586.778666952297},{"$f":"I93*I96","v":58990.910880282776},58401.001771479947,57816.991753765149,57238.8218362275,56666.433617865223,56099.769281686575,55538.771588869698,54983.383872981001,54433.550034251188,53889.214533908678,53350.322388569592,52816.819164683897,52288.650973037053,51765.764463306681,51248.106818673616,50735.625750486884,50228.269492982006,49725.986798052196,49228.726930071665,48736.43966077095,48249.075264163243,47766.584511521607,47288.918666406396,46816.029479742334,46347.869184944902,45884.39049309546,45425.5465881645,44971.291122282855,44521.578211060027,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU93*BU96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Inflation Index",{"$f":"T32","v":0.02},1,{"$f":"G98*(1+$F$98)","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,{"$f":"O98*(1+$F$98)","v":1.1950925686223111},1.2189944199947573,1.2433743083946525,1.2682417945625455,1.2936066304537963,1.3194787630628724,1.3458683383241299,1.3727857050906125,1.4002414191924248,1.4282462475762734,1.4568111725277988,1.4859473959783549,1.5156663438979221,1.5459796707758806,1.5768992641913981,1.6084372494752261,1.6406059944647307,1.6734181143540252,1.7068864766411058,1.7410242061739281,1.7758446902974065,1.8113615841033548,1.8475888157854219,1.8845405921011305,1.9222314039431532,1.9606760320220162,1.9998895526624565,2.0398873437157055,2.0806850905900198,2.1222987924018204,2.1647447682498568,2.208039663614854,2.252200456887151,2.2972444660248938,2.343189355345392,2.3900531424522997,2.4378542053013459,2.4866112894073726,2.53634351519552,2.5870703854994304,2.6388117932094191,2.6915880290736074,2.7454197896550796,2.8003281854481812,2.8563347491571447,2.9134614441402875,2.9717306730230932,3.0311652864835552,3.0917885922132262,3.1536243640574906,3.2166968513386403,3.2810307883654133,3.3466514041327216,3.4135844322153761,3.4818561208596837,3.5514932432768775,{"$f":"BS98*(1+$F$98)","v":3.6225231081424152},3.6949735703052635,3.7688730417113687,3.844250502545596,3.9211355125965079,3.9995582228484383,4.0795493873054074,4.1611403750515157,4.2443631825525463,4.3292504462035977,4.4158354551276693,4.5041521642302227,4.5942352075148269,4.6861199116651235,4.7798423098984264,4.8754391560963954,4.9729479392183231,5.07240689800269,5.1738550359627435,5.2773321366819985,5.3828787794156385,5.4905363550039512,5.6003470821040304,5.7123540237461112,5.8266011042210337,5.9431331263054545,6.0619957888315641,6.1832357046081956,6.3069004187003594,6.4330384270743668,6.5616991956158541,6.692933179528171,6.8267918431187349,6.9633276799811101,7.1025942335807324,7.2446461182523469]
[null,null,null,null,"O&M Cost",{"$f":"T13*1000","v":10000},null,{"$f":"$F$99*H98*H91","v":10200},10404,10612.08,10824.321599999999,11040.808032000001,11261.62419264,11486.8566764928,11716.593810022658,11950.92568622311,12189.944199947573,12433.743083946525,12682.417945625455,12936.066304537962,13194.787630628723,13458.683383241299,13727.857050906125,14002.414191924248,14282.462475762733,14568.111725277988,14859.473959783549,15156.663438979222,15459.796707758805,15768.992641913981,16084.372494752262,16406.059944647306,16734.181143540252,17068.864766411058,17410.242061739282,17758.446902974065,18113.615841033548,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$99*BT98*BT91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"EBITDA",null,null,{"$f":"H97-H99","v":49386.778666952297},{"$f":"I97-I99","v":48586.910880282776},47788.921771479945,46992.670153765153,46198.013804227499,45404.809425225219,44612.912605193778,43822.177778847043,43032.458186757889,42243.605834303613,41455.471449962155,40667.904442944135,39880.752860145934,39093.863342408331,38307.081080065385,37520.249767767491,36733.211558562638,35945.807017219275,35157.875072774208,34369.252970288115,33579.776221791726,32789.278556404439,31997.591869607626,31204.546171654132,30409.969535095028,29613.68804140465,28815.525726684402,28015.304526425218,27212.84421930879,26407.962370026478,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU97-BU99","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Less: Tax Depreciation",{"$f":"T10*1000","v":600000},null,{"$f":"$F$101*H87","v":20000},20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$101*BT87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Less: Interest",false,null,{"$f":"H141*$F$102","v":0},{"$f":"I141*$F$102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU141*$F$102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Taxable Income",null,null,{"$f":"H100-H101-H102","v":29386.778666952297},{"$f":"I100-I101-I102","v":28586.910880282776},27788.921771479945,26992.670153765153,26198.013804227499,25404.809425225219,24612.912605193778,23822.177778847043,23032.458186757889,22243.605834303613,21455.471449962155,20667.904442944135,19880.752860145934,19093.863342408331,18307.081080065385,17520.249767767491,16733.211558562638,15945.807017219275,15157.875072774208,14369.252970288115,13579.776221791726,12789.278556404439,11997.591869607626,11204.546171654132,10409.969535095028,9613.68804140465,8815.5257266844019,8015.3045264252178,7212.8442193087903,6407.9623700264783,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU100-BU101-BU102","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Taxes",{"$f":"T26","v":0.3},null,{"$f":"H103*$F$104","v":8816.0336000856896},8576.0732640848328,8336.6765314439835,8097.8010461295453,7859.4041412682491,7621.4428275675655,7383.8737815581335,7146.6533336541124,6909.7374560273665,6673.0817502910841,6436.6414349886463,6200.37133288324,5964.2258580437801,5728.1590027224993,5492.1243240196154,5256.0749303302473,5019.9634675687912,4783.742105165782,4547.3625218322622,4310.7758910864341,4073.9328665375178,3836.7835669213314,3599.2775608822876,3361.3638514962395,3122.9908605285082,2884.1064124213949,2644.6577180053205,2404.5913579275652,2163.8532657926371,1922.3887110079434,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT103*$F$104","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Less: Debt Service",null,null,{"$f":"H141+H139","v":16782.447040119849},{"$f":"I141+I139","v":16666.633957561357},16553.030144260065,16441.647550353598,16332.499188606216,16225.599166725478,16120.962720955817,16018.606250998815,15918.547356310333,15820.804873824825,15725.398917161481,15632.350917367428,15541.683665255079,15453.421355395778,15367.589631827579,15284.215635549432,15203.328053858884,15124.957171612959,15049.134924476406,14975.894954239739,14905.272666277882,14837.305289236727,14772.031937028138,14709.493673221627,14649.733577924197,14592.796817241348,14538.730715418309,14487.58482976192,14439.411028449598,14394.263571334897,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU141+BU139","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capital Expenditure",null,{"$f":"-T10*1000","v":-600000}]
[null,null,null,null,"Equity Cash Flow",null,{"$f":"-G131","v":-240000},{"$f":"H100-H104-H105","v":23788.298026746757},{"$f":"I100-I104-I105","v":23344.203658636583},22899.215095775897,22453.221557282006,22006.110474353034,21557.767430932174,21108.076102679828,20656.918194194117,20204.173374420188,19749.719210187701,19293.431097812027,18835.182192693468,18374.84333684708,17912.282984290057,17447.367124218195,16979.95920188781,16509.920037134962,16037.107740440535,15561.377626465539,15082.58212496194,14600.570688976326,14115.189700246381,13626.2823716972,13133.688646936265,12637.245096642322,12136.784811741907,11632.137293260772,11123.128338735733,10609.579925066555,10091.310087683636,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU100-BU104-BU105","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Equity IRR",null,{"$f":"IRR(G107:DC107)","v":7.0000000000000062E-2},"Target",{"$f":"H38","v":7.0000000000000007E-2},"Test",{"$f":"ROUND(I108-G108,3)=0","v":true}]
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[null,null,null,null,"Pre-tax IRR",null,{"$f":"IRR(109:109)","v":5.4177057907254467E-2}]
[null,null,null,null,"Project After-tax Cash Flow",null,{"$f":"G109","v":-600000},{"$f":"H100-(H100-H101)*$F$104","v":40570.745066866606},{"$f":"I100-(I100-I101)*$F$104","v":40010.837616197939},39452.245240035962,38894.869107635604,38338.60966295925,37783.366597657652,37229.038823635645,36675.524445192932,36122.720730730522,35570.524084012526,35018.830014973508,34467.533110060896,33916.527002102157,33365.704339685835,32814.956756045773,32264.174837437244,31713.248090993846,31162.064912053494,30610.512550941945,30058.477079201679,29505.843355254208,28952.494989483108,28398.314308725337,27843.182320157892,27286.978674566519,26729.581628983255,26170.868008679081,25610.713168497652,25048.990953516153,24485.573659018533,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU100-(BU100-BU101)*$F$104","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"After-tax IRR",null,{"$f":"IRR(G111:DC111)","v":3.8499999999999979E-2}]
[]
[null,null,null,"Asset Balance"]
[null,null,null,null,"Straight Line Depreciation",{"$f":"T24","v":30},{"$f":"-G106","v":600000},{"$f":"$G$115/$F$115*H91","v":20000},{"$f":"$G$115/$F$115*I91","v":20000},20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$G$115/$F$115*BU91","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"NPV of Future Project Cash Flow",null,{"$f":"NPV($G$112,H111:DC111)","v":599999.99999999919},582529.25493313279,564945.7936318604,547243.96144665114,529417.98485471157,511461.96760865871,493369.88676393445,475135.58858071023,456752.78429587471,{"$f":"NPV($G$112,Q111:DL111)","v":438215.04576053523},419515.80093830329,400648.32925945445,381605.75682588253,362381.05146157701,342967.01760316169,323356.2910248377,303541.33339185669,283514.42663644935,263267.667149899,242792.95978422824,222082.01165671932,201126.3257502488,179917.19430215028,158445.69197405773,136702.66879490105,114678.74286893822,92364.292840409064,69749.450106085744,46824.090766672387,23577.82730767312,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"NPV($G$112,CC111:FX111)","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Economic Depreciation",null,null,{"$f":"G116-H116","v":17470.745066866395},{"$f":"H116-I116","v":17583.461301272386},17701.832185209263,17825.976591939572,17956.017246052856,18092.08084472426,18234.298183224222,18382.804284835525,{"$f":"O116-P116","v":18537.738535339478},18699.244822231936,18867.471678848844,19042.572433571913,19224.705364305526,19414.033858415321,19610.726578323985,19814.957632981008,20026.906755407341,20246.759486550349,20474.707365670765,20710.94812750892,20955.68590647052,21209.131448098517,21471.502328092552,21743.023179156677,22023.925925962831,22314.450028529158,22614.84273432332,22925.359339413357,23246.263458999267,23577.82730767312,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT116-BU116","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,"Income with Straight Line Depreciation",{"$f":"SUM(H119:DC119)","v":376073.05113530275},null,{"$f":"H100-H115-H102-H104","v":20570.745066866606},{"$f":"I100-I115-I102-I104","v":20010.837616197943},19452.245240035962,18894.869107635608,18338.60966295925,17783.366597657652,17229.038823635645,16675.524445192932,16122.720730730522,15570.52408401253,15018.830014973508,14467.533110060895,13916.527002102153,13365.704339685832,12814.956756045769,12264.174837437244,11713.248090993846,11162.064912053493,10610.512550941945,10058.477079201681,9505.8433552542083,8952.4949894831079,8398.3143087253375,7843.1823201578927,7286.9786745665197,6729.5816289832546,6170.868008679081,5610.7131684976521,5048.9909535161532,4485.5736590185352,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU100-BU115-BU102-BU104","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Income with Economic Depreciation",{"$f":"SUM(H120:DC120)","v":273507.67355294776},null,{"$f":"(H100-H117-H102)*(1-$F$126)+H126-H141","v":16800.000000000215},{"$f":"(I100-I117-I102)*(1-$F$126)+I126-I141","v":16310.819138127652},15818.482221692153,15322.830920506191,14823.703575931911,14320.93509304247,13814.356829390101,13303.796480259938,12789.07796028435,12270.021281294965,11746.442426272471,11218.153219264699,10684.961191124852,10146.669440923943,9603.0764928885783,9053.9761486954303,8499.157334972002,7938.4039458204152,7371.4946801972328,6798.2028739583548,6218.2963263881247,5631.5371210069688,5037.6814404601992,4436.4793752736014,3827.6747262572189,3211.0048003302381,2586.2001995314586,1952.9846029703881,1311.074541466819,660.1791646148389,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BU100-BU117-BU102)*(1-$F$126)+BU126-BU141","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,"Gross Plant",null,{"$f":"G115","v":600000},{"$f":"G122","v":600000},{"$f":"H122","v":600000},600000,600000,600000,600000,600000,600000,{"$f":"O122","v":600000},600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,{"$f":"BT122","v":600000},600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000,600000]
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[null,null,null,null,"Net Plant",null,{"$f":"G122-G123","v":600000},{"$f":"H122-H123","v":582529.2549331336},{"$f":"I122-I123","v":564945.79363186122},547243.96144665196,529417.98485471238,511461.96760865953,493369.88676393527,475135.58858071105,456752.78429587552,438215.04576053604,419515.80093830411,400648.32925945526,381605.75682588335,362381.05146157782,342967.0176031625,323356.29102483852,303541.33339185751,283514.42663645017,263267.66714989982,242792.95978422905,222082.01165672013,201126.32575024961,179917.1943021511,158445.69197405851,136702.66879490181,114678.74286893895,92364.292840409791,69749.450106086442,46824.090766673093,23577.82730767387,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU122-BU123","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,"Deferred Taxes",{"$f":"T26","v":0.3},null,{"$f":"(H101-H117)*$F$126","v":758.77647994008146},{"$f":"(I101-I117)*$F$126","v":724.96160961828423},689.45034443722102,652.2070224181283,613.19482618414327,572.37574658272206,529.71054503273331,485.15871454934239,438.67843939815646,390.22655333041911,339.75849634534677,287.22826992842602,232.58839070834219,175.78984247540356,116.78202650280436,55.512710105697622,-8.0720266222022463,-74.027845965104646,-142.41220970122959,-213.28443825267604,-286.70577194115612,-362.73943442955493,-441.45069842776576,-522.90695374700294,-607.1777777888492,-694.33500855874729,-784.45282029699592,-877.60780182400697,-973.87903769977993,-1073.348192301936,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BU101-BU117)*$F$126","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Accumulated Deferred Taxes",false]
[null,null,null,null,"Net Capital",null,{"$f":"G124-G127","v":600000},{"$f":"H124-H127","v":582529.2549331336},{"$f":"I124-I127","v":564945.79363186122},547243.96144665196,529417.98485471238,511461.96760865953,493369.88676393527,475135.58858071105,456752.78429587552,438215.04576053604,419515.80093830411,400648.32925945526,381605.75682588335,362381.05146157782,342967.0176031625,323356.29102483852,303541.33339185751,283514.42663645017,263267.66714989982,242792.95978422905,222082.01165672013,201126.32575024961,179917.1943021511,158445.69197405851,136702.66879490181,114678.74286893895,92364.292840409791,69749.450106086442,46824.090766673093,23577.82730767387,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU124-BU127","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,null,null,"Debt Balance",{"$f":"T34","v":0.6},{"$f":"G128*$F$130","v":360000},{"$f":"H128*$F$130","v":349517.55295988015},{"$f":"I128*$F$130","v":338967.4761791167},328346.37686799117,317650.79091282742,306877.18056519568,296021.93205836113,285081.35314842663,274051.67057752528,262929.02745632164,251709.48056298244,240388.99755567315,228963.45409553,217428.6308769467,205780.21056189749,194013.77461490312,182124.80003511449,170108.65598187011,157960.60028993987,145675.77587053741,133249.20699403208,120675.79545014976,107950.31658129065,95067.4151844351,82021.601276941088,68807.245721363361,55418.575704245872,41849.670063651865,28094.454460003853,14146.696384604322,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU128*$F$130","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
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[null,null,null,null,"Generation",{"$f":"T20","v":2016.18},null,{"$f":"H96","v":1996.0182},1976.0580179999999,1956.2974378199999,1936.7344634418,1917.367118807382,1898.193447619308,1879.2115131431151,1860.4193980116836,1841.8152040315667,1823.3970519912511,1805.1630814713387,1787.1114506566253,1769.240336150059,1751.5479327885582,1734.0324534606727,1716.6921289260661,1699.5252076368054,1682.5299555604372,1665.7046560048329,1649.0476094447845,1632.5571333503367,1616.2315620168333,1600.069246396665,1584.0685539326985,1568.2278683933714,1552.5455897094375,1537.0201338123434,1521.6499324742197,1506.4334331494777,1491.3690988179828,0,0,{"$f":"AN96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT96","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Revenues (USD)",null,null,{"$f":"H150*H151","v":47243.137311283455},{"$f":"I150*I151","v":47706.120056934029},48173.640033491982,48645.741705820205,49122.469974537242,49603.870180287711,50089.988108054531,50580.869991513457,51076.562517430291,51577.112830101112,52082.568535836101,52592.977707487298,53108.388889020665,53628.85110013307,54154.413840914378,54685.127096555341,55221.041342101584,55762.207547254176,56308.677181217266,56860.502217593203,57417.735139325618,57980.428943691019,58548.637147339185,59122.413791383115,59701.813446538668,60286.891218314733,60877.702752254234,61474.304239226316,62076.752420770739,62685.104594494289,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU150*BU151","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Operating Cost",{"$f":"T13*1000","v":10000},null,{"$f":"H99","v":10200},10404,10612.08,10824.321599999999,11040.808032000001,11261.62419264,11486.8566764928,11716.593810022658,11950.92568622311,12189.944199947573,12433.743083946525,12682.417945625455,12936.066304537962,13194.787630628723,13458.683383241299,13727.857050906125,14002.414191924248,14282.462475762733,14568.111725277988,14859.473959783549,15156.663438979222,15459.796707758805,15768.992641913981,16084.372494752262,16406.059944647306,16734.181143540252,17068.864766411058,17410.242061739282,17758.446902974065,18113.615841033548,0,0,{"$f":"AN99","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT99","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"EBITDA",null,null,{"$f":"H152-H153","v":37043.137311283455},37302.120056934029,37561.56003349198,37821.420105820202,38081.661942537241,38342.245987647708,38603.131431561735,38864.276181490801,39125.636831207179,39387.168630153537,39648.825451889577,39910.559761861841,40172.322584482703,40434.063469504348,40695.730457673082,40957.270045649217,41218.627150177337,41479.745071491445,41740.565455939279,42001.028257809652,42261.071700346394,42520.632235932215,42779.644505425204,43038.04129663085,43295.753501891362,43552.710074774484,43808.837985843173,44064.062177487038,44318.305517796674,44571.488753460741,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT152-BT153","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Depreciation",{"$f":"T10*1000","v":600000},null,{"$f":"$F$155*H87","v":20000},20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,20000,0,0,{"$f":"$F$155*AN87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"$F$155*BT87","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Less: Taxes",{"$f":"T26","v":0.3},null,{"$f":"(H154-H155)*$F$156","v":5112.9411933850361},5190.6360170802081,5268.4680100475935,5346.4260317460603,5424.4985827611717,5502.6737962943125,5580.9394294685198,5659.2828544472404,5737.6910493621535,5816.1505890460612,5894.6476355668729,5973.1679285585524,6051.6967753448107,6130.2190408513043,6208.7191373019241,6287.1810136947652,6365.5881450532006,6443.9235214474329,6522.1696367817831,6600.3084773428955,6678.3215101039177,6756.1896707796641,6833.8933516275611,6911.4123889892553,6988.7260505674085,7065.813022432345,7142.6513957529514,7219.218653246111,7295.4916553390021,7371.4466260382214,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"(BT154-BT155)*$F$156","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Capex",null,{"$f":"T10*1000","v":600000}]
[null,null,null,null,"Project Cash Flow",null,{"$f":"G154-G157","v":-600000},{"$f":"H154-H156","v":31930.19611789842},{"$f":"I154-I156","v":32111.484039853822},32293.092023444387,32474.99407407414,32657.16335977607,32839.572191353393,33022.192002093216,33204.993327043558,33387.945781845025,33571.018041107476,33754.177816322706,33937.391833303293,34120.625809137891,34303.844428653043,34487.011320371159,34670.089031954449,34853.039005124134,35035.821550044013,35218.395819157493,35400.719780466759,35582.750190242477,35764.442565152553,35945.751153797639,36126.628907641592,36307.027451323956,36486.897052342138,36666.186590090219,36844.843524240925,37022.813862457675,37200.042127422523,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BU154-BU156","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"IRR",null,{"$f":"IRR(G158:DT158)","v":3.8500000000000201E-2}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV(Revenues)/NPV(Generation)"]
[]
[null,null,null,null,null,null,"Computed","Method 1","Test"]
[null,null,null,null,"NPV of Revenues",{"$f":"T41","v":3.8500000000000006E-2},{"$f":"NPV(F164,H152:EC152)","v":935996.97299523174}]
[null,null,null,null,"NPV of Generation",{"$f":"F164","v":3.8500000000000006E-2},{"$f":"NPV(F165,H96:DC96)","v":31353.716966068499}]
[null,null,null,null,"Nominal LCOE",null,{"$f":"G164/G165","v":29.852823319422793},{"$f":"$F$93","v":29.852823319422789},{"$f":"ROUND(G166-H166,0)=0","v":true}]
[]
[null,null,null,null,"Real Discount Rate"]
[null,null,null,null,"NPV of Revenues",{"$f":"F164","v":3.8500000000000006E-2},{"$f":"G164","v":935996.97299523174}]
[null,null,null,null,"NPV of Generation",{"$f":"$T$42","v":1.813725490196072E-2},{"$f":"NPV(F170,H151:DC151)","v":40336.701615561906}]
[null,null,null,null,"Real LCOE",null,{"$f":"G164/G170","v":23.204598678294609},{"$f":"$F$149","v":23.204598678294623},{"$f":"ROUND(G171-H171,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[]
[null,null,null,null,"Capital Expenditure at COD -1",null,{"$f":"T10*1000","v":600000}]
[null,null,null,null,"Gross-Up for Taxes",{"$f":"T26","v":0.3},{"$f":"G175/(1-F176)","v":857142.85714285716}]
[null,null,null,null,"Value of Tax Deduction",{"$f":"T29","v":0.17611369742559119},{"$f":"G176*F177*-1","v":-150954.59779336388}]
[null,null,null,null,"O&M Factors (Nom OM, Life)",{"$f":"T57","v":14.777697099826966},{"$f":"T24","v":30}]
[null,null,null,null,"NPV of O&M Expenses",{"$f":"T44","v":4.8989898989898917E-2},{"$f":"PV(F179,G178,-F178)*1000","v":229808.71364573919}]
[null,null,null,null,"Total Cost",null,{"$f":"G176+G179+G177","v":935996.97299523244}]
[]
[null,null,null,null,"NPV Generation - Nominal",{"$f":"F164","v":3.8500000000000006E-2},{"$f":"NPV(F182,H96:DC96)","v":31353.716966068499}]
[null,null,null,null,"Nominal LCOE",null,{"$f":"G180/G182","v":29.852823319422814},{"$f":"$F$93","v":29.852823319422789},{"$f":"ROUND(H183-G183,0)=0","v":true}]
[]
[null,null,null,null,"Total Cost",null,{"$f":"G180","v":935996.97299523244}]
[null,null,null,null,"NPV Generation - Real",{"$f":"T42","v":1.813725490196072E-2},{"$f":"NPV(F186,H96:DC96)","v":40336.701615561906}]
[null,null,null,null,"Real LCOE",null,{"$f":"G185/G186","v":23.204598678294623},{"$f":"$F$149","v":23.204598678294623},{"$f":"ROUND(G187-H187,0)=0","v":true}]
[]
[null,"Proof with LCOE Formula - LCOE =NPV Cost/NPV(Generation)"]
[null,null,null,null,null,null,null,{"$f":"H90","v":1},2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,{"$f":"AN90","v":33},34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,{"$f":"BT90","v":65},66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100]
[null,null,null,null,"Inflated Price",null,{"$f":"G187","v":23.204598678294623},{"$f":"H150","v":23.668690651860516},24.142064464897725,24.62490575419568,25.117403869279592,25.619751946665186,26.132146985598492,26.65478992531046,27.18788572381667,27.731643438293005,28.286276307058866,28.852001833200042,29.429041869864044,30.017622707261324,30.617975161406552,31.230334664634686,31.854941357927377,32.492040185085926,33.141880988787648,33.804718608563398,34.480812980734669,35.170429240349364,35.873837825156357,36.591314581659482,37.323140873292672,38.069603690758527,38.830995764573693,39.60761567986517,40.399767993462476,41.207763353331721,42.031918620398358,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,{"$f":"BT150","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Generation",null,null,1996.0182,1976.0580179999999,1956.2974378199999,1936.7344634418,1917.367118807382,1898.193447619308,1879.2115131431151,1860.4193980116836,1841.8152040315667,1823.3970519912511,1805.1630814713387,1787.1114506566253,1769.240336150059,1751.5479327885582,1734.0324534606727,1716.6921289260661,1699.5252076368054,1682.5299555604372,1665.7046560048329,1649.0476094447845,1632.5571333503367,1616.2315620168333,1600.069246396665,1584.0685539326985,1568.2278683933714,1552.5455897094375,1537.0201338123434,1521.6499324742197,1506.4334331494777,1491.3690988179828,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,"Discount Factor - Nominal",{"$f":"F182","v":3.8500000000000006E-2},null,{"$f":"1/(1+$F$193)^H190","v":0.96292729898892637},0.9272289831381092,0.89285410027742818,0.85975358717133188,0.82788019949093106,0.7971884443822157,0.76763451553415096,0.73917623065397287,0.7117729712604457,0.68538562470914366,0.6599765283670137,0.63550941585653697,0.61194936529276545,0.58926274943935042,0.56741718771242233,0.54638149996381524,0.52612566197767474,0.50662076261692324,0.48783896255842391,0.4697534545579431,0.45233842518819756,0.43556901799537556,0.41942129802154604,0.40387221764231679,0.38889958367098387,0.3744820256822185,0.36059896551008042,0.3472305878768227,0.33435781211056592,0.32196226491147412,0.31002625412756302,0.29853274350270864,0.28746532836081717,0.27680821219144647,0.2665461841034632,0.25666459711455286,0.24714934724559739,0.2379868533900793,0.22916403792978268,0.22066830806912147,0.21248753786145544,0.20461005090173853,0.1970246036607978,0.18972036943745577,0.18268692290559052,0.17591422523407846,0.16939260975838086,0.16311276818332285,0.15706573729737397,0.1512428861794646,0.14563590388008144,0.14023678755905772,0.13503783106312733,0.13003161392694013,0.12521099078183931,0.12056908115728386,0.11609925966036003,0.11179514651936448,0.10765059847796292,0.10365970002692623,9.9816754960930426E-2,9.6116278248368228E-2,9.2552988202569339E-2,8.9121798943254019E-2,{"$f":"1/(1+$F$193)^BT190","v":8.5817813137461743E-2},8.263631500959244E-2,7.9572763610584921E-2,7.6622786336624865E-2,7.3782172688131781E-2,7.1046868260117274E-2,6.8412968955336814E-2,6.5876715411975734E-2,6.3434487637915968E-2,6.1082799843924861E-2,5.8818295468391776E-2,5.6637742386511099E-2,5.4538028297073764E-2,5.2516156280282861E-2,5.0569240520253127E-2,4.8694502186088694E-2,4.6889265465660766E-2,4.5150953746423458E-2,4.3477085937817482E-2,4.1865272930012021E-2,4.031321418393069E-2,3.8818694447694452E-2,3.7379580594794855E-2,3.5993818579484686E-2,3.4659430505040625E-2,3.3374511800713165E-2,3.213722850333478E-2,3.0945814639706092E-2,2.979856970602416E-2,2.869385624075509E-2,2.7630097487486849E-2,2.6605775144426424E-2,2.5619427197329247E-2,2.4669645832767689E-2,2.375507542876042E-2,2.2874410619894477E-2]
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[]
[null,null,null,null,"LCOE with Sumproduct - MWH",{"$f":"SUMPRODUCT(H195:DC195*H191:DC191)","v":29.852823319422797},null,{"$f":"_xlfn.FORMULATEXT(F197)","v":"=SUMPRODUCT(H195:DC195*H191:DC191)"}]
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[null,null,null,null,{"$f":"TRANSPOSE(H5:S5)","v":"Solar"}]
[null,null,null,null,"Wind"]
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[null,null,null,null,"Example"]
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[null,null,null,null,{"$error":"#N/A"}]