{"text_format":"1","workbook":"xlsx","n_sheets":17,"sheets":["Information","Results","Brazil Resources","Flow Diagram","Plant Diagram","Replacement Example 1","Replacement Example 2","Replacement Example 3","Replacement Example 4","Degradation Example 1","Degradation Example 2","LCOs","Fin. Model Electroyzer","Fin. Model NH3","Consolidated","Adder for Construction Period","Stages"],"not_rendered":{"charts":4,"images":10,"macros":1,"external_links":0,"defined_names":0,"comments":2,"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":"Information","index":0,"n_rows":163,"n_cols":9,"rows_kept":163,"cut":false,"hidden":false,"merged":[]}
["Information"]
[null,"Based on Alklaline A-Series from NEL and Haber Bosch from Haldor Topsoe"]
[null,"Economic Analysis done by Massimiliano Cervo and Ed Bodmer with Excel, with Matlab and Information from Global Solar Atlas, HiSys"]
[null,"Cost Approximations done with Lead Software"]
[null,"Oxygen Sales Revenue is not considered in this Analysis."]
[null,"Based on AdAstra Project it could improve the IRR of the Overall Project Leveling the Ammonia Price"]
[null,"79% of Ammonia Demand for Fertilizer"]
[null,"CAGR 1.9% p.a for Ammonia Demand"]
[null,"Tipical Ammonia Plant produced 1500 Tn/Day"]
[null,"Mass and Energy Balance done with Sci Kit Learn with Curve Optimiser"]
[null,"Business Case for Investors -> Trasnporting Renewable Energy Overseas in the way of Ammonia"]
[null,"Ammonia is currently shipped at -33 Celsius and Ambient Pressure in LPG ships."]
[null,"Shipping Cost Depends on shipping distance and speed."]
[null,"Deadweight Tonnage is 90% of cargo weight."]
[null,"Shipping Cost -> 43 to 59 EUR/TnNH3 Distance: 13500 km"]
[null,"China consumes 33.7% of Global Ammonia Production"]
[null,"Europe Consumes 21.5% of Global Ammonia Production."]
[]
[null,"Inputs for the simulation"]
[null,null,null,"Energy Load Curves vs Time"]
[null,null,null,"Electricity Costs "]
[null,null,null,"Component CapEx + Size with Economies of Scale"]
[null,null,null,"OpEx vs Time"]
[null,null,null,"WorldWide Data 2021"]
[]
[null,"Renewable Energy"]
[null,null,null,null,"Mercado de Leiloes 2021"]
[null,null,null,"Fontes","# Projects","Power","Min Price","Max Price","Average"]
[null,null,null,"Wind",{"$f":"4+3","v":7},{"$f":"251.7+167.8","v":419.5},26.19,28.98,{"$f":"AVERAGE(G29:H29)","v":27.585000000000001}]
[null,null,null,"Solar",{"$f":"2+1","v":3},{"$f":"169.3+100","v":269.3},23.65,26.21,{"$f":"AVERAGE(G30:H30)","v":24.93}]
[null,null,null,"Hydro",{"$f":"3+3","v":6},{"$f":"35.25+77.02","v":112.27},39.85,42.12,{"$f":"AVERAGE(G31:H31)","v":40.984999999999999}]
[null,null,null,"Thermal",{"$f":"2+3","v":5},{"$f":"91.14+92.5","v":183.64},33.770000000000003,37.69,35.730000000000004]
[]
[null,null,null,"CapEx for Solar",850000,"USD/MW","Installed",null,"TURNKEY PRICE"]
[]
[null,"Electrolysis Plant"]
[null,null,null,"Capacity","MW",400]
[null,null,null,"System CapEx","USD/kWe",630]
[null,null,null,"Electrolyzer Stack Weight","%",0.46]
[null,null,null,"Plant Lifetime","Years",25]
[null,null,null,"Stack Lifetime","Hours",67500]
[null,null,null,"Electrolyzer Load Factor - Maximum Possible","%",0.96]
[null,null,null,"Electrolyzer Efficiency","kWh/kg",56]
[null,null,null,"Learning Curve","%",0.01]
[null,null,null,"OpEx as a Function of CapEx","%",1.4999999999999999E-2]
[null,null,null,"Degradation of the Stack","% p.a.",0.01]
[null,null,null,"Water Requirement","L/m3H2",1]
[null,null,null,"Area for 400 MW","km2",30]
[null,null,null,"Operating Pressure","Bar",5]
[null,null,null,"O2:H2 Mass Ratio","Ratio","8:1"]
[null,null,null,"Largest Size Unit","MW",20]
[null,null,null,"Water Cost","USD/m3",0.5]
[]
[null,"Economics"]
[null,null,null,"Inflation","% p.a.",3.2099999999999997E-2]
[null,null,null,"Tax Rate","%",0.25]
[null,null,null,"Cost of Equity","%",0.12]
[null,null,null,"Cost of Debt","%",6.2E-2]
[null,null,null,"Interest Rate - Same as cost of Debt","%",{"$f":"F58","v":6.2E-2}]
[null,null,null,"Ideal Debt Amount in %","%",0.7]
[null,null,null,"Maximum Equity % possible","%",0.3]
[]
[null,"Ammonia - Haber Bosch "]
[null,null,null,"Working Pressure","Bar",150]
[null,null,null,"Operating Temperature","Celsius",400]
[null,null,null,"Conversion Efficiency","%",0.97]
[null,null,null,"Catalyst Lifetime","Years",80000]
[null,null,null,"Catalyst Replacement Cost as % of CapEx","%",0.3]
[null,null,null,"H2:N2 Mass Ratio","Ratio","6:28"]
[null,null,null,"Power Consumption for the Haber Bosch Process","MWh/TnNH3","0.648"]
[null,null,null,"Load Factor","%","96%"]
[null,null,null,"Spilled Energy","%","0.4%"]
[null,null,null,"Air Separation Unit CapEx","USD/TnN2","22.2"]
[null,null,null,"Haber Bosch Reactor CapEx","USD/TnNH3","3018"]
[null,null,null,"Air Separation Unit Power Consumption","MWh/TnNH3","0.90"]
[null,null,null,"Minimum Load","%","50%"]
[]
[null,"Compression"]
[null,null,null,"Hydrogen Compression Efficiency","%","70%"]
[null,null,null,"Nitrogen Compression Efficiency","%",0.85]
[null,null,null,"Nitrogen Amount in Air for Every Tonne","Tn",0.75600000000000001]
[null,null,null,"Oxygen Amount in Air for Every Tonne","Tn",0.23100000000000001]
[null,null,null,"CapEx","USD/kW",200]
[null,null,null,"Power Consumption","MWh/TnNH3",1]
[null,null,null,"Nitrogen Compression Stages","Stages",5]
[null,null,null,"Final Pressure For N2 and H2","Bar",150]
[]
[null,"Cooling Unit"]
[null,null,null,"Water Consumption","TnH20/TnNH3",170]
[]
[null,"Additional"]
[null,null,null,"EPC as % of CapEx","%",0.28000000000000003]
[null,null,null,"Cost of Services and Civil Work as % of TCI","%",0.1]
[]
[null,"Accronyms"]
[null,null,null,"PEC = Purchased Equipment Cost"]
[null,null,null,"TCI = Total Capitasl Invested"]
[null,null,null,"ASU = Air Separation Unit"]
[null,null,null,"LCOE = Levelized Cost of Energy"]
[null,null,null,"OpEx = Operating Expenditures"]
[null,null,null,"WACC = Weighted Average Cost of Capital"]
[null,null,null,"p.a. = Per Annum"]
[null,null,null,"CapEx = Capital Expenditures"]
[null,null,null,"LCOA = Levelized Cost of Ammonia"]
[null,null,null,"LCOH = Levelized Cost of Hydrogen"]
[]
[null,"Benchmark Prices"]
[null,null,null,"Target Electricity Price","USD/MWh",20]
[null,null,null,"Maximum Electricity Price","USD/MWh",35]
[null,null,null,"Levelized cost of Hydrogen","USD/kg",2]
[null,null,null,"Minimum Ammonia Price in Spot Market","USD/TnNH3",300]
[null,null,null,"Maximum Ammonia Price in Spot Market","USD/TnNH3",500]
[]
[null,"Carbon Footprint"]
[null,null,null,"Natural Gas Required for Ammonia production Formula","= 25000 * X / 200"]
[null,null,null,"Emissions Mitigated Only for the Haber Bosch","= 68000 * X / 25000"]
[]
[null,"Storage Unit"]
[null,null,null,"Storage Pressure","Bar",18]
[null,null,null,"Double Isolation","m",1]
[null,null,null,"Suggested Storage Limit","Days",30]
[null,null,null,"Freeboard","%",0.1]
[null,null,null,"Height for 9000 Tn","m",22]
[null,null,null,"Widht for 9000 Tn","m",29]
[null,null,null,"Boil-Off","% p.day",2.9999999999999997E-4]
[null,null,null,"CapEx","USD/TnNH3",728]
[null,null,null,"Fix OpEx as % of CapEx","% p.a.",4]
[null,null,null,"OpEx Variable","USD/TnNH3",1.1999999999999999E-3]
[null,null,null,"Lifetime","Years",30]
[]
[null,"Stoichiomestry"]
[null,null,null,"Multiplying Factor Calculating N2 from H2","Factor",4.5999999999999996]
[null,null,null,"Multiplying Factor to Calculate NH3 from H2","Factor",5.6]
[]
[null,null,null,"Nitrogen Density","kg/m3",1.1499999999999999]
[null,null,null,"Hydrogen Density","kg/m3",8.2000000000000003E-2]
[]
[null,"Equations Based on Economies of Scale for Haber Bosch based on Brown"]
[null,null,null,"CAPEX synthesis loop = 23850000 * Capacity (TnNH3/day)^-1.340 + 173500"]
[]
[null,null,null,"CAPEX asu = 1606000 * Capacity (TnN2/day)^-0.6249 + 9318"]
[]
[null,null,null,"CAPEX nh3 storage = 46600 * Capacity (TnNH3)^-0.8636 + 536.9"]
[]
[null,"PV Information from Vendors"]
[null,null,"Fixed Titled"]
[null,null,null,"Maximum CapEx","USD/kWp",678]
[null,null,null,"Minimum CapEx","USD/kWp",505]
[null,null,null,"Fix OpEx Max","USD/kWp p.a.",15.44]
[null,null,null,"Fix OpEx Min","USD/kWp p.a.",9.08]
[null,null,null,"Lifetime","Years",30]
[]
[null,null,"Single Axis Tracking"]
[null,null,null,"Maximum CapEx","USD/kWp",746]
[null,null,null,"Minimum CapEx","USD/kWp",555]
[null,null,null,"Fix OpEx Max","USD/kWp p.a.",17.55]
[null,null,null,"Fix OpEx Min","USD/kWp p.a.",9.99]
[null,null,null,"Lifetime","Years",30]
[]
[null,"Wind Onshore from Vestas"]
[null,null,null,"CapEx","USD/kWp",1345]
[null,null,null,"Fix OpEx as % of CapEx","% p.a.",0.02]
[null,null,null,"Lifetime","Year",25]

{"sheet":"Results","index":1,"n_rows":37,"n_cols":23,"rows_kept":37,"cut":false,"hidden":false,"merged":[]}
[null,null,"Amount",null,"Expense"]
[null,"Power",{"$f":"LCOs!F122","v":276315.42857142852},"MWh/Yr",{"$f":"LCOs!F124","v":6888543.6342857126},"USD/Yr",null,null,null,null,null,null,null,null,null,null,null,null,null,"Amount",null,"Expense"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Power",{"$f":"LCOs!G86","v":3363840},"MWh/Yr",{"$f":"LCOs!G93","v":88064382.825993076},"USD/Yr"]
[null,"Air",{"$f":"LCOs!F114","v":354250.54945054936},"Tn/Yr"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Water",{"$f":"LCOs!H79","v":660754.28571428568},"m3/Yr",{"$f":"LCOs!H81","v":330377.14285714284},"USD/Yr"]
[]
[]
[null,null,"Production",null,"Cost",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Production",null,"Cost"]
[null,"Nitrogen",{"$f":"LCOs!F116","v":276315.42857142852},"Tn/Yr",{"$f":"LCOs!F134","v":27.009070046289999},"USD/tNn2",null,null,null,null,null,null,null,null,null,null,null,null,"Hydrogen",{"$f":"LCOs!H108/1000","v":60068.571428571428},"Tn/Yr",{"$f":"LCOs!H110","v":2.0186382743553315},"USD/kgH2"]
[]
[]
[]
[null,null,"Amount",null,"Expense"]
[null,"Power",{"$f":"LCOs!F147","v":336383.99999999994},"MWh/Yr",{"$f":"LCOs!F149","v":8386053.1199999982},"USD/Yr"]
[]
[null,null,"Amount",null,"Expense"]
[null,"Power",{"$f":"LCOs!F179","v":261033.984},"MWh/Yr",{"$f":"LCOs!F181","v":6507577.2211199999},"USD/Yr"]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,null,"NH3 Production",null,{"$f":"LCOs!F220","v":326292.47999999998},"Tn/Yr"]
[null,null,null,null,null,"CHOOSE YOUR POWER SCENARIO BELOW",null,null,null,null,"Cost of Ammonia",null,{"$f":"LCOs!F221","v":488.75073487037793},"USD/Tn"]
[]
[null,"Summary",null,null,null,null,null,null,null,"Power Consumption Summary",null,null,null,null,null,"Investment Summary"]
[null,"Total Power Req",null,null,{"$f":"C17+C14+T3+C2","v":4237573.4125714283},"MWh/Yr",null,null,null,"Electrolysis",null,{"$f":"T3","v":3363840},"MWh/Yr",{"$f":"L27/$E$27","v":0.79381279626227574},null,"Electrolysis",null,{"$f":"LCOs!F62","v":136080000},"USD",{"$f":"R27/$R$31","v":0.40641132063076729}]
[null,"Total Water Req",null,null,{"$f":"T5","v":660754.28571428568},"m3/Yr",null,null,null,"ASU",null,{"$f":"C2","v":276315.42857142852},"MWh/Yr",{"$f":"L28/$E$27","v":6.5206051121544067E-2},null,"ASU",null,{"$f":"LCOs!F126","v":574479.13087064144},"USD",{"$f":"R28/$R$31","v":1.7157173886827807E-3}]
[null,"Total H2 Produced",null,null,{"$f":"T9","v":60068.571428571428},"Tn/Yr",null,null,null,"Compression",null,{"$f":"C14","v":336383.99999999994},"MWh/Yr",7.9381279626227569E-2,null,"Compression",null,{"$f":"LCOs!F153","v":3378713.48},"USD",1.0090736386241738E-2]
[null,"Total NH3 Produced",null,null,{"$f":"M23","v":326292.47999999998},"Tn/Yr",null,null,null,"Haber Bosch",null,{"$f":"C17","v":261033.984},"MWh/Yr",6.1599872989952599E-2,null,"Haber Bosch",null,{"$f":"LCOs!F293","v":194800000},"USD",0.58178222559430826]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Initial Investment",null,{"$f":"SUM(R27:R30)","v":334833192.6108706}]
[null,"Levelized Cost of Hydrogen",null,null,{"$f":"V9","v":2.0186382743553315},"USD/kg",null,null,null,"Expense Summary"]
[null,"Levelized Cost of Ammonia",null,null,{"$f":"M24","v":488.75073487037793},"USD/Tn",null,null,null,"Electrolysis",null,{"$f":"LCOs!#REF!","v":{"$error":"#REF!"}},"USD/Yr",{"$f":"L33/$L$37","v":{"$error":"#REF!"}}]
[null,null,null,null,null,null,null,null,null,"ASU",null,{"$f":"LCOs!F130","v":7463022.7651563538},"USD/Yr",{"$f":"L34/$L$37","v":{"$error":"#REF!"}}]
[null,"IRR",null,null,{"$f":"'Fin. Model NH3'!F88","v":7.9400000000000137E-2},null,null,null,null,"Compression",null,{"$f":"LCOs!F160","v":8700946.2527827099},"USD/Yr",{"$error":"#REF!"}]
[null,"NPV",null,null,{"$f":"'Fin. Model NH3'!F89","v":1.988788710847395E-7},null,null,null,null,"Haber Bosch",null,{"$f":"LCOs!F218","v":159475689.38267809},"USD/Yr",{"$error":"#REF!"}]
[null,null,null,null,null,null,null,null,null,"Total Plant Expense",null,{"$f":"SUM(L33:L36)","v":{"$error":"#REF!"}},"USD/Yr"]

{"sheet":"Brazil Resources","index":2,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Flow Diagram","index":3,"n_rows":5,"n_cols":2,"rows_kept":5,"cut":false,"hidden":false,"merged":[]}
[null,"Power to Ammonia configuration. Commercially available today, Hydrogen compression can be done in one cycle vs the one from nitrgoen in 5 stages. LT = Low Temperature <100. HT = High Temperature >150 "]
[null,"Green Arrows mean Electricity Flow"]
[null,"Blue arrows mean the hydrogen ammonia flow."]
[null,"Orange arrows are waste heat."]
[null,"Red arrows are for the ammonia."]

{"sheet":"Plant Diagram","index":4,"n_rows":0,"n_cols":0,"rows_kept":0,"cut":false,"hidden":false,"merged":[]}

{"sheet":"Replacement Example 1","index":5,"n_rows":39,"n_cols":26,"rows_kept":39,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Inputs"]
[null,null,"Total Life",20]
[null,null,"Replacement",10]
[]
[null,null,"Initial Cost",100000]
[null,null,"Replacement",50000]
[]
[null,null,"Target IRR",0.1]
[null,null,"PMT for 20",{"$f":"PMT(D10,D4,-1)","v":0.11745962477254579}]
[null,null,"PMT for 10",{"$f":"PMT(D10,D5,-1)","v":0.16274539488251161}]
[]
[null,"LCOE Option 1"]
[]
[null,null,"Method 1 - Split","Base","Replacement","Total"]
[]
[null,null,"Cap Exp",{"$f":"D7-D8","v":50000},{"$f":"D8","v":50000},{"$f":"E18+D18","v":100000}]
[null,null,"Recovery Factor",{"$f":"D11","v":0.11745962477254579},{"$f":"D12","v":0.16274539488251161}]
[null,null,"Capital Recovery",{"$f":"D18*D19","v":5872.9812386272897},{"$f":"E18*E19","v":8137.2697441255805},{"$f":"E20+D20","v":14010.25098275287}]
[]
[null,"LCOE Option 2"]
[null,null,"Replacement",{"$f":"D8","v":50000}]
[null,null,"PV of Replacement",{"$f":"D23/(1+D10)^D5","v":19277.164471476575}]
[]
[null,null,"Up Front Cost",{"$f":"D7","v":100000}]
[null,null,"PV of Replacement",{"$f":"D24","v":19277.164471476575}]
[null,null,"Total Capital Cost",{"$f":"D26+D27","v":119277.16447147657}]
[]
[null,null,"Recovery Factor",{"$f":"D11","v":0.11745962477254579}]
[null,null,"Total Recovery",{"$f":"D30*D28","v":14010.250982752868}]
[]
[null,"Financial Model"]
[null,null,"Time Period",null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,null,"Revenues",{"$f":"D31","v":14010.250982752868},null,null,{"$f":"$D$35","v":14010.250982752868},{"$f":"$D$35","v":14010.250982752868},14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868]
[null,null,"Up-Front Capital",{"$f":"D26","v":100000},null,{"$f":"D36","v":100000}]
[null,null,"Replacement Capital",{"$f":"D23","v":50000},{"$f":"D5","v":10},null,{"$f":"(G34=$E$37)*$D$37","v":0},{"$f":"(H34=$E$37)*$D$37","v":0},0,0,0,0,0,0,0,50000,0,0,0,0,0,0,0,0,0,0]
[null,null,"Cash Flow",null,null,{"$f":"F35-F36-F37","v":-100000},{"$f":"G35-G36-G37","v":14010.250982752868},14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,-35989.74901724713,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868]
[null,null,"IRR",{"$f":"IRR(F38:Z38)","v":9.9999999999999867E-2}]

{"sheet":"Replacement Example 2","index":6,"n_rows":62,"n_cols":26,"rows_kept":62,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Inputs"]
[null,null,"Total Life",20]
[null,null,"Replacement",10]
[]
[null,null,"Initial Cost",100000]
[null,null,"Replacement",50000]
[]
[null,null,"Target IRR",0.1]
[null,null,"Tax Rate",0.3]
[]
[null,null,"PMT for 20",{"$f":"PMT(D10,D4,-1)","v":0.11745962477254579},{"$f":"_xlfn.FORMULATEXT(D13)","v":"=PMT(D10,D4,-1)"}]
[null,null,"PMT for 10",{"$f":"PMT(D10,D5,-1)","v":0.16274539488251161},{"$f":"_xlfn.FORMULATEXT(D14)","v":"=PMT(D10,D5,-1)"}]
[]
[null,null,"PV of Deprecaition 20",{"$f":"PV(D10,D4,-1/D4)","v":0.42567818598792828},{"$f":"_xlfn.FORMULATEXT(D16)","v":"=PV(D10,D4,-1/D4)"}]
[null,null,"PV of Deprecaition 10",{"$f":"PV(D10,D5,-1/D5)","v":0.61445671057046858},{"$f":"_xlfn.FORMULATEXT(D17)","v":"=PV(D10,D5,-1/D5)"}]
[]
[null,null,"Tax Shield 20",{"$f":"D16*D11","v":0.12770345579637848},{"$f":"_xlfn.FORMULATEXT(D19)","v":"=D16*D11"}]
[null,null,"Tax Shield 10",{"$f":"D17*D11","v":0.18433701317114057},{"$f":"_xlfn.FORMULATEXT(D20)","v":"=D17*D11"}]
[]
[null,null,"Adjusted PMT 20",{"$f":"D13/(1-$D$11)*(1-D19)","v":0.14637089253220828},{"$f":"_xlfn.FORMULATEXT(D22)","v":"=D13/(1-$D$11)*(1-D19)"}]
[null,null,"Adjusted PMT 10",{"$f":"D14/(1-$D$11)*(1-D20)","v":0.18963627840358799},{"$f":"_xlfn.FORMULATEXT(D23)","v":"=D14/(1-$D$11)*(1-D20)"}]
[]
[null,"LCOE Option 1"]
[]
[null,null,"Method 1 - Split","Base","Replacement","Total"]
[]
[null,null,"Cap Exp",{"$f":"D7-D8","v":50000},{"$f":"D8","v":50000},{"$f":"E29+D29","v":100000}]
[null,null,"Recovery Factor",{"$f":"D22","v":0.14637089253220828},{"$f":"D23","v":0.18963627840358799}]
[null,null,"Capital Recovery",{"$f":"D29*D30","v":7318.5446266104136},{"$f":"E29*E30","v":9481.8139201794002},{"$f":"E31+D31","v":16800.358546789816}]
[]
[null,"LCOE Option 2"]
[null,null,"Replacement",{"$f":"D8","v":50000}]
[null,null,"PV of Replacement using 10 Yr",{"$f":"(D34/(1+D10)^D5)*(1-D20)","v":15723.669550395754}]
[]
[null,null,"Up Front Cost",{"$f":"D7","v":100000}]
[null,null,"Portion with 20 Yr Life",{"$f":"D37*0.5","v":50000}]
[null,null,"After Tax Shield",{"$f":"D38*(1-D19)","v":43614.827210181073}]
[]
[null,null,"Portion with 10 Yr Life",{"$f":"D37-D38","v":50000}]
[null,null,"After Tax Shield",{"$f":"D41*(1-D20)","v":40783.149341442971}]
[]
[null,null,"PV of Replacement",{"$f":"D35","v":15723.669550395754}]
[null,null,"Total Capital Cost after Tax Shield",{"$f":"D39+D42+D44","v":100121.6461020198}]
[]
[null,null,"Recovery Factor with Tax",{"$f":"D13/(1-D11)","v":0.16779946396077972}]
[null,null,"Total Recovery",{"$f":"D47*D45","v":16800.358546789812}]
[]
[null,"Financial Model"]
[null,null,"Time Period",null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,null,"Revenues",{"$f":"D48","v":16800.358546789812},null,null,{"$f":"$D$52","v":16800.358546789812},{"$f":"$D$52","v":16800.358546789812},16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812,16800.358546789812]
[null,null,"Up-Front Capital",{"$f":"D37","v":100000},null,{"$f":"D53","v":100000}]
[null,null,"Replacement Capital",{"$f":"D34","v":50000},{"$f":"D5","v":10},null,{"$f":"(G51=$E$54)*$D$54","v":0},{"$f":"(H51=$E$54)*$D$54","v":0},0,0,0,0,0,0,0,50000,0,0,0,0,0,0,0,0,0,0]
[null,null,"20 Year Tax Depreciation",{"$f":"D53-D54","v":50000},{"$f":"D4","v":20},null,{"$f":"1/$E$55*$D$55","v":2500},{"$f":"1/$E$55*$D$55","v":2500},2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500]
[null,null,"10 Year Tax Depreciation Base",{"$f":"D55","v":50000},{"$f":"E54","v":10},null,{"$f":"1/$E$56*$D$56","v":5000},{"$f":"1/$E$56*$D$56","v":5000},5000,5000,5000,5000,5000,5000,5000,5000]
[null,null,"10 Year Tax Deprecation Replacement",{"$f":"D54","v":50000},{"$f":"E56","v":10},null,null,null,null,null,null,null,null,null,null,null,{"$f":"1/$E$57*$D$57","v":5000},{"$f":"1/$E$57*$D$57","v":5000},5000,5000,5000,5000,5000,5000,5000,5000]
[null,null,"Taxable Income",null,null,null,{"$f":"G52-G55-G56-G57","v":9300.358546789812},{"$f":"H52-H55-H56-H57","v":9300.358546789812},9300.358546789812,9300.358546789812,9300.358546789812,9300.358546789812,9300.358546789812,9300.358546789812,9300.358546789812,9300.358546789812,9300.358546789812,{"$f":"R52-R55-R56-R57","v":9300.358546789812},{"$f":"S52-S55-S56-S57","v":9300.358546789812},{"$f":"T52-T55-T56-T57","v":9300.358546789812},{"$f":"U52-U55-U56-U57","v":9300.358546789812},{"$f":"V52-V55-V56-V57","v":9300.358546789812},{"$f":"W52-W55-W56-W57","v":9300.358546789812},{"$f":"X52-X55-X56-X57","v":9300.358546789812},{"$f":"Y52-Y55-Y56-Y57","v":9300.358546789812},{"$f":"Z52-Z55-Z56-Z57","v":9300.358546789812}]
[null,null,"Taxes",{"$f":"D11","v":0.3},null,null,{"$f":"$D$59*G58","v":2790.1075640369436},{"$f":"$D$59*H58","v":2790.1075640369436},2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436,2790.1075640369436]
[]
[null,null,"Cash Flow",null,null,{"$f":"F52-F53-F54","v":-100000},{"$f":"G52-G53-G54-G59","v":14010.250982752868},{"$f":"H52-H53-H54-H59","v":14010.250982752868},14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,-35989.749017247137,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868,14010.250982752868]
[null,null,"IRR",{"$f":"IRR(F61:Z61)","v":9.9999999999999867E-2}]

{"sheet":"Replacement Example 3","index":7,"n_rows":68,"n_cols":26,"rows_kept":68,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Inputs"]
[null,null,"Total Life",20]
[null,null,"Replacement",10]
[]
[null,null,"Initial Cost",100000]
[null,null,"Replacement",50000]
[]
[null,null,"Inflation Rate",0.03]
[]
[null,null,"Target Nominal IRR",0.1]
[null,null,"Target Real IRR",{"$f":"(1+D12)/(1+D10)-1","v":6.7961165048543659E-2},null,{"$f":"_xlfn.FORMULATEXT(D13)","v":"=(1+D12)/(1+D10)-1"}]
[]
[null,null,"Tax Rate",0.3]
[]
[null,null,"PMT for 20 Using Real Rate",{"$f":"PMT(D13,D4,-1)","v":9.2902382016399485E-2},null,{"$f":"_xlfn.FORMULATEXT(D17)","v":"=PMT(D13,D4,-1)"}]
[null,null,"PMT for 10 Using Real Rate",{"$f":"PMT(D13,D5,-1)","v":0.14103863100509456},null,{"$f":"_xlfn.FORMULATEXT(D18)","v":"=PMT(D13,D5,-1)"}]
[]
[null,null,"PV of Deprecaition 20 Using Nominal",{"$f":"PV(D12,D4,-1/D4)","v":0.42567818598792828},null,{"$f":"_xlfn.FORMULATEXT(D20)","v":"=PV(D12,D4,-1/D4)"}]
[null,null,"PV of Deprecaition 10 Using Nominal",{"$f":"PV(D12,D5,-1/D5)","v":0.61445671057046858},null,{"$f":"_xlfn.FORMULATEXT(D21)","v":"=PV(D12,D5,-1/D5)"}]
[]
[null,null,"Tax Shield 20",{"$f":"D20*D15","v":0.12770345579637848},null,{"$f":"_xlfn.FORMULATEXT(D23)","v":"=D20*D15"}]
[null,null,"Tax Shield 10",{"$f":"D21*D15","v":0.18433701317114057},null,{"$f":"_xlfn.FORMULATEXT(D24)","v":"=D21*D15"}]
[]
[null,null,"Adjusted PMT 20",{"$f":"D17/(1-$D$15)*(1-D23)","v":0.11576918111598564},null,{"$f":"_xlfn.FORMULATEXT(D26)","v":"=D17/(1-$D$15)*(1-D23)"}]
[null,null,"Adjusted PMT 10",{"$f":"D18/(1-$D$15)*(1-D24)","v":0.16434284431981261},null,{"$f":"_xlfn.FORMULATEXT(D27)","v":"=D18/(1-$D$15)*(1-D24)"}]
[]
[null,"LCOE Option 1"]
[]
[null,null,"Method 1 - Split","Base","Replacement","Total"]
[]
[null,null,"Cap Exp",{"$f":"D7-D8","v":50000},{"$f":"D8","v":50000},{"$f":"E33+D33","v":100000}]
[null,null,"Recovery Factor",{"$f":"D26","v":0.11576918111598564},{"$f":"D27","v":0.16434284431981261}]
[null,null,"Capital Recovery",{"$f":"D33*D34","v":5788.4590557992815},{"$f":"E33*E34","v":8217.1422159906306},{"$f":"E35+D35","v":14005.601271789912}]
[]
[null,"LCOE Option 2"]
[null,null,"Replacement",{"$f":"D8","v":50000}]
[]
[null,null,"Up Front Cost",{"$f":"D7","v":100000},null,{"$f":"_xlfn.FORMULATEXT(D40)","v":"=D7"}]
[null,null,"Portion with 20 Yr Life",{"$f":"D40*0.5","v":50000},null,{"$f":"_xlfn.FORMULATEXT(D41)","v":"=D40*0.5"}]
[null,null,"After Tax Shield",{"$f":"D41*(1-D23)","v":43614.827210181073},null,{"$f":"_xlfn.FORMULATEXT(D42)","v":"=D41*(1-D23)"}]
[]
[null,null,"Up-Front Portion with 10 Yr Life",{"$f":"D40-D41","v":50000},null,{"$f":"_xlfn.FORMULATEXT(D44)","v":"=D40-D41"}]
[null,null,"After Tax Shield",{"$f":"D44*(1-D24)","v":40783.149341442971},null,{"$f":"_xlfn.FORMULATEXT(D45)","v":"=D44*(1-D24)"}]
[]
[null,null,"PV of Replacement",{"$f":"D44/(1+D13)^D5","v":25906.897080527968},null,{"$f":"_xlfn.FORMULATEXT(D47)","v":"=D44/(1+D13)^D5"}]
[null,null,"Tax Shield",{"$f":"D47*(1-D24)","v":21131.2970521713},null,{"$f":"_xlfn.FORMULATEXT(D48)","v":"=D47*(1-D24)"}]
[null,null,"Total Capital Cost after Tax Shield",{"$f":"D42+D45+D48","v":105529.27360379534},null,{"$f":"_xlfn.FORMULATEXT(D49)","v":"=D42+D45+D48"}]
[]
[null,null,"Recovery Factor with Tax",{"$f":"D17/(1-D15)","v":0.13271768859485641},null,{"$f":"_xlfn.FORMULATEXT(D51)","v":"=D17/(1-D15)"}]
[null,null,"Total Recovery",{"$f":"D51*D49","v":14005.601271789912},null,{"$f":"_xlfn.FORMULATEXT(D52)","v":"=D51*D49"}]
[]
[null,"Financial Model"]
[null,null,"Time Period",null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,null,"Inflation Index",{"$f":"D10","v":0.03},null,1,{"$f":"F56*(1+$D$56)","v":1.03},{"$f":"G56*(1+$D$56)","v":1.0609},1.092727,1.1255088100000001,1.1592740743000001,1.1940522965290001,1.2298738654248702,1.2667700813876164,1.3047731838292449,1.3439163793441222,1.3842338707244459,1.4257608868461793,1.4685337134515648,1.5125897248551119,1.5579674166007653,1.6047064390987884,1.652847632271752,1.7024330612399046,1.7535060530771018,1.806111234669415]
[null,null,"Revenues",{"$f":"F35","v":14005.601271789912},null,null,{"$f":"$D$57*G56","v":14425.769309943609},{"$f":"$D$57*H56","v":14858.542389241917},15304.298660919176,15763.427620746752,16236.330449369154,16723.420362850229,17225.122973735739,17741.876662947809,18274.132962836244,18822.356951721333,19387.027660272972,19968.638490081161,20567.697644783599,21184.728574127108,21820.270431350924,22474.878544291452,23149.124900620194,23843.598647638799,24558.906607067966,25295.673805280006]
[null,null,"Up-Front Capital",{"$f":"D40","v":100000},null,{"$f":"D58","v":100000}]
[null,null,"Replacement Capital",{"$f":"D38","v":50000},{"$f":"D5","v":10},null,{"$f":"(G55=$E$59)*$D$59*G56","v":0},{"$f":"(H55=$E$59)*$D$59*H56","v":0},0,0,0,0,0,0,0,67195.818967206113,0,0,0,0,0,0,0,0,0,0]
[null,null,"20 Year Tax Depreciation",{"$f":"D58-D59","v":50000},{"$f":"D4","v":20},null,{"$f":"1/$E$60*$D$60","v":2500},{"$f":"1/$E$60*$D$60","v":2500},2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500]
[null,null,"10 Year Tax Depreciation Base",{"$f":"D60","v":50000},{"$f":"E59","v":10},null,{"$f":"1/$E$61*$D$61","v":5000},{"$f":"1/$E$61*$D$61","v":5000},5000,5000,5000,5000,5000,5000,5000,5000]
[null,null,"10 Year Tax Deprecation Replacement",{"$f":"P59","v":67195.818967206113},{"$f":"E61","v":10},null,null,null,null,null,null,null,null,null,null,null,{"$f":"1/$E$62*$D$62","v":6719.5818967206114},{"$f":"1/$E$62*$D$62","v":6719.5818967206114},6719.5818967206114,6719.5818967206114,6719.5818967206114,6719.5818967206114,6719.5818967206114,6719.5818967206114,6719.5818967206114,6719.5818967206114]
[null,null,"Taxable Income",null,null,null,{"$f":"G57-G60-G61-G62","v":6925.7693099436092},{"$f":"H57-H60-H61-H62","v":7358.5423892419167},7804.2986609191757,8263.4276207467519,8736.3304493691539,9223.4203628502291,9725.1229737357389,10241.876662947809,10774.132962836244,11322.356951721333,10167.445763552361,10749.05659336055,11348.115748062988,11965.146677406497,12600.688534630313,13255.296647570842,13929.543003899584,14624.016750918188,15339.324710347355,16076.091908559396]
[null,null,"Taxes",{"$f":"D15","v":0.3},null,null,{"$f":"$D$64*G63","v":2077.7307929830827},{"$f":"$D$64*H63","v":2207.5627167725747},2341.2895982757527,2479.0282862240256,2620.8991348107461,2767.0261088550687,2917.5368921207214,3072.5629988843425,3232.2398888508728,3396.7070855163997,3050.2337290657083,3224.7169780081649,3404.4347244188962,3589.544003221949,3780.2065603890937,3976.5889942712524,4178.8629011698749,4387.2050252754561,4601.7974131042065,4822.8275725678186]
[]
[null,null,"Cash Flow",null,null,{"$f":"F57-F58-F59","v":-100000},{"$f":"G57-G58-G59-G64","v":12348.038516960527},{"$f":"H57-H58-H59-H64","v":12650.979672469342},12963.009062643423,13284.399334522726,13615.431314558407,13956.39425399516,14307.586081615018,14669.313664063466,15041.893073985371,-51770.169101001178,16336.793931207263,16743.921512072997,17163.262920364701,17595.184570905159,18040.063870961829,18498.289550020199,18970.261999450318,19456.393622363343,19957.109193963759,20472.846232712189]
[null,null,"IRR",{"$f":"IRR(F66:Z66)","v":9.9999999999999867E-2}]
[null,null,"Target IRR",{"$f":"D12","v":0.1},{"$f":"NPV(D68,F66:Z66)","v":-8.970925012942064E-11}]

{"sheet":"Replacement Example 4","index":8,"n_rows":100,"n_cols":26,"rows_kept":100,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Inputs"]
[null,null,"Total Life",20]
[null,null,"Replacement",12,null,{"$f":"D94","v":3.0000000000036886E-2}]
[]
[null,null,"Initial Cost",100000]
[null,null,"Replacement",50000]
[]
[null,null,"Inflation Rate",0.05]
[]
[null,null,"Target Nominal IRR",0.03]
[null,null,"Target Real IRR",{"$f":"(1+D12)/(1+D10)-1","v":-1.9047619047619091E-2},null,{"$f":"_xlfn.FORMULATEXT(D13)","v":"=(1+D12)/(1+D10)-1"}]
[]
[null,null,"Tax Rate",0]
[]
[null,null,{"$f":"\"PMT Using Real Rate \"&D4","v":"PMT Using Real Rate 20"},{"$f":"PMT(D13,D4,-1)","v":4.0607493101629741E-2},null,{"$f":"_xlfn.FORMULATEXT(D17)","v":"=PMT(D13,D4,-1)"}]
[null,null,{"$f":"\"PMT Using Real Rate \"&D5","v":"PMT Using Real Rate 12"},{"$f":"PMT(D13,D5,-1)","v":7.3379316119403432E-2},null,{"$f":"_xlfn.FORMULATEXT(D18)","v":"=PMT(D13,D5,-1)"}]
[]
[null,null,{"$f":"\"PV of Deprecaition Using Nominal \"&D4","v":"PV of Deprecaition Using Nominal 20"},{"$f":"PV(D12,D4,-1/D4)","v":0.74387374302277509},null,{"$f":"_xlfn.FORMULATEXT(D20)","v":"=PV(D12,D4,-1/D4)"}]
[null,null,{"$f":"\"PV of Deprecaition Using Nominal \"&D5","v":"PV of Deprecaition Using Nominal 12"},{"$f":"PV(D12,D5,-1/D5)","v":0.82950033279729662},null,{"$f":"_xlfn.FORMULATEXT(D21)","v":"=PV(D12,D5,-1/D5)"}]
[]
[null,null,{"$f":"\"Tax Shield \"&D4","v":"Tax Shield 20"},{"$f":"D20*D15","v":0},null,{"$f":"_xlfn.FORMULATEXT(D23)","v":"=D20*D15"}]
[null,null,{"$f":"\"Tax Shield \"&D5","v":"Tax Shield 12"},{"$f":"D21*D15","v":0},null,{"$f":"_xlfn.FORMULATEXT(D24)","v":"=D21*D15"}]
[]
[null,null,{"$f":"\"Adjusted PMT \"&D4","v":"Adjusted PMT 20"},{"$f":"D17/(1-$D$15)*(1-D23)","v":4.0607493101629741E-2},null,{"$f":"_xlfn.FORMULATEXT(D26)","v":"=D17/(1-$D$15)*(1-D23)"}]
[null,null,{"$f":"\"Adjusted PMT \"&D5","v":"Adjusted PMT 12"},{"$f":"D18/(1-$D$15)*(1-D24)","v":7.3379316119403432E-2},null,{"$f":"_xlfn.FORMULATEXT(D27)","v":"=D18/(1-$D$15)*(1-D24)"}]
[]
[null,"LCOE Option 1"]
[]
[null,null,"Method 1 - Split","Base","Replacement","Total"]
[]
[null,null,"Cap Exp",{"$f":"D7-D8","v":50000},{"$f":"D8","v":50000},{"$f":"E33+D33","v":100000}]
[null,null,"Recovery Factor",{"$f":"D26","v":4.0607493101629741E-2},{"$f":"D27","v":7.3379316119403432E-2}]
[null,null,"Capital Recovery",{"$f":"D33*D34","v":2030.3746550814869},{"$f":"E33*E34","v":3668.9658059701715},{"$f":"E35+D35","v":5699.3404610516582}]
[]
[null,"LCOE Option 2"]
[null,null,"Replacement",{"$f":"D8","v":50000},null,{"$f":"_xlfn.FORMULATEXT(D38)","v":"=D8"}]
[]
[null,null,"Up Front Cost",{"$f":"D7","v":100000},null,{"$f":"_xlfn.FORMULATEXT(D40)","v":"=D7"}]
[null,null,"Portion with 20 Yr Life",{"$f":"D40*0.5","v":50000},null,{"$f":"_xlfn.FORMULATEXT(D41)","v":"=D40*0.5"}]
[null,null,"After Tax Shield",{"$f":"D41*(1-D23)","v":50000},null,{"$f":"_xlfn.FORMULATEXT(D42)","v":"=D41*(1-D23)"}]
[]
[null,null,"Up-Front Portion with 10 Yr Life",{"$f":"D40-D41","v":50000},null,{"$f":"_xlfn.FORMULATEXT(D44)","v":"=D40-D41"}]
[null,null,"After Tax Shield",{"$f":"D44*(1-D24)","v":50000},null,{"$f":"_xlfn.FORMULATEXT(D45)","v":"=D44*(1-D24)"}]
[]
[null,null,"PV of Replacement",{"$f":"D44/(1+D13)^D5","v":62978.874739459723},null,{"$f":"_xlfn.FORMULATEXT(D47)","v":"=D44/(1+D13)^D5"}]
[null,null,"PV of Depreciation on Replacement",{"$f":"D24","v":0}]
[null,null,"Tax Shield",{"$f":"D47*(1-D48)","v":62978.874739459723},null,{"$f":"_xlfn.FORMULATEXT(D49)","v":"=D47*(1-D48)"}]
[]
[null,null,"Replacement Period",{"$f":"D5","v":12},null,{"$f":"_xlfn.FORMULATEXT(D51)","v":"=D5"}]
[null,null,"Life of Replaced Plant",{"$f":"MAX(D4-D51,0)","v":8},null,{"$f":"_xlfn.FORMULATEXT(D52)","v":"=MAX(D4-D51,0)"}]
[null,null,"Life of Residual",{"$f":"D51-D52","v":4},null,{"$f":"_xlfn.FORMULATEXT(D53)","v":"=D51-D52"}]
[]
[null,null,"Real Rate",{"$f":"D13","v":-1.9047619047619091E-2},null,{"$f":"_xlfn.FORMULATEXT(D55)","v":"=D13"}]
[null,null,"Total PV of Replaced Cap Exp",{"$f":"PV(D55,D51,-1)","v":13.62781847643268},null,{"$f":"_xlfn.FORMULATEXT(D56)","v":"=PV(D55,D51,-1)"}]
[null,null,"Total PV of Residual",{"$f":"PV(D55,D53,-1)","v":4.197981888742393},null,{"$f":"_xlfn.FORMULATEXT(D57)","v":"=PV(D55,D53,-1)"}]
[null,null,"Residual Percent",{"$f":"D57/D56","v":0.30804504007755823},null,{"$f":"_xlfn.FORMULATEXT(D58)","v":"=D57/D56"}]
[]
[null,null,"PV of Residual",{"$f":"D58*D44/(1+D55)^D4","v":22626.934106539407},null,{"$f":"_xlfn.FORMULATEXT(D60)","v":"=D58*D44/(1+D55)^D4"}]
[null,null,"Value of Residual without Inflation",{"$f":"D58*D44","v":15402.252003877911},null,{"$f":"_xlfn.FORMULATEXT(D61)","v":"=D58*D44"}]
[null,null,"Tax Factor for Residual",{"$f":"D24","v":0},null,{"$f":"_xlfn.FORMULATEXT(D62)","v":"=D24"},null,{"$f":"E95","v":-2.1192109555874056E-11},{"$f":"D24","v":0},{"$f":"(1+D12)","v":1.03},{"$f":"J62^D52","v":1.2667700813876159},{"$f":"I62/K62","v":0}]
[null,null,"After-tax Residual",{"$f":"D60*(1-D62)","v":22626.934106539407},null,{"$f":"_xlfn.FORMULATEXT(D63)","v":"=D60*(1-D62)"}]
[]
[]
[]
[null,null,"Total Capital Cost after Tax Shield",{"$f":"D42+D45+D49-D63","v":140351.9406329203},null,{"$f":"_xlfn.FORMULATEXT(D67)","v":"=D42+D45+D49-D63"}]
[]
[null,null,"Recovery Factor with Tax",{"$f":"D17/(1-D15)","v":4.0607493101629741E-2},null,{"$f":"_xlfn.FORMULATEXT(D69)","v":"=D17/(1-D15)"}]
[null,null,"Total Recovery",{"$f":"D69*D67","v":5699.3404610516582},null,{"$f":"_xlfn.FORMULATEXT(D70)","v":"=D69*D67"}]
[]
[null,"Financial Model"]
[]
[null,null,"Residual for Computing Terminal Value"]
[]
[]
[null,null,"Time Period",null,null,null,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,null,"First Time Period",null,{"$f":"D5","v":12},null,{"$f":"G77<=$E$78","v":true},{"$f":"H77<=$E$78","v":true},true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false]
[null,null,"Second Time Period",null,{"$f":"E78","v":12},null,{"$f":"G77>$E$79","v":false},{"$f":"H77>$E$79","v":false},false,false,false,false,false,false,false,false,false,false,true,true,true,true,true,true,true,true]
[]
[null,null,"Inflation Index",{"$f":"D10","v":0.05},null,1,{"$f":"F81*(1+$D$81)","v":1.05},{"$f":"G81*(1+$D$81)","v":1.1025},1.1576250000000001,1.2155062500000002,1.2762815625000004,1.3400956406250004,1.4071004226562505,1.477455443789063,1.5513282159785162,1.628894626777442,1.7103393581163142,1.7958563260221301,1.8856491423232367,1.9799315994393987,2.0789281794113688,2.1828745883819374,2.2920183178010345,2.4066192336910861,2.5269501953756404,2.6532977051444226]
[null,null,"Revenues",{"$f":"F35","v":5699.3404610516582},null,null,{"$f":"$D$82*G81","v":5984.3074841042417},{"$f":"$D$82*H81","v":6283.5228583094531},6597.6990012249262,6927.583951286173,7273.9631488504829,7637.6613062930073,8019.5443716076579,8420.5215901880401,8841.5476696974438,9283.6250531823152,9747.8063058414318,10235.196621133504,10746.956452190179,11284.30427479969,11848.519488539674,12440.94546296666,13062.992736114993,13716.142372920744,14401.94949156678,15122.046966145121]
[null,null,"Up-Front Capital",{"$f":"D40","v":100000},null,{"$f":"D83","v":100000}]
[null,null,"Replacement Capital",{"$f":"D38","v":50000},{"$f":"D5","v":12},null,{"$f":"(G77=$E$84)*$D$84*G81","v":0},0,0,0,0,0,0,0,0,0,0,89792.816301106504,0,0,0,0,0,0,0,0]
[null,null,"Less: Terminal",{"$f":"D61","v":15402.252003877911},{"$f":"D4","v":20},null,{"$f":"-$D$85*(G77=$E$85)*G81","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,-40866.759895945346]
[]
[null,null,"20 Year Tax Depreciation",{"$f":"D83-D84","v":50000},{"$f":"D4","v":20},null,{"$f":"1/$E$87*$D$87","v":2500},{"$f":"1/$E$87*$D$87","v":2500},2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500,2500]
[null,null,{"$f":"D5&\" Year Tax Depreciation Base\"","v":"12 Year Tax Depreciation Base"},{"$f":"D87","v":50000},{"$f":"E84","v":12},null,{"$f":"$D$88/$E$88*G78","v":4166.666666666667},{"$f":"$D$88/$E$88*H78","v":4166.666666666667},4166.666666666667,4166.666666666667,4166.666666666667,4166.666666666667,4166.666666666667,4166.666666666667,4166.666666666667,4166.666666666667,4166.666666666667,4166.666666666667,0,0,0,0,0,0,0,0]
[null,null,{"$f":"D5&\" Year Tax Deprecation Replacement\"","v":"12 Year Tax Deprecation Replacement"},{"$f":"SUM(G84:Z84)","v":89792.816301106504},{"$f":"E88","v":12},null,{"$f":"$D$89/$E$89*G79","v":0},{"$f":"$D$89/$E$89*H79","v":0},0,0,0,0,0,0,0,0,0,0,7482.7346917588757,7482.7346917588757,7482.7346917588757,7482.7346917588757,7482.7346917588757,7482.7346917588757,7482.7346917588757,7482.7346917588757]
[null,null,"Taxable Income",null,null,null,{"$f":"G82-G87-G88-G89","v":-682.3591825624253},{"$f":"H82-H87-H88-H89","v":-383.14380835721386},-68.967665441740792,260.91728461950606,607.2964821838159,970.99463962634036,1352.877704940991,1753.8549235213732,2174.8810030307768,2616.9583865156483,3081.1396391747649,3568.5299544668369,764.22176043130366,1301.569583040814,1865.7847967807984,2458.2107712077841,3080.2580443561174,3733.4076811618679,4419.2147998079045,5139.312274386245]
[null,null,"Taxes",{"$f":"D15","v":0},null,null,{"$f":"$D$91*G90","v":0},{"$f":"$D$91*H90","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[]
[null,null,"Cash Flow",null,null,{"$f":"F82-F83-F84-F85","v":-100000},{"$f":"G82-G83-G84-G85-G91","v":5984.3074841042417},{"$f":"H82-H83-H84-H85-H91","v":6283.5228583094531},6597.6990012249262,6927.583951286173,7273.9631488504829,7637.6613062930073,8019.5443716076579,8420.5215901880401,8841.5476696974438,9283.6250531823152,9747.8063058414318,-79557.619679972995,10746.956452190179,11284.30427479969,11848.519488539674,12440.94546296666,13062.992736114993,13716.142372920744,14401.94949156678,55988.806862090467]
[null,null,"IRR",{"$f":"IRR(F93:Z93,0.1)","v":3.0000000000036886E-2}]
[null,null,"Target IRR",{"$f":"D12","v":0.03},{"$f":"NPV(D95,F93:Z93)","v":-2.1192109555874056E-11}]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,{"$f":"D94","v":3.0000000000036886E-2}]
[null,null,null,{"$f":"D85","v":15402.252003877911}]
[null,null,null,{"$f":"D61","v":15402.252003877911},null,"x = (1-c) * y"]
[null,null,null,{"$f":"D98/D97-1","v":0},null,"x/y = 1-c"]
[null,null,null,null,null,"xy-1"]

{"sheet":"Degradation Example 1","index":9,"n_rows":48,"n_cols":27,"rows_kept":48,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Inputs"]
[null,null,"kW",null,100]
[null,null,"Cost",null,{"$f":"E4*1000","v":100000}]
[]
[null,null,"Efficiency","kWh/kg",55]
[null,null,"Degradation","%",0.01]
[null,null,"Electricity Cost","USD/MWH",30]
[null,null,"Load Factor","%",0.5]
[null,null,"Target IRR","%",0.1]
[]
[null,null,"Life","Years",20]
[]
[null,null,"LCOH - No Degradation"]
[null,null,"Capital Cost",null,{"$f":"PMT(E11,E13,-1)","v":0.11745962477254579},null,{"$f":"_xlfn.FORMULATEXT(E16)","v":"=PMT(E11,E13,-1)"}]
[null,null,"Recovery",null,{"$f":"E16*E5","v":11745.962477254579},null,{"$f":"_xlfn.FORMULATEXT(E17)","v":"=E16*E5"}]
[]
[null,null,"Electricity without Degradation",null,{"$f":"E4*E10*8760*E9/1000","v":13140},null,{"$f":"_xlfn.FORMULATEXT(E19)","v":"=E4*E10*8760*E9/1000"}]
[null,null,"Total Cost Including Capital Cost",null,{"$f":"E17+E19","v":24885.962477254579},null,{"$f":"_xlfn.FORMULATEXT(E20)","v":"=E17+E19"}]
[null,null,"Producion of H2",null,{"$f":"E4/E7*E10*8760","v":7963.6363636363631},null,{"$f":"_xlfn.FORMULATEXT(E21)","v":"=E4/E7*E10*8760"}]
[null,null,"LCOH",null,{"$f":"E20/E21","v":3.1249496261392737},null,{"$f":"_xlfn.FORMULATEXT(E22)","v":"=E20/E21"}]
[]
[null,"LCOH with Degradation Factor"]
[null,null,"Target IRR adjusted for Degradation",null,{"$f":"(1+E11)/(1+E8)-1","v":8.9108910891089188E-2},null,{"$f":"_xlfn.FORMULATEXT(E25)","v":"=(1+E11)/(1+E8)-1"}]
[null,null,"O&M Adjustment",null,{"$f":"PV(E25,E13,-1)/PV(E11,E13,-1)","v":1.0790791129899455},null,"=PV(E25,E13,-1)/PV(E11,E13,-1)"]
[null,null,"Adjusted Electricity Cost",null,{"$f":"E26*E19","v":14179.099544687884},null,"=E26*E19"]
[null,null,"Capital Recovery",null,{"$f":"E17","v":11745.962477254579},null,"=E17"]
[null,null,"Total Cost",null,{"$f":"E27+E28","v":25925.062021942464},null,"=E27+E28"]
[null,null,"Production","kg",{"$f":"E21","v":7963.6363636363631},null,"=E21"]
[null,null,"LCOH","USD/kg",{"$f":"E29/E30","v":3.2554301625726838},null,"=E29/E30"]
[]
[]
[null,"Financial Model Proof"]
[null,null,"Period",null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,null,"kW","kW",{"$f":"E4","v":100},null,null,{"$f":"$E$36","v":100},{"$f":"$E$36","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100]
[null,null,"Production of H2","H2/yr",{"$f":"E7","v":55},{"$f":"E10","v":0.5},null,{"$f":"H36/$E$37*8760*$F$37","v":7963.6363636363631},{"$f":"I36/$E$37*8760*$F$37","v":7963.6363636363631},7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631]
[null,null,"Electricity before Degradation","kWh/yr",{"$f":"E37","v":55},null,null,{"$f":"H37*$E$38","v":437999.99999999994},{"$f":"I37*$E$38","v":437999.99999999994},437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994]
[null,null,"Degradation Factor","Factor",{"$f":"E8","v":0.01},null,1,{"$f":"G39*(1+$E$39)","v":1.01},{"$f":"H39*(1+$E$39)","v":1.0201},1.0303009999999999,1.04060401,1.0510100500999999,1.0615201506009999,1.0721353521070098,1.08285670562808,1.0936852726843609,1.1046221254112045,1.1156683466653166,1.1268250301319698,1.1380932804332895,1.1494742132376223,1.1609689553699987,1.1725786449236986,1.1843044313729356,1.196147475686665,1.2081089504435316,1.220190039947967]
[null,null,"Electricty after Degradation","MWH/yr",null,null,null,{"$f":"H38*H39/1000","v":442.37999999999994},{"$f":"I38*I39/1000","v":446.80379999999991},451.27183799999989,455.78455637999997,460.34240194379993,464.94582596323789,469.59528422287025,474.29123706509898,479.03414943574995,483.82449093010752,488.66273583940858,493.54936319780268,498.48485682978071,503.46970539807853,508.50440245205931,513.58944647657984,518.72534094134573,523.91259435075926,529.15172029426685,534.44323749720945]
[]
[null,null,"Revenues","USD",{"$f":"E31","v":3.2554301625726838},null,null,{"$f":"H37*$E$42","v":25925.062021942464},{"$f":"I37*$E$42","v":25925.062021942464},25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464,25925.062021942464]
[null,null,"Electricity Cost","USD",{"$f":"E9","v":30},null,null,{"$f":"H40*$E$43","v":13271.399999999998},13404.113999999998,13538.155139999997,13673.536691399999,13810.272058313998,13948.374778897138,14087.858526686108,14228.737111952969,14371.024483072499,14514.734727903226,14659.882075182257,14806.480895934081,14954.545704893422,15104.091161942357,15255.132073561779,15407.683394297395,15561.760228240371,15717.377830522779,15874.551608828006,16033.297124916284]
[null,null,"EBITDA","USD",null,null,null,{"$f":"H42-H43","v":12653.662021942466},{"$f":"I42-I43","v":12520.948021942466},12386.906881942466,12251.525330542465,12114.789963628466,11976.687243045326,11837.203495256355,11696.324909989495,11554.037538869965,11410.327294039238,11265.179946760207,11118.581126008383,10970.516317049041,10820.970860000107,10669.929948380684,10517.378627645068,10363.301793702092,10207.684191419685,10050.510413114458,9891.7648970261798]
[null,null,"Cap Exp",null,null,null,{"$f":"E5","v":100000}]
[null,null,"Cash Flow",null,null,null,{"$f":"G44-G45","v":-100000},{"$f":"H44-H45","v":12653.662021942466},12520.948021942466,12386.906881942466,12251.525330542465,12114.789963628466,11976.687243045326,11837.203495256355,11696.324909989495,11554.037538869965,11410.327294039238,11265.179946760207,11118.581126008383,10970.516317049041,10820.970860000107,10669.929948380684,10517.378627645068,10363.301793702092,10207.684191419685,10050.510413114458,9891.7648970261798]
[]
[null,null,"IRR",null,{"$f":"IRR(G46:AA46)","v":9.9999999999999645E-2}]

{"sheet":"Degradation Example 2","index":10,"n_rows":48,"n_cols":27,"rows_kept":48,"cut":false,"hidden":false,"merged":[]}
[]
[]
[null,"Inputs"]
[null,null,"Capacity","kW",100]
[null,null,"Cost","USD",{"$f":"E4*1000","v":100000}]
[]
[null,null,"Efficiency","kWh/kg",55]
[null,null,"Degradation","%",0.02]
[null,null,"Electricity Cost","USD/MWH",35]
[null,null,"Load Factor","%",0.5]
[null,null,"Target IRR","%",0.1]
[]
[null,null,"Life","Years",10]
[]
[null,null,"LCOH - No Degradation"]
[null,null,"Capital Cost","%",{"$f":"PMT(E11,E13,-1)","v":0.16274539488251161},null,{"$f":"_xlfn.FORMULATEXT(E16)","v":"=PMT(E11,E13,-1)"}]
[null,null,"Recovery","USD",{"$f":"E16*E5","v":16274.539488251161},null,{"$f":"_xlfn.FORMULATEXT(E17)","v":"=E16*E5"}]
[]
[null,null,"Electricity without Degradation","USD",{"$f":"E4*E10*8760*E9/1000","v":15330},null,{"$f":"_xlfn.FORMULATEXT(E19)","v":"=E4*E10*8760*E9/1000"}]
[null,null,"Total Cost Including Capital Cost","USD",{"$f":"E17+E19","v":31604.539488251161},null,{"$f":"_xlfn.FORMULATEXT(E20)","v":"=E17+E19"}]
[null,null,"Producion of H2","USD",{"$f":"E4/E7*E10*8760","v":7963.6363636363631},null,{"$f":"_xlfn.FORMULATEXT(E21)","v":"=E4/E7*E10*8760"}]
[null,null,"LCOH","USD/kg",{"$f":"E20/E21","v":3.9686065567438673},null,{"$f":"_xlfn.FORMULATEXT(E22)","v":"=E20/E21"}]
[]
[null,"LCOH with Degradation Factor"]
[null,null,"Target IRR adjusted for Degradation","%",{"$f":"(1+E11)/(1+E8)-1","v":7.8431372549019773E-2},null,{"$f":"_xlfn.FORMULATEXT(E25)","v":"=(1+E11)/(1+E8)-1"}]
[null,null,"O&M Adjustment","Factor",{"$f":"PV(E25,E13,-1)/PV(E11,E13,-1)","v":1.099803635164619},null,"=PV(E25,E13,-1)/PV(E11,E13,-1)"]
[null,null,"Adjusted Electricity Cost","USD ",{"$f":"E26*E19","v":16859.989727073607},null,"=E26*E19"]
[null,null,"Capital Recovery","USD",{"$f":"E17","v":16274.539488251161},null,"=E17"]
[null,null,"Total Cost","USD",{"$f":"E27+E28","v":33134.529215324772},null,"=E27+E28"]
[null,null,"Production","kg",{"$f":"E21","v":7963.6363636363631},null,"=E21"]
[null,null,"LCOH","USD/kg",{"$f":"E29/E30","v":4.1607285544357593},null,"=E29/E30"]
[]
[]
[null,"Financial Model Proof"]
[null,null,"Period",null,null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20]
[null,null,"kW","kW",{"$f":"E4","v":100},null,null,{"$f":"$E$36","v":100},{"$f":"$E$36","v":100},100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100,100]
[null,null,"Production of H2","H2/yr",{"$f":"E7","v":55},{"$f":"E10","v":0.5},null,{"$f":"H36/$E$37*8760*$F$37","v":7963.6363636363631},{"$f":"I36/$E$37*8760*$F$37","v":7963.6363636363631},7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631,7963.6363636363631]
[null,null,"Electricity before Degradation","kWh/yr",{"$f":"E37","v":55},null,null,{"$f":"H37*$E$38","v":437999.99999999994},{"$f":"I37*$E$38","v":437999.99999999994},437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994,437999.99999999994]
[null,null,"Degradation Factor","Factor",{"$f":"E8","v":0.02},null,1,{"$f":"G39*(1+$E$39)","v":1.02},{"$f":"H39*(1+$E$39)","v":1.0404},1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573,{"$f":"H39","v":1.02},1.0404,1.0612079999999999,1.08243216,1.1040808032,1.1261624192640001,1.14868566764928,1.1716593810022657,1.1950925686223111,1.2189944199947573]
[null,null,"Electricty after Degradation","MWH/yr",null,null,null,{"$f":"H38*H39/1000","v":446.75999999999993},{"$f":"I38*I39/1000","v":455.69519999999994},464.80910399999993,474.10528607999993,483.58739180159995,493.25913963763196,503.12432243038455,513.18680887899234,523.4505450565722,533.91955595770366,{"$f":"R38*R39/1000","v":446.75999999999993},{"$f":"S38*S39/1000","v":455.69519999999994},{"$f":"T38*T39/1000","v":464.80910399999993},{"$f":"U38*U39/1000","v":474.10528607999993},{"$f":"V38*V39/1000","v":483.58739180159995},{"$f":"W38*W39/1000","v":493.25913963763196},{"$f":"X38*X39/1000","v":503.12432243038455},{"$f":"Y38*Y39/1000","v":513.18680887899234},{"$f":"Z38*Z39/1000","v":523.4505450565722},{"$f":"AA38*AA39/1000","v":533.91955595770366}]
[]
[null,null,"Revenues","USD",{"$f":"E31","v":4.1607285544357593},null,null,{"$f":"H37*$E$42","v":33134.529215324772},{"$f":"I37*$E$42","v":33134.529215324772},33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772,33134.529215324772]
[null,null,"Electricity Cost","USD",{"$f":"E9","v":35},null,null,{"$f":"H40*$E$43","v":15636.599999999999},15949.331999999999,16268.318639999998,16593.685012799997,16925.558713055998,17264.06988731712,17609.351285063458,17961.538310764732,18320.769076980028,18687.184458519627,15636.599999999999,15949.331999999999,16268.318639999998,16593.685012799997,16925.558713055998,17264.06988731712,17609.351285063458,17961.538310764732,18320.769076980028,18687.184458519627]
[null,null,"EBITDA","USD",null,null,null,{"$f":"H42-H43","v":17497.929215324773},{"$f":"I42-I43","v":17185.197215324773},16866.210575324774,16540.844202524775,16208.970502268774,15870.459328007651,15525.177930261314,15172.99090456004,14813.760138344744,14447.344756805145,17497.929215324773,17185.197215324773,16866.210575324774,16540.844202524775,16208.970502268774,15870.459328007651,15525.177930261314,15172.99090456004,14813.760138344744,14447.344756805145]
[null,null,"Cap Exp",null,null,null,{"$f":"E5","v":100000},null,null,null,null,null,null,null,null,null,{"$f":"G45","v":100000}]
[null,null,"Cash Flow",null,null,null,{"$f":"G44-G45","v":-100000},{"$f":"H44-H45","v":17497.929215324773},17185.197215324773,16866.210575324774,16540.844202524775,16208.970502268774,15870.459328007651,15525.177930261314,15172.99090456004,14813.760138344744,-85552.655243194851,17497.929215324773,17185.197215324773,16866.210575324774,16540.844202524775,16208.970502268774,15870.459328007651,15525.177930261314,15172.99090456004,14813.760138344744,14447.344756805145]
[]
[null,null,"IRR",null,{"$f":"IRR(G46:AA46)","v":9.9999999999999867E-2}]

{"sheet":"LCOs","index":11,"n_rows":437,"n_cols":42,"rows_kept":437,"cut":false,"hidden":false,"merged":[[384,8,388,8],[352,8,356,8]]}
["Green Ammonia Pre-Feasibility"]
[null,null,null,null,null,"Power Cost","USD/MWH",{"$f":"F32","v":24.93}]
[null,null,null,null,null,"Hydrogen Cost","USD/kg H2",{"$f":"H110","v":2.0186382743553315},"Capital Cost/kW",{"$f":"F58","v":630},"Efficiency kWh/kg",{"$f":"H40","v":56}]
[null,null,null,null,null,"Air Separation","USD/Tn N",{"$f":"F134","v":27.009070046289999},"Capital Cost/Tn",{"$f":"F118","v":22},"Efficiency MWh/Tn",{"$f":"F117","v":0.9}]
[null,null,null,null,null,"Compression","USD/Tn NH3",{"$f":"F165","v":25.866112100405221},"Capital Cost/kW",{"$f":"F151","v":235.09},"Efficiency TnN/H2",{"$f":"F162","v":5.6}]
[null,null,null,null,null,"Ammonia","USD/Tn NH3",{"$f":"H221","v":512.44299558342664},"Capital Cost/kW",{"$f":"F191","v":487},"Efficiency TnN/H2"]
[]
[null,"Key Dates"]
[null,null,"Construction Date",null,"Date"]
[null,null,"Construction Period",null,"Year",1]
[null,null,"Operation Date",null,"Date"]
[null,null,"Operation Period",null,"Years",{"$f":"F14-F10","v":24}]
[null,null,"End of Life",null,"Date"]
[null,null,"Total Life",null,"Year",{"$f":"24+F10","v":25}]
[]
[null,"Economics"]
[null,null,null,"Inflation in Purchase Contracts","% p.a.",0]
[null,null,null,"Inflation in General O&M","% p.a.",3.2099999999999997E-2]
[null,null,null,"Declining Factor (1-SL)","Factor",1]
[null,null,null,"Tax Rate","%",0]
[null,null,null,"Cost of Equity","%",0.12]
[null,null,null,"Cost of Debt","%",6.2E-2]
[null,null,null,"Interest Rate - Same as cost of Debt","%",{"$f":"F22*(1-F20)","v":6.2E-2},null,"Debt Should be After-tax"]
[null,null,null,"Ideal Debt Amount in %","%",0.7]
[null,null,null,"Maximum Equity % possible","%",0.3]
[null,null,null,"WACC - Nominal","%",{"$f":"F25*F21+F24*F23","v":7.9399999999999998E-2},null,"=F24*F20+F23*F21"]
[null,null,null,"WACC - Real Adj. by Inflation","%",{"$f":"(1+F26)/(1+F17)-1","v":7.9399999999999915E-2},null,"=(1+F25)/(1+F17)-1"]
[]
[null,null,null,"Inflation Factor for OpEx","Factor",{"$f":"PV(F27,F14,-1)/PV(F26,F14,-1)","v":1.0000000000000009},null,{"$f":"_xlfn.FORMULATEXT(F29)","v":"=PV(F27,F14,-1)/PV(F26,F14,-1)"}]
[]
[null,"Power Scenarios"]
[null,null,null,"Live Case -> Choose from Dropdown","USD/MWh",{"$f":"K32","v":24.93},null,null,2,null,{"$f":"INDEX(F33:F36,I32)","v":24.93}]
[null,null,null,"Base Case","USD/MWh",27.585000000000001]
[null,null,null,"Low Case","USD/MWh",24.93]
[null,null,null,"High Case","USD/MWh",40.984999999999999]
[null,null,null,"Med Case","USD/MWh",35.730000000000004]
[]
[null,"Electrolysis Plant",null,null,null,"Non Stack","Stack","Total"]
[null,null,null,"Load Factor","%",null,null,0.96]
[null,null,null,"Efficiency","kWh/kgH2",null,null,56]
[null,null,null,"Learning Curve","% p.a.",null,null,0.01]
[]
[null,null,"Part 1 -- Production"]
[null,null,null,"Hydrogen Production","kg/Yr",null,null,{"$f":"F57*G83*1000/H40","v":60068571.428571425}]
[null,null,null,"Hydrogen Production","Tn/Year",null,null,{"$f":"H44/1000","v":60068.571428571428}]
[]
[null,null,"Part 2 - Capital Expenditures",null,null,"Non-Stack","Stack","Total"]
[null,null,null,"IRR Target","%",{"$f":"F27","v":7.9399999999999915E-2},{"$f":"F48","v":7.9399999999999915E-2},{"$f":"G48","v":7.9399999999999915E-2}]
[null,null,null,"Tax Rate","%",{"$f":"$F$20","v":0},{"$f":"$F$20","v":0},{"$f":"$F$20","v":0}]
[]
[null,null,null,"Construction Period","Years",1,{"$f":"F51","v":1}]
[null,null,null,"Stack Lifetime","Hours",null,80000]
[null,null,null,"Hours of Production","Hours",{"$f":"G83","v":8409.6},{"$f":"F53","v":8409.6},{"$f":"G53","v":8409.6}]
[null,null,null,"Lifetime = Tax Life","Years",{"$f":"F12","v":24},{"$f":"ROUND(G52/G53,0)","v":10}]
[]
[null,null,null,"Stack Weight - % of CapEx","%",{"$f":"1-G56","v":0.54},0.46,{"$f":"F56+G56","v":1}]
[null,null,null,"Electrolyser Capacity","MW",400]
[null,null,null,"Electrolyser CapEx","USD/kW",630]
[null,null,null,"Total Capital Expenditures","USD",{"$f":"F57*F58*1000","v":252000000},{"$f":"F59","v":252000000},{"$f":"G59","v":252000000}]
[null,null,null,"Construction Factor","Factor",{"$f":"FV(F48,F51,-1/F51)","v":1},{"$f":"FV(G48,G51,-1/G51)","v":1}]
[null,null,null,null,null,{"$f":"F59*F60","v":252000000},{"$f":"G59*G60","v":252000000},{"$f":"G61","v":252000000}]
[null,null,null,"Initial System CapEx","USD",{"$f":"F61*F60*F56","v":136080000},{"$f":"G61*G60*G56","v":115920000},{"$f":"G62+F62","v":252000000}]
[]
[null,null,null,"Payment Factor without Taxes","%",{"$f":"PMT(F48,F54,-1)","v":9.4503183922272721E-2},{"$f":"PMT(G48,G54,-1)","v":0.14862642201130191}]
[null,null,null,"Payment Factor with Taxes","%",{"$f":"F64/(1-F49)","v":9.4503183922272721E-2},{"$f":"G64/(1-G49)","v":0.14862642201130191}]
[null,null,null,"PV factor for Depreciation Tax Shield","%",{"$f":"PV(F48,F54,-1/F54)*F49","v":0},{"$f":"PV(G48,G54,-1/G54)*G49","v":0}]
[]
[null,null,null,"Recovery Net of Depreciation Shield","USD",{"$f":"F62*(1-F66)","v":136080000},{"$f":"G62*(1-G66)","v":115920000},{"$f":"F68+G68","v":252000000}]
[null,null,null,"Captial Recovery","USD",{"$f":"F68*F65","v":12859993.268142872},{"$f":"G68*G65","v":17228774.839550119},{"$f":"F69+G69","v":30088768.10769299}]
[]
[]
[null,null,null,"Stack Lifetime","Years",null,null,{"$f":"G52/G83","v":9.512937595129376}]
[null,null,null,"Stack Replacements","#",null,null,{"$f":"ROUNDUP(F12/H72,0)","v":3}]
[]
[null,null,"Part 3 - Operational Costs"]
[null,null,null,"Water Requirement","L/m3H2 ",null,null,1]
[null,null,null,"Water Requirement Conversion","L/kgH2",null,null,11]
[null,null,null,"Total Water Consumption","L/Yr",null,null,{"$f":"H44*H77","v":660754285.71428573}]
[null,null,null,"Total Water Consumption","m3/Yr",null,null,{"$f":"H78/1000","v":660754.28571428568}]
[null,null,null,"Water Price","USD/m3",null,null,0.5]
[null,null,null,"Water Expense","USD/Yr",null,null,{"$f":"H80*H79","v":330377.14285714284}]
[]
[null,null,null,"Operational Hours","Hours/Yr",null,{"$f":"8760*H39","v":8409.6}]
[null,null,null,"Degradation of Stack","% p.a.",null,0.01]
[null,null,null,"Life","Years",null,{"$f":"G54","v":10}]
[null,null,null,"Total Power Requirement w/o Degradation","MWh/Yr",null,{"$f":"F57*G83","v":3363840}]
[null,null,null,"Power Price","USD/MWh",null,{"$f":"F32","v":24.93}]
[null,null,null,"Power Cost without Degradation","USD",null,{"$f":"G86*G87","v":83860531.200000003}]
[]
[null,null,null,"Target IRR","%",null,{"$f":"G48","v":7.9399999999999915E-2}]
[null,null,null,"IRR Adjusted for Degradation","%",null,{"$f":"(1+G90)/(1+G84)-1","v":6.8712871287128552E-2}]
[null,null,null,"Degradation Adjustment","Factor",null,{"$f":"PV(G91,G85,-1)/PV(G90,G85,-1)","v":1.0501290841572093}]
[null,null,null,"Power Recovery ","USD",null,{"$f":"G92*G88","v":88064382.825993076},{"$f":"G93","v":88064382.825993076}]
[]
[null,null,null,"Electrolyser OpEx - as % of CapEx","%",null,1.4999999999999999E-2]
[null,null,null,"Life","Years",null,null,{"$f":"F12","v":24}]
[null,null,null,"Operation and Maintenance","USD/Yr",null,null,{"$f":"F62*G95","v":2041200}]
[null,null,null,"Infation Rate for O&M","%",null,null,{"$f":"F18","v":3.2099999999999997E-2}]
[null,null,null,"Nominal IRR","%",null,null,{"$f":"F26","v":7.9399999999999998E-2}]
[null,null,null,"IRR Adjusted for O&M Inflation","%",null,null,{"$f":"(1+H99)/(1+H98)-1","v":4.5828892549171441E-2}]
[null,null,null,"Inflation Adjustment Factor","Factor",null,null,{"$f":"PV(H100,H96,-1)/PV(H99,H96,-1)","v":1.3586073363796729}]
[null,null,null,"OpEx Adjutsed","USD/Yr",null,null,{"$f":"H97*H101","v":2773189.2950181882}]
[]
[null,null,null,"Total OpEx to Recover","USD/Yr",null,null,{"$f":"H81+H93+H102","v":91167949.263868406}]
[null,null,null,"Total Capital Recovery","USD/Yr",null,null,{"$f":"H69","v":30088768.10769299}]
[null,null,null,"Total Cost to Recover","USD/Yr",null,null,{"$f":"H104+H105","v":121256717.37156139}]
[]
[null,null,null,"Total Hydrogen Production","kg/Yr",null,null,{"$f":"H44","v":60068571.428571425}]
[]
[null,null,"LEVELIZED COST OF HYDROGEN",null,"USD/kg",null,null,{"$f":"H106/H108","v":2.0186382743553315}]
[]
[null,"Air Separation Plant"]
[null,null,null,"Nitrogen in Air","%",0.78,null,null,"D&Tax-Shield W/O Rep",null,null,{"$f":"L423","v":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,{"$f":"AO423","v":29}]
[null,null,null,"Air Intake","Tn/Yr",{"$f":"F116*1/0.78","v":354250.54945054936},null,null,"ASU",null,"Flag",{"$f":"L113<=$F$14","v":true},{"$f":"M113<=$F$14","v":true},{"$f":"N113<=$F$14","v":true},{"$f":"O113<=$F$14","v":true},{"$f":"P113<=$F$14","v":true},{"$f":"Q113<=$F$14","v":true},{"$f":"R113<=$F$14","v":true},{"$f":"S113<=$F$14","v":true},{"$f":"T113<=$F$14","v":true},{"$f":"U113<=$F$14","v":true},{"$f":"V113<=$F$14","v":true},{"$f":"W113<=$F$14","v":true},{"$f":"X113<=$F$14","v":true},{"$f":"Y113<=$F$14","v":true},{"$f":"Z113<=$F$14","v":true},{"$f":"AA113<=$F$14","v":true},{"$f":"AB113<=$F$14","v":true},{"$f":"AC113<=$F$14","v":true},{"$f":"AD113<=$F$14","v":true},{"$f":"AE113<=$F$14","v":true},{"$f":"AF113<=$F$14","v":true},{"$f":"AG113<=$F$14","v":true},{"$f":"AH113<=$F$14","v":true},{"$f":"AI113<=$F$14","v":true},{"$f":"AJ113<=$F$14","v":true},{"$f":"AK113<=$F$14","v":true},{"$f":"AL113<=$F$14","v":false},{"$f":"AM113<=$F$14","v":false},{"$f":"AN113<=$F$14","v":false},{"$f":"AO113<=$F$14","v":false}]
[null,null,null,"Hydrogen to Nitrogen Ratio","Ratio",4.5999999999999996,null,null,"Year",null,{"$f":"F14","v":25}]
[null,null,null,"Amount of Nitrogen Required","Tn/Yr",{"$f":"F115*H108/1000","v":276315.42857142852},null,null,"Depreciation Rate",null,{"$f":"F19","v":1},{"$f":"IFERROR(VDB(1,0,$K$115,K113,L113,$K$116),0)","v":0},{"$f":"IFERROR(VDB(1,0,$K$115,L113,M113,$K$116),0)","v":0.04},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0,0,0,0]
[null,null,null,"Nominal Power","MWh/TnN2",0.9,null,null,"NPV",null,{"$f":"NPV(F26,L116:AO116)","v":0.39761773998532096}]
[null,null,null,"Unitary Cost (Cap Exp/Ton-yr)","USD/TnN2-yr",22,null,null,"Tax Rate",null,{"$f":"F20","v":0}]
[null,null,null,"ASU CapEx","USD",{"$f":"F118*F116","v":6078939.4285714272},null,null,"Depreciation Exp.",null,{"$f":"K117*K118","v":0},{"$f":"L116*L114*SUM($F$62:$F$110)","v":0},{"$f":"M116*M114*$F$119","v":243157.5771428571},{"$f":"N116*N114*$F$119","v":243157.5771428571},243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,243157.5771428571,0,0,0,0]
[null,null,null,"Lifetime of Air Separation Unit","Years",25]
[]
[null,null,null,"ASU Power Consumption","MWh/Yr",{"$f":"F116","v":276315.42857142852},"Why is power =to Nitrogen"]
[null,null,null,"Energy Price","USD/MWh",{"$f":"F32","v":24.93}]
[null,null,null,"Energy Expense","USD/Yr",{"$f":"F122*F123","v":6888543.6342857126}]
[]
[null,null,null,"Total CapEx Recovery","USD/Yr",{"$f":"PMT(F26,F12,-F119)","v":574479.13087064144}]
[null,null,null,"CapEx Rec - Adj. with Tax Shield","USD/Yr",{"$f":"F126/(1-F20)","v":574479.13087064144}]
[null,null,null,"CapEx Rec - Adj. with Depreciation","USD/Yr",{"$f":"F127*(1-K119)","v":574479.13087064144}]
[]
[null,null,null,"Total Capital to Recover Per Yer","USD/Yr",{"$f":"F128+F124","v":7463022.7651563538}]
[]
[null,null,null,"Total Nitrogen Produced","Tn/Yr",{"$f":"F116","v":276315.42857142852}]
[]
[null,null,"Levelized Cost of Nitrogen",null,"USD/Tn",{"$f":"F130/F132","v":27.009070046289999}]
[]
[null,"Compression Unit"]
[null,null,null,"Amount of Hydrogen Compressed","Tn/Yr",{"$f":"H45","v":60068.571428571428}]
[null,null,null,"Amount of Nitrogen Compressed","Tn/Yr",{"$f":"F132","v":276315.42857142852}]
[null,null,null,"Total Compressed","Tn/Yr",{"$f":"SUM(F137:F138)","v":336383.99999999994}]
[null,null,null,"Total Compressed","Tn/Hr",{"$f":"F139/F53","v":39.999999999999993}]
[null,null,null,"Conversion","kg/Tn",907]
[null,null,null,"Total Compressed","kg/Hr",{"$f":"F140/F141","v":4.4101433296582129E-2}]
[]
[null,null,null,"Lifetime of the Compressor","Years",25]
[]
[null,null,null,"Power Requirement for Compression","MWh/Tn",1]
[null,null,null,"Total Power Consumption","MWh/Yr",{"$f":"F146*SUM(F137:F138)","v":336383.99999999994},{"$f":"F147/8760","v":38.399999999999991}]
[null,null,null,"Energy Price","USD/MWh",{"$f":"F123","v":24.93}]
[null,null,null,"Energy Expense","USD/Yr",{"$f":"F147*F148","v":8386053.1199999982}]
[]
[null,null,null,"CapEx Cost of Compression","USD/kW",235.09]
[null,null,null,"Capacity of Compressor","MW",14.372]
[null,null,null,"CapEx of Compressor","USD",{"$f":"F151*F152*1000","v":3378713.48}]
[]
[]
[null,null,null,"Capital Recovery of Compression","USD/Yr",{"$f":"PMT(F26,F14,-F153)","v":314893.13278271258}]
[null,null,null,"Cpital Recovery Adjusted by Tax Shield","USD/Yr",{"$f":"F156/(1-F20)","v":314893.13278271258}]
[null,null,null,"Capital Recovery Adjusted by Depreciation","USD/Yr",{"$f":"F157*(1-K376)","v":314893.13278271258}]
[]
[null,null,null,"Total Capital to Recover per Year","USD/Yr",{"$f":"F158+F149","v":8700946.2527827099}]
[]
[null,null,null,"Ammonia Production Factor based on H2","TnNH3/H2",5.6]
[null,null,null,"Theoretical Ammonia Production","TnNH3/Yr",{"$f":"F162*F137","v":336384}]
[]
[null,null,"Levelized cost of Compression per Tn of NH3",null,"USD/TnNH3",{"$f":"F160/F163","v":25.866112100405221}]
[]
[null,"Ammonia Production Plant"]
[]
[null,null,null,null,null,"Base","Replacement","Total"]
[null,null,null,"Conversion Efficiency","%",0.97]
[null,null,null,"Load Factor","%",0.96]
[null,null,null,"Amount of Ammonia Produced","Tn/Yr",{"$f":"F163*F170","v":326292.47999999998}]
[]
[null,null,null,"OpEx as % of CapEx","%",1.4999999999999999E-2]
[null,null,null,"Total OpEx ","USD/Yr",{"$f":"F174*F293","v":2922000}]
[null,null,null,"Total OpEx Adj. By Inflation","USD/Yr",{"$f":"F175*F29","v":2922000.0000000028}]
[]
[null,null,null,"Power Consumption","MWh/TnNH3",0.8]
[null,null,null,"Total Power Required","MWh/Yr",{"$f":"F172*F178","v":261033.984}]
[null,null,null,"Power Price","USD/MWh",{"$f":"F32","v":24.93}]
[null,null,null,"Total Power Expense","USD/Yr",{"$f":"F179*F180","v":6507577.2211199999},null,{"$f":"F181+G181","v":6507577.2211199999}]
[]
[null,null,null,"Total Hydrogen Expense","USD/Yr",{"$f":"F137*H110*1000","v":121256717.37156139}]
[null,null,null,"Total Nitrogen Expense","USD/Yr",{"$f":"F138*F134","v":7463022.7651563538}]
[null,null,null,"Total Compression Cost","USD/Yr",{"$f":"F165*F172","v":8439917.8651992287}]
[null,null,null,"Total Power Expense","USD/Yr",{"$f":"F181","v":6507577.2211199999}]
[null,null,null,"Total Operation Costs","USD/Yr",{"$f":"F176","v":2922000.0000000028}]
[null,null,null,"Total Operation and Maintenance","USD/Yr",{"$f":"SUM(F183:F187)","v":146589235.22303697},null,{"$f":"F188","v":146589235.22303697}]
[]
[null,null,null,"Total MW Installed","MW",{"$f":"F57","v":400}]
[null,null,null,"CapEx per kWe","USD/kWe",487]
[null,null,null,"Construction Period","Years",{"$f":"F10","v":1}]
[null,null,null,"Real IRR","IRR",{"$f":"F27","v":7.9399999999999915E-2}]
[null,null,null,"Construction Cost of Capital Factor","Factor",{"$f":"FV(F193,F192,-1/F192)","v":1}]
[null,null,null,"Capital Expenditures Before Adjustment","USD",{"$f":"F190*F191*1000","v":194800000}]
[null,null,null,"Total Capital Expenditures with Adjustment","USD  ",{"$f":"F195*F194","v":194800000}]
[]
[null,null,null,"Replacement Cost as % of CapEx","%",0.3]
[null,null,null,"Weighting","%",{"$f":"1-F198","v":0.7},{"$f":"F198","v":0.3}]
[null,null,null,"Base Capital Expenditues at Total Life","USD",{"$f":"(1-F198)*F196","v":136360000},{"$f":"G199*F196","v":58440000},{"$f":"F200+G200","v":194800000}]
[]
[null,null,null,"Hours Until Replacement","Hours",null,100000,null,null,80000]
[null,null,null,"Hours","Hours",null,{"$f":"G83","v":8409.6}]
[null,null,null,"Year of Replacement","Year",{"$f":"F12","v":24},{"$f":"ROUND(G202/G203,0)","v":12}]
[]
[null,null,null,"Nominal IRR","%",{"$f":"F26","v":7.9399999999999998E-2},{"$f":"F206","v":7.9399999999999998E-2}]
[null,null,null,"Real IRR","%",{"$f":"F27","v":7.9399999999999915E-2},{"$f":"F207","v":7.9399999999999915E-2}]
[null,null,null,"Tax Rate","%",{"$f":"F20","v":0},{"$f":"F208","v":0}]
[]
[null,null,null,"Nominal PMT without Taxes","%",{"$f":"PMT(F206,F204,-1)","v":9.450318392227279E-2},{"$f":"PMT(G206,G204,-1)","v":0.13228279440224547}]
[null,null,null,"Nominal PMT with Tax Payments","%",{"$f":"F210/(1-F208)","v":9.450318392227279E-2},{"$f":"G210/(1-G208)","v":0.13228279440224547}]
[null,null,null,"PV of Tax Depreciation","%",{"$f":"PV(F206,F204,-1/(F204))","v":0.44090225257316978},{"$f":"PV(G206,G204,-1/(G204))","v":0.62996350893475461}]
[null,null,null,"Tax Shield Factor","%",{"$f":"F212*F208","v":0},{"$f":"G212*G208","v":0}]
[null,null,null,"Final Nominal Recovery Factor","%",{"$f":"F210*(1-F213)/(1-F208)","v":9.450318392227279E-2},{"$f":"G211*(1-G213)","v":0.13228279440224547}]
[]
[null,null,null,"Total Capital Recovery with Depreciation","USD/Yr",{"$f":"F200*F214","v":12886454.159641117},{"$f":"G200*G214","v":7730606.504867225},{"$f":"F216+G216","v":20617060.664508343}]
[]
[null,null,null,"Total Capital and Operating Costs for LCOA","USD/Yr",{"$f":"F216+F188","v":159475689.38267809},{"$f":"G216+G188","v":7730606.504867225},{"$f":"F218+G218","v":167206295.88754532}]
[]
[null,null,null,"Total Ammonia Produced","TnNH3/Yr",{"$f":"F172","v":326292.47999999998},null,{"$f":"F220","v":326292.47999999998}]
[null,null,null,"Levelized Cost of Ammonia","USD/TnNH3",{"$f":"F218/F220","v":488.75073487037793},null,{"$f":"H218/H220","v":512.44299558342664}]
[]
[null,"Alternative Method for Computing Replacement Cost"]
[]
[null,null,null,"Total Capital Expenditures","USD",{"$f":"F293","v":194800000}]
[null,null,null,"Replacement Percent","%",{"$f":"F198","v":0.3}]
[null,null,null,"Replacement without Learning","USD",{"$f":"F225*F226","v":58440000}]
[]
[null,null,null,"Portion with Long Life","USD",{"$f":"F225*(1-F226)","v":136360000}]
[null,null,null,"Tax Shield Percent","%",{"$f":"F213","v":0}]
[null,null,null,"After Tax Shield","USD",{"$f":"F229*(1-F230)","v":136360000}]
[]
[null,null,null,"Portion with Short Life","USD",{"$f":"F227","v":58440000}]
[null,null,null,"Tax Shield Percent","%",{"$f":"G213","v":0}]
[null,null,null,"After Tax Shield","USD",{"$f":"F233*(1-F234)","v":58440000}]
[]
[null,null,null,"Total Years","Life",{"$f":"F12","v":24}]
[null,null,null,"Replacements","Number",{"$f":"F237/G204","v":2}]
[null,null,null,null,null,null,null,{"$f":"F227","v":58440000},{"$f":"G280","v":0},null,{"$f":"F27","v":7.9399999999999915E-2},null,{"$f":"F227","v":58440000},{"$f":"G204","v":12}]
[null,null,null,null,null,null,"Include","Amount","Learning Fac","After Learning","PV Fac","Combined","PV of Cost","Tax Life","Tax Shield"]
[null,null,null,null,null,0,null,{"$f":"$H$239*G241","v":0}]
[null,null,null,"Replacement 1",1,{"$f":"G204","v":12},{"$f":"(F242<$F$237)*1","v":1},{"$f":"$H$239*G242","v":58440000},{"$f":"1/(1+I$239)^$F242","v":1},{"$f":"H242*I242","v":58440000},{"$f":"1/(1+K$239)^$F242*G242","v":0.39977076868696587},{"$f":"K242*I242","v":0.39977076868696587},{"$f":"L242*$M$239","v":23362603.722066287}]
[null,null,null,"Replacement 2",2,{"$f":"$G$204*E243","v":24},{"$f":"(F243<$F$237)*1","v":0},0,1,{"$f":"H243*I243","v":0},0,0,0]
[null,null,null,"Replacement 3",3,{"$f":"$G$204*E244","v":36},0,0,1,0,0,0,0]
[null,null,null,"Replacement 4",4,{"$f":"$G$204*E245","v":48},0,0,1,0,0,0,0]
[null,null,null,"Replacement 5",5,{"$f":"$G$204*E246","v":60},0,0,1,0,0,0,0]
[null,null,null,"Replacement 6",6,{"$f":"$G$204*E247","v":72},0,0,1,0,0,0,0]
[]
[null,null,null,"Last Replacement",null,{"$f":"INDEX(F242:F247,MATCH(0,G242:G247,0)-1)","v":12}]
[null,null,null,"Years of Operation",null,{"$f":"F237-F249","v":12}]
[null,null,null,"Replacement Life",null,{"$f":"G204","v":12}]
[]
[null,null,null,"Discount Rate",null,{"$f":"K239","v":7.9399999999999915E-2}]
[null,null,null,"PV of Total Operation",null,{"$f":"PV(F253,F251,-1)","v":7.5595621072170625}]
[null,null,null,"PV at Sale Date",null,{"$f":"PV(F253,F250,-1)","v":7.5595621072170625}]
[null,null,null,"PV of Residual",null,{"$f":"F254-F255","v":0}]
[]
[null,null,null,"Percent Residual",null,{"$f":"F256/F254","v":0}]
[null,null,null,"Amount of Residual in PV",null,{"$f":"M243*F258","v":0}]
[null,null,null,"NPV of Residual",null,{"$f":"F259/(1+F253)^F249","v":0}]
[null,null,null,"Total",null,null,null,null,{"$f":"SUM(I242:I247)","v":6},null,{"$f":"SUM(K242:K247)","v":0.39977076868696587},{"$f":"SUM(L242:L247)","v":0.39977076868696587},{"$f":"SUM(M242:M247)","v":23362603.722066287}]
[]
[null,null,null,"Added to Cap Exp - No Tax","PV Factor",{"$f":"L261","v":0.39977076868696587}]
[null,null,null,"Total","Total PV",{"$f":"F227*F263*(1-F258)","v":23362603.722066287}]
[null,null,null,"Tax Shield on Replacement","%",{"$f":"G213","v":0}]
[null,null,null,"Net Expenditure After Tax Shield","USD",{"$f":"F264*(1-F265)","v":23362603.722066287}]
[null,null,null,"Nominal PMT Factor Using Total Life",null,{"$f":"F210","v":9.450318392227279E-2}]
[null,null,null,"Nominal PMT Factor Adjusted for Tax",null,{"$f":"F267/(1-F208)","v":9.450318392227279E-2}]
[null,null,null,"Final Nominal Carrying Charges",null,{"$f":"F268*(1-F265)","v":9.450318392227279E-2}]
[]
[" ",null,null,"Total Net Capital to be Recovered",null,{"$f":"F231+F235+F266","v":218162603.72206628}]
[null,null,null,"Capital Recovery for Initial Capital Expenditures - Long-term",null,{"$f":"F271*F267/(1-F198)","v":29452943.806440491},null,"Alternative Method"]
[null,null,null,"Total  ",null,{"$f":"F272","v":29452943.806440491},null,{"$f":"H216","v":20617060.664508343}]
[]
[null,null,null,"Operation and Maintenance","USD",{"$f":"F188","v":146589235.22303697}]
[null,null,null,"Total Cost","USD",{"$f":"F273+F275","v":176042179.02947748}]
[null,null,null,"Total Production","NH3",{"$f":"F220","v":326292.47999999998}]
[null,null,null,null,null,{"$f":"F276/F277","v":539.52263634600922}]
[]
[null,null,null,"Learning Curve","%",null,0]
[null,null,null,"Catalyst Lifetime","Hrs",null,{"$f":"G202","v":100000}]
[null,null,null,"Catalyst Lifetime ","Years",null,{"$f":"G281/G83","v":11.891171993911719}]
[]
[null,null,null,"Life","Years",{"$f":"F12","v":24},{"$f":"ROUND(G282,0)","v":12}]
[null,null,null,"IRR Target","%",{"$f":"F26","v":7.9399999999999998E-2},{"$f":"F285","v":7.9399999999999998E-2}]
[null,null,null,"Nominal Recovery Factor Before Taxes",null,{"$f":"PMT(F285,F284,-1)","v":9.450318392227279E-2},{"$f":"PMT(G285,G284,-1)","v":0.13228279440224547}]
[]
[]
[]
[null,null,null,"Total O&M",null,{"$f":"SUM(F183:F187)","v":146589235.22303697}]
[]
[]
[null,null,null,"Total System CapEx","USD",{"$f":"F190*1000*F191","v":194800000}]
[null,null,null,"Replacement Cost NPV","USD",{"$f":"F264","v":23362603.722066287}]
[null,null,null,"Total Capital Invested During Project","USD",{"$f":"SUM(F293:F294)","v":218162603.72206628}]
[]
[null,null,null,"Power Consumption ","MWh/TnNH3",0.73799999999999999]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,"Replacement Schedule"]
[null,null,null,null,null,null,null,null,"Period",null,null,{"$f":"L407","v":0},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,null,null,null,null,null,null,"Construction Flag",null,null,{"$f":"L408","v":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,{"$f":"AP324<=$F$10","v":false}]
[null,null,null,null,null,null,null,null,"Op. Flag",null,null,{"$f":"L409","v":false},false,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,{"$f":"AND(AP324>$F$10,AP324<=$F$12)","v":false}]
[null,null,null,null,null,null,null,null,"Operating Hours",null,null,{"$f":"$G$83*L326","v":0},0,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Accumulated Hours",null,null,{"$f":"K328+L327","v":0},0,8409.6,16819.2,25228.800000000003,33638.400000000001,42048,50457.599999999999,58867.199999999997,67276.800000000003,75686.400000000009,84096.000000000015,92505.60000000002,100915.20000000003,109324.80000000003,117734.40000000004,126144.00000000004,134553.60000000003,142963.20000000004,151372.80000000005,159782.40000000005,168192.00000000006,176601.60000000006,185011.20000000007,193420.80000000008,193420.80000000008,193420.80000000008,193420.80000000008,193420.80000000008,193420.80000000008]
[null,null,null,null,null,null,null,null,"Opening Hours",null,null,{"$f":"K333","v":0},0,0,8409.6,16819.2,25228.800000000003,33638.400000000001,42048,50457.599999999999,58867.199999999997,67276.800000000003,75686.400000000009,84096.000000000015,92505.60000000002,915.20000000002619,9324.8000000000266,17734.400000000027,26144.000000000029,34553.600000000028,42963.200000000026,51372.800000000025,59782.400000000023,68192.000000000029,76601.600000000035,85011.200000000041,93420.800000000047,93420.800000000047,93420.800000000047,93420.800000000047,93420.800000000047]
[null,null,null,null,null,null,null,null,"Hours Used",null,null,{"$f":"L327","v":0},0,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Catalyst Replacement",null,null,{"$f":"(L330+L329)>$G$281","v":false},false,false,false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,null,null,null,null,"Lifetime Reset",null,null,{"$f":"$G$281*L331","v":0},0,0,0,0,0,0,0,0,0,0,0,0,100000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Closing Balance",null,null,{"$f":"SUM(L329:L330)-L332","v":0},0,8409.6,16819.2,25228.800000000003,33638.400000000001,42048,50457.599999999999,58867.199999999997,67276.800000000003,75686.400000000009,84096.000000000015,92505.60000000002,915.20000000002619,9324.8000000000266,17734.400000000027,26144.000000000029,34553.600000000028,42963.200000000026,51372.800000000025,59782.400000000023,68192.000000000029,76601.600000000035,85011.200000000041,93420.800000000047,93420.800000000047,93420.800000000047,93420.800000000047,93420.800000000047,93420.800000000047]
[]
[null,null,null,null,null,null,null,null,"Economies of Scale",null,{"$f":"G280","v":0},1,{"$f":"L335-$K$335","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[null,null,null,null,null,null,null,null,"Replacement CapEx",null,null,{"$f":"($F$198*$F$293)*L335*L331","v":0},0,0,0,0,0,0,0,0,0,0,0,0,58440000,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Total Investment",null,{"$f":"SUM(L336:AO336)","v":58440000}]
[null,null,null,null,null,null,null,null,"NPV at IRR",null,{"$f":"NPV(F26,L336:AO336)","v":20051940.859672248}]
[]
[null,null,null,null,null,null,null,null,"D&Tax-Shield W/O Rep",null,null,{"$f":"L324","v":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]
[null,null,null,null,null,null,null,null,"Haber Bosch",null,"Flag",{"$f":"L340<=$F$14","v":true},{"$f":"M340<=$F$14","v":true},{"$f":"N340<=$F$14","v":true},{"$f":"O340<=$F$14","v":true},{"$f":"P340<=$F$14","v":true},{"$f":"Q340<=$F$14","v":true},{"$f":"R340<=$F$14","v":true},{"$f":"S340<=$F$14","v":true},{"$f":"T340<=$F$14","v":true},{"$f":"U340<=$F$14","v":true},{"$f":"V340<=$F$14","v":true},{"$f":"W340<=$F$14","v":true},{"$f":"X340<=$F$14","v":true},{"$f":"Y340<=$F$14","v":true},{"$f":"Z340<=$F$14","v":true},{"$f":"AA340<=$F$14","v":true},{"$f":"AB340<=$F$14","v":true},{"$f":"AC340<=$F$14","v":true},{"$f":"AD340<=$F$14","v":true},{"$f":"AE340<=$F$14","v":true},{"$f":"AF340<=$F$14","v":true},{"$f":"AG340<=$F$14","v":true},{"$f":"AH340<=$F$14","v":true},{"$f":"AI340<=$F$14","v":true},{"$f":"AJ340<=$F$14","v":true},{"$f":"AK340<=$F$14","v":true},{"$f":"AL340<=$F$14","v":false},{"$f":"AM340<=$F$14","v":false},{"$f":"AN340<=$F$14","v":false},{"$f":"AO340<=$F$14","v":false}]
[null,null,null,null,null,null,null,null,"Year",null,{"$f":"F14","v":25}]
[null,null,null,null,null,null,null,null,"Depreciation Rate",null,{"$f":"F19","v":1},{"$f":"IFERROR(VDB(1,0,$K$342,K340,L340,$K$343),0)","v":0},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0,0,0,0]
[null,null,null,null,null,null,null,null,"NPV",null,{"$f":"NPV(F26,L343:AO343)","v":0.39761773998532096}]
[null,null,null,null,null,null,null,null,"Tax Rate",null,{"$f":"F20","v":0}]
[null,null,null,null,null,null,null,null,"Depreciation Exp.",null,{"$f":"K344*K345","v":0},{"$f":"L343*L341*SUM($F$62:$F$110)","v":0},{"$f":"M343*M341*$F$295","v":8726504.1488826517},8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,8726504.1488826517,0,0,0,0]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,"Studying the Impact of Load Factor and Electricity Cost on Levelized Cost of Ammonia"]
[null,null,null,null,null,null,null,null,null,null,"Load Factors in %"]
[null,null,null,null,null,null,null,null,null,{"$f":"F221","v":488.75073487037793},0.1,{"$f":"K352+0.1","v":0.2},{"$f":"L352+0.1","v":0.30000000000000004},0.4,0.5,0.6,0.7,0.79999999999999993,0.89999999999999991,0.99999999999999989]
[null,null,null,null,null,null,null,null,"Electricity Cost in USD/MWh",20,1612.7357656059319,929.18796193891819,701.33869404991356,599.44867633800163,532.79030255415921,488.39982438896601,454.89503933345048,437.09864961657644,418.05045572655524,403.0858385619577]
[null,null,null,null,null,null,null,null,null,{"$f":"J353+5","v":25},20,20,20,20,20,20,20,20,20,20]
[null,null,null,null,null,null,null,null,null,{"$f":"J354+5","v":30},20,20,20,20,20,20,20,20,20,20]
[null,null,null,null,null,null,null,null,null,35,25,25,25,25,25,25,25,25,25,25]
[null,null,null,null,null,null,null,null,null,40,20,20,20,20,20,20,20,20,20,20]
[]
[null,null,null,null,null,null,null,null,null,"Studying the Impact of Load factor in the Amount of Hydrogen Production"]
[null,null,null,null,null,null,null,null,null,"Load Factor"]
[null,null,null,null,null,null,null,null,null,null,0.1,{"$f":"K361+0.1","v":0.2},{"$f":"L361+0.1","v":0.30000000000000004},0.4,0.5,0.6,0.7,0.79999999999999993,0.89999999999999991,0.99999999999999989]
[null,null,null,null,null,null,null,null,null,{"$f":"F172","v":326292.47999999998},33988.799999999996,67977.599999999991,101966.40000000001,135955.19999999998,169944,203932.79999999999,237921.59999999998,271910.39999999997,305899.19999999995,339887.99999999988]
[]
[]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,"D&Tax-Shield W/O Rep",null,null,{"$f":"L113","v":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,{"$f":"AO109","v":0}]
[null,null,null,null,null,null,null,null,"ASU",null,"Flag",{"$f":"L114","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,false,false,false,false]
[null,null,null,null,null,null,null,null,"Year",null,{"$f":"F14","v":25}]
[null,null,null,null,null,null,null,null,"Depreciation Rate",null,{"$f":"F19","v":1},{"$f":"IFERROR(VDB(1,0,$K$372,K370,L370,$K$373),0)","v":0},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0,0,0,0]
[null,null,null,null,null,null,null,null,"NPV",null,{"$f":"NPV(F26,L373:AO373)","v":0.39761773998532096}]
[null,null,null,null,null,null,null,null,"Tax Rate",null,{"$f":"F20","v":0}]
[null,null,null,null,null,null,null,null,"Depreciation Exp.",null,{"$f":"K374*K375","v":0},{"$f":"L373*L371*SUM($F$62:$F$110)","v":0},{"$f":"M373*M371*$F$153","v":135148.5392},135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,135148.5392,0,0,0,0]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,"Studying the Impact of Load Factor and Electricity Cost on Levelized Cost of Hydrogen"]
[null,null,null,null,null,null,null,null,null,null,"Load Factors in %"]
[null,null,null,null,null,null,null,null,null,{"$f":"H110","v":2.0186382743553315},0.1,{"$f":"K384+0.1","v":0.2},{"$f":"L384+0.1","v":0.30000000000000004},0.4,0.5,0.6,0.7,0.79999999999999993,0.89999999999999991,0.99999999999999989]
[null,null,null,null,null,null,null,null,"Electricity Cost in USD/MWh",20,5.2687008085861722,3.2839244102269367,2.6273489250891879,2.2993323462811617,2.1072268160277838,1.9784332335250818,1.88523793065607,1.8218139535800597,1.7651902409708848,1.7227752732149422]
[null,null,null,null,null,null,null,null,null,{"$f":"J385+5","v":25},5.5917940575638614,3.6017134450258821,2.9382472831355613,2.6055360532404781,2.4093085507903891,2.27771161488893,2.1825056000411096,2.1169560908737801,2.0592263845349028,2.01567659694659]
[null,null,null,null,null,null,null,null,null,{"$f":"J386+5","v":30},25,25,25,25,25,25,25,25,25,25]
[null,null,null,null,null,null,null,null,null,35,25,25,25,25,25,25,25,25,25,25]
[null,null,null,null,null,null,null,null,null,40,5.4155159698734048,3.4839615099935815,2.8401100233669738,2.5674360679308963,2.381330084039337,2.2574755500936843,2.1616001190013492,2.1197490790642379,2.0658862742364525,2.0239296535090681]
[]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,null,"Power Schedule"]
[null,null,null,null,null,null,null,null,"Period",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]
[null,null,null,null,null,null,null,null,"Construction Flag",null,null,{"$f":"L396<=$F$10","v":true},{"$f":"M396<=$F$10","v":true},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,null,null,null,null,null,"Op. Flag",null,null,{"$f":"AND(L396>$F$10,L396<=$F$12)","v":false},{"$f":"AND(M396>$F$10,M396<=$F$12)","v":false},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false]
[null,null,null,null,null,null,null,null,"Energy Consumption",null,null,{"$f":"L398*$G$86","v":0},0,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,3363840,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Degration Start",null,null,{"$f":"IF(AND(L396>$F$10,L396=$F$10+1),1,0)","v":0},{"$f":"IF(AND(M396>$F$10,M396=$F$10+1),1,0)","v":0},1,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Degradation Index",null,{"$f":"G84","v":0.01},{"$f":"L400+K401*(1+$K$401)","v":1.01E-2},1.0201E-2,1.0103030099999999,1.0204060400999999,1.030610100501,1.0409162015060101,1.0513253635210702,1.0618386171562808,1.0724570033278435,1.0831815733611221,1.0940133890947332,1.1049535229856806,1.1160030582155374,1.1271630887976927,1.1384347196856697,1.1498190668825263,1.1613172575513515,1.172930430126865,1.1846597344281338,1.1965063317724152,1.2084713950901393,1.2205561090410408,1.2327616701314512,1.2450892868327657,1.2575401797010932,1.2701155814981042,1.2828167373130852,1.2956449046862162,1.3086013537330783,1.321687367270409,1.3349042409431131]
[null,null,null,null,null,null,null,null,"Real Energy Required",null,null,{"$f":"L399*L401","v":0},{"$f":"M399*M401","v":0},3398497.6771583995,3432482.6539299837,3466807.4804692836,{"$f":"Q399*Q401","v":3501475.5552739766},3536490.3108267169,3571855.2139349836,3607573.7660743333,3643649.5037350771,3680085.9987724274,3716886.858760152,3754055.727347753,3791596.2846212303,3829512.2474674429,3867807.3699421175,3906485.4436415383,3945550.2980779535,3985005.8010587334,4024855.8590693208,4065104.4176600142,4105755.4618366146,4146813.0164549807,4188281.1466195304,4230163.9580857251,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Energy Price",null,{"$f":"F32","v":24.93},{"$f":"$K$403","v":24.93},24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93,24.93]
[null,null,null,null,null,null,null,null,"Electricity Cost",null,null,{"$f":"L402*L403","v":0},{"$f":"M402*M403","v":0},84724547.091558903,85571792.562474489,86427510.488099247,87291785.592980236,88164703.448910058,89046350.483399138,89936813.988233134,90836182.128115475,91744543.94939661,92661989.388890594,93588609.282779485,94524495.375607267,95469740.329363346,96424437.732656986,97388682.109983549,98362568.931083381,99346194.620394215,100339656.56659816,101343053.13226415,102356483.6635868,103380048.50022267,104413848.98522489,105457987.47507712,0,0,0,0,0,0]
[]
[null,null,null,null,null,null,null,null,null,"Replacement Schedule"]
[null,null,null,null,null,null,null,null,"Period",null,null,0,1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30]
[null,null,null,null,null,null,null,null,"Construction Flag",null,null,{"$f":"L407<=$F$10","v":true},{"$f":"M407<=$F$10","v":true},{"$f":"N407<=$F$10","v":false},{"$f":"O407<=$F$10","v":false},{"$f":"P407<=$F$10","v":false},{"$f":"Q407<=$F$10","v":false},{"$f":"R407<=$F$10","v":false},{"$f":"S407<=$F$10","v":false},{"$f":"T407<=$F$10","v":false},{"$f":"U407<=$F$10","v":false},{"$f":"V407<=$F$10","v":false},{"$f":"W407<=$F$10","v":false},{"$f":"X407<=$F$10","v":false},{"$f":"Y407<=$F$10","v":false},{"$f":"Z407<=$F$10","v":false},{"$f":"AA407<=$F$10","v":false},{"$f":"AB407<=$F$10","v":false},{"$f":"AC407<=$F$10","v":false},{"$f":"AD407<=$F$10","v":false},{"$f":"AE407<=$F$10","v":false},{"$f":"AF407<=$F$10","v":false},{"$f":"AG407<=$F$10","v":false},{"$f":"AH407<=$F$10","v":false},{"$f":"AI407<=$F$10","v":false},{"$f":"AJ407<=$F$10","v":false},{"$f":"AK407<=$F$10","v":false},{"$f":"AL407<=$F$10","v":false},{"$f":"AM407<=$F$10","v":false},{"$f":"AN407<=$F$10","v":false},{"$f":"AO407<=$F$10","v":false},{"$f":"AP407<=$F$10","v":false}]
[null,null,null,null,null,null,null,null,"Op. Flag",null,null,{"$f":"AND(L407>$F$10,L407<=$F$12)","v":false},{"$f":"AND(M407>$F$10,M407<=$F$12)","v":false},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false]
[null,null,null,null,null,null,null,null,"Operating Hours",null,null,{"$f":"$G$83*L409","v":0},0,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Accumulated Hours",null,null,{"$f":"K411+L410","v":0},0,8409.6,16819.2,25228.800000000003,33638.400000000001,42048,50457.599999999999,58867.199999999997,67276.800000000003,75686.400000000009,84096.000000000015,92505.60000000002,100915.20000000003,109324.80000000003,117734.40000000004,126144.00000000004,134553.60000000003,142963.20000000004,151372.80000000005,159782.40000000005,168192.00000000006,176601.60000000006,185011.20000000007,193420.80000000008,193420.80000000008,193420.80000000008,193420.80000000008,193420.80000000008,193420.80000000008]
[null,null,null,null,null,null,null,null,"Opening Hours",null,null,{"$f":"K416","v":0},0,0,8409.6,16819.2,25228.800000000003,33638.400000000001,42048,50457.599999999999,58867.199999999997,67276.800000000003,75686.400000000009,4096.0000000000146,12505.600000000015,20915.200000000015,29324.800000000017,37734.400000000016,46144.000000000015,54553.600000000013,62963.200000000012,71372.800000000017,79782.400000000023,8192.0000000000291,16601.600000000028,25011.200000000026,33420.800000000025,33420.800000000025,33420.800000000025,33420.800000000025,33420.800000000025]
[null,null,null,null,null,null,null,null,"Hours Used",null,null,{"$f":"L410","v":0},0,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,8409.6,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Stack Replacement",null,null,{"$f":"(L413+L412)>$G$52","v":false},false,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false,false,true,false,false,false,false,false,false,false,false]
[null,null,null,null,null,null,null,null,"Lifetime Reset",null,null,{"$f":"$G$52*L414","v":0},0,0,0,0,0,0,0,0,0,0,80000,0,0,0,0,0,0,0,0,0,80000,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Closing Balance",null,null,{"$f":"SUM(L412:L413)-L415","v":0},0,8409.6,16819.2,25228.800000000003,33638.400000000001,42048,50457.599999999999,58867.199999999997,67276.800000000003,75686.400000000009,4096.0000000000146,12505.600000000015,20915.200000000015,29324.800000000017,37734.400000000016,46144.000000000015,54553.600000000013,62963.200000000012,71372.800000000017,79782.400000000023,8192.0000000000291,16601.600000000028,25011.200000000026,33420.800000000025,33420.800000000025,33420.800000000025,33420.800000000025,33420.800000000025,33420.800000000025]
[]
[null,null,null,null,null,null,null,null,"Economies of Scale",null,{"$f":"H41","v":0.01},1,{"$f":"L418-$K$418","v":0.99},0.98,0.97,0.96,0.95,0.94,0.92999999999999994,0.91999999999999993,0.90999999999999992,0.89999999999999991,0.8899999999999999,0.87999999999999989,0.86999999999999988,0.85999999999999988,0.84999999999999987,0.83999999999999986,0.82999999999999985,0.81999999999999984,0.80999999999999983,0.79999999999999982,0.78999999999999981,0.7799999999999998,0.7699999999999998,0.75999999999999979,0.74999999999999978,0.73999999999999977,0.72999999999999976,0.71999999999999975,0.70999999999999974]
[null,null,null,null,null,null,null,null,"Replacement CapEx",null,null,{"$f":"($F$62*$G$56)*L418*L414","v":0},0,0,0,0,0,0,0,0,0,0,55711151.999999993,0,0,0,0,0,0,0,0,0,49451471.999999985,0,0,0,0,0,0,0,0]
[null,null,null,null,null,null,null,null,"Total Investment",null,{"$f":"SUM(L419:AO419)","v":105162623.99999997}]
[null,null,null,null,null,null,null,null,"NPV at IRR",null,{"$f":"NPV(F26,L419:AO419)","v":31479707.252624381}]
[]
[null,null,null,null,null,null,null,null,"D&Tax-Shield W/O Rep",null,null,{"$f":"L407","v":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]
[null,null,null,null,null,null,null,null,"Electrolyzer",null,"Flag",{"$f":"L409","v":false},{"$f":"M423<=$F$14","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false]
[null,null,null,null,null,null,null,null,"Year",null,{"$f":"F14","v":25}]
[null,null,null,null,null,null,null,null,"Depreciation Rate",null,{"$f":"F19","v":1},{"$f":"IFERROR(VDB(1,0,$K$425,K423,L423,$K$426),0)","v":0},0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0.04,0,0,0,0]
[null,null,null,null,null,null,null,null,"NPV",null,{"$f":"NPV(F26,L426:AO426)","v":0.39761773998532096}]
[null,null,null,null,null,null,null,null,"Tax Rate",null,{"$f":"F20","v":0}]
[null,null,null,null,null,null,null,null,"Depreciation Exp.",null,{"$f":"K427*K428","v":0},{"$f":"L426*L424*SUM($F$62:$F$110)","v":0},11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,11400799.738285972,0,0,0,0]
[]
[]
[]
[]
[null,null,null,null,null,null,null,null,"Studying the Impact of Load factor in the Amount of Hydrogen Production"]
[null,null,null,null,null,null,null,null,"Load Factor"]
[null,null,null,null,null,null,null,null,null,0.1,{"$f":"J436+0.1","v":0.2},{"$f":"K436+0.1","v":0.30000000000000004},0.4,0.5,0.6,0.7,0.79999999999999993,0.89999999999999991,0.99999999999999989]
[null,null,null,null,null,null,null,null,{"$f":"H44","v":60068571.428571425},6257142.8571428573,12514285.714285715,18771428.571428575,25028571.428571429,31285714.285714287,37542857.142857142,43800000,50057142.857142851,56314285.714285709,62571428.571428552]

{"sheet":"Fin. Model Electroyzer","index":12,"n_rows":92,"n_cols":40,"rows_kept":92,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,"Important Outputs --->","Pre Tax IRR",{"$f":"F89","v":0.45800254482478286},null,null,"Construction",{"$f":"LCOs!$F$194","v":1}]
[null,null,null,null,"After Tax IRR"]
[null,null,null,null,"Equity IRR"]
[null,null,null,"Construction Period",{"$f":"E11","v":1},{"$f":"F11","v":"Years"},null,null,{"$f":"-E5+1","v":0},{"$f":"I5+1","v":1},{"$f":"J5+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31]
[null,null,null,"Construction Phase",0,"Flag",null,null,{"$f":"I5<=$E$6","v":true},{"$f":"J5<=$E$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Operation Phase",{"$f":"E12","v":24},{"$f":"F12","v":"Years"},null,null,{"$f":"AND(I5>$E$6,I5<=$E$7)","v":false},{"$f":"AND(J5>$E$6,J5<=$E$7)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false]
[null,null,null,"Debt Repayment Phase",{"$f":"E18","v":20},"Years",null,null,{"$f":"AND(I5>$E$6,I5<=$E$8)","v":false},{"$f":"AND(J5>$E$6,J5<=$E$8)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false]
[null,"Assumptions"]
[null,null,"Timing"]
[null,null,null,"Construction Period",{"$f":"LCOs!F51","v":1},"Years"]
[null,null,null,"Operation Period",{"$f":"LCOs!F12","v":24},"Years"]
[null,null,null,"Project Lifetime Including Constructino",{"$f":"LCOs!F14","v":25},"Years"]
[]
[null,null,"Debt & Equity Financing"]
[null,null,null,"Debt Percent",0.7,"%"]
[null,null,null,"Debt Commitment",{"$f":"Results!R31*E16","v":234383234.82760942},"USD"]
[null,null,null,"Debt Tenor",20,"Years"]
[null,null,null,"Interest Rate",6.2E-2,"%"]
[]
[null,null,null,"Tax Rate",{"$f":"LCOs!F20","v":0}]
[null,null,null,"Cost of Equity",0.12,"%"]
[null,null,null,"Cost of Debt",{"$f":"E19*(1-E21)","v":6.2E-2},"%"]
[null,null,null,"Equity Amount",{"$f":"1-E16","v":0.30000000000000004},"%"]
[null,null,null,"Equity Commitment",{"$f":"Results!R31*'Fin. Model Electroyzer'!E24","v":100449957.78326119},"USD"]
[null,null,null,"WACC - Nominal",{"$f":"E24*E22+E23*E16","v":7.9399999999999998E-2},"%"]
[null,null,null,"WACC - Real Adj. by Inflation",{"$f":"E26","v":7.9399999999999998E-2},"%"]
[]
[null,null,"Residual Value"]
[null,null,null,"Stack Life",{"$f":"LCOs!G54","v":10}]
[null,null,null,"Total Life",{"$f":"LCOs!F54","v":24}]
[null,null,null,"Final Year Used",{"$f":"MOD(E31,E30)","v":4}]
[null,null,null,"Final Year Residual",{"$f":"E30-E32","v":6}]
[]
[]
[null,"Operation Analysis for Ammonia",null,null,null,null,"Check"]
[]
[null,null,null,"Inflation Index for O&M Only","Factor",{"$f":"LCOs!F18","v":3.2099999999999997E-2},null,1,{"$f":"H38","v":1},{"$f":"I38*(1+$F$38)","v":1.0321},1.0652304100000001,1.0994243061610001,1.1347158263887682,1.1711402044158477,1.2087338049775964,1.2475341601173773,1.287580006657145,1.3289113248708393,1.3715693783991934,1.4155967554458075,1.4610374112956179,1.5079367121982072,1.5563414806597697,1.6063000421889484,1.6578622735432136,1.7110796525239507,1.7660053093699695,1.8226940798007456,1.8812025597623496,1.9415891619307211,2.0039141740286972,2.0682398190150186,2.1346303172054006,2.203151950387694,2.273873127995139,2.3468644554037827,2.4221988044222442,2.4999513860441982,2.5801998255362171,2.6630242399359298]
[null,null,null,"Operating Period","Period",null,null,0,{"$f":"H39+I7","v":0},1,2,3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,24,24,24,24,24,24,24]
[null,null,null,"Replacement Period for Stack","Flag",{"$f":"LCOs!G54","v":10},{"$f":"SUM(I40:AN40)","v":2},null,{"$f":"(MOD(I39,$F$40)=0)*I7","v":0},{"$f":"(MOD(J39,$F$40)=0)*J7","v":0},0,0,0,0,0,0,0,0,1,0,0,0,0,0,0,0,0,0,1,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Electricity Degradation Index","Index",{"$f":"LCOs!G84","v":0.01},null,null,{"$f":"IF(H40,1*(1+$F$41),H41*(1+$F$41))","v":0},{"$f":"IF(I40,1*(1+$F$41),I41*(1+$F$41))","v":0},0,0,0,0,0,0,0,0,0,1.01,1.0201,1.0303009999999999,1.04060401,1.0510100500999999,1.0615201506009999,1.0721353521070098,1.08285670562808,1.0936852726843609,1.1046221254112045,1.01,1.0201,1.0303009999999999,1.04060401,1.0510100500999999,1.0615201506009999,1.0721353521070098,1.08285670562808,1.0936852726843609,1.1046221254112045,1.1156683466653166]
[]
[null,null,null,"Hydrogen Production","kg/yr",{"$f":"LCOs!H44","v":60068571.428571425},{"$f":"LCOs!H110","v":2.0186382743553315},null,{"$f":"$F$43*I7","v":0},60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,60068571.428571425,0,0,0,0,0,0,0]
[null,null,null,"Revenues","USD/Yr",{"$f":"LCOs!H110","v":2.0186382743553315},null,null,{"$f":"I43*$F$44","v":0},121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,0,0,0,0,0,0,0]
[]
[null,null,null,"Electriciy Consumption","MWH",{"$f":"LCOs!G86","v":3363840},null,null,{"$f":"$F$46*I7*I41","v":0},0,0,0,0,0,0,0,0,0,0,3397478.3999999999,3431453.1839999999,3465767.7158399997,3500425.3929984001,3535429.646928384,3570783.9433976677,3606491.7828316442,3642556.7006599605,3678982.2676665606,3715772.0903432262,3397478.3999999999,3431453.1839999999,3465767.7158399997,3500425.3929984001,0,0,0,0,0,0,0]
[null,null,null,"Power Expense","USD",{"$f":"LCOs!G87","v":24.93},{"$f":"LCOs!F183","v":121256717.37156139},{"$f":"G47=J47","v":false},{"$f":"I46*$F$47","v":0},{"$f":"J46*$F$47","v":0},0,0,0,0,0,0,0,0,0,84699136.511999995,85546127.877120003,86401589.155891195,87265605.04745011,88138261.097924605,89019643.708903849,89909840.14599289,90808938.547452807,91717027.932927355,92634198.212256625,84699136.511999995,85546127.877120003,86401589.155891195,87265605.04745011,0,0,0,0,0,0,0]
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[null,null,null,"Water Consumption","Litres/m3",{"$f":"LCOs!H79","v":660754.28571428568},null,null,{"$f":"$F$49*I7","v":0},660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,660754.28571428568,0,0,0,0,0,0,0]
[null,null,null,"Water Expense","USD",{"$f":"LCOs!H80","v":0.5},{"$f":"LCOs!F184","v":7463022.7651563538},{"$f":"G50=J50","v":false},{"$f":"I49*$F$50","v":0},330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,330377.14285714284,0,0,0,0,0,0,0]
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[null,null,null,"Operation Adj. by Inflation","USD",{"$f":"LCOs!H97","v":2041200},{"$f":"LCOs!F176","v":2922000.0000000028},{"$f":"J52=G52","v":false},{"$f":"I38*$F$52*I7","v":0},2106722.52,2174348.3128920002,2244144.8937358335,2316181.9448247538,2390531.3852536283,2467267.4427202698,2546466.7276315903,2628208.3095885646,2712573.7963263569,2799647.4151884336,2889516.0972159822,2982269.5639366154,3078000.4169389806,3176804.2303227219,3278779.6461160816,3384028.4727564077,3492655.7867318881,3604770.0374859818,3720483.1556892819,3839910.664986908,3963171.7973329877,4090389.6120273769,4221691.1185734561,4357207.4034796637,0,0,0,0,0,0,0]
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[null,null,null,"Total Expense",null,null,null,null,{"$f":"I47+I50+I52","v":0},{"$f":"J47+J50+J52","v":2437099.6628571427},2504725.4557491429,2574522.0365929762,2646559.0876818965,2720908.528110771,2797644.5855774125,2876843.8704887331,2958585.4524457073,3042950.9391834997,3130024.5580455763,87919029.752073124,88858774.583913773,89809966.71568732,90772786.420629978,91747417.886897832,92734049.324517399,93732873.075581923,94744085.727795944,95767888.231473789,96804486.020100683,88992685.452190131,89966894.632004529,90953657.417321801,91953189.593786925,0,0,0,0,0,0,0]
[]
[null,null,null,"EBITDA","USD",null,null,null,{"$f":"I44-I54","v":0},{"$f":"J44-J54","v":118819617.70870425},118751991.91581225,118682195.33496842,118610158.2838795,118535808.84345062,118459072.78598398,118379873.50107266,118298131.91911569,118213766.43237789,118126692.81351581,33337687.619488269,32397942.78764762,31446750.655874074,30483930.950931415,29509299.484663561,28522668.047043994,27523844.29597947,26512631.64376545,25488829.140087605,24452231.35146071,32264031.919371262,31289822.739556864,30303059.954239592,29303527.777774468,0,0,0,0,0,0,0]
[]
[null,null,null,"Construction Expenditures","USD",{"$f":"LCOs!H62","v":252000000},"Period",{"$f":"E5","v":1},{"$f":"$F$58/$H$58*I6","v":252000000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Replacements","USD",{"$f":"LCOs!G62","v":115920000},null,null,{"$f":"$F$59*I40*I7","v":0},{"$f":"$F$59*J40*J7","v":0},0,0,0,0,0,0,0,0,115920000,0,0,0,0,0,0,0,0,0,115920000,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Pre-Tax Cash Flow","USD",null,null,null,{"$f":"I56-I58-I59","v":-252000000},{"$f":"J56-J58-J59","v":118819617.70870425},118751991.91581225,118682195.33496842,118610158.2838795,118535808.84345062,118459072.78598398,118379873.50107266,118298131.91911569,118213766.43237789,2206692.8135158122,33337687.619488269,32397942.78764762,31446750.655874074,30483930.950931415,29509299.484663561,28522668.047043994,27523844.29597947,26512631.64376545,25488829.140087605,-91467768.64853929,32264031.919371262,31289822.739556864,30303059.954239592,29303527.777774468,0,0,0,0,0,0,0]
[null,null,null,"IRR","%",{"$f":"IRR(I60:AN60)","v":0.45800254482478286}]
[]
[null,null,null,"Financing Cost Balance"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H67","v":0},{"$f":"I67","v":252000000},252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000]
[null,null,null,"Add: Financing Cost",null,{"$f":"LCOs!F27","v":7.9399999999999915E-2},null,null,{"$f":"I64*$F$65*I6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Construction",null,null,null,null,{"$f":"I58","v":252000000},{"$f":"J58","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"I64+I65+I66","v":252000000},{"$f":"J64+J65+J66","v":252000000},252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000,252000000]
[]
[null,null,null,"Financing Cost Adder","USD",{"$f":"AN67","v":252000000},{"$f":"F69/F58","v":1}]
[]
[]
[null,null,null,"Initial Depreciation Period","Flag",1,{"$f":"LCOs!F242","v":12},{"$f":"SUM(I72:AN72)","v":12},{"$f":"AND(I$5>=$F72,I$5<=$G72)*1","v":0},1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,{"$f":"AND(Y$5>=$F72,Y$5<=$G72)*1","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Second Depreciation Period","Flag",{"$f":"G72+1","v":13},{"$f":"F73+G72-1","v":24},{"$f":"SUM(I73:AN73)","v":12},0,0,0,0,0,0,0,0,0,0,0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0]
[]
[null,null,null,"Long-term Portion Depreciation Base","USD",{"$f":"LCOs!F199","v":0.7},{"$f":"F69*F75","v":176400000},null,{"$f":"$F$75*$G$75*I7","v":0},123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,123479999.99999999,0,0,0,0,0,0,0]
[null,null,null,"Replacement Portion Depreciation Base","USD",{"$f":"1-F75","v":0.30000000000000004},{"$f":"F69*F76","v":75600000.000000015},null,{"$f":"$G$76*$F$76*I72","v":0},{"$f":"$G$76*$F$76*J72","v":22680000.000000007},22680000.000000007,22680000.000000007,22680000.000000007,22680000.000000007,22680000.000000007,22680000.000000007,22680000.000000007,22680000.000000007,22680000.000000007,22680000.000000007,22680000.000000007,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"First Replacement Depreciation Base","USD",null,{"$f":"G76*G69","v":75600000.000000015},null,{"$f":"$G$77*I73","v":0},{"$f":"$G$77*J73","v":0},0,0,0,0,0,0,0,0,0,0,0,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,75600000.000000015,0,0,0,0,0,0,0]
[]
[null,null,null,"Tax Depreciation on Long-term Base Portion","USD",{"$f":"LCOs!F12","v":24},{"$f":"1/F79","v":4.1666666666666664E-2},null,{"$f":"I75*$G$79","v":0},{"$f":"J75*$G$79","v":5144999.9999999991},5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,5144999.9999999991,0,0,0,0,0,0,0]
[null,null,null,"Replacement Portion Depreciation","USD",{"$f":"H72","v":12},{"$f":"1/F80","v":8.3333333333333329E-2},null,{"$f":"$G$80*I76","v":0},{"$f":"$G$80*J76","v":1890000.0000000005},1890000.0000000005,1890000.0000000005,1890000.0000000005,1890000.0000000005,1890000.0000000005,1890000.0000000005,1890000.0000000005,1890000.0000000005,1890000.0000000005,1890000.0000000005,1890000.0000000005,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"First Replacement Depreciation ","USD",{"$f":"H73","v":12},{"$f":"1/F81","v":8.3333333333333329E-2},null,{"$f":"$G$81*I77","v":0},{"$f":"$G$81*J77","v":0},0,0,0,0,0,0,0,0,0,0,0,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,6300000.0000000009,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Depreciation","USD",{"$f":"NPV(F92,I83:AN83)","v":81313101.578628153},null,null,{"$f":"SUM(I79:I81)","v":0},{"$f":"SUM(J79:J81)","v":7035000},7035000,7035000,7035000,7035000,7035000,7035000,7035000,7035000,7035000,7035000,7035000,11445000,11445000,11445000,11445000,11445000,11445000,11445000,11445000,11445000,11445000,11445000,11445000,0,0,0,0,0,0,0]
[]
[null,null,null,"EBIT","USD",null,null,null,{"$f":"I56-I83","v":0},{"$f":"J56-J83","v":111784617.70870425},111716991.91581225,111647195.33496842,111575158.2838795,111500808.84345062,111424072.78598398,111344873.50107266,111263131.91911569,111178766.43237789,111091692.81351581,26302687.619488269,25362942.78764762,20001750.655874074,19038930.950931415,18064299.484663561,17077668.047043994,16078844.29597947,15067631.64376545,14043829.140087605,13007231.35146071,20819031.919371262,19844822.739556864,18858059.954239592,17858527.777774468,0,0,0,0,0,0,0]
[null,null,null,"Taxes","USD",{"$f":"LCOs!F20","v":0},null,null,{"$f":"I85*$F$86","v":0},{"$f":"J85*$F$86","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax Cash Flow","USD",null,{"$f":"SUM(I87:AN87)","v":1113873567.9067657},null,{"$f":"I60-I86","v":-252000000},{"$f":"J60-J86","v":118819617.70870425},118751991.91581225,118682195.33496842,118610158.2838795,118535808.84345062,118459072.78598398,118379873.50107266,118298131.91911569,118213766.43237789,2206692.8135158122,33337687.619488269,32397942.78764762,31446750.655874074,30483930.950931415,29509299.484663561,28522668.047043994,27523844.29597947,26512631.64376545,25488829.140087605,-91467768.64853929,32264031.919371262,31289822.739556864,30303059.954239592,29303527.777774468,0,0,0,0,0,0,0]
[]
[null,null,null,"Pre-Tax IRR","%",{"$f":"IRR(I60:AN60)","v":0.45800254482478286}]
[null,null,null,"Pre-Tax NPV","USD",{"$f":"NPV(E26,I60:AN60)","v":538567211.78111756}]
[null,null,null,"After-tax IRR","%",{"$f":"IRR(I87:AN87)","v":0.45800254482478286}]
[null,null,null,"Target IRR","%",{"$f":"LCOs!F26","v":7.9399999999999998E-2}]

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[]
[null,null,null,"Important Outputs --->","Pre Tax IRR",{"$f":"F88","v":7.9400000000000137E-2},null,null,"Construction",{"$f":"LCOs!$F$194","v":1},{"$f":"LCOs!F10","v":1}]
[null,null,null,null,"After Tax IRR"]
[null,null,null,null,"Equity IRR"]
[null,null,null,"Construction Period",{"$f":"E11","v":1},{"$f":"F11","v":"Years"},null,null,{"$f":"-E5+1","v":0},{"$f":"I5+1","v":1},{"$f":"J5+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31]
[null,null,null,"Construction Phase",0,"Flag",null,null,{"$f":"I5<=$E$6","v":true},{"$f":"J5<=$E$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Operation Phase",{"$f":"E12","v":24},{"$f":"F12","v":"Years"},null,null,{"$f":"AND(I5>$E$6,I5<=$E$7)","v":false},{"$f":"AND(J5>$E$6,J5<=$E$7)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false]
[null,null,null,"Debt Repayment Phase",{"$f":"E24","v":20},"Years",null,null,{"$f":"AND(I5>$E$6,I5<=$E$8)","v":false},{"$f":"AND(J5>$E$6,J5<=$E$8)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false,false,false,false,false]
[null,"Assumptions"]
[null,null,"Timing"]
[null,null,null,"Construction Period",{"$f":"LCOs!F10","v":1},"Years"]
[null,null,null,"Operation Period",{"$f":"LCOs!F12","v":24},"Years"]
[null,null,null,"Project Lifetime",{"$f":"LCOs!F14","v":25},"Years"]
[]
[null,null,"Tax and Depreciation"]
[null,null,null,"Depreciation Life",{"$f":"E13","v":25}]
[null,null,null,"Declining Factor (1-SL)",{"$f":"LCOs!F19","v":1}]
[null,null,null,"Tax Rate",{"$f":"LCOs!F20","v":0}]
[null,null,null,"Inflation Rate",{"$f":"LCOs!F17","v":0}]
[]
[null,null,"Debt & Equity Financing"]
[null,null,null,"Debt Percent",0.7,"%"]
[null,null,null,"Debt Commitment",{"$f":"Results!R31*E22","v":234383234.82760942},"USD"]
[null,null,null,"Debt Tenor",20,"Years"]
[null,null,null,"Interest Rate",6.2E-2,"%"]
[]
[null,null,null,"Cost of Equity",0.12,"%"]
[null,null,null,"Cost of Debt",{"$f":"E25","v":6.2E-2},"%"]
[null,null,null,"Equity Amount",{"$f":"1-E22","v":0.30000000000000004},"%"]
[null,null,null,"Equity Commitment",{"$f":"Results!R31*'Fin. Model NH3'!E29","v":100449957.78326119},"USD"]
[null,null,null,"WACC - Nominal",{"$f":"E29*E27+E28*E22","v":7.9399999999999998E-2},"%"]
[null,null,null,"WACC - Real Adj. by Inflation",{"$f":"(1+E31)/(1+E19)-1","v":7.9399999999999915E-2},"%"]
[]
[]
[null,"Operation Analysis for Ammonia",null,null,null,null,"Check"]
[]
[null,null,null,"Inflation Index","Factor",{"$f":"E19","v":0},null,1,{"$f":"H37","v":1},{"$f":"I37*(1+$F$37)","v":1},1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1,1]
[]
[null,null,null,"Total Ammonia Production","Tn/Yr",{"$f":"LCOs!F220","v":326292.47999999998},{"$f":"LCOs!F172","v":326292.47999999998},null,{"$f":"$F$39*I7","v":0},326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,326292.47999999998,0,0,0,0,0,0,0]
[null,null,null,"Revenues","USD/Yr",{"$f":"LCOs!H221","v":512.44299558342664},null,null,{"$f":"I39*$F$40","v":0},167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Hydrogen Consumption","Tn/Yr",{"$f":"LCOs!F137","v":60068.571428571428},null,null,{"$f":"$F$42*I7","v":0},60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,0,0,0,0,0,0,0]
[null,null,null,"Hydrogen Expense","USD",{"$f":"LCOs!H110","v":2.0186382743553315},{"$f":"LCOs!F183","v":121256717.37156139},{"$f":"G43=J43","v":true},{"$f":"I42*$F$43*1000","v":0},121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,121256717.37156139,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Nitrogen Consumption","Tn/Yr",{"$f":"LCOs!F138","v":276315.42857142852},null,null,{"$f":"$F$45*I7","v":0},276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,276315.42857142852,0,0,0,0,0,0,0]
[null,null,null,"Nitrogen Expense","USD",{"$f":"LCOs!F134","v":27.009070046289999},{"$f":"LCOs!F184","v":7463022.7651563538},{"$f":"G46=J46","v":true},{"$f":"I45*$F$46","v":0},7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,7463022.7651563538,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Gas Compression Expense","USD/Yr",{"$f":"LCOs!F165","v":25.866112100405221},{"$f":"LCOs!F185","v":8439917.8651992287},{"$f":"J48=G48","v":true},{"$f":"$F$48*I39","v":0},8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,8439917.8651992287,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Power Consumption","MWh/Yr",{"$f":"LCOs!F179","v":261033.984},null,null,{"$f":"$F$50*I7","v":0},261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,261033.984,0,0,0,0,0,0,0]
[null,null,null,"Power Expense","USD",{"$f":"LCOs!F32","v":24.93},{"$f":"LCOs!F181","v":6507577.2211199999},{"$f":"J51=G51","v":true},{"$f":"I50*$F$51","v":0},6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,6507577.2211199999,0,0,0,0,0,0,0]
[]
[null,null,null,"Operation Adj. by Inflation","USD",{"$f":"LCOs!F175","v":2922000},{"$f":"LCOs!F176","v":2922000.0000000028},{"$f":"J53=G53","v":true},{"$f":"I37*$F$53*I7","v":0},2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,2922000,0,0,0,0,0,0,0]
[]
[null,null,null,"EBITDA","USD",null,null,null,{"$f":"I40-I43-I46-I48-I51-I53","v":0},{"$f":"J40-J43-J46-J48-J51-J53","v":20617060.664508343},20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,0,0,0,0,0,0,0]
[]
[null,null,null,"Construction Expenditures","USD",{"$f":"LCOs!F293","v":194800000},"Period",{"$f":"E5","v":1},{"$f":"$F$57/$H$57*I6","v":194800000},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Replacements","USD",{"$f":"LCOs!F194","v":1},null,null,{"$f":"_xlfn.XLOOKUP(I5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*I37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(J5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*J37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(K5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*K37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(L5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*L37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(M5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*M37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(N5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*N37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(O5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*O37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(P5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*P37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(Q5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*Q37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(R5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*R37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(S5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*S37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(T5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*T37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(U5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*U37*$F$58","v":58440000},{"$f":"_xlfn.XLOOKUP(V5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*V37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(W5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*W37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(X5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*X37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(Y5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*Y37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(Z5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*Z37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AA5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AA37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AB5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AB37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AC5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AC37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AD5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AD37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AE5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AE37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AF5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AF37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AG5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AG37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AH5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AH37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AI5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AI37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AJ5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AJ37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AK5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AK37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AL5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AL37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AM5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AM37*$F$58","v":0},{"$f":"_xlfn.XLOOKUP(AN5,LCOs!$F$241:$F$247,LCOs!$H$241:$H$247,0,0)*AN37*$F$58","v":0}]
[null,null,null,"Pre-Tax Cash Flow","USD",null,null,null,{"$f":"I55-I57-I58","v":-194800000},{"$f":"J55-J57-J58","v":20617060.664508343},20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,-37822939.335491657,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,0,0,0,0,0,0,0]
[null,null,null,"IRR","%",{"$f":"IRR(I59:AN59)","v":7.9400000000000137E-2}]
[]
[null,null,null,"Financing Cost Balance"]
[null,null,null,"Opening Balance",null,null,null,null,{"$f":"H66","v":0},{"$f":"I66","v":194800000},194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000]
[null,null,null,"Add: Financing Cost",null,{"$f":"LCOs!F27","v":7.9399999999999915E-2},null,null,{"$f":"I63*$F$64*I6","v":0},{"$f":"J63*$F$64*J6","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Add: Construction",null,null,null,null,{"$f":"I57","v":194800000},{"$f":"J57","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Closing Balance",null,null,null,null,{"$f":"I63+I64+I65","v":194800000},{"$f":"J63+J64+J65","v":194800000},194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000,194800000]
[]
[null,null,null,"Financing Cost Adder","USD",{"$f":"AN66","v":194800000},{"$f":"F68/F57","v":1}]
[]
[]
[null,null,null,"Initial Depreciation Period","Flag",1,{"$f":"LCOs!F242","v":12},{"$f":"SUM(I71:AN71)","v":12},{"$f":"AND(I$5>=$F71,I$5<=$G71)*1","v":0},1,1,1,1,1,1,1,1,1,{"$f":"AND(S$5>=$F71,S$5<=$G71)*1","v":1},1,1,0,0,0,0,0,0,0,{"$f":"AND(AC$5>=$F71,AC$5<=$G71)*1","v":0},0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"Second Depreciation Period","Flag",{"$f":"G71+1","v":13},{"$f":"F72+G71-1","v":24},{"$f":"SUM(I72:AN72)","v":12},0,0,0,0,0,0,0,0,0,0,0,0,0,1,1,1,1,1,1,1,1,1,1,1,1,0,0,0,0,0,0,0]
[]
[null,null,null,"Long-term Portion Depreciation Base","USD",{"$f":"LCOs!F199","v":0.7},{"$f":"F68*F74","v":136360000},null,{"$f":"$F$74*$G$74*I7","v":0},{"$f":"$F$74*$G$74*J7","v":95452000},95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,95452000,0,0,0,0,0,0,0]
[null,null,null,"Replacement Portion Depreciation Base","USD",{"$f":"1-F74","v":0.30000000000000004},{"$f":"F68*F75","v":58440000.000000007},null,{"$f":"$G$75*$F$75*I71","v":0},{"$f":"$G$75*$F$75*J71","v":17532000.000000004},17532000.000000004,17532000.000000004,17532000.000000004,17532000.000000004,17532000.000000004,17532000.000000004,17532000.000000004,17532000.000000004,17532000.000000004,17532000.000000004,17532000.000000004,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"First Replacement Depreciation Base","USD",null,{"$f":"G75*G68","v":58440000.000000007},null,{"$f":"$G$76*I72","v":0},{"$f":"$G$76*J72","v":0},0,0,0,0,0,0,0,0,0,0,0,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,58440000.000000007,0,0,0,0,0,0,0]
[]
[null,null,null,"Tax Depreciation on Long-term Base Portion","USD",{"$f":"LCOs!F12","v":24},{"$f":"1/F78","v":4.1666666666666664E-2},null,{"$f":"I74*$G$78","v":0},{"$f":"J74*$G$78","v":3977166.6666666665},3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,3977166.6666666665,0,0,0,0,0,0,0]
[null,null,null,"Replacement Portion Depreciation","USD",{"$f":"H71","v":12},{"$f":"1/F79","v":8.3333333333333329E-2},null,{"$f":"$G$79*I75","v":0},{"$f":"$G$79*J75","v":1461000.0000000002},1461000.0000000002,1461000.0000000002,1461000.0000000002,1461000.0000000002,1461000.0000000002,1461000.0000000002,1461000.0000000002,1461000.0000000002,1461000.0000000002,1461000.0000000002,1461000.0000000002,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"First Replacement Depreciation ","USD",{"$f":"H72","v":12},{"$f":"1/F80","v":8.3333333333333329E-2},null,{"$f":"$G$80*I76","v":0},{"$f":"$G$80*J76","v":0},0,0,0,0,0,0,0,0,0,0,0,4870000,4870000,4870000,4870000,4870000,4870000,4870000,4870000,4870000,4870000,4870000,4870000,0,0,0,0,0,0,0]
[]
[null,null,null,"Total Depreciation","USD",{"$f":"NPV(F91,I82:AN82)","v":62856318.204431586},null,null,{"$f":"SUM(I78:I80)","v":0},{"$f":"SUM(J78:J80)","v":5438166.666666667},5438166.666666667,5438166.666666667,5438166.666666667,5438166.666666667,5438166.666666667,5438166.666666667,5438166.666666667,5438166.666666667,5438166.666666667,5438166.666666667,5438166.666666667,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,8847166.666666666,0,0,0,0,0,0,0]
[]
[null,null,null,"EBIT","USD",null,null,null,{"$f":"I55-I82","v":0},{"$f":"J55-J82","v":15178893.997841675},15178893.997841675,15178893.997841675,15178893.997841675,15178893.997841675,15178893.997841675,15178893.997841675,15178893.997841675,15178893.997841675,15178893.997841675,15178893.997841675,15178893.997841675,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,11769893.997841677,0,0,0,0,0,0,0]
[null,null,null,"Taxes","USD",{"$f":"LCOs!F20","v":0},null,null,{"$f":"I84*$F$85","v":0},{"$f":"J84*$F$85","v":0},0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0]
[null,null,null,"After-tax Cash Flow","USD",null,{"$f":"SUM(I86:AN86)","v":241569455.94820023},null,{"$f":"I59-I85","v":-194800000},{"$f":"J59-J85","v":20617060.664508343},20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,-37822939.335491657,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,20617060.664508343,0,0,0,0,0,0,0]
[]
[null,null,null,"Pre-Tax IRR","%",{"$f":"IRR(I59:AN59)","v":7.9400000000000137E-2}]
[null,null,null,"Pre-Tax NPV","USD",{"$f":"NPV(E31,I59:AN59)","v":1.988788710847395E-7}]
[null,null,null,"After-tax IRR","%",{"$f":"IRR(I86:AN86)","v":7.9400000000000137E-2}]
[null,null,null,"Target IRR","%",{"$f":"LCOs!F26","v":7.9399999999999998E-2}]

{"sheet":"Consolidated","index":14,"n_rows":71,"n_cols":40,"rows_kept":71,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,null,"Important Outputs --->","Pre Tax IRR",{"$f":"F68","v":{"$error":"#VALUE!"}},null,null,"Construction",{"$f":"LCOs!$F$194","v":1}]
[null,null,null,null,"After Tax IRR"]
[null,null,null,null,"Equity IRR"]
[null,null,null,"Construction Period",{"$f":"E11","v":1},{"$f":"F11","v":"Years"},null,null,{"$f":"-E5+1","v":0},{"$f":"I5+1","v":1},{"$f":"J5+1","v":2},3,4,5,6,7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31]
[null,null,null,"Construction Phase",0,"Flag",null,null,{"$f":"I5<=$E$6","v":true},{"$f":"J5<=$E$6","v":false},false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false,false]
[null,null,null,"Operation Phase",{"$f":"E12","v":24},{"$f":"F12","v":"Years"},null,null,{"$f":"AND(I5>$E$6,I5<=$E$7)","v":false},{"$f":"AND(J5>$E$6,J5<=$E$7)","v":true},true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,true,false,false,false,false,false,false,false]
[null,null,null,"Debt Repayment Phase",{"$f":"#REF!","v":{"$error":"#REF!"}},"Years",null,null,{"$f":"AND(I5>$E$6,I5<=$E$8)","v":{"$error":"#REF!"}},{"$f":"AND(J5>$E$6,J5<=$E$8)","v":{"$error":"#REF!"}},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"},{"$error":"#REF!"}]
[null,"Assumptions"]
[null,null,"Timing"]
[null,null,null,"Construction Period",{"$f":"LCOs!F10","v":1},"Years"]
[null,null,null,"Operation Period",{"$f":"LCOs!F12","v":24},"Years"]
[null,null,null,"Project Lifetime",{"$f":"LCOs!F14","v":25},"Years"]
[]
[]
[]
[null,"Operation Analysis for Consolidation",null,null,null,null,"Check"]
[]
[null,null,"Total Revenues"]
[null,null,null,"Ammonia Revenues","USD/Yr",null,null,null,{"$f":"LOOKUP(I5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":0},{"$f":"LOOKUP(J5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(K5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(L5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(M5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(N5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(O5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(P5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(Q5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(R5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(S5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(T5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(U5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(V5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(W5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(X5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(Y5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(Z5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(AA5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(AB5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(AC5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(AD5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(AE5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(AF5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(AG5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":167206295.88754532},{"$f":"LOOKUP(AH5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":0},{"$f":"LOOKUP(AI5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":0},{"$f":"LOOKUP(AJ5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":0},{"$f":"LOOKUP(AK5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":0},{"$f":"LOOKUP(AL5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":0},{"$f":"LOOKUP(AM5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":0},{"$f":"LOOKUP(AN5,'Fin. Model NH3'!5:5,'Fin. Model NH3'!40:40)","v":0}]
[null,null,null,"Revenues","USD/Yr",null,null,null,{"$f":"I20","v":0},{"$f":"J20","v":167206295.88754532},167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,167206295.88754532,0,0,0,0,0,0,0]
[]
[null,null,"Total Expense"]
[null,null,null,"Total Hydrogen Expense","USD/yr",{"$f":"LCOs!F137","v":60068.571428571428},null,null,{"$f":"$F$24*I7","v":0},60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,60068.571428571428,0,0,0,0,0,0,0]
[null,null,null,"Total Compression Expense"]
[null,null,null,"Total Separation Expense"]
[null,null,null,"Total Nitrogen Operating Expense"]
[]
[]
[null,null,null,"EBITDA","USD",null,null,null,{"$f":"I21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"J21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"K21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"L21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"M21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"N21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"O21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"P21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"Q21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"R21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"S21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"T21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"U21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"V21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"W21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"X21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"Y21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"Z21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AA21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AB21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AC21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AD21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AE21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AF21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AG21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AH21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AI21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AJ21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AK21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AL21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AM21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}},{"$f":"AN21-#REF!-#REF!-#REF!-#REF!-#REF!","v":{"$error":"#REF!"}}]
[]
[null,null,null,"Construction Expenditures - Hydrogen","USD",null,null,{"$f":"E5","v":1},{"$f":"LOOKUP(I5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":252000000},{"$f":"LOOKUP(J5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(K5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(L5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(M5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(N5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(O5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(P5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(Q5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(R5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(S5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(T5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(U5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(V5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(W5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(X5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(Y5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(Z5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AA5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AB5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AC5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AD5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AE5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AF5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AG5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AH5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AI5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AJ5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AK5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AL5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AM5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0},{"$f":"LOOKUP(AN5,'Fin. Model Electroyzer'!5:5,'Fin. Model Electroyzer'!58:58)","v":0}]
[null,null,null,"Construction Expenditures - Compression"]
[null,null,null,"Construction Expenditures - Compression"]
[null,null,null,"Construction Expenditures - Nitrogen"]
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["Overall Requirements",null,null,null,null,null,null,"Process Simulations/Calculations."]
["Overall Block Flow Diagram",null,null,null,null,null,null,"Equipment Lists"]
["Preliminary Study",null,null,null,null,null,null,"Instrument Lists"]
["Overall Cost Estimate",null,null,null,null,null,null,"Site Plans"]
[null,null,null,null,null,null,null,"Plot Plans (Overall Layout approved)"]
["Conceive and plan the structure of the system.",null,null,null,null,null,null,"Preliminary Equipment Specifications (Datasheets)"]
["Define the Scope."]
[null,null,null,null,null,null,null,"Basic study to allow everyone to agree on the exact scope of work. "]
["If CD approved by BOD (Board of Directors) proceed to Basic Design",null,null,null,null,null,null,"FEED is necessary for Project Finance"]
["Source: PMI."]
[]
[]
[]
[]
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["Where are we Now?"]