Energy Upgrade Screening Study

Transcription

1 Energy Upgrade Screening Study Prepared for: The University of Maine Orono, ME Prepared by: R.G. Vanderweil Engineers, LLP 274 Summer Street Boston, MA Vanderweil Project No.: October 28, 2016

2 TABLE OF CONTENTS 1. INTRODUCTION EXECUTIVE SUMMARY LOAD ANALYSIS AND CONFIGURATION SELECTION... 3 ELECTRICAL LOAD... 3 STEAM LOAD... 7 GENERATION EQUIPMENT SELECTION ENERGY UPGRADES... 8 OPTION 1 EXISTING CAMPUS/BASE CASE WITH ALTERNATIVES A Eliminate Summer Steam Load B Solar Energy Farm C Combination Eliminate Summer Steam Load and Solar Farm OPTION 2 COMBINED HEAT AND POWER (THERMAL LOAD FOLLOWING) A CTG with Heat Recovery Steam Generator (Thermal Load Following) B Eliminate Summer Steam Load C Solar Energy Farm D Combination Eliminate Summer Steam Load and Solar Farm OPTION 3 COMBINED HEAT AND POWER (ELECTRIC LOAD FOLLOWING) A CTG with Heat Recovery Steam Generator (Electric Load Following) B Eliminate Summer Steam Load C Solar Energy Farm D Combination Eliminate Summer Steam Load and Solar Farm METHODOLOGY CONCLUSIONS RECOMMENDATIONS APPENDICES A. Energy Upgrade Results B. Financial Summary Results C. CES Data D. Photovoltaic Consultant Data ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page i

3 1. INTRODUCTION R.G. Vanderweil Engineers, LLP Power Group (Vanderweil) was retained by the University of Maine (UMaine) to perform an Energy Upgrade Screening Study which addresses the feasibility of installing combined heat and power (CHP) and a thirdparty Photovoltaic (PV) solar energy generation farm. This study was performed in accordance with Vanderweil s proposal dated February 24, This report summarizes the various investigations performed by Vanderweil and presents the results for the inclusion of CHP and PV generation. 2. EXECUTIVE SUMMARY UMaine is exploring opportunities to implement energy solutions at the Orono, ME campus. The UMaine System s objectives are to ensure safe, reliable, efficient, economical, and environmentally responsible services to each campus. The focus of this Energy Upgrade Screening Study is to review energy savings for alternatives that include Combined Heat and Power, Solar Energy Generation, and Elimination of Summer Steam Generation. This study reviews annual savings and costs associated with these alternatives to examine the merits of pursuing these energy opportunities further. This study updates a previous analysis performed by Vanderweil in Since 2010, UMaine installed a 60,000 lb/hr gasfired steam boiler, Boiler #8, in the existing steam plant to replace Boiler #3 and #4. The new boiler increases the overall efficiency of the heating plant and reduces UMaine s dependency on their #6 fuel oil fired boilers. Both the efficiency improvement and reduction in oil consumption result in significant cost savings. UMaine believes it can also expand energy and cost savings through Combined Heat and Power and Solar Energy. A CHP installation on the east side of campus would add resiliency to the steam system by backfeeding steam from the opposite side of campus. On loss of either the existing boiler plant or the CHP plant, steam can be distributed to campus with minimized interruption. The current steam distribution system is fed radially from the existing steam plant making the campus vulnerable to steam outages if a main steam pipeline were to fail. CHP would also increase campus energy efficiency through generation of electricity while making use of the waste heat as steam. A boiler would operate at minimum load in the existing heating plant as backup and to generate electricity with the existing steam turbine generators (STG). Solar generation on the east side of campus would benefit UMaine by adding low cost renewable energy generation on campus. The solar site would be built and operated by a thirdparty developer who would maintain the solar farm and sell generated electricity to UMaine. The developer would retain the renewable energy credits (RECs). Vanderweil performed a load analysis using metered and logged data provided by UMaine to size CHP and potential solar energy farm. Competitive Energy Services (CES) provided utility cost and campus growth forecasts to predict energy use and costs over the next 20 years. The analysis results are presented in the table below. Detailed output is presented in Section 4 Energy Upgrades and in the Appendix. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 1

4 Summary of Results Option Base Case Existing Operation 1A Existing Campus & Eliminate Summer Steam Load 1B Existing Campus & Solar Energy 1C Existing Campus, Eliminate Summer Steam Load & Solar Energy 2A Thermal Load Following Gas Turbine Generator (CTG) 2B Thermal Load Following CTG & Eliminate Summer Steam Load 2C Thermal Load Following CTG & Solar Energy 2D Thermal Following CTG, Eliminate Summer Steam Load & Solar Energy 3A Electric Load Following Gas Turbine Generator (CTG) 3B Electric Load Following CTG & Eliminate Summer Steam Load 3C Electric Load Following CTG & Solar Energy 3D Electric Following CTG, Eliminate Summer Steam Load & Solar Energy () Year 1 Savings vs Base Case, both w/o Carbon Offsets 20 Yr PV of Carbon Offsets 20Yr PV of Savings vs Base Case, both w/o Carbon Offsets 20Yr PV of Savings vs Base Case, both with Carbon Offsets 20 Year PV Energy w/o Carbon Offsets 20 Year PV Energy with Carbon Offsets 1,078,617 $0 $11,430,537 $0 $0 $184,765,690 $196,196, ,753 $245,865 $14,224,378 $4,140,770 $1,346,928 $180,624,920 $194,849,298 10,651,683 $530,359 $13,879,177 $15,620,113 $13,171,472 $169,145,577 $183,024,754 10,450,819 $799,092 $12,871,374 $20,168,964 $18,728,126 $164,596,726 $177,468,100 31,077,260 $1,491,798 $14,846,417 $39,604,486 $36,188,605 $145,161,204 $160,007,621 30,878,683 $1,539,121 $14,544,209 $40,201,964 $37,088,292 $144,563,725 $159,107,935 32,784,160 $1,578,885 $14,515,417 $42,430,437 $39,345,557 $142,335,253 $156,850,670 32,586,423 $1,626,148 $14,213,379 $43,026,797 $40,243,954 $141,738,893 $155,952,272 37,648,704 $1,999,370 $14,949,354 $51,452,437 $47,933,620 $133,313,253 $148,262,606 37,617,231 $2,058,171 $14,654,052 $52,325,681 $49,102,166 $132,440,008 $147,094,060 39,077,744 $2,067,017 $14,607,842 $53,813,509 $50,636, ,952,181 $145,560,024 39,094,500 $2,129,107 $14,314,347 $54,765,521 $51,881,711 $130,000,169 $144,314,515 The 20 Year Present Value includes O&M costs. kw includes existing STG. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 2

5 # Option University of Maine Estimated 20yr Present Value of Savings of studied Options, comparing 1%/yr Electric Growth rate vs the Base Case with 3%/yr Electric use growth* Electrical (/yr) 20Yr PV of Savings vs Base Case, both No Carbon Offsets Assume 1% /yr Growth in Electrical use 20Yr PV of Savings 20Yr PV of vs Base Case, both Energy with Carbon Offsets No Carbon Offsets 20Yr PV of Energy with Carbon Offsets 20Yr PV of Carbon Offset 20Yr PV of Savings vs Base Case, both No Carbon Offsets Assume 3%/yr Growth in Electrical use 20Yr PV of Savings 20Yr PV of vs Base Case, both Energy with Carbon Offsets No Carbon Offsets 20Yr PV of Energy with Carbon Offsets 20Yr PV of Carbon Offset 20yr PV of Savings of Slower 1% Growth in Base case with 3%/yr Base case with 3%/yr both both No Carbon Offsets with Carbon Offsets Base Existing Campus Operations 1,078,617 $0 $0 $165,568,781 $176,930,961 $11,362,180 $0 $0 $184,765,690 $196,196,226 $11,430,536 $19,196,909 $19,265,265 Case 1A 1B 1C 2A Existing Campus Ops & Eliminate Summer Steam Load Existing Campus Ops & Solar Energy (8Mw dc) Existing Campus, Eliminate Summer Steam Load & Solar Energy (8Mw dc) Thermal Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) 877,753 $4,405,017 $2,832,095 $161,163,764 $174,098,866 $12,935,102 $4,140,770 $1,346,928 $180,624,920 $194,849,298 $14,224,378 $23,601,926 $22,097,360 10,651,683 $11,263,114 $9,729,241 $154,305,667 $167,201,720 $12,896,053 $15,620,113 $13,171,472 $169,145,577 $183,024,754 $13,879,177 $30,460,023 $28,994,506 10,450,819 $16,076,212 $15,567,648 $149,492,569 $161,363,313 $11,870,744 $20,168,964 $18,728,126 $164,596,726 $177,468,100 $12,871,374 $35,273,121 $34,832,913 31,077,260 $26,405,925 $23,319,071 $139,162,856 $153,611,890 $14,449,034 $39,604,486 $36,188,605 $145,161,204 $160,007,621 $14,846,417 $45,602,834 $42,584,336 2B 2C 2D 3A 2B Thermal Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Eliminate Summer Steam Load Thermal Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Solar Energy (2Mw dc) Thermal Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Eliminate Summer Steam Load & Solar Energy (2Mw dc) Electric Load Following Gas Turbine Generator (non recuperated CTG) 30,878,683 $27,268,107 $24,500,997 $138,300,674 $152,429,964 $14,129,290 $40,201,965 $37,088,291 $144,563,725 $159,107,935 $14,544,210 $46,465,016 $43,766,262 32,784,160 $28,446,100 $25,638,189 $137,122,681 $151,292,772 $14,170,091 $42,430,437 $39,345,556 $142,335,253 $156,850,670 $14,515,417 $47,643,009 $44,903,454 32,586,423 $29,307,201 $26,818,867 $136,261,580 $150,112,094 $13,850,514 $43,026,797 $40,243,954 $141,738,893 $155,952,272 $14,213,379 $48,504,110 $46,084,132 37,648,704 $35,263,008 $31,875,076 $130,305,773 $145,055,885 $14,750,112 $51,452,437 $47,933,620 $133,313,253 $148,262,606 $14,949,353 $54,459,917 $51,140,341 3B 3C 3D Electric Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Eliminate Summer Steam Load Elecgtric Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Solar Energy (2Mw dc) Electric Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Eliminate Summer Steam Load & Solar Energy (2Mw dc) 37,617,231 $36,324,902 $33,244,770 $129,243,879 $143,686,191 $14,442,312 $52,325,682 $49,102,166 $132,440,008 $147,094,060 $14,654,052 $55,521,811 $52,510,035 39,077,744 $36,964,742 $33,874,641 $128,604,039 $143,056,320 $14,452,281 $53,813,509 $50,636,202 $130,952,181 $145,560,024 $14,607,843 $56,161,651 $53,139,906 39,094,500 $38,083,898 $35,298,366 $127,484,883 $141,632,595 $14,147,712 $54,765,521 $51,881,711 $130,000,169 $144,314,515 $14,314,346 $57,280,807 $54,563,631 file: rev of final scrn stdy rpt analysis table.xlsx * Source data: UMaine Energy Upgrade Screening Study by Vanderweil Eng NOTE: The study does not include capital investments in the calculations for the 20yr PV Saving. Ken Doiron, PE University of Maine Page 1 of 1

6 Option 1 consists of three (3) alternatives without CHP. Solar energy generation provides more cost savings than eliminating summer steam load. Solar cost savings assume that the solar farm is built, owned and operated by a solar energy developer. It is assumed that energy is not exported to the utility. It is possible to export electricity and it may result in additional cost savings, however, interconnection issues with the utility would have to be addressed in more detail. Option 2 consists of four (4) alternatives for a CHP plant operating thermal load following. The facility would be located on the east side of campus adjacent to the east substation located off Rangeley Road behind the Facilities Management building. The new plant would be electrically connected to the east substation and mechanically connected to the steam and condensate distribution system through a new steam loop from the Hilltop to the DP Corbett area. The analysis results in significant savings when compared to the campus without CHP, but less savings than a CHP plant operating electrical load following (Option 3). Alternatives B, C, and D combine CHP with solar generation and elimination of summer steam load. These alternatives show minimal additional savings due to CHP interaction with other alternatives included. Option 3 consists of four (4) alternatives for a CHP plant operating electrical load following. The CHP facility would be the same as Option 2 with operational differences. Like Option 2, the analysis results in significant savings when compared to the campus without CHP. Alternatives B, C and D combine CHP with solar generation and elimination of summer steam load. These alternatives show minimal additional savings due to CHP interaction with other alternatives included. Twenty (20) year present value costs show a similar trend with and without carbon credits. 3. LOAD ANALYSIS AND CONFIGURATION SELECTION Data provided by UMaine was used to form the basis of the analysis. This data was used to produce electrical and thermal load profiles which were used to determine annual purchased electricity and natural gas consumption. A summary of the campus s loads are shown graphically below. ELECTRICAL LOAD Vanderweil reviewed metered data provided by UMaine. The data was polled in 15 minute increments over the course of an entire year. The peak electrical load is approximately 8,500 kw. The load profile is shown in the graph below. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 3

7 Electric Load Profile 9,000 8,000 7,000 Electrical Demand (kw) 6,000 5,000 4,000 3,000 2,000 1,000 Jan Feb Mar Apr May Jun Jul Month Aug Sep Oct Nov Dec The graph shows the majority of the electrical load occurring between 4,000 kw and 6,000 kw. An increase in load begins in the summer months and peaks in September when school resumes for the fall semester. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 4

8 The annual load profile was sorted from highest demand to lowest demand to generate a load duration curve. The load duration curve was used to select a CTG for analysis. The load duration curve is shown below. 9,000 University of Maine Electric Load Duration Curve 8,000 7,000 Electric Demand (kw) 6,000 5,000 4,000 3,000 2,000 1, ,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 Hours The load duration curve shows that the minimum load is approximately 3,200 kw and remains below 6,000 kw for 7,760 hours or 89% of the time. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 5

9 The load profile was also sorted to include only the daylight hours available for solar power generation. This load duration curve was used to size solar power generation equipment. The load duration curve is included below. 9,000 University of Maine Electric Load Duration Curve Solar Available Hours 8,000 7,000 Electric Demand (kw) 6,000 5,000 4,000 3,000 2,000 1, ,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 Hours The available solar load duration curve shows solar availability for 4,500 hours (51% of the time) above 3,200 kw. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 6

10 STEAM LOAD UMaine provided daily steam generation data. Daily steam generation was divided by 24 hours to calculate average hourly data for each day. The campus uses steam primarily for heating, generating hot water, and other HVAC uses. Two 250 ton absorption chillers use steam in the summer months to generate chilled water. A significant amount of steam is used to power the steam plant which includes steam driven boiler feed pumps and boiler forced and induced draft fans. During the summer months, a significant amount of the thermal energy (e.g. steam) use is due to distribution piping losses Steam Load Profile Steam Demand (Mlb/hr) Jan Feb Mar Apr May Jun Jul Month Aug Sep Oct Nov Dec GENERATION EQUIPMENT SELECTION Based on facility load analysis, Vanderweil developed a potential cogeneration system upgrade which is summarized below. The campus electrical demand varies between 3,200 kw and 8,500 kw. A CTG sized for electrical output less than 6,000 kw will be able to operate continuously without shutdown due to low load. CTG s operate more efficiently at full load than at part load. The load duration curve shows that the load is greater than 4 MW, 77% of the time indicating that a 4 MW cogeneration plant would be a good fit electrically for UMaine. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 7

11 The steam load profile shows that campus load is greater than 20,000 lb/hr for most of the year. During the heating season, the load increases above 40,000 lb/hr and peaks over 100,000 lb/hr (full peak is not seen due to using calculated average hourly data). A review of the campus s electrical load duration curve shows that a Solar Centaur 50 CTG is a good fit for these profiles. The Centaur 50 generates 4,500 kw nominal at standard conditions. The CTG s Heat Recovery Steam Generator (HRSG) produces approximately 25,000 lb/hr without the use of supplemental duct burners. Duct burner operation can increase the HRSG steam production to 48,000 lb/hr. The CTG could operate most of the year at full load. During the heating season, supplemental duct burner firing would produce additional steam capacity at high efficiency. Duct burners would be shut down during the summer months. Study cases that include both cogeneration and photovoltaic electrical production, would include 1,500 kw AC of PV solar panels with 4,500 kw of cogeneration. The load duration curve for daylight hours shows diminishing returns above 6,000 kw of electrical generation. This is seen by the steep slope above 6,000 kw. A standalone PV installation would be sized for 6,000 kw AC, where the alternating current size is based on inverter capacity. The direct current size would be 8,000 kw, the installed capacity of the photovoltaic cells. Typically, inverter capacity is sized lower than the total capacity of the solar array. This practice is to maximize the value of the combination. The DC panel capacity is oversized to allow for an increased generating capacity earlier and later in the day when the sun is at a lower angle of incidence. 4. ENERGY UPGRADES UMaine identified three energy upgrade options for analysis in this study. The first option consists of updating the base case energy model developed in Since 2010, UMaine installed a high efficiency 60,000 lb/hr gasfired watertube boiler with an economizer. The other two options analyze adding a Combustion Gas Turbine. OPTION 1 EXISTING CAMPUS/BASE CASE WITH ALTERNATIVES The base case consists of the existing campus steam plant that houses four watertube steam boilers sized at approximately 60,000 lb/hr each. Boiler #7 and new Boiler #8 are used as the primary source of steam generation with Boilers #5 and #6 serving as backup. The combination of Boilers #5, #6, #7 and #8 provide full redundancy for the peak campus steam load between 100,000 lb/hr and120,000 lb/hr. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 8

12 Option Base Case Existing Operation 1A Existing Campus & Eliminate Summer Steam Load () () Year 1 Natural Gas 1 (D) Energy (Electricity & Natural Gas) 20 Year PV Energy without Carbon Offsets 20 Year PV Energy with Carbon Offsets 1,078,617 42,178, ,381 $9,350,477 $184,765,690 $196,196, ,753 42,759, ,549 $9,104,612 $180,624,920 $194,849,298 1B Existing Campus & Solar Energy 10,651,683 32,605, ,237 $8,820,118 $169,145,577 $183,024,754 1C Existing Campus, Eliminate Summer 10,450,819 33,186, ,549 $8,551,385 $164,596,726 $177,468,100 Steam Load & Solar Energy Note: 1. Base Case Natural Gas includes 272,711 equivalent therms of fuel oil consumed. Option 1 has three (3) alternatives to the base case. 1A Eliminate Summer Steam Load The summer steam load consists of campus loads such as domestic hot water, absorption chiller cooling, and HVAC. To generate steam, the campus steam plant uses parasitic steam for powering boiler draft fans, boiler feed water pumps, and by the deaerator. Localized hot water generation would be employed to replace campus steam. Decentralized hot water boilers and hot water heaters would be installed to generate domestic hot water and hot water for HVAC. Electric chillers would be installed in Barrows and Aubert to replace steam consuming absorption chillers. The chillers are sized 287 tons and 200 tons respectively. Note: In order to eliminate steam usage in the summer, the existing steam piping system will need to be evaluated to ensure that the change in pipe temperature due to deenergizing it in the summer will not compromise the integrity of the steam distribution system. 1B Solar Energy Farm UMaine has a large plot of land on the east side of campus. It is divided into two usable parcels of 17 acres and 51 acres. A qualified solar energy contractor/developer could construct and maintain arrays of photovoltaic solar energy panels on this property. It is estimated that the site can support a 17.5 MW solar energy installation with inverters sized to deliver a maximum of 13.1 MW AC. Based on the campus load duration curve, an 8,000 kw array with a 6,000 kw AC inverter capacity would be a reasonable size to assume at this time, reserving the remaining land for possible future expansion. The installation would be installed behind UMaine s electric meter and sold ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 9

13 to the university by the developer at a competitive rate. The developer would own the Renewable Energy Credits (RECs). 1C Combination Eliminate Summer Steam Load and Solar Farm This alternative combines elimination of the summer steam load and the installation of a thirdparty solar energy farm. This alternative would realize an increase in summer purchased electricity due to the conversion of absorption chillers to electric centrifugal chillers and summer shutdown of the steam turbine generators in the heating plant. OPTION 2 COMBINED HEAT AND POWER (THERMAL LOAD FOLLOWING) Option 2 has four (4) alternative cases for a new Combined Heat and Power (CHP) plant located on the east side of campus adjacent to the east substation near the service building. These alternatives calculate energy consumption with the CHP plant thermal load following. Thermal load following attempts to minimize thermal losses by reducing turbine load when campus thermal energy/steam demand is less than the potential unfired output of the turbine exhaust. On low campus steam demand, CHP controls will vary the CTG load in attempt to match steam output to campus demand. On very low campus steam load, the CTG will operate at minimum load. On very low campus electric load, the CTG will shut down. This CHP plant would be electrically connected to the east substation and mechanically connected to the steam and condensate distribution system. A new 4 pumped condensate pipeline is needed with these alternatives to bring condensate return from the College Avenue steam plant to the new CHP plant. The new CHP facility would include power island equipment and balance of plant equipment required for a new steam and power generation facility. Option Base Case Existing Operation 2A Thermal Load Following Gas Turbine Generator (CTG) 2B Thermal Load Following CTG & Eliminate Summer Steam Load 2C Thermal Load Following CTG & Solar Energy 2D Thermal Following CTG, Eliminate Summer Steam Load & Solar Energy () () Year 1 Natural Gas (D) Energy (Electricity & Natural Gas) 20 Year PV Energy without Carbon Offsets 20 Year PV Energy with Carbon Offsets 1,078,617 42,178, ,381 $9,350,477 $184,765,690 $196,196,226 31,077,260 13,179, ,984 $7,211,279 $145,161,204 $160,007,621 30,878,683 13,760, ,578 $7,163,956 $144,563,725 $159,107,935 32,784,160 11,452, ,140 $7,124,192 $142,335,253 $156,850,670 32,586,423 12,034, ,743 $7,076,929 $141,738,893 $155,952,272 ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 10

14 2A CTG with Heat Recovery Steam Generator (Thermal Load Following) This alternative is the installation of a CHP plant based on a 4.5 MW natural gas fired combustion turbine generator (Solar Centaur 50) with an HRSG utilizing duct burners. The HSRG would be capable of producing approximately 25,000 lb/hr of 150 psig saturated steam unfired, and up to 48,000 lb/hr of steam with the addition of a duct burner. The existing boilers in the College Avenue steam plant would be required to meet steam demand greater than 48,000 lb/hr and to provide backup in the event of an equipment trip or maintenance outage. Most of the time the HRSG will operate without thermal venting or bypassing. Subject to ME DEP permit approval, the new CHP power island equipment would be located in a new building near the east substation. CTG could be designed to burn two fuels (natural gas and #2 oil) to provide fuel redundancy in the event of natural gas curtailment. The HRSG duct burner would burn natural gas only. 2B Eliminate Summer Steam Load The summer steam load consists of campus loads such as domestic hot water, absorption chiller cooling and HVAC. To generate steam, the campus steam plant uses parasitic steam for powering boiler draft fans, boiler feed water pumps and by the deaerator. Localized hot water generation would be employed to replace campus steam. Decentralized hot water boilers and hot water heaters would be installed to generate domestic hot water and hot water for HVAC. Electric chillers would be installed in Barrows and Aubert to replace steam consuming absorption chillers. The chillers are sized 287 tons and 200 tons respectively. The CHP plant would operate at minimum capacity from June through the end of August to generate electricity, keep steam distribution piping warm to minimize thermal cycling and serve as backup. The existing steam piping system should be evaluated to ensure that change in pipe temperature due to deenergizing the existing heating plant in the summer will not compromise the integrity of the steam distribution system. 2C Solar Energy Farm UMaine has 68 acres of land on the east side of campus that can be used to develop a solar energy farm. A qualified solar energy contractor/developer could construct and maintain arrays of photovoltaic solar energy panels on this property. Based on the campus s load duration curve, combined generation capacity of CHP with a solar energy farm was selected at 6,000 kw (4,500 kw CHP generation and 1,500 kw solar generation). Solar panel capacity will be 2,000 kw with 1,500 kw of AC inverter capacity. The solar installation would be installed behind UMaine s electric meter and sold to the university by the developer at a competitive rate. The developer would own the Renewable Energy Credits (RECs). 2D Combination Eliminate Summer Steam Load and Solar Farm This alternative combines elimination of the summer steam load and the installation of a thirdparty solar energy farm. This alternative would realize an increase in summer electrical load due to the conversion of absorption chillers to electric centrifugal chillers and summer shutdown of the steam turbine generators in the heating plant. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 11

15 OPTION 3 COMBINED HEAT AND POWER (ELECTRIC LOAD FOLLOWING) Option 3 has four (4) alternative cases for a new Combined Heat and Power (CHP) plant located on the east side of campus adjacent to the east substation near the service building. These alternatives calculate energy consumption with the CHP plant electric load following. Electric load following controls will vary the CTG load in attempt to match electric generation output to campus electrical demand. On very low campus electric load, the CTG will shut down. This CHP plant would be electrically connected to the east substation and mechanically connected to the steam and condensate distribution system. A new 4 pumped condensate pipeline is needed with these alternatives to bring condensate return from the College Avenue steam plant to the new CHP plant. The new CHP facility would include power island equipment and balance of plant equipment required for a new steam and power generation facility. Option Base Case Existing Operation 3A Thermal Load Following Gas Turbine Generator (CTG) 3B Thermal Load Following CTG & Eliminate Summer Steam Load 3C Thermal Load Following CTG & Solar Energy 3D Thermal Following CTG, Eliminate Summer Steam Load & Solar Energy () () Year 1 Natural Gas (D) Energy (Electricity & Natural Gas) 20 Year PV Energy without Carbon Offsets 20 Year PV Energy with Carbon Offsets 1,078,617 42,178, ,381 $9,350,477 $184,765,690 $196,196,226 37,648,704 6,607, ,433 $6,703,707 $133,313,253 $148,262,606 37,617,231 7,022, ,727 $6,644,906 $132,440,008 $147,094,060 39,077,744 5,159, ,818 $6,636, ,952,181 $145,560,024 39,094,500 5,526, ,584 $6,537,970 $130,000,169 $144,314,515 3A CTG with Heat Recovery Steam Generator (Electric Load Following) This alternative is the installation of a CHP plant based on a 4.5 MW natural gas fired combustion turbine generator (Solar Centaur 50) with heat recovery steam generator utilizing duct burners (HRSG). The HSRG would be capable of producing approximately 25,000 lb/hr of 150 psig saturated steam unfired, and up to 48,000 lb/hr of steam with the addition of a duct burner. The existing boilers in the College Avenue steam plant would be required to meet steam demand greater than 48,000 lb/hr and to provide backup in the event of an equipment trip or maintenance outage. Most of the time the HRSG will operate without thermal venting or bypassing. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 12

16 Subject to ME DEP permit approval, the new CHP power island equipment would be located in a new building near the east substation. CTG could be designed to burn two fuels (natural gas and #2 oil) to provide fuel redundancy in the event of natural gas curtailment. The HRSG duct burner would burn natural gas only. 3B Eliminate Summer Steam Load The summer steam load consists of campus loads such as domestic hot water, absorption chiller cooling, and HVAC. To generate steam, the campus steam plant uses parasitic steam for powering boiler draft fans, boiler feed water pumps and by the deaerator. Localized hot water generation would be employed to replace campus steam. Decentralized hot water boilers and hot water heaters would be installed to generate domestic hot water and hot water for HVAC. Electric chillers would be installed in Barrows and Aubert to replace steam generated hot water absorption chillers. The chillers are sized 287 tons and 200 tons respectively. The CHP plant would operate at its minimum electrical generation capacity from June through the end of August to generate electricity, keep steam distribution piping warm to minimize thermal cycling, and serve as backup. The existing steam piping system should be evaluated to ensure that change in pipe temperature due to deenergizing the existing heating plant in the summer would not compromise the integrity of the steam distribution system that is affected. 3C Solar Energy Farm UMaine has 68 acres of land on the east side of campus that could be used to develop a solar energy farm. A qualified solar energy contractor/developer could construct and maintain arrays of photovoltaic solar energy panels on this property. Based on the campus s load duration curve, combined generation capacity of CHP with a solar energy farm was selected at 6,000 kw (4,500 kw CHP generation and 1,500 kw solar generation). Solar panel capacity will be 2 MW with 1.5 MW of AC inverter capacity. The solar installation would be installed behind UMaine s electric meter and sold to the university by the developer at a competitive rate. The developer would own the Renewable Energy Credits (RECs). 3D Combination Eliminate Summer Steam Load and Solar Farm This alternative combines elimination of the summer steam load and the installation of a thirdparty solar energy farm. This alternative would realize an increase in summer electrical load due to the conversion of absorption chillers to electric centrifugal chillers and summer shutdown of the steam turbine generators in the heating plant. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 13

17 5. METHODOLOGY An hourly cogeneration analysis was performed for each of the options and alternatives to determine an expected energy consumption and cost. UMaine provided electric, steam, and gas use profiles for the period of November 2014 through October UMaine also included electric generation from its two back pressure steam turbines. Electric demand (kw) data was provided as 15 minute readings. Natural gas consumption and steam production were provided as daily totals. Electric demand data was combined to form an hourly electric profile for an entire year. Daily natural gas and steam totals were divided evenly over 24 hours for each day to generate an hourly profile for an entire year. Hourly electric, natural gas and steam profiles were entered into an analysis that calculates hourly energy consumption using equipment sequencing and equipment part load performance data. The results from the hourly analysis is summarized into monthly summary totals as presented in Appendix A. Average hourly DOE2 weather data for Bangor, ME was used in the analysis. Using manufacturer provided part load performance data at various ambient conditions and engine loads, equations were developed to predict electrical generation, steam output and natural gas consumption. Cogeneration part load performance was provided by Solar Turbines. HRSG performance data was provided by Cleaver Brooks. Hourly ambient dry bulb temperature was used in the calculations to determine the maximum capacity of the CTG. If the electrical load of the campus is greater than or equal to the maximum engine capacity, the CTG will operate at 100% load. If the campus load falls below the capacity of the CTG, then the CTG is run at part load. Under certain circumstances, the engine is shut off if the campus load falls below a minimum load threshold as determined by the engines efficiency and emissions (typically 50% load). Based on the ambient temperature and percent load of the engine as determined above, the output of the unfired HRSG is determined from another developed equation. If the unfired HRSG steam output is insufficient for the campus steam load, supplemental duct firing will occur up to the max HRSG output. The existing boilers will meet the remainder of the steam loads, if any. Similar equations are used to determine the CTG fuel gas consumption. Thermal load following alternatives attempt to match the thermal output of the CTG and HRSG to the campus steam load. The CTG is allowed to remain in operation at minimum load when the campus load is less than the HRSG s unfired output. This mode of operation also applies to the eliminate summer steam load alternatives. Thermal losses will occur during those hours. It is assumed that there is a greater cost benefit operating the CTG at minimum load than shutting the CTG down. Excess thermal output will be vented as steam or bypassed to the stack as hot gas exhaust via a diverter damper. Solar alternatives assume that electricity is generated without export and that the alternatives that include cogeneration assume electrical generation is modulated to maintain a minimum 200 kw import. The solar installation assumes a fixed axis array. The financial Proforma analysis compares alternatives on a 20 year present value basis. First year energy costs were calculated by utility rates supplied by Competitive Energy Services (CES). Monthly average predicted utility rates were provided for natural gas only. Annual average blended rates were provided for purchased electricity, solar produced electricity and carbon credits. rates include the effects of several billing components such as energy charges, demand charges, generation rates, transmission rates, and distribution rates. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 14

18 CES also provided a forecast of 20 year annual rate increases/decreases. UMaine provided a prediction of electric and thermal use profile increases over 20 years. The rate forecasts were applied to the average annual cost of electricity and natural gas to extrapolate 20 years of average annual rates. The use forecasts were applied to the total annual electric and natural gas consumption calculated for each alternative to extrapolate 20 years of annual energy consumption. Future cost of energy was calculated by the product of future energy consumption and future average energy cost for each year. CES/UMaine data is presented below. Electric Rate per Average Annual Utility Rate Commodity and Generation $ Average Annual Solar Developer Rate $ Commodity T&D DTherm Total per Natural Gas (Commodity & T&D) DTherm DTherm Average January Rate $7.72 $3.02 $10.74 Average February Rate $7.69 $3.02 $10.71 Average March Rate $5.36 $3.02 $8.38 Average April Rate $3.06 $3.02 $6.08 Average May Rate $2.57 $3.02 $5.59 Average June Rate $2.68 $3.02 $5.70 Average July Rate $2.67 $3.02 $5.69 Average August Rate $2.50 $3.02 $5.52 Average September Rate $2.45 $3.02 $5.47 Average October Rate $2.73 $3.02 $5.75 Average November Rate $4.15 $3.02 $7.17 Average December Rate $5.66 $3.02 $8.68 The pro forma financial analyses included the following assumptions: Growth Parameter Rate Annual thermal load growth 1.5% Annual electric load growth 3.0% Annual thermal rate growth Variable Annual electric rate growth 2.0% Annual Maintenance & Operation cost growth 2.5% Emissions electric growth Variable Emissions thermal growth 0.0% Carbon rate growth Variable Inflation rate 2.5% Discount rate (to calculate present value) 4.0% ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 15

19 6. CONCLUSIONS The potential energy upgrades and savings summarized above show some basic trends: Thermal Load Following vs Electric Load Following: Electric load following results in greater financial savings. This is due to more electric generation when electric load following. Thermal load following reduces CTG load to reduce thermal venting or bypass. Although thermal load following increases overall cogeneration plant efficiency, it is restricts the CTG from operating, particularly during the summer months when operating the cogeneration plant is most attractive. During the summer, electric rates are typically higher and gas rates are lower. Per CES, the average gas rate in the winter can be almost double the lowest month s average during the summer. Given the current electric and gas rates, it is more attractive to operate a cogeneration plant that follows the electric load profile. Eliminate Summer Steam Load: Eliminating summer steam load shows moderate savings when performed without cogeneration. Elimination of steam to the campus will require additional electrical consumption from 500 tons of added electrical centrifugal chillers, reduced energy from existing cooling tower fans and condenser pumps, the addition of hot water pumps required for new summer boilers, and the loss of STG cogeneration in the steam plant. The benefits of eliminating steam consumption at the steam plant and eliminating steam piping losses outweigh the added purchased electricity in the option without CHP. However, when the eliminate summer steam load alternative is combined with CHP, the CHP plant would bypass or dump waste heat during the summer if it were to operate. Minimal additional savings occur with when combined with CHP. Solar Farm Generation: A solar farm without cogeneration results in a modest financial benefit to UMaine. Combining solar generation with CHP results in marginal cost savings. Two factors that limit savings are a reduced solar farm size from 6,000 kw AC to 1,500 kw AC and reduction of CTG generation due to the interaction between solar and CHP generation. Combination Eliminate Summer Steam Load and Solar Farm Generation: The combination of the two alternatives has the best cost savings when CHP is not installed. Due to interactions between the combined alternatives and CHP, cost savings with CHP are marginal. The combined effect limits the amount of generation available for the CTG, especially during the summer months where operating the CTG is most attractive. Annual Electric Load Growth: The present value analysis was run with 3% electric load growth and 1% electric load growth. Present value costs are reduced when the model is run with 1% electric growth except Option 1A Existing Campus and Eliminate Summer Steam Load. Option 1A results in an increase in electrical consumption due to new electrical equipment required. Greater annual electrical consumption results in less cost savings and a higher present value cost. The trend of 20 year present value costs between options was similar. A table comparing the results between 1% electric growth and 3% electric growth is included in Appendix B. ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 16

20 RECOMMENDATIONS The study results show that further consideration of CHP and Solar Energy is recommended. Electric load following has the most savings based on projected average rates provided by CES. Changes in these rates may have an effect on the results reported in this study. Combined alternatives show marginal savings and will likely result in longer payback on investment. The elimination of summer steam load carries a risk of developing thermal expansion challenges within the underground steam piping system. It is recommended that forensic analysis be performed on the underground piping system to determine the extent of the associated risk. In a 2010 study, Vanderweil recommended that steam and electrical system reliability upgrades be installed: East Substation Expansion West Substation Upgrade Steam Line Connect to Corbett East/West Condensate Return Line Additional Steam Reliability Upgrades These items still apply to a CHP installation. END OF REPORT H:\ \DOC\REPORT\28471_ _UMAINE ENERGY UPGRADE SCREENING STUDY.DOCX ENERGY UPGRADE SCREENING STUDY Job No October 28, 2016 Page 17

21 APPENDIX A Energy Upgrade Results

22 Client: Project: University of Maine Orono Energy Screening Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eration Analysis ver1 Base 9/19/2016 Calculation Sheet Topic: Base Case Energy Energy Month Peak kw Total Boiler Gas Therm Boiler #6 Oil Therm All Boilers Equivalent Gas Therm Electric Rate/ Electric Natural Gas Rate/Dtherm Natural Gas Total Energy Jan 5,907 3,359, ,633 3,495, ,455 10, ,520 $ $ 423,700 $ 7.72 $ 555,254 $ 978,954 Feb 5,992 3,228, ,713 3,351, , , ,576 $ $ 407,141 $ 7.69 $ 547,487 $ 954,628 Mar 6,001 3,362,313 72,709 3,435, ,875 2, ,824 $ $ 424,021 $ 5.36 $ 321,386 $ 745,407 Apr 6,015 3,390,085 3,390, ,924 4, ,671 $ $ 427,524 $ 3.06 $ 129,464 $ 556,988 May 6,681 3,482,391 24,051 3,506, , ,639 $ $ 439,164 $ 2.57 $ 70,243 $ 509,408 Jun 6,624 3,359,010 61,831 3,420, , ,371 $ $ 423,605 $ 2.68 $ 58,147 $ 481,751 Jul 7,157 3,791,311 46,500 3,837, ,151 5, ,444 $ $ 478,122 $ 2.67 $ 59,148 $ 537,270 Aug 7,840 4,064,127 92,533 4,156, ,641 19, ,835 $ $ 512,527 $ 2.50 $ 61,860 $ 574,387 Sep 8,192 4,115,356 83,743 4,199, ,935 28, ,270 $ $ 518,988 $ 2.45 $ 54,924 $ 573,911 Oct 6,484 3,500, ,610 3,657, ,182 78, ,694 $ $ 441,452 $ 2.73 $ 105,840 $ 547,293 Nov 6,354 3,266, ,443 3,395, ,319 1, ,066 $ $ 411,935 $ 4.15 $ 207,678 $ 619,612 Dec 6,014 3,259, ,851 3,411, , ,895 $ $ 410,997 $ 5.66 $ 321,542 $ 732,539 Total 8,192 42,178,862 1,078,617 43,257,479 4,821, ,711 5,093,806 $ 5,319,176 $ 2,492,971 $ 7,812,147 Carbon Neutral Calculation Electric 26,572,683 $ 83,040 Gas 59,602,624 $ 186,258 Total $ 269,298

23 Client: Project: University of Maine Orono Energy Screening Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Calculation Sheet Topic: Energy Base Case and no Summer Steam Load Option 1A Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 5,907 3,359, , , ,992 $ $ $ 423,700 $ 7.72 $ 550,988 $ 974,688 Feb 5,992 3,228, , , ,242 $ $ $ 407,141 $ 7.69 $ 525,686 $ 932,828 Mar 6,001 3,362,313 72, , ,607 $ $ $ 424,021 $ 5.36 $ 316,983 $ 741,004 Apr 6,015 3,390, , ,254 $ $ $ 427,524 $ 3.06 $ 126,886 $ 554,410 May 6,681 3,485,777 24, , ,964 $ $ $ 439,591 $ 2.57 $ 72,894 $ 512,485 Jun 6,819 3,490,681 62,929 62,929 $ $ $ 440,210 $ 2.68 $ 16,834 $ 457,043 Jul 7,572 4,034,651 20,970 20,970 $ $ $ 508,810 $ 2.67 $ 5,601 $ 514,411 Aug 7,963 4,242,421 50,751 50,751 $ $ $ 535,012 $ 2.50 $ 12,667 $ 547,679 Sep 8,225 4,139,260 83, , ,825 $ $ $ 522,002 $ 2.45 $ 59,223 $ 581,225 Oct 6,484 3,500, , , ,140 $ $ $ 441,452 $ 2.73 $ 110,876 $ 552,329 Nov 6,354 3,266, , , ,082 $ $ $ 411,935 $ 4.15 $ 211,837 $ 623,771 Dec 6,014 3,259, , , ,739 $ $ $ 410,997 $ 5.66 $ 325,983 $ 736,980 Total 8,225 42,759, ,753 4,555,494 4,555,494 $ 5,392,395 $ 2,336,458 $ 7,728,853 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 83,294 Electric 26,938,458 $ 84,183 Cogen Maintenance $ Gas 53,303,839 $ 166,574 Total $ 250,757 Cogen Staffing $ Annual Savings $ 83,294

24 Client: Project: University of Maine Orono Energy Screening Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Calculation Sheet Topic: Energy Base Case and Solar Generation Option 1B Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 5,762 2,842, , , , ,992 $ $ $ 393,785 $ 7.72 $ 550,988 $ 944,772 Feb 5,748 2,721, , , , ,242 $ $ $ 377,815 $ 7.69 $ 525,686 $ 903,502 Mar 5,311 2,447,008 72, , , ,607 $ $ $ 371,126 $ 5.36 $ 316,983 $ 688,109 Apr 5,553 2,443, , , ,254 $ $ $ 372,848 $ 3.06 $ 126,886 $ 499,734 May 5,724 2,439,209 24,051 1,043, , ,964 $ $ $ 378,879 $ 2.57 $ 72,894 $ 451,772 Jun 5,477 2,333,990 61,831 1,025, , ,541 $ $ $ 364,369 $ 2.68 $ 64,880 $ 429,249 Jul 6,397 2,760,832 46,500 1,030, , ,619 $ $ $ 418,571 $ 2.67 $ 66,406 $ 484,977 Aug 7,073 3,001,341 92,533 1,062, , ,366 $ $ $ 451,109 $ 2.50 $ 62,491 $ 513,600 Sep 7,694 3,141,604 83, , , ,825 $ $ $ 462,714 $ 2.45 $ 59,223 $ 521,937 Oct 6,439 2,780, , , , ,140 $ $ $ 399,822 $ 2.73 $ 110,876 $ 510,699 Nov 6,354 2,777, , , , ,082 $ $ $ 383,683 $ 4.15 $ 211,837 $ 595,520 Dec 6,014 2,916, , , , ,739 $ $ $ 391,227 $ 5.66 $ 325,983 $ 717,211 Total 7,694 32,605,796 1,078,617 9,573,066 5,162,371 5,162,371 $ 4,765,949 $ 2,495,133 $ 7,261,082 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 551,065 Electric 20,541,652 $ 64,193 Cogen Maintenance $ Gas 60,404,906 $ 188,765 Total $ 252,958 Cogen Staffing $ Annual Savings $ 551,065

25 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/16/2016 Topic: Energy Base Case and Solar Generation and no Summer Steam Load Option 1C Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 5,762 2,842, , , , ,992 $ $ $ 393,785 $ 7.72 $ 550,988 $ 944,772 Feb 5,748 2,721, , , , ,242 $ $ $ 377,815 $ 7.69 $ 525,686 $ 903,502 Mar 5,311 2,447,008 72, , , ,607 $ $ $ 371,126 $ 5.36 $ 316,983 $ 688,109 Apr 5,553 2,443, , , ,254 $ $ $ 372,848 $ 3.06 $ 126,886 $ 499,734 May 5,724 2,442,595 24,051 1,043, , ,964 $ $ $ 379,306 $ 2.57 $ 72,894 $ 452,199 Jun 5,666 2,465,661 1,025,019 62,929 62,929 $ $ $ 380,974 $ 2.68 $ 16,834 $ 397,807 Jul 6,798 3,004,172 1,030,480 20,970 20,970 $ $ $ 449,258 $ 2.67 $ 5,601 $ 454,859 Aug 7,293 3,179,634 1,062,787 50,751 50,751 $ $ $ 473,593 $ 2.50 $ 12,667 $ 486,261 Sep 7,727 3,165,508 83, , , ,825 $ $ $ 465,729 $ 2.45 $ 59,223 $ 524,952 Oct 6,439 2,780, , , , ,140 $ $ $ 399,822 $ 2.73 $ 110,876 $ 510,699 Nov 6,354 2,777, , , , ,082 $ $ $ 383,683 $ 4.15 $ 211,837 $ 595,520 Dec 6,014 2,916, , , , ,739 $ $ $ 391,227 $ 5.66 $ 325,983 $ 717,211 Total 7,727 33,186, ,753 9,573,066 4,555,494 4,555,494 $ 4,839,168 $ 2,336,458 $ 7,175,626 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 636,522 Electric 20,907,427 $ 65,336 Cogen Maintenance $ Gas 53,303,839 $ 166,574 Total $ 231,910 Cogen Staffing $ Annual Savings $ 636,522

26 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Topic: Energy CHP Plant at the East Campus with Thermal Load Following Option 2A Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 1, , ,633 3,217, , , , ,502 $ $ $ 28,477 $ 7.72 $ 696,461 $ 724,938 Feb , ,713 3,056, , , , ,258 $ $ $ 31,535 $ 7.69 $ 663,421 $ 694,956 Mar 1, ,319 72,709 3,199, , , , ,541 $ $ $ 31,189 $ 5.36 $ 417,678 $ 448,867 Apr 1, ,843 3,131, ,238 77, , ,364 $ $ $ 43,236 $ 3.06 $ 186,648 $ 229,884 May 5,795 2,064,403 24,051 1,474, ,039 4, , ,860 $ $ $ 260,342 $ 2.57 $ 102,901 $ 363,243 Jun 4,671 1,788,397 61,831 1,656, , , ,016 $ $ $ 225,535 $ 2.68 $ 107,272 $ 332,806 Jul 5,214 2,255,259 46,500 1,627, , , ,761 $ $ $ 284,411 $ 2.67 $ 108,379 $ 392,790 Aug 5,837 2,499,933 92,533 1,656, , , ,621 $ $ $ 315,266 $ 2.50 $ 102,241 $ 417,508 Sep 6,141 2,515,093 83,743 1,689, , , ,287 $ $ $ 317,178 $ 2.45 $ 99,255 $ 416,433 Oct 2, , ,610 3,123, ,689 64, , ,845 $ $ $ 58,515 $ 2.73 $ 164,577 $ 223,092 Nov 1, , ,443 3,059, , , , ,168 $ $ $ 36,463 $ 4.15 $ 287,457 $ 323,920 Dec 1, , ,851 3,104, , , , ,613 $ $ $ 29,906 $ 5.66 $ 429,526 $ 459,433 Total 6,141 13,179,387 1,078,617 29,998,643 4,320,180 1,034,171 1,875,485 7,229,836 $ 1,662,053 $ 3,365,816 $ 5,027,869 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 2,784,279 Electric 8,303,014 $ 25,947 Cogen Maintenance $ 347,400 Gas 84,596,309 $ 264,363 Total $ 290,310 Cogen Staffing $ 300,000 Annual Savings $ 2,136,879

27 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Topic: Energy CHP Plant at the East Campus with Thermal Load Following and no Summer Steam Load Option 2B Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 1, , ,633 3,217, , , , ,502 $ $ $ 28,477 $ 7.72 $ 696,461 $ 724,938 Feb , ,713 3,056, , , , ,258 $ $ $ 31,535 $ 7.69 $ 663,421 $ 694,956 Mar 1, ,319 72,709 3,199, , , , ,541 $ $ $ 31,189 $ 5.36 $ 417,678 $ 448,867 Apr 1, ,843 3,131, ,238 77, , ,364 $ $ $ 43,236 $ 3.06 $ 186,648 $ 229,884 May 5,804 2,067,787 24,051 1,474, ,042 4, , ,863 $ $ $ 260,769 $ 2.57 $ 102,901 $ 363,670 Jun 4,866 1,919,003 1,659, ,451 62, ,380 $ $ $ 242,006 $ 2.68 $ 93,727 $ 335,732 Jul 5,628 2,499,874 1,627, ,191 20, ,161 $ $ $ 315,259 $ 2.67 $ 82,577 $ 397,836 Aug 5,952 2,678,903 1,656, ,051 50, ,801 $ $ $ 337,837 $ 2.50 $ 85,563 $ 423,400 Sep 6,175 2,539,115 83,743 1,689, , , ,287 $ $ $ 320,208 $ 2.45 $ 99,255 $ 419,463 Oct 2, , ,610 3,123, ,689 64, , ,845 $ $ $ 58,515 $ 2.73 $ 164,577 $ 223,092 Nov 1, , ,443 3,059, , , , ,168 $ $ $ 36,463 $ 4.15 $ 287,457 $ 323,920 Dec 1, , ,851 3,104, , , , ,613 $ $ $ 29,906 $ 5.66 $ 429,526 $ 459,433 Total 6,175 13,760, ,753 30,000,930 4,320,394 1,034,171 1,661,218 7,015,783 $ 1,735,398 $ 3,309,792 $ 5,045,190 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 2,766,958 Electric 8,669,421 $ 27,092 Cogen Maintenance $ 347,400 Gas 82,091,673 $ 256,536 Total $ 283,628 Cogen Staffing $ 300,000 Annual Savings $ 2,119,558

28 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Topic: Energy CHP Plant at the East Campus with Thermal Load Following and Solar Generation Option 2C Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 1, , , ,731 3,118, , , , ,593 $ $ $ 33,122 $ 7.72 $ 691,901 $ 725,023 Feb , , ,616 2,992, , , , ,457 $ $ $ 32,074 $ 7.69 $ 660,497 $ 692,571 Mar 2, ,322 72, ,277 3,020, , , , ,625 $ $ $ 39,419 $ 5.36 $ 411,829 $ 451,248 Apr , ,106 2,998, ,466 80, , ,169 $ $ $ 45,451 $ 3.06 $ 183,832 $ 229,283 May 5,469 1,833,968 24, ,371 1,430, ,225 4, , ,502 $ $ $ 249,890 $ 2.57 $ 102,039 $ 351,929 Jun 4,120 1,525,108 61, ,940 1,655, , , ,884 $ $ $ 210,295 $ 2.68 $ 107,237 $ 317,532 Jul 4,808 1,992,044 46, ,299 1,627, , , ,761 $ $ $ 269,137 $ 2.67 $ 108,379 $ 377,516 Aug 5,265 2,230,743 92, ,633 1,656, , , ,621 $ $ $ 299,672 $ 2.50 $ 102,241 $ 401,913 Sep 5,698 2,267,329 83, ,079 1,689, , , ,287 $ $ $ 302,813 $ 2.45 $ 99,255 $ 402,068 Oct 2, , , ,176 3,055, ,977 66, , ,135 $ $ $ 56,317 $ 2.73 $ 163,291 $ 219,608 Nov 2, , , ,326 2,954, , , , ,706 $ $ $ 41,806 $ 4.15 $ 284,774 $ 326,580 Dec 2, , ,851 87,131 3,039, , , , ,657 $ $ $ 32,852 $ 5.66 $ 427,287 $ 460,139 Total 5,698 11,452,904 1,078,617 2,466,685 29,238,804 4,246,018 1,028,982 1,906,397 7,181,397 $ 1,612,850 $ 3,342,560 $ 4,955,410 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 2,856,738 Electric 7,215,329 $ 22,548 Cogen Maintenance $ 347,400 Gas 84,029,527 $ 262,592 Total $ 285,140 Cogen Staffing $ 300,000 Annual Savings $ 2,209,338

29 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Topic: Energy CHP Plant at the East Campus with Thermal Load Following and Solar Generation and no Summer Steam Load Option 2D Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 1, , , ,731 3,118, , , , ,593 $ $ $ 33,122 $ 7.72 $ 691,901 $ 725,023 Feb , , ,616 2,992, , , , ,457 $ $ $ 32,074 $ 7.69 $ 660,497 $ 692,571 Mar 2, ,322 72, ,277 3,020, , , , ,625 $ $ $ 39,419 $ 5.36 $ 411,829 $ 451,248 Apr , ,106 2,998, ,466 80, , ,169 $ $ $ 45,451 $ 3.06 $ 183,832 $ 229,283 May 5,477 1,837,312 24, ,371 1,430, ,230 4, , ,507 $ $ $ 250,312 $ 2.57 $ 102,040 $ 352,352 Jun 4,290 1,655, ,940 1,658, ,404 62, ,334 $ $ $ 226,710 $ 2.68 $ 93,714 $ 320,425 Jul 5,186 2,237, ,299 1,627, ,191 20, ,161 $ $ $ 300,028 $ 2.67 $ 82,577 $ 382,605 Aug 5,531 2,409, ,633 1,656, ,051 50, ,801 $ $ $ 322,267 $ 2.50 $ 85,563 $ 407,830 Sep 5,731 2,291,379 83, ,079 1,689, , , ,287 $ $ $ 305,846 $ 2.45 $ 99,255 $ 405,101 Oct 2, , , ,176 3,055, ,977 66, , ,135 $ $ $ 56,317 $ 2.73 $ 163,291 $ 219,608 Nov 2, , , ,326 2,954, , , , ,706 $ $ $ 41,806 $ 4.15 $ 284,774 $ 326,580 Dec 2, , ,851 87,131 3,039, , , , ,657 $ $ $ 32,852 $ 5.66 $ 427,287 $ 460,139 Total 5,731 12,034, ,753 2,466,685 29,241,985 4,246,321 1,028,982 1,692,130 6,967,432 $ 1,686,205 $ 3,286,559 $ 4,972,765 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 2,839,383 Electric 7,581,788 $ 23,693 Cogen Maintenance $ 347,400 Gas 81,525,927 $ 254,769 Total $ 278,462 Cogen Staffing $ 300,000 Annual Savings $ 2,191,983

30 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Topic: Energy CHP Plant at the East Campus with Electric Load Following Option 3A Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 1, , ,633 3,217, , , , ,502 $ $ $ 28,477 $ 7.72 $ 696,461 $ 724,938 Feb , ,713 3,056, , , , ,258 $ $ $ 31,535 $ 7.69 $ 663,421 $ 694,956 Mar 1, ,319 72,709 3,199, , , , ,541 $ $ $ 31,189 $ 5.36 $ 417,678 $ 448,867 Apr 1, ,047 3,141, ,282 77, , ,408 $ $ $ 42,001 $ 3.06 $ 186,968 $ 228,968 May 5,795 1,502,686 24,051 2,036, ,682 4, , ,503 $ $ $ 189,504 $ 2.57 $ 115,387 $ 304,891 Jun 2, ,685 61,831 2,979, , , ,350 $ $ $ 58,728 $ 2.68 $ 137,856 $ 196,584 Jul 3, ,897 46,500 3,131, , , ,917 $ $ $ 94,822 $ 2.67 $ 143,678 $ 238,499 Aug 3, ,741 92,533 3,244, , , ,146 $ $ $ 114,980 $ 2.50 $ 137,067 $ 252,047 Sep 3, ,181 83,743 3,224, , , ,618 $ $ $ 123,611 $ 2.45 $ 132,152 $ 255,763 Oct 2, , ,610 3,172, ,984 64, , ,141 $ $ $ 52,311 $ 2.73 $ 165,749 $ 218,061 Nov 1, , ,443 3,061, , , , ,336 $ $ $ 36,266 $ 4.15 $ 287,527 $ 323,793 Dec 1, , ,851 3,104, , , , ,613 $ $ $ 29,906 $ 5.66 $ 429,526 $ 459,433 Total 5,795 6,607,943 1,078,617 36,570,087 4,894,675 1,034,171 1,875,485 7,804,331 $ 833,328 $ 3,513,471 $ 4,346,799 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 3,465,349 Electric 4,163,004 $ 13,009 Cogen Maintenance $ 347,400 Gas 91,318,473 $ 285,370 Total $ 298,380 Cogen Staffing $ 300,000 Annual Savings $ 2,817,949

31 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Topic: Energy CHP Plant at the East Campus with Electric Load Following and no Summer Steam Load Option 3B Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 1, , ,633 3,217, , , , ,502 $ $ $ 28,477 $ 7.72 $ 696,461 $ 724,938 Feb , ,713 3,056, , , , ,258 $ $ $ 31,535 $ 7.69 $ 663,421 $ 694,956 Mar 1, ,319 72,709 3,199, , , , ,541 $ $ $ 31,189 $ 5.36 $ 417,678 $ 448,867 Apr 1, ,047 3,141, ,282 77, , ,408 $ $ $ 42,001 $ 3.06 $ 186,968 $ 228,968 May 5,804 1,504,768 24,051 2,037, ,810 4, , ,631 $ $ $ 189,766 $ 2.57 $ 115,420 $ 305,186 Jun 2, ,471 3,041, ,681 62, ,610 $ $ $ 67,654 $ 2.68 $ 125,888 $ 193,543 Jul 3, ,734 3,195, ,064 20, ,033 $ $ $ 117,501 $ 2.67 $ 119,670 $ 237,171 Aug 3,823 1,055,760 3,279, ,205 50, ,956 $ $ $ 133,142 $ 2.50 $ 121,295 $ 254,436 Sep 3, ,951 83,743 3,230, , , ,247 $ $ $ 125,852 $ 2.45 $ 132,306 $ 258,158 Oct 2, , ,610 3,172, ,984 64, , ,141 $ $ $ 52,311 $ 2.73 $ 165,749 $ 218,061 Nov 1, , ,443 3,061, , , , ,336 $ $ $ 36,266 $ 4.15 $ 287,527 $ 323,793 Dec 1, , ,851 3,104, , , , ,613 $ $ $ 29,906 $ 5.66 $ 429,526 $ 459,433 Total 5,804 7,022, ,753 36,739,478 4,911,885 1,034,171 1,661,218 7,607,274 $ 885,600 $ 3,461,910 $ 4,347,510 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 3,464,638 Electric 4,424,136 $ 13,825 Cogen Maintenance $ 347,400 Gas 89,012,715 $ 278,165 Total $ 291,990 Cogen Staffing $ 300,000 Annual Savings $ 2,817,238

32 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Topic: Energy CHP Plant at the East Campus with Electric Load Following and Solar Generation Option 3C Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 1, , , ,731 3,118, , , , ,593 $ $ $ 33,122 $ 7.72 $ 691,901 $ 725,023 Feb , , ,616 2,992, , , , ,457 $ $ $ 32,074 $ 7.69 $ 660,497 $ 692,571 Mar 2, ,322 72, ,277 3,020, , , , ,625 $ $ $ 39,419 $ 5.36 $ 411,829 $ 451,248 Apr , ,106 3,005, ,204 80, , ,907 $ $ $ 44,575 $ 3.06 $ 184,058 $ 228,633 May 5,469 1,346,558 24, ,371 1,917, ,723 4, , ,000 $ $ $ 188,423 $ 2.57 $ 112,691 $ 301,114 Jun 2, ,694 61, ,940 2,896, , , ,981 $ $ $ 53,741 $ 2.68 $ 135,618 $ 189,358 Jul 2, ,576 46, ,299 3,086, , , ,338 $ $ $ 85,210 $ 2.67 $ 142,454 $ 227,664 Aug 3, ,320 92, ,633 3,217, , , ,284 $ $ $ 102,887 $ 2.50 $ 136,353 $ 239,240 Sep 3, ,788 83, ,079 3,188, , , ,106 $ $ $ 113,706 $ 2.45 $ 131,292 $ 244,998 Oct 2, , , ,176 3,093, ,202 66, , ,361 $ $ $ 51,533 $ 2.73 $ 164,171 $ 215,705 Nov 2, , , ,326 2,956, , , , ,868 $ $ $ 41,616 $ 4.15 $ 284,841 $ 326,457 Dec 2, , ,851 87,131 3,039, , , , ,657 $ $ $ 32,852 $ 5.66 $ 427,287 $ 460,139 Total 5,469 5,159,267 1,078,617 2,466,685 35,532,442 4,792,796 1,028,982 1,906,397 7,728,176 $ 819,159 $ 3,482,992 $ 4,302,151 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 3,509,997 Electric 3,250,338 $ 10,157 Cogen Maintenance $ 347,400 Gas 90,427,382 $ 282,586 Total $ 292,743 Cogen Staffing $ 300,000 Annual Savings $ 2,862,597

33 Client: Project: University of Maine Orono Energy Screening Study Calculation Sheet Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB neration Analysis ver18 Proposed 9/19/2016 Topic: Energy CHP Plant at the East Campus with Electric Load Following and Solar Generation and no Summer Steam Load Option 3D Energy Month Peak kw Steam Turbine Solar CHP Engine Gas Duct Burner Gas Boiler Gas Total Natural Gas Utility Electric Rate/ Solar Electric Rate/ Electric Natural Gas Rate/Dtherm Jan 1, , , ,731 3,118, , , , ,593 $ $ $ 33,122 $ 7.72 $ 691,901 $ 725,023 Feb , , ,616 2,992, , , , ,457 $ $ $ 32,074 $ 7.69 $ 660,497 $ 692,571 Mar 2, ,322 72, ,277 3,020, , , , ,625 $ $ $ 39,419 $ 5.36 $ 411,829 $ 451,248 Apr , ,106 3,005, ,204 80, , ,907 $ $ $ 44,575 $ 3.06 $ 184,058 $ 228,633 May 5,477 1,348,515 24, ,371 1,919, ,857 4, , ,134 $ $ $ 188,670 $ 2.57 $ 112,726 $ 301,395 Jun 2, , ,940 2,979, ,289 62, ,219 $ $ $ 60,165 $ 2.68 $ 124,179 $ 184,344 Jul 3, , ,299 3,167, ,111 20, ,080 $ $ $ 105,830 $ 2.67 $ 118,881 $ 224,711 Aug 3, , ,633 3,261, ,321 50, ,072 $ $ $ 119,846 $ 2.50 $ 120,824 $ 240,670 Sep 3, ,141 83, ,079 3,196, , , ,872 $ $ $ 115,768 $ 2.45 $ 131,480 $ 247,248 Oct 2, , , ,176 3,093, ,202 66, , ,361 $ $ $ 51,533 $ 2.73 $ 164,171 $ 215,705 Nov 2, , , ,326 2,956, , , , ,868 $ $ $ 41,616 $ 4.15 $ 284,841 $ 326,457 Dec 2, , ,851 87,131 3,039, , , , ,657 $ $ $ 32,852 $ 5.66 $ 427,287 $ 460,139 Total 5,477 5,526, ,753 2,466,685 35,750,062 4,814,732 1,028,982 1,692,130 7,535,844 $ 865,472 $ 3,432,673 $ 4,298,145 Natural Gas Total Energy Carbon Neutral Calculation Energy Savings $ 3,514,002 Electric 3,481,700 $ 10,880 Cogen Maintenance $ 347,400 Gas 88,176,906 $ 275,553 Total $ 286,433 Cogen Staffing $ 300,000 Annual Savings $ 2,866,602

34 APPENDIX B Financial Summary Results

35 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy Base Case and no Summer Steam Load Option 1A Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.815 $0.81 $0.80 $0.82 $0.84 $0.86 $0.89 $0.89 $0.90 $0.92 $0.94 $0.97 $0.99 $1.01 $1.02 $1.04 $1.06 $1.07 $1.09 $1.11 $1.12 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 42,759,457 42,759,457 44,042,241 45,363,508 46,724,413 48,126,146 49,569,930 51,057,028 52,588,739 54,166,401 55,791,393 57,465,135 59,189,089 60,964,762 62,793,705 64,677,516 66,617,841 68,616,376 70,674,868 72,795,114 74,978,967 1,148,962,630 PURCHASED SOLAR () COGEN + BOILER GAS () 4,555,494 4,555,494 4,623,827 4,693,184 4,763,582 4,835,036 4,907,561 4,981,175 5,055,892 5,131,731 5,208,707 5,286,837 5,366,140 5,446,632 5,528,331 5,611,256 5,695,425 5,780,856 5,867,569 5,955,583 6,044, ,339,735 WATER (Gallons) Short Ton CO2 Electric 13,469 13,469 13,603 14,356 15,174 15,994 16,997 17,607 18,365 19,312 20,297 21,467 22,718 23,759 24,848 25,987 27,179 28,426 29,730 31,095 32, ,905 Short Ton CO2 Gas 26,652 26,652 27,052 27,457 27,869 28,287 28,712 29,142 29,579 30,023 30,474 30,931 31,395 31,866 32,344 32,829 33,321 33,821 34,328 34,843 35, ,290 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,392,395 $5,392,395 $5,665,250 $5,951,912 $6,253,079 $6,569,485 $6,901,900 $7,251,137 $7,618,044 $8,003,517 $8,408,495 $8,833,965 $9,280,964 $9,750,580 $10,243,960 $10,762,304 $11,306,877 $11,879,005 $12,480,082 $13,111,574 $13,775,020 $ 179,439,546 SOLAR $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ GAS $3,712,217 $3,712,217 $3,694,521 $3,842,091 $4,001,894 $4,156,855 $4,353,206 $4,443,745 $4,567,475 $4,733,144 $4,901,983 $5,109,076 $5,328,190 $5,491,173 $5,659,218 $5,832,486 $6,011,139 $6,195,349 $6,385,288 $6,581,137 $6,783,083 $ 101,783,270 MAINTENANCE $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ STAFFING $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 9,104,612 $ 9,104,612 $ 9,359,771 $ 9,794,003 $ 10,254,973 $ 10,726,340 $ 11,255,106 $ 11,694,881 $ 12,185,520 $ 12,736,661 $ 13,310,478 $ 13,943,041 $ 14,609,154 $ 15,241,753 $ 15,903,178 $ 16,594,790 $ 17,318,016 $ 18,074,353 $ 18,865,370 $ 19,692,712 $ 20,558,103 $ 281,222,816 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 245,865 $ 245,865 $ 240,639 $ 249,431 $ 259,077 $ 268,101 $ 280,464 $ 283,505 $ 289,158 $ 298,164 $ 307,178 $ 319,201 $ 331,966 $ 339,598 $ 347,344 $ 355,199 $ 363,160 $ 371,226 $ 379,390 $ 387,650 $ 396,000 $ 6,312,315 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 245,865 $ 240,639 $ 249,431 $ 259,077 $ 268,101 $ 280,464 $ 283,505 $ 289,158 $ 298,164 $ 307,178 $ 319,201 $ 331,966 $ 339,598 $ 347,344 $ 355,199 $ 363,160 $ 371,226 $ 379,390 $ 387,650 $ 396,000 $ 6,312,315 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 245,865 $ 240,639 $ 249,431 $ 259,077 $ 268,101 $ 280,464 $ 283,505 $ 289,158 $ 298,164 $ 307,178 $ 319,201 $ 331,966 $ 339,598 $ 347,344 $ 355,199 $ 363,160 $ 371,226 $ 379,390 $ 387,650 $ 396,000 $ 6,312,315 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $245,865 $240,639 $249,431 $259,077 $268,101 $280,464 $283,505 $289,158 $298,164 $307,178 $319,201 $331,966 $339,598 $347,344 $355,199 $363,160 $371,226 $379,390 $387,650 $396,000 $ 6,312,315 $4,140,770 $1,346,928 $14,224,378 $180,624,920 $194,849,298 Carbon Credit $250,757 $250,757 $274,420 $303,144 $333,583 $365,322 $399,952 $934,987 $994,842 $1,060,708 $1,129,634 $1,205,137 $1,285,177 $1,362,801 $1,444,085 $1,529,212 $1,754,503 $1,991,897 $2,242,050 $2,505,652 $2,783,435 $ 24,151,299 Proposed Total With Carbon Credits $9,355,370 $9,355,370 $9,634,191 $10,097,148 $10,588,555 $11,091,662 $11,655,058 $12,629,869 $13,180,362 $13,797,369 $14,440,112 $15,148,178 $15,894,331 $16,604,554 $17,347,263 $18,124,002 $19,072,519 $20,066,251 $21,107,420 $22,198,364 $23,341,538 $ 305,374,115

36 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy Base Case and Solar Generation Option 1B Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.785 $0.79 $0.77 $0.79 $0.81 $0.83 $0.85 $0.86 $0.87 $0.89 $0.91 $0.93 $0.96 $0.97 $0.99 $1.00 $1.02 $1.03 $1.05 $1.06 $1.08 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 32,605,796 32,605,796 33,583,970 34,591,489 35,629,234 36,698,111 37,799,054 38,933,026 40,101,017 41,304,047 42,543,169 43,819,464 45,134,048 46,488,069 47,882,711 49,319,192 50,798,768 52,322,731 53,892,413 55,509,186 57,174, ,129,958 PURCHASED SOLAR () 9,573,066 9,573,066 9,569,236 9,565,409 9,561,583 9,557,758 9,553,935 9,550,113 9,546,293 9,542,475 9,538,658 9,534,842 9,531,028 9,527,216 9,523,405 9,519,596 9,515,788 9,511,981 9,508,177 9,504,373 9,500, ,735,502 COGEN + BOILER GAS () 5,162,371 5,162,371 5,239,807 5,318,404 5,398,180 5,479,153 5,561,340 5,644,760 5,729,431 5,815,373 5,902,603 5,991,143 6,081,010 6,172,225 6,264,808 6,358,780 6,454,162 6,550,974 6,649,239 6,748,978 6,850, ,372,953 WATER (Gallons) Short Ton CO2 Electric 10,271 10,271 10,373 10,947 11,570 12,196 12,961 13,426 14,004 14,726 15,477 16,369 17,323 18,117 18,948 19,816 20,725 21,676 22,671 23,711 24, ,107 Short Ton CO2 Gas 30,202 30,202 30,655 31,115 31,582 32,056 32,537 33,025 33,520 34,023 34,533 35,051 35,577 36,111 36,652 37,202 37,760 38,326 38,901 39,485 40, ,391 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $4,111,917 $4,111,917 $4,319,980 $4,538,571 $4,768,223 $5,009,495 $5,262,975 $5,529,282 $5,809,063 $6,103,002 $6,411,814 $6,736,252 $7,077,106 $7,435,208 $7,811,429 $8,206,687 $8,621,946 $9,058,216 $9,516,562 $9,998,100 $10,504,004 $ 136,829,830 SOLAR $654,032 $654,032 $642,563 $650,435 $656,135 $657,484 $669,094 $663,265 $663,500 $678,723 $693,478 $713,595 $744,786 $753,102 $761,506 $769,996 $778,575 $787,241 $795,996 $804,839 $813,770 $ 14,352,113 GAS $4,054,169 $4,054,169 $4,034,843 $4,196,007 $4,370,530 $4,539,765 $4,754,203 $4,853,082 $4,988,210 $5,169,139 $5,353,531 $5,579,701 $5,818,999 $5,996,994 $6,180,519 $6,369,747 $6,564,858 $6,766,035 $6,973,471 $7,187,361 $7,407,909 $ 111,159,072 MAINTENANCE $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ STAFFING $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 8,820,118 $ 8,820,118 $ 8,997,385 $ 9,385,013 $ 9,794,887 $ 10,206,744 $ 10,686,271 $ 11,045,628 $ 11,460,773 $ 11,950,865 $ 12,458,822 $ 13,029,547 $ 13,640,891 $ 14,185,304 $ 14,753,454 $ 15,346,431 $ 15,965,378 $ 16,611,493 $ 17,286,029 $ 17,990,300 $ 18,725,683 $ 262,341,016 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 530,359 $ 530,359 $ 603,024 $ 658,421 $ 719,163 $ 787,697 $ 849,299 $ 932,758 $ 1,013,904 $ 1,083,961 $ 1,158,833 $ 1,232,696 $ 1,300,229 $ 1,396,048 $ 1,497,068 $ 1,603,558 $ 1,715,798 $ 1,834,086 $ 1,958,732 $ 2,090,062 $ 2,228,420 $ 25,194,115 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 530,359 $ 603,024 $ 658,421 $ 719,163 $ 787,697 $ 849,299 $ 932,758 $ 1,013,904 $ 1,083,961 $ 1,158,833 $ 1,232,696 $ 1,300,229 $ 1,396,048 $ 1,497,068 $ 1,603,558 $ 1,715,798 $ 1,834,086 $ 1,958,732 $ 2,090,062 $ 2,228,420 $ 25,194,115 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 530,359 $ 603,024 $ 658,421 $ 719,163 $ 787,697 $ 849,299 $ 932,758 $ 1,013,904 $ 1,083,961 $ 1,158,833 $ 1,232,696 $ 1,300,229 $ 1,396,048 $ 1,497,068 $ 1,603,558 $ 1,715,798 $ 1,834,086 $ 1,958,732 $ 2,090,062 $ 2,228,420 $ 25,194,115 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $530,359 $603,024 $658,421 $719,163 $787,697 $849,299 $932,758 $1,013,904 $1,083,961 $1,158,833 $1,232,696 $1,300,229 $1,396,048 $1,497,068 $1,603,558 $1,715,798 $1,834,086 $1,958,732 $2,090,062 $2,228,420 $ 25,194,115 $15,620,113 $13,171,472 $13,879,177 $169,145,577 $183,024,754 Carbon Credit $252,958 $252,958 $276,942 $304,949 $334,432 $365,078 $398,104 $929,014 $986,120 $1,048,105 $1,112,725 $1,182,668 $1,256,385 $1,328,581 $1,403,896 $1,482,477 $1,696,070 $1,920,075 $2,155,018 $2,401,453 $2,659,964 $ 23,495,013 Proposed Total With Carbon Credits $9,073,076 $9,073,076 $9,274,327 $9,689,963 $10,129,319 $10,571,822 $11,084,375 $11,974,642 $12,446,893 $12,998,969 $13,571,547 $14,212,215 $14,897,275 $15,513,885 $16,157,350 $16,828,907 $17,661,448 $18,531,568 $19,441,047 $20,391,753 $21,385,647 $ 285,836,029

37 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy Base Case and Solar Generation and no Summer Steam Load Option 1C Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.815 $0.81 $0.80 $0.82 $0.84 $0.86 $0.89 $0.89 $0.90 $0.92 $0.94 $0.97 $0.99 $1.01 $1.02 $1.04 $1.06 $1.07 $1.09 $1.11 $1.12 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 33,186,392 33,186,392 34,181,983 35,207,443 36,263,666 37,351,576 38,472,123 39,626,287 40,815,076 42,039,528 43,300,714 44,599,735 45,937,727 47,315,859 48,735,335 50,197,395 51,703,317 53,254,416 54,852,049 56,497,610 58,192, ,730,772 PURCHASED SOLAR () 9,573,066 9,573,066 9,569,236 9,565,409 9,561,583 9,557,758 9,553,935 9,550,113 9,546,293 9,542,475 9,538,658 9,534,842 9,531,028 9,527,216 9,523,405 9,519,596 9,515,788 9,511,981 9,508,177 9,504,373 9,500, ,735,502 COGEN + BOILER GAS () 4,555,494 4,555,494 4,623,827 4,693,184 4,763,582 4,835,036 4,907,561 4,981,175 5,055,892 5,131,731 5,208,707 5,286,837 5,366,140 5,446,632 5,528,331 5,611,256 5,695,425 5,780,856 5,867,569 5,955,583 6,044, ,339,735 WATER (Gallons) Short Ton CO2 Electric 10,454 10,454 10,558 11,142 11,777 12,413 13,192 13,665 14,253 14,988 15,753 16,661 17,632 18,440 19,285 20,169 21,094 22,062 23,074 24,133 25, ,986 Short Ton CO2 Gas 26,652 26,652 27,052 27,457 27,869 28,287 28,712 29,142 29,579 30,023 30,474 30,931 31,395 31,866 32,344 32,829 33,321 33,821 34,328 34,843 35, ,290 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $4,185,136 $4,185,136 $4,396,904 $4,619,387 $4,853,128 $5,098,696 $5,356,690 $5,627,739 $5,912,502 $6,211,675 $6,525,986 $6,856,201 $7,203,125 $7,567,603 $7,950,523 $8,352,820 $8,775,472 $9,219,511 $9,686,019 $10,176,131 $10,691,043 $ 139,266,292 SOLAR $654,032 $654,032 $642,563 $650,435 $656,135 $657,484 $669,094 $663,265 $663,500 $678,723 $693,478 $713,595 $744,786 $753,102 $761,506 $769,996 $778,575 $787,241 $795,996 $804,839 $813,770 $ 14,352,113 GAS $3,712,217 $3,712,217 $3,694,521 $3,842,091 $4,001,894 $4,156,855 $4,353,206 $4,443,745 $4,567,475 $4,733,144 $4,901,983 $5,109,076 $5,328,190 $5,491,173 $5,659,218 $5,832,486 $6,011,139 $6,195,349 $6,385,288 $6,581,137 $6,783,083 $ 101,783,270 MAINTENANCE $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ STAFFING $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 8,551,385 $ 8,551,385 $ 8,733,987 $ 9,111,914 $ 9,511,156 $ 9,913,035 $ 10,378,990 $ 10,734,748 $ 11,143,478 $ 11,623,543 $ 12,121,447 $ 12,678,872 $ 13,276,101 $ 13,811,877 $ 14,371,247 $ 14,955,302 $ 15,565,187 $ 16,202,101 $ 16,867,302 $ 17,562,107 $ 18,287,897 $ 255,401,675 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 799,092 $ 799,092 $ 866,423 $ 931,520 $ 1,002,893 $ 1,081,405 $ 1,156,581 $ 1,243,638 $ 1,331,200 $ 1,411,283 $ 1,496,209 $ 1,583,371 $ 1,665,019 $ 1,769,474 $ 1,879,274 $ 1,994,687 $ 2,115,990 $ 2,243,478 $ 2,377,458 $ 2,518,255 $ 2,666,206 $ 32,133,455 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 799,092 $ 866,423 $ 931,520 $ 1,002,893 $ 1,081,405 $ 1,156,581 $ 1,243,638 $ 1,331,200 $ 1,411,283 $ 1,496,209 $ 1,583,371 $ 1,665,019 $ 1,769,474 $ 1,879,274 $ 1,994,687 $ 2,115,990 $ 2,243,478 $ 2,377,458 $ 2,518,255 $ 2,666,206 $ 32,133,455 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 799,092 $ 866,423 $ 931,520 $ 1,002,893 $ 1,081,405 $ 1,156,581 $ 1,243,638 $ 1,331,200 $ 1,411,283 $ 1,496,209 $ 1,583,371 $ 1,665,019 $ 1,769,474 $ 1,879,274 $ 1,994,687 $ 2,115,990 $ 2,243,478 $ 2,377,458 $ 2,518,255 $ 2,666,206 $ 32,133,455 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $799,092 $866,423 $931,520 $1,002,893 $1,081,405 $1,156,581 $1,243,638 $1,331,200 $1,411,283 $1,496,209 $1,583,371 $1,665,019 $1,769,474 $1,879,274 $1,994,687 $2,115,990 $2,243,478 $2,377,458 $2,518,255 $2,666,206 $ 32,133,455 $20,168,964 $18,728,126 $12,871,374 $164,596,726 $177,468,100 Carbon Credit $231,910 $231,910 $253,863 $279,843 $307,255 $335,780 $366,655 $856,150 $909,528 $967,750 $1,028,529 $1,094,599 $1,164,380 $1,232,481 $1,303,619 $1,377,943 $1,578,041 $1,788,248 $2,009,087 $2,241,110 $2,484,903 $ 21,811,675 Proposed Total With Carbon Credits $8,783,295 $8,783,295 $8,987,850 $9,391,757 $9,818,412 $10,248,816 $10,745,645 $11,590,898 $12,053,006 $12,591,293 $13,149,976 $13,773,471 $14,440,481 $15,044,358 $15,674,866 $16,333,245 $17,143,228 $17,990,349 $18,876,389 $19,803,218 $20,772,799 $ 277,213,350

38 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy CHP Plant at the East Campus with Thermal Load Following Option 2A Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.768 $0.77 $0.75 $0.77 $0.79 $0.81 $0.84 $0.84 $0.85 $0.87 $0.89 $0.91 $0.94 $0.95 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 13,179,387 13,179,387 13,574,769 13,982,012 14,401,472 14,833,516 15,278,522 15,736,878 16,208,984 16,695,253 17,196,111 17,711,994 18,243,354 18,790,655 19,354,374 19,935,006 20,533,056 21,149,047 21,783,519 22,437,024 23,110, ,135,069 PURCHASED SOLAR () COGEN + BOILER GAS () 7,229,836 7,229,836 7,338,283 7,448,358 7,560,083 7,673,484 7,788,586 7,905,415 8,023,996 8,144,356 8,266,522 8,390,520 8,516,377 8,644,123 8,773,785 8,905,392 9,038,973 9,174,557 9,312,176 9,451,858 9,593, ,180,316 WATER (Gallons) Short Ton CO2 Electric 4,152 4,152 4,193 4,425 4,677 4,930 5,239 5,427 5,660 5,952 6,256 6,616 7,002 7,323 7,659 8,010 8,377 8,761 9,164 9,584 10, ,431 Short Ton CO2 Gas 42,298 42,298 42,933 43,577 44,230 44,894 45,567 46,251 46,944 47,649 48,363 49,089 49,825 50,572 51,331 52,101 52,883 53,676 54,481 55,298 56, ,088 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $1,662,053 $1,662,053 $1,746,152 $1,834,508 $1,927,334 $2,024,857 $2,127,315 $2,234,957 $2,348,046 $2,466,857 $2,591,680 $2,722,819 $2,860,593 $3,005,339 $3,157,409 $3,317,174 $3,485,023 $3,661,366 $3,846,631 $4,041,270 $4,245,758 $ 55,307,139 SOLAR $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ GAS $5,549,227 $5,549,227 $5,522,773 $5,743,370 $5,982,251 $6,213,896 $6,507,412 $6,642,754 $6,827,714 $7,075,364 $7,327,754 $7,637,329 $7,964,873 $8,208,507 $8,459,711 $8,718,721 $8,985,782 $9,261,149 $9,545,080 $9,837,847 $10,139,726 $ 152,151,241 MAINTENANCE $347,400 $347,400 $356,085 $364,987 $374,112 $383,465 $393,051 $402,877 $412,949 $423,273 $433,855 $444,701 $455,819 $467,214 $478,895 $490,867 $503,139 $515,717 $528,610 $541,825 $555,371 $ 8,874,214 STAFFING $300,000 $300,000 $307,500 $315,188 $323,067 $331,144 $339,422 $347,908 $356,606 $365,521 $374,659 $384,025 $393,626 $403,467 $413,553 $423,892 $434,489 $445,352 $456,485 $467,898 $479,595 $ 7,663,397 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 7,858,679 $ 7,858,679 $ 7,932,511 $ 8,258,052 $ 8,606,764 $ 8,953,362 $ 9,367,200 $ 9,628,497 $ 9,945,315 $ 10,331,015 $ 10,727,948 $ 11,188,874 $ 11,674,911 $ 12,084,528 $ 12,509,568 $ 12,950,654 $ 13,408,434 $ 13,883,583 $ 14,376,806 $ 14,888,840 $ 15,420,450 $ 223,995,991 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 1,491,798 $ 1,491,798 $ 1,667,899 $ 1,785,382 $ 1,907,286 $ 2,041,079 $ 2,168,371 $ 2,349,889 $ 2,529,363 $ 2,703,810 $ 2,889,708 $ 3,073,368 $ 3,266,209 $ 3,496,824 $ 3,740,953 $ 3,999,334 $ 4,272,743 $ 4,561,996 $ 4,867,954 $ 5,191,522 $ 5,533,652 $ 63,539,140 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 1,491,798 $ 1,667,899 $ 1,785,382 $ 1,907,286 $ 2,041,079 $ 2,168,371 $ 2,349,889 $ 2,529,363 $ 2,703,810 $ 2,889,708 $ 3,073,368 $ 3,266,209 $ 3,496,824 $ 3,740,953 $ 3,999,334 $ 4,272,743 $ 4,561,996 $ 4,867,954 $ 5,191,522 $ 5,533,652 $ 63,539,140 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 1,491,798 $ 1,667,899 $ 1,785,382 $ 1,907,286 $ 2,041,079 $ 2,168,371 $ 2,349,889 $ 2,529,363 $ 2,703,810 $ 2,889,708 $ 3,073,368 $ 3,266,209 $ 3,496,824 $ 3,740,953 $ 3,999,334 $ 4,272,743 $ 4,561,996 $ 4,867,954 $ 5,191,522 $ 5,533,652 $ 63,539,140 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $1,491,798 $1,667,899 $1,785,382 $1,907,286 $2,041,079 $2,168,371 $2,349,889 $2,529,363 $2,703,810 $2,889,708 $3,073,368 $3,266,209 $3,496,824 $3,740,953 $3,999,334 $4,272,743 $4,561,996 $4,867,954 $5,191,522 $5,533,652 $ 63,539,140 $39,604,486 $36,188,605 $14,846,417 $145,161,204 $160,007,621 Carbon Credit $290,310 $290,310 $318,096 $348,009 $379,030 $411,043 $444,552 $1,033,550 $1,091,549 $1,152,420 $1,215,275 $1,281,220 $1,349,648 $1,418,439 $1,489,490 $1,562,881 $1,776,530 $1,997,991 $2,227,555 $2,465,526 $2,712,225 $ 24,965,342 Proposed Total With Carbon Credits $8,148,990 $8,148,990 $8,250,607 $8,606,062 $8,985,794 $9,364,405 $9,811,752 $10,662,046 $11,036,864 $11,483,436 $11,943,223 $12,470,094 $13,024,559 $13,502,967 $13,999,059 $14,513,536 $15,184,964 $15,881,574 $16,604,361 $17,354,366 $18,132,675 $ 248,961,333

39 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy CHP Plant at the East Campus with Thermal Load Following and no Summer Steam Load Option 2B Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.774 $0.77 $0.76 $0.78 $0.80 $0.82 $0.84 $0.85 $0.86 $0.88 $0.89 $0.92 $0.94 $0.96 $0.97 $0.99 $1.00 $1.02 $1.03 $1.05 $1.07 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 13,760,986 13,760,986 14,173,816 14,599,030 15,037,001 15,488,111 15,952,754 16,431,337 16,924,277 17,432,005 17,954,965 18,493,614 19,048,423 19,619,876 20,208,472 20,814,726 21,439,168 22,082,343 22,744,813 23,427,157 24,129, ,762,847 PURCHASED SOLAR () COGEN + BOILER GAS () 7,015,783 7,015,783 7,121,019 7,227,835 7,336,252 7,446,296 7,557,990 7,671,360 7,786,431 7,903,227 8,021,776 8,142,102 8,264,234 8,388,197 8,514,020 8,641,731 8,771,356 8,902,927 9,036,471 9,172,018 9,309, ,230,623 WATER (Gallons) Short Ton CO2 Electric 4,335 4,335 4,378 4,620 4,883 5,147 5,470 5,666 5,910 6,215 6,532 6,908 7,311 7,646 7,997 8,363 8,747 9,148 9,568 10,007 10, ,319 Short Ton CO2 Gas 41,046 41,046 41,662 42,286 42,921 43,565 44,218 44,881 45,555 46,238 46,931 47,635 48,350 49,075 49,811 50,558 51,317 52,087 52,868 53,661 54, ,130 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $1,735,398 $1,735,398 $1,823,209 $1,915,463 $2,012,386 $2,114,213 $2,221,192 $2,333,584 $2,451,663 $2,575,718 $2,706,049 $2,842,975 $2,986,830 $3,137,963 $3,296,744 $3,463,559 $3,638,815 $3,822,939 $4,016,380 $4,219,609 $4,433,121 $ 57,747,811 SOLAR $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ GAS $5,428,558 $5,428,558 $5,402,680 $5,618,480 $5,852,167 $6,078,774 $6,365,907 $6,498,307 $6,679,244 $6,921,510 $7,168,411 $7,471,254 $7,791,676 $8,030,012 $8,275,754 $8,529,131 $8,790,386 $9,059,764 $9,337,521 $9,623,922 $9,919,236 $ 148,842,694 MAINTENANCE $347,400 $347,400 $356,085 $364,987 $374,112 $383,465 $393,051 $402,877 $412,949 $423,273 $433,855 $444,701 $455,819 $467,214 $478,895 $490,867 $503,139 $515,717 $528,610 $541,825 $555,371 $ 8,874,214 STAFFING $300,000 $300,000 $307,500 $315,188 $323,067 $331,144 $339,422 $347,908 $356,606 $365,521 $374,659 $384,025 $393,626 $403,467 $413,553 $423,892 $434,489 $445,352 $456,485 $467,898 $479,595 $ 7,663,397 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 7,811,356 $ 7,811,356 $ 7,889,474 $ 8,214,118 $ 8,561,731 $ 8,907,595 $ 9,319,573 $ 9,582,676 $ 9,900,463 $ 10,286,021 $ 10,682,974 $ 11,142,956 $ 11,627,950 $ 12,038,657 $ 12,464,946 $ 12,907,450 $ 13,366,829 $ 13,843,772 $ 14,338,997 $ 14,853,254 $ 15,387,324 $ 223,128,117 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 1,539,121 $ 1,539,121 $ 1,710,936 $ 1,829,316 $ 1,952,318 $ 2,086,845 $ 2,215,998 $ 2,395,709 $ 2,574,214 $ 2,748,804 $ 2,934,682 $ 3,119,287 $ 3,313,170 $ 3,542,695 $ 3,785,576 $ 4,042,538 $ 4,314,347 $ 4,601,807 $ 4,905,763 $ 5,227,108 $ 5,566,779 $ 64,407,014 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 1,539,121 $ 1,710,936 $ 1,829,316 $ 1,952,318 $ 2,086,845 $ 2,215,998 $ 2,395,709 $ 2,574,214 $ 2,748,804 $ 2,934,682 $ 3,119,287 $ 3,313,170 $ 3,542,695 $ 3,785,576 $ 4,042,538 $ 4,314,347 $ 4,601,807 $ 4,905,763 $ 5,227,108 $ 5,566,779 $ 64,407,014 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 1,539,121 $ 1,710,936 $ 1,829,316 $ 1,952,318 $ 2,086,845 $ 2,215,998 $ 2,395,709 $ 2,574,214 $ 2,748,804 $ 2,934,682 $ 3,119,287 $ 3,313,170 $ 3,542,695 $ 3,785,576 $ 4,042,538 $ 4,314,347 $ 4,601,807 $ 4,905,763 $ 5,227,108 $ 5,566,779 $ 64,407,014 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $1,539,121 $1,710,936 $1,829,316 $1,952,318 $2,086,845 $2,215,998 $2,395,709 $2,574,214 $2,748,804 $2,934,682 $3,119,287 $3,313,170 $3,542,695 $3,785,576 $4,042,538 $4,314,347 $4,601,807 $4,905,763 $5,227,108 $5,566,779 $ 64,407,014 $40,201,964 $37,088,292 $14,544,209 $144,563,725 $159,107,935 Carbon Credit $283,628 $283,628 $310,765 $340,071 $370,481 $401,872 $434,771 $1,010,953 $1,067,893 $1,127,737 $1,189,558 $1,254,508 $1,321,951 $1,389,673 $1,459,650 $1,531,965 $1,741,846 $1,959,510 $2,185,253 $2,419,384 $2,662,229 $ 24,463,700 Proposed Total With Carbon Credits $8,094,985 $8,094,985 $8,200,240 $8,554,189 $8,932,212 $9,309,468 $9,754,343 $10,593,629 $10,968,356 $11,413,759 $11,872,532 $12,397,464 $12,949,901 $13,428,330 $13,924,596 $14,439,415 $15,108,675 $15,803,282 $16,524,250 $17,272,638 $18,049,553 $ 247,591,817

40 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy CHP Plant at the East Campus with Thermal Load Following and Solar Generation Option 2C Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.767 $0.77 $0.75 $0.77 $0.79 $0.81 $0.84 $0.84 $0.85 $0.87 $0.89 $0.91 $0.94 $0.95 $0.96 $0.98 $0.99 $1.01 $1.02 $1.04 $1.06 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 11,452,904 11,452,904 11,796,491 12,150,386 12,514,897 12,890,344 13,277,055 13,675,366 14,085,627 14,508,196 14,943,442 15,391,745 15,853,497 16,329,102 16,818,975 17,323,545 17,843,251 18,378,549 18,929,905 19,497,802 20,082, ,743,817 PURCHASED SOLAR () 2,466,685 2,466,685 2,465,699 2,464,712 2,463,727 2,462,741 2,461,756 2,460,771 2,459,787 2,458,803 2,457,819 2,456,836 2,455,854 2,454,871 2,453,889 2,452,908 2,451,927 2,450,946 2,449,965 2,448,985 2,448,006 49,146,688 COGEN + BOILER GAS () 7,181,397 7,181,397 7,289,118 7,398,455 7,509,432 7,622,073 7,736,404 7,852,450 7,970,237 8,089,791 8,211,137 8,334,304 8,459,319 8,586,209 8,715,002 8,845,727 8,978,413 9,113,089 9,249,785 9,388,532 9,529, ,060,235 WATER (Gallons) Short Ton CO2 Electric 3,608 3,608 3,644 3,845 4,064 4,284 4,553 4,716 4,919 5,173 5,436 5,750 6,085 6,364 6,655 6,961 7,280 7,614 7,963 8,329 8, ,951 Short Ton CO2 Gas 42,015 42,015 42,645 43,285 43,934 44,593 45,262 45,941 46,630 47,329 48,039 48,760 49,491 50,234 50,987 51,752 52,528 53,316 54,116 54,928 55, ,535 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $1,444,326 $1,444,326 $1,517,409 $1,594,189 $1,674,855 $1,759,603 $1,848,639 $1,942,180 $2,040,455 $2,143,702 $2,252,173 $2,366,133 $2,485,859 $2,611,644 $2,743,793 $2,882,629 $3,028,490 $3,181,731 $3,342,727 $3,511,869 $3,689,569 $ 48,061,973 SOLAR $168,524 $168,524 $165,569 $167,597 $169,066 $169,413 $172,405 $170,903 $170,964 $174,886 $178,688 $183,871 $191,909 $194,051 $196,217 $198,404 $200,615 $202,848 $205,104 $207,382 $209,684 $ 3,698,099 GAS $5,511,342 $5,511,342 $5,485,069 $5,704,160 $5,941,410 $6,171,474 $6,462,985 $6,597,404 $6,781,101 $7,027,061 $7,277,727 $7,585,189 $7,910,496 $8,152,468 $8,401,956 $8,659,198 $8,924,436 $9,197,923 $9,479,916 $9,770,684 $10,070,502 $ 151,112,501 MAINTENANCE $347,400 $347,400 $356,085 $364,987 $374,112 $383,465 $393,051 $402,877 $412,949 $423,273 $433,855 $444,701 $455,819 $467,214 $478,895 $490,867 $503,139 $515,717 $528,610 $541,825 $555,371 $ 8,874,214 STAFFING $300,000 $300,000 $307,500 $315,188 $323,067 $331,144 $339,422 $347,908 $356,606 $365,521 $374,659 $384,025 $393,626 $403,467 $413,553 $423,892 $434,489 $445,352 $456,485 $467,898 $479,595 $ 7,663,397 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 7,771,592 $ 7,771,592 $ 7,831,632 $ 8,146,121 $ 8,482,511 $ 8,815,099 $ 9,216,503 $ 9,461,273 $ 9,762,074 $ 10,134,443 $ 10,517,102 $ 10,963,920 $ 11,437,709 $ 11,828,844 $ 12,234,414 $ 12,654,990 $ 13,091,169 $ 13,543,571 $ 14,012,842 $ 14,499,658 $ 15,004,721 $ 219,410,185 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 1,578,885 $ 1,578,885 $ 1,768,778 $ 1,897,313 $ 2,031,539 $ 2,179,342 $ 2,319,067 $ 2,517,113 $ 2,712,603 $ 2,900,383 $ 3,100,554 $ 3,298,323 $ 3,503,411 $ 3,752,508 $ 4,016,108 $ 4,294,998 $ 4,590,008 $ 4,902,008 $ 5,231,919 $ 5,580,704 $ 5,949,382 $ 68,124,946 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 1,578,885 $ 1,768,778 $ 1,897,313 $ 2,031,539 $ 2,179,342 $ 2,319,067 $ 2,517,113 $ 2,712,603 $ 2,900,383 $ 3,100,554 $ 3,298,323 $ 3,503,411 $ 3,752,508 $ 4,016,108 $ 4,294,998 $ 4,590,008 $ 4,902,008 $ 5,231,919 $ 5,580,704 $ 5,949,382 $ 68,124,946 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 1,578,885 $ 1,768,778 $ 1,897,313 $ 2,031,539 $ 2,179,342 $ 2,319,067 $ 2,517,113 $ 2,712,603 $ 2,900,383 $ 3,100,554 $ 3,298,323 $ 3,503,411 $ 3,752,508 $ 4,016,108 $ 4,294,998 $ 4,590,008 $ 4,902,008 $ 5,231,919 $ 5,580,704 $ 5,949,382 $ 68,124,946 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $1,578,885 $1,768,778 $1,897,313 $2,031,539 $2,179,342 $2,319,067 $2,517,113 $2,712,603 $2,900,383 $3,100,554 $3,298,323 $3,503,411 $3,752,508 $4,016,108 $4,294,998 $4,590,008 $4,902,008 $5,231,919 $5,580,704 $5,949,382 $ 68,124,946 $42,430,437 $39,345,557 $14,515,417 $142,335,253 $156,850,670 Carbon Credit $285,140 $285,140 $312,447 $341,690 $371,985 $403,234 $435,876 $1,013,134 $1,069,637 $1,128,792 $1,189,832 $1,253,720 $1,319,934 $1,386,635 $1,455,474 $1,526,524 $1,734,431 $1,949,755 $2,172,765 $2,403,738 $2,642,967 $ 24,397,712 Proposed Total With Carbon Credits $8,056,732 $8,056,732 $8,144,079 $8,487,812 $8,854,496 $9,218,333 $9,652,379 $10,474,407 $10,831,711 $11,263,235 $11,706,934 $12,217,640 $12,757,643 $13,215,479 $13,689,888 $14,181,514 $14,825,600 $15,493,326 $16,185,607 $16,903,396 $17,647,688 $ 243,807,897

41 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy CHP Plant at the East Campus with Thermal Load Following and Solar Generation and no Summer Steam Load Option 2D Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.774 $0.77 $0.76 $0.78 $0.80 $0.82 $0.84 $0.85 $0.86 $0.88 $0.89 $0.92 $0.94 $0.96 $0.97 $0.99 $1.00 $1.02 $1.03 $1.05 $1.07 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 12,034,585 12,034,585 12,395,622 12,767,491 13,150,516 13,545,031 13,951,382 14,369,923 14,801,021 15,245,052 15,702,403 16,173,475 16,658,680 17,158,440 17,673,193 18,203,389 18,749,491 19,311,976 19,891,335 20,488,075 21,102, ,373,798 PURCHASED SOLAR () 2,466,685 2,466,685 2,465,699 2,464,712 2,463,727 2,462,741 2,461,756 2,460,771 2,459,787 2,458,803 2,457,819 2,456,836 2,455,854 2,454,871 2,453,889 2,452,908 2,451,927 2,450,946 2,449,965 2,448,985 2,448,006 49,146,688 COGEN + BOILER GAS () 6,967,432 6,967,432 7,071,944 7,178,023 7,285,693 7,394,979 7,505,903 7,618,492 7,732,769 7,848,761 7,966,492 8,085,990 8,207,280 8,330,389 8,455,345 8,582,175 8,710,907 8,841,571 8,974,195 9,108,808 9,245, ,112,587 WATER (Gallons) Short Ton CO2 Electric 3,791 3,791 3,829 4,040 4,271 4,502 4,784 4,955 5,169 5,435 5,712 6,042 6,394 6,687 6,993 7,314 7,649 8,000 8,368 8,752 9, ,840 Short Ton CO2 Gas 40,763 40,763 41,374 41,995 42,625 43,264 43,913 44,572 45,241 45,919 46,608 47,307 48,017 48,737 49,468 50,210 50,963 51,728 52,504 53,291 54, ,589 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $1,517,681 $1,517,681 $1,594,476 $1,675,157 $1,759,920 $1,848,972 $1,942,529 $2,040,821 $2,144,087 $2,252,578 $2,366,558 $2,486,306 $2,612,113 $2,744,286 $2,883,147 $3,029,034 $3,182,303 $3,343,328 $3,512,500 $3,690,233 $3,876,959 $ 50,502,989 SOLAR $168,524 $168,524 $165,569 $167,597 $169,066 $169,413 $172,405 $170,903 $170,964 $174,886 $178,688 $183,871 $191,909 $194,051 $196,217 $198,404 $200,615 $202,848 $205,104 $207,382 $209,684 $ 3,698,099 GAS $5,390,724 $5,390,724 $5,365,026 $5,579,322 $5,811,380 $6,036,408 $6,321,540 $6,453,017 $6,632,693 $6,873,270 $7,118,451 $7,419,184 $7,737,372 $7,974,047 $8,218,076 $8,469,688 $8,729,121 $8,996,622 $9,272,444 $9,556,848 $9,850,104 $ 147,805,336 MAINTENANCE $347,400 $347,400 $356,085 $364,987 $374,112 $383,465 $393,051 $402,877 $412,949 $423,273 $433,855 $444,701 $455,819 $467,214 $478,895 $490,867 $503,139 $515,717 $528,610 $541,825 $555,371 $ 8,874,214 STAFFING $300,000 $300,000 $307,500 $315,188 $323,067 $331,144 $339,422 $347,908 $356,606 $365,521 $374,659 $384,025 $393,626 $403,467 $413,553 $423,892 $434,489 $445,352 $456,485 $467,898 $479,595 $ 7,663,397 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 7,724,329 $ 7,724,329 $ 7,788,656 $ 8,102,250 $ 8,437,544 $ 8,769,402 $ 9,168,948 $ 9,415,527 $ 9,717,299 $ 10,089,528 $ 10,472,211 $ 10,918,088 $ 11,390,838 $ 11,783,066 $ 12,189,887 $ 12,611,886 $ 13,049,667 $ 13,503,867 $ 13,975,143 $ 14,464,186 $ 14,971,713 $ 218,544,036 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 1,626,148 $ 1,626,148 $ 1,811,754 $ 1,941,184 $ 2,076,505 $ 2,225,039 $ 2,366,622 $ 2,562,859 $ 2,757,378 $ 2,945,297 $ 3,145,445 $ 3,344,155 $ 3,550,282 $ 3,798,286 $ 4,060,634 $ 4,338,103 $ 4,631,509 $ 4,941,712 $ 5,269,617 $ 5,616,176 $ 5,982,390 $ 68,991,095 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 1,626,148 $ 1,811,754 $ 1,941,184 $ 2,076,505 $ 2,225,039 $ 2,366,622 $ 2,562,859 $ 2,757,378 $ 2,945,297 $ 3,145,445 $ 3,344,155 $ 3,550,282 $ 3,798,286 $ 4,060,634 $ 4,338,103 $ 4,631,509 $ 4,941,712 $ 5,269,617 $ 5,616,176 $ 5,982,390 $ 68,991,095 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 1,626,148 $ 1,811,754 $ 1,941,184 $ 2,076,505 $ 2,225,039 $ 2,366,622 $ 2,562,859 $ 2,757,378 $ 2,945,297 $ 3,145,445 $ 3,344,155 $ 3,550,282 $ 3,798,286 $ 4,060,634 $ 4,338,103 $ 4,631,509 $ 4,941,712 $ 5,269,617 $ 5,616,176 $ 5,982,390 $ 68,991,095 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $1,626,148 $1,811,754 $1,941,184 $2,076,505 $2,225,039 $2,366,622 $2,562,859 $2,757,378 $2,945,297 $3,145,445 $3,344,155 $3,550,282 $3,798,286 $4,060,634 $4,338,103 $4,631,509 $4,941,712 $5,269,617 $5,616,176 $5,982,390 $ 68,991,095 $43,026,797 $40,243,954 $14,213,379 $141,738,893 $155,952,272 Carbon Credit $278,462 $278,462 $305,120 $333,756 $363,440 $394,068 $426,100 $990,549 $1,045,993 $1,104,122 $1,164,129 $1,227,023 $1,292,253 $1,357,885 $1,425,651 $1,495,626 $1,699,767 $1,911,297 $2,130,488 $2,357,624 $2,593,002 $ 23,896,356 Proposed Total With Carbon Credits $8,002,791 $8,002,791 $8,093,776 $8,436,007 $8,800,985 $9,163,470 $9,595,048 $10,406,076 $10,763,292 $11,193,651 $11,636,340 $12,145,111 $12,683,091 $13,140,951 $13,615,538 $14,107,511 $14,749,435 $15,415,164 $16,105,631 $16,821,810 $17,564,715 $ 242,440,392

42 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy CHP Plant at the East Campus with Electric Load Following Option 3A Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.752 $0.75 $0.74 $0.76 $0.78 $0.79 $0.82 $0.82 $0.83 $0.85 $0.87 $0.89 $0.92 $0.93 $0.94 $0.96 $0.97 $0.99 $1.00 $1.02 $1.04 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 6,607,943 6,607,943 6,806,182 7,010,367 7,220,678 7,437,298 7,660,417 7,890,230 8,126,937 8,370,745 8,621,867 8,880,523 9,146,939 9,421,347 9,703,988 9,995,107 10,294,960 10,603,809 10,921,923 11,249,581 11,587, ,557,912 PURCHASED SOLAR () COGEN + BOILER GAS () 7,804,331 7,804,331 7,921,396 8,040,217 8,160,820 8,283,232 8,407,481 8,533,593 8,661,597 8,791,521 8,923,393 9,057,244 9,193,103 9,331,000 9,470,965 9,613,029 9,757,224 9,903,583 10,052,137 10,202,919 10,355, ,464,745 WATER (Gallons) Short Ton CO2 Electric 2,082 2,082 2,102 2,218 2,345 2,472 2,627 2,721 2,838 2,984 3,137 3,317 3,511 3,672 3,840 4,016 4,200 4,393 4,594 4,805 5,026 66,900 Short Ton CO2 Gas 45,659 45,659 46,344 47,039 47,745 48,461 49,188 49,926 50,675 51,435 52,206 52,989 53,784 54,591 55,410 56,241 57,085 57,941 58,810 59,692 60,588 1,055,809 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $833,328 $833,328 $875,494 $919,794 $966,336 $1,015,232 $1,066,603 $1,120,573 $1,177,274 $1,236,844 $1,299,429 $1,365,180 $1,434,258 $1,506,831 $1,583,077 $1,663,181 $1,747,337 $1,835,753 $1,928,642 $2,026,231 $2,128,758 $ 27,730,154 SOLAR $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ GAS $5,870,379 $5,870,379 $5,842,395 $6,075,758 $6,328,464 $6,573,515 $6,884,017 $7,027,193 $7,222,856 $7,484,839 $7,751,836 $8,079,327 $8,425,826 $8,683,561 $8,949,302 $9,223,302 $9,505,819 $9,797,122 $10,097,486 $10,407,196 $10,726,545 $ 160,956,738 MAINTENANCE $347,400 $347,400 $356,085 $364,987 $374,112 $383,465 $393,051 $402,877 $412,949 $423,273 $433,855 $444,701 $455,819 $467,214 $478,895 $490,867 $503,139 $515,717 $528,610 $541,825 $555,371 $ 8,874,214 STAFFING $300,000 $300,000 $307,500 $315,188 $323,067 $331,144 $339,422 $347,908 $356,606 $365,521 $374,659 $384,025 $393,626 $403,467 $413,553 $423,892 $434,489 $445,352 $456,485 $467,898 $479,595 $ 7,663,397 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 7,351,107 $ 7,351,107 $ 7,381,474 $ 7,675,726 $ 7,991,979 $ 8,303,356 $ 8,683,094 $ 8,898,551 $ 9,169,686 $ 9,510,478 $ 9,859,778 $ 10,273,233 $ 10,709,529 $ 11,061,073 $ 11,424,827 $ 11,801,242 $ 12,190,785 $ 12,593,944 $ 13,011,223 $ 13,443,150 $ 13,890,270 $ 205,224,503 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 1,999,370 $ 1,999,370 $ 2,218,936 $ 2,367,708 $ 2,522,071 $ 2,691,085 $ 2,852,477 $ 3,079,835 $ 3,304,992 $ 3,524,348 $ 3,757,878 $ 3,989,010 $ 4,231,591 $ 4,520,278 $ 4,825,694 $ 5,148,746 $ 5,490,391 $ 5,851,635 $ 6,233,537 $ 6,637,212 $ 7,063,833 $ 82,310,627 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 1,999,370 $ 2,218,936 $ 2,367,708 $ 2,522,071 $ 2,691,085 $ 2,852,477 $ 3,079,835 $ 3,304,992 $ 3,524,348 $ 3,757,878 $ 3,989,010 $ 4,231,591 $ 4,520,278 $ 4,825,694 $ 5,148,746 $ 5,490,391 $ 5,851,635 $ 6,233,537 $ 6,637,212 $ 7,063,833 $ 82,310,627 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 1,999,370 $ 2,218,936 $ 2,367,708 $ 2,522,071 $ 2,691,085 $ 2,852,477 $ 3,079,835 $ 3,304,992 $ 3,524,348 $ 3,757,878 $ 3,989,010 $ 4,231,591 $ 4,520,278 $ 4,825,694 $ 5,148,746 $ 5,490,391 $ 5,851,635 $ 6,233,537 $ 6,637,212 $ 7,063,833 $ 82,310,627 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $1,999,370 $2,218,936 $2,367,708 $2,522,071 $2,691,085 $2,852,477 $3,079,835 $3,304,992 $3,524,348 $3,757,878 $3,989,010 $4,231,591 $4,520,278 $4,825,694 $5,148,746 $5,490,391 $5,851,635 $6,233,537 $6,637,212 $7,063,833 $ 82,310,627 $51,452,437 $47,933,620 $14,949,354 $133,313,253 $148,262,606 Carbon Credit $298,380 $298,380 $327,013 $357,119 $388,196 $420,195 $453,378 $1,052,935 $1,110,389 $1,170,013 $1,231,379 $1,295,057 $1,360,757 $1,427,436 $1,496,058 $1,566,683 $1,777,260 $1,994,681 $2,219,157 $2,450,906 $2,690,156 $ 25,087,146 Proposed Total With Carbon Credits $7,649,486 $7,649,486 $7,708,486 $8,032,845 $8,380,174 $8,723,551 $9,136,472 $9,951,486 $10,280,074 $10,680,491 $11,091,157 $11,568,290 $12,070,286 $12,488,509 $12,920,885 $13,367,925 $13,968,045 $14,588,625 $15,230,380 $15,894,056 $16,580,426 $ 230,311,650

43 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy CHP Plant at the East Campus with Electric Load Following and no Summer Steam Load Option 3B Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.757 $0.76 $0.74 $0.76 $0.78 $0.80 $0.82 $0.83 $0.84 $0.86 $0.87 $0.90 $0.92 $0.94 $0.95 $0.97 $0.98 $1.00 $1.01 $1.03 $1.04 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 7,022,438 7,022,438 7,233,111 7,450,104 7,673,607 7,903,815 8,140,930 8,385,158 8,636,713 8,895,814 9,162,688 9,437,569 9,720,696 10,012,317 10,312,686 10,622,067 10,940,729 11,268,951 11,607,019 11,955,230 12,313, ,695,530 PURCHASED SOLAR () COGEN + BOILER GAS () 7,607,274 7,607,274 7,721,383 7,837,204 7,954,762 8,074,084 8,195,195 8,318,123 8,442,895 8,569,538 8,698,081 8,828,552 8,960,981 9,095,395 9,231,826 9,370,304 9,510,858 9,653,521 9,798,324 9,945,299 10,094, ,908,075 WATER (Gallons) Short Ton CO2 Electric 2,212 2,212 2,234 2,358 2,492 2,627 2,791 2,892 3,016 3,172 3,333 3,525 3,731 3,902 4,081 4,268 4,464 4,668 4,883 5,107 5,341 71,097 Short Ton CO2 Gas 44,506 44,506 45,174 45,852 46,539 47,237 47,946 48,665 49,395 50,136 50,888 51,651 52,426 53,213 54,011 54,821 55,643 56,478 57,325 58,185 59,058 1,029,150 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $885,600 $885,600 $930,411 $977,490 $1,026,951 $1,078,914 $1,133,508 $1,190,863 $1,251,121 $1,314,427 $1,380,937 $1,450,813 $1,524,224 $1,601,350 $1,682,378 $1,767,506 $1,856,942 $1,950,903 $2,049,619 $2,153,330 $2,262,288 $ 29,469,575 SOLAR $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ GAS $5,759,307 $5,759,307 $5,731,852 $5,960,800 $6,208,724 $6,449,139 $6,753,766 $6,894,232 $7,086,194 $7,343,220 $7,605,165 $7,926,459 $8,266,403 $8,519,261 $8,779,975 $9,048,790 $9,325,962 $9,611,753 $9,906,433 $10,210,283 $10,523,591 $ 157,911,308 MAINTENANCE $347,400 $347,400 $356,085 $364,987 $374,112 $383,465 $393,051 $402,877 $412,949 $423,273 $433,855 $444,701 $455,819 $467,214 $478,895 $490,867 $503,139 $515,717 $528,610 $541,825 $555,371 $ 8,874,214 STAFFING $300,000 $300,000 $307,500 $315,188 $323,067 $331,144 $339,422 $347,908 $356,606 $365,521 $374,659 $384,025 $393,626 $403,467 $413,553 $423,892 $434,489 $445,352 $456,485 $467,898 $479,595 $ 7,663,397 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 7,292,306 $ 7,292,306 $ 7,325,848 $ 7,618,464 $ 7,932,854 $ 8,242,662 $ 8,619,747 $ 8,835,881 $ 9,106,870 $ 9,446,442 $ 9,794,616 $ 10,205,999 $ 10,640,072 $ 10,991,292 $ 11,354,801 $ 11,731,056 $ 12,120,532 $ 12,523,725 $ 12,941,148 $ 13,373,336 $ 13,820,845 $ 203,918,494 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 2,058,171 $ 2,058,171 $ 2,274,562 $ 2,424,970 $ 2,581,196 $ 2,751,779 $ 2,915,823 $ 3,142,505 $ 3,367,808 $ 3,588,384 $ 3,823,040 $ 4,056,244 $ 4,301,048 $ 4,590,060 $ 4,895,721 $ 5,218,933 $ 5,560,644 $ 5,921,854 $ 6,303,613 $ 6,707,026 $ 7,133,258 $ 83,616,636 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 2,058,171 $ 2,274,562 $ 2,424,970 $ 2,581,196 $ 2,751,779 $ 2,915,823 $ 3,142,505 $ 3,367,808 $ 3,588,384 $ 3,823,040 $ 4,056,244 $ 4,301,048 $ 4,590,060 $ 4,895,721 $ 5,218,933 $ 5,560,644 $ 5,921,854 $ 6,303,613 $ 6,707,026 $ 7,133,258 $ 83,616,636 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 2,058,171 $ 2,274,562 $ 2,424,970 $ 2,581,196 $ 2,751,779 $ 2,915,823 $ 3,142,505 $ 3,367,808 $ 3,588,384 $ 3,823,040 $ 4,056,244 $ 4,301,048 $ 4,590,060 $ 4,895,721 $ 5,218,933 $ 5,560,644 $ 5,921,854 $ 6,303,613 $ 6,707,026 $ 7,133,258 $ 83,616,636 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $2,058,171 $2,274,562 $2,424,970 $2,581,196 $2,751,779 $2,915,823 $3,142,505 $3,367,808 $3,588,384 $3,823,040 $4,056,244 $4,301,048 $4,590,060 $4,895,721 $5,218,933 $5,560,644 $5,921,854 $6,303,613 $6,707,026 $7,133,258 $ 83,616,636 $52,325,681 $49,102,166 $14,654,052 $132,440,008 $147,094,060 Carbon Credit $291,990 $291,990 $320,004 $349,517 $379,993 $411,379 $443,953 $1,031,136 $1,087,533 $1,146,116 $1,206,427 $1,269,069 $1,333,734 $1,399,307 $1,466,813 $1,536,311 $1,743,101 $1,956,683 $2,177,271 $2,405,087 $2,640,360 $ 24,595,783 Proposed Total With Carbon Credits $7,584,296 $7,584,296 $7,645,852 $7,967,981 $8,312,847 $8,654,041 $9,063,700 $9,867,017 $10,194,403 $10,592,558 $11,001,043 $11,475,068 $11,973,806 $12,390,599 $12,821,614 $13,267,366 $13,863,633 $14,480,408 $15,118,419 $15,778,423 $16,461,205 $ 228,514,278

44 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy CHP Plant at the East Campus with Electric Load Following and Solar Generation Option 3C Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.753 $0.75 $0.74 $0.76 $0.78 $0.79 $0.82 $0.82 $0.83 $0.85 $0.87 $0.89 $0.92 $0.93 $0.95 $0.96 $0.97 $0.99 $1.01 $1.02 $1.04 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 5,159,267 5,159,267 5,314,045 5,473,466 5,637,670 5,806,800 5,981,004 6,160,434 6,345,247 6,535,604 6,731,673 6,933,623 7,141,631 7,355,880 7,576,557 7,803,854 8,037,969 8,279,108 8,527,481 8,783,306 9,046, ,631,423 PURCHASED SOLAR () 2,466,685 2,466,685 2,465,699 2,464,712 2,463,727 2,462,741 2,461,756 2,460,771 2,459,787 2,458,803 2,457,819 2,456,836 2,455,854 2,454,871 2,453,889 2,452,908 2,451,927 2,450,946 2,449,965 2,448,985 2,448,006 49,146,688 COGEN + BOILER GAS () 7,728,176 7,728,176 7,844,098 7,961,760 8,081,186 8,202,404 8,325,440 8,450,321 8,577,076 8,705,732 8,836,318 8,968,863 9,103,396 9,239,947 9,378,546 9,519,224 9,662,013 9,806,943 9,954,047 10,103,358 10,254, ,703,758 WATER (Gallons) Short Ton CO2 Electric 1,625 1,625 1,641 1,732 1,831 1,930 2,051 2,124 2,216 2,330 2,449 2,590 2,741 2,867 2,998 3,136 3,279 3,430 3,587 3,752 3,924 52,233 Short Ton CO2 Gas 45,214 45,214 45,892 46,580 47,279 47,988 48,708 49,439 50,180 50,933 51,697 52,472 53,259 54,058 54,869 55,692 56,528 57,376 58,236 59,110 59,996 1,045,506 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $650,635 $650,635 $683,557 $718,145 $754,483 $792,660 $832,769 $874,907 $919,177 $965,688 $1,014,551 $1,065,888 $1,119,822 $1,176,485 $1,236,015 $1,298,557 $1,364,264 $1,433,296 $1,505,821 $1,582,015 $1,662,065 $ 21,650,800 SOLAR $168,524 $168,524 $165,569 $167,597 $169,066 $169,413 $172,405 $170,903 $170,964 $174,886 $178,688 $183,871 $191,909 $194,051 $196,217 $198,404 $200,615 $202,848 $205,104 $207,382 $209,684 $ 3,698,099 GAS $5,816,901 $5,816,901 $5,789,171 $6,020,409 $6,270,813 $6,513,631 $6,821,305 $6,963,176 $7,157,057 $7,416,654 $7,681,218 $8,005,725 $8,349,068 $8,604,455 $8,867,776 $9,139,279 $9,419,223 $9,707,872 $10,005,499 $10,312,388 $10,628,828 $ 159,490,447 MAINTENANCE $347,400 $347,400 $356,085 $364,987 $374,112 $383,465 $393,051 $402,877 $412,949 $423,273 $433,855 $444,701 $455,819 $467,214 $478,895 $490,867 $503,139 $515,717 $528,610 $541,825 $555,371 $ 8,874,214 STAFFING $300,000 $300,000 $307,500 $315,188 $323,067 $331,144 $339,422 $347,908 $356,606 $365,521 $374,659 $384,025 $393,626 $403,467 $413,553 $423,892 $434,489 $445,352 $456,485 $467,898 $479,595 $ 7,663,397 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 7,283,460 $ 7,283,460 $ 7,301,882 $ 7,586,326 $ 7,891,541 $ 8,190,313 $ 8,558,952 $ 8,759,771 $ 9,016,753 $ 9,346,021 $ 9,682,971 $ 10,084,211 $ 10,510,243 $ 10,845,672 $ 11,192,455 $ 11,551,000 $ 11,921,730 $ 12,305,084 $ 12,701,519 $ 13,111,508 $ 13,535,543 $ 201,376,958 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 2,067,017 $ 2,067,017 $ 2,298,528 $ 2,457,108 $ 2,622,509 $ 2,804,127 $ 2,976,618 $ 3,218,615 $ 3,457,924 $ 3,688,804 $ 3,934,685 $ 4,178,032 $ 4,430,877 $ 4,735,679 $ 5,058,066 $ 5,398,988 $ 5,759,446 $ 6,140,495 $ 6,543,241 $ 6,968,854 $ 7,418,560 $ 86,158,173 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 2,067,017 $ 2,298,528 $ 2,457,108 $ 2,622,509 $ 2,804,127 $ 2,976,618 $ 3,218,615 $ 3,457,924 $ 3,688,804 $ 3,934,685 $ 4,178,032 $ 4,430,877 $ 4,735,679 $ 5,058,066 $ 5,398,988 $ 5,759,446 $ 6,140,495 $ 6,543,241 $ 6,968,854 $ 7,418,560 $ 86,158,173 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 2,067,017 $ 2,298,528 $ 2,457,108 $ 2,622,509 $ 2,804,127 $ 2,976,618 $ 3,218,615 $ 3,457,924 $ 3,688,804 $ 3,934,685 $ 4,178,032 $ 4,430,877 $ 4,735,679 $ 5,058,066 $ 5,398,988 $ 5,759,446 $ 6,140,495 $ 6,543,241 $ 6,968,854 $ 7,418,560 $ 86,158,173 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $2,067,017 $2,298,528 $2,457,108 $2,622,509 $2,804,127 $2,976,618 $3,218,615 $3,457,924 $3,688,804 $3,934,685 $4,178,032 $4,430,877 $4,735,679 $5,058,066 $5,398,988 $5,759,446 $6,140,495 $6,543,241 $6,968,854 $7,418,560 $ 86,158,173 $53,813,509 $50,636,203 $14,607,842 $130,952,181 $145,560,024 Carbon Credit $292,743 $292,743 $320,849 $350,265 $380,601 $411,823 $444,140 $1,031,261 $1,087,218 $1,145,155 $1,204,744 $1,266,436 $1,330,013 $1,394,663 $1,461,149 $1,529,522 $1,734,402 $1,945,771 $2,163,817 $2,388,739 $2,620,740 $ 24,504,052 Proposed Total With Carbon Credits $7,576,203 $7,576,203 $7,622,731 $7,936,590 $8,272,142 $8,602,137 $9,003,092 $9,791,032 $10,103,971 $10,491,177 $10,887,715 $11,350,648 $11,840,256 $12,240,335 $12,653,604 $13,080,523 $13,656,132 $14,250,855 $14,865,337 $15,500,247 $16,156,283 $ 225,881,010

45 Client: Project: University of Maine Orono Cogeneration Feasibility Study Calc By: Check By: Job No.: File Name: Sheet Name: Date: TK BAB eneration Analysis ver18 f NPV 10/26/2016 Energy CHP Plant at the East Campus with Electric Load Following and Solar Generation and no Summer Steam Load Option 3D Topic: ECONOMIC PRO FORMA Depreciation schedule Discount Rate 4.0% Inflation rate Interest Rate Installed Estimated Federal and State Tax Rate Inflation rate Electric Rate Escalation % $0 $ Start 2017 Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year % 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Electric Demand Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Gas Rate Escalation Gas Demand Growth 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Water 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Solar Generation Degradation 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% Solar Rate Escalation 0.0% 1.7% 1.3% 0.9% 0.2% 1.8% 0.8% 0.1% 2.3% 2.2% 2.9% 4.4% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Maintenance & Operation 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% 2.5% Emissions Growth Electric 0.0% 1.9% 2.5% 2.6% 2.3% 3.2% 0.6% 1.3% 2.1% 2.0% 2.7% 2.7% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% Emissions Growth Gas 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Carbon Rate Escalation 0.0% 8.0% 7.4% 6.9% 6.5% 6.1% 128.6% 3.8% 3.6% 3.5% 3.4% 3.3% 3.2% 3.1% 3.0% 11.5% 10.3% 9.4% 8.6% 7.9% Base Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.791 $0.79 $0.776 $0.80 $0.82 $0.83 $0.86 $0.87 $0.88 $0.90 $0.91 $0.94 $0.96 $0.98 $0.99 $1.01 $1.03 $1.04 $1.06 $1.07 $1.09 Base Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC () 42,178,862 42,178,862 43,444,228 44,747,555 46,089,981 47,472,681 48,896,861 50,363,767 51,874,680 53,430,920 55,033,848 56,684,863 58,385,409 60,136,972 61,941,081 63,799,313 65,713,293 67,684,691 69,715,232 71,806,689 73,960,890 1,133,361,815 GAS () 5,093,806 5,093,806 5,170,213 5,247,766 5,326,483 5,406,380 5,487,476 5,569,788 5,653,335 5,738,135 5,824,207 5,911,570 6,000,243 6,090,247 6,181,601 6,274,325 6,368,440 6,463,966 6,560,926 6,659,340 6,759, ,787,475 Base Case 20 Yr PV of Savings vs Base Case both w/carbon Offsets 20 Yr PV without Carbon Offsets 20 Yr PV with Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $5,319,176 $5,319,176 $5,588,327 $5,871,096 $6,168,173 $6,480,283 $6,808,185 $7,152,679 $7,514,605 $7,894,844 $8,294,323 $8,714,016 $9,154,945 $9,618,185 $10,104,865 $10,616,172 $11,153,350 $11,717,709 $12,310,626 $12,933,543 $13,587,981 $ 177,003,084 GAS $4,031,301 $4,031,301 $4,012,083 $4,172,338 $4,345,876 $4,514,157 $4,727,385 $4,825,706 $4,960,073 $5,139,981 $5,323,333 $5,548,227 $5,786,175 $5,963,166 $6,145,656 $6,333,817 $6,527,827 $6,727,870 $6,934,135 $7,146,819 $7,366,122 $ 110,532,046 BASE CASE TOTAL $9,350,477 $ 9,350,477 $ 9,600,410 $ 10,043,434 $ 10,514,050 $ 10,994,440 $ 11,535,570 $ 11,978,386 $ 12,474,678 $ 13,034,825 $ 13,617,656 $ 14,262,243 $ 14,941,120 $ 15,581,351 $ 16,250,521 $ 16,949,988 $ 17,681,177 $ 18,445,579 $ 19,244,761 $ 20,080,362 $ 20,954,103 $ 287,535,131 Proposed Case Rates Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 ELECTRIC ($/) $0.126 $0.126 $0.129 $0.131 $0.134 $0.137 $0.139 $0.142 $0.145 $0.148 $0.151 $0.154 $0.157 $0.160 $0.163 $0.166 $0.170 $0.173 $0.177 $0.180 $0.184 NATURAL GAS ($/therm) $0.758 $0.76 $0.74 $0.76 $0.78 $0.80 $0.82 $0.83 $0.84 $0.86 $0.87 $0.90 $0.92 $0.94 $0.95 $0.97 $0.98 $1.00 $1.01 $1.03 $1.04 WATER ($/CCF) $0.860 $0.86 $0.88 $0.89 $0.91 $0.93 $0.95 $0.97 $0.99 $1.01 $1.03 $1.05 $1.07 $1.09 $1.11 $1.13 $1.16 $1.18 $1.20 $1.23 $1.25 SOLAR ($/) $0.068 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.07 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.08 $0.09 CARBON CREDIT ($/Short Ton) $6.25 $6.25 $6.75 $7.25 $7.75 $8.25 $8.75 $20.00 $20.75 $21.50 $22.25 $23.00 $23.75 $24.50 $25.25 $26.00 $29.00 $32.00 $35.00 $38.00 $41.00 Proposed Case 20 Yr PV of Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total PURCHASED ELECTRIC () 5,526,509 5,526,509 5,692,304 5,863,073 6,038,965 6,220,134 6,406,738 6,598,940 6,796,908 7,000,816 7,210,840 7,427,165 7,649,980 7,879,480 8,115,864 8,359,340 8,610,120 8,868,424 9,134,477 9,408,511 9,690, ,499,355 PURCHASED SOLAR () 2,466,685 2,466,685 2,465,699 2,464,712 2,463,727 2,462,741 2,461,756 2,460,771 2,459,787 2,458,803 2,457,819 2,456,836 2,455,854 2,454,871 2,453,889 2,452,908 2,451,927 2,450,946 2,449,965 2,448,985 2,448,006 49,146,688 COGEN + BOILER GAS () 7,535,844 7,535,844 7,648,881 7,763,614 7,880,069 7,998,270 8,118,244 8,240,017 8,363,618 8,489,072 8,616,408 8,745,654 8,876,839 9,009,992 9,145,141 9,282,318 9,421,553 9,562,877 9,706,320 9,851,915 9,999, ,256,338 WATER (Gallons) Short Ton CO2 Electric 1,741 1,741 1,758 1,855 1,961 2,067 2,197 2,276 2,374 2,496 2,623 2,774 2,936 3,071 3,212 3,359 3,513 3,674 3,843 4,019 4,203 55,951 Short Ton CO2 Gas 44,088 44,088 44,750 45,421 46,102 46,794 47,496 48,208 48,931 49,665 50,410 51,166 51,934 52,713 53,504 54,306 55,121 55,948 56,787 57,639 58,503 1,019,487 Proposed Case Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total ELECTRIC $696,948 $696,948 $732,214 $769,264 $808,188 $849,083 $892,046 $937,184 $984,605 $1,034,426 $1,086,768 $1,141,759 $1,199,532 $1,260,228 $1,323,996 $1,390,990 $1,461,374 $1,535,319 $1,613,006 $1,694,625 $1,780,373 $ 23,191,926 SOLAR $168,524 $168,524 $165,569 $167,597 $169,066 $169,413 $172,405 $170,903 $170,964 $174,886 $178,688 $183,871 $191,909 $194,051 $196,217 $198,404 $200,615 $202,848 $205,104 $207,382 $209,684 $ 3,698,099 GAS $5,708,498 $5,708,498 $5,681,285 $5,908,213 $6,153,951 $6,392,244 $6,694,184 $6,833,411 $7,023,679 $7,278,438 $7,538,072 $7,856,532 $8,193,476 $8,444,104 $8,702,517 $8,968,961 $9,243,688 $9,526,957 $9,819,038 $10,120,207 $10,430,751 $ 156,518,207 MAINTENANCE $347,400 $347,400 $356,085 $364,987 $374,112 $383,465 $393,051 $402,877 $412,949 $423,273 $433,855 $444,701 $455,819 $467,214 $478,895 $490,867 $503,139 $515,717 $528,610 $541,825 $555,371 $ 8,874,214 STAFFING $300,000 $300,000 $307,500 $315,188 $323,067 $331,144 $339,422 $347,908 $356,606 $365,521 $374,659 $384,025 $393,626 $403,467 $413,553 $423,892 $434,489 $445,352 $456,485 $467,898 $479,595 $ 7,663,397 Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ WATER $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ PROPOSED CASE TOTAL $ 7,221,370 $ 7,221,370 $ 7,242,652 $ 7,525,248 $ 7,828,384 $ 8,125,349 $ 8,491,109 $ 8,692,283 $ 8,948,803 $ 9,276,544 $ 9,612,042 $ 10,010,889 $ 10,434,361 $ 10,769,064 $ 11,115,177 $ 11,473,115 $ 11,843,305 $ 12,226,193 $ 12,622,244 $ 13,031,937 $ 13,455,773 $ 199,945,844 Savings $ 2.5% 3.0% 0.0% Length of Loan (months) Interest Rate Monthly Loan Payment Yearly Loan Payment 20 Yr PV of Savings vs Base Case both w/o Carbon Offsets Year2017 Year2018 Year2019 Year2020 Year2021 Year2022 Year2023 Year2024 Year2025 Year2026 Year2027 Year2028 Year2029 Year2030 Year2031 Year2032 Year2033 Year2034 Year2035 Year2036 Total Net Energy Savings $ 2,129,107 $ 2,129,107 $ 2,357,757 $ 2,518,186 $ 2,685,666 $ 2,869,092 $ 3,044,462 $ 3,286,102 $ 3,525,874 $ 3,758,281 $ 4,005,614 $ 4,251,354 $ 4,506,758 $ 4,812,287 $ 5,135,344 $ 5,476,874 $ 5,837,872 $ 6,219,386 $ 6,622,517 $ 7,048,424 $ 7,498,329 $ 87,589,287 Depreciation $ $ $ $ $ $ $ $ $ Interest $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Taxable Income $ 2,129,107 $ 2,357,757 $ 2,518,186 $ 2,685,666 $ 2,869,092 $ 3,044,462 $ 3,286,102 $ 3,525,874 $ 3,758,281 $ 4,005,614 $ 4,251,354 $ 4,506,758 $ 4,812,287 $ 5,135,344 $ 5,476,874 $ 5,837,872 $ 6,219,386 $ 6,622,517 $ 7,048,424 $ 7,498,329 $ 87,589,287 Income Tax $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ After Tax Income $ 2,129,107 $ 2,357,757 $ 2,518,186 $ 2,685,666 $ 2,869,092 $ 3,044,462 $ 3,286,102 $ 3,525,874 $ 3,758,281 $ 4,005,614 $ 4,251,354 $ 4,506,758 $ 4,812,287 $ 5,135,344 $ 5,476,874 $ 5,837,872 $ 6,219,386 $ 6,622,517 $ 7,048,424 $ 7,498,329 $ 87,589,287 Principal $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Net Savings $0 $2,129,107 $2,357,757 $2,518,186 $2,685,666 $2,869,092 $3,044,462 $3,286,102 $3,525,874 $3,758,281 $4,005,614 $4,251,354 $4,506,758 $4,812,287 $5,135,344 $5,476,874 $5,837,872 $6,219,386 $6,622,517 $7,048,424 $7,498,329 $ 87,589,287 $54,765,521 $51,881,711 $14,314,347 $130,000,169 $144,314,515 Carbon Credit $286,433 $286,433 $313,929 $342,754 $372,492 $403,104 $434,810 $1,009,677 $1,064,577 $1,121,469 $1,179,996 $1,240,641 $1,303,167 $1,366,701 $1,432,058 $1,499,289 $1,700,374 $1,907,890 $2,122,028 $2,342,987 $2,570,974 $ 24,015,350 Proposed Total With Carbon Credits $7,507,803 $7,507,803 $7,556,581 $7,868,003 $8,200,876 $8,528,452 $8,925,919 $9,701,961 $10,013,380 $10,398,013 $10,792,038 $11,251,530 $11,737,528 $12,135,765 $12,547,235 $12,972,403 $13,543,679 $14,134,083 $14,744,272 $15,374,924 $16,026,747 $ 223,961,194

46 University of Maine Option Base Case Existing Operation 1A Existing Campus & Eliminate Summer Steam Load 1B Existing Campus & Solar Energy 1C Existing Campus, Eliminate Summer Steam Load & Solar Energy 2A Thermal Load Following Gas Turbine Generator (CTG) 2B Thermal Load Following CTG & Eliminate Summer Steam Load 2C Thermal Load Following CTG & Solar Energy 2D Thermal Following CTG, Eliminate Summer Steam Load & Solar Energy 3A Electric Load Following Gas Turbine Generator (CTG) 3B Electric Load Following CTG & Eliminate Summer Steam Load 3C Electric Load Following CTG & Solar Energy 3D Electric Following CTG, Eliminate Summer Steam Load & Solar Energy 20Yr PV of Savings vs Base Case, both w/o Carbon Offsets 1% Electric Growth vs 3% Electric Growth Present Value and Savings Comparison 1% Electric Growth 3% Electric Growth 20Yr PV of 20Yr PV of 20Yr PV of Savings vs 20 Year PV 20 Year PV Savings vs Savings vs 20 Year PV Base Case, Energy Energy Base Case, Base Case, Energy both with w/o Carbon with Carbon both w/o both with w/o Carbon Carbon Offsets Offsets Carbon Carbon Offsets Offsets Offsets Offsets 20 Year PV Energy with Carbon Offsets $0 $0 $165,568,781 $176,930,961 $0 $0 $184,765,690 $196,196,226 $4,405,017 $2,832,094 $161,163,764 $174,098,866 $4,140,770 $1,346,928 $180,624,920 $194,849,298 $11,263,114 $9,729,241 $154,305,667 $167,201,720 $15,620,113 $13,171,472 $169,145,577 $183,024,754 $16,076,212 $15,567,648 $149,492,569 $161,363,313 $20,168,964 $18,728,126 $164,596,726 $177,468,100 $26,405,925 $23,319,070 $139,162,856 $153,611,890 $39,604,486 $36,188,605 $145,161,204 $160,007,621 $27,268,107 $24,500,997 $138,300,674 $152,429,964 $40,201,964 $37,088,292 $144,563,725 $159,107,935 $28,446,100 $25,638,189 $137,122,681 $151,292,772 $42,430,437 $39,345,557 $142,335,253 $156,850,670 $29,307,201 $26,818,866 $136,261,580 $150,112,094 $43,026,797 $40,243,954 $141,738,893 $155,952,272 $35,263,008 $31,875,076 $130,305,773 $145,055,885 $51,452,437 $47,933,620 $133,313,253 $148,262,606 $36,324,902 $33,244,769 $129,243,879 $143,686,191 $52,325,681 $49,102,166 $132,440,008 $147,094,060 $36,964,742 $33,874,641 $128,604,039 $143,056,320 $53,813,509 $50,636, ,952,181 $145,560,024 $38,083,898 $35,298,365 $127,484,883 $141,632,595 $54,765,521 $51,881,711 $130,000,169 $144,314,515

47 # Option University of Maine Estimated 20yr Present Value of Savings of studied Options, comparing 1%/yr Electric Growth rate vs the Base Case with 3%/yr Electric use growth* Electrical (/yr) 20Yr PV of Savings vs Base Case, both No Carbon Offsets Assume 1% /yr Growth in Electrical use 20Yr PV of Savings 20Yr PV of vs Base Case, both Energy with Carbon Offsets No Carbon Offsets 20Yr PV of Energy with Carbon Offsets 20Yr PV of Carbon Offset 20Yr PV of Savings vs Base Case, both No Carbon Offsets Assume 3%/yr Growth in Electrical use 20Yr PV of Savings 20Yr PV of vs Base Case, both Energy with Carbon Offsets No Carbon Offsets 20Yr PV of Energy with Carbon Offsets 20Yr PV of Carbon Offset 20yr PV of Savings of Slower 1% Growth in Base case with 3%/yr Base case with 3%/yr both both No Carbon Offsets with Carbon Offsets Base Existing Campus Operations 1,078,617 $0 $0 $165,568,781 $176,930,961 $11,362,180 $0 $0 $184,765,690 $196,196,226 $11,430,536 $19,196,909 $19,265,265 Case 1A 1B 1C 2A Existing Campus Ops & Eliminate Summer Steam Load Existing Campus Ops & Solar Energy (8Mw dc) Existing Campus, Eliminate Summer Steam Load & Solar Energy (8Mw dc) Thermal Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) 877,753 $4,405,017 $2,832,095 $161,163,764 $174,098,866 $12,935,102 $4,140,770 $1,346,928 $180,624,920 $194,849,298 $14,224,378 $23,601,926 $22,097,360 10,651,683 $11,263,114 $9,729,241 $154,305,667 $167,201,720 $12,896,053 $15,620,113 $13,171,472 $169,145,577 $183,024,754 $13,879,177 $30,460,023 $28,994,506 10,450,819 $16,076,212 $15,567,648 $149,492,569 $161,363,313 $11,870,744 $20,168,964 $18,728,126 $164,596,726 $177,468,100 $12,871,374 $35,273,121 $34,832,913 31,077,260 $26,405,925 $23,319,071 $139,162,856 $153,611,890 $14,449,034 $39,604,486 $36,188,605 $145,161,204 $160,007,621 $14,846,417 $45,602,834 $42,584,336 2B 2C 2D 3A 2B Thermal Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Eliminate Summer Steam Load Thermal Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Solar Energy (2Mw dc) Thermal Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Eliminate Summer Steam Load & Solar Energy (2Mw dc) Electric Load Following Gas Turbine Generator (non recuperated CTG) 30,878,683 $27,268,107 $24,500,997 $138,300,674 $152,429,964 $14,129,290 $40,201,965 $37,088,291 $144,563,725 $159,107,935 $14,544,210 $46,465,016 $43,766,262 32,784,160 $28,446,100 $25,638,189 $137,122,681 $151,292,772 $14,170,091 $42,430,437 $39,345,556 $142,335,253 $156,850,670 $14,515,417 $47,643,009 $44,903,454 32,586,423 $29,307,201 $26,818,867 $136,261,580 $150,112,094 $13,850,514 $43,026,797 $40,243,954 $141,738,893 $155,952,272 $14,213,379 $48,504,110 $46,084,132 37,648,704 $35,263,008 $31,875,076 $130,305,773 $145,055,885 $14,750,112 $51,452,437 $47,933,620 $133,313,253 $148,262,606 $14,949,353 $54,459,917 $51,140,341 3B 3C 3D Electric Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Eliminate Summer Steam Load Elecgtric Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Solar Energy (2Mw dc) Electric Load Following Gas Turbine Generator (non recuperated CTG) (4.5Mw) & Eliminate Summer Steam Load & Solar Energy (2Mw dc) 37,617,231 $36,324,902 $33,244,770 $129,243,879 $143,686,191 $14,442,312 $52,325,682 $49,102,166 $132,440,008 $147,094,060 $14,654,052 $55,521,811 $52,510,035 39,077,744 $36,964,742 $33,874,641 $128,604,039 $143,056,320 $14,452,281 $53,813,509 $50,636,202 $130,952,181 $145,560,024 $14,607,843 $56,161,651 $53,139,906 39,094,500 $38,083,898 $35,298,366 $127,484,883 $141,632,595 $14,147,712 $54,765,521 $51,881,711 $130,000,169 $144,314,515 $14,314,346 $57,280,807 $54,563,631 file: rev of final scrn stdy rpt analysis table.xlsx * Source data: UMaine Energy Upgrade Screening Study by Vanderweil Eng NOTE: The study does not include capital investments in the calculations for the 20yr PV Saving. Ken Doiron, PE University of Maine Page 1 of 1

48 APPENDIX C CES Data

49 Competitive Energy Services Summary of Alternative Screening Study Forecasts Scope Natural Gas Units 1.b. Commodity (Unweighted) $/Dth c. T&D $/Dth Total $/Dth e. Emissions lbs/dth Electric 1.f. Wholesale $/MWh $35.67 $35.81 $35.95 $35.79 $35.98 $36.41 $35.69 $35.76 $36.82 $37.83 $39.68 $41.66 $42.11 $42.57 $43.02 $43.47 $43.93 $44.39 $44.84 $ f. Retail $/MWh $74.85 $71.63 $73.49 $75.00 $75.99 $77.27 $77.22 $78.13 $80.21 $82.25 $85.28 $88.50 $89.95 $91.43 $92.93 $94.46 $96.02 $97.60 $99.21 $ g. T&D $/MWh $51.26 $52.03 $53.21 $55.01 $57.07 $60.01 $60.84 $61.68 $62.53 $63.40 $64.28 $65.17 $66.08 $67.00 $67.93 $68.88 $69.84 $70.81 $71.80 $72.81 Total $/MWh $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ e. Emissions (Regional) lbs/mwh d. Carbon (Mid Case) $/ST h. 1.i. Solar PV Avoidable Energy & Capacity $/MWh $58.35 $57.15 $57.98 $58.58 $58.73 $59.95 $59.34 $59.37 $60.97 $62.52 $64.63 $67.91 $68.78 $69.67 $70.57 $71.48 $72.39 $73.32 $74.25 $75.20 Avoidable T&D (Rate D4) $/MWh $ 9.97 $ 9.99 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Total Avoidable Rate $/MWh $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ PPA Rates Via OTF With RECs Low $/MWh $110 $112 $114 $117 $119 $121 $124 $126 $129 $131 $134 $137 $140 $142 $145 $148 $151 $154 $157 $160 With RECs Hi $/MWh $130 $133 $135 $138 $141 $144 $146 $149 $152 $155 $158 $162 $165 $168 $172 $175 $178 $182 $186 $189 W/Out RECs Low $/MWh $70 $72 $74 $77 $79 $81 $84 $86 $89 $91 $94 $97 $100 $102 $105 $108 $111 $114 $117 $120 W/Out RECs Hi $/MWh $100 $103 $105 $108 $111 $114 $116 $119 $122 $125 $128 $132 $135 $138 $142 $145 $148 $152 $156 $159

50 Competitive Energy Services 1.b Forward Natural Gas Forecast Market Conditions as of: Year 04/25/16 Month Average Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ($/mmbtu) $7.717 $7.694 $5.358 $3.063 $2.567 $2.675 $2.671 $2.496 $2.449 $2.730 $4.153 $ $7.568 $7.545 $5.272 $2.605 $2.674 $2.676 $2.544 $2.509 $2.725 $3.961 $4.080 $ $7.421 $7.398 $5.184 $2.741 $2.772 $2.788 $2.970 $2.734 $2.839 $3.469 $4.127 $ $7.494 $7.400 $5.268 $3.435 $2.783 $2.790 $3.024 $2.851 $2.817 $2.799 $4.247 $ $7.152 $7.134 $3.820 $3.054 $3.051 $3.081 $3.218 $3.250 $3.152 $3.187 $4.263 $ $7.048 $7.031 $5.267 $3.201 $3.196 $3.226 $3.314 $3.350 $3.304 $3.344 $4.174 $ $7.009 $6.992 $4.828 $3.363 $3.357 $3.387 $3.475 $3.511 $3.470 $3.515 $3.695 $ $5.882 $5.864 $4.598 $3.528 $3.518 $3.550 $3.645 $3.681 $3.642 $3.692 $3.872 $ $6.062 $6.042 $4.774 $3.684 $3.670 $3.703 $3.795 $3.833 $3.796 $3.851 $4.036 $ $6.236 $6.216 $4.946 $3.831 $3.816 $3.851 $3.947 $3.987 $3.950 $4.005 $4.202 $ $6.455 $6.435 $5.141 $3.965 $3.950 $3.985 $4.082 $4.122 $4.085 $4.140 $4.349 $ $6.666 $6.646 $5.324 $4.417 $4.302 $4.437 $4.782 $4.822 $4.537 $4.492 $4.707 $ $6.799 $6.779 $5.431 $4.505 $4.388 $4.526 $4.878 $4.918 $4.628 $4.582 $4.801 $ $6.935 $6.914 $5.539 $4.595 $4.476 $4.616 $4.975 $5.017 $4.720 $4.673 $4.897 $ $7.074 $7.053 $5.650 $4.687 $4.565 $4.709 $5.075 $5.117 $4.815 $4.767 $4.995 $ $7.215 $7.194 $5.763 $4.781 $4.657 $4.803 $5.176 $5.219 $4.911 $4.862 $5.095 $ $7.360 $7.338 $5.878 $4.877 $4.750 $4.899 $5.280 $5.324 $5.009 $4.960 $5.197 $ $7.507 $7.484 $5.996 $4.974 $4.845 $4.997 $5.385 $5.430 $5.109 $5.059 $5.301 $ $7.657 $7.634 $6.116 $5.074 $4.942 $5.097 $5.493 $5.539 $5.212 $5.160 $5.407 $ $7.810 $7.787 $6.238 $5.175 $5.040 $5.199 $5.603 $5.650 $5.316 $5.263 $5.515 $ $7.966 $7.942 $6.363 $5.279 $5.141 $5.303 $5.715 $5.763 $5.422 $5.368 $5.625 $ $8.126 $8.101 $6.490 $5.384 $5.244 $5.409 $5.829 $5.878 $5.531 $5.476 $5.738 $ $8.288 $8.263 $6.620 $5.492 $5.349 $5.517 $5.946 $5.996 $5.641 $5.585 $5.853 $ $8.454 $8.428 $6.753 $5.602 $5.456 $5.627 $6.065 $6.115 $5.754 $5.697 $5.970 $ $8.623 $8.597 $6.888 $5.714 $5.565 $5.740 $6.186 $6.238 $5.869 $5.811 $6.089 $ $8.795 $8.769 $7.025 $5.828 $5.676 $5.855 $6.310 $6.363 $5.986 $5.927 $6.211 $ $8.971 $8.944 $7.166 $5.945 $5.790 $5.972 $6.436 $6.490 $6.106 $6.046 $6.335 $ $9.151 $9.123 $7.309 $6.064 $5.906 $6.091 $6.565 $6.620 $6.228 $6.167 $6.462 $ $9.334 $9.306 $7.455 $6.185 $6.024 $6.213 $6.696 $6.752 $6.353 $6.290 $6.591 $ Average ($/mmbtu)

51 APPENDIX D Photovoltaic Consultant Data

52 N W E MWDC Photovoltaic System S 91 West Main Street Liberty, ME (207) Customer Name: University of Maine Orono, ME System Type: Photovoltaic Array Designed by: Date: LB June 21, 2016 SITE PLAN SHEET A01 Copyright ReVision Energy This dia gram is p rovided as a service and is ba sed on the und erstan ding of the information supplie d. It is sub ject to cha nge based on a ctual con diti ons, app lica ble edition of the Nati onal Electric Code, and local govern me ntal au thor itie s.

53 Annual Production Report produced by Lukas Brostek 800k 600k 400k 200k 0k Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 Folsom Labs June 22, 2016