Power Purchase Agreement $564 $572 Steam and Electric Power Agreement 31 27 Other Revenue 11 9 Interest on Revenue Account 9 7 ------ ------ Total Revenue 615 615 ------ ------
1
EXHIBIT 99.01
MIDLAND COGENERATION VENTURE LIMITED PARTNERSHIP
SELECTED PRO FORMA OPERATING CASH FLOW DATA (a)
FOR THE YEARS 2000 AND 1999
(In Millions of Dollars) (Unaudited)
2000 1999
------ ------
Revenue
-------
Power Purchase Agreement $564 $572
Steam and Electric Power Agreement 31 27
Other Revenue 11 9
Interest on Revenue Account 9 7
------ ------
Total Revenue 615 615
------ ------
Operating Expenses
------------------
Fuel, transportation, storage 233 246
Operations and maintenance 47 37
Property, other taxes 29 28
Other (b) 33 37
------ ------
Total Operating Expenses 342 348
------ ------
Net Operating Income $273 $267
====== ======
Lease Payments $286 $266
Coverage Ratios
---------------
Senior Interest 7.10 4.81
Senior Debt Service 1.48 1.43
Total Interest 2.91 2.29
Total Debt Service 1.14 1.08
(a) The above table presents selected pro forma information on operating cash
flows of MCV in a format consistent with that presented in the Feasibility
Study to the Prospectus filed as part of MCV's Registration Statement on
Form S-1 (File No. 33-3977). This format is used to compute various debt
service coverage ratios on an annual basis by aligning annual operating
cash flows with the semi-annual rent payments made in July and January of
each year. For example, the cash flow presented for 2000 reflects revenues
and expenses associated with 2000 activity, as well as the Lease rental
payments made on July 23, 2000, and January 23, 2001. In addition to the
revenues presented in this table, interest income on reserves totaled
$13.4 million in 2000 and $9.3 million in 1999.
(b) Includes use of funds available for payment of spare parts, maintenance
and capital expenditures that had been reserved in prior years and funding
of reserves for future spare parts, maintenance and capital expenditures.
