1999 1998 ---- ---- Revenue Power Purchase Agreement $572 $587 Steam and Electric Power Agreement 27 42 Other Revenue 9 2 Interest on Revenue Account 7 6 ---- ---- Total Revenue 615 637 ---- ----
1
EXHIBIT 99.01
MIDLAND COGENERATION VENTURE LIMITED PARTNERSHIP
SELECTED PRO FORMA OPERATING CASH FLOW DATA (a)
FOR THE YEARS 1999 AND 1998
(In Millions of Dollars) (Unaudited)
1999 1998
---- ----
Revenue
Power Purchase Agreement $572 $587
Steam and Electric Power Agreement 27 42
Other Revenue 9 2
Interest on Revenue Account 7 6
---- ----
Total Revenue 615 637
---- ----
Operating Expenses
Fuel, transportation, storage 246 248
Operations and maintenance 37 37
Property, other taxes 28 27
Other (b) 37 49
---- ----
Total Operating Expenses 348 361
---- ----
Net Operating Income $267 $276
==== ====
Lease Payments $266 $264
Coverage Ratios
Senior Interest 4.81 4.40
Senior Debt Service 1.43 1.96
Total Interest 2.29 2.23
Total Debt Service 1.08 1.37
(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 1999 reflects revenues
and expenses associated with 1999 activity, as well as the Lease rental
payments made on July 23, 1999, and January 23, 2000. In addition to the
revenues presented in this table, interest income on reserves totaled $9.3
million in 1999 and $11.4 million in 1998.
(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.
