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EXHIBIT 99.01
MIDLAND COGENERATION VENTURE LIMITED PARTNERSHIP
SELECTED PRO FORMA OPERATING CASH FLOW DATA(a)
FOR THE YEARS 1996 AND 1995
(In Millions of Dollars) (Unaudited)
1996 1995
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Revenue
Power Purchase Agreement $598 $573
Steam and Electric Power Agreement 46 46
Other Revenue 2 2
Interest on Revenue Account 6 5
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Total Revenue 652 626
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Operating Expenses
Fuel, transportation, storage 249 234
Operations and maintenance 39 35
Property, other taxes 28 26
Other(b) 68 58
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Total Operating Expenses 384 353
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Net Operating Income $268 $273
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Lease Payments $255 $255
Coverage Ratios
Senior Interest 3.06 2.81
Senior Debt Service 1.45 1.48
Total Interest 1.80 1.72
Total Debt Service 1.09 1.11
(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 1996 reflects
revenues and expenses associated with 1996 activity, as well as the Lease
rental payments made on July 23, 1996, and January 23, 1997. In addition
to the revenues presented in this table, interest income on reserves
totaled $9.7 million in 1996 and $9.4 in 1995.
(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.
In 1996, approximately $27.7 million in additional funds was reserved for
future years expenditures.
