Subject: TECO sensitivities
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Date: Thu, 24 Feb 2000 00:58:00 -0800 (PST)

Yvon,

Please run the sensitivities and present results using a table incorporating 
the following categories listed vertically down the page.  The results will 
be tabulated in columns.  The first column will be the base case.  The base 
case will always reflect the power and vol. curves at mid as of the run date 
which will be indicated on the report.  A second page should graph the power 
and oil curves used in the base case.

curve shift
power vol.
oil vol.
correlation oil/power
residual value
Debt shape (all initial runs will be $375 mortgage)
Plant value (all your prior runs called this "Spread")
Call option (this is the value of the call we will own.  You should footnote 
a description of the call)
Plant value (in prior reports you called this spread)
Fee (this will be 5% of par amount outstanding, 315 MW x $375/kw x 5% = $5.9 
million)
Put premium
Net profit (9 + 10 - 11)

Items 1 - 4 should be shifted +/- 5%, 10%.  That should make 16 runs in 
total.  We'll build from there.

regards,

Don Black