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Exhibit 10.2
Power Purchase Agreement
------------------------
The Sunnyside Project operates under a Standard Offer No. 2 Power
Purchase
Agreement with PG&E, which provides for the following:
Term:
30 years from date operations commenced (May 1991).
Capacity:
5,500 Kilowatts, firm, delivered to PG&E system (after
considering parasitic requirements of the plant site).
Capacity
$209.00 per Kilowatt-year plus bonuses of up to $36.88 per
Price:
kilowatt-year. Both are subject to a line-loss adjustment
factor of .989 to yield net capacity payments of $206.70 and
$36.48, respectively.
Capacity
See Capacity Payments Section herein.
Payements:
Energy
100% of PG&E's full short-run avoided operating cost
Price:
("SRAC") per Kilowatt hour as approved by the California
Public Utilities Commission. (Prices vary between On-Peak,
Partial-Peak, Off-Peak and Super-Off-Peak hours, and differ
between Period A and Period B.)
Availability:
During applicable operating period (generally 13 hours per
day), the Project must be available to operate at a minimum
of 80% of contract capacity. The Project is "dispatchable"
and may be called upon by PG&E to produce electricity at
any
time.
Payments:
PG&E shall provide statements and issue checks in favor of
the Project on a monthly basis. (in general, the Project
receives capacity and energy payments within 35 days of the
last day of the month in which power is produced, e.g., May
revenues are collected by July 5.)
Scheduled
The Project may have outages of up to 840 hours per year for
Maintenance
scheduled maintenance. (Scheduled Maintenance outages are
Outages:
generally not permitted during On-Peak hours of the three
Peak Months.)
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Capacity Payments From PG&E
---------------------------
Capacity Payment Revenues consist of Base Capacity Payments and
Capacity
Bonuses. A combined formula which calculates the total Capacity
Payments for a
month is shown below:
Capacity Payment = Period Price Factor ("PPF")
Times
-----
Monthly Delivered Capacity ("MDC")
Times
-----
Capacity Line Loss Adjustment Factor ("CLAF")
Times
-----
Performance Bonus Factor ("PBF")
PPF: The
Period Price Factor segments the annual Base Capacity Payment
per
Kilowatt of contract capacity into a monthly base payment per Kw
which,
for Sunnyside, is equal throughout the year.
Base Capacity
PG&E's
Payment
Monthly Factor
Per Kw
--------------
------
January
8.3333%
$ 17.42
February
8.3333
17.42
March
8.3333
17.42
April
8.3333
17.42
May
8.3333
17.42
June
8.3333
17.42
July
8.3333
17.42
August
8.3333
17.42
September
8.3333
17.42
October
8.3333
17.42
November
8.3333
17.42
December
8.3333
17.42
--------
-------
100.0000%
$209.00
========
=======
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MDC:
Monthly Delivered Capacity is the product of (x) contract firm
capacity
of the facility time
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