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Proposed Keystone Transaction

Proposed Keystone Transaction. Note: All $ amounts are for illustrative purposes only and should not be construed as actual transactable prices. Note: All $ amounts are for illustrative purposes only and should not be construed as actual transactable prices. Scenario 1. ENA is not involved

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Proposed Keystone Transaction

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  1. Proposed Keystone Transaction Note: All $ amounts are for illustrative purposes only and should not be construed as actual transactable prices.

  2. Note: All $ amounts are for illustrative purposes only and should not be construed as actual transactable prices. Scenario 1 • ENA is not involved • Assume Keystone charges $10.00/Dth/mo for service $$ (used to acquire Horsepower & Base Gas) Bank Keystone Principal & Interest $10.00/Dth/mo Capacity NNG Increased Rate Base Improved service; capacity for balancing Rate Payers

  3. Note: All $ amounts are for illustrative purposes only and should not be construed as actual transactable prices. Scenario 2 • ENA supplies a structured horsepower transaction; does not finance base gas • ENA receives from Keystone 0.97MM Dth/mo of capacity ($9.7MM/$10.00/Dth/mo) in exchange for structured horsepower that Keystone values at $10.0MM • ENA provides structured horsepower for $5.0MM • ENA sells to NNG 0.97MM Dth/mo of capacity for $9.3MM; Savings = $0.4MM • First 0.97MM Dth/mo of capacity will cost NNG $9.59/Dth/mo • Capacity beyond 0.97MM Dth/mo will cost $10.00/Dth/mo Structured horsepower ($10.0MM) +$4.3MM +$0.3MM $5.0 MM ECS ENA Keystone Structured horsepower Capacity ($9.7MM) $9.3MM Capacity ($9.7MM) $10.00/Dth/mo Capacity NNG +$0.4MM Improved service; capacity for balancing Increased Rate Base Rate Payers

  4. Note: All $ amounts are for illustrative purposes only and should not be construed as actual transactable prices. Scenario 3 • ENA supplies structured horsepower transaction; finances base gas • ENA receives from Keystone 1.02MM Dth of capacity ($10.2MM/$10.00/Dth/mo) in exchange for structured horsepower and base gas that Keystone values at $10.5MM • ENA provides structured horsepower and base gas for $5.5MM • ENA sells to NNG 1.02MM Dth/mo of capacity for $9.8MM (Savings = $0.4MM) • First 1.02MM Dth/mo of capacity will cost NNG $9.61/Dth/mo • Capacity beyond 1.02MM Dth/mo will cost $10.00/Dth/mo Base gas ($0.5MM), Structured horsepower ($10.0MM) +$4.3MM +$0.3MM $5.5 MM ECS & EGS ENA Keystone Base gas & Structured horsepower Capacity ($10.2MM) $9.8MM Capacity ($10.2MM) $10.00/Dth/mo Capacity NNG +$0.4MM Improved service; capacity for balancing Increased Rate Base Rate Payers

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