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Conipany NRG Energy, Inc. GenOn Energy Inc (Jka RRIEnergy) Calpine Cop. GenOn Energy Holdings Inc (Jka Mirant) Dynegy, Inc. Average Median Value-weighted Portfolio Average S&P Credit Equity Rating Beta [I1 [21 BB 1.10 B 1.73 B 1.29 B 1.08 B 1.55 1.23 Cost of Equity Equity Ratio (r%) [31 [41 11.4% 5914 1 15.6% 41/59 12.7% 67/33 11.3% 38/62 144% 66/34 12.3% Cost oFDebt C%) [51 7.0% 8.5% 8.5% 8.5% 8.5% 8.0% Corporate Income Tan Rate ATWACC Table 44 Cost of Capital Summary for Merchant Generation Companies Soirrces arid Notes: Bloomberg (201I). [I] S&P unsecured senior credit ratings as of April 201 [2] Five-year average of Monday, Wednesday, and Friday weekly betas from Bloomberg (201I). RRI Energy and Mirant betas are as of 4/9/2010, one week before merger announcement. Dynegy beta is as of 8/6/2010, one week before Blackstone's tender offer. [3] FromTable41I 1 from Bloomberg (201 I). [4] 5-year average debt-to-equity ratio from annual 10-IC reports, and downloaded from Bloomberg (201 I). [5] Table24. [6] KPMG (2010), p. 26. [6] [3]x141+[5]x[4]x(1-[6]),Brealey,etnl (201I), p.216. 2. Cost-of-Capital Estimates from Industry Analysts and Fairness Opinions We compared our estimates of ATWACC to industry analysts and fairness opinions for the companies in our poi-tfolio, as well as other merchant generation segments of publically-traded companies. Analyst estimates range from 7.1% to 12% ATWACC, with most estimates within 8.0% to 9.0%. These numbers are in line with our value-weighted portfolio average of 8.1%. Table 45 shows the industry analysts and faii-ness opinions by company. 39 Debt-to- C%) C%) [61 [71 40.0% 7.2% 40.0% 11.2% 40.0% 7.6% 40.0% 8.9% 40.0% 8.3% 8.6% 8.3% 40.0% 8.1%PDF Image | THE APPLICATION OF KENTUCKY POWER
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