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Table 45 ATWACC Estimates from Industry AnalystdFairness Opinions NRGEnergy Inc I11 GenOn Energy Inc (fka RRI Energy) PI Calpiiie Corp [31 GenOii Energy Holdings Inc (flea Mirant) [4] Dynegy Inc [51 FirstEiiergy Merchant Generation [GI Allegheny Merchant Generation [71 Duke's Mercliant Generation Bl ATWACC Estimates -- [I1 7.1% 8.5% - 9.5% 7.5% 8.5% - 9.5% 8.0% - 12.0% 8.0% - 9.0% 8.0% - 8.5% 8.2% - 9.2% Soirrces arid Notes. [I] Cohen, Jonathan, and Greg Gordon (2010a), p. 7. [2] Mirant Corp. And RRI Energy (2010), p. 42. [3] Cohen, Jonathan, and Greg Gordon (2010b), p. 7. [4] Mirant Corp. And RRI Energy (2010), p. 48. [5] Dynegy Inc. (2010), p- 48. [6] FirstEnergyCow. and Allegheny Energy (2010),p. 85. [7] FirstEnergy Corp. and Allegheny Energy (201O), p. 84. [S] Duke Energy Corporation (201I), p. 102. 3. After-Tax Weighted-Average Cost of Capital Estimate We considered both the value-weighted portfolio and recent ATWACC estimates in order to calculate ATWACC for the CONE study. We chose a ATWAAC of 8.5%, 40 basis points higher than the value-weighted portfolio average that reflects a 50/50 debt-to-equity ratio, a 12.5% return on equity, and a 7.5% return on debt. The ATWAAC of our recommendation has a slightly higher expected rate of return when compared to the value-weighted portfolio average, which reflects the business risk of the entire portfolio of contracts and the entire generation fleet of different technologies, fuel types, and locations. Table 46 shows a summary of the merchant generation companies, as well as our recoinrnendation for ATWACC of 8.5%, which is consistent with the median of the ATWACC estimates (including the midpoints of the Analysts' ranges) reported in the bottom half of Table 46. 40PDF Image | THE APPLICATION OF KENTUCKY POWER
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