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BSA's assignments as independent fuel
consultant
| BSA has conducted fuel planning,
analysis, forecasting and due diligence assignments dealing with gas, fuel oil
and power supply, transportation, delivery and pricing for more than
100 major independent power projects (IPP) and cogeneration plants,
and a similar number of industrial, utility, commercial, and municipal
clients and cooperatives.
Major power plant developers and
generators
We have worked successfully with major international power
plant developers and their lenders to prepare fuel supply, delivery
and price reports, and review of dispatch model assumptions and
strategic fuel plans for power projects on behalf of:
 | Calpine |
| CMS Energy |
| Edison Mission Energy |
| El Paso Energy |
| Energy Initiatives, Inc. |
| Energy Management, Inc. (EMI) |
| Fletcher Challenge |
| FPL Energy |
| Jones Capital |
| KMR Power |
| LG&E |
| Panda Energy Corporation |
| PG&E Generating |
| Sithe Energies, Inc. |
| Southern Energy International (SEI) |
| Tractebel Power |
Major lenders
In some of these assignments, we have worked with major
institutions active in project finance, including the following lead
banks and bond agents:
| BNP Paribas |
| Barclays Bank PLC |
| CIBC |
| Chase Morgan |
| Citicorp |
| CoBank |
| CS First Boston |
| Deutsche Bank AG |
| The Fortis Group |
| The Fuji Bank, Limited |
| GE Capital |
| Goldman, Sachs |
| Helaba |
| HSBC |
| Hypo Vereinsbank |
| KBC Bank |
| Long-Term Credit Bank of Japan (LTCB) |
| Mellon Bank |
| Mitsubishi Trust |
| NatWest |
| Nippon Credit Bank |
| Royal Bank of Scotland (RBS) |
| Sanwa Bank, Ltd. |
| Smith Barney/Citigroup |
| Sumitomo Bank |
| TIAA-CREF |
| Trust Company of the West (TCW) |
| Union Bank of Switzerland (UBS). |
Major industrial and commercial
end-users
Examples of industrial and commercial clients for whom BSA has
prepared independent fuel studies and reviews include:
| Air Products and Chemicals |
| Bear Island Paper Co. |
| City of Tallahassee |
| Dexter Corporation |
| EnergyUnited |
| Exxon Chemical |
| ITT/Sheraton |
| General Mills |
| JCC (Rockville, MD) |
| Johns Hopkins APL |
| Kaiser Aluminum |
| Kemira Paint |
| Lukens Steel |
| Mitsui Trust |
| Phillip Morris |
| Raytheon |
| Sears Roebuck |
| Siemens |
| Stanford University |
| University of Rochester |
| US Army (20 installations) |
| Wells Rural Electric Co-op |
| Wellesley College |
| Westinghouse |
Scope of assignment issues
As independent fuel consultants, BSA has assessed and resolved a
wide range of fuel issues and risks of gas and oil supply,
transportation, storage, deliveries, contract pricing and price
forecasting. Our assignments have typically included:
| Evaluation of gas suppliers and supply contracts, strength of
companies and their fuel warranties, and key regulatory hurdles such
as gas import and export permits, producing licenses, and
environmental permits
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| Analysis of gas transportation/delivery arrangements, regulatory
issues, and timing, including firm and interruptible transportation,
storage, and capacity expansions, including scheduling of pipeline
construction and operations, gas dispatching in synch with power
dispatch, weather risks, and the efficacy of capacity releases
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| Preparation of delivered gas cost projections over the life of
the project, cost ranges, and "what-if" scenarios involving
differing energy market forecasts, rolled-in versus incremental
pipeline and distributor rates, varying construction scenarios, and
market value risks
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| Development of power plant dispatch analysis indicating likely
projected power plant sequencing under differing assumptions as to
regional system growth, demand, fuel prices, weather, construction
timing and commercial mechanisms.
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| Analysis of key power systems and fueling assumptions and
methods employed in dispatch models underlying projected
competitiveness, including gas, oil and electricity price
projections, pricing models, and competing power projects, and
development of alternative scenarios
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| Development and assessment of interim gas supply,
transportation, and delivery plans aimed at alleviating risks of
timing mismatches between completion of new power plants versus gas
pipeline and delivery systems, including assessing regional fuel oil
delivery and storage capability, capacity risks on existing gas
systems, and local spot markets
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| Assessment of fuel oil arrangements, including on-site and
back-up storage, local area deliveries, cost add-ons, and seasonal
planning for reliable deliveries, including communicating with
regional suppliers, storage providers, terminals, jobbers, and
distributors |
Fuel price forecasting
BSA has provided independent fuel price projections in an
increasing array of assignments in conjunction with power project
development and finance. Recently, we provided gas and oil price
forecasts in the New England, New York Power Pool, PJM, Entergy and ERCOT
regions.
A listing of the more than 100 major power projects for which BSA
has furnished independent fuel consulting services is available on
request.
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Benjamin Schlesinger and Associates, Inc.
The Bethesda Gateway
7201 Wisconsin Avenue, Suite 740
Bethesda, MD 20814
(301) 951-7266
Fax (301) 951-3381
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