James, can you please run 2 cases to calculate a backhaul rate to Phoenix using Sun Devil?

case 1: Using the Capex of $290,181,156 (which includes the Red Hawk lateral), what does the rate need to be using 100% load factors for 20 years with the terminal value and our hurdle return rate of 15%?  Assume fuel at 0% for the entire term (source of gas would likely be Cal border area storage facilities).

case 2: same as above but load factors as follows:

year 1-2		50%
year 3-4		70
year 5-7		85
year 8-20	100%

We are trying to respond to Panda Energy by Friday 2/22.

thanks
kh