Fuel Opportunities Board Presentation February 5 th , 2015 Virgilio Sosa I 000533 Confidential and Preliminary Subject to Substantial Revision
Disclaimer The information contained in, and accompanying, this presentation (the “Information”) has been provided and prepared by the Puerto Rico Power Authority (“PREPA” or the “Company”) and is in draft form subject to ongoing discussions and revisions. No representation or warranty, express or implied, is made by the Company or its advisors as to the accuracy or completeness of the Information. The Company and its advisors shall have no responsibility or liability for the accuracy or completeness of the Information or the consequences of any party’s reliance upon the Information. The Information does not constitute a proposal by the Company or its advisors, an offer capable of acceptance or a solicitation to sell or purchase securities. Neither the Company nor its advisors shall have any liability, whether direct or indirect, in contract, tort or otherwise, to any person in connection with the Information. This Information is being provided to you in the context of settlement discussions and is subject in all respects to Federal Rule of Evidence 408 and similar rules. You agree to keep the Information strictly confidential and to use it only in connection with settlement discussions and the evaluation of the Company. The Information is highly confidential and contains proprietary and confidential information about the Company and its operations. This presentation is being presented solely for your information and may not be copied, reproduced or redistributed to any other person in any manner. At the request of the Company, the recipient will promptly return all non-public material received from the Company (including this document) without retaining any copies thereof. References in this presentation to an Integrated Resource Plan (“IRP”) are to a Stage 1 IRP. The IRP required by Act 57-2014, Transformation and Energy Relief Act, will require further development. I 000534 Confidential and Preliminary 2 Subject to Substantial Revision
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3 We have implemented Fuels Inventory Controls in Line with the Oil Industry Standards • Marine and Pipeline receipts to continue being witnessed by an inspector using API standards • Tank truck receipts to log totalizer amounts and reconcile amounts received vs delivered quantities to identify deviations Product Receipt • Log received quantities in a system of record (Asset Suite) at standard temperature • Investigate any deviations greater than 0.5% • All daily tank readings (manual or tank gauge) to be converted to API standard • Perform daily reconciliation between tank movements vs meter readings. Investigate and report any deviation greater than 1% Fuel Consumption • Unit consumption to be based on the authorities requirements • Log daily consumption in the system or record (Asset Suite) at std temperature • Set up fuels controls in the Asset Suite Application • Produce weekly and monthly reports of consumption variations tank movements vs meters System of Record • All volumes to be recorded at standard temperature • Perform regular inventory movement audit following inventory control policies (from purchase through consumption) I 000543 Preliminary Subject to Substantial 11 Revision
3 Oil Industry Standards Inventory controls maintained in a centralized ERP Fuel Purchase Reconciled at standard Temperature Corrected for API and against invoices Active and inactive tanks are measured daily with monthly physical dips Heater Heater for # 6 Gains/loss levels outside Daily/monthly reconciliations standards are investigated meter reading vs daily tank movements at standard temperature and actions implemented I 000544 12
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3 Inventory Control Form Developed and Ready for Deployment • Developed leveraging the Aguirre inventory control form • The form automatically calculates gains and losses based on tank measurements and meter readings using tank strapping and API tables Autoridad Electrica de Puerto Rico Plant Central de XXXXXXXXXX Month December-14 Date Monday, December 01, 2014 Fuel Oil # 6 Input fields In Gross Tank Correction Std Receipts Total Std Service Sampled Date Tank Measurements Gross bbls Bottoms bbls API Temp Factor bbls Volume bbls Yes Yes 22-Nov Tank 1 22 Feet 5 3/4 Inches "Empty" 171,638 33,886 15.6 98.0 0.98498 169,060 Yes No Tank 2 20 Feet 4 2/7 Inches "Empty" 185,678 24,309 15.8 100.3 0.98404 182,715 Tank 3 25 Feet 4 2/3 Inches "Empty" 163,523 34,692 15.4 95.0 0.98619 161,264 Tank 4 48 Feet 0 1/4 Inches "Empty" 3,414 3,414 15.2 92.0 0.9874 67,567 70,938 Tank 5 Feet Inches "Empty" 0 Input fields Tank 6 Feet Inches "Empty" 0 Tank 7 Feet Inches "Empty" 0 Service 1 5 Feet 3 2/3 Inches "Empty" 31,748 11,374 15.4 95.0 0.98619 31,310 Service 2 4 Feet 2 1/2 Inches "Empty" 32,674 11,346 15.4 95.0 0.98619 32,223 Service 3 Feet Inches "Empty" Totals 588,675 119,020 67,567 647,509 469,654 Meter 1 Meter 2 Meter 1 Meter 2 Std tank Move 4,942 Net Reading Net Reading Service Metering Prior reading Current reading Prior reading Current reading bbls Bbls Unit 1 500 10000 500 10000 2,817 2,817 Gross gen Unit 2 68900 70000 68900 70000 326 326 Auxiliary Unit 3 Net gen Unit 4 Net cons 3,143 Unit 5 Heat rate Unit 6 Standard Total Consumption 3,143 3,143 Inventory 647,509 Consumption 3,143 Gain/Loss balance (1,800) Receipt 67,567 I 000546 Preliminary Subject to Substantial 14 Revision
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