Caso F10BASES DE CALCULOUnidadValor00Valor UTM 9.10.2012$/UF$39,649DescripcinUnidadCantidadP/UnitarioP/Total US$valor Dlar 9.10.2012$/US$475Ingresos EnergiakWh827,820,0004680,188,466Inversin InicialUS$595,000,000Ingresos DemandakW1,260,0005,1986,549,026,400Mega WattMW350Dias del aoDias365US$/MWh58Horas del daHoras24.00Costos marginales48,201,00348,201,003Periodo depresiacinAos2048,201,003Periodo de evaluacinAos20Costos administrativos0964,020Periodo econmico PretamoAos20Inters bancario%0.100

FLUJO BASE/FLUJO INVERSIONISTA22=Base / 1=Inv.

01234567891011121314151617181920Ao 2008Ao 2009Ao 2010Ao 2011Ao 2012Ao 2013Ao 2014Ao 2015Ao 2016Ao 2017Ao 2018Ao 2019Ao 2020Ao 2021Ao 2022Ao 2023Ao 2024Ao 2025Ao 2026Ao 2027Ingresos Energia80,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,46680,188,466Ingreso Demanda13,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,42413,787,424

IInversin inicial-595,000,00000000000000000000000Costo Venta00000000000000000000Costos administrativos-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020-964,020Certificacion Marginales-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003-48,201,003

Costos Intereses Prstamo Bancario00000000000000000000Valor Libro 00000000000000000000Depreciacin Inversin-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000Utilidades antes de impuestos15,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,86715,060,867Impuestos sobre las utilidades (nivel 15%)-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130-2,259,130Utilidades despus de impuesto12,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,73712,801,737Depreciacin Inversin29,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,000Valor Libro 00000000000000000000Valor Residual00000000000000000000Amortizacin Crdito Prstamo Bancario00000000000000000000Gastos de InversinCapital de trabajo-321,3400000000000000000000321,340Flujo Neto $-595,321,34042,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,551,73742,873,077

Costos fijos-48,201,003Costos Variables-16,556-16,556-16,556-16,556-16,556-16,556-16,556-16,556-16,556-16,556

Tasa de Descuento10%Tasa Interna de Retorno -TIR-0%Valor Actual Neto -VAN- US$-233,006,653

AoVan10%1.00-556,637,943.002.00-521,471,218.443.00-489,501,468.834.00-460,438,060.105.00-434,016,779.446.00-409,997,433.387.00-388,161,664.238.00-368,310,965.019.00-350,264,874.8110.00-333,859,338.2611.00-318,945,214.1312.00-305,386,919.4613.00-293,061,197.0314.00-281,855,994.8315.00-271,669,447.3716.00-262,408,949.6817.00-253,990,315.4218.00-246,337,011.5419.00-239,379,462.5720.00-233,006,652.89

Anexo N1

Caso F21BASES DE CALCULOUnidadValor10Valor UTM 9.10.2012$/UF$39,649DescripcinUnidadCantidadP/UnitarioP/Total US$valor Dlar 9.10.2012$/US$475Ingresos EnergiakWh1,379,700,00046133,647,443Inversin InicialUS$595,000,000Ingresos DemandakW2,100,0005,19810,915,044,000Mega WattMW350Dias del aoDias365US$/MWh58Horas del daHoras24.00Costos marginales80,335,00580,335,005Periodo depresiacinAos2080,335,005Periodo de evaluacinAos20Costos administrativos01,606,700Periodo econmico PretamoAos20Inters bancario%0.100

FLUJO BASE/FLUJO INVERSIONISTA22=Base / 1=Inv.

01234567891011121314151617181920Ao 2008Ao 2009Ao 2010Ao 2011Ao 2012Ao 2013Ao 2014Ao 2015Ao 2016Ao 2017Ao 2018Ao 2019Ao 2020Ao 2021Ao 2022Ao 2023Ao 2024Ao 2025Ao 2026Ao 2027Ingresos Energia133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443133,647,443Ingreso Demanda22,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,04022,979,040

IInversin inicial-595,000,00000000000000000000000Costo Venta00000000000000000000Costos administrativos-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700-1,606,700Certificacion Marginales-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005-80,335,005

Costos Intereses Prstamo Bancario00000000000000000000Valor Libro 00000000000000000000Depreciacin Inversin-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000Utilidades antes de impuestos44,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,77844,934,778Impuestos sobre las utilidades (nivel 15%)-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217-6,740,217Utilidades despus de impuesto38,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,56138,194,561Depreciacin Inversin29,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,000Valor Libro 00000000000000000000Valor Residual00000000000000000000Amortizacin Crdito Prstamo Bancario00000000000000000000Gastos de InversinCapital de trabajo-535,5670000000000000000000535,567Flujo Neto $-595,535,56767,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56167,944,56168,480,128

Costos fijos-80,335,005Costos Variables-27,594-27,594-27,594-27,594-27,594-27,594-27,594-27,594-27,594-27,594

Tasa de Descuento10%Tasa Interna de Retorno -TIR-0%Valor Actual Neto -VAN- US$-17,005,607

AoVan10%1.00-533,767,783.792.00-477,615,253.873.00-426,567,499.394.00-380,160,449.875.00-337,972,223.036.00-299,619,289.547.00-264,752,986.378.00-233,056,347.129.00-204,241,220.5310.00-178,045,650.9111.00-154,231,496.7012.00-132,582,265.6113.00-112,901,146.4314.00-95,009,219.9015.00-78,743,832.1516.00-63,957,116.0117.00-50,514,646.8018.00-38,294,220.2419.00-27,184,741.5520.00-17,005,606.89

Anexo N1

Caso F31BASES DE CALCULOUnidadValor10Valor UTM 9.10.2012$/UF$39,649DescripcinUnidadCantidadP/UnitarioP/Total US$valor Dlar 9.10.2012$/US$475Ingresos EnergiakWh2,207,520,00046213,835,910Inversin InicialUS$595,000,000Ingresos DemandakW3,360,0005,19817,464,070,400Mega WattMW350Dias del aoDias365US$/MWh58Horas del daHoras24.00Costos marginales128,536,009128,536,009Periodo depresiacinAos20128,536,009Periodo de evaluacinAos20Costos administrativos02,570,720Periodo econmico PretamoAos20Inters bancario%0.100

FLUJO BASE/FLUJO INVERSIONISTA22=Base / 1=Inv.

01234567891011121314151617181920Ao 2008Ao 2009Ao 2010Ao 2011Ao 2012Ao 2013Ao 2014Ao 2015Ao 2016Ao 2017Ao 2018Ao 2019Ao 2020Ao 2021Ao 2022Ao 2023Ao 2024Ao 2025Ao 2026Ao 2027Ingresos Energia213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910213,835,910Ingreso Demanda36,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,46436,766,464

IInversin inicial-595,000,00000000000000000000000Costo Venta00000000000000000000Costos administrativos-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720-2,570,720Certificacion Marginales-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009-128,536,009

Costos Intereses Prstamo Bancario00000000000000000000Valor Libro 00000000000000000000Depreciacin Inversin-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000Utilidades antes de impuestos89,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,64589,745,645Impuestos sobre las utilidades (nivel 15%)-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847-13,461,847Utilidades despus de impuesto76,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,79876,283,798Depreciacin Inversin29,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,000Valor Libro 00000000000000000000Valor Residual00000000000000000000Amortizacin Crdito Prstamo Bancario00000000000000000000Gastos de InversinCapital de trabajo-856,9070000000000000000000856,907Flujo Neto $-595,856,907106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,033,798106,890,705

Costos fijos-128,536,009Costos Variables-44,150-44,150-44,150-44,150-44,150-44,150-44,150-44,150-44,150-44,150

Tasa de Descuento10%Tasa Interna de Retorno -TIR-0%Valor Actual Neto -VAN- US$306,995,962

AoVan10%1.00-499,462,544.972.00-411,831,307.013.00-332,166,545.234.00-259,744,034.525.00-193,905,388.436.00-134,052,073.797.00-79,639,969.588.00-30,174,420.299.0014,794,260.8810.0055,674,880.1211.0092,839,079.4412.00126,624,715.1813.00157,338,929.4814.00185,260,942.4915.00210,644,590.6816.00233,720,634.4917.00254,698,856.1318.00273,769,966.7219.00291,107,339.9820.00306,995,962.12

Anexo N1

Caso F41BASES DE CALCULOUnidadValor10Valor UTM 9.10.2012$/UF$39,649DescripcinUnidadCantidadP/UnitarioP/Total US$valor Dlar 9.10.2012$/US$475Ingresos EnergiakWh2,483,460,00046240,565,398Inversin InicialUS$595,000,000Ingresos DemandakW3,780,0005,19819,647,079,200Mega WattMW350Dias del aoDias365US$/MWh58Horas del daHoras24.00Costos marginales144,603,010144,603,010Periodo depresiacinAos20144,603,010Periodo de evaluacinAos20Costos administrativos02,892,060Periodo econmico PretamoAos20Inters bancario%0.100

FLUJO BASE/FLUJO INVERSIONISTA22=Base / 1=Inv.

01234567891011121314151617181920Ao 2008Ao 2009Ao 2010Ao 2011Ao 2012Ao 2013Ao 2014Ao 2015Ao 2016Ao 2017Ao 2018Ao 2019Ao 2020Ao 2021Ao 2022Ao 2023Ao 2024Ao 2025Ao 2026Ao 2027Ingresos Energia240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398240,565,398Ingreso Demanda41,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,27241,362,272

IInversin inicial-595,000,00000000000000000000000Costo Venta00000000000000000000Costos administrativos-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060-2,892,060Certificacion Marginales-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010-144,603,010

Costos Intereses Prstamo Bancario00000000000000000000Valor Libro 00000000000000000000Depreciacin Inversin-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000Utilidades antes de impuestos104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600104,682,600Impuestos sobre las utilidades (nivel 15%)-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390-15,702,390Utilidades despus de impuesto88,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,21088,980,210Depreciacin Inversin29,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,000Valor Libro 00000000000000000000Valor Residual00000000000000000000Amortizacin Crdito Prstamo Bancario00000000000000000000Gastos de InversinCapital de trabajo-964,0200000000000000000000964,020Flujo Neto $-595,964,020118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210118,730,210119,694,230

Costos fijos-144,603,010Costos Variables-49,669-49,669-49,669-49,669-49,669-49,669-49,669-49,669-49,669-49,669

Tasa de Descuento10%Tasa Interna de Retorno -TIR-0%Valor Actual Neto -VAN- US$414,996,485

AoVan10%1.00-488,027,465.372.00-389,903,324.733.00-300,699,560.514.00-219,605,229.415.00-145,883,110.226.00-78,863,001.877.00-17,935,630.648.0037,452,888.659.0087,806,088.0210.00133,581,723.8011.00175,195,938.1512.00213,027,042.1013.00247,418,954.7914.00278,684,329.9615.00307,107,398.2916.00332,946,551.3217.00356,436,690.4418.00377,791,362.3719.00397,204,700.4820.00414,996,485.12

Anexo N1

Hoja5F1-233,006,653F2-17,005,607F3306,995,962F4414,996,4850.599,820,1290.12198,995,4390.18284,002,8480.25383,178,158

Caso U11BASES DE CALCULOUnidadValor10Valor UTM 9.10.2012$/UF$39,649DescripcinUnidadCantidadP/UnitarioP/Total US$valor Dlar 9.10.2012$/US$475Ingresos EnergiakWh1,931,580,00043175,412,270Inversin InicialUS$595,000,000Ingresos DemandakW2,940,0004,87314,325,995,250Mega WattMW350Dias del aoDias365US$/MWh58Horas del daHoras24.00Costos marginales112,469,008112,469,008Periodo depresiacinAos20112,469,008Periodo de evaluacinAos20Costos administrativos02,249,380Periodo econmico PretamoAos20Inters bancario%0.100

FLUJO BASE/FLUJO INVERSIONISTA22=Base / 1=Inv.

01234567891011121314151617181920Ao 2008Ao 2009Ao 2010Ao 2011Ao 2012Ao 2013Ao 2014Ao 2015Ao 2016Ao 2017Ao 2018Ao 2019Ao 2020Ao 2021Ao 2022Ao 2023Ao 2024Ao 2025Ao 2026Ao 2027Ingresos Energia175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270175,412,270Ingreso Demanda30,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,99030,159,990

IInversin inicial-595,000,00000000000000000000000Costo Venta00000000000000000000Costos administrativos-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380Certificacion Marginales-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008

Costos Intereses Prstamo Bancario00000000000000000000Valor Libro 00000000000000000000Depreciacin Inversin-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000Utilidades antes de impuestos61,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,87261,103,872Impuestos sobre las utilidades (nivel 15%)-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581-9,165,581Utilidades despus de impuesto51,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,29151,938,291Depreciacin Inversin29,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,000Valor Libro 00000000000000000000Valor Residual00000000000000000000Amortizacin Crdito Prstamo Bancario00000000000000000000Gastos de InversinCapital de trabajo-749,7930000000000000000000749,793Flujo Neto $-595,749,79381,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29181,688,29182,438,084

Costos fijos-112,469,008Costos Variables-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632

Tasa de Descuento10%Tasa Interna de Retorno -TIR-0%Valor Actual Neto -VAN- US$99,820,129

AoVan10%1.00-521,487,710.682.00-453,976,726.393.00-392,603,104.324.00-336,808,902.445.00-286,086,900.726.00-239,975,990.077.00-198,056,980.398.00-159,948,789.779.00-125,304,980.1210.00-93,810,607.7111.00-65,179,360.0612.00-39,150,953.1113.00-15,488,764.9714.006,022,315.1615.0025,577,842.5416.0043,355,594.7117.0059,517,187.6018.0074,209,544.7619.0087,566,233.0920.0099,820,129.04

Anexo N1

Caso U21BASES DE CALCULOUnidadValor10Valor UTM 9.10.2012$/UF$39,649DescripcinUnidadCantidadP/UnitarioP/Total US$valor Dlar 9.10.2012$/US$475Ingresos EnergiakWh1,931,580,00046187,106,421Inversin InicialUS$595,000,000Ingresos DemandakW2,940,0005,19815,281,061,600Mega WattMW350Dias del aoDias365US$/MWh58Horas del daHoras24.00Costos marginales112,469,008112,469,008Periodo depresiacinAos20112,469,008Periodo de evaluacinAos20Costos administrativos02,249,380Periodo econmico PretamoAos20Inters bancario%0.100

FLUJO BASE/FLUJO INVERSIONISTA22=Base / 1=Inv.

01234567891011121314151617181920Ao 2008Ao 2009Ao 2010Ao 2011Ao 2012Ao 2013Ao 2014Ao 2015Ao 2016Ao 2017Ao 2018Ao 2019Ao 2020Ao 2021Ao 2022Ao 2023Ao 2024Ao 2025Ao 2026Ao 2027Ingresos Energia187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421187,106,421Ingreso Demanda32,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,65632,170,656

IInversin inicial-595,000,00000000000000000000000Costo Venta00000000000000000000Costos administrativos-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380Certificacion Marginales-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008

Costos Intereses Prstamo Bancario00000000000000000000Valor Libro 00000000000000000000Depreciacin Inversin-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000Utilidades antes de impuestos74,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,68974,808,689Impuestos sobre las utilidades (nivel 15%)-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303-11,221,303Utilidades despus de impuesto63,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,38663,587,386Depreciacin Inversin29,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,000Valor Libro 00000000000000000000Valor Residual00000000000000000000Amortizacin Crdito Prstamo Bancario00000000000000000000Gastos de InversinCapital de trabajo-749,7930000000000000000000749,793Flujo Neto $-595,749,79393,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38693,337,38694,087,179

Costos fijos-112,469,008Costos Variables-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632

Tasa de Descuento10%Tasa Interna de Retorno -TIR-0%Valor Actual Neto -VAN- US$198,995,439

AoVan10%1.00-510,897,624.582.00-433,759,289.303.00-363,633,529.954.00-299,882,839.645.00-241,927,666.636.00-189,241,145.717.00-141,344,308.518.00-97,801,729.239.00-58,217,566.2610.00-22,231,963.5511.0010,482,220.7212.0040,222,388.2513.0067,258,904.1814.0091,837,555.0315.00114,181,783.0716.00134,494,717.6517.00152,961,021.8218.00169,748,571.0619.00185,009,979.4720.00198,995,439.11

Anexo N1

Caso U31BASES DE CALCULOUnidadValor10Valor UTM 9.10.2012$/UF$39,649DescripcinUnidadCantidadP/UnitarioP/Total US$valor Dlar 9.10.2012$/US$475Ingresos EnergiakWh1,931,580,00048197,129,979Inversin InicialUS$595,000,000Ingresos DemandakW2,940,0005,47616,099,689,900Mega WattMW350Dias del aoDias365US$/MWh58Horas del daHoras24.00Costos marginales112,469,008112,469,008Periodo depresiacinAos20112,469,008Periodo de evaluacinAos20Costos administrativos02,249,380Periodo econmico PretamoAos20Inters bancario%0.100

FLUJO BASE/FLUJO INVERSIONISTA22=Base / 1=Inv.

01234567891011121314151617181920Ao 2008Ao 2009Ao 2010Ao 2011Ao 2012Ao 2013Ao 2014Ao 2015Ao 2016Ao 2017Ao 2018Ao 2019Ao 2020Ao 2021Ao 2022Ao 2023Ao 2024Ao 2025Ao 2026Ao 2027Ingresos Energia197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979197,129,979Ingreso Demanda33,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,08433,894,084

IInversin inicial-595,000,00000000000000000000000Costo Venta00000000000000000000Costos administrativos-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380Certificacion Marginales-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008

Costos Intereses Prstamo Bancario00000000000000000000Valor Libro 00000000000000000000Depreciacin Inversin-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000Utilidades antes de impuestos86,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,67586,555,675Impuestos sobre las utilidades (nivel 15%)-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351-12,983,351Utilidades despus de impuesto73,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,32473,572,324Depreciacin Inversin29,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,000Valor Libro 00000000000000000000Valor Residual00000000000000000000Amortizacin Crdito Prstamo Bancario00000000000000000000Gastos de InversinCapital de trabajo-749,7930000000000000000000749,793Flujo Neto $-595,749,793103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324103,322,324104,072,117

Costos fijos-112,469,008Costos Variables-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632

Tasa de Descuento10%Tasa Interna de Retorno -TIR-0%Valor Actual Neto -VAN- US$284,002,848

AoVan10%1.00-501,820,407.922.00-416,430,057.503.00-338,802,466.214.00-268,231,928.675.00-204,076,894.556.00-145,754,136.257.00-92,733,446.898.00-44,532,820.209.00-714,068.6610.0039,121,160.0111.0075,335,004.2512.00108,256,680.8413.00138,185,477.7414.00165,393,474.9215.00190,128,017.8116.00212,613,965.8917.00233,055,736.8718.00251,639,165.0419.00268,533,190.6420.00284,002,847.75

Anexo N1

Caso U41BASES DE CALCULOUnidadValor10Valor UTM 9.10.2012$/UF$39,649DescripcinUnidadCantidadP/UnitarioP/Total US$valor Dlar 9.10.2012$/US$475Ingresos EnergiakWh1,931,580,00051208,824,130Inversin InicialUS$595,000,000Ingresos DemandakW2,940,0005,80117,054,756,250Mega WattMW350Dias del aoDias365US$/MWh58Horas del daHoras24.00Costos marginales112,469,008112,469,008Periodo depresiacinAos20112,469,008Periodo de evaluacinAos20Costos administrativos02,249,380Periodo econmico PretamoAos20Inters bancario%0.100

FLUJO BASE/FLUJO INVERSIONISTA22=Base / 1=Inv.

01234567891011121314151617181920Ao 2008Ao 2009Ao 2010Ao 2011Ao 2012Ao 2013Ao 2014Ao 2015Ao 2016Ao 2017Ao 2018Ao 2019Ao 2020Ao 2021Ao 2022Ao 2023Ao 2024Ao 2025Ao 2026Ao 2027Ingresos Energia208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130208,824,130Ingreso Demanda35,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,75035,904,750

IInversin inicial-595,000,00000000000000000000000Costo Venta00000000000000000000Costos administrativos-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380-2,249,380Certificacion Marginales-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008-112,469,008

Costos Intereses Prstamo Bancario00000000000000000000Valor Libro 00000000000000000000Depreciacin Inversin-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000-29,750,000Utilidades antes de impuestos100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493100,260,493Impuestos sobre las utilidades (nivel 15%)-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074-15,039,074Utilidades despus de impuesto85,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,41985,221,419Depreciacin Inversin29,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,00029,750,000Valor Libro 00000000000000000000Valor Residual00000000000000000000Amortizacin Crdito Prstamo Bancario00000000000000000000Gastos de InversinCapital de trabajo-749,7930000000000000000000749,793Flujo Neto $-595,749,793114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419114,971,419115,721,212

Costos fijos-112,469,008Costos Variables-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632-38,632

Tasa de Descuento10%Tasa Interna de Retorno -TIR-0%Valor Actual Neto -VAN- US$383,178,158

AoVan10%1.00-491,230,321.822.00-396,212,620.403.00-309,832,891.844.00-231,305,865.885.00-159,917,660.456.00-95,019,291.887.00-36,020,775.008.0017,614,240.349.0066,373,345.2010.00110,699,804.1611.00150,996,585.0412.00187,630,022.2013.00220,933,146.8914.00251,208,714.7915.00278,731,958.3316.00303,753,088.8317.00326,499,571.1018.00347,178,191.3419.00365,976,937.0220.00383,178,157.82

Anexo N1