EXHIBIT 99.3
MIDLAND COGENERATION VENTURE LIMITED PARTNERSHIP
SELECTED PRO FORMA OPERATING CASH FLOW DATA (a)
FOR THE YEARS 2002 AND 2001
(In Millions of Dollars) (Unaudited)
2002 2001
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Revenue
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Power Purchase Agreement $ 560 $ 568
Steam and Electric Power Agreement 29 34
Other Revenue (b) 8 51
Interest on Revenue Account 2 5
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Total Revenue 599 658
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Operating Expenses
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Fuel, transportation, storage 272 285
Operations and maintenance 38 40
Property, other taxes 32 27
Other 52 37
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Total Operating Expenses 394 389
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Net Operating Income $ 205 $ 269
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Lease Payments $ 208 $ 278
Coverage Ratios
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Senior Interest (c) 39.45 11.43
Senior Debt Service (c) 1.99 1.41
Total Interest 3.29 3.37
Total Debt Service 1.28 1.09
(a) The above table presents selected pro forma information on operating cash
flows of MCV in a format consistent with that presented in the Feasibility
Study to the Prospectus filed as part of MCV's Registration Statement on
Form S-1 (File No. 33-3977). This format is used to compute various debt
service coverage ratios on an annual basis by aligning annual operating
cash flows with the semi-annual rent payments made in July and January of
each year. For example, the cash flow presented for 2002 reflects revenues
and expenses associated with 2002 activity, as well as the Lease rental
payments made on July 23, 2002, and January 23, 2003. In addition to the
revenues presented in this table, interest income on reserves totaled $4.1
million in 2002 and $10.2 million in 2001.
(b) Includes use of funds available for payment of spare parts, maintenance and
capital expenditures that had been reserved in prior years (included in
Other Revenue) and funding of reserves for future spare parts, maintenance
and capital expenditures (included in Other Expense).
(c) Senior Bonds were retired on July 23, 2002.
