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~b <br /> <br />1414 Raleigh Road, Suite 305 <br />Chapel Hill, North Carolina <br />(919) 419-9802 (Fax 419-9803) <br />Meeting Notes <br />UNC -Alternative Energy Analysis Landfill Gas Investigation <br />Project <br />University of North Carolina- Chapel Hill <br />Owner <br />Preliminary Economic Review <br />Type of Meeting <br />08029-00 <br />Project No. <br />02/26/2008 <br />Meeting Date <br />Page 1 of 2 ias <br />Page Typist <br />Present/Representing: <br />Gwen Harvey <br />Gayle Wilson <br />Michael Meagher <br />Paul Spire <br />Bob Sallach <br />John Masson <br />Ray DuBose <br />Phil Barner <br />William Tricomi <br />Nick Travis <br />Jerry Schuett <br />Orange County <br />Orange County <br />Orange County <br />Orange County <br />Olver, Inc. <br />UNC-CH Facilities Planning <br />UNC-CH Energy Services <br />UNC-CH Energy Services <br />UNC <br />Energy Strategies <br />Affiliated Engineers <br />gharve r~a,co.orange.nc.us <br />gwilson .co.oranae.nc.us <br />mmeaaher@co.oranae.nc.us <br />ospire(c~co.orange.nc.us <br />rsallach(a~olver.com <br />Jmasson(a~fac.unc.edu <br />rav.dubose(7a energy.unc.edu <br />philip.barner(p~eneray.unc.edu <br />will tricomi(c~unc.edu <br />ntravis energystrat.com <br />jschuett(a~aeienq.com <br />The meeting was held at UNC-CH to discuss some preliminary revenue sharing concepts for the Landfill Gas <br />project. The following items were discussed: <br />1. A number of "guiding principles" were suggested for an Agreement. These, principles are: <br />a. Simplicity and transparency in implementation <br />b. Afford upside to County while mitigating financial risk to UNC <br />c. Modest preferred distribution to County <br />d. Priority recovery of O&M expenses <br />e. Priority recovery of capital investment <br />f. Equitable sharing of available surplus <br />g. Maximize cost effective capture of carbon credits by UNC while <br />affording modest participation in carbon credits by County <br />2. A preliminary revenue stream calculation was distributed. This is based on preliminary. information <br />and needs refinement as the analysis is completed. <br />3. The revenue calculation can be done a number of ways. The following methods were discussed: <br />a. Use LFG to avoid NG purchases (This method does not really reflect any of the options <br />under consideration at this time) <br />b. Use LFG to avoid coal purchases (This method applies to Option 3) <br />c. Use LFG to avoid electrical purchases (This method applies to Option 1) <br />d. Use LFG to generate carbon credits only -flare only (Done for baseline comparison) <br />4. The results of the revenue analysis indicated that about 50% of the revenue stream is in the form of <br />carbon credits and 50% is in the form of the value of the fuel (coal or power purchase offsets). <br />