Frantz Correspondence 1-362

From: To: Subject: Date: Attachments:
Duong, Hai Silver, Jonathan; Barwell, Owen; Wright, Morgan; Winters, Matthew; Frantz, David 1705 Credit Subsidy Forecast & RPR Presentation Friday, November 05, 2010 5:24:35 PM LGP RPR Presentation v4.pptx 1705 CS Forecast 11-5-10.xlsx
Attached is the most recent credit subsidy forecast updated as a result of this weeks sector domain reviews. There are no material changes from the initial forecast. I will update the forecast on a periodic basis as term sheets go out the door. Also attached is the RPR presentation updated to include the most recent credit subsidy forecast. Thanks, Hai Duong Loan Guarantee Program Office Department of Energy 202-586-4319
Dave Frantz Correspondence 1
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Duong, Hai Silver, Jonathan Frantz, David 1705 Credit Subsidy Forecast Monday, November 01, 2010 2:56:18 PM 1705 CS Forecast 11-4-10.xlsx
Jonathan,
(b) (5)
Please see the attached credit subsidy forecast. I changed the CS assumption for innovative projects to and also included all projects in intake that have been invited to Part II as you requested. Please let me know if you have any other changes. Thanks, Hai
Duong, Hai Winters, Matthew; Barwell, Owen Frantz, David 1705 CS Forecast 11-22-10.xlsx Monday, November 22, 2010 12:16:48 PM 1705 CS Forecast 11-22-10.xlsx
Owen/Matt, Attached are the updated credit subsidy charts with the changes we discussed. Please let me know if you have any further edits. Thanks, Hai
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Frantz, David Kupfer, Jeffrey; Albright, Bud; Hill, David R.; Isakowitz, Steve; Orbach, Ray; Ingols, Adam Campione, Rocky; Schwartz, Doug; Moorer, Richard; Oliver, Lawrence; Angulo, Veronica; Patterson, Andrew; Difiglio, Carmen; Colyar, Kelly; Faith, Jayne Credit Subsidy Model - Great News Friday, November 14, 2008 9:19:23 AM
All -
(b) (5)
We at the LGPO are relieved and very proud of her accomplishment. We also extend our thanks to Jeff Kupfer, Steve Isakowitz, David Hill and all other members of the DOE who directly assisted in this effort. Dave
David G. Frantz US Department of Energy

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov
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Taylor, Sonia (CONTR) Frantz, David credit subsidy score - S1"s office Tuesday, September 13, 2011 9:24:42 AM
Hi, Were you able to find out when OMB and Treasury approved the credit subsidy score? Please keep me posted today.(b) (5)
Thanks Sonia Taylor Loan Programs Office U.S. Department of Energy Contractor 1000 Independence Ave., SW Washington, DC 20585 Room: 4A-087 (O) 202.586.3538 (C) (b) (6)
Frantz, David Isakowitz, Steve; Rogers, Matt Oliver, Lawrence; Grant, William; Cohen, Daniel Drafting Assistance to Senate Energy and Water Committee Thursday, March 05, 2009 10:48:50 AM
In response to specific drafting questions from Michael Carr, GC recommends the following transmittal including the appropriate disclaimer language. If you are in agreement, I will transmit this language today.
(b) (5)
Frantz, David Epifani, Lisa FW: Monday, December 15, 2008 8:25:04 AM
Further on the subject.

From: Colyar, Kelly Sent: Saturday, December 13, 2008 3:45 PM To: Frantz, David; Faith, Jayne Subject: RE: Hi Dave, Good point for the reasons we discussed Friday morning. I do want to be clear that the LGPO did not develop or contribute towards the S&P report. This was completely an S&P generated report based on their understanding of T17, FCRA, A-129, and A-11.
(b) (5)
Thanks.
From: Frantz, David Sent: Friday, December 12, 2008 4:01 PM To: Faith, Jayne; Colyar, Kelly Subject: FW:

From: Frantz, David Sent: Friday, December 12, 2008 2:06 PM To: Epifani, Lisa Subject: FW:
See Standard & Poors latest rating report on the program. Note page 8.
(b) (5)
Dave

From: Corrigan, Richard Sent: Thursday, December 11, 2008 5:39 PM To: Frantz, David; Schmitzer, David Subject: Attached is the article. You might check w Swami to make sure he hasn't updated the table at the end that projected the credit subsidy amounts. At any rate this would be the absolute best we could do and I think OMB has made other agencies take their credit subsidy calculator off their website. brian Oakley would know for sure. i will check Exim website to make sure theirs is not still up.
Frantz, David Richardson, Susan FW: Monday, December 07, 2009 7:39:58 AM
This is my list for Jonathan which crosses several of yours-he wants us both to accompany him at 5:00 PM today to discuss with Simon and staff. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Frantz, David Sent: Friday, December 04, 2009 7:46 AM To: Silver, Jonathan Cc: Richardson, Susan Subject: RE: Items I conveyed to both appropriations senior staffs in late Sept.:
(b) (5)
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Friday, December 04, 2009 6:51 AM To: Frantz, David Subject:
I am talking with Bob Simon at 9:15 this morning. Can you pull together a list of LEGISLATIVE changes/fixes that we would like to see that would make the program easier to administer and easier for the applicants? Give me five or six things, the bigger ones. Thanks. Dave, are you on email in the evenings? Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
Frantz, David Duong, Hai FW: Tuesday, December 15, 2009 10:13:06 AM
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Frantz, David Sent: Tuesday, December 15, 2009 10:13 AM To: Silver, Jonathan Subject: RE: Jonathan, We have developed an effective model to answer the question. The model forecasts the number of deals and credit subsidy by solicitation. The model relies upon our previous solicitation experience as well as forecasts based upon market assessments. Under current runs of the model, we are forecasting
(b) (5)
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Monday, December 14, 2009 7:28 PM To: Frantz, David Subject: Taunja wants to talk to me tomorrow morning for more support for the (b) (5) Can you give me 4-5 talking points on that. Thanks. J Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
Frantz, David Winters, Matthew Richardson, Susan; Heimert, Kimberly FW: 1705 Biofuels Cap Wednesday, April 27, 2011 7:39:00 AM 1705 Biofuels Cap.pdf
Are we are of this? David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Works, John Sent: Tuesday, April 26, 2011 9:45 PM To: Frantz, David Subject: 1705 Biofuels Cap David--I attended part of the biofuels conference in DC last week, and one of the panelists mentioned 1705 and that there was some sort of cap in the legislation pertaining to biofuels. I did some research over the weekend, and came up with the attached section. The question seems to be whether with the reduction of the original $6 billion down to $2.5 billion, whether the $500 million biofuels cap also was proportionally reduced. (b) (5)
John.
Duong, Hai Frantz, David FW: 1705 Loan pipeline Thursday, September 22, 2011 2:53:24 PM 1705 CS Forecast 9-22-11 r2.xlsx
FYI
From: boakley@scullycapital.com [mailto:boakley@scullycapital.com] Sent: Thursday, September 22, 2011 2:24 PM To: Winters, Matthew; Duong, Hai; McCrea, Jim (CONTR) Subject: RE: 1705 Loan pipeline
Heresthecorrespondingsubsidyusagechart.
From: Winters, Matthew [mailto:Matthew.Winters@Hq.Doe.Gov] Sent: Thursday, September 22, 2011 2:22 PM To: Duong, Hai; boakley@scullycapital.com; McCrea, Jim (CONTR) Subject: FW: 1705 Loan pipeline
Hai/Jim/Brian Thanksforyourinputandreview. Matt

From: Winters, Matthew Sent: Thursday, September 22, 2011 2:22 PM To: Hanson, Christopher; Lane, Jeff; Crowell, Brad; Jenkins, Amelia; Silver, Jonathan Cc: Hurlbut, Brandon; Navin, Jeff; Barwell, Owen; Johns, Christopher; Gonzales Harsha, Marcos Subject: RE: 1705 Loan pipeline
ChartforRobBlairispastedbelowandattached. For internal purposes only (pending further discussions). Ihaveconfirmedthefollowingwithourcreditandbudgetexperts: Wehaveatotalof$2.435Binappropriatedcreditsubsidy.Todate,wehaveobligated (b) (5) ofthisamount(onthe20projectsthathaveclosedtodate).Inotherwords, wehave(b) (5) inunobligatedcreditsubsidy. Basedontodaysestimates,weexpectthat(b) (5) listedbelowwillallcloseby increditsubsidy.The September30 th,andwilluseanywherefrom(b) (5) uncertaintyinthisestimateisduetothefactthatDOEsfinalcreditsubsidyestimateshave notyetbeenapprovedbyOMBforanumberofthesedeals.Ourexpectationisthatthefinal numberwillactuallycomeintowardsthelowendoftherangebutwewillnotknowforsure untilOMBapprovesanditispossible(thoughunlikely)thatthetotalcouldwindup(b) (5) Insum,ifallofthedealsbelowreachfinancialclosebySeptember30,2011(b) (5) ofourtotal$2.435Bin1705 wewouldlikelyusebetween(b) (5) appropriations.Thisequatesto(b) (5) ofthetotalamountappropriated,respectively.
Itisimportanttokeepinmindthattheremayactuallybeaprogrammaticinterestinretaining someunobligatedfundsafterSeptember30,2011(whiletheprogramitselfexpires,thefunds donot).ThisisbecausetheremaybescenarioswhereDOEwouldwanttoallowfuture projectmodifications-intheinterestoftheU.S.taxpayer--wheresuchmodificationscould requiretheuseofalready-appropriatedcreditsubsidyfunds,heldinreserve,tobe effectuated.

1705 Loan Guarantee Program: Expected Closings by Sept. 30, 2011 Loan Guarantee Face Value (approx) ($M)
Project
Technology
State
Approx. Perm Jobs (est.)
Approx. Const Jobs (est.)
(b) (5)
In consultation with OMB
Frantz, David Faith, Jayne; Duong, Hai; Corrigan, Richard FW: CBO issue with Loan Monday, February 23, 2009 8:11:19 AM
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Saturday, February 21, 2009 10:41 AM To: 'Matt_Rogers@mckinsey.com'; Frantz, David; Colyar, Kelly; Schultz, Douglas; Grant, William Cc: Miller, Neile; Fygi, Eric Subject: CBO issue with Loan It has just come to my attention via OMB over (b) (5) issue for the LGPO. I was not aware that GC had been in the loop over this for some time. Below is an outside analysis I received about this matter (Will, what's your view of it?). Let's discuss immediately following the Monday 9am stimulus tag-up. Thanks, Steve ----------ANALYSIS: Here's an analysis of the issues and some options for a possible path forward -A. CBO Concerns In reviewing the appropriations language to extend the current loan guarantee authority, CBO staff raised some new concerns that had not surfaced in loan guarantee appropriations legislation in the past. My understanding is that CBO staff had at least two general concerns: 1. (b) (5)
2. (b) (5)
CBO may have had other concerns as well, but these appear to be the two principal issues. It is my understanding that there were some low level conversations between CBO and OMB staff.
Rather than resolving these concerns, OMB staff raised an additional concern (b) (5)
B. CBO "Solution"
(b) (5)
C. Analysis of Issues There are several key issues: 1. (b) (5)
2. (b) (5)
3. (b) (5)
4. (b) (5)
(b) (5)
D. Options for Resolution of the Issues There are at least five options (not mutually exclusive) for resolving this situation: 1. (b) (5)
2. (b) (5)
3. (b) (5)
4. (b) (5)
5. (b) (5)
E. Next Steps
It is my understanding that there have been several attempts by the Appropriations committee staff and others to draft alternative bill language to implement options 3,4 and 5. DOE OGC has copies of this language, but I am not aware that it has taken a position on any of these alternatives. Also, I do not know if OGC has coordinated its review of any of the substitute language alternatives with OMB. It may be helpful for OGC to assess these substitutes and vet them with OMB as part of the decisionmaking process on the Administation position.
Frantz, David Silver, Jonathan FW: Conditional commitment Friday, February 19, 2010 5:01:18 PM
I covered this with Dan and Jonathan.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Levy, Jonathan Sent: Friday, February 19, 2010 1:33 PM To: Silver, Jonathan; Utech, Dan; Frantz, David Subject: RE: Conditional commitment
On a related note, Markeys COS called me to ask about the Federal Financing Bank component. Do we have any background on that we can share? Basically, hes uncomfortable with the concept of the federal government lending the money and also guaranteeing the loan. I told him I believed this wasnt uncommon, but he asked for the history of how that happened/someone he can talk to about it.
From: Silver, Jonathan Sent: Thursday, February 18, 2010 6:51 PM To: Scharf, Katie; Levy, Jonathan; Utech, Dan Subject: Re: Conditional commitment dave frantz Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Scharf, Katie To: Levy, Jonathan; Utech, Dan; Silver, Jonathan Sent: Thu Feb 18 18:18:22 2010 Subject: RE: Conditional commitment
I am talking with LGPO counsel about this and hope to have a response for you soon. Is there anyone else in LGPO who's been heavily involved that I should touch base with about this? Katie
From: Levy, Jonathan Sent: Thursday, February 18, 2010 1:03 PM To: Utech, Dan; Silver, Jonathan Cc: Scharf, Katie Subject: FW: Conditional commitment
Did we ever resolve what we can/cannot say?

From: Baran, Jeff [mailto:Jeff.Baran@mail.house.gov] Sent: Thursday, February 18, 2010 1:01 PM To: Levy, Jonathan Subject: Conditional commitment
Hi Jonathan, Is there a finalized conditional commitment document for the Vogtle loan guarantee? Id like to get a copy whenever thats available. If its not yet available, Id like to know the agreed upon credit subsidy cost. Thanks, Jeff Baran Counsel Committee on Energy and Commerce 226-5864
Frantz, David Whitcombe, Nicholas; Cestari, Kenneth FW: Credit Committee Review of the Georgia Power Company application Friday, November 20, 2009 11:18:47 AM
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Seward, Lachlan Sent: Friday, November 20, 2009 9:22 AM To: Frantz, David Cc: Barwell, Owen; Miller, Neile; Westerheim, Ove; Hoffman, Jay; Richardson, Susan Subject: Credit Committee Review of the Georgia Power Company application Dave, The LGPO Credit Committee met on November 18, 2009 to review the program's presentation concerning Georgia Power Company's (GPC) participation in the Vogtle Project. The Committee was generally comfortable with the transaction as presented where GPC's participation represents a 45.7% undivided interest in the overall $13 billion Vogtle Project. Based on an excellent presentation by the LGPO team, GPC appears to be a well managed power company with strong credit behind it and established experience in power generation and development. We understand that the three other parties participating on an undivided interest basis (Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia and the City of Dalton, Georgia) are being evaluated separately and that OMB approval of an indicative self pay credit subsidy for GPC is pending, among other things, based upon consideration of the credit of the other three undivided interest participants. While the Credit Committee did not vote on the transaction, it raised no further conditions to its approval should the credit of the other participants be found adequate and the issues described above be satisfactorily resolved. Sincerely, Lach Seward Chairman Credit Committee
From: To: Subject: Date: Importance:
Frantz, David Kittell, Matthew FW: Credit Committee Thursday, June 18, 2009 12:38:46 PM High
FYI

From: Westerheim, Ove Sent: Thursday, June 18, 2009 12:35 PM To: Colyar, Kelly; Faith, Jayne; Pelican, Eleni; 'Erik Codrington'; Kittell, Matthew; Suissa, Yanev; Fridell, Monique Cc: 'boakley@scullycapital.com'; 'sandy_claghorn@yahoo.com'; Frantz, David; Schmitzer, David Subject: RE: Credit Committee Importance: High Kelly, I am having a hard time with the version of the amortization schedule I have (which may be old or have had sections erased, or otherwise not the right version) but it looks like you have to hard wire the capitalized interest, and also the quarterly interest payments during the amortization period. Is this correct, or do you have a version/template that calculates these for you? If you do, please send it. Thanks, Ove From: Colyar, Kelly Sent: Thursday, June 18, 2009 10:55 AM To: Westerheim, Ove; Faith, Jayne; Pelican, Eleni; 'Erik Codrington'; Kittell, Matthew; Suissa, Yanev; Fridell, Monique Cc: 'boakley@scullycapital.com'; 'sandy_claghorn@yahoo.com'; Frantz, David; Schmitzer, David Subject: RE: Credit Committee Ove--as discussed, please send the amortization schedule so we can run the subsidy estimate. thanks.
From: Westerheim, Ove Sent: Thursday, June 18, 2009 10:52 AM To: Faith, Jayne; Pelican, Eleni; 'Erik Codrington'; Kittell, Matthew; Colyar, Kelly; Suissa, Yanev; Fridell, Monique Cc: 'boakley@scullycapital.com'; 'sandy_claghorn@yahoo.com'; Frantz, David; Schmitzer, David Subject: RE: Credit Committee Jayne and Eleni, Attached is the info for the book. We do not have the Credit Subsidy Calculation, and Ill send the financial statements separately in a little bit. Ill stop by later, but let me know if you need anything else or have any questions. -Ove
Attachments 1. 2. 3. 4. 5. 6. 7. 8. Compliance Checklist Proposed Conditional Commitment/Term Sheet Independent Engineers Report Independent Market Consultants Report Internal Risk and Recovery Matrices Preliminary Credit Subsidy Calculation Financial Model Base Case Beacon Power Corporation Financial Statements
-----Original Message----From: Faith, Jayne Sent: Wednesday, June 17, 2009 9:43 AM To: 'Erik Codrington'; Kittell, Matthew; Colyar, Kelly; Westerheim, Ove; Suissa, Yanev; Fridell, Monique Cc: Pelican, Eleni Subject: Credit Committee All Eleni and I will be coordinating the book for the credit committee that is schedule for this Friday. We need to have the book to the Credit Committee members by COB tomorrow night so they have it when they arrive to work on Friday. As you complete the information that needs to go into the book, please send a copy to me and Eleni. If you have any questions, let me know. Jayne
Frantz, David Corrigan, Richard FW: Credit Subsidy brief Monday, March 03, 2008 1:42:14 PM
FYI David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Friday, February 29, 2008 1:14 PM To: Frantz, David Subject: Fw: Credit Subsidy brief Dave, Great job! See below. ...I'll need to get the rest of the briefing sometime soon. Thx. ----- Original Message ----From: Hill, David R. To: Isakowitz, Steve Sent: Fri Feb 29 12:42:40 2008 Subject: RE: Credit Subsidy brief We just finished. This was very helpful to me. The answer to the point you and I discussed outside my office the other day is that it is DOE's rating, not the rating of the credit rating agencies, that eventually is used to calculate the final credit subsidy cost. So I'm glad about that, and it appears to me that the rest of the analysis and format is quite sound. Thanks again for helping arrange this. On the draft memo, I've gotten a few relatively minor comments from Ray and from Andy; really nothing from anybody else. I intend to send another version around to the CRB, either by late this afternoon or by sometime this weekend, so that on Monday Jeff could issue it on behalf of the Board. Or, who knows, we might even be able to do that this afternoon. drh -----Original Message----From: Isakowitz, Steve Sent: Friday, February 29, 2008 11:36 AM To: Hill, David R. Subject: Credit Subsidy brief David Sorry couldn't stay till end of brief. So what do you think? Still concerned? BTW, when do you think I can forward the LGPO draft Congressional plan to programs? Frantz thinks it will be ready by Tues. I don't want to get in front of your Role memo unless you think so. Steve
Frantz, David "jimmccrea@(b) (6) " FW: Credit Subsidy Cost Estimates Monday, January 25, 2010 8:01:50 AM
FYI David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Long, Earl C. [mailto:eclong@southernco.com] Sent: Friday, January 22, 2010 4:42 PM To: Frantz, David Cc: Whitcombe, Nicholas; Nichols, Steven T. Subject: FW: Credit Subsidy Cost Estimates It would appear to Georgia Power that there must be something wrong or something we do not understand with regards to the credit subsidy cost estimate. My guess is either the .5% to 1.5% estimate is: 1) gross, not net, of the net present value spread to Treasuries of 3/8%, or 2) if in fact the estimate is net of the present value of spread to Treasuries, then we simply come up with results well below the estimate We would really like to discuss to make sure that we are not looking at it wrong, but below is our analysis that is quite different from the estimated subsidy cost provided. - Our analysis calculated the net present value of the 3/8% spread to Treasuries as equal to at least $160MM (4.6%) of the loan amount. The calculation used a 4.5% discount rate and applied the amortization schedule. - As a result, the gross subsidy cost would have to be 5.1%-6.1% to end up at a net subsidy cost estimate of .5%-1.5%. - We have done internal calculations that came up with gross subsidy estimates of .41% based on a Moody's study of regulated utility probabilities of default and recoveries. That would mean the cost estimate given to us (if in fact it is a net subsidy cost) is 12-15X higher than what we calculated internally. Our assumed recovery rate was 87% per the Moody's study. - We would have to assume a probability of default curve of BB- (assuming an 87% recovery rate) to get to subsidy cost estimates in the range of 5.1% to 6.1%. Even if you lower the recovery rate to 55% (which we do not agree with), the probability of default curve would still only be equal to a BBBcredit which is well below our current "A" rating. Something's not adding up - and it doesn't make sense to us. Please let me know if we can discuss. Sincerely, Earl Long -----Original Message----From: Whitcombe, Nicholas [mailto:Nicholas.Whitcombe@hq.doe.gov] Sent: Wednesday, January 20, 2010 12:59 PM To: Long, Earl C. Cc: Frantz, David; Nichols, Steven T.
Subject: RE: Credit Subsidy Cost Estimates Earl, The credit subsidy estimate provided to Georgia Power factors in (subtracts) the net present value of the FFB spread. Nick -----Original Message----From: Long, Earl C. [mailto:eclong@southernco.com] Sent: Wednesday, January 20, 2010 11:02 AM To: Whitcombe, Nicholas Cc: Frantz, David; Nichols, Steven T. Subject: FW: Credit Subsidy Cost Estimates I have assumed that the net present value of the spread from the FFB loan would be subtracted from the attached estimate and this is a gross estimate of our credit subsidy cost and does not subtract the net present value spread of the FFB loan. Please confirm formally as to whether the attached estimate is gross or net of the net present value of an estimated spread for the FFB loan. Earl -----Original Message----From: Vawter, Linda [mailto:Linda.Vawter@hq.doe.gov] Sent: Friday, January 15, 2010 2:54 PM To: Long, Earl C. Cc: Frantz, David; Cestari, Kenneth Subject: Credit Subsidy Cost Estimates
Linda D. Vawter Senior Administrative Assistant U.S. Department of Energy Loan Guarantee Program Office 1000 Independence Avenue Washington, DC 20585 TEL: (202)586-0093 FAX: (202)586-4052
Frantz, David "James C McCrea" FW: Credit Subsidy Cost Estimates Friday, January 15, 2010 4:06:31 PM SIGNED OGLETHORPE LETTER.pdf
FYI David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Whitcombe, Nicholas Sent: Friday, January 15, 2010 3:14 PM To: Frantz, David; Cestari, Kenneth Subject: Fw: Credit Subsidy Cost Estimates Here we go! ----- Original Message ----From: Higgins, Betsy <betsy.higgins@opc.com> To: Whitcombe, Nicholas Sent: Fri Jan 15 15:11:55 2010 Subject: FW: Credit Subsidy Cost Estimates Nick, This subsidy amount is A LOT higher than I was expecting! Approximately $100 million! I was expecting something around 50 bps - or around $15 million based on prior indications from the DOE. Is it reflective of just the up front amount or does it also include amounts that would be included as part of the spread? Betsy Higgins Chief Financial Officer Oglethorpe Power Corporation 2100 East Exchange Place Tucker, GA 30084 - 5336 770-270-7168 -----Original Message----From: Vawter, Linda [mailto:Linda.Vawter@hq.doe.gov] Sent: Friday, January 15, 2010 2:53 PM To: Higgins, Betsy Cc: Frantz, David; Cestari, Kenneth Subject: Credit Subsidy Cost Estimates
Corrigan, Richard Silver, Jonathan; Frantz, David McCrea, Jim; Hulihan, Terrence; Whitcombe, Nicholas FW: Credit Subsidy Cost for Title XVII Loan Guarantees Thursday, June 24, 2010 8:47:56 AM NEI Proposal_Subsidy Cost_06 17 2010.pdf Credit Subsidy Cost_NEI White Paper_June 2010.pdf
NEI called last night and indicated they plan to release the attached whitepaper and cover letter to the White House and to selected members of Congress. They wanted to know if we had any objections to or comments on the study itself that they might incorporate into the white paper. They are looking for a response from us in the next day or so. I had already circulated a copy of the letter to Jim, Terry and Nick. I reviewed it again last night and except for a few nits I do not find it objectionable and, in fact, it incorporates many of the arguments that we had originally advanced in the early rounds of discussion on subsidy models. The approach they are recommending, which when distilled to its essence, argues that different types of credit classes have different drivers that should influence the risk profile and the pricing for that risk. This approach is consistent with the methodology other USG guarantee programs use for their credit subsidy calculations (OPIC, for example, has at least 4 subsidy models for different project types and sizes). Let me know how you would like to handle this, but I will not go back to Richard Myers until I have heard from you.
Richard Corrigan Senior Advisor Department of Energy Loan Guarantee Program 1000 Independence Ave, SW Room - 4H-023 Washington, DC 20585 Telephone- 202-586-0214 Fax- 202-586-4052 E-mail - richard.corrigan@hq.doe.gov National Interest Advanced Solutions, an IBM company From: MYERS, Richard [mailto:rjm@nei.org] Sent: Thursday, June 17, 2010 10:04 AM To: Silver, Jonathan Cc: Frantz, David; Corrigan, Richard; 'Joe Hezir'; KASS, Leslie Subject: Credit Subsidy Cost for Title XVII Loan Guarantees
Jonathan As you know from our previous discussions, the nuclear energy industry is concerned about a number of issues associated with the credit subsidy cost of Title XVII loan guarantees. Specifically, we are frustrated over the lack of transparency associated with the process of developing the credit subsidy cost; and we are concerned about some of the key assumptions and
inputs particularly regarding probability of default and recovery rate used in the Credit Subsidy Calculator to estimate credit subsidy costs. In the letter attached, we propose a number of steps to improve the transparency and accuracy of the process by which credit subsidy costs are calculated. Also attached is an advance copy of a White Paper prepared by NEI that examines the relevant historical data on default probabilities and recovery rates for projects like the nuclear power projects eligible for Title XVII loan guarantees. We believe the findings in the White Paper raise questions about the assumptions employed by the DOE and the OMB to calculate credit subsidy costs. We suspect the assumptions on default probability and recovery rate are either unrealistic or lack a factual basis, which inflates the calculation of credit subsidy cost well beyond the level required to compensate the federal government for the risk taken in providing the loan guarantee. We appreciate your consideration of these recommendations, and welcome your review of the White Paper. We obviously intend to use the White Paper with a broader audience, and would welcome any comments on it before we distribute it more broadly. I will be in touch with your office next week to discuss next steps. Regards - Richard
RICHARD J . MYERS
Vice President, Policy Development NUCLEAR ENERGY INSTITUTE 1776 I Street N.W. Washington, D.C. 20006 Phone: 202.739.8021 Mobile: 202.497.7655 Fax: 202.533.0172 E-Mail: rjm@nei.org
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Frantz, David "lakrauss@mac.com" FW: Credit Subsidy Model Monday, October 22, 2007 10:32:11 AM 101707 DOE LGO Credit Subsidy Estimation Model vs.xls LossCalc_Fact_Sheet.pdf losscalcv2_methodology.pdf 101707 Credit Subsidy Model vs.ppt
FYI

From: Isakowitz, Steve Sent: Wednesday, October 17, 2007 7:50 PM To: Mertens, Richard A. Cc: Carroll, Kevin <Alert>; Frantz, David; Miller, Neile; Krauss, Lori; Schreiber, Shannon Subject: Credit Subsidy Model Rick, As promised, I am forwarding to you and Kevin our proposed credit subsidy model. We would like to use this tool as the basis for providing estimates for the selected pre-applicants. Please feel free to contact me or Dave Frantz in the Loan Guarantee Program Office (LGPO) to set up a meeting to review this model. We appreciate your concurrence as soon as possible. Assuming Secretary approval tomorrow, we are ready to brief you Monday on our LGPO loan and budget request. I had hoped to have this information to you before Lori took leave but it took some extra time. If you want, we can couple the meeting with the credit subsidy model proposal. Please call my office or the LGPO to set up a time. Steve
Frantz, David McCrea, Jim FW: Current Portfolio Subsidy Calculation Wednesday, September 22, 2010 2:04:00 PM CS Estimate on LGPO Portfolio.xlsx
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Duong, Hai Sent: Wednesday, September 22, 2010 12:46 PM To: Silver, Jonathan; Richardson, Susan; Heimert, Kimberly; Winters, Matthew Cc: Frantz, David Subject: Current Portfolio Subsidy Calculation Dave asked me to do a current subsidy calculation against the current project schedule. Note that it covers all projects ranked 3 and above and includes those projects holding conditional commitments and closed. Note also that the solicitations are identified for each project. Based upon(b) (5)
Hai and Dave
Offner, Julie Frantz, David Fw: dave frantz comments today Tuesday, November 16, 2010 2:25:25 PM
Dave, Mr. Freebairn asked for elaboration of "distortions and idiosyncrasies." Am in audit meeting and will check with you after. Julie
From: Freebairn, William <william_freebairn@platts.com> To: Offner, Julie Sent: Tue Nov 16 14:07:00 2010 Subject: dave frantz comments today Hi Julie, we met today at the nuclear financing conference and I wanted to ask if there are any examples of the distortions that are contained in the method for calculating the credit subsidy fee for nuclear projects that Dave mentioned? I wanted to let you know I am writing something up about that for our wire service, saying DOE is working actively with OMB to resolve those distortions and indiosyncrasies, in Daves phrase. Any additional information is appreciated. Thanks, Bill
William Freebairn
Senior Editor Platts Nuclear Publications (202) 383-2164 www.platts.com
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Frantz, David Faith, Jayne FW: daveconsider09 Wednesday, January 21, 2009 7:33:50 AM
Let's get comments on this from the group! Thanks David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Claudia Frantz [mailto:cbfrantz@comcast.net] Sent: Tuesday, January 20, 2009 6:05 PM To: Frantz, David Subject: daveconsider09 Considerations for FY 2009 To Assist the Loan Guarantee Program to more Effectively and Responsively discharge its Objectives and Responsibilities Burden of the Self-Pay Credit Subsidy Cost must be eliminated: First and foremost, the burden of clients to pay the credit subsidy in a single lump sum payment at closing without inclusion in project costs is an absolute impediment to broad applications of the Program. The impediment is particularly acute in the energy efficiency and renewable energy solicitations where, for the most part, the projects are represented by start-up companies sponsoring green field projects. This impediment must be redressed through close consultation with the New Congress. The Loan Guarantee Program Office (LGPO) must control its own destiny: The LGPO must have the flexibilities and unfettered resources to efficiently and responsively react to the administrative and operational challenges it confronts in the execution of the Program. * It must possess its own legal group reporting directly to its management and providing 100% resources and services to the requirements of the LGPO at all times. * It must have an appointed individual in the DOE HR Department committing 100% of his or her time to the requirements of the LGPO as it executes an accelerated hiring schedule for the rapid expansion of its staff. * It must have an appointed individual in the DOE Procurement Office to devote 100% of his or her time to assisting the LGPO in the execution of its "sources sought" selection process for outside consulting services. The LGPO must have adequate and appropriate office space: The LGPO must have adequate and suitable office space for its rapidly expanding staff to appropriately service its private sector clients and meet the demands of a dramatically increasing workload. The LGPO must institute an effective Outreach Program to its stakeholders and prospective clients: * The LGPO must be released to take advantage of appropriate opportunities and forums to communicate its capabilities, procedures and programs to potential business sectors and users of its programs. * The LGPO should consider and act on the establishment of an overseer board comprised of senior,
noteworthy experts from the technology sectors it serves to provide an imprimatur on its activities and assist in promoting its capabilities and programs. DGF: 1/20/09
Frantz, David Colyar, Kelly FW: DOE Credit Risk Subsidy Model Friday, June 20, 2008 11:22:25 AM
FYI David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Frantz, David Sent: Friday, June 20, 2008 7:49 AM To: Epifani, Lisa Subject: RE: DOE Credit Risk Subsidy Model Yes-we hope to have it done today!!!! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Epifani, Lisa Sent: Thursday, June 19, 2008 6:06 PM To: Frantz, David Subject: FW: DOE Credit Risk Subsidy Model Does this sound right to you? -----Original Message----From: Bates, Jim T. [mailto:James_T._Bates@omb.eop.gov] Sent: Thursday, June 19, 2008 2:06 PM To: O'Malia, Scott (Appropriations) Subject: RE: DOE Credit Risk Subsidy Model Internally, today we're trying to duke (?) it out with BRD on one of their last lingering concerns. Incidentally, I called you back on the uranium issue last week. -----Original Message----From: O'Malia, Scott (Appropriations) [mailto:Scott_O'Malia@appro.senate.gov] Sent: Wednesday, June 18, 2008 10:14 PM To: Bates, Jim T. Subject: RE: DOE Credit Risk Subsidy Model Did this ever get resolved? -----Original Message----From: Bates, Jim T. [mailto:James_T._Bates@omb.eop.gov] Sent: Tuesday, June 10, 2008 5:11 PM
To: O'Malia, Scott (Appropriations) Subject: RE: DOE Credit Risk Subsidy Model Scott: OMB staff met with DOE's Loan Guarantee Program staff last Thursday (June 5th) to discuss what DOE is doing to address OMB staff concerns with the credit subsidy cost model. These concerns primarily centered o (b) (5) At the staff level, it was agreed that (b) (5) to OMB this week (we haven't received it yet). [We expect to resolve expeditiously any final issues after getting DOE's next version.]
________________________________ From: O'Malia, Scott (Appropriations) [mailto:Scott_O'Malia@appro.senate.gov] Sent: Monday, June 09, 2008 11:10 AM To: Bates, Jim T.; Kornegay, Emily M. Subject: DOE Credit Risk Subsidy Model
Has OMB signed off on the Model yet?
We are waiting to contact CBO to improve our scoring of our bill, but we need that model delivered and reviewed.
What is the status?
Richardson, Susan Frantz, David; Nwachuku, Frances; McCrea, Jim (CONTR); Wright, Morgan Lev, Sean; Winters, Matthew FW: DOE Title XVII Programs Tuesday, November 01, 2011 1:14:28 PM
FYI.Perhapswecandiscussthisatourmeetingtomorrow.
From: boakley@scullycapital.com [mailto:boakley@scullycapital.com] Sent: Tuesday, November 01, 2011 11:29 AM To: Offner, Julie; Richardson, Susan Subject: FW: DOE Title XVII Programs
Susan/Julie, FyiImhappytoprovidearesponseforDOE,butdidntthinkrespondingdirectlymadesense. ShallIconveythatDOEwillberespondingthroughJulie? Regards, Brian

From: Rebecca Rockey [mailto:Rebecca.Rockey@cbo.gov] Sent: Tuesday, November 01, 2011 11:22 AM To: boakley@scullycapital.com Cc: Wendy Kiska Subject: DOE Title XVII Programs
Brian, IamcontactingyoutoaskafewquestionsabouttheDOEsTitleXVIILoanPrograms,assomeof theconsultantsatSummitindicatedyoumaybeinthebestpositiontoanswertheparticular questionsIhave. Tostart,Icantellyoualittlebitofabackgroundforourcurrentproject.TheFinancialAnalysis Division(FAD)isembarkingonaprojecttobetterunderstandthecreditprogramsofferedby federalagencies.FADassiststheBudgetAnalysisDivisionandothergroupsatCBOinassessing creditandinsuranceprograms,includingthedevelopmentofcashflowmodelsforestimatingboth FCRAandfair-valuesubsidyestimates.ExamplesofthisworkincludeCBO'srecentlettertothe HonorablePaulRyanonFHA'sSingle-FamilyMortgageInsuranceProgram (http://www.cbo.gov/doc.cfm?index=12054)andthepaperentitled"CBO'sBudgetaryTreatment ofFannieMaeandFreddieMac"(http://www.cbo.gov/doc.cfm?index=10878&zzz=40043). Currentlywearereviewingourcreditmodelswithaviewtoimprovingtheconsistencyand comparabilityofourestimatesacrossdifferentfederalprograms.Assuch,wearereviewingall loanprograms,includingthoseofferedatDOE,todeterminethepotentialchangeswewouldneed tomaketoourmodelstoreflecttheuniquenatureoftheirloanorloanguaranteestructure, customerprofileandotherprogramparameters.Thisreviewwillcontributetoaprojectthatwill lookateverycreditprogramreportedintheFederalCreditSupplementandgenerateafair-value estimateoffederalcreditactivities.ThisacurrentprojectthattheBudgetcommitteeshaveasked
ustoexplore. BelowIhavethreemainquestions.Usingthisinformation,aswellasthatprovidedintheFederal CreditSupplement,IbelieveFADwillhaveenoughinformationtostartapreliminaryanalysis.We mayhavefollow-upquestionsaswegetfartheralong. WeassumedthattheDOEwillinvestinsolar,wind,geothermal,nuclearfront-end,and otherprojects(otherincludesbiofuel,storage,transmission,andenergyefficiencyupgrade projects).Whatistheaverage(ormedian)maturityofaloanforeachtypeoftechnology andwhyaretheydifferent?(Wewilltreatsolargenerationtechnologyinthesamewayas solarmanufacturing.Ifthereisanyreasontotreatthemdifferently,pleaseelaborate.) Whataretheexpectationsforthe2012cohort?(Forexample,solarcomprisesthemajority ofcurrentportfolio.Wouldthecurrentpipelinecauseyoutoexpectasimilarpatternin 2012?) Howaretheborrowersinterestratessettledupon? (CBOhasdoneananalysisofloanguaranteesfortheconstructionofnuclearpowerplantsalready; weexcludenucleargenerationfromtheabovequestions.) Pleaseletmeknowifyouhaveanyquestions,asIamhappytoelaborateonourprojectorto clarifyanyofmyquestions.Feelfreetocallmeatmynumberbelow,ifthatismostconvenient. Thankyouinadvanceforyourassistance. Best, RebeccaRockey CongressionalBudgetOffice FinancialAnalysisDivision FordHouseOfficeBuilding 2ndandDStreets,SW Washington,D.C.20515 202.225.0083 rebecca.rockey@cbo.gov
Frantz, David Seward, Lachlan FW: Draft ECA/DOE Analysis Tuesday, November 10, 2009 10:39:25 AM 110909 LGPO COLENDING ANALYSIS.docx
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Colyar, Kelly Sent: Tuesday, November 10, 2009 9:53 AM To: Isakowitz, Steve; Rogers, Matt; OConnor, Rod; Richardson, Susan; Frantz, David Subject: Draft ECA/DOE Analysis All, Please see attached the draft analysis per last Wednesday's meeting between S-1 and the Director. Please let me know if you would like to discuss or if I should go ahead and send to OMB. Thanks. In summary, we are recommending the following: Based on the foregoing analysis, DOE recommends the following:
(b) (5)
Frantz, David Duong, Hai FW: Final FY2012/EFA Discussion Memo Friday, June 25, 2010 2:41:00 PM
We need to discuss.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Friday, June 25, 2010 1:41 PM To: Frantz, David; Tobin, Daniel; McCrea, Jim Subject: FW: Final FY2012/EFA Discussion Memo
Id like you to work up a response to this. Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov
From: Isakowitz, Steve Sent: Friday, June 25, 2010 12:48 PM To: Silver, Jonathan Subject: Re: Final FY2012/EFA Discussion Memo Understood. But just doing math. (b)
(5)
This leads to four questions: - (b)
(5)
(b) (5)
To me, this is the type of analytical effort that is needed and that OMB will demand. From me, I'm not arguing against the value of LGPO or the need for a more enhanced structure for the long term (eg, EFA). And frankly, I see that as less important in terms of where you'll get most challenged. Steve
From: Silver, Jonathan To: Isakowitz, Steve Sent: Fri Jun 25 07:19:21 2010 Subject: Re: Final FY2012/EFA Discussion Memo Good points all. That said, the reasons it has taken so long to get 1705 out are well known and not all relevant to the out year discussions. First, this was a start up. We needed to set up operations, bring folks on, etc. That work is now all done. Second, we have had a heck of a time with the review process. However, that intensity is written into the 1705 program, 1703 does not require it per se (I do understand that changing that will take time, but the oppty exists). Third, (b) (5) We have new policies and procedures in place to make things go more smoothly. We have automated stuff, added people, refined communications with applicants, streamlined procurement and the nepa process, etc. I'm not sure folks realize how much has been done. That's on the processing side. We also now know how to do solicitations more effectively and have a creative approach in place to handle smaller transactions. All good. Your key point, I think, is why is this needed. I tried to address that in my longer memo. Not sure what you found lacking, but I will send you a Morgan Stanley paper from which much of the analysis was drawn. It speaks directly to the rationale for the loan programs.
(b) (5)
Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Isakowitz, Steve To: Silver, Jonathan; Rogers, Matt Sent: Fri Jun 25 06:01:20 2010 Subject: RE: Final FY2012/EFA Discussion Memo
Jonathan,
Sorry about the delay. Swamped with budget review. Actually, Im with my family at the beach today (first day of summer vacation and last day before camp starts). I think its a good paper but too long. If its purpose is (b) (5) , three points: 1) (b) (5)
For the purposes of getting something to KJ, Koonin, and Dan today, Id shop the paper in half (first half w/o EFA material), drop the reference to being zeroed (since that has not officially been put out there), and toss some data in on what (b) (5) buys and (b) (5) buys. Steve
From: Silver, Jonathan Sent: Wednesday, June 23, 2010 8:54 PM To: Isakowitz, Steve; Rogers, Matt Subject: Fw: Final FY2012/EFA Discussion Memo Sorry, I think I may not have sent the final draft. Please read this one. Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Winters, Matthew To: Silver, Jonathan Sent: Wed Jun 23 19:44:08 2010 Subject: Final FY2012/EFA Discussion Memo
Attached.
<<EFA Memo (6-23 Final).doc>>
Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy (o) 202.287.6262 (c) 202.407.2400 matthew.winters@hq.doe.gov
Frantz, David McCrea, Jim (CONTR) FW: Final Section 1705 Numbers Monday, October 03, 2011 12:23:00 PM 1705 Projects Closed 9-30-11.xlsx
FYI David G. Frantz US Department of Energy Director, Loan Programs Office Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Duong, Hai Sent: Friday, September 30, 2011 12:27 PM To: Silver, Jonathan; Frantz, David; Wright, Morgan; Winters, Matthew Subject: Final Section 1705 Numbers Here is the final tally on the Section 1705 Program: Projects: 28 Total Loan Guarantee Face Value: $15.7 B Total Project Costs: $26.1 B Credit Subsidy Used: $1.9 B Avg. Credit Subsidy Percentage: (b) (5) Construction Jobs: 14,283 Perm Jobs: 2,483
Hai Duong Loan Guarantee Program Office Department of Energy 202-586-4319
Frantz, David McCrea, Jim (CONTR) FW: Final(?) Update on LPO Subsidy Utilization Friday, September 30, 2011 9:10:00 AM 1705 CS Forecast 9-28-11.xlsx
David G. Frantz US Department of Energy Director, Loan Programs Office Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: boakley@scullycapital.com [mailto:boakley@scullycapital.com] Sent: Thursday, September 29, 2011 4:55 PM To: Duong, Hai Cc: Frantz, David; jim McCrea (jimmccrea@(b) (6) ); Winters, Matthew Subject: RE: Final(?) Update on LPO Subsidy Utilization Hai, Here is what I have. I believe all but two are closed at this point. Regards, Brian -----Original Message----From: Duong, Hai [mailto:Hai.Duong@hq.doe.gov] Sent: Thursday, September 29, 2011 4:35 PM To: boakley@scullycapital.com Cc: Frantz, David Subject: FW: Final(?) Update on LPO Subsidy Utilization Brian, Can you send Dave and I the final tally on the total 1705 subsidy used? Thanks, Hai -----Original Message----From: Gonzales Harsha, Marcos Sent: Thursday, September 29, 2011 4:26 PM To: Duong, Hai; Frantz, David; Hanson, Christopher; Johns, Christopher; Benson, Shalini; Chaudhary, Nida (CONTR) Subject: Final(?) Update on LPO Subsidy Utilization According to the accounting/budget execution folks, all Title 17 deals have now been processed and are just awaiting final closing. My calculations show that LPO will leave just (b) (5)
I would like to confirm these final numbers. The attached spreadsheet shows all the credit subsidies (apologies for the artifacts, I haven't yet cleaned up much). Can LPO validate this final number? Thanks,
Marcos
Frantz, David Wright, Morgan FW: Final(?) Update on LPO Subsidy Utilization Thursday, September 29, 2011 4:27:00 PM ARRA Deadline Title 17 Tracker 9-29.xlsx
FYI David G. Frantz US Department of Energy Director, Loan Programs Office Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Gonzales Harsha, Marcos Sent: Thursday, September 29, 2011 4:26 PM To: Duong, Hai; Frantz, David; Hanson, Christopher; Johns, Christopher; Benson, Shalini; Chaudhary, Nida (CONTR) Subject: Final(?) Update on LPO Subsidy Utilization According to the accounting/budget execution folks, all Title 17 deals have now been processed and are just awaiting final closing. My calculations show that LPO will leave just (b) (5)
I would like to confirm these final numbers. The attached spreadsheet shows all the credit subsidies (apologies for the artifacts, I haven't yet cleaned up much). Can LPO validate this final number? Thanks, Marcos
Frantz, David Isakowitz, Steve FW: Financing Subsidy Memo Monday, April 20, 2009 8:50:33 AM
FYI

From: Colyar, Kelly Sent: Monday, April 20, 2009 8:48 AM To: Frantz, David Subject: Re: Financing Subsidy Memo Ok. I spoke with Lori again Friday. She indicated there may be news this afternoon. I will follow up. If no progress, then we may need to elevate. Good to have that ready. From: Frantz, David To: Colyar, Kelly Sent: Mon Apr 20 08:36:48 2009 Subject: RE: Financing Subsidy Memo By all means-Steve is willing to elevate this one per conversations this AM.

From: Colyar, Kelly Sent: Monday, April 20, 2009 8:04 AM To: Frantz, David Subject: Fw: Financing Subsidy Memo Dave--can we discuss this morning?
From: Isakowitz, Steve To: Frantz, David Cc: Colyar, Kelly; Miller, Neile; Barwell, Owen Sent: Sun Apr 19 22:43:21 2009 Subject: Fw: Financing Subsidy Memo
Dave Have you raised this issue with Kevin Carrol? If not, perhaps its time. I assume no progress thru Lori. Let me know his response please. Steve From: Colyar, Kelly To: Rogers, Matt; Isakowitz, Steve Cc: Frantz, David Sent: Wed Apr 01 09:28:29 2009 Subject: FW: Financing Subsidy Memo - IXOS DOE-Ixos-Archive 409 KB
Matt and Steve, Per our conversation, attached is the memo from OGC regarding the financing subsidy issue. I have sent this memo to OMB. We still need to resolve this issue, but the memo significantly improves our position it. We have a legal problem and we need OMB guidance to resolve it. I will continue to follow up at the staff level, but I believe it has already been raised to a policy level internally at OMB. Therefore, it may need to be resolved at that level. I will update you on any changes. Thanks.
______________________________________________ From: Sent: To: Cc: Ku, Ruth Tuesday, March 31, 2009 3:59 PM Colyar, Kelly Oliver, Lawrence; Frantz, David; Boswell, Wade Financing Subsidy Memo
Subject:
Dear Kelly, Attached is a copy of the financing subsidy memo that Larry has signed off on (see last page). Please note that this memo only covers the self-pay portion of the Title XVII loan guarantee program and does not address the calculation of credit subsidy paid for out of appropriated funds. Please let us know if you have any questions. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585
Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Frantz, David Schmitzer, David FW: follow up from 12/9 meeting with House Appropriations staff Thursday, December 10, 2009 7:34:47 AM
FYI David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Wednesday, December 09, 2009 8:28 PM To: Hicks, Tara; Frantz, David; Seward, Lachlan; Richardson, Susan Cc: Duong, Hai; Pelican, Eleni; Saltiel, David; Vawter, Linda Subject: Re: follow up from 12/9 meeting with House Appropriations staff Let's get together tomorrow to discuss and craft responses. I'd like to get them everything by COB Friday as an effort to launch an new relationship with them. Linda, please find a time in my schedule to do this. Move something if you have to. Thanks. J Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov ----- Original Message ----From: Hicks, Tara To: Silver, Jonathan; Frantz, David; Seward, Lachlan; Richardson, Susan Cc: Duong, Hai; Pelican, Eleni; Saltiel, David Sent: Wed Dec 09 14:17:09 2009 Subject: follow up from 12/9 meeting with House Appropriations staff Deliverables from House Appropriations meeting with Taunja Berquam and Rob Blair: 1.) (b) (5)
2.) (b) (5) 3.) (b) (5)
4.) (b) (5)
The meeting went well; thanks again for making yourselves available. -Tara Tara Hicks External Coordination, Office of Budget Office of the Chief Financial Officer U.S. Department of Energy (202) 586-7487
Frantz, David Rogers, Matt; Silver, Jonathan FW: Georgia Power Credit Subsidy Clarification Monday, February 01, 2010 12:34:00 PM
We'll hold until we have clarification from you all. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Frantz, David Sent: Monday, February 01, 2010 12:28 PM To: Rogers, Matt Cc: Silver, Jonathan Subject: RE: Georgia Power Credit Subsidy Clarification Sorry for the misunderstanding. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Rogers, Matt Sent: Monday, February 01, 2010 10:57 AM To: Frantz, David Cc: Silver, Jonathan Subject: RE: Georgia Power Credit Subsidy Clarification
(b) (5)
Regards, mr
Matt Rogers Senior Advisor to the Secretary for Recovery Act Implementation U.S. Department of Energy 1000 Independence Avenue, SW Washington, DC 20505 Assistant: Katie Venegas 202 586 9500 -----Original Message----From: Frantz, David Sent: Monday, February 01, 2010 10:36 AM To: 'robert_nabors@omb.eop.gov' Cc: Rogers, Matt; Silver, Jonathan; Whitcombe, Nicholas; Cestari, Kenneth Subject: Georgia Power Credit Subsidy Clarification Robert, Matt Rogers directed us to forward to you our proposed clarification language to Georgia Power with respect to the credit subsidy ranges transmitted to them on January 15, 2010. We have been careful not to violate the spirit and language of the negotiated range notifications to clients. Note please the next to the last paragraph which answers the apparent confusion with Georgia Power.
It is our intention to release this letter by close of business Wednesday unless you have any concerns. Thank you for your attention to this matter. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov
Frantz, David "jimmccrea(b) (6) FW: Georgia Power letter Thursday, February 04, 2010 8:16:21 AM

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Wednesday, February 03, 2010 7:48 PM To: 'Ericsson, Sally C.' Cc: OConnor, Rod; Rogers, Matt; Green, Melissa G.; Liebman, Jeffrey B.; Frantz, David Subject: RE: Georgia Power letter
Sally, Thanks for your note and for your desire to help in getting something out.
(b) (5)
(b) (5)
(b) (5)
Thanks, Jonathan
Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov
From: Ericsson, Sally C. [mailto:Sally_C._Ericsson@omb.eop.gov] Sent: Tuesday, February 02, 2010 7:56 PM To: Silver, Jonathan Cc: OConnor, Rod; Rogers, Matt; Green, Melissa G.; Liebman, Jeffrey B. Subject: Georgia Power letter
Jonathan, DaveFranzsentalettertoGeorgiaPowerregardingthecreditsubsidyestimatetotheDeputy Directoryesterday(b) (5) Wehavesomeconcernsregarding(b) (5)
.Theagreedupon(b) (5) rangeforGeorgiaPoweristhecreditsubsidyestimateatthisstage. Further,(b) (5) .Iwillaskmyteamtoprovidealternative language. OMBisOKclearingtheletterprovidedthosetwochangesareincorporated.Pleaseprovidemy staffwithareviseddraftsowecanmovethisforwardquickly.
Pleaseletmeknowifyouhaveanyquestions. Thanks. Sally
Frantz, David "jimmccrea@(b) (6) FW: Georgia Power letter Wednesday, February 03, 2010 9:05:17 AM
FYI

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Wednesday, February 03, 2010 7:28 AM To: Frantz, David Subject: Re: Georgia Power letter
Are you in the office? How are road conditions? Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Frantz, David To: Silver, Jonathan Sent: Wed Feb 03 07:23:17 2010 Subject: RE: Georgia Power letter
ThisletterhasnotbeenreleasedandIadvisedRickMertensofthatfactonMondaytagup.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Tuesday, February 02, 2010 8:24 PM To: Frantz, David Subject: Fw: Georgia Power letter
Dave, I didn't think this letter went out, did it? Pls respond only to me. Thanks, J Jonathan Silver Executive Director Loan Programs U.S. Department of Energy
Jonathan.Silver@hq.doe.gov
From: Ericsson, Sally C. <Sally_C._Ericsson@omb.eop.gov> To: Silver, Jonathan Cc: OConnor, Rod; Rogers, Matt; Green, Melissa G. <Melissa_G._Green@omb.eop.gov>; Liebman, Jeffrey B. <Jeffrey_B._Liebman@omb.eop.gov> Sent: Tue Feb 02 19:55:37 2010 Subject: Georgia Power letter
Jonathan, DaveFranzsentalettertoGeorgiaPowerregardingthecreditsubsidyestimatetotheDeputy Directoryesterday(b) (5) Wehavesomeconcernsregarding(b) (5)
Theagreedupon(b) (5) rangeforGeorgiaPoweristhecreditsubsidyestimateatthisstage. Further,(b) (5) .Iwillaskmyteamtoprovidealternative language. OMBisOKclearingtheletterprovidedthosetwochangesareincorporated.Pleaseprovidemy staffwithareviseddraftsowecanmovethisforwardquickly. Pleaseletmeknowifyouhaveanyquestions. Thanks. Sally
Frantz, David Faith, Jayne; Colyar, Kelly FW: Hypo examples for LGPO Friday, December 12, 2008 4:00:23 PM

From: Frantz, David Sent: Friday, December 12, 2008 2:09 PM To: Epifani, Lisa Subject: RE: Hypo examples for LGPO LGPO (b)
(5)
for reasons stated. See my latest email on the S&P Report.

From: Epifani, Lisa Sent: Friday, December 12, 2008 10:23 AM To: Frantz, David Cc: Colyar, Kelly; Corrigan, Richard Subject: Hypo examples for LGPO
(b) (5)
. From: Frantz, David To: Epifani, Lisa Cc: Colyar, Kelly; Corrigan, Richard Sent: Fri Dec 12 09:04:27 2008 Subject: FW: Scott needs input asap - Monday is too late Lisa, Attached is language Kelly and I are both comfortable with releasing. Please be advised that each individual run of the model is very unique to the project in question and can vary significantly even within general business sectors. Therefore, it is not useful, even harmful to present hypothetical examples of case model runs which in the end would not be consistent with the ultimate experience of individual project results. We are happy to discuss this in greater detail with the committees.
Dave

______________________________________________ From: Sent: To: Colyar, Kelly Friday, December 12, 2008 8:31 AM Frantz, David RE: Scott needs input asap - Monday is too late
Subject:
See below.
(b) (5)
Thanks.
_____________________________________________ From: Sent: To: Frantz, David Friday, December 12, 2008 8:20 AM Colyar, Kelly FW: Scott needs input asap - Monday is too late
Subject:

______________________________________________ From: Sent: Epifani, Lisa Thursday, December 11, 2008 3:19 PM
To:
Frantz, David Scott needs input asap - Monday is too late
Subject:
(b) (5)
If you have thoughts/edits, I would really need to get them to Scott today (latest tomorrow morning). Is Kelly email accessible? Thanks, Lisa
Report Language Loan Guarantee Office
(b) (5)
Frantz, David Colyar, Kelly FW: LGPO issue w OMB Tuesday, October 28, 2008 7:54:41 AM
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Kupfer, Jeffrey Sent: Monday, October 27, 2008 6:36 PM To: Isakowitz, Steve Cc: Campione, Rocky; Frantz, David Subject: RE: LGPO issue w OMB Just called Steve. He's apparently out of the country for the rest of the week - but I'm still trying to hook up with him. I will let you know if/when that happens... -----Original Message----From: Isakowitz, Steve Sent: Monday, October 27, 2008 4:30 PM To: Kupfer, Jeffrey Cc: Campione, Rocky; Frantz, David Subject: LGPO issue w OMB Jeff, I had hoped to have the LGPO Credit Subsidy Model cleared by OMB by now. What had started as a few technical issues has turned into a prolong delay. Jim Bates is unable to get the OMB budget review division to clear this, largely because they claim to be too busy. And then we they finally have time for us, they think of new questions to ask. We need to start using an approved model for preliminary estimates on real applications. (b) (5) Bates suggested to me that now's the time to get S-2 to call McMillan. Could you do that? Also - FYI - you asked about how we plan to announce the renewable delay. The press release is being cleared today with PA. We hope to have something by COB tomorrow or Wed. Steve
Frantz, David Corrigan, Richard FW: LGs Thursday, August 09, 2007 8:11:37 AM
Dick, When you get in we, need to discuss this? -----Original Message----From: Hill, David R. Sent: Wednesday, August 08, 2007 10:49 PM To: Isakowitz, Steve; Kupfer, Jeffrey Cc: Frantz, David Subject: Re: LGs One other thing on the LG front that we need to be thinking about -- what amount of authority do we anticipate wanting to ask for in the FY09 budget? This hasn't been a part of the budget talks to date, at least to my knowledge, but will need to become part of the FY09 discussions at some point. ----- Original Message ----From: Hill, David R. To: Isakowitz, Steve; Kupfer, Jeffrey Cc: Frantz, David Sent: Wed Aug 08 22:03:04 2007 Subject: Re: LGs I think the next steps are for us just to finish writing the rule to reflect our recent discussions and then submit it to OMB. Lisa initiated the discussion of how soon OMB and Treasury could review the rule and get commments back to us -- basically OMB said after Labor Day. Frankly, I don't think that is too unreasonable, and doubt we'd get a different result even if we did. I think given Lisa's new position, she will take as an action item relating the schedule and any other appropriate info to the Congressional staff, at least on the Senate side. You and she can talk about who should talk to whom up on the Hill, as well as when. drh ----- Original Message ----From: Isakowitz, Steve To: Hill, David R.; Kupfer, Jeffrey Cc: Frantz, David Sent: Wed Aug 08 19:56:10 2007 Subject: RE: LGs David, That sounds promising. Thanks for the feedback. Beyond submitting the rule to OMB, what do you see as the next step? Below is my understanding who has the ball on the following issues. Let me know if you see it differently. 1. (b) (5)
(b) (5)
I'm off to OMB tomorrow to discuss our pre-application selection process and plans to provide a credit subsidy estimate table to the invited applicants. . Steve _____________________________________________ From: Hill, David R. Sent: Wednesday, August 08, 2007 7:24 PM To: Kupfer, Jeffrey; Isakowitz, Steve Subject: LGs Just wanted to let you know that I had a pretty good discussion on loan guarantees late this afternoon with Lisa E., Neel K., Kevin Carroll and Austin Smythe. Bottom line is that I don't think a principals' meeting this week is necessary. That was everybody else's view as well. That's not to say that we have complete agreement on everything because we don't. (b) (5) I believe the other pending issues can be addressed or resolved one way or another. It's certainly possible they won't be and I anticipate other issues will come up once OMB and Treasury review the draft preamble and rule text. So, it's possible that a principals' meeting still will be necessary in early September. But I don't think one would be helpful or appropriate now, given our meeting this afternoon. I said that we would try to submit the rule to OMB for review by COB on Friday. drh
Frantz, David Corrigan, Richard FW: Loan Guarantee - (b) (5) conversation Tuesday, September 02, 2008 1:39:39 PM

______________________________________________ From: Sent: To: Colyar, Kelly Tuesday, September 02, 2008 1:19 PM Frantz, David RE: Loan Guarantee - (b)
Subject:
(5)
conversation
Interesting. Of first note: No, we do not customarily publish the credit subsidy model. The next steps as I understand them are: 1. (b)
(5)
_____________________________________________ From: Sent: To: Frantz, David Tuesday, September 02, 2008 1:13 PM Colyar, Kelly FW: Loan Guarantee - (b)
Subject:
(5)
conversation
FYI

______________________________________________ From: Sent: Epifani, Lisa Tuesday, September 02, 2008 12:25 PM
To:
Kupfer, Jeffrey; Ingols, Adam; Isakowitz, Steve; Frantz, David; Hill, David R. Loan Guarantee - (b)
Subject:
(5)
conversation
(b) (5)
Lisa E. Epifani Assistant Secretary Congressional and Intergovernmental Affairs United States Department of Energy Tel: 202.586.5450 Fax: 202.586.4891 lisa.epifani@hq.doe.gov
Frantz, David Hurlbut, Brandon FW: Meeting today 48C Friday, July 30, 2010 5:10:00 PM
FYI David G. Frantz US Department of Energy

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov _____________________________________________ From: Frantz, David Sent: Friday, July 30, 2010 4:37 PM To: Silver, Jonathan Cc: McCrea, Jim; Richardson, Susan; Wright, Morgan; Arigbede, Kimberley Subject: Meeting today 48C
I now remember the caveat that was discussed. Our proposal was accepted with the provision that language should be added to the solicitation consistent with our rulemaking that the (b) (5)
We need to check this language against our rule which I will undertake with Susan and the staff. David G. Frantz US Department of Energy
From: To: Subject: Date: Attachments: Importance:
Frantz, David Colyar, Kelly FW: Model Monday, May 12, 2008 2:24:49 PM 050808 LGPO Credit Subsidy Cash Flow Model vs.xls High

From: Corrigan, Richard Sent: Friday, May 09, 2008 2:03 PM To: Krauss, Lori Cc: Schmitzer, David; Frantz, David Subject: FW: Model Importance: High As per previous e-mail. This is the actual model.
From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Friday, May 09, 2008 10:01 AM To: Schmitzer, David; Corrigan, Richard Cc: Frantz, David Subject: Model Importance: High All, Please find attached the latest version of the credit subsidy cashflow model. It is password protected. Thanks, Brian
Brian Oakley Scully Capital 1133 15th Street, NW Suite 900 Washington, DC 20005 (202)775-3434 (o) (202)775-6049 (f)
Frantz, David Colyar, Kelly FW: Moody"s LossCalc Friday, August 08, 2008 12:05:22 PM

______________________________________________ From: Sent: To: Oliver, Lawrence Friday, August 08, 2008 11:39 AM Frantz, David FW: Moody's LossCalc
Subject:
FYI
______________________________________________ From: Sent: To: Cc: Ku, Ruth Friday, August 08, 2008 11:37 AM Hill, David R. Oliver, Lawrence; Boswell, Wade RE: Moody's LossCalc
Subject:
David, I talked to Kelly Colyar from the LGPO and asked her to forward to me (so I can send on to you) the latest draft of the (b) (5) (as I assume it has been updated since I last saw it). The (b) (5) goes into that brief explanation which you have seen and shows frames of LossCalc and how it is used to calculate credit subsidy cost. I will forward to you as soon as Kelly forwards to me. Kelly is checking with Dick Corrigan as to whether the LGPO has anything else that goes into a more substantive explanation. If they don't have something now, the LGPO could probably put something together for your purpose and are inquiring as to what is your timeframe for turnaround. Please let me know. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
_____________________________________________ From: Sent: To: Cc: Hill, David R. Friday, August 08, 2008 11:08 AM Ku, Ruth Oliver, Lawrence; Boswell, Wade RE: Moody's LossCalc
Subject:
Hmm. I have been tasked to put together something brief, explaining to folks (b) (5) why it is that DOE thought/thinks the Loss Calc system is a good one for incorporation into the credit subsidy model. I'd hope that considering the long-time advocacy by the LGPO for using that program, there is a halfway intelligible explanation/description somewhere of what the program is and why the LGPO thinks it is suitable for the DOE loan guarantee program. That is what I need.
_____________________________________________ From: Sent: To: Cc: Ku, Ruth Friday, August 08, 2008 11:04 AM Hill, David R. Oliver, Lawrence; Boswell, Wade RE: Moody's LossCalc
Subject:
David, I will ask the LGPO for the latest draft of the (b) (5) , as well as about any power point slides on the specific issue. I have only an earlier draft of the (b) (5) , which I marked up with comments. But, even with the (b) (5) , there is not much detailed discussion (other than that paragraph I sent to you) about the rationale for choosing Moody's LossCalc. Will get back to you to let you know what I'm able to find out. Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Subject:
Ruth - Thanks for this info. Can you also get to me the (b) (5) referred to in your e-mail, as well as any power point slides, etc. that you might have in which the case is made for using this model, and explaining how it would be used in our calculations? Electronic would be best, but I'll take paper as well. I'm trying to respond to some (b) (5) for info. Thanks.
_____________________________________________ From: Sent: Ku, Ruth Friday, August 08, 2008 9:18 AM
To: Cc:
Hill, David R. Oliver, Lawrence; Boswell, Wade FW: Moody's LossCalc
Subject:
Dear David, As per your email from this morning, please see the email below from Kelly Colyar, the credit subsidy cost analyst in the LGPO. The section on the reasoning for selecting LossCalc is taken from the(b) (5) (b) (5) n the Credit Subsidy Cost model, a copy of which I believe OMB has been provided. Sorry for not forwarding the below email earlier to you, as I had forwarded it first to Larry to eyeball to get his read as to whether the explanation supplied by the LGPO below would be technically sufficient for your purposes. In any event, we are supplying to you now, and do let us know if you would like for us to get more information from the LGPO for you. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
______________________________________________ From: Sent: To: Cc: Colyar, Kelly Wednesday, August 06, 2008 5:28 PM Ku, Ruth Corrigan, Richard; 'Brian Oakley'; Seward, Lachlan RE: Moody's LossCalc
Subject:
Ruth, Please see the text below regarding the superiority of LossCalc. Please let me know if you need any additional information. Regards, Kelly
(b) (5)
(b) (5)
_____________________________________________ From: Sent: To: Corrigan, Richard Wednesday, August 06, 2008 4:40 PM 'Brian Oakley'; Colyar, Kelly FW: Moody's LossCalc
Subject:
Brian as I remember you guys had already provided a pretty good explanation for this in the Credit Subsidy methodology paper. Mind if I use it?
______________________________________________ From: Sent: To: Cc: Ku, Ruth Wednesday, August 06, 2008 3:21 PM Corrigan, Richard Oliver, Lawrence; Boswell, Wade Moody's LossCalc
Subject:
Dear Dick, As a follow up to our brief call earlier this afternoon, would you please send to us, in a paragraph or so, the rationale for why the Moody's LossCalc model was selected as the best tool for the LGPO to use in calculating credit subsidy cost? Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Frantz, David Colyar, Kelly FW: Moody"s LossCalc Friday, August 08, 2008 12:04:30 PM
FYI

______________________________________________ From: Sent: To: Oliver, Lawrence Friday, August 08, 2008 11:18 AM Frantz, David FW: Moody's LossCalc
Subject:
David-FYI. See below. Any thoughts?

From: Sent: To: Cc: Hill, David R. Friday, August 08, 2008 11:08 AM Ku, Ruth Oliver, Lawrence; Boswell, Wade RE: Moody's LossCalc
______________________________________________
Subject:
Hmm. I have been tasked to put together something brief, (b) (5) it is that DOE thought/thinks the Loss Calc system is a good one for incorporation into the credit subsidy model. I'd hope that considering the long-time advocacy by the LGPO for using that program, there is a halfway intelligible explanation/description somewhere of what the program is and why the LGPO thinks it is suitable for the DOE loan guarantee program. That is what I need.
Subject:
David, I will ask the LGPO for the latest draft of the (b) (5) , as well as about any power point slides on the specific issue. I have only an earlier draft of the (b) (5) , which I marked up with comments. But, even with (b) (5) , there is not much detailed discussion (other than that paragraph I sent to you) about the rationale for choosing Moody's LossCalc. Will get back to you to let you know what I'm able to find out. Ruth Ruth Ku Attorney Advisor U.S. Department of Energy
Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Subject:
Ruth - Thanks for this info. Can you also get to me the (b) (5) referred to in your e-mail, as well as any power point slides, etc. that you might have in which the case is made for using this model, and explaining how it would be used in our calculations? Electronic would be best, but I'll take paper as well. I'm trying to respond to some WH requests for info. Thanks.
_____________________________________________ From: Sent: To: Cc: Ku, Ruth Friday, August 08, 2008 9:18 AM Hill, David R. Oliver, Lawrence; Boswell, Wade FW: Moody's LossCalc
Subject:
Dear David, As per your email from this morning, please see the email below from Kelly Colyar, the credit subsidy cost analyst in the LGPO. The section on the reasoning for selecting LossCalc (b) (5) a copy of which I believe OMB has been provided. Sorry for not forwarding the below email earlier to you, as I had forwarded it first to Larry to eyeball to get his read as to whether the explanation supplied by the LGPO below would be technically sufficient for your purposes. In any event, we are supplying to you now, and do let us know if you would like for us to get more information from the LGPO for you. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Subject:
(b) (5)
Subject:
Subject:
Dear Dick, As a follow up to our brief call earlier this afternoon, would you please send to us, in a paragraph or so, the rationale for why the Moody's LossCalc model was selected as the best tool for the LGPO to use in calculating credit subsidy cost?
Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Frantz, David Pelican, Eleni; Tobin, Daniel FW: Need a Written Request to Use the DOE Logo Monday, April 21, 2008 1:07:49 PM
Let's come up with our own logo for crying out loud!!!!

______________________________________________ From: Sent: To: Ku, Ruth Monday, April 21, 2008 11:50 AM Frantz, David FW: Need a Written Request to Use the DOE Logo
Subject:
Dear David, Please see the email below from Ralph Freedman of the Office of Management, Administrative Services regarding the process for obtaining authorization for the use of the DOE logo on the Credit Subsidy Cash Flow Model Report. This request must go thru a concurrence process in MA. Someone from your office needs to respond to the questions listed below. It is advisable to start the process now even though the report is still in draft to better ensure that authorization for use of the logo will be obtained by the time the report goes final. Please be sure to specify the timeframe within which you need the authorization. MA will try to accommodate your timeframe. Ralph also mentioned to me that if you anticipate use of the logo in serial reports or categories or classes of reports, you may also wish to do an advance jumbo request for authorization to use the logo for these reports, including reports sent to Congress (e.g., implementation plan, annual reports required under Title XVII, etc.). But, if you also do this, you may want to keep the credit subsidy report request separate from this jumbo request so as not to hold up the former request. Hope this helps. Let me know if you have any questions. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
______________________________________________ From: Sent: To: Cc: Freedman, Ralph Monday, April 21, 2008 11:33 AM Ku, Ruth Angjeli, Ilir Need a Written Request to Use the DOE Logo
Subject:
Hello Ruth, Thank you for taking the time to talk with me regarding the approval process to use the DOE logo. In order to process a request to use the DOE logo we need to have an understanding as to what it's usage will be, and why this is an appropriate usage of the logo. This is a request for permission to use the logo, so the approvers need a good understanding of why it should be used and what content it is associated with. It is best if a DOE Federal employee makes the official request. Please have someone respond to these questions, and have the response sent to me, my contact information is at the bottom of my message. Note that only what is in the written request can be considered, and verbal conversations or non-written input will not be included. 1) How will the logo be used? On a brochure; on a banner at a booth; as part of a sponsors slide show? We need to know as best as possible where and how it will be placed/used, and what content it is associated with. 2) Why is it appropriate for the logo to be there? Is DOE a sponsor of the event? Is this official DOE information being published? What is the connection between having the DOE logo and the content/usage? The DOE logo is an implied or explicit endorsement of what it is associated with, why should it be endorsing this usage/event? 3) When is the conference/meeting/event/report? Is there any urgency in delivery of the files (if approved)? What are the desired timeframes you would like? 4) Who are you, and what is your involvement with this request? Who do we contact if we have further questions? 5) Are you interested in the color DOE logo, or the Black & White or 1-color logo? Is there a preferred file format? You may view the DOE logo at: http://management.energy.gov/administrative_services/DOE_Logo.htm If you have any questions or need assistance please contact me. Thank you, Ralph Freedman Media Production Specialist Office of Administrative Management and Support U.S. Department of Energy 1000 Independence Ave., SW Washington, DC 20585 (202) 586-2832
Frantz, David Colyar, Kelly FW: Outstanding 1705 issue Monday, September 28, 2009 1:47:12 PM

From: Frantz, David Sent: Monday, September 28, 2009 1:40 PM To: Rogers, Matt; Spinner, Steve; Schultz, Douglas Subject: RE: Outstanding 1705 issue Matt,
(b) (5)

From: Rogers, Matt Sent: Monday, September 28, 2009 9:33 AM To: Spinner, Steve; Schultz, Douglas; Frantz, David Subject: FW: Outstanding 1705 issue what do you think?
Matt Rogers Senior Advisor to the Secretary of Energy for Recovery Act Implementation US Department of Energy 1000 Independence Avenue, 7th Floor Washington, DC 20585 202 586 1989
From: Carroll, J. Kevin [mailto:J._Kevin_Carroll@omb.eop.gov] Sent: Thursday, September 24, 2009 3:48 PM To: Rogers, Matt Cc: Krauss, Lori Subject: Outstanding 1705 issue
(b) (5)
(b) (5)
. We would propose the following, which generally follows the allocation sent over by Steve Isakowitz.
(b) (5)
Does this work for you? Before % of Credit avaliable funds subsidy Renewables in process 1705 renewable Large Trans FIPP Generation FIPP Mfg FIPP Small trans additional & contingency Total Proposal % of Credit avaliable funds subsidy Proposed Final % of Credit avaliable funds subsidy Renewables in process 1705 renewable Large Trans all FIPP
(b) (5)
(b) (5)
additional & contingency
From: To: Subject: Date: Importance:
Frantz, David Schultz, Douglas FW: Proposed List of Discussion Points Tuesday, October 27, 2009 11:14:01 AM High
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Whitcombe, Nicholas Sent: Tuesday, October 27, 2009 8:52 AM To: Cestari, Kenneth Cc: Frantz, David; Richardson, Susan Subject: RE: Proposed List of Discussion Points Importance: High Ken, lets chat. I am stuck at my cave this morning waiting for a couch delivery - (b) (6) I'm not sure the response comes through as the DOE wanting to be constructive. Comments: 1.
(b) (5)
We should get any comments back to Todd this AM, and make sure GPC gets it ASAP. The Secretary will call Southern only after this is released. Nick
-----Original Message----From: Alexander, Todd E. [mailto:TAlexander@chadbourne.com] Sent: Monday, October 26, 2009 9:36 PM To: Whitcombe, Nicholas; Cestari, Kenneth; Paul Ameer; Travis Dunbar; Frantz, David; Richardson, Susan Cc: Fitzgerald, Peter; Berson, Scott Subject: Proposed List of Discussion Points
All, BELOW PLEASE FIND A DRAFT EMAIL RESPONSE TO GPC. PLEASE NOTE THAT IN PREPARING THIS,
(b) (5)
===================================================================== We have reviewed the revised draft of the term sheet for the DOE/GPC financing. Rather than re-circulating a new draft of the term sheet, we thought it would make sense, from an efficiency standpoint, to first reach a meeting of the minds on what we believe to be the most significant issues raised by GPC's revised term sheet. Accordingly, below please find a summary of these points (in no particular order), together with DOE's position regarding them: 1. GPC's Proposal: (b) (4)
DOE Position: (b) (5)
2.
GPC Proposal: (b) (4) DOE Position: (b) (5)
3.
GPC's Proposal: (b) (4)
4. GPC Proposal: (b) (4) DOE Position:
(b) (5)
5. GPC Proposal: (b) (4) DOE Position: (b) (5)
6. GPC Proposal: (b) (4)
7. GPC Proposal: (b) (4) . DOE Position: (b) (5) 8. GPC Proposal: (b) (4) DOE Position: (b) (5) 9. GPC Proposal: (b) (4) DOE Position: (b) (5) 10. GPC Proposal:(b) (4) DOE Position: (b) (5)
Todd E. Alexander Chadbourne & Parke LLP 30 Rockefeller Plaza, New York, NY 10112 tel 212-408-5269 | fax 646-710-5269 talexander@chadbourne.com<mailto:talexander@chadbourne.com> | http://www.chadbourne.com<http://www.chadbourne.com/> vCard: http://www.chadbourne.com/vcard/talexander.vcf Please consider the environment before printing this email.
________________________________ This e-mail, and any attachments thereto, is intended only for use by the addressee(s) named herein and may contain legally privileged and/or confidential information. If you are not the intended recipient of this e-mail, you are hereby notified that any dissemination, distribution or copying of this e-mail, and any attachments thereto, is strictly prohibited. If you have received this e-mail in error, please notify me by replying to this message and permanently delete the original and any copy of this e-mail and any printout thereof. For additional information about Chadbourne & Parke LLP and Chadbourne & Parke, a multinational partnership, including a list of attorneys, please see our website at http://www.chadbourne.com
Richardson, Susan Silver, Jonathan; Frantz, David; Lane, Jeff; Hanson, Christopher; Hurlbut, Brandon Offner, Julie; Winters, Matthew FW: Reply to Feinstein et al re Title XVII Wednesday, October 20, 2010 6:54:38 PM Feinstein 69937 09-30-2010_2.doc
I have marked proposed changes in the attached that seek to implement Jonathans requested changes.
(b) (5)
susan
From: Offner, Julie Sent: Wednesday, October 20, 2010 3:36 PM To: Richardson, Susan; Lane, Jeff; Silver, Jonathan; Hanson, Christopher; Hurlbut, Brandon; Frantz, David Subject: RE: Reply to Feinstein et al re Title XVII
Susan,IamattachingthedraftfromOMB.(b) (5)

From: Richardson, Susan Sent: Wednesday, October 20, 2010 3:31 PM To: Offner, Julie; Lane, Jeff; Silver, Jonathan; Hanson, Christopher; Hurlbut, Brandon; Frantz, David Subject: RE: Reply to Feinstein et al re Title XVII
(b) (5)
I also have not seen the letter and would need to to comment. What is our process?
From: Offner, Julie Sent: Wednesday, October 20, 2010 3:08 PM To: Lane, Jeff; Silver, Jonathan; Richardson, Susan; Hanson, Christopher; Hurlbut, Brandon; Frantz, David Subject: RE: Reply to Feinstein et al re Title XVII
Onitsway
From: Lane, Jeff Sent: Wednesday, October 20, 2010 2:52 PM To: Silver, Jonathan; Offner, Julie; Richardson, Susan; Hanson, Christopher; Hurlbut, Brandon; Frantz, David Subject: RE: Reply to Feinstein et al re Title XVII
CanCIgetacopyoftheOMBdraft?Itsnotattachedhere.
From: Silver, Jonathan Sent: Wednesday, October 20, 2010 2:39 PM To: Offner, Julie; Richardson, Susan; Hanson, Christopher; Hurlbut, Brandon; Lane, Jeff; Frantz, David Subject: RE: Reply to Feinstein et al re Title XVII
(b) (5)
The letter should address those points. Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov
From: Offner, Julie Sent: Wednesday, October 20, 2010 1:59 PM To: Silver, Jonathan; Richardson, Susan; Hanson, Christopher Cc: Frantz, David; Otness, Chris; Shikany, Ann Subject: FW: Reply to Feinstein et al re Title XVII
All,Thiscameinlateyesterday,andIforgottoforwarditaroundthisa.m.(b) (5) Letmeknowifyouhaveanycomments.Julie

From: Pfeiffer, John R. [mailto:John_R._Pfeiffer@omb.eop.gov] Sent: Tuesday, October 19, 2010 6:18 PM To: Frantz, David; Offner, Julie
Cc: Saad, Fouad P. Subject: Reply to Feinstein et al re Title XVII
Julie and Dave, We have prepared a response to the attached letter of September 30, 2010, from Sen. Feinstein and other members of the CA delegation to Acting Director Zients and Secretary Chu. Our attached response is based largely on one that we prepared to an earlier letter sent only to OMBs Director that has been cleared through our policy officials and the Directors Office. We plan to use this letter as a stock response (suitably modified as necessary) for other Congressional letters that address OMBs role in the Loan Guarantee Program. As is customary with dual recipient letters, we invite any comments you might have before we send out our response. DOE should also continue to seek concurrence with OMB on letters being sent to the Hill. Our management would like to get this out later this week, so we would ask for your comments by 3PM Wednesday if possible. Regards, Fouad Saad and John Pfeiffer
Frantz, David Seward, Lachlan FW: Requested Materials Monday, June 09, 2008 7:41:11 AM 060608 Cumulative Default Rates Ltr and Attachments vs.pdf
FYI

From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Friday, June 06, 2008 10:47 PM To: Krauss, Lori; Frantz, David; Isakowitz, Steve Cc: Corrigan, Richard; Colyar, Kelly Subject: RE: Requested Materials
Lori, Heres is the information Sarah requested on the default curves. Would you mind forwarding? Thanks and have a good weekend. - Brian Brian Oakley Scully Capital 1133 15th Street, NW Suite 900 Washington, DC 20005 (202)775-3434 (o) (202)775-6049 (f)
From: Krauss, Lori A. [mailto:Lori_A._Krauss@omb.eop.gov] Sent: Thursday, June 05, 2008 8:13 AM To: Brian Oakley; Frantz, David; Isakowitz, Steve Cc: Corrigan, Richard; Colyar, Kelly Subject: RE: Requested Materials Thanks.
From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Wednesday, June 04, 2008 5:57 PM To: Krauss, Lori A.; Frantz, David; Isakowitz, Steve Cc: Corrigan, Richard; Colyar, Kelly Subject: Requested Materials Importance: High
Lori, Please find attached the materials you requested on the Credit Subsidy Estimation approach. Ive included: Column graphs showing how the credit ratings were adjusted for anomalies and averaged Notes on credit considerations for different technologies (matrix form in 11X17 & 11 X 8.5) Table illustration of the direct loan approach for constructing cash flows for the CSC. Hopefully, these address what you were looking for. If there is anything else we can provide, please let me know. Thanks, Brian Brian Oakley Scully Capital 1133 15th Street, NW Suite 900 Washington, DC 20005 (202)775-3434 (o) (202)775-6049 (f)
From: Krauss, Lori A. [mailto:Lori_A._Krauss@omb.eop.gov] Sent: Wednesday, June 04, 2008 11:06 AM To: Frantz, David; Isakowitz, Steve Cc: Brian Oakley; Corrigan, Richard; Colyar, Kelly Subject: RE: 060308 Recovery Rating Methodology Mem_LKrauss rev Per our earlier conversation, staff can meet at 3pm tomorrow over here to discuss. Does this work for you? Thx.
From: Frantz, David [mailto:David.Frantz@hq.doe.gov] Sent: Wednesday, June 04, 2008 8:56 AM To: Krauss, Lori A.; Isakowitz, Steve Cc: boakley@scullycapital.com; Corrigan, Richard; Colyar, Kelly Subject: 060308 Recovery Rating Methodology Mem_LKrauss rev Lori,
(b) (5)
Very best, Dave
Silver, Jonathan Winters, Matthew; Wright, Morgan; Frantz, David; Nwachuku, Frances; Barwell, Owen LaVera, Damien Fw: S1 request Tuesday, October 04, 2011 5:38:26 PM
Fyi Let's discuss tomorrow.

From: SCHU Sent: Tuesday, October 04, 2011 05:29 PM To: LaVera, Damien; Barwell, Owen Cc: Navin, Jeff; Silver, Jonathan; Leistikow, Dan; Hurlbut, Brandon Subject: RE: S1 request
Damien, Thanks. I spoke with Own Barwell today as well.
(b) (5)
Steve
Steven Chu Department of Energy -----Original Message----From: LaVera, Damien Sent: Tuesday, October 04, 2011 12:00 PM To: SCHU
Cc: Navin, Jeff; Silver, Jonathan; Leistikow, Dan; Hurlbut, Brandon Subject: FW: S1 request Mr. Secretary -In the car back from this morning's speech, you requested data from the loan program about credit subsidy scores. Attached is a spreadsheet they prepared with this broken down by loan program and by individual project. Damien
Frantz, David Corrigan, Richard; Tobin, Daniel FW: Slides for Poster Boards Thursday, November 29, 2007 11:07:23 AM 112807 Slides for Blow Up_David Franz_tabloids Vs.pdf
Let's discuss.

From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Wednesday, November 28, 2007 12:54 PM To: Frantz, David Cc: Corrigan, Richard; Larry Scully Subject: Slides for Poster Boards Dave, These have been created in 11x17 templates so Im not sure if they will print for you. If it proves difficult, Ill send down our color print-outs, so you will have a sense of how they will look. I believe we can enlarge these to 36 x 48 which is a little bigger than the boards weve used in the past. In any event, the attached .pdf file contains 3 slides: (1) Example Project Structure with the Financial Structuring Guidelines on the left hand side; (2) Application Process Overview (showing the 3 Stages in detail); and (3) Credit Subsidy Scoring Process (reflecting our latest discussions with OMB). Each of these slides is presenting a number of complex concepts, so I expect well need to iterate some more to strike the right balance b/w enough detail & too much complexity. Hopefully, were in the right ballpark We can get together to discuss changes and so forth once youve had a chance to look them over. I hope you like them. Best regards, Brian
(b) (5)
(b) (5)
(b) (5)

(b) (5) (b) (5)
(b) (5)
(b) (5)
Frantz, David Isakowitz, Steve; Miller, Neile Faith, Jayne; Seward, Lachlan FW: subsidy run assumptions Thursday, June 12, 2008 2:47:57 PM 061108 Subsidy exercise for LK.xls
FYI regarding potential impacts for the NE sector.
(b) (5)

From: Frantz, David Sent: Thursday, June 12, 2008 12:34 PM To: Krauss, Lori Subject: FW: subsidy run assumptions FYI

From: Corrigan, Richard Sent: Thursday, June 12, 2008 12:27 PM To: Frantz, David Cc: Colyar, Kelly Subject: FW: subsidy run assumptions Here are Nancy's numbers.
(b) (5)
Let me know if you want me to forward this info to Lori.
From: Nancy Palma [mailto:npalma@scullycapital.com] Sent: Wednesday, June 11, 2008 12:26 PM To: Corrigan, Richard Cc: Colyar, Kelly; Brian Oakley Subject: RE: subsidy run assumptions Dick, Ive attached the results of the modeling run for a nuclear project with a 5 year construction/interest
capitalization and 30 year payout. Would you like me to forward it along to Lori as well? Best, Nancy From: Corrigan, Richard [mailto:Richard.Corrigan@hq.doe.gov] Sent: Wednesday, June 11, 2008 10:31 AM To: Nancy Palma Cc: Colyar, Kelly Subject: RE: subsidy run assumptions Thanks Nancy, these look pretty good.
(b) (5)
I think Lori also wanted a nuclear project so if you can run a 5 year construction period with a 30 year pay out that would be helpful as well.
From: Nancy Palma [mailto:npalma@scullycapital.com] Sent: Wednesday, June 11, 2008 10:13 AM To: Corrigan, Richard Cc: Brian Oakley Subject: subsidy run assumptions Dick, Brian asked me to forward along to you the underlying assumptions of the credit subsidy calculator runs we conducted the day before last (the results of which were contained in a table that I believe he sent to you): Loan Amount: $1 Million Duration of Loan Repayment Period and LGPO Guarantee: 20 Years Interest Rate: 5% Repayment Method: Level Payments Payment Structure of Disbursements & Repayments: Annual Timing of Disbursements & Repayments: Beginning of Period First Disbursement (in first period): $500,000 Second Disbursement (in second period): $500,000 No interest capitalization or interest only periods Recovery Delay: 1 year I think that pretty much covers it. If Ive missed anything or you have any questions, dont hesitate to call or email Brian or me. Have a great day. Best, Nancy
Frantz, David Epifani, Lisa; Isakowitz, Steve; Hill, David R.; Krauss, Lori; Miller, Neile Corrigan, Richard; Pelican, Eleni FW: Talking Points 1% CBO scoring Tuesday, April 29, 2008 7:41:47 AM
Please see comments from our expert on this subject. These are the very arguments I made to the CBO on Dec. 7th and subsequently to both Senate and House Appropriations Subcommittees Energy and Water senior staff on Jan 16 and 17 respectively. (b) (5)
Dave

From: Corrigan, Richard Sent: Monday, April 28, 2008 6:39 PM To: Frantz, David; Pelican, Eleni Cc: Jordan, Wesley Subject: FW: Talking Points 1% CBO scoring See addition below.
From: Corrigan, Richard Sent: Monday, April 28, 2008 6:18 PM To: Frantz, David; Pelican, Eleni Cc: Jordan, Wesley Subject: RE: Talking Points 1% CBO scoring In response to Lisa's questions. 1. (b)
(5)
2. (b)
(5)
(b) (5)
From: Frantz, David Sent: Monday, April 28, 2008 7:30 AM To: Corrigan, Richard; Pelican, Eleni Subject: FW: Talking Points 1% CBO scoring FYI

From: Epifani, Lisa Sent: Friday, April 25, 2008 5:59 PM To: Hill, David R.; Frantz, David; Isakowitz, Steve Subject: RE: Talking Points 1% CBO scoring
(b) (5)
From: Hill, David R. Sent: Friday, April 25, 2008 5:51 PM To: Epifani, Lisa; Frantz, David; Isakowitz, Steve Subject: RE: Talking Points 1% CBO scoring These talking points look fine to me. I don't know the factual basis behind some of the assertions here. But from the legal perspective and from the perspective of consistency with Title XVII and the regulations, this paper looks good.
From: Epifani, Lisa Sent: Friday, April 25, 2008 3:25 PM
To: Frantz, David; Isakowitz, Steve; Hill, David R. Subject: RE: Talking Points 1% CBO scoring
What is the status on clearing TPs internally to share? Lisa E. Epifani Assistant Secretary Congressional and Intergovernmental Affairs United States Department of Energy Tel: 202.586.5450 Fax: 202.586.4891 lisa.epifani@hq.doe.gov
From: Frantz, David Sent: Friday, April 25, 2008 10:36 AM To: Epifani, Lisa; Miller, Neile; Faith, Jayne; Oliver, Lawrence; Myers, Edward Cc: Pelican, Eleni; Corrigan, Richard Subject: Talking Points 1% CBO scoring See attached talking points. GC has not formally cleared.
Offner, Julie Duong, Hai Frantz, David FW: Touching Base Tuesday, October 04, 2011 3:25:29 PM
Hai, Punted on their previous request except for indicating that when a LG has been finalized, it has closed and money obligated. Today, gave GAO the list of projects that crossed the finish line, and told them that we have not obligated any of the 1703 credit subsidy. Can you provide the answers to the list of questions below? Recognize that any information released will have to be approved. Regards, Julie
We would like a list of --the credit subsidy obligated for each of the closed loan guarantees under this section (assuming that a conditional commitment does not constitute and obligation), --the amount used for administration and overhead, and --the amount that is not obligated and is to be returned to the Treasury. We want to get the final numbers after obligations from this appropriation conclude at the end of the fiscal year.
From: Scott, John P [mailto:ScottJP@gao.gov] Sent: Tuesday, October 04, 2011 2:56 PM To: Offner, Julie Cc: Van Arsdale, Lisa; Springer, Karla J Subject: RE: Touching Base
Julie, Just checking in on when you could provide the information below for the end of the fiscal year and the Sec. 1705 program? In addition to the questions below, here is another one: Have any of the funds appropriated in the 2011 continuing appropriations act for Sec. 1703 credit subsidies been obligated? Thanks, John Scott
|----------------------------------------------------------------------| |JohnP.Scott,SeniorAnalyst |NaturalResourcesandEnvironmentTeam |U.S.GovernmentAccountabilityOffice(GAO) |441GStreetNW,Room2T23A |Washington,DC20548 |(202)512-8068;Email:scottjp@gao.gov |http://www.gao.gov/ |----------------------------------------------------------------------|
From: Offner, Julie [mailto:Julie.Offner@hq.doe.gov]
Sent: Thursday, September 22, 2011 4:36 PM To: Scott, John P Cc: Van Arsdale, Lisa; Springer, Karla J Subject: RE: Touching Base
John, I will work on getting the credit subsidy obligated for each transaction and any surplus. Closing is the obligating event. As far as administrative costs, will check with Hai Duong, our budget officer. Mojave Solar has closed and now obligated. Money may not change hands at the closing, but there would be conditions precedent to first and subsequent draws. (b) (5) Regards, Julie
From: Scott, John P [mailto:ScottJP@gao.gov] Sent: Thursday, September 22, 2011 3:52 PM To: Offner, Julie Cc: Van Arsdale, Lisa; Springer, Karla J Subject: RE: Touching Base
Hi Julie, There is one request I would like to put in for after the end of the fiscal year on Sept. 30. We need to update the information we have on the extent to which the appropriation for loan guarantee credit subsidies under Section 1705 have been obligated before expiring at the end of fiscal year 2011. We would like a list of --the credit subsidy obligated for each of the closed loan guarantees under this section (assuming that a conditional commitment does not constitute and obligation), --the amount used for administration and overhead, and --the amount that is not obligated and is to be returned to the Treasury. We want to get the final numbers after obligations from this appropriation conclude at the end of the fiscal year. Also, this the latest of your news announcements: "September 13, 2011, Energy Department Announces $1.2 Billion Loan Guarantee to Support California Concentrating Solar Power Plant Project Will Fund More Than 900 Jobs and Deploy Innovative Technologies Expected to Drive Down Cost of Solar Installations Washington D.C. U.S. Energy Secretary Steven Chu today announced the Energy Department finalized a $1.2 billion loan guarantee to Mojave Solar LLC for the development of the Mojave Solar Project (MSP). When complete, the 250MW solar generation project located in San Bernardino County, California will increase the nations currently installed concentrating solar power (CSP) capacity by approximately 50 percent. Abengoa Solar Inc., the project sponsor, estimates it will fund more than 900 construction and permanent operations jobs." Questions: --This announcement and others uses the term "finalized"--does this mean that this loan guarantee has been closed and the funds mentioned are obligated? --Are there any more announcements after this one? Thanks for all your help. John Scott, GAO
-----Original Message----From: Offner, Julie [mailto:Julie.Offner@hq.doe.gov] Sent: Friday, September 16, 2011 11:23 AM To: Scott, John P Subject: Re: Touching Base John, Thanks for the update. Let me know about any questions. Suggest that we schedule exit conference after 9-30. Folks are focused on closings. Regards, Julie ----- Original Message ----From: Scott, John P [mailto:ScottJP@gao.gov] Sent: Friday, September 16, 2011 08:09 AM To: Offner, Julie; Van Arsdale, Lisa <VanarsdaleL@gao.gov> Cc: Springer, Karla J <SpringerK@gao.gov> Subject: RE: Touching Base Julie Thanks for checking in. Yes, we are writing the report. We will want to do an exit conference in two or three weeks, but I will have a better idea when we have had some internal reviews later this month--will let you know as soon as possible. We may be getting back to you with follow-up questions at any time. John ________________________________________ From: Offner, Julie [Julie.Offner@hq.doe.gov] Sent: Thursday, September 15, 2011 6:09 PM To: Scott, John P; Van Arsdale, Lisa Subject: Touching Base John and Lisa, Wanted to make sure that you had everything you needed. Assume that you are busy writing the draft report. Do you have a time frame for the statement of facts? Would like to give my management a heads-up if possible. Regards, Julie
Frantz, David Duong, Hai FW: Updated Credit Subsidy Chart and CLosing Schedule Wednesday, September 14, 2011 12:08:00 PM

Director, Loan Programs Office Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov _____________________________________________ From: Winters, Matthew Sent: Wednesday, September 14, 2011 11:57 AM To: 'boakley@scullycapital.com'; Frantz, David Cc: McCrea, Jim (CONTR) Subject: Updated Credit Subsidy Chart and CLosing Schedule
Brian and DaveCan you please send me as soon as possible an updated Credit Subsidy usage chart (Brian) and an up-to-date project closing schedule (Dave)? Thanks very much.
Matt Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy (o) 202.287.6262 (c) 202.407.2400 matthew.winters@hq.doe.gov
Frantz, David Duong, Hai FW: Updated Program Underwriting Criteria and Credit Subsidy Estimation Methodology Wednesday, January 02, 2008 1:02:21 PM 123107 Program Underwriting Guidelines and CS Estimation Report changes accepted vs.pdf
FYI

From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Tuesday, January 01, 2008 5:29 PM To: Corrigan, Richard; Frantz, David Cc: Larry Scully Subject: Updated Program Underwriting Criteria and Credit Subsidy Estimation Methodology Dave & Dick, Please find attached the Program Underwriting Criteria and Credit Subsidy Estimation Methodology. We have made updates based on Dicks input and Lori Krausss comment regarding OMBs interest in the shadow rating methodology. In our review, we made a series of changes and (b)
(5)
Given the breadth of the material covered, it may be a good idea to hold the document a few more days and get David and Oves input. A Let me know what you think in terms of delivery timing and well stand by for changes and so forth. Thanks and Happy New Year, Brian
Frantz, David Schmitzer, David; Westerheim, Ove Corrigan, Richard FW: Updated Program Underwriting Criteria and Credit Subsidy Estimation Methodology Wednesday, January 02, 2008 10:43:24 AM 123107 Program Underwriting Guidelines and CS Estimation Report changes accepted vs.pdf
You both need to look at this with Dick and me. Thanks

From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Tuesday, January 01, 2008 5:29 PM To: Corrigan, Richard; Frantz, David Cc: Larry Scully Subject: Updated Program Underwriting Criteria and Credit Subsidy Estimation Methodology Dave & Dick, Please find attached the Program Underwriting Criteria and Credit Subsidy Estimation Methodology. We have made updates based on Dicks input and Lori Krausss comment regarding OMBs interest in the shadow rating methodology. In our review, we made a series of changes and (b)
(5)
Given the breadth of the material covered, it may be a good idea to hold the document a few more days and get David and Oves input. A Let me know what you think in terms of delivery timing and well stand by for changes and so forth. Thanks and Happy New Year, Brian
Frantz, David Silver, Jonathan Whitcombe, Nicholas; Cestari, Kenneth FW: Vogtle Gate 2 Subsidy Estimates Thursday, January 14, 2010 1:31:45 PM
Do you want these set up for your signature or mine?

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Whitcombe, Nicholas Sent: Thursday, January 14, 2010 12:54 PM To: Frantz, David; Cestari, Kenneth Subject: RE: Vogtle Gate 2 Subsidy Estimates
So a letter goes out. WHO signs it? Said another way, who is accountable.
From: Frantz, David Sent: Thursday, January 14, 2010 12:53 PM To: Whitcombe, Nicholas; Cestari, Kenneth Subject: FW: Vogtle Gate 2 Subsidy Estimates
FYI

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Colyar, Kelly T. [mailto:Kelly_T._Colyar@omb.eop.gov] Sent: Thursday, January 14, 2010 12:46 PM To: Frantz, David; Silver, Jonathan Cc: Saad, Fouad P.; Lyberg, Sarah A.; Stein, Nora Subject: RE: Vogtle Gate 2 Subsidy Estimates
Dave, Per our conversations this morning at DOE, please see below the revised correct language (b) (5) ). Please let me know if you have any questions.
(b) (5)
Thanks.
From: Colyar, Kelly T.
Sent: Wednesday, January 13, 2010 5:02 PM To: 'david.frantz@hq.doe.gov'; 'Jonathan.Silver@hq.doe.gov' Cc: Saad, Fouad P.; Lyberg, Sarah A.; Stein, Nora; Mertens, Richard A.; Carroll, J. Kevin Subject: Vogtle Gate 2 Subsidy Estimates
Dave, Per our conversation earlier today, below are the (b) (5)
Please let me know if you have any questions. Thanks.
GPC:
Based on the Terms and Conditions negotiated between Georgia Power Company and the
(b) (5)
process.
proceeds through the due diligence, documentation and final credit underwriting
OPC:
(b) (5)
(b) (5)
MEAG SPV 1:
(b) (5)
MEAG SPV 2:
(b) (5)
(b) (5)
MEAG SPV 3:
(b) (5)
Frantz, David Whitcombe, Nicholas; Cestari, Kenneth FW: Vogtle Gate 2 Subsidy Estimates Thursday, January 14, 2010 8:29:59 AM
Let's pls release this AM.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Colyar, Kelly T. [mailto:Kelly_T._Colyar@omb.eop.gov] Sent: Thursday, January 14, 2010 8:20 AM To: Frantz, David Cc: jimmccrea@(b) (6) ; Saad, Fouad P. Subject: Re: Vogtle Gate 2 Subsidy Estimates Yes, per conversation with Jonathan yesterday, these can be released to the borrowers. To reiterate our discussion, this is the exact language that should be used. Thanks.
From: Frantz, David <David.Frantz@hq.doe.gov> To: Colyar, Kelly T. Cc: jimmccrea@(b) (6) <jimmccrea@(b) (6) Sent: Thu Jan 14 08:14:35 2010 Subject: RE: Vogtle Gate 2 Subsidy Estimates
>
Many thanks-may we now release them?

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Colyar, Kelly T. [mailto:Kelly_T._Colyar@omb.eop.gov] Sent: Wednesday, January 13, 2010 5:02 PM To: Frantz, David; Silver, Jonathan Cc: Saad, Fouad P.; Lyberg, Sarah A.; Stein, Nora; Mertens, Richard A.; Carroll, Kevin Subject: Vogtle Gate 2 Subsidy Estimates
Dave, Per our conversation earlier today, below are the (b) (5) . Please let me know if you have any questions.
Thanks.
GPC:
Based on the Terms and Conditions negotiated between Georgia Power Company and the
(b) (5)
process.
hrough the due diligence, documentation and final credit underwriting
OPC:
(b) (5)
MEAG SPV 1:
(b) (5)
MEAG SPV 2:
(b) (5)
MEAG SPV 3:
(b) (5)
(b) (5)
From: To: Cc: Date:
Silver, Jonathan Freund, Andrew Isakowitz, Steve; Frantz, David; "jimmccrea@(b) (6) Friday, October 29, 2010 10:04:26 PM
Andrew, I understand you have been in contact with Rick Mertens on the subject of the loan guarantee credit subsidy recovery rate. I appreciate your early involvement as this is indeed a serious issue. However, I think at this point that it makes sense for the loan programs office to take over responsibility for coordinating this activity. The topic has been the subject of many inter agency discussions and the NEC may decide to lead a review of the topic government wide. Even if it eventually focuses exclusively on the loan guarantee program, it will be most efficient, I think, for us to take the lead on it at this point. Thanks for your help. I'll get in touch with Rick and figure out the next steps from here. JS Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: To: Cc: Date:
Tobin, Daniel Wright, Morgan Frantz, David; Leong, Alvin Thursday, October 27, 2011 2:38:31 PM
Morgan, Here is the language. Thanks, Dan As of September 30, 2011, LGP had made $15 billion in loan guarantees to 30 projects under section 1705. It had not closed on any guarantees under section 1703. The closed guarantees used a credit subsidy of $1.9 billion in federal funds. LGP had pending conditionally commitments for an additional $___ billion for ___ more projectsX under section 1705 and X under section 1703. The 42 projects with commitments or closed guarantees represent 9 percent of the 460 applications received, for a total of about $30.2 billion in loan guarantees.
Frantz, David Isakowitz, Steve Meeting with David Hill Friday for Credit Subsidy Model demo! Wednesday, February 27, 2008 1:25:32 PM

Frantz, David Colyar, Kelly RE: Monday, December 15, 2008 8:24:32 AM
Totally agree. Thanks!

From: Colyar, Kelly Sent: Saturday, December 13, 2008 3:45 PM To: Frantz, David; Faith, Jayne Subject: RE: Hi Dave, Good point for the reasons we discussed Friday morning. I do want to be clear that the LGPO did not develop or contribute towards the S&P report. This was completely an S&P generated report based on their understanding of T17, FCRA, A-129, and A-11.
(b) (5)
Thanks.
From: Frantz, David Sent: Friday, December 12, 2008 4:01 PM To: Faith, Jayne; Colyar, Kelly Subject: FW:

From: Frantz, David Sent: Friday, December 12, 2008 2:06 PM To: Epifani, Lisa Subject: FW:
See Standard & Poors latest rating report on the program.
(b) (5)
Dave

Frantz, David Pegues, William RE: Monday, December 06, 2010 12:50:00 PM
Yes-I spoke at the same conference, he was extremely complimentary of the LGPO and its staff. Thanks

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Pegues, William Sent: Monday, December 06, 2010 12:24 PM To: Frantz, David Cc: Silver, Jonathan Subject: FW:
Dave, A contact at Shaw Consultants sent me the attached presentation that Earl Long of Southern Co. made at a recent nuclear finance conference. It documents the Vogtle deal. Of particular interest is the final slide (FMB = First Mortgage Bond, I assume): Top Ten Lessons Learned 10. DOE Loan Guarantee Office is professional and dedicated 9. DOE interested in credit risk and project completion 8. OMB, Dep. of Treasury, Congress, Administration and others involved 7. Credit subsidy cost is truly a reflection of risk of Borrower 6. Loan Guarantee Office more familiar with project finance structures 5. While not required by law, DOE will require a first lien 4. No FMB Indenture simplifies DOE first lien requirement 3. Interpretation of all Program Rules still developing 2. Corporate Communication effort is extensive 1. Resources, patience and fees are required Best, Bill
William Pegues Senior Investment Officer U.S. Dept. of Energy Loan Programs (202) 287-5386 - Direct (202) 525-8902 - Mobile william.pegues@hq.doe.gov
Frantz, David Silver, Jonathan RE: Wednesday, November 18, 2009 9:12:32 AM
Jonathan, We offer the following key issues you may wish to consider: 1.
(b) (5)
2.
(b) (5)
3.
(b) (5)
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Wednesday, November 18, 2009 7:00 AM To: Frantz, David Subject: Dave, It occurs to me that I may well be asked how to improve the program when I am up on the Hill this
afternoon. Can you pull together a list of the top four or five things we'd like to see changed? Please focus on things that would help get funds out the door faster and open up more investment areas. Also, what would help small business? Thanks, J
Frantz, David Silver, Jonathan RE: Friday, December 04, 2009 8:32:43 AM
We desperately need: 1.) (b) (5)
2.) (b) (5) 3.) (b) (5)
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Friday, December 04, 2009 7:52 AM To: Frantz, David Subject: I will be with sally eriksson this afternoon just to visit. If I had three "asks", what would they be? Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
Frantz, David Silver, Jonathan RE: Monday, June 21, 2010 4:31:00 PM
Jonathan,
(b) (5)
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Monday, June 21, 2010 12:44 PM To: Frantz, David; McCrea, Jim Subject: There is another memo required as an action item out of the recovery act review that took place several weeks ago. "By the end of June, LGPO will prepare a separate memo for OMB director Peter Orszag proposing criteria by which OMB will automatically approve LGPO deals without OMB review so long as those identified standards are met. This memo will be coordinated with the Recovery Team and CFO. Depending on the e product that is produced, this memo may be merged with the memo proposing organizational changes at OMB". I've attached a draft of the OMN memo.
(b) (5)
Some thoughts on deals that could be automatically approved:
(b) (5)
Thoughts?
Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov
Frantz, David Silver, Jonathan "jimmccrea@(b) (6) "; boakley@scullycapital.com RE: Tuesday, August 03, 2010 8:03:00 AM
After 15 months of hard negotiations on the credit subsidy model the BRD group in OMB came up with the number as a compromise position. (b) (5)
us.
. We will revisit all of this with Scully per your charge to
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Tuesday, August 03, 2010 2:01 AM To: Frantz, David Cc: 'jimmccrea@(b) (6) ' Subject: Dave, What exactly is the history of the (b) (5) decided what? J Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov ? How did we arrive at that number? Who
Frantz, David Silver, Jonathan "jimmccrea@(b) (6) RE: Thursday, October 28, 2010 4:38:00 PM
Agreed! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Thursday, October 28, 2010 3:41 PM To: Frantz, David Cc: 'jimmccrea@(b) (6) Subject: We need to run a preliminary guesstimate on the credit subsidy for stp before we lock in a deal. (b) (5) Let's discuss. Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
Frantz, David Corrigan, Richard RE: Friday, December 12, 2008 10:12:35 AM
Many thanks!

Hulihan, Terrence Frantz, David RE: 1705 Loan Closing Schedule.xlsx Thursday, August 11, 2011 1:50:03 PM
OK thanks.
From: Frantz, David Sent: Thursday, August 11, 2011 1:49 PM To: Hulihan, Terrence Subject: RE: 1705 Loan Closing Schedule.xlsx
Kelly adjusted some of the dates based upon when she picked them up we presume? Jim is okay with this as the differences are small and will not effect the overall scheme of things.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Hulihan, Terrence Sent: Thursday, August 11, 2011 12:00 PM To: Chaudhary, Nida (CONTR) Cc: Frantz, David Subject: RE: 1705 Loan Closing Schedule.xlsx
Not sure what is meant by date returned to LPO unless this is the date we receive the credit subsidy figure?
From: Chaudhary, Nida (CONTR) Sent: Thursday, August 11, 2011 11:41 AM To: Hulihan, Terrence Cc: Frantz, David Subject: RE: 1705 Loan Closing Schedule.xlsx
Dave, I was under the impression that the OMB Release Date was the date that LPO sent it to OMB, since this list is prepared for OMB. Which date are we actually trying to capture here? Should we capture both the date that we sent it to OMB, and the date it was returned to LPO? Nida Chaudhary Analyst IBM Global Business Services U.S. Department of Energy Loan Programs Office 1000 Independence Avenue, Room 4B-102 Washington, DC 20585 (202)586-2684
From: Hulihan, Terrence Sent: Thursday, August 11, 2011 11:19 AM To: Chaudhary, Nida (CONTR)
Cc: Frantz, David; Hulihan, Terrence Subject: RE: 1705 Loan Closing Schedule.xlsx
Jim McCrea launched it on Friday, July 29, 1:53 pm. If you are working off an OMB list then you can go with the OMB list as you normally do. I was just flagging the date that Credit launched it over to OMB. Thanks.
From: Chaudhary, Nida (CONTR) Sent: Thursday, August 11, 2011 11:12 AM To: Hulihan, Terrence Cc: Frantz, David Subject: RE: 1705 Loan Closing Schedule.xlsx
Apparently the change was made based on Kelly Colyars input. Do you think 8/1/11 the date that OMB returned it to LGP? Nida Chaudhary Analyst IBM Global Business Services U.S. Department of Energy Loan Programs Office 1000 Independence Avenue, Room 4B-102 Washington, DC 20585 (202)586-2684
From: Hulihan, Terrence Sent: Thursday, August 11, 2011 11:11 AM To: Chaudhary, Nida (CONTR) Cc: Hulihan, Terrence Subject: FW: 1705 Loan Closing Schedule.xlsx
NidaIf you are maintaining the attached chart for (b) (5) ). Thanks. Terry
From: Frantz, David Sent: Thursday, August 11, 2011 10:58 AM To: Abedin, Khalid; Cho, Martin; Cortes, Hernan; Doughtie, Britt; Duong, Hai; Fox, Lucian; Frantz, David; Fridell, Monique; Ghersi, Emilio; Hulihan, Terrence; Jefferis, Brian; Kelly, Matt; Lee, Daniel; Maceyras, Jorge; Kittell, Matthew; Mcdonald, Jack (CONTR); Miller, Bill; Nesic, Mladen; Parekh, Swaroop; Park, Michael; Pegues, William; Potasinski, Andrzej; Qayyum, Hassan; Repetti, Ted; Rios, Edward; Schultz, Douglas; Sexton, Robert; Shybut, Christopher; Stamos, John; Sumner, William; Tobin, Daniel; Whitcombe, Nicholas Subject: FW: 1705 Loan Closing Schedule.xlsx
Updated 1705 closing list as of today!
David G. Frantz
US Department of Energy
Nwachuku, Frances Winters, Matthew Wright, Morgan; Frantz, David RE: 2 OMB issues Thursday, October 27, 2011 10:05:10 AM
Just following up, below is OMB statutory authority. I am happy to provide updates if that is the arrangement between OMB and DOE. OMB Authority Circular A-129 Reviews legislation to establish new credit programs or modify existing credit programs; Monitors agency conformance with the Federal Credit Reform Act; Formulates and reviews agency credit reporting standards and requirements; Reviews testimony pertaining to credit programs and debt collection activities;
Reviews agency budget submissions for credit programs and debt collection activities; Develops and maintains the Federal credit subsidy calculator used to calculate the cost of credit programs; Formulates and reviews credit management and debt collection policy; Approves agency credit management and debt collection plans; Provides training to credit agencies;
Chairs the Federal Credit Policy Working Group (FCPWG) which provides advice and assistance to agencies in the formulation and implementation of credit/debt policy government-wide; Resolves interagency issues; Sets credit management and debt collection program priorities; and
Approves the asset management portions of the Chief Financial Officer Status Reports and Five Year Plans. Frances Frances I. Nwachuku
Director, Portfolio Management Division Loan Programs Office US Department of Energy 1000 Independence Avenue SW Washington, DC 20585 Direct: (202) 287-6738 Mobile: (202) 536-8980 Fax: (202) 287-5816
_____________________________________________ From: Winters, Matthew Sent: Wednesday, October 26, 2011 11:44 AM To: Nwachuku, Frances Cc: Wright, Morgan; Frantz, David Subject: 2 OMB issues Importance: High
Frances-
1. OMB is asking for a update on (b) (5) today. Is that something you an schedule with Kelly? 2. OMB informs me that there is to be a monthly update on the loan portfolio, and they are looking to schedule the first meeting and perhaps lay out a schedule going forward. Frances/Dave can you reach out to her to begin the dialogue on this? Thanks. Matt Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy (o) 202.287.6262 (c) 202.407.2400
matthew.winters@hq.doe.gov
Frantz, David Corrigan, Richard RE: Additional considerations for FY 2009 Thursday, January 22, 2009 8:08:59 AM
Many thanks!

From: Corrigan, Richard Sent: Wednesday, January 21, 2009 11:31 AM To: Frantz, David Cc: Faith, Jayne; Vawter, Linda Subject: Additional considerations for FY 2009 Dave, in addition to the points you raised this morning in the handout I would add the following: 1. (b)
(5)
2. (b)
(5)
3.
(b) (5)
(b) (6)
(b) (6)
(b) (6)
(b) (5)

(b) (6) (b) (6)
Frantz, David Isakowitz, Steve RE: Attorneys Will no longer attend LGPO staff meeting Thursday, June 05, 2008 7:35:48 AM
Steve: A quick update: Dan Tobin and I met last night at 5:00 PM with Warren Belmar, Larry Oliver, and Ed Myers. I had heard nothing definitive from GC all day on our priorities and obviously needed update. 1) GAO response: We will forward to them the latest version incorporating your suggested changes which we worked on yesterday afternoon. They will incorporate those changes in the previous draft they have been working on since late Friday. Ed Myers has this for action. 2) Solicitations: We have seen no updates from GC and were told they are incorporating David Hill's input which won't be completed until late Friday or Monday. 3) Credit subsidy model: We are confirmed to meet with OMB at 3:00 PM today to hopefully close the remaining issues on the model. We met with Lori yesterday and I think she will help to the extent possible with BRD. 4) Senate: CI and NE asked me to accompany Dennis Spurgeon to a Senate roundtable hosted by Sens. Voinovich and Carper on Nuclear Energy this AM. I understand a number of executives from the industry are invited to speak. Obviously there is nothing I can say at this point. I was not asked to have a speaking role and Dennis is limited to just a few minutes. I should be back about 10:30 AM. Tensions are running high with GC relative to deliverables. I will discuss with you when I return from the Hill. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Thursday, June 05, 2008 1:03 AM To: Frantz, David Subject: Fw: Attorneys Will no longer attend LGPO staff meeting Dave Let's talk in morning.... Steve ----- Original Message ----From: Hill, David R. To: Isakowitz, Steve Sent: Wed Jun 04 15:31:58 2008 Subject: Fw: Attorneys Will no longer attend LGPO staff meeting
FYI. I don't know what is going on here but will find out. Would appreciate you making an inquiry on your end as well. ----- Original Message ----From: Oliver, Lawrence To: Frantz, David Cc: Myers, Edward; Ku, Ruth; Boswell, Wade; Schmitzer, David; Belmar, Warren; Hill, David R. Sent: Wed Jun 04 12:43:26 2008 Subject: Attorneys Will no longer attend LGPO staff meeting
(b) (5)
Frantz, David "Gilbertson, John" RE: Catching up Thursday, July 03, 2008 11:04:39 AM
John, As you know we are required by Title VII to be self supporting. A substantial amount of work will be completed by the LGPO through the due diligence and approval process prior to issuing the conditional commitment. Hence the date of receipt for the fee. The fee may not count against the credit subsidy cost. They are two different fees for two entirely different purposes. One covers admin costs the other covers losses from potential defaults. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Gilbertson, John [mailto:john.gilbertson@gs.com] Sent: Wednesday, July 02, 2008 1:11 PM To: Frantz, David Subject: Re: Catching up Thanks Dave, I will call Linda. Please enjoy your leave period ! I do have a question in one respect that is more immediate, if you can reply on email. The Facility Fee (a large number, understandably) seems to be payable at a time when the DOE commitment is still cancellable by the Secretary "at any time, for any reason." 1. Are we misreading this? In a commercial market sense, it seemed to us "off-market" to pay the facility fee before the guarantor (or lender) is locked-in. 2. Also, will the Facility Fee count against the Credit Subsidy Cost? Thank you in advance for any guidance you can offer on these items, and please forgive me if I missed any of this in the actual Solicitation document With best regards, John G _______________ Goldman, Sachs & Co. 71 South Wacker Drive Suite 500 Chicago, IL 60606 Tel 312-655-4688 Fax 312-655-5771 Mobile 312-404-4688 john.gilbertson@gs.com
H. John Gilbertson Jr. Managing Director _______________
-------------------------Sent from my BlackBerry Wireless Device ----- Original Message ----From: Frantz, David <David.Frantz@hq.doe.gov> To: Gilbertson, John Sent: Wed Jul 02 11:12:01 2008 Subject: RE: Catching up John, Unforunately tomorrow is booked and I am then out on leave until the 16th. Please coordinate with Linda Vawter on my forward schedule toward the end of July. Many thanks, Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Gilbertson, John [mailto:john.gilbertson@gs.com] Sent: Wednesday, July 02, 2008 10:43 AM To: Frantz, David Subject: Catching up David, Please accept my congratulations on the issuance of the Solicitations. I know it remains a long road and a marathon. We would like to visit with you by phone fairly soon, if you can do so. Do you have any time on Thursday? Happy to call at the usual 7:00 a.m. time slot if you are reachable. Please advise, and thanks, John G, mobile 312 404 4688 -------------------------Sent from my BlackBerry Wireless Device
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Frantz, David Isakowitz, Steve RE: CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle Wednesday, June 04, 2008 2:07:09 PM
Steve, 1) We released the model update to Lori this AM including a meeting here, with the understanding we will have a follow-up meeting tomorrow or Friday. Suggest we wait until results OMB feedback until we draft a letter since we don't have all the facts yet. 2) The GAO letter(b) (5) some closure by COB today. and most of us are working on it presently, hope we can get . . Will have some .
3) I still have not met with GC on changes to the solicitations which (b) (5) Will try close this loop as well today. 4) (b) (5) update by tomorrow. 5) (b) (5) Will discuss all with you at end of the day. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Wednesday, June 04, 2008 11:34 AM To: Frantz, David Cc: Miller, Neile; Barwell, Owen Subject: FW: CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle Dave,
(b) (5)
Thanks, Steve
-----Original Message----From: Ingols, Adam Sent: Wednesday, June 04, 2008 6:43 AM To: Isakowitz, Steve Cc: Epifani, Lisa; Miller, Neile Subject: RE: CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle The Secretary is unavailable until next Tuesday at the earliest. So using this week to work it should not be a problem.
(b) (5)
-----Original Message----From: Isakowitz, Steve Sent: Tuesday, June 03, 2008 10:51 PM To: Ingols, Adam Cc: Epifani, Lisa; Miller, Neile Subject: Re: CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle Adam,
(b) (5)
Lisa - I don't know Domenici's timeline if we have time to work further with OMB... Steve ----- Original Message ----From: Isakowitz, Steve To: Ingols, Adam Sent: Mon Jun 02 18:35:18 2008 Subject: Re: CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle Sounds good but....
(b) (5)
Steve ----- Original Message ----From: Ingols, Adam To: Isakowitz, Steve Sent: Mon Jun 02 18:28:07 2008 Subject: FW: CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle Steve - (b) (5)
Thoughts? Adam ______________________________________________ From: Epifani, Lisa Sent: Thursday, May 29, 2008 6:11 PM To: Ingols, Adam Cc: Isakowitz, Steve; Miller, Neile; Frantz, David; Hill, David R. Subject: CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle Jim Bates supposedly told Scott O that it was his professional that we need (b) (5) They have not seen the credit subsidy model b/c it has not been finalized. I understand that is now final. Proposal--
(b) (5)
I think if we get this letter together, PVD would not need a meeting next week with Bodman and Nussle. Frankly, the meeting would simply be a request for this kind of letter so let's just do it now.
(b) (5)
Lisa
Frantz, David Epifani, Lisa; Ingols, Adam Isakowitz, Steve; Miller, Neile; Hill, David R.; Corrigan, Richard RE: CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle Friday, May 30, 2008 8:13:49 AM
Credit subsidy model is still not final with OMB. We are still refining the recovery curves with BRD.

_____________________________________________ From: Sent: To: Cc: Epifani, Lisa Thursday, May 29, 2008 6:11 PM Ingols, Adam Isakowitz, Steve; Miller, Neile; Frantz, David; Hill, David R. CBO - Loan G score issue - PVD meeting request w/ Bodman and Nussle
Subject:
Jim Bates supposedly told Scott O that it was his professional that we need (b) (5)
They have not seen the credit subsidy model b/c it has not been finalized. I understand that is now final. Proposal--
(b) (5)
I think if we get this letter together, PVD would not need a meeting next week with Bodman and Nussle. Frankly, the meeting would simply be a request for this kind of letter so let's just do it now.
(b) (5)
Lisa
Frantz, David Isakowitz, Steve; Epifani, Lisa; Miller, Neile; Lee, Terri; Belmar, Warren Pelican, Eleni; Corrigan, Richard RE: CBO Loan G - need help on reasons why the score is wrong Thursday, April 24, 2008 7:35:45 AM
We'll work on something today! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Thursday, April 24, 2008 12:12 AM To: Epifani, Lisa; Miller, Neile; Lee, Terri; Belmar, Warren; Frantz, David Subject: Re: CBO Loan G - need help on reasons why the score is wrong Dave - pls be sure I see this before this goes out. Thanks Steve ----- Original Message ----From: Epifani, Lisa To: Isakowitz, Steve; Miller, Neile; Lee, Terri; Belmar, Warren; Frantz, David Sent: Wed Apr 23 19:12:56 2008 Subject: CBO Loan G - need help on reasons why the score is wrong
(b) (5)
Can y'all please provide some ideas tomorrow morning - I will be happy to pull together the thoughts into one document and share it. Or if we need to have a short brainstorming call, we can set that up first. Lisa E. Epifani Assistant Secretary Congressional and Intergovernmental Affairs United States Department of Energy Tel: 202.586.5450 Fax: 202.586.4891 lisa.epifani@hq.doe.gov
(b) (5)

(b) (5) (b) (5) (b) (5)
(b) (5)
(b) (5) (b) (5)
(b) (5)
(b) (5)
In consultation with GAO
Frantz, David Silver, Jonathan RE: Conditional commitment Friday, February 19, 2010 9:58:21 AM
No Susan and Scott Harris are working on it.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Thursday, February 18, 2010 4:03 PM To: Frantz, David Subject: Fw: Conditional commitment How do you think we should handle this? Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Levy, Jonathan To: Utech, Dan; Silver, Jonathan Cc: Scharf, Katie Sent: Thu Feb 18 13:03:06 2010 Subject: FW: Conditional commitment
Did we ever resolve what we can/cannot say?

From: Baran, Jeff [mailto:Jeff.Baran@mail.house.gov] Sent: Thursday, February 18, 2010 1:01 PM To: Levy, Jonathan Subject: Conditional commitment
Hi Jonathan, Is there a finalized conditional commitment document for the Vogtle loan guarantee? Id like to get a copy whenever thats available. If its not yet available, Id like to know the agreed upon credit subsidy cost. Thanks, Jeff Baran Counsel Committee on Energy and Commerce
226-5864
Frantz, David Silver, Jonathan RE: CRB process Friday, May 28, 2010 9:10:00 AM
Thanks!

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Friday, May 28, 2010 9:05 AM To: Frantz, David; 'jimmccrea@(b) (6) Subject: Fw: CRB process
'; Seward, Lachlan; Richardson, Susan
Fyi Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: OConnor, Rod To: Harris, Scott Blake; Isakowitz, Steve; Johnson, Kristina; Poneman, Daniel Cc: Silver, Jonathan; Rogers, Matt; Koonin, Steven Sent: Fri May 28 09:01:53 2010 Subject: Re: CRB process I also think the discussion is valuable, but do not believe this will benefit the applicants because we will be sending confusing signals to the companies.
From: Harris, Scott Blake To: Isakowitz, Steve; Johnson, Kristina; Poneman, Daniel Cc: Silver, Jonathan; Rogers, Matt; Koonin, Steven; OConnor, Rod Sent: Fri May 28 08:43:17 2010 Subject: RE: CRB process
IagreethatweshouldgettogethertotalkthroughtheprocessbutIamthinkingthatweshould comeouttheotherway.(b) (5) (b) (5)
Scott Blake Harris General Counsel United States Department of Energy 1000 Independence Avenue, SW Washington, DC 20585 (202) 586-5281

From: Isakowitz, Steve Sent: Friday, May 28, 2010 8:41 AM To: Johnson, Kristina; Poneman, Daniel Cc: Harris, Scott Blake; Silver, Jonathan; Rogers, Matt; Koonin, Steven; OConnor, Rod Subject: RE: CRB process
IsecondKristinaonhersuggestion.(b) (5)
Steve
From: Johnson, Kristina Sent: Friday, May 28, 2010 8:07 AM To: Poneman, Daniel Cc: Harris, Scott Blake; Silver, Jonathan; Rogers, Matt; Koonin, Steven; OConnor, Rod; Isakowitz, Steve Subject: CRB process
DearDanandtheCRBTeamIhopeyouhaveagoodweekend.IaminSandiatoday,andwillbe meetingwithTomHunterontheoilspill,yuccamountain,andthenJuanTorresonmicro-grid briefing,andConstantinePavlakosonHPC,modelingandsimulation. IwouldliketoproposethatnextweekattheCRBwemeetinexecutivesessiontodiscussthe followingitems: 1).(b) (5) Reason:(b) (5)
Proposal:(b) (5)
2).(b) (5) ThankyouforconsideringthismodestproposalJyours,Kristina
Frantz, David Seward, Lachlan RE: Credit Committee Review of the Georgia Power Company application Friday, November 20, 2009 11:19:02 AM
Many thanks, Lach! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Seward, Lachlan Sent: Friday, November 20, 2009 9:22 AM To: Frantz, David Cc: Barwell, Owen; Miller, Neile; Westerheim, Ove; Hoffman, Jay; Richardson, Susan Subject: Credit Committee Review of the Georgia Power Company application Dave, The LGPO Credit Committee met on November 18, 2009 to review the program's presentation concerning Georgia Power Company's (GPC) participation in the Vogtle Project. The Committee was generally comfortable with the transaction as presented where GPC's participation represents a 45.7% undivided interest in the overall $13 billion Vogtle Project. Based on an excellent presentation by the LGPO team, GPC appears to be a well managed power company with strong credit behind it and established experience in power generation and development. We understand that the three other parties participating on an undivided interest basis (Oglethorpe Power Corporation, the Municipal Electric Authority of Georgia and the City of Dalton, Georgia) are being evaluated separately and that OMB approval of an indicative self pay credit subsidy for GPC is pending, among other things, based upon consideration of the credit of the other three undivided interest participants. While the Credit Committee did not vote on the transaction, it raised no further conditions to its approval should the credit of the other participants be found adequate and the issues described above be satisfactorily resolved. Sincerely, Lach Seward Chairman Credit Committee
Frantz, David Isakowitz, Steve Colyar, Kelly RE: Credit Model Wednesday, October 22, 2008 8:38:54 AM
No word from OMB as of last night. Lori was out of pocket as well. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Wednesday, October 22, 2008 1:42 AM To: Frantz, David Cc: Colyar, Kelly Subject: Credit Model Did OMB signoff? What's status?
Frantz, David "James C McCrea" RE: Credit Papers, Presentations and Processes Thursday, May 13, 2010 1:44:00 PM
Thanks!

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: James C McCrea [mailto:jimmccrea@(b) (6) ] Sent: Thursday, May 13, 2010 12:16 AM To: Frantz, David Subject: FW: Credit Papers, Presentations and Processes
Dave I sent this to my team and thought that it might be useful to you. Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
From: James C McCrea [mailto:jimmccrea@(b) (6) ] Sent: Thursday, May 13, 2010 12:15 AM To: 'Anthony Curcio'; Brian Oakley (boakley@scullycapital.com); Julie Stewart (StewartJulie@comcast.net); Karine Khatcherian (karinekhatcherian@yahoo.com); Paul Barbian (Barbian3015@gmail.com); Renee Sass (reneesass@comcast.net); Roger McDaniel (rogermcdaniel@optonline.net); Sandy Claghorn (sandra.claghorn@hotmail.com); Steve Fisher (sfisher@scullycapital.com) Subject: Credit Papers, Presentations and Processes
I have been reading a number of credit papers and presentations lately. That process is demonstrating that there is a lot of confusion and inconsistency as well as some bad habits on the part of the preparers. Since Credit review all of them, it really falls to us to help insure the overall quality and consistency so here are a number of thoughts and things to watch out for: 1. The font size should be at least 10 pt. There should be no use of 9 or 8 except perhaps, if it cant be avoided, in a footnote or in a note under a table. I am finding a lot of use of small fonts in sections 1 and 3 as people try to squeeze things in. That makes it awfully hard on the reviewers. I know that I find it very difficult to deal with fonts that small and I doubt that I am not alone.
2. When Jonathan laid out the appropriate signatories for the credit papers, his intention was to get the department heads signatures as a quality control measure. Some of the signature pages have become huge. My understanding is the heads of Legal (Richardson), Origination (Frantz), Technical (Kim), NEPA (McMillan) and Credit (McCrea) are all that are required. Credit staff dont need to have signature blocks nor do deal team members. 3. Jonathan would like the risk and recovery matrices presentation or summary pages to show the results to a single decimal points. He thinks, and I concur, that it is good to know the difference between a score of 4.5 and a score of 5.0 which at zero decimal places, both show as a 5. 4. As you work with deal teams and they are getting ready to prepare the risk and recovery matrices, please make sure that you check with Brian to insure that they are given the latest version. Having had to move risk and recovery matrixes into a new version, I know how time consumptive the process is and we should strive to keep the need for this to a minimum. 5. When Jonathan laid down the signature rule, the edict was that the signatures be on the credit papers before distribution to Credit Committee. This was intended to keep distributions from occurring before the quality control process had been completed and to insure that distribution did not take place until all the departments were on board. That seems to be being honored in the breach these days and we need to insure that the deal teams understand the check and balance role that Jonathan envisioned for the signatures. Note, since Susan is a member of Credit Committee, she does sign until after Credit Committee. 6. There was a discussion at a recent prebriefing, initiated by Susan, where Credit Committee indicated that it wanted to receive all the presentation pages that were to be sent to CRB. In particular, they wanted to see the policy page that had been in the CRB but not the Credit Committee presentations. We need to honor this request. Distributions to OMB and Treasury: 1. I try to generally make electronic distributions to OMB when the books are distributed to Credit Committee. This insures the maximum amount of time available for OMB review and leaves DOE least exposed to charges that it has not given OMB sufficient time before CRB to complete its review of the credit subsidy cost estimates. As we send more and more transactions to OMB, it will become increasingly important to keep to this schedule. If I am concerned about the Credit Committee process for a transaction, I may hold off on distribution to OMB until after Credit Committee has acted but I suspect that these occurrences will be rare. 2. Please insure that you provide be an electronic copy, preferably in a single e-mail, of the following documents for transmittal to OMB: a. Credit paper b. Term Sheet c. IE Report d. Marketing Report e. Transaction model f. Presentation (OMB version) g. Internal Risk Rating h. Recovery Rating 3. Please work with Brian so that he has the necessary inputs to the credit subsidy cost analysis sufficiently in advance of the Credit Committee distribution so that he
and Anthonys teams can prepared the OMB submittals in time for the distribution referenced above. 4. Origination makes the distribution to Treasury. The process is evolving so it would be best for you to advise the deal team leader that they are responsible for the distribution to Treasury, that it is intended that the distribution take place at the same time the materials are distributed to OMB (especially since we now brief both agencies in a single briefing and we seek to conduct the briefing as soon as possible after the distribution. Communications with OMB and Treasury 1. Given the (b) (5) with OMB and now with Treasury, (b) (5) Origination handles the interaction with Treasury and Credit handles the interaction with OMB and where OMB is lead for itself and Treasury. For example, it appears that they will be, on the (b) (5) transaction for the first time, giving us a joint set of questions. Credit will take the lead in managing the response process. Please route all responses to OMB through me. I will review them and revise them as necessary to fit within our strategy for dealing with OMB on each transaction. To further explain, the tight control, it is intended to insure that all of our responses are consistent (within a transaction and among transactions), to reduce the possibility of mistakes or communication which is insufficiently precise to withstand review by OMB, and to insure that the transaction is presented and discussed to OMB with one voice. 2. Please advise the deal teams of the process for communicating with OMB so there is not a process where someone jumps the gun and communicates directly before I have a chance to tell people how communication is controlled. Approval and Consultative Requirements for CRB 1. In light of the delay of the (b) (5) CRB, I have been told by a couple of people that they understand that there is a new policy on what needs to be completed with OMB and Treasury as a prerequisite for CRB. In fact, nothing has changed and there is no new policy. DOE endeavors to obtain OMB approval of the Gate 2 credit subsidy cost from OMB prior to CRB and to satisfy the requirements for consultation with treasury as well. We do not want to go to CRB before having conducted the full transaction briefing of OMB and Treasury. However, if in spite of our efforts, either OMB or treasury has not finished their work, that will generally not preclude taking the transaction to CRB. (b) (5) However, we have taken many transactions to CRB without having completed the OMB and Treasury processes. Internal Rate of Return Analysis 1. Owen Barwell of the CFOs office, who is on the Credit Committee, asks about the IRR to the equity on a levered and unlevered basis and I have committed to Owen that we will be make such calculations as a standard part of our process. Please discuss this calculation with Brian who has the best understanding of what Owen is looking for. Also, Owen looks to Credit for this analysis and in the past, has not accepted the analysis prepared by the deal team. Accordingly, please complete the analysis yourself or if the deal team or financial advisor prepares the analysis, proof it carefully so that you can give Owen the necessary assurances that Credit stands behind the analysis.
The process will change from time to time as the process evolves. I will endeavor to communicate such changes as they occur. However, I wanted to try to make sure that all of us are on the same page based on todays process. However, today, there is a lot of confusion. I wanted to give you a clear sense of the information above so that you can help advise the deal teams and help to allay some of the confusion. If you have any questions, please let me know. Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
Frantz, David Klein, Kim; Seward, Lachlan; Westerheim, Ove; Mates, Michael; Hanson, Christopher; Kittell, Matthew McCrea, Jim; "janthonycurcio@gmail.com"; "boakley@scullycapital.com" RE: Credit Policy Committee Thursday, June 03, 2010 7:33:00 AM
Tuesday good for me. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Klein, Kim Sent: Thursday, June 03, 2010 5:19 AM To: Seward, Lachlan; Frantz, David; Westerheim, Ove; Mates, Michael; Hanson, Christopher; Kittell, Matthew Cc: McCrea, Jim; 'janthonycurcio@gmail.com'; 'boakley@scullycapital.com' Subject: Re: Credit Policy Committee Tuesday works for me since I'll be there for audit meeting. ----- Original Message ----From: Seward, Lachlan To: Klein, Kim; Frantz, David; Westerheim, Ove; Mates, Michael; Hanson, Christopher; Kittell, Matthew Cc: McCrea, Jim; 'Anthony Curcio' <janthonycurcio@gmail.com>; Brian Oakley (boakley@scullycapital.com) <boakley@scullycapital.com> Sent: Wed Jun 02 17:51:19 2010 Subject: Credit Policy Committee All, With Jonathan Silver's blessing I would like to convene a meeting to attend to some housekeeping matters involving loan and loan guarantee budget and OMB issues involved in the ongoing administration of these transactions. In particular there are re-estimates and approvals of changes to policies and procedures, the credit model etc. which require our attention. As a starting point I would like to convene a meeting next Monday or Tuesday to discuss developing a charter for the committee and hear from all of you as to which items we may need cover. Please let me know your availability. Thanks,
Lach Lachlan W. Seward Director, Advanced Technology Vehicles Manufacturing Loan Program Department of Energy (202)586-3847
Frantz, David "Long, Earl C." RE: Credit Subsidy Cost Estimates Monday, January 25, 2010 8:17:56 AM
Earl, We'll take a look at this and try to get back with some explanation. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Long, Earl C. [mailto:eclong@southernco.com] Sent: Friday, January 22, 2010 4:42 PM To: Frantz, David Cc: Whitcombe, Nicholas; Nichols, Steven T. Subject: FW: Credit Subsidy Cost Estimates It would appear to Georgia Power that there must be something wrong or something we do not understand with regards to the credit subsidy cost estimate. My guess is either the .5% to 1.5% estimate is: 1) gross, not net, of the net present value spread to Treasuries of 3/8%, or 2) if in fact the estimate is net of the present value of spread to Treasuries, then we simply come up with results well below the estimate We would really like to discuss to make sure that we are not looking at it wrong, but below is our analysis that is quite different from the estimated subsidy cost provided. - Our analysis calculated the net present value of the 3/8% spread to Treasuries as equal to at least $160MM (4.6%) of the loan amount. The calculation used a 4.5% discount rate and applied the amortization schedule. - As a result, the gross subsidy cost would have to be 5.1%-6.1% to end up at a net subsidy cost estimate of .5%-1.5%. - We have done internal calculations that came up with gross subsidy estimates of .41% based on a Moody's study of regulated utility probabilities of default and recoveries. That would mean the cost estimate given to us (if in fact it is a net subsidy cost) is 12-15X higher than what we calculated internally. Our assumed recovery rate was 87% per the Moody's study. - We would have to assume a probability of default curve of BB- (assuming an 87% recovery rate) to get to subsidy cost estimates in the range of 5.1% to 6.1%. Even if you lower the recovery rate to 55% (which we do not agree with), the probability of default curve would still only be equal to a BBBcredit which is well below our current "A" rating. Something's not adding up - and it doesn't make sense to us. Please let me know if we can discuss. Sincerely, Earl Long -----Original Message-----
From: Whitcombe, Nicholas [mailto:Nicholas.Whitcombe@hq.doe.gov] Sent: Wednesday, January 20, 2010 12:59 PM To: Long, Earl C. Cc: Frantz, David; Nichols, Steven T. Subject: RE: Credit Subsidy Cost Estimates Earl, The credit subsidy estimate provided to Georgia Power factors in (subtracts) the net present value of the FFB spread. Nick -----Original Message----From: Long, Earl C. [mailto:eclong@southernco.com] Sent: Wednesday, January 20, 2010 11:02 AM To: Whitcombe, Nicholas Cc: Frantz, David; Nichols, Steven T. Subject: FW: Credit Subsidy Cost Estimates I have assumed that the net present value of the spread from the FFB loan would be subtracted from the attached estimate and this is a gross estimate of our credit subsidy cost and does not subtract the net present value spread of the FFB loan. Please confirm formally as to whether the attached estimate is gross or net of the net present value of an estimated spread for the FFB loan. Earl -----Original Message----From: Vawter, Linda [mailto:Linda.Vawter@hq.doe.gov] Sent: Friday, January 15, 2010 2:54 PM To: Long, Earl C. Cc: Frantz, David; Cestari, Kenneth Subject: Credit Subsidy Cost Estimates
Frantz, David Whitcombe, Nicholas; Cestari, Kenneth RE: Credit Subsidy Cost Estimates Friday, January 15, 2010 4:10:23 PM
Yep! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Whitcombe, Nicholas Sent: Friday, January 15, 2010 3:14 PM To: Frantz, David; Cestari, Kenneth Subject: Fw: Credit Subsidy Cost Estimates Here we go! ----- Original Message ----From: Higgins, Betsy <betsy.higgins@opc.com> To: Whitcombe, Nicholas Sent: Fri Jan 15 15:11:55 2010 Subject: FW: Credit Subsidy Cost Estimates Nick, This subsidy amount is A LOT higher than I was expecting! Approximately $100 million! I was expecting something around 50 bps - or around $15 million based on prior indications from the DOE. Is it reflective of just the up front amount or does it also include amounts that would be included as part of the spread? Betsy Higgins Chief Financial Officer Oglethorpe Power Corporation 2100 East Exchange Place Tucker, GA 30084 - 5336 770-270-7168 -----Original Message----From: Vawter, Linda [mailto:Linda.Vawter@hq.doe.gov] Sent: Friday, January 15, 2010 2:53 PM To: Higgins, Betsy Cc: Frantz, David; Cestari, Kenneth Subject: Credit Subsidy Cost Estimates
Frantz, David Ingols, Adam Isakowitz, Steve; Schreiber, Shannon RE: Credit Subsidy Cost Wednesday, March 19, 2008 1:11:34 PM
We can be there at 4:00PM!

_____________________________________________ From: Sent: To: Ingols, Adam Wednesday, March 19, 2008 12:42 PM Frantz, David Credit Subsidy Cost
Subject:
Dave - can you please call me as soon as you are available (6-9712)? I am hoping you can do a quick brief (nothing formal needs to be prepared) around 4pm for Jeff Kupfer on the credit subsidy cost. Thanks
Frantz, David Colyar, Kelly RE: Credit Subsidy Model Update Tuesday, September 23, 2008 2:25:16 PM
Excellent update! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Colyar, Kelly Sent: Tuesday, September 23, 2008 2:17 PM To: Isakowitz, Steve Cc: Frantz, David; Seward, Lachlan Subject: Credit Subsidy Model Update Steve, I wanted to give you a quick update on the status of discussions with OMB regarding technical aspects of the credit subsidy model. Our last meeting with OMB on this issue was on September 8. We have been waiting for comments from them on the model since that date, so that we can respond. We have also been unable to schedule a follow-up meeting and are now looking at Monday Sept. 29 at the earliest, but more likely Thursday Oct. 2 as possible dates. In all fairness, I would assume the current credit market issues have consumed much of OMB's attention. However, the delays in progress on the DOE model are now having a significant impact on our ability to respond to applicants. I have expressed our need to bring the model to conclusion. We will continue to work with OMB to resolve all outstanding issues as quickly as possible. However, at this point, we do not have a comprehensive list of concerns/issues that we need to address. Thus, I do not have a clear understanding of how much longer it will take to gain final approval of the model. Please let me know if I can provide any additional information. Kelly
Frantz, David "Gary.Burner@do.treas.gov" RE: Credit Subsidy Model Wednesday, October 03, 2007 2:57:48 PM
Yeah! Yeah! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Gary.Burner@do.treas.gov [mailto:Gary.Burner@do.treas.gov] Sent: Wednesday, October 03, 2007 2:43 PM To: Frantz, David Subject: RE: Credit Subsidy Model Busy? At the LGPO? What caused that? ________________________________ From: Frantz, David [mailto:David.Frantz@hq.doe.gov] Sent: Wednesday, October 03, 2007 2:19 PM To: Brian Oakley Cc: Corrigan, Richard; Seward, Lachlan; Burner, Gary; Sameer Parikh; Nancy Palma; Larry Scully Subject: RE: Credit Subsidy Model No we are all tied up here-let's schedule next week! thanks, Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov ________________________________ From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Wednesday, October 03, 2007 1:39 PM To: Frantz, David Cc: Corrigan, Richard; Seward, Lachlan; Gary.Burner@do.treas.gov; Sameer Parikh; Nancy Palma; Larry Scully Subject: Credit Subsidy Model Dave, We're very close on getting to "mechanical completion" on the credit subsidy cashflow model. At the moment, we're waiting on some information from Moody's and we're configuring the model output for OMB's CSC2. Looking ahead, we thought we should get together (prior to a meeting with OMB) to discuss how the model works and to think through the "notching" process for the LGD rates. This is an area where
considerable discretion could be applied, so we'll need some share some thoughts on how we calibrate the notching (simpler is probably better here). Does the team have any openings tomorrow morning or early afternoon? Thanks, Brian
Frantz, David "Sameer Parikh"; Corrigan, Richard (CONTR) "Brian Oakley" RE: Credit Subsidy Model Wednesday, October 17, 2007 4:06:16 PM
Sameer, We want Steve to sheperd this into OMB-we'll revert on how best to do it-thanks!

From: Sameer Parikh [mailto:sparikh@scullycapital.com] Sent: Wednesday, October 17, 2007 3:44 PM To: Corrigan, Richard; Frantz, David Cc: Brian Oakley; Sameer Parikh Subject: Credit Subsidy Model David, Richard: I am attaching the Credit Subsidy Model and documents about LossCalc. If it is easier, we can meet in person to show OMB the model, or do it over the phone. I am also attaching a version of the presentation we did on Thursday. If you have any questions, please do not hesitate to contact me. Thanks. Sameer
Sameer Parikh Senior Associate Scully Capital 1133 15th Street N.W., Suite 900 Washington, DC 20005 202-775-3434 - Voice 202-246-2617 - Cell 202-775-6049 - Fax
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(b) (5) (b) (5)
(b) (5)
Frantz, David Isakowitz, Steve RE: Credit Subsidy Model--US Treasury Discussions Wednesday, June 25, 2008 7:33:12 AM
Will do. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Wednesday, June 25, 2008 12:22 AM To: Frantz, David Subject: Fw: Credit Subsidy Model--US Treasury Discussions Dave - pls coordinate a mtg time w Lori Krauss. I plan to join you. ----- Original Message ----From: Epifani, Lisa To: Isakowitz, Steve; Frantz, David Sent: Tue Jun 24 23:57:06 2008 Subject: Re: Credit Subsidy Model--US Treasury Discussions I would be interested in listening in, but whatever y'all schedule is fine. If I can join, I will- but please don't factor me into scheduling- whatever works. ----- Original Message ----From: Isakowitz, Steve To: Albright, Bud; Frantz, David; Kupfer, Jeffrey; Hill, David R.; Epifani, Lisa; Miller, Neile Sent: Tue Jun 24 22:35:25 2008 Subject: Re: Credit Subsidy Model--US Treasury Discussions Also, I spoke with OMB about their desire to set-up a meeting or telecon with us to explain their position. The intent of the meeting is not to resolve this standoff but to make sure we understand the analytics behind their arguments. Bates and Beth Robinson plan to join. Please let me/Dave know if you want to participate. Steve ----- Original Message ----From: Albright, Bud To: Frantz, David; Kupfer, Jeffrey; Hill, David R.; Isakowitz, Steve; Epifani, Lisa Sent: Tue Jun 24 17:01:48 2008 Subject: RE: Credit Subsidy Model--US Treasury Discussions Thanks, Dave
________________________________ From: Frantz, David Sent: Tuesday, June 24, 2008 5:01 PM To: Kupfer, Jeffrey; Albright, Bud; Hill, David R.; Isakowitz, Steve; Epifani, Lisa Subject: Credit Subsidy Model--US Treasury Discussions
All,
We have fully briefed Gary Burner and his assistant, Pearl Buenvenida, this afternoon on the history and status of our negotiations with OMB as well as a complete update on the structure of the model and the subsidy payment implications under various scenarios. Gary indicates, subject to senior-level approval, that he can have an endorsement of the credit analysis approach to us as early as Monday.
We'll keep you apprised of developments.
Dave
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov
Frantz, David Silver, Jonathan; Duong, Hai Winters, Matthew RE: dashboard Tuesday, June 22, 2010 8:33:00 AM
We have been working on this and most of it we now have. We will have it together by COB. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Tuesday, June 22, 2010 8:26 AM To: Frantz, David; Duong, Hai Cc: Winters, Matthew Subject: dashboard We are going to need a "dashboard" of sorts for the next CRB meeting, which could be as early as this Thursday. By COB, I'd like to take a look at one that does the following: Shows what deals we have conditional commitments for; what energy sector they are in; how much they are for; whether they are 1703 or 1705; how much credit subsidy they use; total direct and indirect jobs created; total GHG emissions reduction; total MW created; approximate date expected to close Would like to show the deals over the next 60 days with the same information Breakdown of conditional commitments by sector Breakdown of conditional commitments plus next 60 days by sector Org chart Headcount (fed only, consultant only, both together) by month since Jan 2009 Number of possible deals in total pipeline by sector (buckets 1 and 2 only), including deals that just came in Anything else that will help crb members get their arms around what we are doing
Total Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900
email: jonathan.silver@hq.doe.gov
Frantz, David Tobin, Daniel RE: Definition of Commence Construction Wednesday, September 01, 2010 8:48:00 AM
Thanks!

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Tobin, Daniel Sent: Monday, August 30, 2010 2:23 PM To: Frantz, David Subject: Definition of Commence Construction Dave, This is my understanding of Commence Construction in regards to the 1705 program. Projects must not only receive a conditional commitment from DOE, but must close on the loan, receive their first disbursement and subsequently initiate construction by September 30, 2011. Because of the sunset provision, our authority to enter into guarantees under Section 1705 expires on September 30, 2011. The solicitation states: For purposes of the definition of 1705 Eligible Project, the term commence construction on or before September 30, 2011 means that the Borrower of such project has received all necessary licenses, permits and local and national environmental clearances necessary to proceed; has completed all preconstruction design and prototype testing; has engaged all required contractors and ordered all necessary essential equipment and supplies so that physical construction of such project has commenced or may commence on or before September 30, 2011. New construction projects must commence construction, existing but postponed or interrupted construction projects must resume construction or proceed to commercial operation, and projects involving upgrades, improvements or enhancements to an existing commercial operation must commence such activity to initiate any such upgrade, improvement or enhancement, in each case, on or before September 30, 2011. A 1705 Eligible Projects failure to commence construction on or before September 30, 2011 will adversely impact the availability of appropriated funds under the Recovery Act to cover the Credit Subsidy Cost for the project. In the event a 1705 Eligible Project is reasonably likely not to commence construction on or prior to September 30, 2011, the project may still proceed with the loan guarantee process under Section 1703 of Title XVII if the applicant pays the projects Credit Subsidy Cost in accordance with Section 1702(b)(2) of Title XVII. To facilitate 1705 Eligible Projects compliance with the September 30, 2011 deadline, DOE shall require as a closing condition to the Conditional Commitment and Loan Guarantee Agreement that the applicant agree to commence any new construction, resume construction or proceed to commercial operation, or commence such activity to initiate any upgrade, improvement or enhancement within 30 days of initial disbursement under a Loan Guarantee Agreement issued pursuant to Section 1705 but in no event later than September 30, 2011. If such commencement of construction does not occur, or is not reasonably likely to occur, on or before September 30, 2011, DOE (a) may terminate (i) the Loan Guarantee Agreement, or (ii) any Conditional Commitment, if a Loan Guarantee Agreement has not been entered into by September 30, 2011, in each of (a)(i) and (ii), without any further obligations to the applicant, or (b) may offer the option to the applicant to pay the Credit Subsidy Cost for its project at the closing.
Frantz, David Richardson, Susan RE: disclosure Friday, February 19, 2010 9:50:24 AM
Thanks David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Richardson, Susan Sent: Thursday, February 18, 2010 5:30 PM To: Frantz, David Cc: Cestari, Kenneth Subject: disclosure Importance: High this may be what you were alluding to - but katie Scharf from OGC called to say that Waxman's staff is looking for the Vogtle conditional commitments AND the credit subsidy numbers. I explained to Katie our views, as well as the status of the CS determination; but we have not heard the end of it. Susan S Richardson Chief Counsel, Loan Guarantee Program U.S. Department of Energy Phone: 202/586-2283
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Frantz, David Donatucci, Robert RE: Doe/credit/omb call today at 11:00 Tuesday, December 28, 2010 8:40:00 AM
Sure we can do it here. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Donatucci, Robert Sent: Tuesday, December 28, 2010 8:31 AM To: Frantz, David Subject: FW: Doe/credit/omb call today at 11:00 Dave, Do you want us to take this call in your office? Rob -----Original Message----From: Rossotti, Edward Sent: Tuesday, December 28, 2010 8:29 AM To: Maceyras, Jorge; Donatucci, Robert Cc: Seward, Lachlan; Frantz, David Subject: Doe/credit/omb call today at 11:00 202-395-6392 dial in 241 6830 code Jonathan, rod oconnor, jim mccrea etc had a follow up call last night and jonathan wanted all hands on deck for the follow call with omb today at 11:00. The credit guys (brian, anthony) will be on it, too. That means jorge, me and rob need to be on and jonanthan directed us to take "very detailed notes" on the call. The purpose of the call is for omb to hand off and explain their credit subsidy assumptions. This does not mean however that we will be adopting those assumptions, only that we need to understand them. plz put on your calendars
Frantz, David Belmar, Warren RE: DOE"s loan guarantee staff Wednesday, November 21, 2007 11:43:00 AM
Got it, thanks! Very Happy Thanksgiving! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Belmar, Warren Sent: Wednesday, November 21, 2007 11:20 AM To: Frantz, David Subject: FW: DOE's loan guarantee staff
Will you handle this? Warren Belmar Deputy General Counsel for Energy Policy U. S. Department of Energy, GC-70 1000 Independence Avenue, S.W. Washington, D.C. 20585 (Tel.) 202-586-6758 (Cell) 202-286-3422 (Fax) 202-586-4116 (E-Mail) Warren.Belmar@hq.doe.gov
-----Original Message----From: Barnett, Megan Sent: Wednesday, November 21, 2007 11:15 AM To: Belmar, Warren; Alexander, Alice; Frantz, David Subject: Fw: DOE's loan guarantee staff Can you help answer the question on the size of the office? Deadline is today for their weekly publication. Thanks in advance. I'm out of the office but available on my cell if it's easier to discuss. Thank you, Meg
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----- Original Message ----From: Loveless, Bill <Bill_Loveless@platts.com> To: Barnett, Megan
Sent: Wed Nov 21 11:01:36 2007 Subject: DOE's loan guarantee staff Meg: How large is DOE's loan guarantee staff? In October we reported, "DOE plans to assign 15 persons to its loan guarantee office, Barnett said. The office now has eight employees, including three on detail from the Treasury Department."
One of the editors from the nuclear pubs here interviewed a nuclear industry lawyer, who expressed concern over the size of the staff as well as uncertainty over what DOE considers "credit subsidy costs" to be.
Thanks. Bill
Bill Loveless Chief Editor Inside Energy, Inside EnergyEXTRA Platts, A Division of The McGraw-Hill Companies 1200 G St., N.W., 10th Floor Washington, D.C. 20005-3802 (202) 383-2240 Direct Dial (202) 383-2116 Fax bill_loveless@platts.com -------------------------------------------------------The information contained in this message is intended only for the recipient, and may be a confidential attorney-client communication or may otherwise be privileged and confidential and protected from disclosure. If the reader of this message is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, please be aware that any dissemination or copying of this communication is strictly prohibited. If you have received this communication in error, please immediately notify us by replying to the message and deleting it from your computer. The McGraw-Hill Companies, Inc. reserves the right, subject to applicable local law, to monitor and review the content of any electronic message or information sent to or from McGraw-Hill employee e-mail addresses without informing the sender or recipient of the message. --------------------------------------------------------
Frantz, David "James C McCrea" RE: Fed for OMB/FFB Call Thursday, March 04, 2010 2:04:08 PM
I'll be on!

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: James C McCrea [mailto:jimmccrea@(b) (6) Sent: Thursday, March 04, 2010 2:02 PM To: Frantz, David Subject: Fed for OMB/FFB Call ]
Do you have a view of whom might be the best Fed to join us on the OMB/FFB call tomorrow at 11AM to for a discussion of the proper FFB spread to use in calculating Gate 1 and Gate 2 Credit Subsidy Cost estimates? Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
Frantz, David "James C McCrea" RE: FFB Spreads Friday, June 18, 2010 7:32:00 AM
Will forward

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: James C McCrea [mailto:jimmccrea@(b) (6) Sent: Friday, June 18, 2010 1:03 AM To: Frantz, David Subject: FFB Spreads
Dave Proposed text for e-mail to Gary Burner re FFB Spread as he said that the request has to come from you and that my request of the other evening was not sufficient. I told him that I would draft language for you. Perhaps if you copy me on the e-mail to Gary, when he responds, he will do likewise. Gary As a follow-up to the discussion that you and Pearl had with Jim yesterday, DOE believes
(b) (5)
We need to provide updated cash flows to OMB for credit subsidy scoring purposes and rather than continuing to turn such cash flows with place holder FFB spreads, DOE is requesting the closing FFB spreads for these transactions. We appreciate the assistance that you and Pearl have given us in the closing process. Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
Frantz, David Silver, Jonathan RE: Final FY2012/EFA Discussion Memo Monday, June 28, 2010 4:54:00 PM
It is in the (b) (5) CRB books which were distributed on Friday. We will hand out hard copies along with the minutes of the previous meeting to be sure the members have it.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Monday, June 28, 2010 4:52 PM To: Frantz, David Subject: RE: Final FY2012/EFA Discussion Memo
Thanks for this. Will review. Where is the updated dashboard for the crb tomorrow? Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov
From: Frantz, David Sent: Monday, June 28, 2010 4:51 PM To: Silver, Jonathan Cc: Duong, Hai; Tobin, Daniel; McCrea, Jim Subject: RE: Final FY2012/EFA Discussion Memo
Jonathan, Hai and I have worked through the current and anticipated schedule over the next 8 months. These projects represent the full range including nuclear and fossil as well as the larger FIPP transactions. We expect to commit approx. projects in this time frame based upon the additional staffing and some streamlining of the processes and procedures. This number does not include the potential new projects under the expanded solicitations or extended solicitations. This equates to approx.(b) (5) per month. Our average renewable project loan guarantee request is approx.(b) (5) because of the larger CSP projects. At a commitment rate of (b) (5) per month at (b) (5) . Assuming a more conservative average loan guarantee size of (b) (5)
(b) (5)
The above paragraph indicates our best assumptions relative to the immediate and identified backlog. Relative to Steves basic questions: 1.
(b) (5)
We would be happy to further elaborate.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Friday, June 25, 2010 1:41 PM To: Frantz, David; Tobin, Daniel; McCrea, Jim Subject: FW: Final FY2012/EFA Discussion Memo
Id like you to work up a response to this. Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov
From: Isakowitz, Steve Sent: Friday, June 25, 2010 12:48 PM To: Silver, Jonathan Subject: Re: Final FY2012/EFA Discussion Memo Understood.
But just doing math. (b)
(5)
(b) (5)
- (b)
This leads to four questions:
(5)
- (b)
(5)
To me, this is the type of analytical effort that is needed and that OMB will demand. From me, I'm not arguing against the value of LGPO or the need for a more enhanced structure for the long term (eg, EFA). And frankly, I see that as less important in terms of where you'll get most challenged. Steve
From: Silver, Jonathan To: Isakowitz, Steve Sent: Fri Jun 25 07:19:21 2010 Subject: Re: Final FY2012/EFA Discussion Memo Good points all. That said, the reasons it has taken so long to get 1705 out are well known and not all relevant to the out year discussions. First, this was a start up. We needed to set up operations, bring folks on, etc. That work is now all done. Second, we have had a heck of a time with the review process. However, that intensity is written into the 1705 program, 1703 does not require it per se (I do understand that changing that will take time, but the oppty exists). Third, we have had to work our way through numerous projects we should never have worked on and that is behind us. We have new policies and procedures in place to make things go more smoothly. We have automated stuff, added people, refined communications with applicants, streamlined procurement and the nepa process, etc. I'm not sure folks realize how much has been done. That's on the processing side. We also now know how to do solicitations more effectively and have a creative approach in place to handle smaller transactions. All good. Your key point, I think, is why is this needed. I tried to address that in my longer memo. Not sure what you found lacking, but I will send you a Morgan Stanley paper from which much of the analysis was drawn. It speaks directly to the rationale for the loan programs.
(b) (5)
(b) (5)
Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Isakowitz, Steve To: Silver, Jonathan; Rogers, Matt Sent: Fri Jun 25 06:01:20 2010 Subject: RE: Final FY2012/EFA Discussion Memo
Jonathan, Sorry about the delay. Swamped with budget review. Actually, Im with my family at the beach today (first day of summer vacation and last day before camp starts). I think its a good paper but too long. If its purpose is to argue against KJs call to cut target funding, three points: 1) (b) (5)
For the purposes of getting something to KJ, Koonin, and Dan today, Id shop the paper in half (first half w/o EFA material), drop the reference to being zeroed (since that has not officially been put out there), and toss some data in on what (b) (5) buys and (b) (5) buys. Steve
From: Silver, Jonathan Sent: Wednesday, June 23, 2010 8:54 PM

To: Isakowitz, Steve; Rogers, Matt Subject: Fw: Final FY2012/EFA Discussion Memo Sorry, I think I may not have sent the final draft. Please read this one. Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Winters, Matthew To: Silver, Jonathan Sent: Wed Jun 23 19:44:08 2010 Subject: Final FY2012/EFA Discussion Memo
Attached.
<<EFA Memo (6-23 Final).doc>>
Winters, Matthew Duong, Hai; Silver, Jonathan; Frantz, David; Wright, Morgan RE: Final Section 1705 Numbers Friday, September 30, 2011 2:54:03 PM
-----Original Message----From: Duong, Hai Sent: Friday, September 30, 2011 12:26 PM Eastern Standard Time To: Silver, Jonathan; Frantz, David; Wright, Morgan; Winters, Matthew Subject: Final Section 1705 Numbers
Here is the final tally on the Section 1705 Program: Projects: 28 Total Loan Guarantee Face Value: $15.7 B Total Project Costs: $26.1 B Credit Subsidy Used: $1.9 B Avg. Credit Subsidy Percentage: (b) (5) Construction Jobs: 14,283 Perm Jobs: 2,483
Hai Duong Loan Guarantee Program Office Department of Energy 202-586-4319
Duong, Hai Gonzales Harsha, Marcos; Frantz, David; Hanson, Christopher; Johns, Christopher; Benson, Shalini; Chaudhary, Nida (CONTR) RE: Final(?) Update on LPO Subsidy Utilization Thursday, September 29, 2011 5:04:39 PM
Marcos, Your numbers match what we have. Hai -----Original Message----From: Gonzales Harsha, Marcos Sent: Thursday, September 29, 2011 4:26 PM To: Duong, Hai; Frantz, David; Hanson, Christopher; Johns, Christopher; Benson, Shalini; Chaudhary, Nida (CONTR) Subject: Final(?) Update on LPO Subsidy Utilization According to the accounting/budget execution folks, all Title 17 deals have now been processed and are just awaiting final closing. My calculations show that LPO will leave just (b) (5)
I would like to confirm these final numbers. The attached spreadsheet shows all the credit subsidies (apologies for the artifacts, I haven't yet cleaned up much). Can LPO validate this final number? Thanks, Marcos
Frantz, David Ku, Ruth; Colyar, Kelly Oliver, Lawrence; Boswell, Wade RE: Financing Subsidy Memo Tuesday, March 31, 2009 4:14:31 PM
So many thanks to all for this assistance! Dave

_____________________________________________ From: Sent: To: Cc: Ku, Ruth Tuesday, March 31, 2009 3:59 PM Colyar, Kelly Oliver, Lawrence; Frantz, David; Boswell, Wade Financing Subsidy Memo
Subject:
Dear Kelly, Attached is a copy of the financing subsidy memo that Larry has signed off on (see last page). Please note that this memo only covers the self-pay portion of the Title XVII loan guarantee program and does not address the calculation of credit subsidy paid for out of appropriated funds. Please let us know if you have any questions. Thanks, Ruth << File: Credit Subsidy Memo.PDF >> Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Wright, Morgan Leong, Alvin; Richardson, Susan; Winters, Matthew Tobin, Daniel; Frantz, David Re: Follow up for GAO Tuesday, November 01, 2011 8:49:21 PM
Per my prior email, finalized 3/25/11, approved 10/6/11.
From: Leong, Alvin Sent: Tuesday, November 01, 2011 08:43 PM To: Richardson, Susan; Wright, Morgan; Winters, Matthew Cc: Tobin, Daniel; Frantz, David Subject: Re: Follow up for GAO
I think they wish to ascertain that there's nothing inconsistent on this point in the manual. Also, they wish to know whether and when the manual was finalized and approved.
From: Richardson, Susan Sent: Tuesday, November 01, 2011 08:34 PM To: Leong, Alvin; Wright, Morgan; Winters, Matthew Cc: Tobin, Daniel; Frantz, David Subject: Re: Follow up for GAO
Wld be surprised if GAO has not already been provided a copy (unredacted). But agree that Charter is the relevant doc.
From: Leong, Alvin Sent: Tuesday, November 01, 2011 06:23 PM To: Wright, Morgan; Winters, Matthew Cc: Tobin, Daniel; Frantz, David; Richardson, Susan Subject: RE: Follow up for GAO
Can we not send GAO a FOIA-redacted copy of the CPP manual?
From: Wright, Morgan Sent: Tuesday, November 01, 2011 5:51 PM To: Winters, Matthew; Leong, Alvin Cc: Tobin, Daniel; Frantz, David Subject: RE: Follow up for GAO
Again, the CPP does not spell out the CRBs role and responsibilities, the CRB charter does. Having said that, I have reviewed the prior version of the CPP, dated March 5, 2009. It predates the May/June delegation cited in our draft of the Statement of Facts. Heres the relevant paragraph:
(b) (5)
(b) (5)
Ive highlighted the element that could be causing the confusion. (b) (5)
Ive also attached the current version of the CPP manual. Page2 and 5 discuss the CRBs role in approving loan guarantees. Keep in mind this is the entire version with Section 5 regarding Credit Subsidy Cost calculation. I dont believe this version should be sent to GAO without first obtaining their approval. Thanks, Morgan
From: Winters, Matthew Sent: Tuesday, November 01, 2011 4:42 PM To: Leong, Alvin; Wright, Morgan Cc: Tobin, Daniel; Frantz, David Subject: RE: Follow up for GAO Importance: High
Morgan/Dave-
(b) (5)
Have we provided GAO with a copy of the NEW policies/procedures manual? If we have not yet provided GAO with the new manual, do you have thoughts on whether we should or should not provide it at this time?
From: Leong, Alvin Sent: Tuesday, November 01, 2011 12:31 PM To: Wright, Morgan; Winters, Matthew Cc: Tobin, Daniel Subject: RE: Follow up for GAO
Have we provided a copy of the final manual? If not, can you provide it and inform them of the two dates below.
From: Wright, Morgan Sent: Tuesday, November 01, 2011 12:26 PM To: Winters, Matthew Cc: Leong, Alvin; Tobin, Daniel Subject: RE: Follow up for GAO
1. Not sure the policy manual is the correct document. I believe the amended CRB charter (attached) is more relevant. 2. The new manual draft was completed on March 25, 2011. It was actually signed on October 6, 2011. There were minor edits in that time, but nothing substantial. The primary reason for the delay was (b) (5)
Let me know if you have any other questions. Morgan
_____________________________________________ From: Winters, Matthew Sent: Tuesday, November 01, 2011 11:30 AM To: Wright, Morgan Cc: Leong, Alvin; Tobin, Daniel Subject: Follow up for GAO
MorganAfter you dropped off the call, GAO requested the following information, which is in your area of expertise: Evidence that the new credit policies and procedures manual does not contemplate CRB approval of each deal before it is accepted into due diligence (you will recall that GAO has identified such approval as a key step in our process, and we have conveyed to them that this was an original practice that was discontinued, at the CRBs direction, several years ago. 2. The date on which the new manual was finalized and the date on which it was formally approved (not sure exactly which of these dates they were asking about, or for what purpose specifically). Matt 1.
Frantz, David Duong, Hai RE: For Review by 1/4/11: S2 memo on OMB Q3 HPPG feedback Wednesday, December 29, 2010 7:55:00 AM
Looks fine to me.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Duong, Hai Sent: Tuesday, December 28, 2010 3:25 PM To: Frantz, David Subject: FW: For Review by 1/4/11: S2 memo on OMB Q3 HPPG feedback
Dave, The 3rd paragraph in the word document speaks to the nuclear power loan guarantees. Do you have any comments on it?
(b) (5)
From: Frantz, David Sent: Monday, December 27, 2010 7:59 AM To: Duong, Hai Subject: FW: For Review by 1/4/11: S2 memo on OMB Q3 HPPG feedback
FYI
David G. Frantz
US Department of Energy
Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: HPPG Sent: Thursday, December 23, 2010 2:53 PM To: Baker, Ken (NNSA); Cook, Don; Silver, Jonathan; Triay, Ines; Zoi, Cathy Cc: Tronstein, Rachel; Nassif, Robert; Moschetto, Thomas; Anderson, Cynthia; Beaudry-Losique, Jacques; Black, Steven (HQ); Chalk, Steven; Frantz, David; Hogan, Kathleen; Seward, Lachlan; HPPG; Gruenspecht, Howard; Buchholz, Tim; Ivy, Nahla; Jones, Geoffrey; Mwavua, Andrew; Bruner, Max; Hanson, Christopher; Heckenberg, Loraine; Joseph, Mark; MacDonald, Jennifer; Singleton, Greg Subject: For Review by 1/4/11: S2 memo on OMB Q3 HPPG feedback
Goal Leaders, Please find the enclosed draft memo from S2 to OMB (attached in Word) in response to OMB's December 1st, 2010 quarterly performance review of DOEs HPPGs memo (attached in PDF). Please review the attached Word document and provide any comments to us at hppg@hq.doe.gov before January 4th. Thank you, HPPG Team
Richardson, Susan Winters, Matthew; Hanson, Christopher; Nicolaus, Nicole; Frantz, David Grant, William; Hodges, Sven; Johns, Christopher; Isakowitz, Steve RE: FOR REVIEW: Wednesday, October 20, 2010 5:49:58 PM
(b) (5)
From: Winters, Matthew Sent: Wednesday, October 20, 2010 5:14 PM To: Hanson, Christopher; Nicolaus, Nicole; Richardson, Susan; Frantz, David Cc: Grant, William; Hodges, Sven; Johns, Christopher; Isakowitz, Steve Subject: RE: FOR REVIEW:
Jonathanwouldliketo(b) (5) Moreover,(b) (5)
From: Hanson, Christopher Sent: Wednesday, October 20, 2010 4:48 PM To: Nicolaus, Nicole; Richardson, Susan; Frantz, David; Winters, Matthew Cc: Grant, William; Hodges, Sven; Johns, Christopher; Isakowitz, Steve Subject: RE: FOR REVIEW: Importance: High
All, Myapologiesforthesturm und drangonthis.Hereisarevisedproposalperyourfeedback. Pleaseletmeknowifyouhaveanyadditionalcommentsoredits. Thanks,Chris

From: Hanson, Christopher Sent: Wednesday, October 20, 2010 10:45 AM To: Nicolaus, Nicole; Richardson, Susan; Frantz, David; Winters, Matthew Cc: Grant, William; Hodges, Sven; Johns, Christopher Subject: FOR REVIEW: Importance: High
All, Thisissueof(b) (5) Asyouknow,boththe SenateandHouseappropriationsbillcontainthefollowinglanguage: SEC. 310. None of the funds made available in this title may be used to make a final or conditional loan guarantee award unless the Secretary of Energy provides notification of the award, including the proposed subsidy cost, to the Committees on Appropriations of the Senate and the House of Representatives at least 3 full business days in advance of such award. (b) (5) .Tothatend,OMBisworkingonaproposal.I amsendingyouadraftproposalfromDOEtoaddressthisissue. Please send me your comments and edits no later than COB todaysothatwecanengageOMB, mergeourproposals,andpresentsomethingtoappropriationsstafflaterthisweekorearlynext. AsCongressionalstaffareworkingonaconferencebillwithalockdowndateofNovember5th , wehavealimitedtowindowinwhichtoinfluencetheoutcomehere. Pleasecontactmewithanyquestions.Myapologiesforthequickturnaroundrequired. Manythanks,Chris
Christopher Hanson Associate Director, External Coordination Office of the Chief Financial Officer U.S. Department of Energy Office: 202-586-3944 Mobile: 202-309-2554 e-mail: christopher.hanson@hq.doe.gov
Frantz, David Faith, Jayne RE: Format for solicitation plan Tuesday, February 26, 2008 2:53:26 PM
So many thanks as always!

_____________________________________________ From: Sent: To: Cc: Faith, Jayne Tuesday, February 26, 2008 10:25 AM Frantz, David Lee, Terri Format for solicitation plan
Subject:
Dave Per our conversation, we have no specific format for a Report to Congress each report is unique. You should structure it with an executive summary, and then break down the various sections you want the Hill to focus on. I am going to look for some examples and will bring it over to you. In addition, I have asked Terri Lee to contact to the Hill to find out if anything has changed since you last met with them to discuss the contents of the report. The following are some notes I took from the SEW and HEWD meetings on what the staff is specifically looking for in the solicitation plan I dont recommend this as your outline only as information that should be included in the Report. In the list below, I highlighted in red the different opinions of the SEW and HEWD. Senate: Zero Emissions Strategy Provide an update to the staff on where the LG program is (calibrate staff on the LG process and what is involved list challenges) Timing (sweet 16 as well as new solicitations) Characterization Allocations - Explain the plan for all the money in the first solicitation lay out overall strategy for all the dollars for all the technologies General description pre-market research State why projects are selected (maturity, viability, etc.) The Senate did not want enrichment combined with Nuclear House: Provide a current status of the program (include staffing, credit subsidy model, etc.) Provide an update of the sweet 16 and outline the changes from the initial award (changes in project costs, timing, configurations)
List technologies supported in the solicitation plan and how much funding is required for each one Provide breakout by fiscal year why are some projects early movers and why do others get pushed out (technology, etc.) Provide a solid reasoning for what we are doing Make sure there is a balance Define what a new technology is How are you using the appropriated funding (i.e. using FY 08 first since it is 2 year) The House had no issues with combining enrichment with Nuclear The report needs to be cleared by our office and Steve before it is sent to OMB. We will send it to OMB for you and coordinate the comments. Once we get OMBs concurrence, Terris office can work with us to transmit the report to the Hill. We will also need cover letters to the appropriate members that provides a brief summary of the report. I can get you a list of the addresses for the letter.
Jayne Faith Office of Budget 202-586-2983 (work) 202-586-4504 (fax)
Frantz, David Colyar, Kelly RE: GAO and Policies/Procedures Thursday, February 19, 2009 7:25:52 AM
I want to look at the changes before we release-should be able to do it this AM as planned.

From: Colyar, Kelly Sent: Wednesday, February 18, 2009 8:48 PM To: Frantz, David Cc: Pelican, Eleni; Faith, Jayne Subject: GAO and Policies/Procedures David, As you are aware, the GAO has asked for a copy of the Policies and Procedures Manual. (b) In response, we have stated that the manual was approved for use as of early January.
(5)
Recognizing that we may make some minor edits to the manual in the next few weeks, I think we should go ahead and release the manual to the GAO. We should state that it is a living document. As such, we will be updating as required subject to an internal review process with significant changes being reviewed by OGC and the CRB if appropriate. We will provide the GAO with a revised copy if an updated version is published during their review. Not providing the manual may appear as if we don't have a completed manual as we've indicated. Please let me know if we can release the manual to GAO. As an additional note--Eleni has coordinated a presentation on the credit subsidy model for the GAO auditors next Thursday. I've asked Brian and Anthony to support on that. It will essentially be the same presentation we gave to the IG during their review. Thanks.
Frantz, David Shafik, Christine Isakowitz, Steve; Barwell, Owen; Faith, Jayne RE: GAO Audit of Loan Guarantee Program Tuesday, September 02, 2008 8:28:00 AM
Christine, Marcia Carlsen called me a couple of weeks ago asking for an appropriate time to start their annual audit. She suggested it would be premature to start before LGPO had obtained an agreement on the credit subsidy model with OMB. I agreed and indicated I would let her know when and if that occurred. As of Friday, we may have a deal, but it needs to be confirmed with the staff and we are working on that. No other specifics were indicated in the conversation. I suggested GAO at least wait until the end of the fiscal year. That was the extent of the conversation. Dave

From: Shafik, Christine Sent: Sunday, August 31, 2008 9:38 AM To: Frantz, David Cc: Isakowitz, Steve; Barwell, Owen Subject: GAO Audit of Loan Guarantee Program Dave, Steve mentioned that GAO contacted you and that they may be planning a new audit of your program. All audit notifications come through my office and I do not recall receiving anything from GAO on this. It also looks like their first audit of your program was fairly broad and your response is not even due until Sep. 5. I would like to compare the scope of their proposed audit to the completed audit, see which committee is requesting it, etc. If we cannot completely eliminate the new audit, I would be happy to talk to GAO with you and see if we could at least minimize their scope. Let's discuss this further please. Christine
Frantz, David Silver, Jonathan RE: Georgia Power letter Wednesday, February 03, 2010 7:35:29 AM
I am here and the roads were bare all the way in. We got about 3" of wet snow and it is warm 33 degrees +.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Wednesday, February 03, 2010 7:28 AM To: Frantz, David Subject: Re: Georgia Power letter Are you in the office? How are road conditions? Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Frantz, David To: Silver, Jonathan Sent: Wed Feb 03 07:23:17 2010 Subject: RE: Georgia Power letter
This letter has not been released and I advised Rick Mertens of that fact on Monday tag up.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Silver, Jonathan Sent: Tuesday, February 02, 2010 8:24 PM To: Frantz, David Subject: Fw: Georgia Power letter Dave, I didn't think this letter went out, did it? Pls respond only to me. Thanks, J Jonathan Silver Executive Director
Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov
From: Ericsson, Sally C. <Sally_C._Ericsson@omb.eop.gov> To: Silver, Jonathan Cc: OConnor, Rod; Rogers, Matt; Green, Melissa G. <Melissa_G._Green@omb.eop.gov>; Liebman, Jeffrey B. <Jeffrey_B._Liebman@omb.eop.gov> Sent: Tue Feb 02 19:55:37 2010 Subject: Georgia Power letter
Jonathan, Dave Franz sent a letter to Georgia Power regarding the credit subsidy estimate to the Deputy Director yesterday that(b) (5)
We have some concerns regarding (b) (5)
. The agreed upon (b) (5) range for Georgia Power is the credit subsidy estimate at this stage. Further, (b) (5) . I will ask my team to provide alternative language. OMB is OK clearing the letter provided those two changes are incorporated. Please provide my staff with a revised draft so we can move this forward quickly. Please let me know if you have any questions. Thanks. Sally
Frantz, David Whitcombe, Nicholas RE: GPC Credit Subsidy Friday, November 06, 2009 7:41:12 AM
Interesting David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Whitcombe, Nicholas Sent: Thursday, November 05, 2009 5:34 PM To: Frantz, David Cc: Schultz, Douglas Subject: GPC Credit Subsidy Using(b) (5) recovery and Earl's Moody's (b) (5) cumulative default extrapolation = (b) (5) Using Earl's (b) (5) recovery and (b) (5) cumulative default = (b) (5) Main factor is the recovery assumption. (b) (5) Things get interesting on recovery during construction. .
Frantz, David Epifani, Lisa RE: is the credit model closed out now? Monday, June 16, 2008 1:11:36 PM
Haven't heard a word from OMB and have been trying to reach them! We gave them our final proposal last Tuesday! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Epifani, Lisa Sent: Monday, June 16, 2008 1:09 PM To: Frantz, David; Isakowitz, Steve Cc: Miller, Neile Subject: Re: is the credit model closed out now?
----- Original Message ----From: Frantz, David To: Epifani, Lisa; Isakowitz, Steve Cc: Miller, Neile Sent: Mon Jun 16 12:57:49 2008 Subject: RE: CBO draft letter The letter is intended for both signatures. Many thanks, David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Epifani, Lisa Sent: Monday, June 16, 2008 11:23 AM To: Isakowitz, Steve Cc: Frantz, David; Miller, Neile Subject: RE: CBO draft letter I added some suggested edits. I thought we were writing a letter for BOTH Bodman and Nussle to sign. I think that would be stronger. Some of my changes reflect that. Also, I added some fodder at the beginning about how important this program is. Has OMB provided edits back yet? Lisa E. Epifani Assistant Secretary Congressional and Intergovernmental Affairs United States Department of Energy
Tel: 202.586.5450 Fax: 202.586.4891 lisa.epifani@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Wednesday, June 11, 2008 8:51 PM To: Epifani, Lisa Cc: Frantz, David; Miller, Neile Subject: Fw: CBO draft letter Lisa Draft attached. I asked Dave to send to oMB before Domenici mtg tomorrow. Provide Dave any comments. Thx Steve ----- Original Message ----From: Colyar, Kelly To: Isakowitz, Steve Cc: Frantz, David; Seward, Lachlan; Corrigan, Richard Sent: Wed Jun 11 17:00:42 2008 Subject: RE: CBO draft letter Steve, At your suggestion, we have made minor edits to the draft. In consultation with Dave, Lach, and Dick, we recommend that we be careful with any references to other specific loan guarantee programs. Therefore, we recommend avoiding any unsubstantiated assertions relative to other programs' positions on credit policy. Also, we recommend not making a one-to-one correlation between the final regulations and the 5 points in the Obey letter as the regulations were not designed to address those points specifically. I am available to discuss any issues you may have. Kelly -----Original Message----From: Isakowitz, Steve Sent: Wednesday, June 11, 2008 2:22 PM To: Colyar, Kelly Cc: Frantz, David Subject: CBO draft letter Kelly, My computer isn't working so let me share some thoughts on CBO letter that I would like for you to see if/how well we incorporate these thoughts and edit as needed. I think that there are three first-order arguments: 1. (b) (5)
(b) (5)
I think the current draft (b) (5)
. Please take a cut at this and let's review by 5 pm today. Steve
Frantz, David Smith-Kevern, Rebecca RE: Is the nuclear credit subsidy model for nuclear public? Wednesday, February 11, 2009 2:41:36 PM
No David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Smith-Kevern, Rebecca Sent: Wednesday, February 11, 2009 2:11 PM To: Frantz, David Subject: Is the nuclear credit subsidy model for nuclear public? Rebecca Smith-Kevern
(b) (5)
Frantz, David Moorer, Richard Schultz, Douglas RE: LG Question Tuesday, March 10, 2009 1:28:14 PM
I am forwarding your question to Doug Schultz who is heading ARRA for us.

From: Moorer, Richard Sent: Tuesday, March 10, 2009 8:26 AM To: Frantz, David Subject: LG Question
David, I've got some visitors coming today and one thing they are asking that I'm not clear on is the following: They have seen conflicting reports as to how (b) (5)
Thanks, Richard
Frantz, David Isakowitz, Steve Westerheim, Ove; Tobin, Daniel RE: LGP / Independent Engineer"s report Friday, June 13, 2008 7:17:44 AM
Got it, we will respond.

From: Isakowitz, Steve Sent: Thursday, June 12, 2008 11:37 PM To: Pepson, David Cc: Barwell, Owen; Frantz, David; Tobin, Daniel; Westerheim, Ove; 'Berkowitz Barry Civ SAF/AQIM' Subject: RE: LGP / Independent Engineer's report Thanks, David. Dave F -- what I would like to hear from LGPO is (based on all Ove and Dan have heard this past week): 1) (b)
(5)
This is important to know (esp #1 before the Sources release goes out). Steve
From: Pepson, David Sent: Thursday, June 12, 2008 12:36 PM To: Isakowitz, Steve Cc: Barwell, Owen; Frantz, David; Tobin, Daniel; Westerheim, Ove; 'Berkowitz Barry Civ SAF/AQIM' Subject: LGP / Independent Engineer's report Steve,
As requested, below are my thoughts on quality independent assessments. Hope this helps. Bottom Line
(b) (5)
Rationale
(b) (5)
Next Steps / Recommendations
(b) (5)
-----Original Message----From: Isakowitz, Steve Sent: Tuesday, June 10, 2008 4:07 PM To: Frantz, David Cc: Pepson, David; Barwell, Owen Subject: Independent consultant
Dave I asked Pepson to look at the sources sought for suggestions on quality independent assessments. Steve
Frantz, David Ku, Ruth RE: LGP Annual Evaluation, Report and Use of Mark Monday, April 21, 2008 7:56:08 AM
Annual Eval: IG is taking the lead on this. We have worked a scope with them and expect it to be completed in two parts, finance and programatic. They expect to start this effort sometime this summer with report issued in Nov.

_____________________________________________ From: Sent: To: Cc: Ku, Ruth Friday, April 18, 2008 11:06 AM Frantz, David Oliver, Lawrence; Boswell, Wade; Myers, Edward LGP Annual Evaluation, Report and Use of Mark
Subject:
Dear David: Just had a couple of questions and reminders that I wanted to raise with you as I had re-read the FY 2007 continuing resolution (FY07 CR) and as I followed up on some miscellaneous items: 1. Annual Evaluation. Section 20320(c) of the FY07 CR requires that the Secretary enter into an arrangement with an independent auditor for annual evaluations of the program and that such independent auditor's results, as well as those of the GAO's review, be provided directly to the House and Senate Approps Committees. (b) (5)
2. Annual Reporting. Section 20320(e) of the FY07 CR requires that the Secretary transmit to the Approps Committees an annual report containing a summary of all activities under Title XVII, beginning in FY 2007, "with a listing of responses to loan guarantee solicitations under such title, describing the This report technologies, amount of loan guarantee sought, and the (b) (5) was required to be submitted "[n]ot later than 120 days after the date of enactment of [the FY07 CR]" for FY 2007. (b) (5)
(b) (5)
3. Use of DOE Logo. As I also mentioned to you yesterday, I have been advised by our General Law attorney that use of the DOE logo requires authorization from Brian Costlow in MA. Draft reports prepared by contractors, like Scully, including the draft report that ultimately goes to OMB for approval, may NOT bear the DOE mark but if it bears any mark, should only bear the contractor's mark. Please advise Scully accordingly. The DOE mark is an imprimatur of the official DOE position on the contents of the report, and not all contractor-generated reports represent the official DOE position. (b) (5)
Let me know if you have any questions regarding the above. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Frantz, David Ku, Ruth RE: LGP Annual Evaluation, Report and Use of Mark Monday, April 21, 2008 7:27:06 AM
Thanks

_____________________________________________ From: Sent: To: Cc: Ku, Ruth Friday, April 18, 2008 11:06 AM Frantz, David Oliver, Lawrence; Boswell, Wade; Myers, Edward LGP Annual Evaluation, Report and Use of Mark
Subject:
Dear David: Just had a couple of questions and reminders that I wanted to raise with you as I had re-read the FY 2007 continuing resolution (FY07 CR) and as I followed up on some miscellaneous items: 1. Annual Evaluation. Section 20320(c) of the FY07 CR requires that the Secretary enter into an arrangement with an independent auditor for annual evaluations of the program and that such independent auditor's results, as well as those of the GAO's review, be provided directly to the House and Senate Approps Committees. (b) (5)
2. Annual Reporting. Section 20320(e) of the FY07 CR requires that the Secretary transmit to the Approps Committees an annual report containing a summary of all activities under Title XVII, beginning in FY 2007, "with a listing of responses to loan guarantee solicitations under such title, describing the ." This report technologies, amount of loan guarantee sought, and the (b) (5) was required to be submitted "[n]ot later than 120 days after the date of enactment of [the FY07 CR]" for FY 2007. (b) (5)
3. Use of DOE Logo. As I also mentioned to you yesterday, I have been advised by our General Law attorney that use of the DOE logo requires authorization from Brian Costlow in MA. Draft reports
prepared by contractors, like Scully, including the draft report that ultimately goes to OMB for approval, may NOT bear the DOE mark but if it bears any mark, should only bear the contractor's mark. Please advise Scully accordingly. The DOE mark is an imprimatur of the official DOE position on the contents of the report, and not all contractor-generated reports represent the official DOE position. (b) (5)
Let me know if you have any questions regarding the above. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Frantz, David Isakowitz, Steve; Kupfer, Jeffrey; Hill, David R. Anfuso, Katelyn RE: LGs Friday, August 10, 2007 7:53:37 AM
2:00 PM is fine for me. -----Original Message----From: Isakowitz, Steve Sent: Thursday, August 09, 2007 10:54 PM To: Kupfer, Jeffrey; Hill, David R.; Frantz, David Cc: Anfuso, Katelyn Subject: Re: LGs I'm good for 2pm. ----- Original Message ----From: Kupfer, Jeffrey To: Hill, David R.; Isakowitz, Steve; Frantz, David Cc: Anfuso, Katelyn Sent: Thu Aug 09 22:10:35 2007 Subject: Re: LGs You guys want to get together to take stock of where we are and make sure we all are all on the same page with regard to next steps? 2 pm? ----- Original Message ----From: Hill, David R. To: Isakowitz, Steve; Kupfer, Jeffrey Cc: Frantz, David Sent: Wed Aug 08 22:48:44 2007 Subject: Re: LGs One other thing on the LG front that we need to be thinking about -- what amount of authority do we anticipate wanting to ask for in the FY09 budget? This hasn't been a part of the budget talks to date, at least to my knowledge, but will need to become part of the FY09 discussions at some point. ----- Original Message ----From: Hill, David R. To: Isakowitz, Steve; Kupfer, Jeffrey Cc: Frantz, David Sent: Wed Aug 08 22:03:04 2007 Subject: Re: LGs I think the next steps are for us just to finish writing the rule to reflect our recent discussions and then submit it to OMB. Lisa initiated the discussion of how soon OMB and Treasury could review the rule and get commments back to us -- basically OMB said after Labor Day. Frankly, I don't think that is too unreasonable, and doubt we'd get a different result even if we did. I think given Lisa's new position, she will take as an action item relating the schedule and any other appropriate info to the Congressional staff, at least on the Senate side. You and she can talk about who should talk to whom up on the Hill, as well as when. drh ----- Original Message ----From: Isakowitz, Steve
To: Hill, David R.; Kupfer, Jeffrey Cc: Frantz, David Sent: Wed Aug 08 19:56:10 2007 Subject: RE: LGs David, That sounds promising. Thanks for the feedback. Beyond submitting the rule to OMB, what do you see as the next step? Below is my understanding who has the ball on the following issues. Let me know if you see it differently. 1. (b) (5) 2. (b) (5) 5. (b) (5)
I'm off to OMB tomorrow to discuss our pre-application selection process and plans to provide a credit subsidy estimate table to the invited applicants. . Steve _____________________________________________ From: Hill, David R. Sent: Wednesday, August 08, 2007 7:24 PM To: Kupfer, Jeffrey; Isakowitz, Steve LGs Subject: Just wanted to let you know that I had a pretty good discussion on loan guarantees late this afternoon with Lisa E., Neel K., Kevin Carroll and Austin Smythe. Bottom line is that I don't think a principals' meeting this week is necessary. That was everybody else's view as well. That's not to say that we have complete agreement on everything because we don't. (b) (5) I believe the other pending issues can be addressed or resolved one way or another. It's certainly possible they won't be and I anticipate other issues will come up once OMB and Treasury review the draft preamble and rule text. So, it's possible that a principals' meeting still will be necessary in early September. But I don't think one would be helpful or appropriate now, given our meeting this afternoon. I said that we would try to submit the rule to OMB for review by COB on Friday. drh
Frantz, David Richardson, Susan RE: Loan Program Briefing Monday, May 03, 2010 3:14:00 PM
Thanks!

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Richardson, Susan Sent: Monday, May 03, 2010 2:54 PM To: Frantz, David Subject: FW: Loan Program Briefing
Fyi Jims response to the question (b) (5) Never sent to Kucinich staff.
From: James C McCrea [mailto:jimmccrea@(b) (6) Sent: Thursday, April 15, 2010 9:48 PM To: Utech, Dan; Richardson, Susan Cc: brian.oakley@scullycapital.com Subject: RE: Loan Program Briefing ]
Brian Oakley and I have discussed this and Susan weighed in via a separate response to you. Susan, Brian and I are all on the same page. (b) (5) . Here is a proposed response:
(b) (5)
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk.
Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6) -----Original Message----From: James C McCrea [mailto:jimmccrea@(b) Sent: Thursday, April 15, 2010 8:04 PM To: 'Utech, Dan'; 'Richardson, Susan' Subject: RE: Loan Program Briefing Dan -I think that this does need some correction. I will work on it and have a response back to you and Susan later this evening. (b) (5)
(6)
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6) -----Original Message----From: Utech, Dan [mailto:Dan.Utech@hq.doe.gov] Sent: Thursday, April 15, 2010 7:57 PM To: Richardson, Susan Cc: 'James C McCrea' Subject: FW: Loan Program Briefing Do I need to correct this? -----Original Message----From: Schulman, Howard [mailto:Howard.Schulman@mail.house.gov] Sent: Thursday, April 15, 2010 10:56 AM To: Utech, Dan Cc: Bourke, Jaron Subject: RE: Loan Program Briefing Dan, Thanks for the responses. What I glean from the first response is that, in the event of an
ultimate default, (b)
(5)
Please let me know immediately if my analysis is incorrect. Howard -----Original Message----From: Utech, Dan [mailto:Dan.Utech@hq.doe.gov] Sent: Wednesday, April 14, 2010 7:26 PM To: Schulman, Howard Cc: cschenewerk@omb.eop.gov; Bourke, Jaron; Eltrich, Katherine A. Subject: RE: Loan Program Briefing HowardAttached is a document with responses to the 4 questions you sent me earlier in the week. Also, I wanted to let you know that Sally Ericsson and Jonathan Silver are available between 1 and 4 pm on Friday April 30th. Please let us know what time within that slot works best for you. Finally, I do have your additional questions and we're looking at them. Dan -----Original Message----From: Schulman, Howard [mailto:Howard.Schulman@mail.house.gov] Sent: Monday, April 12, 2010 10:42 AM To: Utech, Dan Cc: Richardson, Susan; cschenewerk@omb.eop.gov; Bourke, Jaron Subject: RE: Loan Program Briefing Dan, I understand your concerns, but there are a few questions that we need answers to very soon (i.e., in the next two days) so that we can prepare for the hearing that we are holding next week. These are "conceptual" questions, not questions that require any technical detail to answer. Is it possible to arrange a telephone call so that we can get answers to these questions asap? Howard
-----Original Message----From: Utech, Dan [mailto:Dan.Utech@hq.doe.gov] Sent: Friday, April 09, 2010 6:02 PM To: Schulman, Howard Cc: 'Eltrich, Katherine A.' Subject: Loan Program Briefing
Hi HowardI work in the Secretary's office at DOE, and am reaching out about the loan program briefing that DOE staff have been working on with you. (b) (5) However, we are committed to doing the briefing soon after that, and we will be getting you proposed dates and times early next week. Jonathan Silver and Sally Ericsson will be leading the briefing. Thanks for you patience. Have a good weekend. Dan Utech Senior Advisor to the Secretary U.S. Department of Energy 202-586-0339 dan.utech@hq.doe.gov
Barwell, Owen Adams, Ian Hurlbut, Brandon; Navin, Jeff; Choi, Joanne; Loyd, Rick; Klein, Kim; Frantz, David RE: LPO portfolio and FT11 credit subsidy calculations and ratings Wednesday, November 02, 2011 10:59:01 AM
Of course. -----Original Message----From: Adams, Ian Sent: Wednesday, November 02, 2011 10:26 AM To: Barwell, Owen Cc: Hurlbut, Brandon; Navin, Jeff; Choi, Joanne; Loyd, Rick; Klein, Kim; Frantz, David Subject: RE: LPO portfolio and FT11 credit subsidy calculations and ratings Good morning Owen, Thanks for all this information. Do you mind sending this directly to the Secretary as well? He prefers to receive it in that manner. Many thanks, Ian -----Original Message----From: Barwell, Owen Sent: Wednesday, November 02, 2011 10:14 AM To: Adams, Ian Cc: Hurlbut, Brandon; Navin, Jeff; Choi, Joanne; Loyd, Rick; Klein, Kim; Frantz, David Subject: LPO portfolio and FT11 credit subsidy calculations and ratings Ian As a follow-up action to our meeting with the Secretary to review his Management Assurance representations, please find attached a summary of our loan portfolio and the change in credit subsidies and ratings since loan origination. Please note that this schedule is at a point in time, i.e. 30th September as the end of the fiscal year, and is subject to our financial statement audit performed by KPMG.
(b) (5)
We shall alert you to any revisions should they arise before 11/15, when KPMG completes their field work. Please do let me know of you need any more information or analysis. Regards, Owen
Owen F Barwell Acting Chief Financial Officer
US Department of Energy 1000 Independence Avenue Washington DC (w) (202) 586-4171 (c) (202) 510-0987
Frantz, David Hurlbut, Brandon RE: Meeting today 48C Monday, August 02, 2010 9:54:00 AM
Yes I sent it over and Jeff replied with their take which I will forward to yu. David G. Frantz US Department of Energy
Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov _____________________________________________ From: Hurlbut, Brandon Sent: Monday, August 02, 2010 9:53 AM To: Frantz, David Subject: RE: Meeting today 48C
Did we send the proposal over that has what we agreed to on Friday?
_____________________________________________ From: Frantz, David Sent: Friday, July 30, 2010 5:11 PM To: Hurlbut, Brandon Subject: FW: Meeting today 48C
FYI David G. Frantz US Department of Energy

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov _____________________________________________ From: Frantz, David Sent: Friday, July 30, 2010 4:37 PM To: Silver, Jonathan Cc: McCrea, Jim; Richardson, Susan; Wright, Morgan; Arigbede, Kimberley Subject: Meeting today 48C
I now remember the caveat that was discussed. Our proposal was accepted with the provision that language should be added to the solicitation consistent with our rulemaking that the (b) (5)
(b) (5)
We need to check this language against our rule which I will undertake with Susan and the staff. David G. Frantz US Department of Energy
Frantz, David Corrigan, Richard (CONTR); "Brian Oakley" "Larry Scully" RE: Methodology Document for OMB Tuesday, November 20, 2007 5:48:41 PM
Yeah, I am here all day and I am a Fed!

From: Corrigan, Richard Sent: Tuesday, November 20, 2007 5:41 PM To: 'Brian Oakley'; Frantz, David Cc: Larry Scully Subject: RE: Methodology Document for OMB Ok, I'm around all day. Feds get to leave at 2:00PM
From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Tuesday, November 20, 2007 5:40 PM To: Frantz, David; Corrigan, Richard Cc: Larry Scully; Corrigan, Richard Subject: Methodology Document for OMB David and Dick, Ive been looking through the materials prepared to date for the Program. Much of the material Sarah and Lori requested has already been drafted, albeit not targeted at their specific interests. My thinking on an outline includes the following sections:
(b) (5)
If youre in agreement, we can put a draft together fairly quickly. Perhaps we can discuss this tomorrow. Regards, Brian
Brian Oakley Scully Capital

1133 15th Street, NW Suite 900 Washington, DC 20005 (202)775-3434 (o) (202)775-6049 (f)
Frantz, David Seward, Lachlan; Belmar, Warren; Burner, Gary RE: Misc. LG Issues Thursday, August 16, 2007 8:43:51 AM
Gary is out of the office today.

_____________________________________________ From: Sent: To: Seward, Lachlan Thursday, August 16, 2007 8:30 AM Belmar, Warren; Frantz, David; Burner, Gary RE: Misc. LG Issues
Subject:
I'll be at the doctor till about 10:30. Lach

_____________________________________________ From: Sent: To: Belmar, Warren Wednesday, August 15, 2007 6:54 PM Frantz, David; Seward, Lachlan; Burner, Gary Misc. LG Issues
Subject:
Can we get together for a few minutes Thursday morning to complete our discussions on how to make an initial response to GAO and how to respond to OMB's (b) (5)
Warren Belmar Deputy General Counsel for Energy Policy U. S. Department of Energy, GC-70 1000 Independence Avenue, S.W. Washington, D.C. 20585 (Tel.) 202-586-6758 (Cell) 202-286-3422 (Fax) 202-586-4116 (E-Mail) Warren.Belmar@hq.doe.gov
Frantz, David Belmar, Warren; Seward, Lachlan; Burner, Gary RE: Misc. LG Issues Thursday, August 16, 2007 7:50:00 AM
I am tied up at 10:00 AM getting my badge, otherwise free all day. Dave

_____________________________________________ From: Sent: To: Belmar, Warren Wednesday, August 15, 2007 6:54 PM Frantz, David; Seward, Lachlan; Burner, Gary Misc. LG Issues
Subject:
Can we get together for a few minutes Thursday morning to complete our discussions on how to make an initial response to GAO and how to respond to OMB's (b) (5)
Warren Belmar Deputy General Counsel for Energy Policy U. S. Department of Energy, GC-70 1000 Independence Avenue, S.W. Washington, D.C. 20585 (Tel.) 202-586-6758 (Cell) 202-286-3422 (Fax) 202-586-4116 (E-Mail) Warren.Belmar@hq.doe.gov
Frantz, David Oliver, Lawrence RE: Moody"s LossCalc Friday, August 08, 2008 11:33:19 AM
We will respond ASAP.

_____________________________________________ From: Sent: To: Oliver, Lawrence Friday, August 08, 2008 11:18 AM Frantz, David FW: Moody's LossCalc
Subject:
David-FYI. See below. Any thoughts?

From: Sent: To: Cc: Hill, David R. Friday, August 08, 2008 11:08 AM Ku, Ruth Oliver, Lawrence; Boswell, Wade RE: Moody's LossCalc
______________________________________________
Subject:
Hmm. I have been tasked to put together something brief, explaining to folks over at the WH why it is that DOE thought/thinks the Loss Calc system is a good one for incorporation into the credit subsidy model. I'd hope that considering the long-time advocacy by the LGPO for using that program, there is a halfway intelligible explanation/description somewhere of what the program is and why the LGPO thinks it is suitable for the DOE loan guarantee program. That is what I need.
Subject:
David, I will ask the LGPO for the latest draft of the (b) (5) , as well as about any power point slides on the specific issue. I have only an earlier draft of the White Paper, which I marked up with comments. But, even with the (b) (5) there is not much detailed discussion (other than that paragraph I sent to you) about the rationale for choosing Moody's LossCalc. Will get back to you to let you know what I'm able to find out. Ruth Ruth Ku Attorney Advisor U.S. Department of Energy
Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Subject:
Ruth - Thanks for this info. Can you also get to me the (b) (5) r referred to in your e-mail, as well as any power point slides, etc. that you might have in which the case is made for using this model, and explaining how it would be used in our calculations? Electronic would be best, but I'll take paper as well. I'm trying to respond to some WH requests for info. Thanks.
_____________________________________________ From: Sent: To: Cc: Ku, Ruth Friday, August 08, 2008 9:18 AM Hill, David R. Oliver, Lawrence; Boswell, Wade FW: Moody's LossCalc
Subject:
Dear David, As per your email from this morning, please see the email below from Kelly Colyar, the credit subsidy cost analyst in the LGPO. The section on the reasoning for selecting LossCalc is taken from the (b) (5) (5) on the Credit Subsidy Cost model, a copy of which I believe OMB has been provided. Sorry for not forwarding the below email earlier to you, as I had forwarded it first to Larry to eyeball to get his read as to whether the explanation supplied by the LGPO below would be technically sufficient for your purposes. In any event, we are supplying to you now, and do let us know if you would like for us to get more information from the LGPO for you. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Subject:
(b) (5)
Subject:
Subject:
Dear Dick, As a follow up to our brief call earlier this afternoon, would you please send to us, in a paragraph or so, the rationale for why the Moody's LossCalc model was selected as the best tool for the LGPO to use in calculating credit subsidy cost?
Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
Frantz, David Isakowitz, Steve; Rogers, Matt Colyar, Kelly; "jonathan(b) (6) RE: Moving Today"s CRB meeting Friday, November 20, 2009 8:02:53 AM
Whitcombe, Nicholas; Cestari, Kenneth
Steve, OMB has decided they will not opine or issue credit subsidy numbers on the Vogtle participants until they have reviewed all five transactions associated with this deal (GPC, Olgothorpe, and three SPVs for MEAG). That said, we intend to brief them on a continuous basis to be efficient in the use of time. The good news is I hope to announce later today that we have successfully negotiated the term sheet with GPC and have a "deal". As Matt indicated to the CRB, (b) (5) and LGPO believe this will not be (b) (4)
(b) (4)
(b) (5)
Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Friday, November 20, 2009 7:38 AM To: Rogers, Matt; Frantz, David Cc: Colyar, Kelly; 'jonathan@(b) (6) Subject: Re: Moving Today's CRB meeting Matt/Dave, Did we resolve the omb issue of having includes all the parties in this conditional commitment and its credit subsidy implication?
(b) (5)
Steve
----- Original Message ----From: Rogers, Matt To: Isakowitz, Steve; Poneman, Daniel; Johnson, Kristina; Koonin, Steven; Harris, Scott Blake; OConnor, Rod Cc: Frantz, David; Silver, Jonathan; Spinner, Steve; Venegas, Katie; Miller, Warren Sent: Fri Nov 20 07:20:03 2009 Subject: Moving Today's CRB meeting Each of you should have received notice yesterday that we are postponing today's crb conversation. We thought it would be better to have the nuclear conversation we were planning for today after
Thanksgiving when a few more of the moving parts had been nailed down. In particular, it appears that the Vogtle group will be making headway towards a project labor agreement and they need to reflect the specifics of that agreement in their loan requests. Building on a seconds meeting earlier this week, we will be scheduling meetings with individual CRB members to make sure that you each are well briefed on the details of the upcoming nuclear loan guarantee recommendations so that we can have a productive discussion when we get together as a group. Regards, mr Matt Rogers Senior Advisor to the Secretary of Energy for Recovery Act Implementation US Department of Energy 1000 Independence Avenue, 7th Floor Washington, DC 20585 202 586 1989
Frantz, David Ku, Ruth RE: Need a Written Request to Use the DOE Logo Monday, April 21, 2008 1:06:43 PM
Thanks

_____________________________________________ From: Sent: To: Ku, Ruth Monday, April 21, 2008 11:50 AM Frantz, David FW: Need a Written Request to Use the DOE Logo
Subject:
Dear David, Please see the email below from Ralph Freedman of the Office of Management, Administrative Services regarding the process for obtaining authorization for the use of the DOE logo on the Credit Subsidy Cash Flow Model Report. This request must go thru a concurrence process in MA. Someone from your office needs to respond to the questions listed below. It is advisable to start the process now even though the report is still in draft to better ensure that authorization for use of the logo will be obtained by the time the report goes final. Please be sure to specify the timeframe within which you need the authorization. MA will try to accommodate your timeframe. Ralph also mentioned to me that if you anticipate use of the logo in serial reports or categories or classes of reports, you may also wish to do an advance jumbo request for authorization to use the logo for these reports, including reports sent to Congress (e.g., implementation plan, annual reports required under Title XVII, etc.). But, if you also do this, you may want to keep the credit subsidy report request separate from this jumbo request so as not to hold up the former request. Hope this helps. Let me know if you have any questions. Thanks, Ruth Ruth Ku Attorney Advisor U.S. Department of Energy Room 6E-042-D 1000 Independence Avenue SW Washington, DC 20585 Tel.: 202-586-3399 Fax: 202-586-0971 Ruth.Ku@hq.doe.gov
______________________________________________ From: Sent: To: Cc: Freedman, Ralph Monday, April 21, 2008 11:33 AM Ku, Ruth Angjeli, Ilir Need a Written Request to Use the DOE Logo
Subject:
Hello Ruth, Thank you for taking the time to talk with me regarding the approval process to use the DOE logo. In order to process a request to use the DOE logo we need to have an understanding as to what it's usage will be, and why this is an appropriate usage of the logo. This is a request for permission to use the logo, so the approvers need a good understanding of why it should be used and what content it is associated with. It is best if a DOE Federal employee makes the official request. Please have someone respond to these questions, and have the response sent to me, my contact information is at the bottom of my message. Note that only what is in the written request can be considered, and verbal conversations or non-written input will not be included. 1) How will the logo be used? On a brochure; on a banner at a booth; as part of a sponsors slide show? We need to know as best as possible where and how it will be placed/used, and what content it is associated with. 2) Why is it appropriate for the logo to be there? Is DOE a sponsor of the event? Is this official DOE information being published? What is the connection between having the DOE logo and the content/usage? The DOE logo is an implied or explicit endorsement of what it is associated with, why should it be endorsing this usage/event? 3) When is the conference/meeting/event/report? Is there any urgency in delivery of the files (if approved)? What are the desired timeframes you would like? 4) Who are you, and what is your involvement with this request? Who do we contact if we have further questions? 5) Are you interested in the color DOE logo, or the Black & White or 1-color logo? Is there a preferred file format? You may view the DOE logo at: http://management.energy.gov/administrative_services/DOE_Logo.htm If you have any questions or need assistance please contact me. Thank you, Ralph Freedman Media Production Specialist Office of Administrative Management and Support U.S. Department of Energy 1000 Independence Ave., SW Washington, DC 20585 (202) 586-2832

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Frantz, David "James C McCrea" RE: New Approach to OMB Thursday, May 06, 2010 7:28:00 AM
Why in the world are you up at this time? Look forward to talking and we must brief Jonathan on this issue this AM. Hope you finally got some sleep??!!!

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: James C McCrea [mailto:jimmccrea@(b) (6) Sent: Thursday, May 06, 2010 1:00 AM To: Frantz, David Subject: New Approach to OMB
Dave Remind me, in case I forget, to talk to you about a possible new approach to OMB. I have been doing a lot of thinking abou (b) (5)
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea(b) (6)
Frantz, David Barnett, Megan RE: NEWS: Domenici Reaches Agreement on Loan Guarantee Provisions Monday, December 17, 2007 1:47:58 PM
It can vary widely from negative to 20% to 30% or more depending upon the risk analysis of each project.

From: Barnett, Megan Sent: Monday, December 17, 2007 1:31 PM To: Frantz, David; Belmar, Warren; Shiller, Scott; Oliver, Lawrence Cc: Nicoll, Eric Subject: RE: NEWS: Domenici Reaches Agreement on Loan Guarantee Provisions Thanks David - so when reporters ask how much this credit subsidy cost would be, what can I say about how that is calculated?
From: Frantz, David Sent: Monday, December 17, 2007 1:28 PM To: Barnett, Megan; Belmar, Warren; Shiller, Scott; Oliver, Lawrence Cc: Nicoll, Eric Subject: RE: NEWS: Domenici Reaches Agreement on Loan Guarantee Provisions The risk premium is a credit subsidy payment mandated for all government programs that provide loans or guarantees under the terms of the Federal Credit Reform Act of 1990. In essence, the subusidy amount represents the present value of the risk of loss to the government of each particular project receiving a government loan or guarantee. In the case of the DOE program, this fee is charged to the borrower as opposed to being appropriated. A credit rating can form a part of the decisional process but other factors are also considered.

From: Barnett, Megan Sent: Monday, December 17, 2007 1:01 PM To: Belmar, Warren; Shiller, Scott; Frantz, David; Oliver, Lawrence Cc: Nicoll, Eric Subject: FW: NEWS: Domenici Reaches Agreement on Loan Guarantee Provisions The Associated Press is calling on the LG provisions of the Omnibus. Can you help me translate this sentence in the release? Also how would I answer how much that cost could be? How is this different than a credit subsidy cost?
Domenici noted that the DOE loan guarantee program includes a risk premium, which must be paid by utilities and companies seeking a loan guarantee. As fees are collected,
the loan guarantee program will become self financing.

To summarize this sentence is it correct to say that the risk premium is a value assigned by a rating agency (like S&P) based on the commercial track record of an advanced technology. Thanks in advance for your quick help, Meg
From: Letourneau, Matt (Energy) [mailto:Matt_Letourneau@energy.senate.gov] Sent: Monday, December 17, 2007 11:41 AM Subject: NEWS: Domenici Reaches Agreement on Loan Guarantee Provisions
FOR IMMEDIATE RELEASE LETOURNEAU DECEMBER 17, 2007 6977
CONTACT: MATT (202) 224-
DOMENICI REACHES AGREEMENT ON LOAN GUARANTEE PROVISIONS FY2008 Energy & Water Appropriations Bill to Continue Program
WASHINGTON U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee, today announced that an agreement has been reached with the House of Representatives to allow the Department of Energys loan guarantee program to continue. The agreement is contained as part of the FY2008 Omnibus Appropriations bill to fund the federal government. The FY2008 Energy and Water Appropriations bill, contained within the Omnibus, contains a two year approval of the loan guarantee program. Domenici played a central role in negotiating the bill as ranking member of the Energy and Water Development Appropriations Subcommittee. The bill contains language directing the Secretary of Energy to provide $38.5 billion in loan guarantees, with a specific requirement that $20.5 billion be provided for nuclear energy, ($18.5 billion for nuclear reactors, $2 billion for uranium enrichment), $10 billion for renewable energy and energy efficiency, and $8 billion for clean coal technology. Im pleased that the Energy and Water Appropriations bill will allow the DOE loan guarantee program to proceed for at least the next two years. This action sends a clear message to the Administration, utilities, and investors that Congress is serious about bringing more clean energy technology online. DOE will have to work hard to prepare, evaluate, and award loan guarantees over the next few years, Domenici said.
Domenici noted that the DOE loan guarantee program includes a risk premium, which must be paid by utilities and companies seeking a loan guarantee. As fees are collected, the loan guarantee program will become self financing. Loan guarantees are an excellent way for the federal government to support development of clean energy technology at little cost to taxpayers. Attracting investors for clean energy projects is challenging, so we should do what we can to help get their projects off the ground, just as we have done many times throughout history with new technology, Domenici said. Congress is set to approve the FY2008 Omnibus Appropriations Bill this week, starting in the House of Representatives as soon as today. --30-Matt Letourneau Republican Communications Director Senate Energy and Natural Resources Committee 202-224-6977
Frantz, David "Frantz, James R."; (b) (6) "Claudia Frantz"; "Frantz, Carter"; "(b) (6) RE: NEWS: Domenici Receives Assurances on Loan Guarantees, Discusses FY2009 DOE Budget Thursday, April 03, 2008 5:22:45 PM
What a great summary! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Frantz, James R. [mailto:James.Frantz@dia.mil] Sent: Thursday, April 03, 2008 4:18 PM To: (b) (6) ; Frantz, David Cc: Claudia Frantz; Frantz, Carter; (b) (6) Subject: FW: NEWS: Domenici Receives Assurances on Loan Guarantees, Discusses FY2009 DOE Budget John, Here's the government at work!! I'm trying to support and protect our troops with actionable intelligence while your cousin is giving away billions! Bro Jim ***Congrats, Cousin David, I know you've been working hard on this for some time.
-----Original Message----From: Frantz, David [mailto:David.Frantz@hq.doe.gov] Sent: Thursday, April 03, 2008 7:54 AM To: Claudia Frantz; Frantz, Carter; (b) (6)
; Frantz, James R.; (b) (6)
(b) (6)
Subject: FW: NEWS: Domenici Receives Assurances on Loan Guarantees, Discusses FY2009 DOE Budget Well. . . Here is the result of my testimony yesterday! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message--- <<image001.jpg>> -From: Barnett, Megan Sent: Wednesday, April 02, 2008 4:35 PM To: Frantz, David; Belmar, Warren; Hill, David R.; Shiller, Scott; Isakowitz, Steve Subject: Fw: NEWS: Domenici Receives Assurances on Loan Guarantees, Discusses FY2009 DOE Budget
FYI ----- Original Message ----From: Letourneau, Matt (Energy) <Matt_Letourneau@energy.senate.gov> Sent: Wed Apr 02 15:57:49 2008 Subject: NEWS: Domenici Receives Assurances on Loan Guarantees, Discusses FY2009 DOE Budget
FOR IMMEDIATE RELEASE CONTACT: MATT LETOURNEAU (202) 224-6977 APRIL 2, 2008
DOMENICI RECEIVES ASSURANCES ON LOAN GUARANTEES, DISCUSSES DOE FY2009 DOE BUDGET PROPOSAL
WASHINGTON - U.S. Senator Pete Domenici, ranking member of both the authorizing and appropriations subcommittees with jurisdiction over the Department of Energy, today received assurances from DOE officials that the Bush Administration's proposed FY2009 budget will allow the federal loan guarantee program to fully operate.
Domenici, a longtime advocate of loan guarantees, lamented the delay in getting the program off the ground at an Energy and Water Appropriations Subcommittee hearing to discuss the Bush Administration's FY2009 budget proposal. Loan guarantees for clean energy technologies were authorized in the Energy Policy Act of 2005, but the implementation of the program has been slow.
"In 2005, we thought we had passed a loan guarantee provision that was self executing and self-financed. Given the major energy challenges we face, the need for development of clean technologies is critical. I want to make absolutely sure that the Department of Energy has everything it needs to operate the program that way it was intended," Domenici said.
In response, Domenici was assured by David Frantz, Director of the Loan Guarantee Office, that the proposed FY2009 budget will provide adequate resources to operate the program. For FY2008, $38.5 billion was provided for loan guarantees. As of yet, however, DOE has not provided the
Office of Management and Budget with a plan to solicit proposals.
Domenici also noted that he strongly disagreed with a decision by the Congressional Budget Office (CBO) to charge 1 percent of the cost of the loan guarantee program. The loan guarantee program is intended to be self financing, and the Department of Energy is required to cover the costs of the program. While Frantz agreed with Domenici's assessment, CBO has assessed the program a charge of $355 million against the total loan volume of the DOE loan guarantee program despite the fact that DOE will not award the full amount in FY2009.
"The CBO decision takes away from other DOE priorities if it is not resolved. I intend to work with DOE, OMB and CBO to ensure that the credit subsidy model is sound," Domenici said.
On a different note, Domenici said that Congress must address the $222 million shortfall created by the lack of funding for weatherization in the Department's budget request. He also reiterated his support for strong funding levels for DOE's Office of Science, which he believes is critical to developing new technologies. The overall budget request contains a $749 million increase for science, which translates into more money for research and development.
"Sometimes, it seems as though the American people don't believe that the government is committed to the development of clean energy alternatives, but this subcommittee has proven that we are very serious. I applaud the proposed increases in the budget for development of new technologies because they present our best chance of becoming less dependent on foreign sources of oil," Domenici said.
The Senate Energy and Water Development Appropriations Subcommittee is expected to soon begin developing its version of the FY2009 Energy and Water Appropriations Bill.
--30--
Matt Letourneau Republican Communications Director U.S. Senate Energy and Natural Resources Committee 202-224-6977
Frantz, David Belmar, Warren; Burner, Gary; Seward, Lachlan; Corrigan, Richard (CONTR) "Gary.Burner@do.treas.gov" RE: Notional CSC discussion for Invitation Letters Wednesday, August 15, 2007 4:37:54 PM
This thing simply doesn't work! -----Original Message----From: Belmar, Warren Sent: Wednesday, August 15, 2007 4:03 PM To: Burner, Gary; Frantz, David; Seward, Lachlan; Corrigan, Richard Cc: 'Gary.Burner@do.treas.gov' Subject: RE: Notional CSC discussion for Invitation Letters Gary: Is this the totality of OMB's comments on the draft you shared with OMB at our meeting last week? Who else can we talk to at OMB about this "guidance" afforded an applicant in estimating the credit subsidy cost? Warren Belmar Deputy General Counsel for Energy Policy U. S. Department of Energy, GC-70 1000 Independence Avenue, S.W. Washington, D.C. 20585 (Tel.) 202-586-6758 (Cell) 202-286-3422 (Fax) 202-586-4116 (E-Mail) Warren.Belmar@hq.doe.gov
-----Original Message----From: Burner, Gary Sent: Wednesday, August 15, 2007 12:14 PM To: Frantz, David; Seward, Lachlan; Corrigan, Richard Cc: Belmar, Warren; Gary.Burner@do.treas.gov Subject: FW: Notional CSC discussion for Invitation Letters Oh well. Please keep my Treasury email address on any subsequent discussion. ________________________________ From: Krauss, Lori A. [mailto:Lori_A._Krauss@omb.eop.gov] Sent: Wednesday, August 15, 2007 11:59 AM To: Gary.Burner@do.treas.gov; Burner, Gary Cc: Lyberg, Sarah A. Subject: Notional CSC discussion for Invitation Letters
Per Thursdays meeting, attached for DOE review and comment is a draft discussion of the LGP credit subsidy cost. Please let us know if you have any questions. Thx.
Frantz, David Miller, Bill RE: Nuke Subsidy Monday, August 31, 2009 12:14:25 PM
Correct. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Miller, Bill Sent: Monday, August 31, 2009 12:05 PM To: Frantz, David Subject: FW: Nuke Subsidy Dave As far as I know, no deal has been struck with the nukes, right? The policy remains (b) (5) William G. Miller Loan Guarantee Program Department of Energy Bill.Miller@hq.doe.gov 202 586 0116 -----Original Message----From: Jungman, David C. [mailto:DCJungman@CPSEnergy.com] Sent: Monday, August 31, 2009 11:53 AM To: Corrigan, Richard; Sprow, John; Miller, Bill; James McCrea (jimmccrea@(b) (6) Subject:
Guys, I am working on cashflow requirements for a CPS Board meeting later today. Can you tell me when our credit subsidy for the LGP would be due? Is it due all at once? (b) (5) A quick response would be greatly appreciated. Thanks. David Jungman
Frantz, David Chaudhary, Nida RE: Oglethorpe response draft Wednesday, May 19, 2010 1:48:00 PM
Talk with Nick Whitcombe

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Chaudhary, Nida Sent: Wednesday, May 19, 2010 1:19 PM To: Frantz, David Subject: FW: Oglethorpe response draft
Dave, Im trying to draft a response to the Oglethorpe letter. If you have time to discuss the issue, I would appreciate any guidance you can provide on how the response should be handled. Regardless, I thought I would forward this as an FYI.
From: Chaudhary, Nida Sent: Tuesday, May 18, 2010 1:56 PM To: McCrea, Jim Cc: Cestari, Kenneth Subject: FW: Oglethorpe response draft
Please see the attached letter, which Oglethorpe sent us on May 6, 2010, about Vogtle's estimated credit subsidy cost. Nicholas Whitcombe was asked to draft response (below), but Ken Cestari suggested I ask you for some guidance/language. My draft response is attached as a Word Document, and is titled 05.06.10 Oglethorpe re Vogtle Subsidy Cost Estimate. Oglethorpe's letter asks DOE to: 1)provide more transparency regarding the subsidy calculations for Oglethorpe Power including whether or not the subsidy costs are in addition to, or inclusive of the proposed spread to Treasury rates 2)explain why the subsidy estimate increased so dramatically from prior indications; and 3)reassess the assumptions used in the calculation to ensure that they are representative of this proposed transaction. I need your help in responding to the first two questions; I would like to flesh out the points in Whitcombes draft so that we can be a bit more responsive. For your reference, I have also attached the January 15, 2010 letter we sent to Oglethorpe, and a draft response to Georgia Power, which is currently with OMB for approval, that expressed concerns similar to the ones expressed in Oglethorpes May 6, letter.
Please provide any comments/suggestions to my draft via Track Changes. me know if and when you would like to meet and discuss. -----Original Message----From: Whitcombe, Nicholas Sent: Monday, May 17, 2010 12:14 PM To: Offner, Julie; Chaudhary, Nida Subject: FW: Oglethorpe response draft Please see below sent last week to Eleni. -----Original Message----From: Whitcombe, Nicholas Sent: Wednesday, May 12, 2010 11:03 AM To: Pelican, Eleni Subject: Oglethorpe response draft Eleni,
Let
See below - it responds to them, however, no specifics on "the next phase". Nick _____________________________________________________________________________
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Frantz, David Isakowitz, Steve RE: OMB Credit Subsidy Model Meeting Thursday, June 26, 2008 4:06:59 PM
Got it!

From: Isakowitz, Steve Sent: Thursday, June 26, 2008 3:22 PM To: Frantz, David Cc: Miller, Neile Subject: RE: OMB Credit Subsidy Model Meeting Dave, Pls include Neile in your invite list. thanks, Steve
From: Frantz, David Sent: Thursday, June 26, 2008 2:06 PM To: Kupfer, Jeffrey; Albright, Bud; Isakowitz, Steve; Hill, David R. Cc: Patterson, Andrew; Epifani, Lisa; Colyar, Kelly Subject: OMB Credit Subsidy Model Meeting To be confirmed, but meeitng is tentatively scheduled for 4:00 PM Tuesday, Jul 1st. Dave


(b) (6)
Carlson, Jaime Frantz, David RE: OMB statement on CBO report Monday, August 08, 2011 7:13:55 PM
I am setting up a pre-brief
From: Frantz, David Sent: Monday, August 08, 2011 1:53 PM To: Carlson, Jaime Subject: FW: OMB statement on CBO report

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Frantz, David Sent: Monday, August 08, 2011 1:34 PM To: Levy, Jonathan Subject: FW: OMB statement on CBO report
Jonathan, Per our conversation re the CBO Report for Nuclear subsidy on Friday. In addition we need to consider a pre-brief for S2 on (b) (5) prior to the CRB on Wednesday. Thanks, Dave

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: jim McCrea [mailto:jimmccrea@(b) (6) Sent: Monday, August 08, 2011 1:24 PM To: Frantz, David Subject: FW: OMB statement on CBO report
Jim _____________________________________________ James C. McCrea

JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
From: Frantz, David [mailto:David.Frantz@hq.doe.gov] Sent: Friday, August 05, 2011 8:28 AM To: 'jimmccrea@(b) (6) Subject: RE: OMB statement on CBO report
Many thanks-Southern was asking so I forwarded.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: jimmccrea(b) (6) [mailto:jimmccrea@(b) (6) Sent: Thursday, August 04, 2011 4:25 PM To: Frantz, David Subject: Fw: OMB statement on CBO report ]
Sent from my Verizon Wireless BlackBerry From: "McCrea, Jim (CONTR)" <Jim.McCrea@Hq.Doe.Gov> Date: Thu, 04 Aug 2011 15:55:20 -0400 To: jimmccrea@(b) (6) <jimmccrea@(b) (6) > Subject: FW: OMB statement on CBO report
------------------------------------------From: Winters, Matthew Sent: Thursday, August 04, 2011 3:55:16 PM To: Offner, Julie; Davis, Christopher; Silver, Jonathan; Richardson, Susan; Taylor, Sonia (CONTR); Shikany, Ann Cc: 'boakley@scullycapital.com'; McCrea, Jim (CONTR); 'Anthony Curcio'; Terry, Joelle; LaVera, Damien Subject: OMB statement on CBO report Auto forwarded by a Rule AllHere is the statement that OMB is using regarding the recent CBO report on credit subsidy. Right now, DOE comms is directing inquires to OMB. To the extent that we are called upon to respond to anything in writing on this subject, this can help guide us. As the CBO report confirms, this Administration is following the law that governs how agencies make their calculations. The report explores what the cost of these loans might be if DOE used an alternative discount rate and, since financial professionals differ on discount rates all the time, its not surprising that CBO uses a
different rate here. The discount rate that this and previous Administrations use is mandated by the Federal Credit Reform Act of 1990.
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Frantz, David Levy, Jonathan RE: OMB statement on CBO report Tuesday, August 09, 2011 8:44:00 AM
Thanks!

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Levy, Jonathan Sent: Monday, August 08, 2011 7:45 PM To: Frantz, David Subject: RE: OMB statement on CBO report
Thanks.Wejustputitonthecalendar.
From: Frantz, David Sent: Monday, August 08, 2011 1:34 PM To: Levy, Jonathan Subject: FW: OMB statement on CBO report
Jonathan, PerourconversationretheCBOReportforNuclearsubsidyonFriday.Inadditionweneedto priortotheCRBonWednesday. considerapre-briefforS@on(b) (5) Thanks, Dave

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: jim McCrea [mailto:jimmccrea@(b) (6) Sent: Monday, August 08, 2011 1:24 PM To: Frantz, David Subject: FW: OMB statement on CBO report
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk.
Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
From: Frantz, David [mailto:David.Frantz@hq.doe.gov] Sent: Friday, August 05, 2011 8:28 AM To: 'jimmccrea@(b) (6) ' Subject: RE: OMB statement on CBO report
Manythanks-SouthernwasaskingsoIforwarded.

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: jimmccrea@(b) (6) [mailto:jimmccrea@(b) (6) Sent: Thursday, August 04, 2011 4:25 PM To: Frantz, David Subject: Fw: OMB statement on CBO report
Sent from my Verizon Wireless BlackBerry From: "McCrea, Jim (CONTR)" <Jim.McCrea@Hq.Doe.Gov> Date: Thu, 04 Aug 2011 15:55:20 -0400 To: jimmccrea@(b) (6) <jimmccrea(b) (6) > Subject: FW: OMB statement on CBO report
------------------------------------------From: Winters, Matthew Sent: Thursday, August 04, 2011 3:55:16 PM To: Offner, Julie; Davis, Christopher; Silver, Jonathan; Richardson, Susan; Taylor, Sonia (CONTR); Shikany, Ann Cc: 'boakley@scullycapital.com'; McCrea, Jim (CONTR); 'Anthony Curcio'; Terry, Joelle; LaVera, Damien Subject: OMB statement on CBO report Auto forwarded by a Rule All HereisthestatementthatOMBisusingregardingtherecentCBOreportoncreditsubsidy.Rightnow,DOE commsisdirectinginquirestoOMB.Totheextentthatwearecalledupontorespondtoanythinginwritingon thissubject,thiscanhelpguideus. As the CBO report confirms, this Administration is following the law that governs how agencies make their calculations. The report explores what the cost of these loans might be if DOE used an alternative discount rate and, since financial professionals differ on discount rates all the time, its not surprising that CBO uses a different rate here. The discount rate that this and previous Administrations use is mandated by the Federal Credit Reform Act of 1990.
(b) (5) . MatthewA.Winters SeniorAdvisor,LoanPrograms U.S.DepartmentofEnergy (o)202.287.6262 (c)202.407.2400 matthew.winters@hq.doe.gov
Frantz, David Colyar, Kelly; Moles, Amy Faith, Jayne; Lombardi, Linda H RE: OMB Wednesday, December 03, 2008 12:08:14 PM
Amy, August 9th was the first official meeting with me as the first permanent employee. I know there were earlier prep conversations but that date was our first formal presentation of our model. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Colyar, Kelly Sent: Wednesday, December 03, 2008 10:16 AM To: 'Moles, Amy Leeann' Cc: Faith, Jayne; Lombardi, Linda H; Frantz, David Subject: RE: OMB Amy, As I joined DOE in May 2008, I am unable to confirm the date. As I stated previously, I suggest you speak with Dave Frantz. Thanks. -----Original Message----From: Moles, Amy Leeann [mailto:Molesal@oro.doe.gov] Sent: Wednesday, December 03, 2008 9:59 AM To: Colyar, Kelly Cc: Faith, Jayne; Moles, Amy Leeann; Lombardi, Linda H Subject: RE: OMB Kelly Good morning. Could you confirm that the first meeting with OMB was August 9, 2007? You state below that was the first meeting you are aware of. Please confirm. Thanks Amy Amy Moles Amy (Hayes) Moles CPA, CIA Office of Inspector General PO Box 2001 Oak Ridge Tennessee 37831 P- 865-241-8219 F- 865-576-3213 E- molesal@oro.doe.gov -----Original Message----From: Colyar, Kelly [mailto:Kelly.Colyar@hq.doe.gov] Sent: Thursday, October 23, 2008 3:08 PM
To: Moles, Amy Leeann Subject: RE: OMB Dave Frantz can confirm the Aug. 9 meeting. That was the first official meeting on the topic that I am aware of. -----Original Message----From: Moles, Amy Leeann [mailto:Molesal@oro.doe.gov] Sent: Thursday, October 23, 2008 3:07 PM To: Colyar, Kelly Subject: RE: OMB Kelly I was just curious as to how long the process of getting OMB approval on the credit subsidy model had taken. Is there anyone that would have that information? Thanks Amy Amy Moles Amy (Hayes) Moles CPA, CIA Office of Inspector General PO Box 2001 Oak Ridge Tennessee 37831 P- 865-241-8219 F- 865-576-3213 E- molesal@oro.doe.gov -----Original Message----From: Colyar, Kelly [mailto:Kelly.Colyar@hq.doe.gov] Sent: Thursday, October 23, 2008 11:34 AM To: Moles, Amy Leeann Cc: Lombardi, Linda Subject: RE: OMB Hi Amy, Unfortunately, I do not have the full history as I came onboard DOE in May this year. However, I believe the first official meeting with OMB regarding the model with our Director onboard occurred August 9, 2007. There may have been additional informal meetings prior to that date. Kelly -----Original Message----From: Moles, Amy Leeann [mailto:Molesal@oro.doe.gov] Sent: Thursday, October 23, 2008 10:38 AM To: Colyar, Kelly Cc: Lombardi, Linda H; Moles, Amy Leeann Subject: OMB Kelly Can you tell me when the Department initially contacted OMB relative to the LGP Credit Subsidy Model? Thanks Amy
Amy Moles Amy (Hayes) Moles CPA, CIA Office of Inspector General PO Box 2001 Oak Ridge Tennessee 37831 P- 865-241-8219 F- 865-576-3213 E- molesal@oro.doe.gov
Frantz, David Isakowitz, Steve RE: Outstanding action items Friday, November 02, 2007 2:38:02 PM
Steve, A quick update on your questions; 1) We will work on a broad proposal for future solicitations,(b)
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2)
(b) (5) (5)
3) CBO scoring-(b)
4) Definitions-(b)
(5) (5)
5) Office space-(b)
6) Financial Structure:
(b) (5)
7) Program Office memo-(b)
(5)

From: Isakowitz, Steve Sent: Friday, November 02, 2007 10:08 AM To: Frantz, David Cc: Schmitzer, David; Corrigan, Richard Subject: Outstanding action items Dave, Since I missed your staff meeting on Wednesday, I do have a few items that I would like to hear back from you:
1) Schedule for next solicitation -- (b)
(5)
2) Credit Subsidy Model -- (b) 3) CBO(b) (5)
(5) (5) (5)
-- (b)
4) Definition of "new or significantly improved technology" -- (b)
5) Office space -- (b)
(5)
6) Financial Structure Guideline memo -- (b)
(5)
7) Program Office Support guideline memo - (b) (5) Suggest sharing draft with GE, EE, NE before finalizing. Perhaps approve at next CRB.
Steve
Wright, Morgan Richardson, Susan; "jim McCrea" Brian Oakley; Frantz, David; Barwell, Owen; J. Anthony Curcio RE: Policy & Procedures Manual - Section V Thursday, November 18, 2010 9:14:46 AM
As Anthony suggested, I think a summary process overview section is appropriate and necessary for the main document, and the more detailed users guide may be separated into an appendix. Once Jim/Brian/Anthony are comfortable with the content of Section V, Im happy to take the lead on separating out the content and creating the summary. From: Richardson, Susan Sent: Thursday, November 18, 2010 9:09 AM To: 'jim McCrea'; Wright, Morgan Cc: Brian Oakley; Frantz, David; Barwell, Owen; J. Anthony Curcio Subject: RE: Policy & Procedures Manual - Section V
My view is that we have to do that.

From: jim McCrea [mailto:jimmccrea@(b) (6) ] Sent: Thursday, November 18, 2010 1:15 AM To: Wright, Morgan Cc: Brian Oakley; Frantz, David; Richardson, Susan; Barwell, Owen; J. Anthony Curcio Subject: Policy & Procedures Manual - Section V
I have provided to Brian a markup of the old Section V. However, it has been revised and presented to Lach's committee for approval recently. Brian is reviewing my mark up and incorporating that markup into the new Section V and will circulate a revised Section V on Thursday.
(b) (5)
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea(b) (6)
Anthony Curcio jim McCrea Brian Oakley; Frantz, David; Richardson, Susan; Barwell, Owen; Wright, Morgan RE: Policy & Procedures Manual - Section V Thursday, November 18, 2010 7:39:30 AM
Jim,
Iunderstandyourconcern.Whenwewrote(rewroteafewtimesnow)the Chapter,weintendeditasatrulyusablehowtouserguideforoperating themodel.Inourexperiencewriting(wehavewrittenmanyacrossseveral agencies)user-friendlymanualsrequiregraphicsandscreenshots,which makethefilelarge(fromamegabyteperspective),butisnecessaryto effectivelyguidepeoplewhoreallyneedtouseandunderstandthemodel. WhenwefinalizeandburntoPDFthefilesizewillfalldramatically.
Whenwewroteit,wehadinmind: DOEstaffandcontractors TheAuditors OMB GAO/CBO(oranyotheroversightagencythatwaswillingtosignan NDA)
(b) (5)
WearereadytoassistinwhateverwayyouandOwenthinkisbest.
AC
-J.AnthonyCurcio FederalCreditPracticeLead&EquityMember
SummitConsulting,LLC* 626EStreetNW,Suite200 Washington,DC20004 202.407.8300Main 202.407.8303Office 509.984.8943Fax www.summitllc.us

*SummitConsultingisaSBAcertified8(a)companywithGSAFABSandMOBISschedules
From: jim McCrea [mailto:jimmccrea@(b) (6) ] Sent: Thursday, November 18, 2010 1:15 AM To: Morgan Wright Cc: Brian Oakley; Frantz, David; Richardson, Susan; Barwell, Owen; J. Anthony Curcio Subject: Policy & Procedures Manual - Section V
I have provided to Brian a markup of the old Section V. However, it has been revised and presented to Lach's committee for approval recently. Brian is reviewing my mark up and incorporating that markup into the new Section V and will circulate a revised Section V on Thursday.
(b) (5)
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
Frantz, David Winters, Matthew RE: Possible Conf Language Appeal: Sec 314 Thursday, September 16, 2010 11:31:00 AM
Looks fine you left out the word "of" in the first sentence of the second para. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Winters, Matthew Sent: Thursday, September 16, 2010 10:52 AM To: Frantz, David Subject: RE: Possible Conf Language Appeal: Sec 314 Thanks Dave. I made a couple minor edits to the last two sentences. Are you ok with this: Sec. 314 requires DOE to disclose sensitive company and project-specific information to Congress in advance of a guarantee commitment. (b) (5)
-----Original Message----From: Frantz, David Sent: Thursday, September 16, 2010 10:47 AM To: Winters, Matthew Cc: Freund, Andrew Subject: RE: Possible Conf Language Appeal: Sec 314 Please see revised appeal language attached. Thanks. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Winters, Matthew Sent: Thursday, September 16, 2010 10:17 AM To: Frantz, David Subject: FW: Possible Conf Language Appeal: Sec 314
-----Original Message----From: Freund, Andrew Sent: Wednesday, September 15, 2010 6:21 PM To: Winters, Matthew
Subject: Possible Conf Language Appeal: Sec 314 Matt-
(b) (5)
You may want to consider requesting that Approps Committee clerks sign non-disclosure agreements if this section makes it into the Conference bill. If you decide to submit this appeal, External Coordination will need it by 10am tomorrow Thursday so that it can be included in the S-2 briefing tomorrow.
Andrew Freund 202.586.3651
Frantz, David "Joe Hezir" RE: Presentation on OMB Perspectives Tuesday, July 21, 2009 8:57:14 AM
Many thanks-we will look this over. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Joe Hezir [mailto:jshezir@819eagle.com] Sent: Monday, July 20, 2009 5:34 PM To: Frantz, David; Corrigan, Richard Subject: Presentation on OMB Perspectives Dave and Dick, A week ago Friday, I was asked to give a presentation to a closed door meeting of financial types sponsored by the Bipartisan Policy Center - National Commission on Energy Policy. The original request was to discuss OMB credit subsidy scoring, but the presentation went into a broader perspective on OMB's overall posture on the program. I wanted to share this with you to see if you think this was a fair portrayal or not. I also shared a copy of this with Isakowitz. BTW -- the Bipartisan Policy Center is planning to put together a letter to Secretary Chu recommending an approach for setting up a financial intermediary to assist in the implementation of the Section 1705 program. The meeting I attended was a planning discussion toward that end. Matt Rogers was there the day before, so I assume he is aware of what is going on. Joe Hezir
Hanson, Christopher Richardson, Susan; Frantz, David RE: Question from HEWD Friday, November 12, 2010 12:04:36 PM
Yes.TalkedwithDave.Soundslikethiswilltakesometime.
From: Richardson, Susan Sent: Friday, November 12, 2010 12:04 PM To: Hanson, Christopher; Frantz, David Subject: RE: Question from HEWD
Sounds like Dave wants it to go to JS. Today is zany. Can we discuss w/ him next week (suspect he will want input from us)
From: Hanson, Christopher Sent: Friday, November 12, 2010 11:23 AM To: Richardson, Susan; Frantz, David Subject: RE: Question from HEWD
(b) (5)
From: Richardson, Susan Sent: Friday, November 12, 2010 11:00 AM To: Hanson, Christopher; Frantz, David Subject: RE: Question from HEWD
(b) (5)
From: Hanson, Christopher Sent: Friday, November 12, 2010 10:55 AM To: Richardson, Susan; Frantz, David Subject: FW: Question from HEWD
Susan,Dave, Appropsstaffwantthepoliciesandproceduresmanual.LetmeknowhowLGPOwantsto proceed.
Thanks,Chris
From: Berquam, Taunja [mailto:Taunja.Berquam@mail.house.gov] Sent: Friday, November 12, 2010 10:53 AM To: Hanson, Christopher Cc: Clapp, Doug; Apostolou, Carrie Subject: Re: Question from HEWD
Can we get the policy and procedures manual for the LGPO
Frantz, David Colyar, Kelly RE: Quick check on this language - most from Will on CBO issue Monday, March 30, 2009 7:42:25 AM
Looks fine here!

_____________________________________________ From: Sent: To: Cc: Colyar, Kelly Friday, March 27, 2009 12:29 PM Saltiel, David Frantz, David RE: Quick check on this language - most from Will on CBO issue
Subject:
Looks fine to me. Thanks.

_____________________________________________ From: Sent: To: Cc: Saltiel, David Friday, March 27, 2009 11:55 AM Colyar, Kelly Frantz, David Quick check on this language - most from Will on CBO issue
Subject:
The Departments credit programs (b) (5)
First, the Omnibus Appropriations Act, 2009, authorized an additional $47 billion in loan guarantees. (b) (5)
Provided further, That none of the loan guarantee authority made available in this Act shall be available for commitments to guarantee loans for any projects where funds, personnel, or property (tangible or intangible) of any Federal agency, instrumentality, personnel or affiliated entity are expected to be used (directly or indirectly) through acquisitions, contracts, demonstrations, exchanges, grants, incentives, leases, procurements, sales, other transaction authority, or other arrangements, to support the project or to obtain goods or services from the project:
(b) (5)
(b) (5)
______________ David H. Saltiel 202-586-4249 david.saltiel@hq.doe.gov
Frantz, David Silver, Jonathan RE: quick turnaround request from House Approps Friday, December 11, 2009 8:28:36 AM
Will do. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Friday, December 11, 2009 7:55 AM To: Frantz, David Subject: Re: quick turnaround request from House Approps
(b) (5)
Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov ----- Original Message ----From: Frantz, David To: Silver, Jonathan Sent: Fri Dec 11 07:51:01 2009 Subject: FW: quick turnaround request from House Approps Here is what we forwarded to Tara. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Duong, Hai Sent: Wednesday, December 09, 2009 3:33 PM To: Hicks, Tara; Frantz, David; Silver, Jonathan Cc: Pelican, Eleni; Saltiel, David Subject: RE: quick turnaround request from House Approps
(b) (5)
-----Original Message----From: Hicks, Tara Sent: Wednesday, December 09, 2009 2:11 PM To: Frantz, David; Silver, Jonathan Cc: Pelican, Eleni; Duong, Hai; Saltiel, David
Subject: quick turnaround request from House Approps Dave and Jonathan, Not related to today's earlier meeting, Taunja Berquam just called and asked us to get to her a quick turnaround answer to the following question on Section 1705 (clearly related to drafting of the jobs bill). We can provide this as technical assistance and not a formal position.
(b) (5)
Are we able to provide an estimate? Please let me know ASAP and I'll get back to Taunja (stressing this is an estimate only). There are other deliverables from today's meeting and I will send a reminder on those shortly. Thanks, Tara Tara Hicks Associate Director External Coordination, Office of Budget Office of the Chief Financial Officer U.S. Department of Energy (202) 586-7487
anthony.curcio@summitllc.us Frantz, David Brian Oakley; Duong, Hai; McCrea, Jim; Scott Burroughs; Frieda Chung Re: Review the LGPO Subsidy forecast for 2011 Wednesday, November 17, 2010 8:02:55 AM
Dave, Thanks for responding so quickly. We will work with the others and set this up. AC Sent from my Verizon Wireless BlackBerry From: "Frantz, David" <David.Frantz@hq.doe.gov> Date: Wed, 17 Nov 2010 08:00:33 -0500 To: 'Anthony Curcio'<anthony.curcio@summitllc.us> Cc: boakley@scullycapital.com<boakley@scullycapital.com>; Duong, Hai<Hai.Duong@hq.doe.gov>; McCrea, Jim<Jim.McCrea@Hq.Doe.Gov>; ScottBurroughs<scott.burroughs@summitllc.us>; Frieda Chung<frieda.chung@summitllc.us> Subject: RE: Review the LGPO Subsidy forecast for 2011
I am tied up this AM but will be free after 2:00 PM this afternoon?

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Anthony Curcio [mailto:anthony.curcio@summitllc.us] Sent: Tuesday, November 16, 2010 6:14 PM To: Frantz, David Cc: boakley@scullycapital.com; Duong, Hai; McCrea, Jim; Scott Burroughs; Frieda Chung Subject: Review the LGPO Subsidy forecast for 2011
Dave, At Jonathans request, the credit subsidy team has completed a 2011 deal flow/subsidy forecast to be included in the Presidents Budget. We have received input from Hai, Jim, and Brian. Before briefing Jonathan without our results, we would like to brief you to get your feedback and approval. Are you available tomorrow or Thursday for an in-person or conference call briefing? Kim Klein must input this data no later than Friday of this week to meet OMBs request. We completed a similar ATVM review with Lach today.
Thanks very much. AC

-J. Anthony Curcio Federal Credit Practice Lead & Equity Member Summit Consulting, LLC* 626 E Street NW, Suite 200 Washington, DC 20004 202.407.8300 Main 202.407.8303 Office 509.984.8943 Fax www.summitllc.us
*Summit Consulting is a SBA certified 8(a) company with GSA FABS and MOBIS schedules
Frantz, David Winters, Matthew; Richardson, Susan RE: Revised Info Sharing Proposal Thursday, October 21, 2010 7:26:00 AM
I am okay with this. David G. Frantz US Department of Energy

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov _____________________________________________ From: Winters, Matthew Sent: Wednesday, October 20, 2010 3:22 PM To: Richardson, Susan; Frantz, David Subject: Revised Info Sharing Proposal
What do you think about this, as our proposal for addressing the credit-subsidy cost sharing issue? Initial proposal: 1.
(b) (5)
Fallback proposal: 1.
(b) (5)
(b) (5) . But Im not exactly sure how it would work. Who would sign it? Who would be bound by it? Only staff, or the Senators/Reps as well?
Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy
(o) 202.287.6262 (c) 202.407.2400 matthew.winters@hq.doe.gov
Richardson, Susan Winters, Matthew; Frantz, David RE: Revised Info Sharing Proposal Wednesday, October 20, 2010 3:35:36 PM
I could live w/ that. (b) (5)
_____________________________________________ From: Winters, Matthew Sent: Wednesday, October 20, 2010 3:22 PM To: Richardson, Susan; Frantz, David Subject: Revised Info Sharing Proposal
What do you think about this, as our proposal for addressing the credit-subsidy cost sharing issue? Initial proposal: 1.
(b) (5)
Fallback proposal: 1.
(b) (5)
(b) (5) But Im not exactly sure how it would work. Who would sign it? Who would be bound by it? Only staff, or the Senators/Reps as well?
Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy (o) 202.287.6262
(c) 202.407.2400 matthew.winters@hq.doe.gov
Frantz, David Isakowitz, Steve; Colyar, Kelly RE: Risk Margin Thursday, February 26, 2009 7:36:52 AM
Manay thanks! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Wednesday, February 25, 2009 9:05 PM To: Frantz, David; Colyar, Kelly Subject: Risk Margin Dave/Kelly, We can discuss more on Friday when we meet. Unless you have a lingering concern, go ahead with the change. Steve Spoke with Matt Rogers. (b) (5)
Frantz, David "Brian Oakley" "Jeanne Kim"; Colyar, Kelly RE: Status of Manual Friday, March 06, 2009 7:32:32 AM
Brian, Please convey our many thanks and compliments to the staff as well, for a job very well done! Very best, Dave

From: Brian Oakley [mailto:boakley@scullycapital.com] Sent: Thursday, March 05, 2009 8:10 PM To: Frantz, David Cc: Jeanne Kim; Colyar, Kelly Subject: Status of Manual
Dave, Ireceivedyourvoicemailandwewillbereadybynoontomorrow.Davidschangesfromthis afternoonarein,andwehadacoupleofcreditsubsidyitemstoaddresslatetoday.Wewillhavea pdfondiskplusaprofessionallookingbinderdeliveredtoyourofficetomorrow.GAOwillalsobe receivingacopyofthecreditsubsidymodel. Thanksforthekindwordsregardingthemanual.Ihopeitwillprovetobeausefultool. Allthebest, Brian BrianOakley ScullyCapital 113315thStreet,NW Suite900 Washington,DC20005 (202)775-3434(o) (202)775-6049(f)
Frantz, David Colyar, Kelly RE: Subsidy Numbers Wednesday, August 26, 2009 7:11:06 AM
Many thanks-let's move it first thing in the AM.

_____________________________________________ From: Sent: To: Cc: Colyar, Kelly Tuesday, August 25, 2009 8:58 PM Frantz, David; Isakowitz, Steve Duong, Hai RE: Subsidy Numbers
Subject:
Dave, Attached is what I propose for the credit subsidy estimate categories. Perhaps we should discuss in the morning. Thanks.
<< File: 082509 Current Project Pipeline Subsidy Estimate.pdf >>

_____________________________________________ From: Sent: To: Cc: Guy, Megan Tuesday, August 25, 2009 6:02 PM Colyar, Kelly Frantz, David; Schultz, Douglas; Duong, Hai; Spinner, Steve; Tobin, Daniel RE: Subsidy Numbers
Subject:
Hi Kelly, Just checking in on this. Any chance that we will have estimates tonight? Thanks again. All best, Megan.
_____________________________________________ From: Colyar, Kelly
Sent: To: Cc:
Monday, August 24, 2009 10:00 PM Guy, Megan Frantz, David; Schultz, Douglas; Duong, Hai; Spinner, Steve; Tobin, Daniel RE: Subsidy Numbers
Subject:
Megan, We just got the buckets defined today. We are running the estimates, but it will take a little time. I would anticipate late tomorrow. Thanks.
_____________________________________________ From: Sent: To: Cc: Guy, Megan Monday, August 24, 2009 5:20 PM Colyar, Kelly Frantz, David; Schultz, Douglas; Duong, Hai; Spinner, Steve; Tobin, Daniel RE: Subsidy Numbers High
Subject: Importance:
Hi Kelly, I know you've been incredibly busy today - apologies for adding another ask to your workload. Dave is meeting with Steve Isakowitz tomorrow morning to discuss the final model. If it is possible to get us the estimated credit scores on these tonight (ballpark estimates - high/medium/low buckets, as we discussed last week), or first thing tomorrow morning, that would be tremendously helpful. Please let me know if this isn't feasible. Thank you!! All best, Megan.
_____________________________________________ From: Sent: To: Cc: Spinner, Steve Monday, August 24, 2009 10:52 AM Tobin, Daniel; Guy, Megan Frantz, David; Schultz, Douglas; Duong, Hai; Colyar, Kelly RE: Subsidy Numbers
Subject:
Dan, thanks so much. Kelly, if you can get us estimated credit scores to plug into the model by 2PM, that would be great. We can then finalize this today. Thanks, Steve Steven J Spinner Small Business Loan Guarantee Program Advisor Recovery Act Team U.S. Department of Energy 202-586-1335
_____________________________________________ From: Sent: To: Cc: Tobin, Daniel Monday, August 24, 2009 10:50 AM Guy, Megan Frantz, David; Schultz, Douglas; Duong, Hai; Colyar, Kelly; Spinner, Steve RE: Subsidy Numbers
Subject:
<< File: Current Pipeline Rating and Recovery Numbers 82409.xls >> Megan, See attached for projects in the due diligence review under the 2008 renewable energy and energy efficiency solicitation. I believe David Schmitzer or at a minimum each project officer assigned to a respective project has the credit assessment and recovery rating for applications submitted under the 2006 solicitation. Dan
_____________________________________________ From: Sent: To: Cc: Guy, Megan Friday, August 21, 2009 3:35 PM Tobin, Daniel Frantz, David; Schultz, Douglas; Duong, Hai; Colyar, Kelly; Spinner, Steve Subsidy Numbers High
Subject: Importance:
Hi Dan, We met with Steve Isakowitz on the loan model this afternoon and one of the things that he asked for was better visibility on credit subsidy scoring for the existing 1703 pipeline. Kelly can provide this, but in order to do so she needs the existing ratings and recovery % for each deal in the pipeline. Do you have this, and if so, can you send it across to her? The list of transactions is as follows. As always, thanks! All best, Megan.
(b) (5)
(b) (5)
_____________________________________________ Megan Guy | Program Specialist - Recovery Act Fellow U.S. Department of Energy
1000 Independence Ave., SW Washington, DC 20585 Tel: (202) 586.3283 Email: megan.guy@hq.doe.gov
Frantz, David Miller, Bill RE: subsidy Monday, August 31, 2009 12:45:28 PM
Bill, You got it exactly right! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Miller, Bill Sent: Monday, August 31, 2009 12:40 PM To: 'Jungman, David C.'; Corrigan, Richard; Sprow, John; James McCrea (jimmccrea@(b) (6) Cc: Frantz, David Subject: RE: subsidy David -Per the existing statute, all credit subsidy is to be paid at closing. This would also mean that, if there was to be pre-COL financing of a credit facility, all subsidy on both the pre-COL and eventual final financing on that applicant's request would have to be paid at the time of closing on the pre-COL financing. The 20/80 split you reference may be the one regarding the LGPO facility fee. My understanding is that an agreement has been made that 20% of this fee will be due at execution of a term sheet on a credit facility, and the remaining 80% will be due at loan guarantee financing. This is separate and apart from payment of the credit subsidy. I hope that this has addressed your issue. Let us know if there are further questions. Best regards, Bill Miller William G. Miller Loan Guarantee Program Department of Energy Bill.Miller@hq.doe.gov 202 586 0116 -----Original Message----From: Jungman, David C. [mailto:DCJungman@CPSEnergy.com] Sent: Monday, August 31, 2009 11:53 AM To: Corrigan, Richard; Sprow, John; Miller, Bill; James McCrea (jimmccrea@(b) (6) Subject: Guys, I am working on cashflow requirements for a CPS Board meeting later today. Can you tell me when our credit subsidy for the LGP would be due? Is it due all at once? (b) (5) A quick response would be greatly appreciated. Thanks.
David Jungman
Frantz, David Angulo, Veronica RE: Thursday Meeting Tuesday, September 23, 2008 2:24:26 PM
Only for Dr. Orbach-we have done other detailed briefings on request. We are responding to his personal request to us for this briefing. No siginficance in the timing other than his availability.

From: Angulo, Veronica Sent: Tuesday, September 23, 2008 2:06 PM To: Frantz, David Subject: RE: Thursday Meeting Is this briefing just for Dr. Orbach? Are you briefing all board members individually? Is there something significant about the timing of the briefing? I am sorry, but it appears that something may have been lost in the communication from the front office to me. Thanks for your help. From: Frantz, David Sent: Tuesday, September 23, 2008 2:01 PM To: Angulo, Veronica Subject: RE: Thursday Meeting Clarification: We will brief Dr. Orbach on the details of the model on Thurs. at 3:30. No additional materials are necessary. There is no progress with OMB to date. Next Thurs. Kathryn Chantry is stopping down here at 2:00 PM but we don't have an agenda from her. Dave

From: Angulo, Veronica Sent: Tuesday, September 23, 2008 1:55 PM To: Frantz, David Cc: Wilson, Cynthia; Moorer, Richard Subject: RE: Thursday Meeting The invite that I received is for a meeting on the LPGO Credit Subsidy model. I thought Kelly had briefly spoken about it on Friday and stated that we were waiting for an OMB decision. Has this
changed? Has there been an OMB decision? Will Kelly or anyone else take the Board through a more detail briefing on the model? Are there any materials that I could forward for Dr. Orbachs briefing book? From: Frantz, David Sent: Tuesday, September 23, 2008 1:48 PM To: Angulo, Veronica Subject: RE: Thursday Meeting We have no idea?

From: Angulo, Veronica Sent: Tuesday, September 23, 2008 1:42 PM To: Frantz, David; Tobin, Daniel Cc: Wilson, Cynthia; Moorer, Richard; Colyar, Kelly Subject: Thursday Meeting Dear David and Dan, Can you give us a brief idea of what the meeting on Thursday will cover? Has anything changed since Friday? Veronica A. Angulo Office of Science Department of Energy (202) 586-3686 Veronica.Angulo@science.doe.gov
(b) (5)

(b) (5)
Frantz, David "James C McCrea"; Silver, Jonathan RE: Treasury Has Asked for Briefing on Credit Subsidy Cost Friday, October 15, 2010 8:32:00 AM
(b) (5) . Gary is merely interested in getting an update on how we are handling the mechanics under our present mode. Remember he was a big factor in helping us construct the early versions. (b) (5) .
Dave

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: James C McCrea [mailto:jimmccrea@(b) (6) ] Sent: Thursday, October 14, 2010 8:33 PM To: Silver, Jonathan; Frantz, David Subject: Treasury Has Asked for Briefing on Credit Subsidy Cost
While we were at Treasury today to brief (b) (5) , Gary Burner asked if we could brief Treasury on the credit subsidy process/Federal Credit process. This would be the intro presentation that Brian and Anthony have done a number of times before with GAO, KPMG, CBO, etc. The presentation is in the can and no work would be required to prepare for it.
(b) (5)
Your thoughts?
Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
Frantz, David Isakowitz, Steve RE: UPDATE: Loan Status Friday, June 27, 2008 7:51:42 AM
They understand.

From: Isakowitz, Steve Sent: Thursday, June 26, 2008 4:26 PM To: Frantz, David Subject: FW: UPDATE: Loan Status Dave -- (b)
(5)
Steve
From: Isakowitz, Steve Sent: Thursday, June 26, 2008 4:24 PM To: Kupfer, Jeffrey Cc: Ingols, Adam; Patterson, Andrew; Campione, Rocky; Miller, Neile; Frantz, David; Hill, David R.; Epifani, Lisa; Albright, Bud Subject: UPDATE: Loan Status Jeff, FYI -- a quick status of loan activities: 1. Solicitations Rollout > > > > > > > CI/CF/PA are coordinating on the release of the three solicitations for Monday Press release and internal talking points are being drafted Notification lists are being prepared for WH and Congress CRB members and Programs (EE, OE, NE) will be provided rollout products Press phone conference is scheduled on your calendar for 1:30pm on Monday Final signoff for solicitations is to be conducted later today at OGC. Every effort is being extended to speak with Rep. Visclosky and Pelosi/Hoyer staff but no takers yet.
2. Key solicitation deadline dates > Nukes: Sept 29 for Part 1, Dec 19 for Part 2 > Enrichment: Sept 29 for Part 1, Dec 2 for Part 2 > Renewables: Dec 31 for all, Apr 30, 2009 for supplemental for "integration" proposals NOTE: the Renewable date was extended from Nov 17 to Dec 31 after consultation with credit rating
agencies and concern over their capacity to conduct assessments of expected large number of applicants. 3. Credit Model > Meeting tentatively scheduled for Tuesday, July 1, at OMB to conduct a technical exchange of our positions > Jim Bates, Beth Robinson, and Rick Mertens expected to attend. Our side will include me, Frantz, Neile and, if available, David Hill and Bud. > This meeting will be followed by a deputies meeting, as appropriate > Pending an internal dry run meeting scheduled tomorrow, I expect we will return to our original proposal to OMB of using the (b) (5) to assess recovery and take this position into the meeting on Tuesday with OMB. LGPO plans to present the case for why this is state-of-the-art and most appropriate. Happy to pre-brief you if you desire. > Treasury staff have indicated that they can provide us their position for support on Monday. Steve
Steve Isakowitz Chief Financial Officer US Department of Energy 202-586-4171
From: To: Cc: Subject: Date: Importance:
Winters, Matthew "boakley@scullycapital.com"; Frantz, David McCrea, Jim (CONTR) RE: Updated Credit Subsidy Chart and CLosing Schedule Wednesday, September 14, 2011 3:35:16 PM High
Can I get this info ASAP! Thanks. Matt

_____________________________________________ From: Winters, Matthew Sent: Wednesday, September 14, 2011 11:57 AM To: 'boakley@scullycapital.com'; Frantz, David Cc: McCrea, Jim (CONTR) Subject: Updated Credit Subsidy Chart and CLosing Schedule
Brian and DaveCan you please send me as soon as possible an updated Credit Subsidy usage chart (Brian) and an up-to-date project closing schedule (Dave)? Thanks very much.
Matt Matthew A. Winters Senior Advisor, Loan Programs U.S. Department of Energy (o) 202.287.6262 (c) 202.407.2400 matthew.winters@hq.doe.gov
Frantz, David Duong, Hai RE: Updated Credit Subsidy Chart with Assumptions Monday, July 11, 2011 4:54:00 PM
Many thanks!

Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov From: Duong, Hai Sent: Monday, July 11, 2011 3:49 PM To: Frantz, David Subject: FW: Updated Credit Subsidy Chart with Assumptions
Here is the version that was sent to OMB last week.
From: boakley@scullycapital.com [mailto:boakley@scullycapital.com] Sent: Thursday, July 07, 2011 2:42 PM To: Winters, Matthew; Duong, Hai Cc: jim McCrea (jimmccrea@(b) (6) Subject: Updated Credit Subsidy Chart with Assumptions
Matt & Hai, Here is the chart with assumptions. Note that we did find a handful of projects that did not reflect the ultimate OMB recommendation. This should be closer to what Kelly has. Regards, Brian
Brian Oakley Principal Scully Capital Services, Inc. 1133 15th Street N.W., Suite 900 Washington, DC 20005 202-775-3434 - Office Voice 202-775-6049 - Office Fax 202-236-2006 - Cell www.scullycapital.com
_ This message has been sent via the Internet. Internet communications are not secure against interception or modification. Therefore, Scully Capital cannot guarantee that this message has not been modified in transit, and this message on its own should not be viewed as contractually binding. This message and any files transmitted with it are confidential and intended solely for the use of the addressee. If you have received this message in error, please notify the sender and destroy your copies of the message and any attached files.
Winters, Matthew "boakley@scullycapital.com"; Frantz, David; jim McCrea (jimmccrea@(b) (6) RE: Updated Subsidy Estimates Tuesday, September 20, 2011 2:37:49 PM 1705 Loan Closing Schedule (2).xlsx
Brian Couldyoupleasesendmeanup-to-dateCreditSubsidychart?Andcouldyoupleaseremovethe (b) (5) deal,andputtheyet-to-be-closeddealsinthesameorderastheyareontheattached closingschedule?Thankssomuch.. Matt

From: boakley@scullycapital.com [mailto:boakley@scullycapital.com] Sent: Wednesday, September 14, 2011 4:04 PM To: Winters, Matthew; Frantz, David; jim McCrea (jimmccrea@(b) (6) Subject: Updated Subsidy Estimates Importance: High )
Hereisthelatest. Regards, Brian

BrianOakley Principal Scully Capital Services, Inc. 113315thStreetN.W., Suite900 Washington,DC20005 202-775-3434-OfficeVoice 202-775-6049-OfficeFax 202-236-2006-Cell www.scullycapital.com
_ This message has been sent via the Internet. Internet communications are not secure against interception or modification. Therefore, Scully Capital cannot guarantee that this message has not been modified in transit, and this message on its own should not be viewed as contractually binding. This message and any files transmitted with it are confidential and intended solely for the use of the addressee. If you have received this message in error, please notify the sender and destroy your copies of the message and any attached files.
Frantz, David "James C McCrea" RE: Vogtle Credit Subsidy Wording Thursday, January 14, 2010 9:20:24 AM
Many thanks! David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: James C McCrea [mailto:jimmccrea@(b) (6) Sent: Thursday, January 14, 2010 9:16 AM To: Frantz, David Subject: Vogtle Credit Subsidy Wording David I ran a compare on the earlier version and the version that Kelly just sent. Most of the changes were formatting. No words were deleted. In the second line of the second paragraph of the MEAG SPV1, MEAG SPV2 and MEAG SPV3 sections the word "principal" was inserted. Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6)
Frantz, David Isakowitz, Steve RE: Vogtle Update Monday, October 19, 2009 4:34:22 PM
Based upon the current state of negotiations it looks like mid. Nov. We hope to have a better idea by the end of this week. Dave David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Isakowitz, Steve Sent: Saturday, October 17, 2009 3:59 PM To: Frantz, David; Rogers, Matt; Spinner, Steve Cc: Schultz, Douglas; Colyar, Kelly; Whitcombe, Nicholas Subject: RE: Vogtle Update Thanks, Dave. Very helpful. So what date are we converging on for completion? Thanks, Steve -----Original Message----From: Frantz, David Sent: Friday, October 16, 2009 5:07 PM To: Isakowitz, Steve; Rogers, Matt; Spinner, Steve Cc: Schultz, Douglas; Colyar, Kelly; Whitcombe, Nicholas Subject: FW: Vogtle Update Steve, Per your request is Nick's update report on Vogtle. Note the (b) (5) preliminary engr. Report will be in cob today. Note also we now have concluded prelim. Negotiations with all three major parties and
(b) (5)
NERA, by the way, is the mktng consultant which we determined to be desireable but not critical and therefore the delay will not impede the accelerated schedule. Dave
David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Whitcombe, Nicholas Sent: Friday, October 16, 2009 4:25 PM To: Frantz, David
Subject: Vogtle Update Contractors: All third party contractors have been engaged by DOE, including MPR as the independent engineer, Chadborne & Parke as legal counsel and NERA Economic Consulting as market consultant. MPR has provided weekly updates to LGPO, and will provide a preliminary report today, which will be an executive summary of their findings. MPR's final report is due October 30. NERA was issued an NTP this week. They will focus on the (b) (5) come for 4 weeks, (b) (5) While a NERA premiminary report will not
Negotiations: Georgia Power: DOE provided terms and conditions on October 7 and a negotiation meeting was held in DC on October 8. As an investment grade, regulated utility, Georgia Power holds the view that
(b) (5)
Power that our offer of (b) (5)
We advised Georgia
Georgia Power is also seeking clarity on the credit subsidy amount, and the Loan Facility Fee payable at execution of the Conditional Commitment. The term sheet is being vetted by Southern Company management, and promised to revert a mark-up for Monday or Tuesday. We'll then have a better understanding of their position. Oglethorpe: DOE provided terms and conditions on October 14, and we met with them today in DC. Our proposed (b) (5)
However they are seeking clarity on the credit subsidy and timing of payment. Oglethorpe will provide a term sheet markup mid next week. MEAG: DOE provided terms and conditions on October 15, and a DC meeting is scheduled on October 20. (b) (5)
________________________________________ Nicholas P. Whitcombe U.S. Department of Energy Loan Guarantee Program Office Office: (202) 287-5406 Cell: (202) 510-3238
Whitcombe, Nicholas "jim McCrea"; Frantz, David; Kelly, Matt; Fox, Lucian Renee Sass; Brian Oakley; Paul Barbian RE: Vogtle Friday, October 14, 2011 11:33:49 AM
Ok. Chadborne is prepping the cross walk. -----Original Message----] From: jim McCrea [mailto:jimmccrea@(b) (6) Sent: Friday, October 14, 2011 11:31 AM To: Whitcombe, Nicholas; Frantz, David; Kelly, Matt; Fox, Lucian Cc: Renee Sass; Brian Oakley; Paul Barbian Subject: RE: Vogtle Nick -Good question but one for which there is no answer at the moment. The reason I don't have an answer is that I don't have a sense of the magnitude of the changes that will be addressed in an update or the extent to which there are credit implications. I would suggest a conference call early next week to review the current state of the transaction and the extent to which there have been changes in either the transaction or its credit characteristics. Once we have that call, we should be able to quickly give you some suggestions as to the form that would best facilitate the closing process. Also, depending on the nature of the changes and the level of effort required from Credit as this transaction moves toward closing, I may also add Credit staff to it to support your efforts. Jim _____________________________________________ James C. McCrea JAMES McCREA & ASSOCIATES LLC 272 Newtown Tpk. Wilton, CT 06897 Phone: (203) 247-2791 Fax: (203) 762-8654 jimmccrea@(b) (6) -----Original Message----From: McCrea, Jim (CONTR) [mailto:Jim.McCrea@Hq.Doe.Gov] Sent: Friday, October 14, 2011 11:23 AM To: jimmccrea@(b) (6) Subject: FW: Vogtle ------------------------------------------From: Whitcombe, Nicholas Sent: Friday, October 14, 2011 11:22:58 AM To: McCrea, Jim (CONTR) Cc: Frantz, David; Kelly, Matt; Fox, Lucian Subject: Vogtle Auto forwarded by a Rule Jim, Regarding Vogtle, it seems the most conservative path is to present the borrowers as a unified transaction (with 3 separate updates) - to demonstrate funding certainty, among other things, in order to get final credit subsidy pricing. Same manner as we did in Dec 2009.
Our stretch goal is to get all loan documents finalized in December - ahead of the NRC license. Chadborne is working up a timeline to achieve this. I'll be working with Greengate on the updated analysis, and we have a planning session next week with Renee and Paul. MPR and NERA will provide final reports - which hopefully will be ready in early December. My question to you is form. A written update - which takes longer - or powerpoint? Nick
Frantz, David Silver, Jonathan; Whitcombe, Nicholas "James C McCrea" RE: Vogtle Thursday, January 21, 2010 2:56:47 PM
I don't believe OMB will permit this to happen. We can vet with Kelly. David G. Frantz US Department of Energy Director, Loan Guarantee Office, CF-1.3 Office: (202) 586-8361 Fax: (202) 586-7366 David.Frantz@hq.doe.gov -----Original Message----From: Silver, Jonathan Sent: Thursday, January 21, 2010 12:46 PM To: Whitcombe, Nicholas Cc: Frantz, David Subject: RE: Vogtle that is, the model? any reason to do, or not do, that? Jonathan Silver Executive Director Loan Programs US Department of Energy 1000 Independence Avenue, S.W. Washington, DC 20585 Phone: 202-287-5900 email: jonathan.silver@hq.doe.gov -----Original Message----From: Whitcombe, Nicholas Sent: Thursday, January 21, 2010 12:33 PM To: Silver, Jonathan Subject: Vogtle Importance: High In follow-up conversations today with GPC, OPC, and MEAG, all are seeking transparency into the credit subsidy estimates. Nicholas P. Whitcombe Department of Energy 202.287.5406
jimmccrea@(b) (6) Seward, Lachlan; Silver, Jonathan; Frantz, David Re: Monday, November 08, 2010 9:21:07 AM
Exactly. Told us that Fri at 5PM. ------Original Message-----From: Lachlan Seward To: Jonathan Silver To: David G. Frantz To: 'jimmccrea(b) (6) Subject: RE: Sent: Nov 8, 2010 8:52 AM
(b) (5)
-----Original Message----From: Silver, Jonathan Sent: Monday, November 08, 2010 8:51 AM To: Seward, Lachlan; Frantz, David; 'jimmccrea@(b) (6) Subject: Re: The way we ran it for them its (b) (5) Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov ----- Original Message ----From: Seward, Lachlan To: Silver, Jonathan; Frantz, David; 'jimmccrea@(b) (6) Sent: Mon Nov 08 08:49:32 2010 Subject: RE:
'
' <jimmccrea@(b) (6)
>
We are still awaiting the credit subsidy # from OMB. Jim may have further details this morning. -----Original Message----From: Silver, Jonathan Sent: Monday, November 08, 2010 8:48 AM To: Frantz, David; Seward, Lachlan; 'jimmccrea@(b) (6) Subject: Are we good to go on the vpg crb? Jonathan Silver Executive Director Loan Programs U.S. Department of Energy Jonathan.Silver@hq.doe.gov Sent via BlackBerry by AT&T
Duong, Hai Frantz, David Otness, Chris Updated Credit Subsidy Forecast Wednesday, June 16, 2010 4:46:06 PM Credit Subsidy Forecast_06162010.xlsx
Dave, Here is the updated credit subsidy forecast. Hai

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David G. Frantz US Department of Energy

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Further on the subject.

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Hai/Jim/Brian Thanksforyourinputandreview. Matt

Approx. Perm Jobs (est.)

Approx. Const Jobs (est.)

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In consultation with OMB

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C. Analysis of Issues There are several key issues: 1. (b) (5)

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I covered this with Dan and Jonathan.

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Did we ever resolve what we can/cannot say?

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In consultation with OMB

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