Think of it a little differently - they will be recovering their prepayment through taking a discount to market rate for 9PJ. My logic was a $2 discount to recover $18m, on exchange for the $15m upfront. That is the first tranche. The second tranche is simply AGL paying market (contract) price. Who knows though - AGL may have taken a haircut in order to secure supply.
I was being very conservative with the $4/PJ...hoping to be pleasantly surprised closer the the $2 mark.
Ann: Vali and Odin Update, page-171
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