LEVELIZED TARIFFS FOR UP TO 50 MW ON LOCAL COAL BASED ... 50 MW.pdf · .11 04 0.1104 Aal 0.110 4 0...
Transcript of LEVELIZED TARIFFS FOR UP TO 50 MW ON LOCAL COAL BASED ... 50 MW.pdf · .11 04 0.1104 Aal 0.110 4 0...
Particulars
1. 50 MW Local Coal Power Plant on Local Financing
Annex-A
LEVELIZED TARIFFS FOR UP TO 50 MW ON LOCAL COAL BASED POWER PROJECTS:
2. 50 MW Local Coal Power Plant on Foreign Financing
Annex-B
Assumptions for 50 MW Local Coal Based Power Plant
I. The Tariff for Coal Fired Power Plants is based on 30 years project life.
II. The Rupee Dollar exchange rate has been taken as 1US$ = Rupees
90.70. For future adjustments, National Bank of Pakistan's TT&OD Selling
Rate will be applied.
III. The discount rate used for calculation of Levelized Tariffs is 10%.
IV. Customs duty and Sindh Infrastructural Cess are taken as 5% and 0.8%
respectively on import of Plant & Equipment not manufactured in
Pakistan however; any change in rate of Customs Duty and Sindh
Infrastructural Cess will be considered as a "pass-through" and will be
paid as a Supplemental Tariff in a 12 months period.
V. Base date for US Consumer Price Index (CPI) will be 30th March 2012.
VI. Base date for Pakistan's Wholesale Price Index (WPI) will be 30th March
2012.
VII. All entries in the Tariff Table are rounded to four decimal places.
VIII. The Local Coal Price US$ 57.00 per Ton including transportation charges
has been assumed.
IX. Construction period for such local coal based projects is 32 months.
However, no adjustment in tariff will be allowed due to any variation in the
actual construction period of individual projects.
X. For Foreign debt, present 6 month LIBOR (0.733%) plus 4.50% spread
has been taken.
XI. For Local debt, present 3 month KIBOR (11.92%) plus 3.50% spread has
been taken.
XII. The cost of working capital is calculated on the basis 15 days coal
inventory at full load and 30 days receivables at annual availability.
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Upfront Tariff - Local Coal 50 MW Assumptions for the Plant Interest Rate % per annum - KIBOR Spread Over and above KIBOR Total Interest Rate Withholding Tax on Dividends Discount Rate Coal Delivered Price Coal Price Calorific Value Conversion Factor BTUs/KGs Reference Calorific Value LHV HHV-LHV Factor Reference Calorific Value LHV Project Life Capital Structure: Debt % of Total Project Cost Equity % of Total Project Cost
Equity Draw down 1st Year of Construction Period
2nd Year of Construction Period
Last 8 Months of Construction
11.92% 3.50%
15.42% 7.50%
10% 57.00
5,169.90 5,000.00
2.2046 11,023.00
1.055 11,023.00
30.00
75% 25%
1st 6 Months 2nd 6 Months 1st 6 Months 2nd 6 Months 1st 4 Months 2nd 4 Months
USS/M.Ton per Ton Btu/lb
Btu/KGs
KGs Years
15% 15% 15% 20% 15% 20%
10.00% 90.00%
Coal 50.000 MWs 5.000 MWs
45.000 MWs 394.20 GWh
65.000 Million US $ 65.000 Million US $
5.8%
2.828 Million US $
11.00%
7.150 Million US $ 74.978 Million US $
2.033 Million US $ 13.349 Million US $ 15.382 Million US $ 90.360 Million US $ 1.807 US $ 90.70 Rs.
ASSUMPTIONS - Local Coal Basis for Tariff Gross Capacity (ISO) Auxiliary Load Net Capacity at Site conditions Annual Net Generation at 100% Project Development Costs EPC Cost
Total EPC Cost Customs Duty & Cess at 75% of EPC Cost Non EPC Construction Cost - % of EPC CAPEX Financial Charges
Financing Fees & Charges Interest During Construction
Sub total Total Project Cost Cost per MW - Gross Exchange Rate per US $
Financing Plan Debt Local Equity
Construction Period Grace Period - Years Loan Repayment Period - Years IRR on equity
75% 67.770 Million US $ 25% 22.590 Million US $
32 Months 32 Months 10
20.00% 0.3200 US $ Million 0.4800 US $ Million 0.8000 US $ Million
Variable 0 & M - Local 40.00% Variable 0 & M - Foreign 60.00%
Total Variable O&M
Fixed 0 & M Amount - Foreign Fixed 0 & M Amount - Local
Total Fixed O&M Amount Insurance Cost - % of EPC Cost Working Capital Amount - Local Thermal efficiency, LHV Net at Site on Coal Plant Factor
50.00% 50.00%
1.35%
0.7000 US $ Million 0.7000 US $ Million 1.4000 US $ Million 0.8775 US $ Million 0.4622 US$ Million
27.00% 60.00%
1
Upfront Tariff - Working Capital Requirement Total Net Capacity 45.00 MW Hours per Day 24 Hours Thermal Efficiency 27.00%
Coal Calorific Value - LHV 11,023.00
Coal Price per M. Ton - HHV 5,169.90 Fuel Cost Component 5.9286 Rs./kWh Fuel Inventory Days 15 Load 100%
Daily Production 1,080,000 Coal Price for 15 days Inventory 96,043,919 PKR GST 17% Fuel Price Incl. GST - Rs 112,371,386
Coal Cost Component Receivables Days 30 Load 84% Daily Production 907,200
Fuel Cost Receivable for 30 days 161,353,784 GST 17%
Fuel Price Incl. GST - Rs 188,783,928
Total Working Capital Requirement 301,155,313 PKR Base Interest Rate 11.92% Spread 2.00% Total Interest Rate 13.92% Cost of Working Capital 41,920,820 Annual Off Take @ 100% 394,200,000 Working Capital Component 0.1063 Rs ./kW/h
I
Upfront Tariff - Return on Equity Project Capacity Gross
50.000 MWs Project Capacity Net
45.000 MWs
Total Project Cost
90.360 US$ Million Equity Investment
22.590 US$ Million Equity %
25.00% XIRR
20.00% ROE
22.87% Construction Starts 1-Jul-12
Commissioning Date
28-Feb-15
Date of Investment Year
Equity
Million $
Return
Million $
Return on Equity
Million Rs.
Return
kW/h 30-Sep-12 (2.00) (3.39) 31-Mar-13 (3.39) 30-Sep-13 (1.00) (3.39) 31-Mar-14 (4.52) 31-Aug-14 (0.80) (3.39) 31-Dec-14 (4.52) 30-Aug-15 1 22.590 5.166 468.59 1.1887 30-Aug-16 2 22.590 5.166 468.59 1.1887 30-Aug-17 3 22.590 5.166 468.59 1.1887 30-Aug-18 4 22.590 5.166 468.59 1.1887 30-Aug-19 5 22.590 5.166 468.59 1.1887 30-Aug-20 6 22.590 5.166 468.59 1.1887 30-Aug-21 7 22.590 5.166 468.59 1.1887 30-Aug-22 8 22.590 5.166 468.59 1.1887 30-Aug-23 9 22.590 5.166 468.59 1.1887 30-Aug-24 10 22.590 5.166 468.59 1.1887 30-Aug-25 11 22.590 5.166 468.59 1.1887 30-Aug-26 12 22.590 5.166 468.59 1.1887 30-Aug-27 13 22.590 5.166 468.59 1.1887 30-Aug-28 14 22.590 5.166 468.59 1.1887 30-Aug-29 15 22.590 5.166 468.59 1.1887 30-Aug-30 16 22.590 5.166 468.59 1.1887 30-Aug-31 17 22.590 5.166 468.59 1.1887 30-Aug-32 18 22.590 5.166 468.59 1.1887 30-Aug-33 19 22.590 5.166 468.59 1.1887 30-Aug-34 20 22.590 5.166 468.59 1.1887 30-Aug-35 21 22.590 5.166 468.59 1.1887 30-Aug-36 22 22.590 5.166 468.59 1.1887 30-Aug-37 23 22.590 5.166 468.59 1.1887 30-Aug-38 24 22.590 5.166 468.59 1.1887 30-Aug-39 25 22.590 5.166 468.59 1.1887 30-Aug-40 26 22.590 5.166 468.59 1.1887 30-Aug-41 27 22.590 5.166 468.59 1.1887 30-Aug-42 28 22.590 5.166 468.59 1.1887 30-Aug-43 29 22.590 5.166 468.59 1.1887 30-Aug-44 30 22.590 5.166 468.59 1.1887
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Coal 50 MW Upfront Tariff - Local Assumptions for the Plant Interest Rate % per annum - LIBOR Spread Over and above LIBOR Total Interest Rate Withholding Tax on Dividends Discount Rate Coal Delivered Price Coal Price Calorific Value Conversion Factor BTUs/KGs Reference Calorific Value LHV HHV-LHV Factor Reference Calorific Value LHV Project Life Capital Structure: Debt % of Total Project Cost Equity % of Total Project Cost
Equity Draw down 1st Year of Construction Period
2nd Year of Construction Period
Last 8 Months of Construction
0.733% 4.50% 5.23% 7.50%
10% 57.00 US$/M.Ton
5,169.90 per Ton 5,000.00 Btu/lb
2.2046 11,023.00 Btu/KGs
1.055 11,023.00 KGs
30.00 Years
75% 25%
1st 6 Months 15% 2nd 6 Months 15% 1st 6 Months 15% 2nd 6 Months 20% 1st 4 Months 15% 2nd 4 Months 20%
10.00% 90.00%
Coal 50.000 MWs 5.000 MWs
45.000 MWs 394.20 GWh
5.8% 11.00%
65.000 65.000
2.828 7.150
74.978
Million Million Million Million Million
US $ US $ US $ US $ US $
3.715 Million 3.870 Million 7.585 Million
82.563 Million 1.651 US $ 90.70 Rs.
US $ US $ US $ US $
ASSUMPTIONS - Local Coal Basis for Tariff Gross Capacity (ISO) Auxiliary Load Net Capacity at Site conditions Annual Net Generation at 100% Project Development Costs EPC Cost
Total EPC Cost Customs Duty & Cess at 75% of EPC Cost Non EPC Construction Cost - % of EPC CAPEX Financial Charges
Financing Fees & Charges Interest During Construction
Sub total Total Project Cost Cost per MW - Gross Exchange Rate per US $
Financing Plan Debt Equity
Construction Period Grace Period - Years Loan Repayment Period - Years IRR on equity
75% 61.922 Million US $ 25% 20.641 Million US $
32 Months 32 Months 10
20.00% 0.3200 US $ Million 0.4800 US $ Million 0.8000 US $ Million
Variable 0 & M - Local 40.00% Variable 0 & M - Foreign 60.00%
Total Variable O&M
Fixed 0 & M Amount - Foreign Fixed 0 & M Amount - Local
Total Fixed O&M Amount Insurance Cost - % of EPC Cost Working Capital Amount - Local Thermal efficiency, LHV Net at Site on Coal Plant Factor
0.7000 US $ Million 0.7000 US $ Million 1.4000 US $ Million 0.8775 US $ Million 0.4619 US$ Million
27.00% 60.00%
50.00% 50.00%
1.35%
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Coal Calorific Value - LHV 11,023.00
Coal Price per M. Ton - HHV 5,169.90 Fuel Cost Component 5.9286 Rs./kWh Fuel Inventory Days 15 Load 100%
Daily Production 1,080,000
Coal Price for 15 days Inventory 96,043,919 PKR
GST 17% Fuel Price Incl. GST - Rs 112,371,386
Coal Cost Component Receivables Days 30 Load 84% Daily Production 907,200
Fuel Cost Receivable for 30 days 161,353,784 GST 17%
Fuel Price Incl. GST - Rs 188,783,928
Total Working Capital Requirement 301,155,313 PKR Base Interest Rate 11.91%
Spread 2.00%
Total Interest Rate 13.91%
Cost of Working Capital 41,890,704
Annual Off Take @ 100% 394,200,000
Working Capital Component 0.1063 Rs ./kW/h
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45.000 MWs
Total Project Cost
82.563 US$ Million Equity Investment
20.641 US$ Million Equity %
25.00% XIRR
20.00% ROE
22.87% Construction Starts 1-Jul-12 Commissioning Date 28-Feb-15
Date of Investment Year
Equity
Million $
Return
Million $
Return on Equity
Million Rs.
Return
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